NCR Voyix Corp (VYX) 2023 Q3 法說會逐字稿

Good day, and welcome to the NCR Voyix Corporation Third Quarter Fiscal Year 2023 Earnings Conference Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Mr. Michael Nelson, Treasurer and Vice President of Investor Relations. Please go ahead.

美好的一天，歡迎參加 NCR Voyix Corporation 2023 財年第三季財報電話會議。今天的會議正在錄製中。現在，我想將會議交給財務主管兼投資者關係副總裁邁克爾·尼爾森先生。請繼續。

Good afternoon, and thank you for joining our third quarter 2023 earnings call. Joining me on the call today are NCR Voyix CEO, David Wilkinson; and CFO, Brian Webb-Walsh. The focus of our discussion on today's conference call will be on NCR Voyix segment results and key performance indicators for the third quarter 2023. We would appreciate it if you keep your questions focused on the NCR Voyix segment results during Q&A.

下午好，感謝您參加我們的 2023 年第三季財報電話會議。今天和我一起參加電話會議的是 NCR Voyix 執行長 David Wilkinson；財務長布萊恩‧韋伯‧沃爾什 (Brian Webb-Walsh)。我們今天電話會議的討論重點將是 NCR Voyix 部門業績和 2023 年第三季的關鍵績效指標。如果您在問答過程中將問題集中在 NCR Voyix 部門業績上，我們將不勝感激。

Please note that our presentation and discussions will include forward-looking statements. These statements reflect our current expectations and beliefs, but they are subject to risks and uncertainties that could cause actual results to differ materially from those expectations. These risks and uncertainties are described in our earnings release and our periodic filings with the SEC, including our annual report.

請注意，我們的演示和討論將包含前瞻性陳述。這些陳述反映了我們目前的預期和信念，但它們存在風險和不確定性，可能導致實際結果與這些預期有重大差異。這些風險和不確定性在我們的收益發布和向美國證券交易委員會提交的定期文件（包括我們的年度報告）中進行了描述。

On today's call, we'll also be discussing certain non-GAAP financial measures. These non-GAAP measures are described and reconciled to their GAAP counterparts in the presentation materials, the press release dated November 9, 2023, and on the Investor Relations page of our website. A replay of this call will be available later today on our website, ncrvoyix.com. Slides 2 and 3 of our earnings presentation provide further details.

在今天的電話會議上，我們還將討論某些非公認會計準則財務指標。這些非 GAAP 衡量標準在簡報資料、2023 年 11 月 9 日的新聞稿以及我們網站的投資者關係頁面上進行了描述，並與 GAAP 衡量標準進行了協調。今天晚些時候，我們將在我們的網站 ncrvoyix.com 上提供本次電話會議的重播。我們收益簡報的幻燈片 2 和 3 提供了更多詳細資訊。

With that, I would now like to turn the call over to David.

現在我想把電話轉給大衛。

Thank you, Michael, and welcome, everyone, to our first earnings call as NCR Voyix. Please turn to Slide 6. This is an exciting time as we begin a new chapter in our journey as a publicly traded company. On October 16, we successfully completed the separation of NCR Atleos. NCR Voyix common stock began trading on the New York Stock Exchange under the ticker symbol VYX at the market open on October 17. As we move forward, we are well positioned with an exceptional leadership team and a supportive Board of Directors that come with extensive industry knowledge and transformational expertise. We are fully prepared to execute our vision as a focused, platform-led software and services company.

謝謝邁克爾，歡迎大家參加我們作為 NCR Voyix 的第一次財報電話會議。請參閱投影片 6。這是一個令人興奮的時刻，我們作為一家上市公司開啟了旅程的新篇章。 10月16日，我們成功完成了NCR Atleos的分離。 NCR Voyix 普通股於10 月17 日開盤時在紐約證券交易所開始交易，股票代碼為VYX。隨著我們的前進，我們擁有一支出色的領導團隊和一個來自廣泛行業的支持性董事會，處於有利位置。知識和變革性專業知識。我們已做好充分準備來實現我們作為一家專注的、平台主導的軟體和服務公司的願景。

First, I would like to thank to more than 16,000 NCR Voyix employees for their dedication and engagement, particularly over these last few months. Complex transactions like these can often be disruptive, but I'm proud of how our employees contributed to the success of this transaction. Not only did they deliver strong third quarter results, but they also maintained a high level of service excellence for our customers. Before we dive into our discussion of the NCR Voyix third quarter results, I'd like to reiterate some of the key messages we outlined in our September Investor Day, particularly around service offerings, competitive advantages and growth trajectory. Please turn to Slide 7.

首先，我要感謝 16,000 多名 NCR Voyix 員工的奉獻和參與，特別是在過去幾個月。像這樣的複雜交易通常會造成破壞，但我為我們的員工為此次交易的成功做出的貢獻感到自豪。他們不僅提供了強勁的第三季業績，而且還為我們的客戶保持了高水準的卓越服務。在我們深入討論 NCR Voyix 第三季度業績之前，我想重申一下我們在 9 月份投資者日概述的一些關鍵信息，特別是圍繞服務產品、競爭優勢和增長軌蹟的信息。請翻到幻燈片 7。

NCR Voyix is a platform-led SaaS and services company that serves 3 essential industries: retail, restaurants, and banks. For fiscal year 2023, we are on pace to generate nearly $4 billion in annual revenue with approximately half of that from recurring revenues. Software and services comprised about $2.5 billion of our revenue. We operate in a large and growing addressable market valued at a minimum of $25 billion. And we maintain a market leadership position within the segments we serve. This year, we were once again named the #1 global provider of point-of-sale software for retail and restaurants by RBR. Additionally, we're the #1 independent provider of digital banking applications.

NCR Voyix 是一家以平台為主導的 SaaS 和服務公司，為 3 個重要產業提供服務：零售、餐飲和銀行。 2023 財年，我們的年收入預計將達到近 40 億美元，其中約一半來自經常性收入。軟體和服務約占我們收入的 25 億美元。我們在一個價值至少 250 億美元的龐大且不斷成長的潛在市場中經營。我們在我們所服務的細分市場中保持著市場領導地位。今年，我們再次被 RBR 評為全球第一大零售和餐廳銷售點軟體供應商。此外，我們也是排名第一的數位銀行應用程式獨立提供者。

I'm proud of the solid profitable foundation for growth that NCR Voyix has built upon. Our deep industry expertise, market-leading technology and strong customer relationships are instrumental in sustaining our industry-leading position and healthy margins in this space. We serve customers of all sizes, ranging from small and medium-sized businesses to enterprise blue-chip companies that represent some of the world's leading consumer brands. We have long-standing relationships with our customers who recognize the value our critical applications provide for their businesses. All of our customers face the challenge of differentiating their customers and associates experiences. This requires modernization of their technology.

我對 NCR Voyix 所建立的堅實的獲利成長基礎感到自豪。我們深厚的行業專業知識、市場領先的技術和強大的客戶關係有助於維持我們在該領域的行業領先地位和健康的利潤率。我們為各種規模的客戶提供服務，從中小企業到代表一些世界領先消費品牌的企業藍籌公司。我們與客戶建立了長期合作關係，他們認識到我們的關鍵應用程式為其業務提供的價值。我們所有的客戶都面臨差異化客戶和員工體驗的挑戰。這需要他們的技術現代化。

We have made significant progress over the last few years, transitioning from our legacy hardware-only products to our market-leading cloud-based SaaS solutions. This requires shifting our product focus and go-to-market approach, moving from a product-focused approach to becoming a business-critical solution provider to our customers. Our goal is to be the one-stop shop for the technology our customers need to run their businesses. And as a result of these efforts, we've seen our revenue model shift to higher recurring revenue. In the third quarter, our recurring revenues comprised more than half of our portfolio, representing 56% of total revenues, and we are predicting this to grow to approximately 65% by 2027. These are high-margin revenues that are predictable and foster long-term relationships with our customers. Please turn to Slide 8.

在過去幾年中，我們取得了重大進展，從傳統的純硬體產品過渡到市場領先的基於雲端的 SaaS 解決方案。這需要改變我們的產品重點和進入市場的方法，從以產品為中心的方法轉變為成為客戶的關鍵業務解決方案提供者。我們的目標是成為客戶經營業務所需技術的一站式商店。由於這些努力，我們已經看到我們的收入模式轉向更高的經常性收入。第三季度，我們的經常性收入占我們投資組合的一半以上，佔總收入的56%，我們預計到2027 年這一比例將增長到約65%。這些是可預測的高利潤收入，可促進長期成長。與我們的客戶建立長期關係。請翻到幻燈片 8。

As we think about our near and long-term opportunities, we have a well-defined strategy focused on 3 areas: grow, monetize and expand. Let me provide further details for each area. First, grow. We will capitalize on secular growth trends to expand alongside the market. This includes acquiring new customer logos and converting existing customers from hardware products and onetime software license sales to our platform-based solutions, thereby reinforcing our recurring revenue streams. Next, monetize. We will drive revenue and ARPU expansion by offering additional value-added services to our customer base and capturing a larger share of wallet. And finally, expand we will expand margins and improve profitability through our high-margin value-added services.

當我們考慮近期和長期機會時，我們有一個明確的策略，重點放在三個領域：成長、貨幣化和擴張。讓我提供每個領域的更多詳細資訊。首先，成長。我們將利用長期成長趨勢與市場同步擴張。這包括獲取新的客戶徽標，並將現有客戶從硬體產品和一次性軟體授權銷售轉變為我們基於平台的解決方案，從而增強我們的經常性收入流。接下來，貨幣化。我們將透過向我們的客戶群提供額外的增值服務並佔領更大的錢包份額來推動收入和 ARPU 的擴張。最後，我們將透過高利潤的增值服務擴大利潤並提高獲利能力。

In addition, we've also launched productivity initiatives to drive efficiencies across the organization. In a growing market that continues to evolve through this fast-paced environment, we are incredibly excited about the opportunity and runway in front of us. With a strong leadership team that are experts in the industries we serve, we are enthusiastic as we embark on our journey to deliver and create value. Please turn to Slide 9.

此外，我們也啟動了生產力計劃，以提高整個組織的效率。在這個快節奏的環境中不斷發展的不斷發展的市場中，我們對面前的機會和跑道感到非常興奮。憑藉我們所服務行業的專家組成的強大領導團隊，我們滿懷熱情踏上交付和創造價值的旅程。請翻到投影片 9。

We have a great portfolio of solutions that enable us to deliver platform-based end-to-end technology solutions perfectly tailored to meet our customers' evolving business needs. For our retail and restaurant customers, we deliver modern cloud-based solutions to help simplify their technology infrastructure and effectively run their restaurants and stores. We lead with our point-of-sale software, which is the heartbeat of the store to create a sticky application for customer loyalty and longevity. From there, we're able to deliver SaaS-based services via our platform, utilizing cloud-native services and open APIs. Our comprehensive technology suite supports transactional, inventory and customer data as well as pricing and promotions. Similarly, our digital banking solutions allow financial institutions to deliver a digital-first differentiated experience.

我們擁有豐富的解決方案組合，使我們能夠提供基於平台的端到端技術解決方案，完美客製化以滿足客戶不斷變化的業務需求。對於我們的零售和餐廳客戶，我們提供基於雲端的現代解決方案，以幫助簡化他們的技術基礎設施並有效地經營他們的餐廳和商店。我們以銷售點軟體為主導，該軟體是商店的核心，旨在創建具有粘性的應用程序，以提高客戶忠誠度和壽命。從此，我們能夠利用雲端原生服務和開放式 API 透過我們的平台提供基於 SaaS 的服務。我們全面的技術套件支援交易、庫存和客戶數據以及定價和促銷。同樣，我們的數位銀行解決方案使金融機構能夠提供數位優先的差異化體驗。

Banks are looking to transform branches to create a simple and convenient method for attracting and onboarding new customers. They want to deliver advanced advisory services and reinvent self-service banking through expanded transaction access and on-demand virtual systems. We are in a unique position to enable banks and credit unions to accelerate their strategies to create an entirely new customer experience. And we are the only provider offering a unified customer experience for both digital and physical channels.

銀行正在尋求對分行進行改造，以創造一種簡單且方便的方法來吸引和吸引新客戶。他們希望透過擴展交易存取和按需虛擬系統來提供先進的諮詢服務並重塑自助銀行業務。我們處於獨特的地位，可以幫助銀行和信用合作社加快實施策略，打造全新的客戶體驗。我們是唯一為數位和實體通路提供統一客戶體驗的供應商。

There are a few notable third quarter examples that I'd like to highlight. Beginning with our retail segment. Designer brands implemented self-checkout and signed a contract to convert their point-of-sale and self-checkout software to subscription across over 2,000 lanes. This added platform capability to drive valuable store insights from our analytics package. Within our restaurant segments, our team grew our platform sites by 388 and our payment sites by 517. In SMB, our payment attach rate for new customers remains at approximately 90% resulting in a 41% increase in payment sites. In the third quarter, Uncle Julio's, a Tex-Mex chain with 44 sites focused on delivering made-from-scratch culinary experiences became an Aloha-Essentials subscription with Payments customer. This is a perfect example of NCR Voyix helping an emerging chain accelerate its business growth.

我想強調一些值得注意的第三季例子。從我們的零售部門開始。設計師品牌實施了自助結帳，並簽署了一份合同，將其銷售點和自助結帳軟體轉換為跨 2,000 多個通道的訂閱。這增加了平台功能，可以從我們的分析套件中獲得有價值的商店見解。在我們的餐廳領域，我們的團隊將平台站點增加了 388 個，支付站點增加了 517 個。在中小企業中，我們的新客戶支付附加率保持在 90% 左右，導致支付站點增加了 41%。第三季度，Uncle Julio's 是一家德州墨西哥連鎖店，擁有 44 個站點，專注於提供從頭開始製作的烹飪體驗，成為付款客戶的 Aloha-Essentials 訂閱服務。這是 NCR Voyix 幫助新興連鎖店加速業務成長的完美範例。

In enterprise, Papa Murphy's who has been a customer of NCR Voyix for nearly 15 years, recommitted to our software with a new 3-year Aloha-Essentials subscription. Since connecting to our platform, they have been able to alleviate pain points and reduce cost while providing a seamless experience for their customers at more than 1,000 locations. These examples are indicative of the value our customers see in our platform.

在企業領域，Papa Murphy's 已成為 NCR Voyix 近 15 年的客戶，透過新的 3 年 Aloha-Essentials 訂閱重新承諾使用我們的軟體。自從連接到我們的平台以來，他們已經能夠緩解痛點並降低成本，同時為 1,000 多個地點的客戶提供無縫體驗。這些例子顯示了我們的客戶在我們的平台中看到的價值。

Turning to our Digital Banking segment. We continue to demonstrate positive momentum. In the third quarter, digital banking sales activity was strong with 5 new customer deals and 21 digital banking renewals. We also continued to experience strong cross-sell and upsell momentum, particularly with our channel services platform or CSP, and Terafina, our digital account opening platform. We recently hosted the highly successful Accelerate 2023 Digital First Banking Conference in Nashville, Tennessee. With over 900 attendees, including customers, prospects, partners and industry analysts, the conference generated a powerful impression of NCR Voyix as an innovative, customer-focused and industry thought leader.

轉向我們的數位銀行部門。我們繼續展現出正面的勢頭。第三季度，數位銀行銷售活動強勁，有 5 筆新客戶交易和 21 筆數位銀行續約。我們也持續經歷強勁的交叉銷售和追加銷售勢頭，特別是在我們的通路服務平台或 CSP 以及我們的數位帳戶開設平台 Terafina 方面。我們最近在田納西州納許維爾舉辦了非常成功的 Accelerate 2023 Digital First Banking Conference。這次會議吸引了超過 900 名與會者，包括客戶、潛在客戶、合作夥伴和產業分析師，NCR Voyix 作為創新、以客戶為中心的產業思想領袖給人留下了深刻的印象。

This was our highest turnout ever, and it was a fantastic opportunity to connect with customers and prospects which garnered great interest in high-value orders. Financial institutions have increased their focus on deposit growth, which is translating into reevaluating their digital banking solutions and driving strong demand for NCR Voyix digital-first banking platform solutions. We are making excellent progress accelerating growth in digital banking by deepening our existing relationships, signing value-added services and creating a pipeline of new deals, demonstrating the value our partners see in our solutions.

這是我們有史以來最高的參與人數，也是與客戶和潛在客戶建立聯繫的絕佳機會，引起了人們對高價值訂單的極大興趣。金融機構更加關注存款成長，這意味著重新評估其數位銀行解決方案，並推動對 NCR Voyix 數位優先銀行平台解決方案的強勁需求。透過深化現有關係、簽署增值服務和創建一系列新交易，我們在加速數位銀行業務方面取得了巨大進展，展示了我們的合作夥伴在我們的解決方案中看到的價值。

Before I turn the call over to Brian, I'd like to highlight some of our financial results for the combined NCR Voyix segments I just described. Recurring revenue grew 7% in the quarter, reflecting our strategy to shift our portfolio as we focus on our Software-as-a-Service model. This quarter, recurring revenue accounted for 56% of total segment revenue, representing an increase of more than 340 basis points from the prior year. We also gained operating leverage growing segment adjusted EBITDA by 2% on a constant currency basis and expanding segment adjusted EBITDA margin by 90 basis points compared to the prior year.

在將電話轉給 Brian 之前，我想強調一下我剛才描述的合併 NCR Voyix 部門的一些財務表現。本季經常性收入成長了 7%，反映出我們在專注於軟體即服務模式時改變產品組合的策略。本季度，經常性收入佔部門總收入的56%，較上年增長超過340個基點。我們也獲得了營運槓桿，與前一年相比，以固定匯率計算，部門調整後 EBITDA 成長了 2%，部門調整後 EBITDA 利潤率成長了 90 個基點。

Now I'll turn it over to Brian, who will take you through the details of our segment results.

現在我將把它交給布萊恩，他將帶您詳細了解我們的細分結果。

Thank you, David, and thank you, everyone, for joining our call today. It's an exciting time at NCR Voyix. We have certainly accomplished a lot in a short period of time, which is a testament to the talent, dedication and experience of our employees. As Michael stated at the opening of our call, the focus of my discussion will be on the NCR Voyix segment results. Our growth rates presented are on a constant currency basis for better comparison purposes. Please turn to Slide 11.

謝謝大衛，也謝謝大家今天加入我們的電話會議。這是 NCR Voyix 令人興奮的時刻。我們確實在短時間內取得了很多成就，這證明了我們員工的才華、奉獻精神和經驗。正如 Michael 在電話會議開始時所說，我討論的重點將是 NCR Voyix 部門的表現。為了更好地進行比較，我們提供的成長率是按固定匯率計算的。請翻到投影片 11。

In the third quarter, total segment constant currency revenue was flat compared to the prior year and on a year-to-date basis, total segment revenue grew 2% compared to the prior year. For Q3, this includes a 3-point headwind from shifting upfront revenue to recurring. These results reflect our strategy to connect our customers to our SaaS-based platform. Software and services growth offset the decline in hardware revenue, which resulted from the post-COVID bump in the prior year. For the third quarter, constant currency segment adjusted EBITDA increased 2% to $249 million and segment adjusted EBITDA margin expanded 90 basis points to 26.1%. Year-to-date, adjusted EBITDA for the combined segments increased 13% over the prior year, and adjusted EBITDA margin expanded 240 basis points to 24.3%. These improvements to adjusted EBITDA were driven by the mix shift from hardware products to our SaaS-based solutions and services, along with cost initiatives that we implemented to improve efficiency.

第三季度，以固定匯率計算，部門總收入與去年同期持平，而年初至今，部門總收入比上年增長 2%。對於第三季度，這包括將預付費用收入轉向經常性收入的 3 個百分點的阻力。這些結果反映了我們將客戶連接到基於 SaaS 的平台的策略。軟體和服務的成長抵消了上一年新冠疫情後的成長造成的硬體收入下降。第三季度，固定貨幣部門調整後 EBITDA 成長 2%，達到 2.49 億美元，部門調整後 EBITDA 利潤率擴大 90 個基點，達到 26.1%。年初至今，合併後業務部門的調整後 EBITDA 比前一年成長了 13%，調整後 EBITDA 利潤率擴大了 240 個基點，達到 24.3%。調整後 EBITDA 的這些改進是由從硬體產品到基於 SaaS 的解決方案和服務的混合轉變，以及我們為提高效率而實施的成本計劃所推動的。

Please turn to Slide 12. As I stated on the previous slide, segment constant currency revenue for the third quarter was flat compared to the prior year. However, recurring revenue increased 7% over the same period. As of the third quarter, recurring revenue for the combined segments represented 56% of total revenue, an improvement of 340 basis points over the prior year. These results reflect our strategy to shift customers to our SaaS-based platform and build our recurring revenue streams. As we have previously discussed, the key tenets of our strategy include retaining our base, upgrading existing customers to the platform and securing higher-margin recurring revenue streams via subscription model. Going forward, we will continue to highlight recurring revenue as we believe this important metric illustrates the ongoing shift in our portfolio, and we expect recurring revenues as a percent of total revenue to increase over time. Now let me provide details on each of our segment's performance, beginning with retail.

請參閱投影片 12。如我在上一張投影片中所述，第三季的部門以固定匯率計算的營收與去年同期持平。然而，經常性收入同期成長了 7%。截至第三季度，合併後業務部門的經常性收入佔總收入的 56%，比前一年提高了 340 個基點。這些結果反映了我們將客戶轉移到基於 SaaS 的平台並建立我們的經常性收入流的策略。正如我們之前討論的，我們策略的關鍵原則包括保留我們的基礎、將現有客戶升級到平台以及透過訂閱模式確保更高利潤的經常性收入流。展望未來，我們將繼續強調經常性收入，因為我們相信這一重要指標說明了我們投資組合的持續轉變，並且我們預計經常性收入佔總收入的百分比將隨著時間的推移而增加。現在讓我提供有關我們每個細分市場業績的詳細信息，從零售業開始。

Constant currency revenue for the retail segment declined 2% from the prior year. Recurring revenue increased 3% and represented 47% of retail revenue in the third quarter, reflecting the shift to our SaaS-based revenue streams. Our retail portfolio remains healthy, and the underlying fundamentals are growing nicely. In the quarter, we more than doubled the number of retail platform sites compared to the prior year, which is now over 27,000. Annual recurring revenue, or ARR, grew 4%, year-to-date, constant currency revenue for the segment increased 2%, recurring revenue increased 3% over the prior year and represented 46% of retail revenue.

零售部門的固定貨幣收入較前一年下降 2%。第三季經常性收入成長了 3%，佔零售收入的 47%，反映出我們向基於 SaaS 的收入流的轉變。我們的零售投資組合保持健康，基本面成長良好。本季度，我們的零售平台網站數量比前一年增加了一倍多，目前已超過 27,000 個。年度經常性收入（ARR）成長了 4%，年初至今，該部門的固定貨幣收入成長了 2%，經常性收入比前一年成長了 3%，佔零售收入的 46%。

Constant currency adjusted EBITDA was down 1% compared to the prior year, adjusted EBITDA margin was 23.2%, which represented an expansion of 90 basis points from the prior year. These results were driven by the positive mix shift, the higher margin software and services recurring revenue. Year-to-date adjusted EBITDA grew 21% and adjusted margin expanded 300 basis points over the prior year to 20.8%. The improvement in adjusted EBITDA for both the quarter and the year reflect a positive mix shift, cost discipline and normalization of the supply chain.

固定匯率調整後 EBITDA 較上年下降 1%，調整後 EBITDA 利潤率為 23.2%，較上年擴大 90 個基點。這些結果是由積極的組合轉變、利潤率更高的軟體和服務經常性收入所推動的。年初至今，調整後 EBITDA 成長 21%，調整後利潤率比上年增長 300 個基點，達到 20.8%。本季和本年度調整後 EBITDA 的改善反映了積極的組合轉變、成本控制和供應鏈的正常化。

Turning to Slide 14. Constant currency revenue for the restaurant segment was $238 million in the quarter, which was flat compared to the prior year. Recurring revenue grew 12% over the prior year and represented 59% of the total revenue in the quarter. Similar to the retail segment, restaurant revenue reflects the shift to our SaaS-based model, our restaurant performance in the quarter is supported by growth across the underlying key performance indicators. Compared to the prior year, the number of payment sites grew 41% to more than 6,300 sites and the number of platform sites grew 7% to nearly 31,000. ARR grew 10% to $560 million. On a year-to-date basis, constant currency revenue grew 1% over the prior year.

轉向幻燈片 14。本季餐廳部門的不變貨幣收入為 2.38 億美元，與去年同期持平。經常性收入比上年增長 12%，佔本季總收入的 59%。與零售部門類似，餐廳收入反映了我們向基於 SaaS 模式的轉變，我們本季的餐廳業績受到了基本關鍵績效指標成長的支撐。與前一年相比，支付網站數量增加41%，達到6,300多個網站，平台網站數量增加7%，達到近31,000個。 ARR 成長 10%，達到 5.6 億美元。年初至今，以固定匯率計算的營收較上年成長 1%。

Recurring revenue grew 10% and represented 59% of revenue. Q3 constant currency adjusted EBITDA grew 16% and adjusted EBITDA margin expanded 340 basis points over the prior year to 24.8%. Year-to-date adjusted EBITDA grew 24% and adjusted EBITDA margin improved 460 basis points over the prior year to 24.7%. Our adjusted EBITDA improvement for both the quarter and the year reflects the mix shift of the restaurant portfolio as well as disciplined cost management in the segment. Turning to Slide 15.

經常性收入成長 10%，佔營收的 59%。第三季固定匯率調整後 EBITDA 成長 16%，調整後 EBITDA 利潤率較上年同期擴大 340 個基點至 24.8%。年初至今，調整後 EBITDA 成長 24%，調整後 EBITDA 利潤率比上年提高 460 個基點，達到 24.7%。我們本季和本年度調整後 EBITDA 的改善反映了餐廳組合的組合轉變以及該部門嚴格的成本管理。轉到投影片 15。

Digital Banking had another strong quarter, having exceeded the Rule of 40. Revenue for the Digital Banking segment grew 7% over the prior year to $147 million, and recurring revenue grew 9%. The strong revenue growth was driven by client wins, strong renewal momentum and cross-sell success for both Terafina and the channel services platform. We expect growth to continue to accelerate as we exit the year. Compared to the prior year, the number of registered users grew 5% to $28 million and the number of active users grew 3% to more than $19 million. ARR grew 9% to $520 million. On a year-to-date basis, revenue grew 5% over the prior year, and recurring revenue grew 6%. Third quarter adjusted EBITDA declined 3% and adjusted EBITDA margin declined 430 basis points to 39.5%. On a year-to-date basis, adjusted EBITDA declined 7% and adjusted EBITDA margin was down 480 basis points from the prior year to 37.8%. Both adjusted EBITDA for the quarter and year-to-date reflect our increased investments in sales and marketing and technology to accelerate growth for this segment.

數位銀行業務的季度表現再次強勁，超過了 40 法則。數位銀行業務的收入較上年增長 7%，達到 1.47 億美元，經常性收入增長 9%。營收的強勁成長得益於 Terafina 和通路服務平台的客戶贏得、強勁的續訂動能以及交叉銷售的成功。我們預計，隨著今年的結束，成長將繼續加速。與前一年相比，註冊用戶數量增加了 5%，達到 2,800 萬美元，活躍用戶數量增加了 3%，超過 1,900 萬美元。 ARR 成長 9%，達到 5.2 億美元。年初至今，營收比上年成長 5%，經常性收入成長 6%。第三季調整後 EBITDA 下降 3%，調整後 EBITDA 利潤率下降 430 個基點至 39.5%。年初至今，調整後 EBITDA 下降 7%，調整後 EBITDA 利潤率較前一年下降 480 個基點至 37.8%。本季和年初至今的調整後 EBITDA 都反映了我們在銷售、行銷和技術方面增加的投資，以加速該領域的成長。

Before we open up the lines for questions, I'd like to highlight that in early Q4, we divested a nonstrategic portion of the assets relating to our payments business, consisting primarily of merchant contracts, our front-end authorization platform and certain IP for cash proceeds of $82 million. Payments remains an important part of our strategy. The divested business generated roughly $40 million in annual revenue and approximately $25 million in annual adjusted EBITDA. Investing in this portion of our business changes the baseline for revenue and adjusted EBITDA we discussed at our Investor Day. However, our view on our go-forward modeling for revenue growth rates and adjusted EBITDA margins remains as previously described. We have a clear strategy for growth in a large growing market where we can take share, our sustainable competitive advantages include our solid financial foundation, a resilient business model, long-standing customer relationships, industry-leading cloud-based solutions and world-class customer service. This is why we win today and why we will continue to win long term.

在我們開始提問之前，我想強調一下，在第四季度初，我們剝離了與支付業務相關的非戰略部分資產，主要包括商家合約、我們的前端授權平台和某些智慧財產權。現金收益8,200萬美元。支付仍然是我們策略的重要組成部分。剝離的業務產生了約 4000 萬美元的年收入和約 2500 萬美元的年度調整後 EBITDA。投資這部分業務改變了我們在投資者日討論的收入基準和調整後的 EBITDA。然而，我們對收入成長率和調整後 EBITDA 利潤率的前瞻性模型的看法仍然如前所述。我們在一個不斷成長的大型市場中擁有明確的成長策略，我們可以在其中佔據份額，我們的可持續競爭優勢包括堅實的財務基礎、有彈性的業務模式、長期的客戶關係、行業領先的基於雲的解決方案和世界一流的解決方案。客戶服務。這就是我們今天獲勝的原因，也是我們將繼續長期獲勝的原因。

With that, I will turn the call over to the operator to begin our question-and-answer session. Operator?

這樣，我將把電話轉給接線員，開始我們的問答環節。操作員？

(Operator Instructions) We'll take our first question from the line of Dan Perlin with RBC Capital Markets.

（操作員說明）我們將回答 RBC Capital Markets 的 Dan Perlin 的第一個問題。

Congratulations on the spin. I'm sure it was a Herculean task. So David, I just wanted to ask you kind of a broad question initially, which is now post the spin, the conversations you're having with clients across kind of all 3 of these segments. Maybe you can just kind of bring us up to speed on what those are like. Are you finding that during the spend period, there was a little bit of distraction and now the clients are much more focused. And as a result, they're kind of ready to get back and spend with you? Just any kind of anecdotal information would be great.

恭喜旋轉。我確信這是一項艱鉅的任務。大衛，我一開始只是想問你一個廣泛的問題，現在是在旋轉之後，你與客戶在所有這三個部分進行的對話。也許你可以讓我們了解一下這些情況。您是否發現，在消費期間，有一點分心，而現在客戶更專注。因此，他們準備好回來和你一起度過了嗎？任何類型的軼事資訊都會很棒。

Sure. Thanks for the question, Dan. Overall, the conversations largely haven't changed. I'll tell you the teams have not been distracted. It was a Herculean effort. So I appreciate you recognizing that, obviously, very complicated what turned into almost a 50-50 split of NCR into Atleos and Voyix. The customers are very open and receptive, they see the focus that we're driving now as a platform-led software and services company. And the progress that we made and we just described in the earnings release, the site growth and the platform lane and the conversion that we're seeing in the upsell and cross-sell message is working with -- and resonating in the marketplace and the functionality that we're delivering for our clients is needed more now than ever as they look to consolidate suppliers and really try to find more of a one-stop shop. So the conversations have been positive all throughout the spin. The service performance by the team has been really amazing to be honest with you. And our customers like the new focus and are very receptive.

當然。謝謝你的提問，丹。整體而言，對話內容基本上沒有改變。我會告訴你，團隊並沒有分心。這是一項艱鉅的努力。所以我很感謝你認識到這一點，顯然，非常複雜的事情導致 NCR 幾乎以 50-50 的比例分裂為 Atleos 和 Voyix。客戶非常開放和樂於接受，他們看到了我們現在作為一家平台主導的軟體和服務公司所推動的重點。我們剛剛在收益發布中描述的所取得的進展、網站增長、平台通道以及我們在追加銷售和交叉銷售信息中看到的轉換正在發揮作用，並在市場和市場中產生共鳴。現在比以往任何時候都更需要我們為客戶提供的功能，因為他們希望整合供應商並真正嘗試找到更多的一站式商店。因此，整個旋轉過程中的對話都是正面的。老實說，團隊的服務表現確實令人驚訝。我們的客戶喜歡新的焦點並且非常容易接受。

Yes. No, I mean, the results seem to suggest that. So thanks for that color. Just a quick follow-up, the payment asset you just divested, I think you said generated $40 million of revenues. Can you just remind us like what you're keeping, why you decided to get rid of that business, how that impacts in any way the strategy to kind of, of course, and entice new clients to kind of sign up with the payment? And then with getting rid of some of that stuff, what are you replacing it with or using a third party? Anything around that would be great.

是的。不，我的意思是，結果似乎表明了這一點。所以謝謝你的顏色。快速跟進一下，您剛剛剝離的支付資產，我想您說過產生了 4000 萬美元的收入。您能否提醒我們您保留了什麼，為什麼您決定擺脫該業務，這對策略有何影響，當然，並吸引新客戶透過付款註冊？然後，在擺脫其中的一些東西之後，您將用什麼來替換它或使用第三方？周圍的任何東西都會很棒。

Yes. Payments is still a critical part of our go-forward strategy to expand ARPU through the platform. So the assets that were divested were more payment contracts associated with non-core -- non-point-of-sale attach payments not related to retail restaurants or our banking clients. So our strategy going forward is really to start payments on the point-of-sale software and complete payment through processing to really take paying off of our merchants and complete the payment end to end, and it's been the strategy all along.

是的。支付仍然是我們透過平台擴大 ARPU 的前進策略的重要組成部分。因此，被剝離的資產更多是與非核心相關的支付合約——與零售餐廳或我們的銀行客戶無關的非銷售點附加支付。因此，我們未來的策略實際上是在銷售點軟體上開始付款，並透過處理完成付款，以真正向我們的商家付款並完成端到端的付款，這一直是我們的策略。

We don't lose any core capabilities through this process. We will continue to have some capabilities on our front end. We've partnered in the past. We will continue to partner and have a mix of our own capabilities and partner capabilities as we deliver that end-to-end payment. It starts with the sticky point of sale as the -- that's where we want to build off of that. So we're really trying to just extend that value and clip that payment coupon where we can. It doesn't mean we have to have 100% penetration. So the strategy has not changed. This will get us a little more focused on executing the attach side of that within our core.

透過這個過程，我們不會失去任何核心能力。我們將繼續在前端擁有一些功能。我們過去曾合作過。我們將繼續合作，在提供端到端支付時將我們自己的能力和合作夥伴的能力結合起來。它從黏性銷售點開始——這就是我們想要以此為基礎的地方。所以我們真的在努力擴大這個價值，並盡可能地削減支付優惠券。這並不意味著我們必須擁有 100% 的滲透率。所以策略沒有改變。這將使我們更加專注於執行核心內的附加部分。

We'll take our next question from the line of Matt Summerville with D.A. Davison.

我們將從 Matt Summerville 和 D.A. 那裡回答我們的下一個問題。戴維森.

A couple of questions. David, can you talk a little bit about what you're seeing just more broadly speaking from a demand standpoint within the retail business, specifically comparing and contrasting between SCO and ePOS. And with respect to the former being SCO, I'm curious as to whether you guys are seeing more competition from third-party integrators in the space? And then I have a follow-up.

有幾個問題。 David，您能否從零售業務的需求角度更廣泛地談談您所看到的情況，特別是 SCO 和 ePOS 之間的比較和對比。至於前者是 SCO，我很好奇你們是否看到了來自該領域第三方整合商的更多競爭？然後我有一個後續行動。

Okay. The -- our SCO demand remains strong. We're seeing market share growth. We've been -- the last RBR report comes out. We were the 20 years in a row, the market share leader, still double that of our nearest competitor. And we believe and our numbers will tell us we're going to continue to take share as we expand this year. So the market is growing, that RBR report will tell us that we're seeing mid-single-digit growth in self-checkout and we see that across the strong demand -- that strong demand signal and what we're doing. We're seeing the expansion come in a couple of areas. One, it's expanding beyond grocery into convenience and fuel and specialty, you'll see that in one of the customer wins that we highlighted with designer brands, the old DSW shoe -- that's the shoe company. But they -- that's a good example of how we're seeing self-checkout grow beyond grocery.

好的。我們對上合組織的需求依然強勁。我們看到市場佔有率正在成長。我們已經發布了最新的 RBR 報告。我們連續 20 年保持市佔率領先地位，仍然是最接近的競爭對手的兩倍。我們相信，我們的數據將告訴我們，隨著今年的擴張，我們將繼續佔據市場份額。因此，市場正在成長，RBR 報告將告訴我們，我們看到自助結帳出現中個位數的成長，而且我們在強勁的需求中看到了這一點——強勁的需求訊號和我們正在做的事情。我們看到擴張出現在幾個領域。第一，它正在從雜貨店擴展到便利、燃料和專業產品，你會看到，在我們透過設計師品牌強調的客戶勝利之一中，老DSW鞋——這就是鞋業公司。但他們——這是一個很好的例子，說明我們如何看到自助結帳擴展到雜貨店之外。

All these customers are also trying to own and define their front-end experience as it relates to self-checkout and that becomes a critical part of that. So the different form factors that we're seeing. And then the labor challenges are real and only worsening in terms of the need to have more labor hours in the store to deliver those services and then try to redistribute labor with creating flexible front ends. On the consumer side of what's driving that demand, our third-party research and what we read tells us that shoppers prefer to have a choice and they like self-checkout. And so while you see a few of the negative articles run stray, that's not the general sentiment of the market. And that's evidenced by continued high adoption in stores where we deploy it. Even when we see new customers deploying it. We're seeing them get north of 60% transactions through self-checkout, very early in those journeys. And that's creating very strong business cases for our clients, guest satisfaction is high, and we're seeing our existing customers drive an increased density.

所有這些客戶也試圖擁有和定義他們的前端體驗，因為它與自助結帳相關，並成為其中的關鍵部分。所以我們看到了不同的外形尺寸。然後，勞動力挑戰是真實存在的，而且只會變得更糟，因為需要在商店中有更多的勞動力時間來提供這些服務，然後嘗試透過創建靈活的前端來重新分配勞動力。在推動這一需求的消費者方面，我們的第三方研究和我們閱讀的內容告訴我們，購物者更喜歡有選擇，他們喜歡自助結帳。因此，雖然你看到一些負面文章偏離正軌，但這並不是市場的普遍情緒。我們部署它的商店的持續高採用率就證明了這一點。即使我們看到新客戶正在部署它。我們發現，在這些旅程的早期階段，他們透過自助結帳完成了超過 60% 的交易。這為我們的客戶創造了非常強大的業務案例，客戶滿意度很高，而且我們看到我們現有的客戶推動了密度的增加。

So the self-checkout demand is strong as we deliver the platform capabilities and start to do things with computer vision, artificial intelligence, start to get more of a kind of a sensory fusion with RFID included in what we're doing with self-checkout. We also see some new use cases in some of our formats as we move forward. ePOS, as you described, I mean, the core POS hardware business is declining. We're seeing that across the market that it's declined this year. That's what you'll see in the numbers for us when we look at the nonrecurring revenue. We saw strong recurring revenue growth and where you see the nonrecurring revenue, that's really all point-of-sale hardware that's driving that decline. Some of it's a lumpy phenomenon coming out of COVID when people were buying kind of stockpiling based on supply chain challenges and other of that's just kind of a softening of demand and really an increase in self-checkout demand as well.

因此，隨著我們提供平台功能並開始使用電腦視覺、人工智慧來做事情，自助結帳的需求非常強勁，開始更多地與 RFID 進行感官融合，包括在我們正在做的自助結帳中。隨著我們的前進，我們還在某些格式中看到了一些新的用例。 ePOS，正如您所描述的，我的意思是，核心 POS 硬體業務正在下降。我們看到今年整個市場的銷售額都在下降。當我們查看非經常性收入時，您會在我們的數字中看到這一點。我們看到了強勁的經常性收入成長，而在非經常性收入中，實際上所有銷售點硬體都在推動這種下降。其中一些是由於新冠疫情而出現的不穩定現象，當時人們因供應鏈挑戰而購買某種庫存，而另一些則只是需求疲軟，實際上自助結帳需求也有所增加。

And then the other question I had, David, was on third-party competition from system more of a third-party integrator approach trying to get into the self-checkout market if you're seeing that in your business?

大衛，我的另一個問題是來自系統的第三方競爭，更多的是第三方整合商方法試圖進入自助結帳市場，如果您在您的業務中看到這種情況？

The good news of our platform approach is that we can embrace -- we have this open ecosystem that we can embrace, whether it's the do-it-yourself trend that we see with some retailers or whether it's third-party integrators. We partner with a lot of the big integrators. We're not seeing them come in as really direct competition. The competitive landscape hasn't changed that much. There are a few start-ups doing some things around specific technology, but we're embracing that. The other benefit of our model is as we move to the platform, the soft -- our real value is in the intellectual property around the software and how consumers interact with those devices in the store. So that value doesn't go anywhere regardless of who -- what other parties are involved. So this is a rising tide that will raise all boats for us in the sense that we'll connect to the platform will monetize our model -- we can monetize those assets as we deploy with partners or even kind of DIY folks as well. So we feel like we're in a pretty good place.

我們平台方法的好消息是我們可以擁抱——我們擁有我們可以擁抱的開放生態系統，無論是我們在一些零售商身上看到的DIY趨勢還是第三方整合商。我們與許多大型整合商合作。我們並沒有看到它們真正的直接競爭。競爭格局並沒有太大變化。有一些新創公司圍繞著特定技術做一些事情，但我們正在接受這一點。我們模式的另一個好處是，當我們轉向軟體平台時，我們的真正價值在於軟體的智慧財產權以及消費者如何與商店中的這些設備互動。因此，無論其他各方參與什麼人，這個價值都不會消失。因此，這是一個不斷上漲的浪潮，將從某種意義上說，我們將連接到平台，將我們的模型貨幣化——我們可以在與合作夥伴甚至 DIY 人員一起部署時將這些資產貨幣化。所以我們感覺我們處於一個非常好的位置。

And then just as a follow-up on digital banking. Can you maybe talk about where you're at year-to-date from a win rate standpoint in that business versus maybe where it was at 2 years ago and maybe compare and contrast where you're at with your renewals and the success rates you're experiencing now versus in the not-too-distant past there?

然後作為數位銀行的後續行動。您能否從該業務的贏率角度談談您今年迄今為止的情況與兩年前的情況，並比​​較和對比您的續訂情況和成功率現在的經歷與不遠的過去的經歷有何不同？

Yes. We're seeing mid-90s in terms of renewal rates across that business. And as we've stated in this release and the previous 4 quarters over that time horizon, we won 36 net new customers. We are gaining share in digital banking. We're growing registered and active users, and you're starting to see that really convert into the growth that we're seeing, the 9% year-over-year ARR growth that you see is the evidence that would support that growth. There is some timing of some customers that we onboarded. So those customers don't immediately show up. So a lot of the big wins take a little bit longer to onboard. So as those 36 net new customers start to come on board, that's what's gives us confidence in the growth rates in that business.

是的。我們看到該業務的續訂率已達到 90 年代中期。正如我們在本次發布以及在此期間的前 4 個季度中所述，我們贏得了 36 個淨新客戶。我們正在獲得數位銀行的份額。我們的註冊用戶和活躍用戶不斷成長，您開始看到這真正轉化為我們所看到的成長，您看到的 9% 的同比 ARR 成長就是支持這種成長的證據。我們對一些客戶的加入有一定的時間安排。所以這些顧客不會立即出現。因此，許多重大勝利都需要更長的時間才能實現。因此，隨著這 36 個淨新客戶開始加入，我們對該業務的成長率充滿信心。

We'll take our next question from the line of Erik Woodring with Morgan Stanley.

我們將回答摩根士丹利的艾瑞克‧伍德林 (Erik Woodring) 提出的下一個問題。

Again, congrats on the spend. David, you alluded to some of the hardware declines that is kind of helping to offset the recurring revenue growth. I'm just curious, outside of that shift that you're making to the platform lanes and more SaaS-based revenue. Are there any other headwinds to that hardware business that you kind of need to correct or shore up, so to speak? And maybe my question is, outside of the conversion part of your business, kind of how do you change the trajectory of that part of your business that is in -- that is currently in decline? And then I have a follow-up.

再次恭喜您的支出。大衛，你提到了一些硬體的下降，這在某種程度上有助於抵消經常性收入的成長。我只是很好奇，除了你們向平台通道和更多基於 SaaS 的收入所做的轉變之外。可以這麼說，您需要修正或支援該硬體業務是否還有其他不利因素？也許我的問題是，除了業務的轉換部分之外，您如何改變目前正在衰退的業務部分的軌跡？然後我有一個後續行動。

Yes. Part of the other headwind is, as we've described in previous calls is the average selling price, the ASP, as we get into some of these new formats, even though we're driving unit volume and things like self-checkout the form factor is a little smaller, convenience is more of a kiosk than a full appliance like you would see in a grocery store that takes cash and other things. So there's some ASP compression that's happening in that market. That's why we see revenue growing a little slower than our unit volume and the overall market share growth.

是的。正如我們在先前的電話會議中所描述的，另一個阻力的一部分是平均售價，即 ASP，當我們進入其中一些新格式時，即使我們正在推動單位數量和自助結帳表格之類的事情因素有點小，便利性更像是一個資訊亭，而不是像你在雜貨店看到的需要現金和其他東西的完整設備。因此，該市場正在進行一些 ASP 壓縮。這就是為什麼我們看到收入成長略低於單位銷售量和整體市佔率成長的原因。

For us, it's also about -- we're going to shift a bit of a focus to go acquire some net new customers across the board, and we think that will help shore up some of the hardware declines that we see across the existing base as people are sweating assets a little longer. And we're actually creating some of our own headwinds with our edge technology that allows us to uniquely deploy software on hardware and really extend the life of hardware in stores. It's a real value to our customers in the retail and restaurant segment. And so we'll find some growth in net new customers as well to overcome some of the overall secular trends in hardware.

對我們來說，這也是關於——我們將把重點轉移到全面收購一些淨新客戶上，我們認為這將有助於支撐我們在現有基礎上看到的一些硬體下降因為人們為資產付出的時間更長了。實際上，我們正​​在利用我們的邊緣技術創造一些自己的逆風，該技術使我們能夠在硬體上獨特地部署軟體，並真正延長商店中硬體的使用壽命。這對我們零售和餐飲領域的客戶來說是真正的價值。因此，我們也會發現淨新客戶的一些成長，以及克服硬體方面的一些整體長期趨勢。

Okay. Very clear. And then we've heard a lot of positive commentary tonight. And so it is really great to see you kind of carrying the momentum after the spin. Just curious if you were to take a bit of like a self-reflecting view of the business and the management team execution. What are any areas where you need to prioritize either improving the product or improving the go-to-market approach or even just improving the overall execution. Where are those holes that you need to patch that can almost supercharge the performance that you're seeing from the rest of your business?

好的。非常清楚。今晚我們聽到了很多正面的評論。所以很高興看到你在旋轉後帶著動力。只是好奇您是否對業務和管理團隊的執行有一些自我反思的看法。您需要優先考慮哪些領域，要么改進產品，要么改進進入市場的方法，甚至只是改進整體執行力。您需要修補的那些漏洞在哪裡，這些漏洞幾乎可以增強您從其他業務中看到的效能？

Thanks for recognizing the team for the great performance. They have really stepped up, as you described, and delivered an amazing set of results. The areas I would tell you that -- I want to supercharge growth in digital banking. I mean you're starting to see that growth. So you see the EBITDA margin rate in digital banking down a little bit. That's because we're trying to pour some gas on that fire and get more sales momentum and get in front of every financial institution because we've done a really good job of building an amazing product there, and we're winning, as I described with the 36 new customers. And so I would like to see us move a little faster in terms of gaining new customers.

感謝您對團隊出色表現的認可。正如您所描述的，他們確實取得了進步，並取得了一系列令人驚嘆的成果。我想告訴你的領域是——我希望推動數位銀行業務的成長。我的意思是你開始看到這種增長。所以你會看到數位銀行的 EBITDA 利潤率略有下降。這是因為我們正在努力火上澆油，獲得更多的銷售動力，並走在每個金融機構的前面，因為我們在打造令人驚嘆的產品方面做得非常出色，而且我們正在獲勝，正如我所言與 36 位新客戶一起描述。因此，我希望看到我們在獲得新客戶方面能夠更快一些。

And then when I answered your question on the hardware side, I also want to see us -- our investment thesis and everything we've outlined is really about retaining the base, connecting them to the platform, which we've seen tremendous progress against and then adding new products to grow ARPU, I want us to focus too on adding new customers. I want to -- we want to continue to take share in this space. So I would tell you where we want to focus is on -- it's not a wholesale shift and it's not a bunch of product gaps. It's really get faster connections to the platform, let's grow some sites across both retail restaurants and our digital banking.

然後，當我回答你在硬體方面的問題時，我也想看到我們——我們的投資主題和我們概述的一切實際上都是為了保留基礎，將它們連接到平台，我們已經看到了巨大的進展然後添加新產品來增加 ARPU，我希望我們也能專注於增加新客戶。我想——我們想繼續在這個領域佔據份額。所以我想告訴你，我們想要關注的重點是──這不是大規模的轉變，也不是一堆產品差距。它確實可以更快地連接到平台，讓我們在零售餐廳和數位銀行方面發展一些網站。

(Operator Instructions) We'll take our next question from the line of Ian Zaffino with Oppenheimer.

（操作員說明）我們將從伊恩·扎菲諾（Ian Zaffino）和奧本海默（Oppenheimer）的線路中提出下一個問題。

Just kind of want to follow up on the last question. I'm just looking at sort of retail, I guess, platform sites are up under 118%. So that's great numbers. But just getting on to the legacy side, can you maybe give us an idea of the magnitude of declines you're seeing there? Or maybe -- are they accelerating? Are they moderating? Is there anything on the horizon that would suggest that maybe it does moderate? Or is this just sort of something that we had to deal with basically until this 2027 when things really start accelerating like you kind of outlined in your Investor Day.

只是想跟進最後一個問題。我只關注零售業，我猜平台網站的成長率低於 118%。所以這是一個很大的數字。但是，就談談傳統方面，您能否讓我們了解您所看到的下降幅度？或者也許——它們正在加速嗎？他們在調節嗎？是否有任何跡象表明它確實會起到緩和作用？或者這只是我們必須處理的事情，直到 2027 年，事情才會真正開始加速，就像您在投資者日中概述的那樣。

Ian, the overall sites for us aren't -- they're relatively flat in the enterprise space for us. So there's no real decline there. When we talked about legacy, the hardware business has declined, but the overall all overall site count is relatively flat, and that's the area I said we want a supercharge. SMB sites are growing. Digital banking sites are growing. So the conversion of the platform -- we will continue to see this kind of a trajectory as we described in our Investor Day. So some of the assumptions that we put out in terms of platform site conversion rates against our installed base. So we still believe in all those assumptions. So the -- we described the headwinds -- Brian did in the Investor Day, of 2% headwinds over the next -- over 2023 and 2024, starting to shift to tailwinds beyond that as we make that shift to recurring. We still feel that way and have confirmed the assumptions that we made from that original Investor Day presentation in that space.

伊恩，我們的整個網站不是——它們在我們的企業空間中相對平坦。所以那裡並沒有真正的下降。當我們談論遺留問題時，硬體業務有所下降，但整體網站數量相對持平，這就是我所說的我們想要增壓的領域。中小企業網站正在成長。數位銀行網站正在不斷成長。因此，平台的轉變——我們將繼續看到我們在投資者日中描述的這種軌跡。因此，我們根據我們的安裝基礎在平台網站轉換率方面提出了一些假設。所以我們仍然相信所有這些假設。因此，我們描述了布萊恩在投資者日所做的逆風，在接下來的 2023 年和 2024 年，逆風將達到 2%，當我們將這種轉變轉變為經常性時，開始轉向順風。我們仍然有這種感覺，並且已經證實了我們在該領域最初的投資者日演示中所做的假設。

Okay. Great. And then also, I guess, congratulations on Uncle Julio's and Papa Murphy's. For you to kind of look at the slide, I think you put off the case study of the Buffalo Wild Wings, where are you in that? Or is this on the conversion to platform? Are we in the impactful results segment? Where are we in -- how is it tracking, I guess, versus kind of the magnitude of increases that you laid out in that case study?

好的。偉大的。我想，也要恭喜胡里歐叔叔和墨菲爸爸。為了讓您看一下幻燈片，我認為您推遲了 Buffalo Wild Wings 的案例研究，您在其中處於什麼位置？還是這是向平台的轉換？我們是否處於有影響力的結果部分？我們現在處於什麼位置——我猜，與您在案例研究中列出的增長幅度相比，它的追蹤情況如何？

Yes. I mean we outlined the -- in the Investor Day where that Buffalo Wild Wings case study was, we outlined the progress that we've made. We said we were about 20% converted on our restaurant sites installed base and about 10% on retail. So we're tracking to those numbers. And we're seeing those ARPU metrics play out. So when we -- as we just described in the recent wins Uncle Julio's being one, adding payments adds a tremendous amount of additional revenue, and we're seeing that show up in ARR growth in the restaurant segment. So ARR was up 10%. Year-over-year. That's on the back of both conversion to the platform and adding payment sites. So we're seeing the numbers play out as we've described in the Investor Day deck, we have no reason to change that.

是的。我的意思是，我們在投資者日概述了 Buffalo Wild Wings 案例研究，概述了我們所取得的進展。我們表示，餐廳網站安裝量的轉換率約為 20%，零售網站的轉換率約為 10%。所以我們正在追蹤這些數字。我們正在看到這些 ARPU 指標發揮作用。因此，正如我們剛剛在最近的勝利中所描述的，Uncle Julio 就是其中之一，增加付款會增加大量額外收入，我們看到這體現在餐廳領域的 ARR 成長中。因此 ARR 上漲了 10%。一年又一年。這是在轉換到平台和添加支付網站的基礎上實現的。因此，我們看到的數字正如我們在投資者日套牌中所描述的那樣，我們沒有理由改變這一點。

Okay. So just maybe a quick follow-up on that one. So I guess when you say conversion to SaaS, you're kind of in that 39 -- not that this client, in particular, would be 3,900, but you're in that 3,900 ARPU box, right? So have you started to see kind of that 9,000 ARPU box yet? Or (inaudible).

好的。所以也許只是對此進行快速跟進。所以我猜當你說轉換到 SaaS 時，你就屬於那個 39 的人——不是說這個客戶，特別是 3,900，而是你屬於那個 3,900 ARPU 的盒子，對嗎？那麼您開始看到 ARPU 值 9,000 的盒子了嗎？或（聽不清楚）。

It's client-specific. So depending on how long you're -- when we gave the pilot example in the Investor Day deck and the SMB example, and we saw the SMB example we gave got close to 19,000 when we include payments into that site. So it's somewhat dependent on the soak time, if you will, connected to the platform and how long we have to upsell and cross-sell. And some of it is the pain point. The way we approach these is we're solving pain points for these customers and the real value. So we're not forcing them to the platform. We're going in and solving a real-world problem and they adopt the 1 or 2 services to solve that problem, and then we get in there with additional products. So it's timing of the cohorts. So we're in that range. We estimate -- we kind of closed the year, we said, on average, about 3,600 in ARPU across the base. So we're right in that range.

這是特定於客戶的。因此，這取決於您的長度 - 當我們在投資者日平台和 SMB 範例中給出試點範例時，我們看到當我們將付款納入該網站時，我們給出的 SMB 範例接近 19,000。因此，這在某種程度上取決於連接到平台的浸泡時間，以及我們必須追加銷售和交叉銷售的時間。其中一些是痛點。我們處理這些問題的方式是解決這些客戶的痛點和真正的價值。所以我們不會強迫他們使用這個平台。我們正在解決一個現實世界的問題，他們採用 1 或 2 種服務來解決該問題，然後我們提供其他產品。所以這是隊列的時機。所以我們就在這個範圍內。我們估計，今年結束時，我們說，整個基地的 ARPU 值平均約為 3,600。所以我們就在這個範圍內。

There are no further questions at this time. Mr. Wilkinson, I'll turn the conference back to you for any additional or closing remarks.

目前沒有其他問題。威爾金森先生，我會將會議轉回給您，請您發表補充或結束語。

Perfect. Thank you, operator. Thanks again for joining the call today. And as I said in the opening, the employees of NCR now NCR Voyix and NCR Atleos really did an amazing job to get the spend done and deliver a great quarter. So I appreciate everybody recognizing that. We have a tremendous opportunity in each of our businesses, and we're truly excited about what's in front of us in the future. And we're operating from a position of strength, and we'll continue to build on our strong foundation. We're the market leader, and we have a large base of blue-chip customers with whom we have deep and lasting relationships. And we have the critical end-to-end solutions to continue serving these customers to help them run their stores, restaurants and branches more effectively, and we're winning in the market and taking share.

完美的。謝謝你，接線生。再次感謝您今天加入通話。正如我在開場白中所說，NCR 現在的 NCR Voyix 和 NCR Atleos 的員工確實做了出色的工作，完成了支出並交付了出色的季度業績。所以我很感謝大家能體認到這一點。我們的每項業務都擁有巨大的機會，我們對未來所面臨的一切感到非常興奮。我們的營運實力雄厚，並將繼續鞏固我們強大的基礎。我們是市場領導者，擁有大量藍籌客戶，我們與他們有著深厚而持久的關係。我們擁有關鍵的端到端解決方案來繼續為這些客戶提供服務，幫助他們更有效地經營商店、餐廳和分支機構，我們正在贏得市場並佔領份額。

Across all 3 segments we serve, our formula for growth is the same. We're going to capitalize on the secular growth trends to win net new customers and gain market share. We're going to connect and onboard existing customers to our platform to drive deeper relationships and capture greater wallet share. When we do all this, it will improve EBITDA margin through the shift in our business, and we'll have continued focus on efficiencies and productivity initiatives that will expand margins. And as I mentioned in my opening remarks, our customers' success is our success. And their growth fuels our growth. So I want to thank all of our customers as well. We strive to deliver consistent world-class experiences to our customers and remain a market leader. We know this is the right formula to drive significant value creation. We're fully committed to delivering results to compound shareholder return. I'd like to thank all the employees of NCR Voyix and NCR Atleos once more, and thank you all for joining.

在我們服務的所有 3 個細分市場中，我們的成長公式是相同的。我們將利用長期成長趨勢來贏得淨新客戶並獲得市場份額。我們將把現有客戶連接並加入我們的平台，以推動更深的關係並獲得更大的錢包份額。當我們做到這一切時，我們將透過業務轉型來提高 EBITDA 利潤率，並且我們將繼續專注於能夠擴大利潤率的效率和生產力計劃。正如我在開場白中提到的，客戶的成功就是我們的成功。他們的成長推動了我們的成長。所以我也要感謝我們所有的客戶。我們努力為客戶提供一致的世界級體驗，並保持市場領導者地位。我們知道這是推動顯著價值創造的正確公式。我們完全致力於為股東帶來複合回報。我要再次感謝 NCR Voyix 和 NCR Atleos 的所有員工，感謝大家的加入。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。