NCR Voyix Corp (VYX) 2023 Q4 法說會逐字稿

Greetings. Welcome to the NCR Voyix Q4 and Full Year 2023 Earnings Call. (Operator Instructions)

問候。歡迎參加 NCR Voyix 第四季和 2023 年全年財報電話會議。 （操作員說明）

I'll now turn the conference over to your host, Alan Katz of Investor Relations. You may begin.

現在我將把會議交給主持人投資者關係部的艾倫·卡茨 (Alan Katz)。你可以開始了。

Good afternoon, and thank you for joining our fourth quarter and fiscal 2023 earnings conference call. This afternoon, we issued our earnings release reporting preliminary financials for the quarter and year ended December 31, 2023. A copy of the earnings release and the presentation that we will reference during this call are available on the Investor Relations section of our website, which can be found at www.ncrvoyix.com and has been filed with the SEC.

下午好，感謝您參加我們的第四季和 2023 財年財報電話會議。今天下午，我們發布了收益報告，報告了截至2023 年12 月31 日的季度和年度的初步財務狀況。我們將在本次電話會議期間參考的收益報告和演示文稿的副本可在我們網站的投資者關係部分獲取，可在 www.ncrvoyix.com 上找到，並已向 SEC 備案。

Joining me on the call today are David Wilkinson, our CEO; and Brian Webb-Walsh, our CFO. This call is being recorded and webcast on the Investor Relations section of our website. Before we begin, please be advised that remarks today will contain forward-looking statements. These forward-looking statements are subject to risks and uncertainties and other factors, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.

今天和我一起參加電話會議的是我們的執行長 David Wilkinson；以及我們的財務長布萊恩·韋伯·沃爾什 (Brian Webb-Walsh)。本次電話會議正在錄音並在我們網站的投資者關係部分進行網路直播。在我們開始之前，請注意，今天的言論將包含前瞻性陳述。這些前瞻性陳述受到風險、不確定性和其他因素的影響，可能導致實際結果與此類前瞻性陳述明示或暗示的結果有重大差異。

For additional information on these factors, please refer to our earnings release and other reports filed with the SEC. We caution you not to place undue reliance on these statements. Forward-looking statements during this call speak only as of the date of this call, and we undertake no obligation to update them. In addition, we will be discussing or providing certain non-GAAP financial measures today, which we believe are more reflective of our ongoing performance. For a full reconciliation of the non-GAAP financial measures discussed in this call to the most comparable GAAP measure in accordance with SEC regulations, please see our press release furnished as an exhibit to our Form 8-K filed this afternoon and our supplemental materials available on the Investor Relations section of our website.

有關這些因素的更多信息，請參閱我們的收益發布和向 SEC 提交的其他報告。我們提醒您不要過度依賴這些陳述。本次電話會議期間的前瞻性陳述僅代表本次電話會議當日的情況，我們不承擔更新這些陳述的義務。此外，我們今天將討論或提供某些非公認會計準則財務指標，我們認為這些指標更能反映我們的持續表現。如需將本次電話會議中討論的非GAAP 財務指標與根據SEC 規定的最具可比性的GAAP 指標進行全面協調，請參閱我們今天下午提交的8-K 表格附件中提供的新聞稿以及我們提供的補充資料在我們網站的投資者關係部分。

As a reminder, you will see the financials of the NCR Atleos business, which was spun off as an independent publicly traded company on October 16, 2023, in the discontinued operations line within the P&L. With that, I would like to turn the call over to David.

提醒一下，您將在損益表中的已終止經營業務中看到 NCR Atleos 業務的財務狀況，該業務於 2023 年 10 月 16 日作為獨立的上市公司分拆出來。說到這裡，我想把電話轉給大衛。

Thank you, Alan. Welcome, everyone, to our fourth quarter and full year 2023 earnings call. I'll begin by saying that I'm proud of what our team accomplished in 2023 with the spin-off of the ATM business now behind us, we are laser-focused on driving growth from our software and service revenue streams. Our software solutions, which include our platform and physical point-of-sale technology and digital banking products enable restaurants, retailers and financial institutions to seamlessly transact and engage with their end user customers. Before commenting on our performance, I'd like to spend a moment on Slide 4 to remind everyone of NCR Voyix's market-leading position for each of our 3 segments. These reflect the global reach of our customer base, coupled with our products and services across restaurant, retail and digital banking.

謝謝你，艾倫。歡迎大家參加我們的 2023 年第四季和全年財報電話會議。首先我要說的是，我對我們的團隊在 2023 年的成就感到自豪，現在 ATM 業務的分拆已經成為過去，我們正專注於推動軟體和服務收入流的成長。我們的軟體解決方案包括我們的平台和實體銷售點技術以及數位銀行產品，使餐廳、零售商和金融機構能夠與最終用戶客戶進行無縫交易和互動。在評論我們的業績之前，我想花一點時間在幻燈片 4 上提醒大家 NCR Voyix 在我們的 3 個細分市場中均處於市場領先地位。這些反映了我們客戶群的全球影響力，以及我們在餐廳、零售和數位銀行領域的產品和服務。

During our call today, I will discuss our strategy to invest in initiatives that support our sales and distribution networks, platform conversions and technology innovation to drive growth for the company. Turning to Slide 5. We've outlined the key strategic initiatives in place to support our long-term profitable growth. Today, we're a cloud-based platform enabled software and services company, providing end-to-end digital solutions to our global customer base. Placing customers at the center, we leverage our deep industry expertise and well-established sales and go-to-market engine to drive platform adoption and new customer growth. We will continue to invest in innovation via our commerce and digital banking platforms to deliver best-in-class products and solutions to expand our existing portfolio and drive growth. And we continue to focus on expanding our relationship with our customers across all segments, enterprise, mid-market and SMB through integrated merchant payment offerings.

在今天的電話會議中，我將討論我們的策略，即投資於支持我們的銷售和分銷網絡、平台轉換和技術創新的舉措，以推動公司的成長。轉向投影片 5。我們概述了支持我們長期獲利成長的關鍵策略舉措。如今，我們是一家基於雲端平台的軟體和服務公司，為我們的全球客戶群提供端到端數位解決方案。我們以客戶為中心，利用深厚的行業專業知識以及完善的銷售和進入市場引擎來推動平台採用和新客戶成長。我們將繼續透過我們的商業和數位銀行平台投資創新，提供一流的產品和解決方案，以擴大我們現有的產品組合併推動成長。我們持續致力於透過整合商家支付產品擴大與所有細分市場、企業、中端市場和中小企業的客戶關係。

Turning now to our 2023 performance. For the full year, we delivered revenue and adjusted EBITDA results in line with expectations discussed at our Investor Day in September. Included in that performance software and services revenue grew 5% on a normalized basis and today represents more than 70% of total company revenue. Brian will provide more details on the financials in his remarks. In '23, we added approximately 14,000 sites to our platform and signed more than 650 new customers to our growing book of business. Platform traffic and usage continue to increase with the volume of API calls exceeding $100 billion last year, up 35% from 2022.

現在轉向我們 2023 年的表現。就全年而言，我們交付的收入和調整後的 EBITDA 結果與 9 月份投資者日討論的預期一致。其中，軟體和服務收入在標準化基礎上成長了 5%，目前已占公司總收入的 70% 以上。布萊恩將在演講中提供有關財務狀況的更多詳細資訊。 23 年，我們在平台上新增了約 14,000 個網站，並為我們不斷成長的業務簽署了 650 多個新客戶。平台流量和使用量持續成長，去年 API 呼叫量超過 1,000 億美元，較 2022 年成長 35%。

During December 23 alone, our platform managed nearly 50 million loyalty transactions and 26 million mobile orders online, enabling thousands of restaurants and retailers to meaningful transact with their end-user customers and operate their businesses. Before I begin my discussion on the segment performance, I'd like to welcome Benny Tadele to the team as President of our restaurant segment. His growth orientation, technical background, global perspective and customer-centric approach will be instrumental in driving our technology and go-to-market path forward as we look to expand our market share.

僅在12 月23 日期間，我們的平台就管理了近5000 萬筆忠誠度交易和2600 萬筆在線移動訂單，使數千家餐廳和零售商能夠與其最終用戶客戶進行有意義的交易並運營其業務。在開始討論部門的績效之前，我想歡迎 Benny Tadele 加入我們的團隊，擔任我們餐廳部門的總裁。當我們尋求擴大市場份額時，他的成長導向、技術背景、全球視角和以客戶為中心的方法將有助於推動我們的技術和進入市場的道路向前發展。

Now let's turn to the restaurant segment on Slide 6. 2023 was a strong year for our restaurant segment as we signed over 500 new customers. Our platform sites and payment sites increased 8% and 34%, respectively, led by our mid-market portfolio of customers. Let me remind you that our restaurant segment is divided into enterprise, which is to find businesses with more than 50 locations and SMB, which we define as organizations with fewer than 50 locations. At NCR Voyix, our SMB division is keenly focused on what we call the mid-market, multisite operators of 5 to 50 sites and increasingly complex operations.

現在讓我們轉向幻燈片 6 上的餐廳部門。2023 年對我們的餐廳部門來說是強勁的一年，因為我們簽署了 500 多名新客戶。在我們的中階市場客戶組合的帶動下，我們的平台網站和支付網站分別成長了 8% 和 34%。讓我提醒您，我們的餐廳細分市場分為企業（尋找擁有超過 50 個地點的企業）和中小企業（我們將其定義為擁有少於 50 個地點的組織）。在 NCR Voyix，我們的中小企業部門專注於我們所說的中端市場、5 到 50 個站點的多站點營運商以及日益複雜的營運。

Focusing on 2024 and beyond, a key component of our growth strategy is to better address the mid-market as these businesses provide the greatest opportunity for growth. Historically, we've benefited from our mid-market customers as they can ultimately grow into enterprise businesses. In the quarter, we had several key customer wins and expansions that I'd like to highlight. One is a signing of a multiyear contract with Nautical Bowls, a rapidly growing Acai bowl franchise that fits the profile of a target mid-market business for us. This was a competitive takeaway. Here, we rolled out point-of-sale software via our platform to more than 30 of their locations in Q4 and have continued that rollout into Q1. This customer is leveraging multiple modules delivered via our commerce platform to drive revenue growth and improve efficiency.

著眼於 2024 年及以後，我們成長策略的關鍵組成部分是更好地解決中端市場問題，因為這些業務提供了最大的成長機會。從歷史上看，我們從中端市場客戶中受益，因為他們最終可以發展成為企業業務。在本季度，我們贏得了幾個關鍵客戶並進行了擴張，我想強調一下。其中之一是與 Nautical Bowls 簽署了一份多年期合同，Nautical Bowls 是一家快速發展的巴西莓碗特許經營店，符合我們的目標中端市場業務的概況。這是一個有競爭力的外賣。在這裡，我們在第四季度透過我們的平台向 30 多個地點推出了銷售點軟體，並在第一季繼續推出。該客戶正在利用我們的商務平台提供的多個模組來推動收入成長並提高效率。

Within our Enterprise division, we expanded our long-standing relationships with Red Robin to add our kitchen solution across their chain of restaurants. This is a long-standing relationship, and we're now in the process of implementing a multiphase rollout of a comprehensive run the restaurant solution within their sites. Our platform solution has continued to gain traction across our target customer base. Our payments attached strategy for mid-market has resulted in us more than doubling the number of payment sites in our portfolio over the last 2 years. And we will continue to see strong interest in our capabilities and we're investing to capture share in this segment.

在我們的企業部門內，我們擴大了與 Red Robin 的長期合作關係，在他們的連鎖餐廳中添加我們的廚房解決方案。這是一種長期的合作關係，我們現在正在他們的站點內實施多階段推出全面的餐廳營運解決方案。我們的平台解決方案持續在我們的目標客戶群中獲得關注。我們針對中端市場的支付附加策略使我們的投資組合中的支付網站數量在過去兩年中增加了一倍多。我們將繼續看到人們對我們的能力產生濃厚的興趣，並且我們正在投資以獲取該領域的份額。

Let's move on to our Retail segment on Slide 7. We continue to make significant progress in converting customers to the platform with platform sites increasing nearly 65% for the year. We signed deals with more than 125 new logos, including both enterprise and mid-market customers in the year and were named the #1 point-of-sale software provider within the industry. We remain focused on converting the legacy base of on-prem customers to the commerce platform, which will provide them access to new functionality to run their stores. This will enable us to offer best-in-class SaaS solutions which would extend the longevity of our robust relationships and provide us with greater flexibility to seamlessly deliver new products.

讓我們繼續討論幻燈片 7 上的零售部門。我們在將客戶轉化為平台方面繼續取得重大進展，今年平台網站成長了近 65%。今年，我們與超過 125 個新商標簽署了協議，其中包括企業和中端市場客戶，並被評為業內排名第一的銷售點軟體供應商。我們仍然專注於將本地客戶的傳統基礎轉換為商務平台，這將使他們能夠存取新功能來經營商店。這將使我們能夠提供一流的 SaaS 解決方案，從而延長我們牢固關係的壽命，並為我們提供更大的靈活性來無縫交付新產品。

An example of upselling additional capabilities to a customer previously converted to the commerce platform, we implemented additional third-party mobile solutions for a large fuel and convenience retailer across this chain of more than 1,000 sites in the United States. The enhanced solution we integrated to our platform enables an extension for card on file and tech wallet within our customers' mobile applications. Further, the integration allows the retailer to offer loyalty promotions to their end consumers driving increased mobile app and payments usage. We were able to quickly deploy this functionality following our customers' recent conversion to our platform.

作為向先前轉換為商務平台的客戶追加銷售額外功能的範例，我們為一家大型燃料和便利零售商在美國擁有 1,000 多個站點的連鎖店實施了額外的第三方行動解決方案。我們整合到平台的增強型解決方案可以在客戶的行動應用程式中擴展存檔卡和技術錢包。此外，該整合允許零售商向最終消費者提供忠誠度促銷活動，從而推動行動應用程式和支付使用量的增加。在客戶最近轉換到我們的平台後，我們能夠快速部署此功能。

In addition to conversions, we're also focused on winning new customers. I'd like to highlight a new business win we secured in the quarter with a new brand of an existing enterprise relationship with one of the world's largest e-com retailers as they have launched new brick-and-mortar grocery stores over the past few years. This customer chose us to roll out self-checkout as they go live in new stores in the U.S. and the U.K., given our long-standing relationship with 1 of their other portfolio brands, coupled with our market-leading position in self-checkout. We also signed a new customer in our international business, a large fuel and convenience customer base in Australia. This was a competitive takeaway, and we look forward to serving this customer across their footprint of more than 600 sites.

除了轉換之外，我們還專注於贏得新客戶。我想強調一下，我們在本季度透過與世界上最大的電子商務零售商之一建立現有企業關係的新品牌獲得了新的業務勝利，因為他們在過去幾年中推出了新的實體雜貨店年。鑑於我們與該客戶的其他投資組合品牌之一的長期合作關係，以及我們在自助結帳方面的市場領先地位，該客戶選擇我們在美國和英國的新商店上線時推出自助結帳服務。我們也在國際業務中簽署了一個新客戶，即澳洲龐大的燃料和便利客戶群。這是一個具有競爭力的優勢，我們期待在其 600 多個網站的足跡中為該客戶提供服務。

Within the retail industry, we are the clear leader in the enterprise and mid-market spaces. Our focus here continues to be signing on new enterprise and mid-market customers as we also convert our customers to our commerce platform. We have demonstrated success in executing the strategy and we see a healthy backlog of customers that have committed to moving on to the platform over the next 12 months. Upon their conversion, we will be able to drive additional value for these customers through cross-selling and upselling value-added modules and other services.

在零售業中，我們是企業和中端市場領域的明顯領導者。我們的重點仍然是簽約新的企業和中端市場客戶，因為我們也將客戶轉化為我們的商務平台。我們在執行該策略方面取得了成功，我們看到大量積壓的客戶承諾在未來 12 個月內轉向該平台。在他們轉換後，我們將能夠透過交叉銷售和追加銷售增值模組和其他服務為這些客戶帶來額外價值。

Turning to Slide 8. We included this slide to illustrate a brief overview of capabilities and functionalities enabled by our cloud-based commerce platform, which supports both our retail and restaurant customers giving us the benefit of operating synergies when delivering common solutions. NCR Voyix has invested in building a robust platform that can deliver leading solutions to all customers. Our shift to the platform will also enable us to move away from maintaining legacy on-prem applications, which have limited functionality and are becoming increasingly cost inefficient for the customer. Before I begin my discussion of our digital banking performance on Slide 9, I'd like to welcome Brendan Tansill as President of the Digital Banking segment. Brendan has served as a successful leader in the financial technology industry for more than 10 years and has extensive experience working with financial institutions, both of which align with our digital banking objectives.

轉向幻燈片8。我們添加這張幻燈片是為了簡要概述我們的基於雲端的商務平台所支援的功能和功能，該平台支援我們的零售和餐廳客戶，使我們在提供通用解決方案時受益於運營協同效應。 NCR Voyix 投資建立了一個強大的平台，可以為所有客戶提供領先的解決方案。我們向該平台的轉變也將使我們能夠擺脫維護傳統的本地應用程式的麻煩，這些應用程式的功能有限，並且對客戶來說成本效率越來越低。在我開始在投影片 9 上討論我們的數位銀行表現之前，我要歡迎 Brendan Tansill 擔任數位銀行部門總裁。 Brendan 在金融科技業擔任成功領導者十多年，並擁有與金融機構合作的豐富經驗，這兩者都符合我們的數位銀行目標。

In the fourth quarter, digital had strong sales activity that included 13 new relationships with financial institutions and 25 renewals. For the full year in 2023, we signed 39 new customers and renewed 76 relationships, which represents approximately 10% of our base. Our registered users grew 4% to more than $28 million, and the number of active users grew 3% to more than $19 million. We are making solid progress accelerating growth for the segment by deepening our existing relationships, selling our value-added services and creating a pipeline of new deals, which together demonstrate the value our partners see in our solutions.

第四季度，Digital 銷售活動強勁，其中包括與金融機構建立 13 個新關係和 25 個續約。 2023 年全年，我們簽署了 39 個新客戶並續約了 76 個合作關係，約占我們客戶群的 10%。我們的註冊用戶成長了 4%，達到超過 2,800 萬美元，活躍用戶數量增加了 3%，達到超過 1,900 萬美元。透過深化現有關係、銷售增值服務和創造一系列新交易，我們正在取得紮實的進展，加速該領域的成長，這些共同證明了我們的合作夥伴在我們的解決方案中看到的價值。

To highlight, we signed a new agreement with Nicolet Bank out of Wisconsin. They selected our platform solution to deepen relationships, attract new customers and gather new deposits. This, again, was a competitive takeaway from a large legacy player in the space given our capabilities within retail banking. We also continue to experience strong cross-sell and upsell momentum across our multiple platform solutions. One recent example is the Old National Bank, a top 30 bank in the U.S. that renewed its existing contract and added business banking as part of their go-to-market initiatives to attract new profitable customers and retain their best small business relationships.

需要強調的是，我們與威斯康辛州 Nicolet 銀行簽署了一項新協議。他們選擇我們的平台解決方案來加深關係、吸引新客戶並累積新存款。考慮到我們在零售銀行領域的能力，這又是該領域一家大型傳統企業的競爭優勢。我們的多平台解決方案也持續經歷強勁的交叉銷售和追加銷售動能。最近的一個例子是Old National Bank，這是一家美國排名前30 的銀行，該銀行續簽了現有合約並增加了商業銀行業務，作為其進入市場計劃的一部分，以吸引新的盈利客戶並保持其最佳的小企業關係。

Lastly, we had a competitive takeaway signing Cadence Bank, a leading banking franchise across the South and Southwest who will implement our digital account opening technology. We included Slide 10 to provide a brief overview of our cloud-based digital banking platform, which is separate and distinct from our commerce platform serving our restaurants and retail customers. The capabilities across the platform enable our banking partners to access a wide variety of leading-edge proprietary and third-party solutions for their end users.

最後，我們與 Cadence Bank 簽訂了具有競爭力的外賣合同，這是一家橫跨南部和西南部的領先銀行特許經營機構，將實施我們的數位開戶技術。我們使用幻燈片 10 來簡要概述我們基於雲端的數位銀行平台，該平台與我們為餐廳和零售客戶提供服務的商務平台是分開且不同的。跨平台的功能使我們的銀行合作夥伴能夠為其最終用戶存取各種領先的專有和第三方解決方案。

We have made significant investments in our platform over the last 3 years to offer end-to-end solutions that have allowed us to win in the marketplace as reflected in our leading digital footprint and the 39 new customer relationships we signed in 2023. As illustrated on the slide, we offer cloud-based platform enabled digital banking for both consumer and business banking. In addition, we offer add-ons to enable sales and account opening along with transactions and servicing solutions that provide banks and credit unions with a fully integrated consumer experience across the digital and physical channels. These solutions can either be bundled or offered stand-alone, while leveraging our cloud-based architecture and our open API toolkit to provide flexibility for third-party integrations.

過去3 年，我們在平台上進行了大量投資，以提供端到端解決方案，這些解決方案使我們能夠在市場上獲勝，這反映在我們領先的數位足跡以及我們在2023 年簽署的39 個新客戶關係中。在幻燈片上，我們為消費者和企業銀行業務提供基於雲端平台的數位銀行業務。此外，我們還提供附加元件來實現銷售和開戶以及交易和服務解決方案，為銀行和信用合作社提供跨數位和實體管道的完全整合的消費者體驗。這些解決方案可以捆綁或獨立提供，同時利用我們基於雲端的架構和開放 API 工具包為第三方整合提供靈活性。

These provide a customized experience for our customers, including access to our existing partner network of more than 200 partners. Before I turn the call over to Brian, I'd like to reiterate how excited I am about the opportunities that lie ahead of NCR Voyix. While the spin provided both the company and NCR Atleos,, the benefit of operating independently -- it was, without question, a huge undertaking that required the entire team's attention. I would like to thank the NCR Voyix team once again for their hard work.

這些為我們的客戶提供客製化體驗，包括存取我們現有的由 200 多個合作夥伴組成的合作夥伴網路。在將電話轉給 Brian 之前，我想重申一下，我對 NCR Voyix 面臨的機會感到非常興奮。雖然這次分拆為公司和 NCR Atleos 都帶來了獨立營運的好處，但毫無疑問，這是一項需要整個團隊關注的艱鉅任務。我要再次感謝 NCR Voyix 團隊的辛勤工作。

With that milestone behind us, we are now acutely focused on the initiatives I've outlined today. I am confident in this team's ability to drive growth and plain efficiencies across all of our businesses as we continue to invest to support our customers' needs. Now I will turn it over to Brian, who will take you through the financial results and our outlook for 2024.

隨著這一里程碑的到來，我們現在重點關注我今天概述的舉措。我對這個團隊有能力推動我們所有業務的成長和提高效率充滿信心，因為我們將繼續投資來支持客戶的需求。現在我將把它交給 Brian，他將向您介紹財務表現和我們對 2024 年的展望。

Thank you, David, and good afternoon, everyone. I will note that the spin-off of NCR Atleos has created some level of noise in our 2023 reported results due to discontinued operations. Therefore, we are providing normalized growth rates to exclude the impact of certain spin and divestiture-related items. Some of my commentary will focus on these normalized results. Please turn to Slide 12. Fourth quarter total revenue was $963 million, flat as reported and up 1% on a normalized basis.

謝謝大衛，大家下午好。我要指出的是，由於業務中斷，NCR Atleos 的分拆在我們 2023 年報告的業績中造成了一定程度的噪音。因此，我們提供標準化成長率，以排除某些分拆和剝離相關項目的影響。我的一些評論將集中在這些標準化結果上。請參閱投影片 12。第四季總營收為 9.63 億美元，與報告持平，但在正常化基礎上成長 1%。

Full year revenue was $3.83 billion, up 1% as reported and up 2% on a normalized basis. This 2% is consistent with the range we gave at Investor Day. As David highlighted, in addition to total revenue, we will now report a new metric, software and services revenue, which includes software, services and payments revenue and excludes hardware. We believe this metric is a better indication of the strength and progress of our business. It removes point-of-sale and self-checkout hardware which, although important to providing our customers with a complete solution, fluctuate from period to period depending on refresh cycles and large rollouts.

全年營收為 38.3 億美元，報告成長 1%，正常成長 2%。這 2% 與我們在投資者日給出的範圍一致。正如大衛所強調的那樣，除了總收入之外，我們現在還將報告一個新的指標：軟體和服務收入，其中包括軟體、服務和支付收入，但不包括硬體。我們相信這項指標能夠更好地反映我們業務的實力和進展。它消除了銷售點和自助結帳硬件，儘管這些硬體對於為我們的客戶提供完整的解決方案很重要，但會根據刷新周期和大規模部署而隨著時間的推移而波動。

Software and services revenue also generates the vast majority of the company's EBITDA and cash flow. Normalized software and services revenue increased 4% for the fourth quarter and 5% for the full year. For the full year, each of our segments contributed to this growth. Full year hardware revenue was $1.08 billion down 6%, driven by higher demand in 2022 as a result of COVID and supply chain dynamics. Q4 adjusted EBITDA was $134 million, down 19% as reported and down 24% normalized, largely due to the synergies and prior year labor benefits.

軟體和服務收入也產生了公司絕大部分的 EBITDA 和現金流。標準化軟體和服務收入第四季成長 4%，全年成長 5%。全年來看，我們的每個部門都為這一成長做出了貢獻。受新冠疫情和供應鏈動態影響，2022 年需求增加，推動全年硬體營收 10.8 億美元，下降 6%。第四季調整後 EBITDA 為 1.34 億美元，報告下降 19%，正常化下降 24%，這主要是由於協同效應和上一年的勞工福利。

Full year adjusted EBITDA was $618 million, up 4% as reported and up 2% normalized. However, these results contain certain prior year nonrecurring positive labor items and a $25 million nonrecurring software payment across Q2 and Q3 of 2023, excluding these items, our year-over-year growth would have been 14 points higher. Full year margin expanded 40 basis points, driven by growth in software and services, coupled with cost initiatives. Normalizing for the spin and divesture-related items our adjusted EBITDA and adjusted EBITDA margin met our 2023 Investor Day outlook.

全年調整後 EBITDA 為 6.18 億美元，報告成長 4%，正常化成長 2%。然而，這些結果包含上一年的某些非經常性積極勞動力項目以及2023 年第二季度和第三季度2500 萬美元的非經常性軟體付款，排除這些項目，我們的同比增長率將高出14個百分點。在軟體和服務成長以及成本措施的推動下，全年利潤率成長了 40 個基點。在與分拆和剝離相關的項目正常化後，我們調整後的 EBITDA 和調整後的 EBITDA 利潤率符合我們 2023 年投資者日的展望。

Please turn to Slide 13, which details our segment results. Q4 restaurants revenue increased 2% compared to the prior year reflecting a 7% increase in software and services revenue. These results were driven by platform and payment sites, service desk ramp and price increases. Full year restaurants revenue increased 3% and software and services revenue increased 10%, largely driven by the same factors that positively impacted Q4. Q4 restaurant and adjusted EBITDA increased 22% and margin expanded 360 basis points. Full year restaurants adjusted EBITDA increased 23% and margin improved 350 basis points. Both Q4 and full year results were driven by the positive impact of revenue mix and efficiency initiatives.

請參閱投影片 13，其中詳細介紹了我們的部門結果。第四季餐廳營收較前一年成長 2%，反映出軟體和服務收入成長 7%。這些結果是由平台和支付網站、服務台增加和價格上漲所推動的。全年餐廳收入成長 3%，軟體和服務收入成長 10%，主要受到對第四季度產生積極影響的相同因素的推動。第四季餐廳和調整後 EBITDA 成長 22%，利潤率擴大 360 個基點。全年餐廳調整後 EBITDA 成長 23%，利潤率提高 350 個基點。第四季和全年業績都是由收入組合和效率措施的正面影響所推動的。

Q4 retail segment revenue declined 3% as a result of a 1% decline in software and services as well as a decline in hardware. The software and services revenue decline reflects the impact of lower maintenance revenues. Full year retail revenue was flat, which reflects 3% growth in software and services, primarily offset by lower hardware revenue. Software and services growth was driven by platform sites and the $25 million nonrecurring software payment. Q4 retail and adjusted EBITDA declined 14% as a result of hardware declines, spend to synergies and prior year labor benefits. Full year retail adjusted EBITDA increased 7% and margin expanded 130 basis points, these results reflect revenue mix, cost initiatives and the software payment.

由於軟體和服務下降 1%，以及硬體下降，第四季度零售部門收入下降了 3%。軟體和服務收入下降反映了維護收入下降的影響。全年零售收入持平，反映軟體和服務成長 3%，但主要被硬體收入下降所抵消。軟體和服務的成長是由平台網站和 2500 萬美元的一次性軟體付款所推動的。由於硬體下降、協同效應支出和去年的勞動力福利，第四季度零售和調整後 EBITDA 下降了 14%。全年零售業調整後 EBITDA 成長 7%，利潤率成長 130 個基點，這些結果反映了收入組合、成本計劃和軟體支付。

Q4 digital banking revenue increased 8% and full year digital banking revenue increased 6% and as we continue to sign new customers and demonstrate strong cross-sell momentum. Q4 Digital Banking adjusted EBITDA was flat, while margin declined 290 basis points to 37.1%. Full year Digital Banking adjusted EBITDA declined 6% and margin declined 480 basis points to 37.8%. The company made strategic investments in sales and technology throughout the year. Please turn to Slide 14. We ended the year with 3.7x net leverage, $2.6 billion of debt, $263 million of cash and had $333 million available under our revolver. Leverage at year-end was slightly higher than the Investor Day modeling because of spin and divesture-related items.

隨著我們不斷簽約新客戶並展現出強勁的交叉銷售勢頭，第四季度數位銀行收入成長了 8%，全年數位銀行收入成長了 6%。第四季數位銀行調整後 EBITDA 持平，而利潤率下降 290 個基點至 37.1%。全年數位銀行調整後 EBITDA 下降 6%，利潤率下降 480 個基點至 37.8%。公司全年在銷售和技術方面進行了戰略投資。請參閱投影片 14。年底時，我們的淨槓桿率為 3.7 倍，債務為 26 億美元，現金為 2.63 億美元，左輪手槍可用資金為 3.33 億美元。由於分拆和剝離相關項目，年底的槓桿率略高於投資者日模型。

89% of our debt is fixed, and our average rate is 5.5%. We do not currently have any significant maturities until 2028. We remain focused on driving cash flow, maintaining a healthy balance sheet and reducing leverage. Finally, I'd like to outline our 2024 guidance on Slide 15. One note before I start, our 2024 guidance and normalized growth rates do not include revenue and adjusted EBITDA associated with delayed Atleos country transfers. While these delayed countries are not in our guidance, they are currently in our historical financials. Once these transfers are complete, the continuing operations view of the business will be updated to exclude these amounts.

我們 89% 的債務是固定的，平均利率為 5.5%。目前，我們在 2028 年之前沒有任何重大到期日。我們仍然專注於推動現金流、保持健康的資產負債表和降低槓桿率。最後，我想在投影片 15 上概述我們的 2024 年指引。在開始之前請注意，我們的 2024 年指引和正常化成長率不包括與延遲的 Atleos 國家轉會相關的收入和調整後 EBITDA。雖然這些延遲的國家/地區不在我們的指導範圍內，但它們目前在我們的歷史財務數據中。一旦這些轉移完成，企業的持續經營視圖將更新以排除這些金額。

Additionally, our 2024 guidance now only includes $20 million of revenue from commercial agreements with Atleos, which is lower than our Investor Day assumption of $50 million. With that, we expect total revenue to be between $3.6 billion and $3.7 billion for the year, down 1.5% at the midpoint on a normalized basis. This reflects lower hardware revenue for the year. We expect software and services revenue to be between $2.7 billion and $2.75 billion, reflecting a normalized growth rate of 2% to 4%. Hardware revenue is expected to decline and range from $900 million to $950 million due to the timing of customer refreshes and major projects. We expect our full year adjusted EBITDA to be between $632 million and $657 million, up 2% on a normalized basis at the midpoint of the range. This includes absorbing $60 million of cumulative synergies. Additionally, the prior year results contained a $25 million nonrecurring software payment that I mentioned earlier. Excluding this item, our year-over-year growth would be 4 points higher at the midpoint of the range.

此外，我們的 2024 年指引現在僅包括與 Atleos 的商業協議帶來的 2,000 萬美元收入，這低於我們在投資者日假設的 5,000 萬美元。據此，我們預計今年總營收將在 36 億美元至 37 億美元之間，以正常化基礎計算，中點下降 1.5%。這反映了今年硬體收入的下降。我們預計軟體和服務收入將在 27 億美元至 27.5 億美元之間，反映出 2% 至 4% 的正常成長率。由於客戶更新和重大項目的時間安排，硬體收入預計將下降，範圍為 9 億美元至 9.5 億美元。我們預計全年調整後 EBITDA 將在 6.32 億美元至 6.57 億美元之間，在正常化基礎上成長 2%，處於該範圍的中點。這包括吸收 6000 萬美元的累積協同效應。此外，前一年的業績還包含我之前提到的 2,500 萬美元的非經常性軟體付款。排除此項目，我們的年成長率將在區間中點高出 4 個百分點。

Margin is expected to be between 17.5% and 17.7%, up year-over-year and above the outlook we shared at Investor Day. Our adjusted EBITDA guidance is underpinned by an efficiency program focused on 3 areas: corporate, hardware and services. This program is expected to deliver annualized run rate savings of $100 million by the end of the year and more than offset $60 million of cumulative dissynergies in 2024. Many of these actions have already been executed. We expect our full year free cash flow to be between $155 million and $185 million, which includes $250 million of CapEx. Revenue and adjusted EBITDA are expected to improve sequentially through the year given our expectations for hardware, seasonality and timing of our efficiency actions.

利潤率預計在 17.5% 至 17.7% 之間，與去年同期相比成長，高於我們在投資者日分享的前景。我們調整後的 EBITDA 指引以專注於 3 個領域的效率計畫為基礎：企業、硬體和服務。該計劃預計到今年年底可節省 1 億美元的年運行率，並在 2024 年抵消 6000 萬美元的累積不協同效應。其中許多行動已經執行。我們預計全年自由現金流將在 1.55 億美元至 1.85 億美元之間，其中包括 2.5 億美元的資本支出。鑑於我們對硬體、季節性和效率行動時機的預期，收入和調整後的 EBITDA 預計將在今年連續改善。

For the first quarter, we expect revenue to decline between 3% and 4% on a normalized basis driven by hardware declines. We expect adjusted EBITDA margin to be relatively flat with normalized Q1 of 2023 and expect to use cash in the first quarter based on our seasonality. Before we move to Q&A, I would like to call your attention to the disclosure in our press release that we filed this afternoon. In early February of this year, the company identified certain ACH debit transactions from one of our bank accounts which were upon further investigation fraudulent. While the investigation is still ongoing, we believe the impact of this fraud through year-end was $23 million, all of which was recorded in 2023.

在硬體下降的推動下，我們預計第一季營收將在正常化基礎上下降 3% 至 4%。我們預計調整後的 EBITDA 利潤率將與 2023 年第一季正常化後相對持平，並預計根據我們的季節性在第一季使用現金。在我們進行問答之前，我想提請您注意我們今天下午提交的新聞稿中所揭露的內容。今年 2 月初，該公司發現我們的一個銀行帳戶中存在某些 ACH 借記交易，經進一步調查，這些交易存在欺詐行為。雖然調查仍在進行中，但我們認為截至年底，這項詐欺行為的影響為 2,300 萬美元，所有這些都記錄在 2023 年。

Further, we expect to record up to an additional $5 million of expense net of recoveries in Q1 2024 related to ACH transactions that incurred in Q1 before we discovered this issue and disabled ACH debit functionality for this account. The $23 million was reported as a non-GAAP adjustment to adjusted EBITDA in our press release. To the extent possible, we are pursuing direct recovery of the fraudulent disbursements and insurance coverage for this matter. We are filing a 15-day extension for our 10-K and expect to file before the end of the extension period. The 10-K will also include details about 2 material weaknesses in internal controls over financial reporting that we identified during the investigation, along with our remediation plans. I will now turn the call over to the operator to begin our question-and-answer session. Operator?

此外，我們預計將在 2024 年第一季記錄高達 500 萬美元的額外費用，扣除與我們發現此問題並禁用該帳戶的 ACH 借記功能之前第一季度發生的 ACH 交易相關的費用。在我們的新聞稿中，這 2300 萬美元被報告為對調整後 EBITDA 的非 GAAP 調整。我們正在盡可能直接追回與此事相關的詐欺性支出和保險。我們正在為 10-K 申請延期 15 天，並預計在延期期結束前提交。 10-K 還將包括我們在調查期間發現的財務報告內部控制中的 2 個重大缺陷的詳細資訊以及我們的補救計劃。我現在將把電話轉給接線員，開始我們的問答環節。操作員？

(Operator Instructions) Our first question comes from the line of Mayank Tandon with Needham & Company. Please proceed with your question,

（操作員說明）我們的第一個問題來自 Mayank Tandon 與 Needham & Company 的線路。請繼續你的問題，

Dave and Brian, I wanted to start with your key growth metric ARR. Could you talk about how that trended across the various segments in 2023 and your expectations for what it might trend like in 2024, just to get a better gauge on the momentum in the business.

Dave 和 Brian，我想從你們的關鍵成長指標 ARR 開始。您能否談談 2023 年各個細分市場的趨勢如何，以及您對 2024 年趨勢的預期，以便更好地衡量業務勢頭。

Yes, Mark, this is David. ARR, as you described, is an important metric for us and really reviewing the health of the overall strategy. We saw ARR grow 5% in '23, that's in total. And we saw digital banking was at 8%, restaurants at 12% and retail was at 1%. When we look forward into this year, we see that growing across the company at mid- to high single digits with that mid- to high single-digit growth rate across all 3 of the segments. So that's really a testament to the -- both the platform strategy and our acquisition of customers with payments.

是的，馬克，這是大衛。正如您所描述的，ARR 對我們來說是一個重要的指標，可以真正審查整體策略的健康狀況。我們看到 ARR 在 23 年總共成長了 5%。我們看到數位銀行佔 8%，餐廳佔 12%，零售佔 1%。當我們展望今年時，我們看到整個公司的成長速度為中高個位數，所有 3 個細分市場的成長率都為中高個位數。因此，這確實證明了平台策略和我們透過支付方式獲取客戶的方式。

Got it. Very helpful. And if I could just ask about competition. So it's been obviously only a few months since the spin. But have you seen a change in your win rates early on in terms of how you're competing with some of the incumbents. Any change in the dynamics in the market that you could call out across your 3 segments?

知道了。很有幫助。如果我能問一下競爭的問題嗎？所以顯然自旋轉以來只有幾個月的時間。但是，您是否在早期就與一些現有企業競爭時看到了您的勝率發生了變化。您可以在 3 個細分市場中指出市場動態的變化嗎？

I would call any out due to the spin itself. I think for us, we feel like we're, I'll say, in fighting shape and the ability to get very focused on the segments that we serve. And what we've seen is that as we not only sort of our enterprise existing customers, but then move into mid-market on our focus areas, it really -- our differentiators are around the core tech platform and our ability to service those customers end-to-end. So as our clients have increasing complexity, we differentiate even further. So you'll see us continue to grow in the mid-market space. But I don't know that the dynamic has changed as much as we feel more focused on how we're looking for growth from new sites in the mid-market and connecting our existing enterprise customers to the platform for cross-sell upsell.

由於旋轉本身，我會叫出任何一個。我認為對我們來說，我想說，我們感覺自己處於戰鬥狀態，並且有能力非常專注於我們所服務的細分市場。我們所看到的是，當我們不僅對企業現有客戶進行分類，然後進入我們重點領域的中端市場時，我們的差異化因素實際上是圍繞核心技術平台和我們為這些客戶提供服務的能力端到端。因此，隨著我們的客戶的複雜性不斷增加，我們的差異化程度進一步加深。因此，您會看到我們在中端市場領域繼續成長。但我不知道這種動態已經發生了多大的變化，因為我們更關注如何從中端市場的新網站中尋找成長，並將我們現有的企業客戶連接到交叉銷售追加銷售的平台。

Our next question comes from the line of Erik Woodring with Morgan Stanley.

我們的下一個問題來自摩根士丹利的艾瑞克‧伍德林 (Erik Woodring)。

This is Sabrina on for Erik Woodring. In our 1st one, as you had previously talked about the business growing, call it, 1% to 3% in 2024, but now guidance implies that revenue is going to fall, I think, 1% normalized. So what are the drivers of this change in outlook? And more broadly, like what are the macro trends you're hearing from customers right now in terms of propensity to spend on larger CapEx purchases by segment?

我是埃里克·伍德林的塞布麗娜。在我們的第一份報告中，正如您之前談到的業務成長，將其稱為2024 年1% 到3%，但現在的指導意味著收入將下降，我認為，正常化後將下降1% 。那麼，這種前景變化的驅動因素是什麼？更廣泛地說，您現在從客戶那裡聽到的宏觀趨勢是什麼，即按細分市場購買較大資本支出的傾向是什麼？

Yes. So within the number and being flat to down 3%, the positive aspect of that is the recurring revenue is growing 6% to 7%, and the software and services is up growing 3% at the midpoint of the range. So that's the positive, and that's in line with Investor Day expectations, where we're having some volatility as with our hardware demand that we know is lumpy given our large enterprise customers and their projects and refreshed schedules. At the time of Investor Day, we believe some of these cyclical projects would be back and we would typically have visibility to these projects by now, and we're just not seeing it. So we're guiding hardware revenue to be down 12% at the midpoint. And if we exclude hardware, we would have been up 1% to 2%, which is in line with Investor Day.

是的。因此，在這個數字中，如果持平至下降 3%，其積極的一面是經常性收入增長 6% 至 7%，軟體和服務增長 3%，處於該範圍的中點。所以這是積極的，這符合投資者日的預期，我們的硬體需求存在一些波動，我們知道考慮到我們的大型企業客戶及其項目和更新的時間表，我們的硬體需求是不穩定的。在投資者日那天，我們相信其中一些週期性項目將會回來，我們現在通常可以看到這些項目，但我們只是沒有看到它。因此，我們指導硬體收入中點下降 12%。如果我們排除硬件，我們的股價將會上漲 1% 到 2%，這與投資者日的情況一致。

I'll just add, Brian. I think that the hardware expectations we have are in line with what we're seeing in the broader market for harder demand coming out of the post COVID, I'll call it rebound from 1.5 years to 2 years ago and then some of the dynamics that we saw in the market last year. So we're seeing that in line with market.

我補充一下，布萊恩。我認為我們對硬體的預期與我們在更廣泛的市場中看到的新冠疫情后的更強勁需求是一致的，我將其稱為從 1.5 年前到 2 年前的反彈，然後是一些動態我們去年在市場上看到的。所以我們看到這與市場一致。

Understood. That's super helpful. And then maybe just 1 more. You talked about wanting to better serve the mid-market in the restaurant segment. I guess, what are the pillars of your strategy? And what are you changing within that segment? And then how much of that is baked into your long-term guide .

明白了。這非常有幫助。然後也許還有 1 個。您談到希望更好地服務餐飲領域的中端市場。我想，你們戰略的支柱是什麼？您在該細分市場中有何改變？然後其中有多少內容會被納入您的長期指南中。

Yes, I'll start with the end. It's all baked into our long-term guide. That's why we feel confident in that guidance. As I described our mid-market definition in restaurants, it's really 5 to 50 sites. So think about a multisite operator that is growing into more sites overall or trying to grow either in a geographic region or across the country. Our approach is payments led in that space. So as we build out additional payment capabilities, you'll see that show up in that space as well. And then it's really our service differentiation that also adds to what we're building on the tech side of the platform.

是的，我將從結尾開始。這一切都已納入我們的長期指南中。這就是為什麼我們對這項指導充滿信心。正如我所描述的餐廳中端市場定義，它實際上是 5 到 50 個站點。因此，考慮一個多站點運營商，該運營商正在總體上發展更多的站點，或者試圖在一個地理​​區域或全國範圍內發展。我們的方法是在該領域以支付為主導。因此，當我們建立額外的支付功能時，您也會看到它也出現在該領域。事實上，我們的服務差異化也增強了我們在平台技術方面的建置。

We'll also simplify our product a little bit in terms of how our customers use it and think about it. And then really, the real change is our go-to-market focus, we are going to juice up our go-to-market in that space with some additional salespeople.

我們也將在客戶如何使用和思考方面稍微簡化我們的產品。事實上，真正的變化是我們對市場投放的關注，我們將透過一些額外的銷售人員來加強該領域的市場投放。

Our next question comes from the line of Kartik Mehta with Northcoast Research.

我們的下一個問題來自 Northcoast Research 的 Kartik Mehta。

Dave and Brian, as you look at the guidance and the outlook for the businesses, obviously, hardware is dragging a lot of, dragging -- I apologize, dragging down a lot of revenue growth. But as you look at the digital banking piece, would you anticipate that, that will continue to grow as it did in '23? Or is it a little bit more difficult to grow at that rate considering the size of the business now?

戴夫和布萊恩，當你看到業務的指導和前景時，顯然，硬體拖累了很多，拖累了——我很抱歉，拖累了很多收入成長。但當您審視數位銀行業務時，您是否預期它會像 23 年一樣繼續成長？或者考慮到現在的業務規模，以這樣的速度成長是否有點困難？

Yes. So we anticipate Digital Banking being up 7% this year as we add new customers and continue to cross-sell. And EBITDA margin for that segment, we think we'll be flat at 38%.

是的。因此，隨著新客戶的增加和交叉銷售的持續，我們預計今年數位銀行業務將成長 7%。我們認為該細分市場的 EBITDA 利潤率將持平於 38%。

Yes, Kartik. And I would add that as we described in our prepared remarks, we've had 39 net new wins in that space over the last 12 months. And we believe that's an undervalued crown jewel within our portfolio. When you look at the overall customer wins that we're seeing, we're taking share in that space, and we have a very competitive product. So we like the growth prospects in that business. And even though we are -- it's a large business for us, it's also very profitable, already breaking the Rule of 40 in this space. So we feel really good about that business and the long-term growth prospects.

是的，卡提克。我想補充一點，正如我們在準備好的演講中所述，過去 12 個月我們在該領域取得了 39 項淨新勝利。我們相信這是我們投資組合中一顆被低估的皇冠上的明珠。當你看看我們所看到的整體客戶勝利時，我們正在該領域佔據份額，並且我們擁有非常有競爭力的產品。因此，我們看好該業務的成長前景。即使我們——這對我們來說是一項大生意，它也非常有利可圖，已經打破了這個領域的 40 規則。因此，我們對該業務和長期成長前景感到非常滿意。

And then just, Brian, on the cash flow conversion, maybe I'm assuming 2024 obviously had -- you're separating from NCR, and there's probably lots of takes, ins and outs associated with it. I'm wondering, over the next few years, what you would expect conversion to be?

然後，Brian，關於現金流轉換，也許我假設 2024 年顯然已經——你將從 NCR 中分離出來，並且可能有很多與之相關的細節、細節。我想知道，在接下來的幾年裡，您期望的轉換是什麼？

Yes. So conversion is impacted this year by still some probably $25 million to $50 million of cash separation costs that are impacting us. We also have some restructuring associated with our cost takeout. So those things are pressuring cash conversion a bit. But as we go forward, those things will come down, and we'll continue to improve margin and generate more cash flow. We have a working capital improvement baked in for this year as well. We think there's opportunity to continue that in the future years. So we see cash conversion improving in line with what we said at Investor Day as we go forward.

是的。因此，今年的轉換仍受到約 2,500 萬至 5,000 萬美元現金分離成本的影響，這些成本正在影響我們。我們也進行了一些與成本削減相關的重組。因此，這些事情對現金轉換造成了一些壓力。但隨著我們前進，這些事情將會減少，我們將繼續提高利潤率並產生更多現金流。今年我們也計劃改善營運資金。我們認為未來幾年有機會繼續這樣做。因此，隨著我們的前進，我們看到現金轉換率有所改善，這與我們在投資者日所說的一致。

Our next question comes from the line of Dan Perlin with RBC.

我們的下一個問題來自 Dan Perlin 與加拿大皇家銀行 (RBC) 的對話。

It's Matt Roswell on for Dan. Two questions. I guess, first, when you're looking at the SMB focus and what sort of either product or sales force investments are we thinking about for this year?

馬特羅斯威爾 (Matt Roswell) 替補丹 (Dan)。兩個問題。我想，首先，當您關注中小企業的焦點時，我們今年會考慮什麼樣的產品或銷售人員投資？

Yes. When you say SMB, I'll just redirect a little bit to mid-market. We are focused on that 5%, that kind of multisite operator, both restaurant and retail. The product, we feel is in good shape. So we're going to work on process in terms of making it easier to -- for our sellers to quote and onboard those customers with the payments led offering. And on the sales side, if I look at it overall, we're investing about $15 million across the whole company and selling. And so when I think about where the growth will come across all 3 businesses, it will be in that mid-market segment across all 3 businesses. So we're going to make more investments in sales to get more feet on the street. And that's where we think the impact will show up.

是的。當你說中小型企業時，我會稍微轉向中端市場。我們專注於那 5%，也就是那種多站點營運商，包括餐廳和零售店。我們覺得產品狀況良好。因此，我們將在流程上開展工作，讓我們的賣家更容易報價並為這些客戶提供以付款為主導的產品。在銷售方面，如果我總體來看，我們在整個公司投資了約 1500 萬美元並進行銷售。因此，當我考慮所有 3 項業務的成長將集中在哪裡時，這將是所有 3 項業務的中端市場領域。因此，我們將在銷售方面進行更多投資，以贏得更多市場。這就是我們認為影響將會顯現的地方。

Okay. And then on the digital banking piece, you had a number of net new wins in the quarter in the year. And I was wondering, who are you taking share from? Is it mainly legacy players or homegrown solutions?

好的。然後在數位銀行方面，今年該季度取得了許多淨新勝利。我想知道，你從誰那裡獲得份額？主要是傳統參與者還是本土解決方案？

It's mainly the legacy players that we're seeing the -- I'll call it as the donor pool.

我們看到的主要是傳統參與者——我稱之為捐贈者池。

Our next question comes from the line of Ian Zaffino with Oppenheimer & Company.

我們的下一個問題來自 Oppenheimer & Company 的 Ian Zaffino。

This is Isaac Sellhausen on for Ian. My first on the cost side, can you talk about labor and component hardware costs and your expectations for the year? The EBITDA margin guide is certainly strong. So just trying to understand the cost saving measures you talked about and you've already taken and maybe how that flows through for the year.

我是艾薩克·塞爾豪森 (Isaac Sellhausen)，替補伊恩 (Ian)。首先是成本方面，您能談談勞動力和組件硬體成本以及您對今年的期望嗎？ EBITDA 利潤率指導無疑是強勁的。因此，我只是想了解您談到的以及您已經採取的成本節約措施，以及今年的實施情況。

Yes. Thank you. $100 million is the annualized costs we're taking out this year, and it's split between the 3 areas I talked about. The first being hardware, which is simplifying how we design our products, and those changes have been made and as we go through our inventory, that will start to impact the P&L and is starting to impact the P&L. So we'll get most of the savings in this year, and that's worth $25 million. The next area is services, and that's around using our remote self capability more, hiring skill set that matches the NCR Voyix skill set need versus the overall NCR need and also structural changes to get rid of overlaps between organizations. That we're about halfway through $50 million is what we're targeting there, and we've taken about $25 million of actions. We anticipate taking more before we end this quarter. So a lot of that will be behind us.

是的。謝謝。 1 億美元是我們今年支出的年化成本，分為我談到的 3 個領域。第一個是硬件，它簡化了我們設計產品的方式，這些變化已經發生，當我們檢查庫存時，這將開始影響損益表，並開始影響損益表。因此，我們將在今年獲得大部分節省，價值 2500 萬美元。下一個領域是服務，即更多地使用我們的遠端自我能力、招募與 NCR Voyix 技能組合需求與 NCR 整體需求相符的技能組合，以及結構性變革以消除組織之間的重疊。我們的目標是 5000 萬美元左右，我們已經採取了約 2500 萬美元的行動。我們預計在本季結束之前會採取更多措施。所以很多事情都將成為過去。

And then the last area is our real estate footprint and our corporate footprint. And there, we're focused on reducing resources, shifting to lower-cost strategic value centers and closing down some facilities, and that's underway. We have probably 60% of that behind us. So this year, we expect at least $70 million of in-year savings related to this program, and we're trying to drive more.

最後一個領域是我們的房地產足跡和公司足跡。在那裡，我們專注於減少資源、轉向成本更低的戰略價值中心並關閉一些設施，這些工作正在進行中。我們可能已經完成了其中的 60%。因此，今年，我們預計與該計劃相關的年內節省至少 7000 萬美元，並且我們正在努力推動更多。

And I would just say that on those cost savings, those are the net numbers. We're going to reinvest some of that if you look at the Q4 exit run rate, that's what we're reinvesting back in go-to-market in sales, just to make sure we can continue to grow the business. While we're making the strategic savings in certain areas. They're -- I'll say a little more surgical as we look at the foundational elements that Brian described, where we're not making cuts is things like customer support, product innovation and investment and sales and go-to-market, we're continuing investment there.

我只想說，就這些成本節省而言，這些都是淨數字。如果你看看第四季度的退出運行率，我們將重新投資其中的一部分，這就是我們在進入市場的銷售中再投資的部分，只是為了確保我們能夠繼續發展業務。雖然我們在某些​​領域進行了策略性節省。當我們審視布萊恩所描述的基本要素時，我會說它們更加外科手術，我們不會削減客戶支援、產品創新、投資、銷售和上市等方面的費用，我們正在繼續在那裡投資。

Okay. That's very helpful. And then just as a quick follow-up regarding free cash flow for the year. Maybe if you could talk about your capital allocation priorities at 3.7x. What's the pace you'd like to move down to the 2 to 3x long-term net leverage target?

好的。這非常有幫助。然後是關於今年自由現金流的快速跟進。也許您可以談談 3.7 倍的資本配置優先順序。您希望以何種速度下調至 2 至 3 倍的長期淨槓桿目標？

Yes. So for this year, it's going to be investing in our CapEx, which is $250 million. And then from there, laying the free cash flow, add to our cash balance to bring down net debt. And we think we can get net leverage to 3.3 to 3.4 turns by the end of the year, and that's our focus for this year.

是的。因此，今年，它將投資於我們的資本支出，即 2.5 億美元。然後從那裡開始，釋放自由現金流，增加我們的現金餘額，以降低淨債務。我們認為，到今年年底，我們可以將淨槓桿率提高到 3.3 至 3.4 倍，這是我們今年的重點。

And our next question comes from the line of Alex Neumann with Stephens.

我們的下一個問題來自亞歷克斯·諾依曼和史蒂芬斯的對話。

Just within the retail business, can you just give us a sense of how much the platform sites are contributing to that segment? And then when we could see that moving the needle just from a growth standpoint?

就零售業務而言，您能否讓我們了解一下平台網站對該細分市場的貢獻有多大？然後我們什麼時候可以看到僅從成長的角度來看就可以實現這一目標呢？

Yes. We're seeing good growth in the platform sites. I mean, you saw the numbers, and they are contributing to overall growth. So if I take Mike's original question around ARR. And I look at that ARR growth that we're expecting to see in the mid- to high single digits in '24. That's all coming from platform connected sites. If I break that down even further and think about software-specific related ARR in that business, we'll see software-specific ARR get into the low double-digit growth in '24, and that's all about connecting these sites to the platform. So if you remember, when we connect these sites to the platform, we're getting an uplift in ARPU when we make that connection and it allows us to cross-sell and upsell. So as these cohorts are aging, we're starting to see that benefit our recurring revenue streams, and that's what you'll see in these growth numbers.

是的。我們看到平台網站的良好成長。我的意思是，你看到了這些數字，它們正在為整體成長做出貢獻。因此，如果我回答 Mike 最初關於 ARR 的問題。我預計 ARR 成長將在 24 年達到中高個位數。這些都來自平台連結的網站。如果我進一步細分並考慮該業務中特定於軟體的 ARR，我們將看到特定於軟體的 ARR 在 24 年進入低兩位數成長，而這就是將這些網站連接到平台的全部內容。因此，如果您還記得，當我們將這些網站連接到平台時，我們的 ARPU 就會得到提升，這使我們能夠進行交叉銷售和追加銷售。因此，隨著這些群體的老化，我們開始看到這有利於我們的經常性收入流，這就是您將在這些成長數字中看到的。

Again, the overall numbers are a little muted because of hardware and retail, but the rest of the software business and recurring revenue streams are growing nicely.

同樣，由於硬體和零售的原因，總體數字有點低迷，但軟體業務的其餘部分和經常性收入流增長良好。

Okay. And then just given some of the lumpiness associated with hardware, if you could provide any color on the expected cadence in revenue in '24 within the retail and restaurant segment would be helpful.

好的。然後，考慮到與硬體相關的一些塊狀情況，如果您可以提供有關零售和餐飲部門 24 年收入預期節奏的任何顏色，將會有所幫助。

Sure. So for restaurants, we expect to be flat to up 1% overall, but that's made up of software and services growing 5% and hardware being down. And then in retail, the decline is declining roughly 4%, and that's due to hardware, software and services is growing 1%. And if I adjust for the $25 million nonrecurring software payment that I mentioned, it would be up 3%. So we're seeing growth in all 3 businesses on the software and services line. It's just hardware is putting pressure, especially on retail.

當然。因此，對於餐廳而言，我們預計整體成長將持平至 1%，但這主要是由軟體和服務成長 5% 以及硬體下降組成的。然後在零售業，下降幅度約為 4%，這是由於硬體、軟體和服務增加了 1%。如果我對我提到的 2500 萬美元的非經常性軟體付款進行調整，則會增加 3%。因此，我們看到軟體和服務領域的所有 3 項業務都在成長。只是硬體帶來了壓力，尤其是零售業。

Thank you. And we have reached the end of the question-and-answer session. And I'll now turn the call back over to CEO, David Wilkinson for closing remarks.

謝謝。我們的問答環節已經結束了。現在，我將把電話轉回給執行長戴維·威爾金森 (David Wilkinson)，讓其致閉幕詞。

Yes. In closing, I'd like to thank our customers, again for the trust they put in us every day to help them achieve their strategic objectives. I'd also like to thank again our NCR Voyix colleagues for their contribution to our success up to now and our investors for their ongoing support. As I stated earlier, we remain committed to serving our existing clients and bringing them all on the platform journey. Our platform investments over the past years have provided real value to our customers, and we're going to continue to connect them to the platform.

是的。最後，我要再次感謝我們的客戶每天對我們的信任，幫助他們實現策略目標。我還要再次感謝 NCR Voyix 的同事迄今為止為我們的成功做出的貢獻，並感謝投資者的持續支持。正如我之前所說，我們仍然致力於為現有客戶提供服務，並讓他們所有人踏上平台之旅。過去幾年我們的平台投資為我們的客戶提供了真正的價值，我們將繼續將他們連接到該平台。

We've built a solid foundation for growth within our base and growth of new customers, specifically in the mid-market. While we're proud of where we are, we need to do better at turning this foundation into growth, and this focus will show up in our results. I believe in the plan we have outlined today, and I believe in this management team to execute. Thank you all for joining the call.

我們已經為基礎成長和新客戶（特別是中階市場）的成長奠定了堅實的基礎。雖然我們對自己的現狀感到自豪，但我們需要更好地將這一基礎轉化為成長，這種關注將體現在我們的業績中。我相信我們今天概述的計劃，也相信這個管理團隊的執行力。感謝大家加入通話。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以掛斷電話了。感謝您的參與。