NCR Voyix Corp (VYX) 2024 Q1 法說會逐字稿

Greetings, and welcome to the NCR Voyix First Quarter 2024 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Alan Katz, Vice President of Investor Relations. Thank you, sir. You may begin.

大家好，歡迎參加 NCR Voyix 2024 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係副總裁艾倫·卡茨 (Alan Katz)。謝謝你，先生。你可以開始了。

Good morning and thank you for joining our first quarter 2024 earnings conference call. This morning, we issued our earnings release reporting financials for the quarter ended March 31, 2024. 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 have been filed with the SEC.

早安，感謝您參加我們的 2024 年第一季財報電話會議。今天上午，我們發布了截至2024 年3 月31 日的季度的收益報告財務報告。 ：位於 www.ncrvoyix.com 並已向 SEC 備案。

With me on the call today are David Wilkinson, our Chief Executive Officer; and Brian Webb-Walsh, our Chief Financial Officer. This call is being recorded and the webcast is available 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. For additional information on these factors, please refer to our earnings release and our 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.

今天與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，網路廣播可在我們網站的投資者關係部分查看。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。有關這些因素的更多信息，請參閱我們的收益發布以及我們向 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。

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 morning and our supplemental materials available on the Investor Relations section of our website.

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，請參閱我們今天上午提交的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。

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

現在我想把電話轉給大衛。

Thank you, Alan and welcome, everyone, to our first quarter 2024 earnings call. For the quarter, we delivered revenue and adjusted EBITDA in line with expectations. Normalized software and services revenue grew 5% and as we continue to onboard new and existing customers to our commerce and digital banking platforms. We executed on our transformation initiatives and saw the impact of continued growth within our higher-margin revenue streams.

謝謝艾倫，歡迎大家參加我們的 2024 年第一季財報電話會議。本季度，我們交付的營收和調整後的 EBITDA 符合預期。隨著我們繼續吸引新舊客戶加入我們的商業和數位銀行平台，標準化軟體和服務收入成長了 5%。我們執行了轉型計劃，並看到了高利潤收入流持續成長的影響。

We achieved solid sales results across our segments, including signing nearly 300 new customers and expanding with existing customers. I'll provide more detail on our sales activity in our segment updates. We also continued converting customers to our platform and now have a total of approximately 61,000 retail and restaurant platform sites, approximately 18% of our total customer sites. The ongoing execution of our platform strategy, coupled with our increased investments in our global sales and services network drove total segment ARR growth of 5% and software ARR growth of 6%.

我們在各個細分市場取得了穩健的銷售業績，包括簽約近 300 個新客戶並擴大現有客戶。我將在細分更新中提供有關我們銷售活動的更多詳細資訊。我們也持續將客戶轉化為我們的平台，目前共有約 61,000 個零售和餐廳平台站點，約占我們客戶站點總數的 18%。我們平台策略的持續執行，加上我們對全球銷售和服務網路的投資增加，推動總細分市場 ARR 成長 5%，軟體 ARR 成長 6%。

Let's turn to our restaurants segment slide on Slide 6. In the first quarter, we signed more than 230 new customers and increased our platform and payment sites by 6% and 26%, respectively. Segment ARR grew 5% in the first quarter. In our enterprise business, we announced a new multiyear agreement with Prest, one of the leading fresh juice brands in the U.S. with more than 100 locations and a growing e-commerce and wholesale business. Under our agreement, we will provide a full suite of solutions, including point-of-sale, back office, e-commerce, loyalty and payments, which simplifies their operations and reporting across their physical and digital channels. Further, our integrated consumer marketing solution will run the Prest loyalty and marketing program, both in stores and online. Prest moved from a smaller provider to our platform allowing them to engage with their end users and improve the guest experience while also driving efficiencies for their organization.

讓我們轉向幻燈片 6 中的餐廳部門幻燈片。第一季該部門的 ARR 成長了 5%。在我們的企業業務中，我們宣布與 Prest 達成一項新的多年期協議，Prest 是美國領先的新鮮果汁品牌之一，擁有 100 多個門市，電子商務和批發業務不斷增長。根據我們的協議，我們將提供全套解決方案，包括銷售點、後台、電子商務、忠誠度和支付，從而簡化他們跨實體和數位管道的營運和報告。此外，我們的綜合消費者行銷解決方案將在商店和線上運行 Perst 忠誠度和行銷計劃。 Perst 從較小的供應商遷移到我們的平台，使他們能夠與最終用戶互動並改善賓客體驗，同時提高組織的效率。

In addition to signing new customers, we renewed and expanded with our existing restaurant customers this quarter including a leading restaurant conglomerate in the U.S., who has been an NCR Voyix customer for more than 20 years. This customer has increasingly utilized our commerce platform across their footprint of approximately 600 restaurants to improve their digital guest experience and increase customer satisfaction.

除了簽約新客戶外，本季我們還與現有餐廳客戶進行了續約和擴展，其中包括美國一家領先的餐廳集團，該企業已成為 NCR Voyix 客戶 20 多年。這位客戶在其約 600 家餐廳中越來越多地利用我們的商務平台，以改善他們的數位賓客體驗並提高客戶滿意度。

In 2023, we began providing real-time data and menu cataloging for this customer. In Q1 of this year, we further expanded our agreement to enable this customer to better serve their patrons ordering outside of the restaurant and deliver an experience that matches their brand promise of exceeding guest expectations. We're seeing traction in our mid-market growth efforts, signing new logos and expanding with existing customers. We continue to execute against our payments led strategy for new mid-market customers, demonstrated by our 90-plus percent attach rate this quarter. We are growing our sales team, simplifying the sales and onboarding process and improving our pricing and packaging, which will accelerate growth for this business.

2023 年，我們開始為該客戶提供即時數據和選單編目。今年第一季度，我們進一步擴大了協議範圍，使該客戶能夠更好地為在餐廳外點餐的顧客提供服務，並提供符合其超越顧客期望的品牌承諾的體驗。我們看到了中端市場成長努力的吸引力，簽署了新徽標並擴大了現有客戶的規模。我們繼續針對新的中端市場客戶執行以支付為主導的策略，本季 90% 以上的附加率就證明了這一點。我們正在擴大我們的銷售團隊，簡化銷售和入職流程，並改善我們的定價和包裝，這將加速該業務的成長。

Let's move on to our Retail segment on Slide 7. This quarter, we signed more than 50 new small and mid-market customers and 4 enterprise customers, leading to more than 800 additional sites. We also increased our platform sites by nearly 57% as we continue to convert on-premise customers and onboard newly signed customers to our commerce platform.

讓我們繼續討論投影片 7 上的零售部門。隨著我們繼續將本地客戶和新簽約客戶轉化為我們的商務平台，我們的平台網站數量也增加了近 57%。

Segment ARR grew 5% and software ARR grew 10% attributed to the powerful impact of attaching to the platform. One example of this is a multiyear expansion and renewal we signed with Sainsbury's, one of the largest grocery chains in the U.K. with over 1,700 store locations. For more than 2 decades, we have provided Sainsbury's with our on-premise point-of-sale software solution and self-checkout technology with related services.

由於附加到平台的強大影響，細分市場 ARR 成長了 5%，軟體 ARR 成長了 10%。其中一個例子是我們與 Sainsbury's 簽署的多年擴張和更新協議，Sainsbury's 是英國最大的雜貨連鎖店之一，擁有 1,700 多家門市。二十多年來，我們一直為 Sainsbury's 提供本地銷售點軟體解決方案和自助結帳技術以及相關服務。

Last month, Sainsbury's implemented our data and analytics module as part of their expanded agreement. We're on track to connect their entire store footprint, which operates more than 22,000 lanes to our commerce platform. As part of the contract in 2025, we will upgrade their point-of-sale and self-checkout software to our cloud-based and in-lane solutions.

上個月，塞恩斯伯里實施了我們的數據和分析模組，作為其擴展協議的一部分。我們正計劃將他們的整個商店（擁有超過 22,000 個通道）連接到我們的商務平台。作為 2025 年合約的一部分，我們將把他們的銷售點和自助結帳軟體升級到我們基於雲端的車道內解決方案。

Sainsbury's commitment to our cloud-native platform solution will drive a payback on their investment in less than 2 years and drive incremental recurring revenue and adjusted EBITDA for our business over the life of the contract. We're excited to continue our strategic partnership to eliminate in-store complexity and deliver an enhanced guest experience.

Sainsbury 對我們的雲端原生平台解決方案的承諾將在不到 2 年內實現投資回報，並在合約期間為我們的業務帶來增量經常性收入和調整後的 EBITDA。我們很高興能夠繼續我們的策略合作夥伴關係，以消除店內的複雜性並提供增強的賓客體驗。

While platform conversions with enterprise customers often have longer sales cycles and take time to deploy, once implemented, they are accretive to revenue and margin and create a return on investment for our customers. Sainsbury's is a great example of how a customer can realize a fast payback on its investment when converting to the platform.

雖然企業客戶的平台轉換通常有較長的銷售週期並且需要時間來部署，但一旦實施，它們就會增加收入和利潤，並為我們的客戶創造投資回報。 Sainsbury's 是一個很好的例子，說明客戶在轉向該平台時如何實現快速投資回報。

Our retail customers are increasingly focused on providing choice as part of their guest experience, which is accelerating interest for our next-generation, self-checkout solution. For example, this quarter, we expanded our self-checkout contract with a leading global e-commerce retailer that I highlighted on our last call. We weren't even finished with the initial rollout when this customer doubled the number of self-checkout sites and contracted to implement our next-gen solution for the remaining installations.

我們的零售客戶越來越注重提供選擇作為其賓客體驗的一部分，這加速了人們對我們下一代自助結帳解決方案的興趣。例如，本季度，我們擴大了與一家全球領先的電子商務零售商的自助結帳合同，我在上次電話會議中強調了這一點。當該客戶將自助結帳站點的數量增加了一倍並簽署為剩餘安裝實施我們的下一代解決方案時，我們甚至還沒有完成最初的部署。

We also expanded our relationship with the Navy Exchange, an existing point-of-sale customer and will now be deploying self-checkout across 40 of their stores throughout the U.S. with the potential to expand to additional stores over time. We were able to expedite this expansion as a direct result of a recommendation from another government customer, the Army and Air Force Exchange, based on their experience as an NCR Voyix self-checkout, technology and services customer.

我們還擴大了與現有銷售點客戶 Navy Exchange 的關係，現在將在其遍布美國的 40 家商店中部署自助結帳服務，並有可能隨著時間的推移擴展到更多商店。我們能夠加快這一擴張，是另一家政府客戶陸軍和空軍交易所根據他們作為 NCR Voyix 自助結帳、技術和服務客戶的經驗提出的建議的直接結果。

Let's move on to Slide 8. Our Digital Banking segment demonstrated strong financial and operational performance this quarter. Our registered users grew 5% to more than 28.5 million and the number of active users grew 3% to more than 19.7 million, while segment ARR increased 7%.

讓我們繼續看幻燈片 8。我們的註冊用戶成長了 5%，超過 2,850 萬，活躍用戶數量成長了 3%，超過 1,970 萬，而細分市場 ARR 成長了 7%。

In 2024, we have taken steps to now align the organizational structure and operating model of our digital banking business with our growth strategy. We've built out our senior leadership team and have consolidated our 4 business lines into a single organization, streamlining our operations and simplifying our go-to market. Although our realignment is in its early stages, we have already been able to drive greater sales activity and are realizing cost efficiencies. Further, we have reduced our capital investment without sacrificing research and development capacity, product innovation or speed to market in our platform, products and solutions.

到 2024 年，我們已採取措施，使數位銀行業務的組織結構和營運模式與我們的成長策略保持一致。我們建立了高階領導團隊，並將 4 個業務線整合為一個組織，簡化了我們的營運並簡化了我們的市場進入流程。儘管我們的重組仍處於早期階段，但我們已經能夠推動更大的銷售活動並實現成本效益。此外，我們在不犧牲平台、產品和解決方案的研發能力、產品創新或上市速度的情況下減少了資本投資。

In the first quarter, we expanded our relationships with over 200 existing customers selling additional products and solutions. We continue to unlock ARPU and ARR growth in the largest customer base in the digital banking industry. One notable expansion was with a Tier 1 retail bank that will now use our platform to serve an additional portion of their customer base and further increase cost efficiencies for their business. Today, 13 of the 15 largest retail banks in the U.S. utilize our digital-first platform.

第一季度，我們擴大了與 200 多家銷售其他產品和解決方案的現有客戶的關係。我們持續在數位銀行業最大的客戶群中實現 ARPU 和 ARR 的成長。一項值得注意的擴張是與一家一級零售銀行合作，該銀行現在將使用我們的平台為其更多客戶群提供服務，並進一步提高其業務的成本效率。如今，美國 15 家最大的零售銀行中有 13 家使用我們的數位優先平台。

In addition to expanding our existing relationships, we also signed 5 new financial institutions this quarter, further expanding our industry-leading client roster. For example, we signed a contract with Apple Bank, the largest state-chartered savings bank in New York, with over 80 branches and $17 billion of assets under management. Apple Bank selected us given the strong value proposition of our comprehensive digital-first platform, our differentiated end user experience and the potential to drive efficiencies, leveraging our technology. I would now like to provide an update on our platform offerings. As we continue to invest in and improve our products and services, we will aim to strengthen our customer relationships and capture additional market share, beginning with NCR Voyix Loyalty, our proprietary integrated customer marketing solution that allows better personalization and drives incremental revenue by combining customer data, offer management and direct marketing into a single application.

除了擴大現有關係外，我們本季還簽約了 5 家新的金融機構，進一步擴大了我們行業領先的客戶名單。例如，我們與蘋果銀行簽訂了合同，蘋果銀行是紐約最大的州特許儲蓄銀行，擁有 80 多家分行，管理著 170 億美元的資產。 Apple Bank 選擇我們是因為我們全面的數位優先平台具有強大的價值主張、差異化的最終用戶體驗以及利用我們的技術提高效率的潛力。我現在想提供有關我們平台產品的最新資訊。隨著我們繼續投資和改進我們的產品和服務，我們的目標是加強我們的客戶關係並佔領更多的市場份額，從NCR Voyix Loyalty 開始，我們專有的整合客戶行銷解決方案可實現更好的個人化並透過結合客戶來增加收入數據、報價管理和直接行銷整合到一個應用程式中。

Prest is a recent example of the increasing demand we are seeing for this solution. As mentioned earlier, our next-generation self-checkout solution delivers a more seamless checkout experience to both new and existing retail customers. Retailers continue to focus on improving the guest experience and adopting operational efficiencies in the face of a challenging labor market. To that end, we have launched our next-gen self-checkout, with over 15 customers, including Sainsbury's, to provide retailers more agility and flexibility to improve guest experience. Based on this initial demand, we expect a broader set of customers to accelerate their implementation of this advanced technology over the next several quarters, driving additional growth for our retail segment moving forward.

Perst 是我們看到對該解決方案的需求不斷增長的最新例子。如前所述，我們的下一代自助結帳解決方案為新舊零售客戶提供更無縫的結帳體驗。面對充滿挑戰的勞動市場，零售商持續專注於改善顧客體驗並提高營運效率。為此，我們向包括 Sainsbury's 在內的超過 15 家客戶推出了下一代自助結帳服務，為零售商提供更大的敏捷性和靈活性，以改善賓客體驗。基於這項初步需求，我們預計更廣泛的客戶將在未來幾季加速實施這項先進技術，從而推動我們零售業務的進一步成長。

We also have agreements with several third parties that enhance our offering for our restaurant, retail and digital banking customers. These third-party applications leverage the cloud-based architecture of our platform and generate either transaction-based or recurring revenue with healthy margins. For restaurants, we are leveraging technology from Sunday to expand our pay-at-table capabilities, enabling servers to manage more tables simultaneously. As you've seen in our recent press release, we have expanded our partnership with Olo, to bring new capabilities and integrated offerings to our enterprise customers.

我們還與多個第三方簽訂了協議，以增強我們為餐廳、零售和數位銀行客戶提供的服務。這些第三方應用程式利用我們平台的基於雲端的架構，並產生基於交易的收入或經常性收入，並具有可觀的利潤。對於餐廳，我們從週日開始利用技術來擴展我們的餐桌付款功能，使服務員能夠同時管理更多餐桌。正如您在我們最近的新聞稿中所看到的，我們擴大了與 Olo 的合作夥伴關係，為我們的企業客戶帶來新的功能和整合產品。

In retail, we are partnering with Everseen, to help mitigate shrink by offering AI-enabled Evercheck technology for self-checkout. Within our digital banking business, we have partnered with MX Technologies to offer personal financial wellness tools and support.

在零售業，我們與 Everseen 合作，透過提供支援人工智慧的 Evercheck 自助結帳技術來幫助減少損耗。在我們的數位銀行業務中，我們與 MX Technologies 合作提供個人財務健康工具和支援。

I would like to reiterate my confidence in our ability to execute on our growth strategy of signing new customers and converting existing customers to our platform, capitalizing on our unrivaled market position. We are prudently investing across our business to drive software and services revenue and enhance our products and services, further extending our runway for growth.

我想重申，我對我們執行成長策略的能力充滿信心，即簽約新客戶並將現有客戶轉化為我們的平台，利用我們無與倫比的市場地位。我們正在對整個業務進行審慎投資，以推動軟體和服務收入並增強我們的產品和服務，進一步拓展我們的成長跑道。

With that, I will turn it over to Brian, who will take you through the Q1 financial results in more detail and our outlook for the remainder of 2024.

接下來，我將把它交給 Brian，他將向您詳細介紹第一季的財務表現以及我們對 2024 年剩餘時間的展望。

Thank you, David and good morning. As a reminder, the spin-off of NCR Atleos created some level of complexity in our 2023 and Q1 reported results, especially when looking at year-over-year comparisons. We are providing normalized results that exclude the impact of certain spin and divesture-related items. My commentary today will focus on these normalized results.

謝謝你，大衛，早安。提醒一下，NCR Atleos 的分拆為我們的 2023 年和第一季報告結果帶來了一定程度的複雜性，特別是在進行同比比較時。我們提供標準化結果，排除了某些剝離和剝離相關項目的影響。我今天的評論將重點放在這些標準化結果。

Please turn to Slide 11. First quarter total normalized revenue was $858 million, declining approximately 3% as expected, driven by a decline in hardware revenue as a result of the timing of customer refresh cycles. Normalized software and services revenue increased 5% for the first quarter to $662 million.

請參閱投影片 11。第一季標準化軟體和服務收入成長 5%，達到 6.62 億美元。

Q1 normalized adjusted EBITDA was $122 million, which declined 2%, driven by $22 million of spin-related dissynergies and lower hardware revenue. Excluding these dissynergies, our adjusted EBITDA would have grown by 15% year-over-year. Q1 adjusted EBITDA margin was 14.2%, slightly higher than the prior year. Our Q1 adjusted EPS was $0.13 and our weighted diluted average share count was 162.7 million.

第一季標準化調整後 EBITDA 為 1.22 億美元，下降 2%，原因是 2,200 萬美元的旋轉相關的不協同效應和硬體收入下降。排除這些不協同效應，我們調整後的 EBITDA 將年增 15%。第一季調整後 EBITDA 利潤率為 14.2%，略高於去年同期。第一季調整後每股收益為 0.13 美元，加權稀釋平均股數為 1.627 億股。

Please turn to Slide 12 to go through the details of our segment results. Across our segments, we saw growth in software and services revenue, which was offset by declines in hardware. Adjusted EBITDA improved across all 3 segments. This performance was consistent with our expectations. Within our restaurant segment, software and services grew 3%, offset by hardware, resulting in a revenue decline of 3%. Software and services revenue grew as we increased the number of platform and payment sites and realized price increases. Restaurants had solid profit performance with adjusted EBITDA increasing 25% and margin expanding 600 basis points, driven primarily by mix and our transformation initiatives. In retail, software and services revenue grew by 5%, offset by hardware resulting in a total revenue decline of 7%.

請翻至投影片 12，詳細了解我們的細分結果。在我們的各個細分市場中，我們看到軟體和服務收入的成長，但被硬體的下降所抵消。所有 3 個細分市場的調整後 EBITDA 均有所改善。這一表現符合我們的預期。在我們的餐廳部門，軟體和服務成長了 3%，被硬體抵消，導致收入下降 3%。隨著我們增加平台和支付站點的數量並實現價格上漲，軟體和服務收入也隨之增長。餐廳的利潤表現穩健，調整後的 EBITDA 成長了 25%，利潤率擴大了 600 個基點，這主要是由組合和我們的轉型舉措推動的。在零售業，軟體和服務收入成長了 5%，但被硬體抵消，導致總收入下降了 7%。

The software and services revenue growth reflects our continued success transitioning customers to the platform and expanding with those customers. As David highlighted, while the platform conversion cycle can be longer for enterprise customers, shifting our enterprise base to the platform will accelerate revenue and earnings growth over time. Adjusted EBITDA grew 4% as a result of revenue mix and our transformation initiatives. Within digital banking, Q1 revenue increased 7% as we continued to demonstrate cross-sell momentum and onboard previously signed customers. Adjusted EBITDA in this segment grew 10% and margin expanded by 90 basis points, driven by operating leverage and our transformation initiatives.

軟體和服務收入的成長反映了我們在將客戶轉移到該平台並與這些客戶一起擴展方面的持續成功。正如 David 所強調的那樣，雖然企業客戶的平台轉換週期可能會更長，但隨著時間的推移，將我們的企業基礎轉移到該平台將加速收入和盈利的成長。由於收入組合和我們的轉型舉措，調整後 EBITDA 成長了 4%。在數位銀行業務領域，由於我們繼續展現交叉銷售動能並吸引先前簽約的客戶，第一季營收成長了 7%。在營運槓桿和我們的轉型措施的推動下，該細分市場的調整後 EBITDA 成長了 10%，利潤率成長了 90 個基點。

I will now address the impact of separation on our corporate and other line. First, we have the dissynergies related to the separation. This amounted to $22 million in Q1. A portion of these dissynergies reflect both revenue and expenses net associated with the noncore spin-related businesses, which we are in the process of winding down. We anticipate that this will extend beyond 2024. In the first quarter, corporate and other also included $8 million of revenue associated with our commercial agreements with Atleos, which has a lower margin contribution. For the full year, we now expect revenue related to commercial agreements to total approximately $11 million.

我現在將討論分離對我們公司和其他業務的影響。首先，我們面臨與分離相關的不協同效應。第一季這一金額達到 2,200 萬美元。這些不協同效應的一部分反映了與非核心旋轉相關業務相關的收入和支出淨值，我們正在逐步關閉這些業務。我們預計這種情況將持續到 2024 年後。我們現在預計全年與商業協議相關的收入總計約為 1,100 萬美元。

Please turn to Slide 13. We ended the quarter with 3.9x net leverage, $2.7 billion of debt and $246 million of cash. As of March 31, under our $500 million revolving credit facility we had drawn $196 million. As expected, our leverage was higher at the end of Q1, given the use of cash based on normal seasonality. We anticipate net leverage at year-end will be approximately 3.4x. There were a few other expected items that adversely impacted our cash flow this quarter, including $32 million of spend associated with our transformation and restructuring initiatives and $5 million related to separation expenses.

請參閱投影片 13。截至 3 月 31 日，我們已根據 5 億美元的循環信貸額度提取了 1.96 億美元。正如預期的那樣，考慮到根據正常季節性使用現金，我們的槓桿率在第一季末較高。我們預計年底淨槓桿率約為 3.4 倍。還有一些其他預期項目對本季我們的現金流產生了不利影響，包括與轉型和重組計劃相關的 3,200 萬美元支出以及與離職費用相關的 500 萬美元。

These items include severance, professional fees and other exit costs related to rightsizing our cost base. We anticipate seeing our transformation initiatives' positive impact to margin ramp up over the coming quarters. Finally, I'd like to outline our 2024 guidance. As a reminder, our guidance does not reflect revenue or adjusted EBITDA associated with the delayed Atleos transfer countries. Given the first quarter performance and our current visibility for the year, we are reaffirming the 2024 guidance ranges that we communicated on our Q4 call.

這些項目包括遣散費、專業費用和其他與調整我們的成本基礎相關的退出成本。我們預計我們的轉型計劃對未來幾季利潤率的正面影響將會增加。最後，我想概述一下我們的 2024 年指導方針。提醒一下，我們的指導並不反映與延遲的 Atleos 轉移國家相關的收入或調整後的 EBITDA。鑑於第一季的業績和我們目前對今年的能見度，我們重申我們在第四季度電話會議上傳達的 2024 年指導範圍。

I'll now turn the call back to David for some additional remarks.

現在我將把電話轉回給大衛，請他補充一些意見。

Thanks, Brian. Before we move to Q&A, I'd like to note that this morning, we announced that Jim Kelly, the current Chairman of NCR Voyix, has now stepped into the role of Executive Chairman. I've worked closely with Jim following the spin of the Atleos business and he has been integral to the development of the go-forward strategy for NCR Voyix during his tenure at the company.

謝謝，布萊恩。在進行問答之前，我想指出，今天早上，我們宣布 NCR Voyix 現任董事長吉姆凱利 (Jim Kelly) 現已擔任執行主席。在 Atleos 業務的發展過程中，我與 Jim 密切合作，他在公司任職期間一直參與 NCR Voyix 前進策略的發展。

I am excited about working more closely with Jim in his new role. He brings a wealth of experience and leadership expertise from public companies, particularly around strategic objectives, operational efficiency and payments. Given the many important initiatives that we have underway, having him in this expanded role will be invaluable to the Board and the management team.

我很高興能在吉姆的新職位上與他更密切合作。他帶來了上市公司的豐富經驗和領導專業知識，特別是在策略目標、營運效率和付款方面。鑑於我們正在進行的許多重要舉措，讓他擔任這一擴大的角色對於董事會和管理團隊來說將是非常寶貴的。

With that, I will turn it over to the operator to begin the question-and-answer session. Please open the line.

這樣，我會將其交給接線員以開始問答環節。請打開線路。

(Operator Instructions) Our first question comes from Matt Summerville with D.A. Davidson.

（操作員說明）我們的第一個問題來自 D.A. 的 Matt Summerville。戴維森。

Maybe if you guys can maybe start by just talking a little bit more broadly around what you're seeing in the hardware environment today? Obviously, that's an important top line contributor, less so on the bottom line. I totally get that but it's still an important piece to your revenue. Specifically include some comments on what you're seeing with respect to self-checkout, some of the larger projects that you had thought maybe in late '23 would end up hitting in '24, maybe an updated view there. And then I have a follow-up.

也許你們可以先更廣泛地討論一下你們今天在硬體環境中看到的情況？顯然，這是一個重要的收入貢獻者，但對利潤的貢獻較小。我完全明白這一點，但這仍然是您收入的重要組成部分。具體包括一些關於您在自助結帳方面所看到的內容的評論，您原以為可能在 23 年末進行的一些較大項目最終會在 24 年實現，也許是那裡的更新視圖。然後我有一個後續行動。

Matt, it's David. So the -- as we described, that hardware business is largely project-driven for us and is pretty lumpy. And we are seeing, in the back half of the year, those projects coming back that were pushed kind of post COVID, the bubble that we saw. So we're seeing, again, some of those projects resurface in the back half of the year. In terms of self-checkout, self-checkout for us is really a holistic solution. So we're following the consumer trends of consumers looking for different ways to checkout.

馬特，這是大衛。因此，正如我們所描述的，硬體業務對我們來說主要是專案驅動的，而且相當不穩定。我們看到，在今年下半年，那些在新冠疫情之後被推動的計畫又回來了，我們看到了泡沫。因此，我們再次看到其中一些項目在今年下半年重新出現。就自助結帳而言，自助結帳對我們來說確實是一個整體的解決方案。因此，我們正在追蹤消費者的消費趨勢，尋找不同的結帳方式。

And a lot of that is, we'll call it, unassisted checkout, whether that takes the form of a mobile device, a kiosk or the standard self-checkout that you know and love in terms of the appliance that sits within a large grocery chain or a large big box store. So we're going to continue to see demand. It will show up in our business a lot in software and services because that makes up a big piece of that business as the hardware thins out a little in the lane, the average selling prices decline a bit. But we see, again, continued demand. And as we described in our prepared remarks, our next-gen self-checkout is making some traction, too.

其中很多是，我們稱之為“無人協助結帳”，無論是採用行動裝置、自助服務終端還是您所熟悉和喜愛的大型雜貨店設備中的標準自助結帳形式。因此，我們將繼續看到需求。它將在我們的業務中大量出現在軟體和服務中，因為隨著硬體的減少，平均售價略有下降，軟體和服務佔據了該業務的很大一部分。但我們再次看到持續的需求。正如我們在準備好的演講中所述，我們的下一代自助結帳也產生了一些吸引力。

And I would just add that based on the projects, we expect the hardware decline to moderate in the second half versus the first half.

我想補充一點，根據這些項目，我們預計下半年硬體下降幅度將比上半年放緩。

So maybe as a follow-up then, Brian, along those lines, how should we be thinking about kind of the go-forward revenue and EBITDA cadence more broadly speaking, as we think about Q2 and the back half of the year relative to the $122 million of EBITDA you delivered in Q1.

因此，也許作為後續行動，布萊恩，沿著這些思路，當我們考慮第二季度和下半年相對於您第一季交付的 EBITDA 為 1.22 億美元。

Yes. So consistent with what we said on our last call, because our cost transformation initiatives are ramping as we go through the year and because the hardware rate of decline is expected to moderate in the second half, we'll see revenue and adjusted EBITDA sequentially improve as we go through the year.

是的。因此，與我們在上次電話會議上所說的一致，因為我們的成本轉型計劃隨著今年的進展而不斷加大，並且由於硬體下降率預計在下半年將放緩，我們將看到收入和調整後的EBITDA 連續改善當我們度過這一年。

Our next question comes from Mayank Tandon with Needham & Co.

我們的下一個問題來自 Needham & Co 的 Mayank Tandon。

Maybe just diving into ARR trends, Brian or David, could you talk about what we should expect there both on the software side and in total ARR, just in terms of trend line as you progress through the year-end? And maybe you could break it down by vertical as well.

也許只是深入研究 ARR 趨勢，Brian 或 David，您能否談談我們在軟體方面和總 ARR 方面應該期待什麼，僅就年底進展的趨勢線而言？也許你也可以按垂直方向分解它。

Yes, I would say we're -- overall, we're pleased with the growth we're seeing in software ARR and total ARR that includes services as well. That for us is the, is what gives us confidence in the strategy of adding new customers, the customer growth we're seeing and monetizing our base of the -- largest install base in the industries that we serve. We'll continue to see, as Brian described, a similar trend in terms of sequential growth of ARR, as we look out over the quarters, that will be a trend in all 3 of the businesses, honestly.

是的，我想說的是，總的來說，我們對軟體 ARR 和包括服務在內的總 ARR 的成長感到滿意。對我們來說，這讓我們對增加新客戶、我們所看到的客戶成長以及我們所服務行業中最大的安裝基礎的基礎貨幣化的策略充滿信心。正如 Brian 所描述的，我們將繼續看到 ARR 連續成長的類似趨勢，老實說，當我們展望幾個季度時，這將成為所有 3 個業務的趨勢。

And I would just add 1 point, we published for the first time a metrics file on our website, which has a lot of the financial data and KPI data, just encourage everybody to take a look at that.

我想補充一點，我們第一次在我們的網站上發布了一個指標文件，裡面有很多財務數據和KPI數據，只是鼓勵大家看一下。

Got it. Okay. Well, now I'll just turn to a separate question. We get this a lot from investors and I'm sure you do as well. The digital banking piece, obviously, is doing really well. And if we look at the valuations for other pure plays out there in the market, they have creeped up actually pretty meaningfully in the recent quarters. So any updates on your plans to potentially monetize the asset, just given the higher valuations in the market overall? And maybe that way, given that the synergies between digital banking and retail and restaurants, it doesn't seem to be at least obvious to investors that could be, obviously, very rewarding opportunity for shareholders over time? Any thoughts there?

知道了。好的。好吧，現在我將轉向一個單獨的問題。我們從投資者那裡得到了很多這樣的訊息，我相信你也是。顯然，數位銀行業務做得非常好。如果我們看看市場上其他純業務的估值，它們在最近幾季實際上已經大幅上漲。那麼，考慮到整體市場估值較高，您將該資產貨幣化的計畫有何更新？也許這樣的話，考慮到數位銀行與零售和餐廳之間的協同作用，對於投資者來說，這似乎至少不是顯而易見的，隨著時間的推移，這顯然可能為股東帶來非常回報的機會？有什麼想法嗎？

Yes. The digital banking business, as you saw through the results, is performing really well. We're proud of what that team has done. As I described operationally, we've consolidated that into a singular team focused on execution and we're seeing continued strong growth in that business. So right now, I agree that the value of that business is underappreciated and that's the whole intent of what we're doing, is exposing the value of that and the new NCR Voyix. That being said, we always continue to explore opportunities to maximize shareholder value.

是的。正如您從結果中看到的那樣，數位銀行業務的表現非常好。我們為該團隊所做的事情感到自豪。正如我在營運方面所描述的，我們已將其整合為一個專注於執行的單一團隊，並且我們看到該業務持續強勁成長。所以現在，我同意該業務的價值被低估了，這就是我們正在做的事情的全部目的，就是揭露該業務和新 NCR Voyix 的價值。話雖如此，我們始終不斷探索實現股東價值最大化的機會。

Our next question comes from Kartik Mehta with Northcoast Research.

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

Dave, just if you could follow up on the self-checkout. There are a lot of headlines of stores wanting to reduce their footprint in self-checkout. There's even some legislation proposed in California that they'd like to get away -- do away with self-checkout. And I'm wondering, based on that backdrop, what you're seeing in terms of your conversations with retailers in terms of demand for the product and how you'd expect that to progress over the next couple of years?

戴夫，如果你能跟進自助結帳就好了。許多商店都希望減少自助結帳的足跡。加州甚至提出了一些立法，要求他們放棄——取消自助結帳。我想知道，基於這種背景，您在與零售商的對話中看到了產品需求的情況，以及您預計未來幾年的進展如何？

Yes. We see the same articles. There -- we also -- there was 1 in the U.K., that was Simon, CEO of Sainsbury's, came out and said that their customers love self-checkout and they're continuing to deploy as we described in our relationship with them. So I'll point back, Kartik, to the consumer trend. This is really a consumer-driven trend. You and I, as consumers and shoppers are really driving the requirements for both retailers and restaurants to create unassisted ways to checkout, order or otherwise transact with their -- with these large retailers. So I think that we're going to continue to see a strong trend and what that looks like. They're all battling to differentiate the experience for both customers and they're in a labor battle for staffing stores for peak times or shifting labor to different value-added tasks as they offer new capabilities and new services.

是的。我們看到同樣的文章。在英國，塞恩斯伯里百貨公司(Sainsbury's) 的執行長西蒙(Simon) 出來說，他們的客戶喜歡自助結帳，他們將繼續部署自助結帳，正如我們在與他們的關係中所描述的那樣。 Kartik，我將回過頭來談談消費趨勢。這確實是一種消費者驅動的趨勢。你和我，作為消費者和購物者，真正推動了零售商和餐館的要求，以創建無需協助的方式來結帳、訂購或以其他方式與他們的大型零售商進行交易。所以我認為我們將繼續看到強勁的趨勢以及它的樣子。他們都在努力為客戶提供差異化的體驗，並且在高峰時段為商店配備人員或在提供新功能和新服務時將勞動力轉移到不同的增值任務上進行勞動力爭奪戰。

So we're believing that the trend will continue. As I described earlier, it will show up in our business in software and services as well, as the hardware will take on different forms from mobile to kiosk to the full service that you've seen accepting cash in some cases. So again, we continue to have a lot of conversations around how to create better experience, guest experiences in both restaurants and retailers and that will take the form of unassisted and technology-driven solutions.

所以我們相信這種趨勢將會持續下去。正如我之前所描述的，它也將出現在我們的軟體和服務業務中，因為硬體將採取不同的形式，從行動裝置到資訊亭，再到您在某些情況下看到的接受現金的全方位服務。因此，我們繼續圍繞如何在餐廳和零售商中創造更好的體驗、賓客體驗進行大量對話，這將採取獨立且技術驅動的解決方案的形式。

And then just as a follow-up on the hardware business. I know you talked about a little bit about what's going to happen in the first half and second half. And in the past, you've kind of talked about how 2024 is a little bit of an anomaly because of what's happened in previous years. And in 2025, you'd expect the decline to be a lot more moderated. And I'm wondering, based on kind of your outlook and what you're seeing in the pipeline, if those comments would still apply.

然後只是作為硬體業務的後續行動。我知道你談到了上半場和下半場將會發生的事情。過去，您曾說過，由於前幾年發生的事情，2024 年有點反常。到 2025 年，您預計下降幅度會更加緩和。我想知道，根據您的看法以及您在管道中看到的情況，這些評論是否仍然適用。

We see a strong pipeline. I mean, Brian gave you the expected cadence of the numbers earlier on the answer to the other question. We're pleased with the pipeline. The pipeline is healthy and growing and it supports what we've described in terms of our reaffirmation of the full year guidance.

我們看到了強大的管道。我的意思是，布萊恩在回答另一個問題時已經給了你預期的數字節奏。我們對管道感到滿意。該管道健康且不斷增長，它支持我們在重申全年指導方面所描述的內容。

Okay. Yes. And so I was just wondering, Dave, so would your commentary in the past about 2025 being a more moderate decline, still be valid?

好的。是的。所以我只是想知道，戴夫，你過去關於 2025 年下降幅度更為溫和的評論是否仍然有效？

Yes, I believe so. Everything we're seeing right now gives us indications, as Brian said, that the projects are recovering the back half of the year at this point, I would still believe that, yes.

是的，我相信是這樣。正如布萊恩所說，我們現在看到的一切都向我們表明，這些項目正在今年下半年恢復，我仍然相信這一點，是的。

Our next question comes from 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。

Historically, you haven't always quantified customers signed. And so I was just wondering if you could put some of the metrics you disclosed this morning in a bit more context, again, the nearly 300 customers signed across retail and restaurants. Can you just give us some context of maybe how that might compare to historical quarterly run rates? Was this kind of above normal, below normal? Why would that be? What's driving that? Just a little more color on how to kind of put those numbers in context would be super helpful for us.

從歷史上看，您並不總是量化簽約客戶。所以我只是想知道你是否可以將你今天早上披露的一些指標放在更具體的背景下，同樣，零售和餐館的近 300 名客戶簽約。您能否給我們一些背景信息，說明與歷史季度運行率相比如何？這是高於正常還是低於正常？為什麼會這樣呢？是什麼推動了這一點？只要多一點關於如何將這些數字放在上下文中的顏色就會對我們非常有幫助。

Yes, the number of customers we added this quarter, I would say, is consistent with what we expected and consistent with past performance. We have, as we've been describing, put an increased focus on investing more on the sales side and adding new customers. So it's a metric that we want to continue to expose you and the rest of the market to. Digital banking, the expansion is strong, normal seasonality in that digital banking business. We added 4 new customers, expanded relationships with 200 customers. So in addition to adding new customers, we're still seeing the strength and the expansion of the base but we'll continue to focus there and performance was in line with expectations.

是的，我想說，我們本季新增的客戶數量與我們的預期一致，也與過去的業績一致。正如我們所描述的，我們更加重視在銷售方面進行更多投資並增加新客戶。因此，我們希望繼續向您和市場其他人展示這項指標。數位銀行業務擴張強勁，具有正常的季節性。我們增加了 4 個新客戶，擴大了與 200 個客戶的關係。因此，除了增加新客戶之外，我們仍然看到了基礎的實力和擴張，但我們將繼續關注這一點，並且業績符合預期。

Okay. That's helpful. And then I know your goal was -- or at least you just talked about getting to about 3.4x net leverage by the end of the year. I think the longer-term goal was to get to roughly 3x net leverage. Can you just remind us, is that the longer-term target? How long will it take to get there? And second, to that, just trends in terms of free cash flow conversion. I know you're talking about this year 25% to 28%. How does that look through the year? How do we think about maybe the linearity of that? And is that the long-term run rate we should be thinking about? Does that creep higher? Just putting all of this in context to help us understand the moving pieces on the cash side would be very helpful, both for this year and then beyond this year, for any color that you'd have. And that's it for me.

好的。這很有幫助。然後我知道您的目標是——或者至少您剛剛談到到今年年底達到約 3.4 倍的淨槓桿率。我認為長期目標是達到約 3 倍的淨槓桿率。您能否提醒我們，這是長期目標嗎？需要多長時間才能到達那裡？其次，就是自由現金流轉換方面的趨勢。我知道你說的是今年 25% 到 28%。全年情況如何？我們如何看待它的線性關係？這是我們應該考慮的長期運行率嗎？那會爬得更高嗎？只要將所有這些放在上下文中，幫助我們了解現金方面的變化，無論是今年還是今年以後，對於您擁有的任何顏色都會非常有幫助。對我來說就是這樣。

Yes. So starting with leverage. We -- as I said in my prepared remarks, we still expect to get to about 3.4 turns of leverage by the end of the year. And then from there, we continue -- we'll continue to focus on improving leverage to get under -- 3 or under and that, that's what we need to do and plan to do with our free cash flow generation. The cadence for free cash flow this year, we used cash in Q1 as expected. That's normal seasonality. There are certain payroll things that happened in Q1, typically and that drives cash usage. And then we're still maintaining our range of free cash flow and conversion percentages for the year and so we'd expect to see that play out balance of the year. As we get into the future years, we do think we can improve free cash flow from where we are today. We've described that before and we still feel that way.

是的。所以從槓桿開始。正如我在準備好的發言中所說，我們仍然預計到今年年底槓桿率將達到 3.4 倍左右。然後從那裡開始，我們將繼續專注於提高槓桿率，使其低於 3 或以下，這就是我們需要做和計劃做的自由現金流產生。今年自由現金流的節奏，我們在第一季使用了現金，符合預期。這是正常的季節性。第一季通常會發生一些薪資方面的事情，這些事情會推動現金使用。然後，我們仍然維持今年的自由現金流和轉換百分比範圍，因此我們預計將看到今年的平衡。當我們進入未來幾年時，我們確實認為我們可以在目前的基礎上改善自由現金流。我們之前已經描述過這一點，現在仍然有這樣的感覺。

Our next question comes from Matthew Roswell with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的馬修·羅斯威爾。

I was wondering if you could expand a bit on the platform conversions and what you're seeing in terms of new clients coming on to the platform. And also, how are existing clients coming over, whether they're waiting for renewals or sort of stepping up ahead of time?

我想知道您是否可以擴展一下平台轉換以及您在進入該平台的新客戶方面所看到的情況。此外，現有客戶的情況如何，他們是在等待續訂還是提前採取行動？

So all of our new customers, when we describe customer adds, all of those new customers are coming on to the platform. So that's one thing I just want to ground everybody on. We did see an increase in platform sites up to 61,000, about 18% of our base. So we're seeing conversion as expected in that base. We're seeing also customers do that ahead of refresh cycles. So when you think about the demand that's out there for new capabilities, digital capabilities or guest experience, loyalty, new payment form, some of the partnerships that I mentioned in the products and partnership section of the prepared remarks, all of those capabilities are being enabled through the platform. So it starts with the platform connection and then we enable all new capabilities through that platform. So not building it back into that legacy core base.

因此，當我們描述客戶添加時，我們所有的新客戶都將進入該平台。所以這是我想讓每個人都立足的一件事。我們確實看到平台網站增加到 61,000 個，約占我們基數的 18%。因此，我們在該基礎上看到了預期的轉換。我們也看到客戶在更新周期之前這樣做。因此，當您考慮對新功能、數位功能或客戶體驗、忠誠度、新支付形式的需求時，我在準備好的評論的產品和合作夥伴關係部分中提到的一些合作夥伴關係，所有這些功能都正在被透過平台啟用。因此，它從平台連接開始，然後我們透過該平台啟用所有新功能。因此，不要將其重新建構到遺留核心基礎中。

We don't require an upgrade of the legacy point-of-sale on-prem. We can connect the -- our legacies' products to our platform to deliver those new capabilities. So right now, we're doing it based on customer need as they're finding new capabilities that are required, we're connecting to the platform and delivering those needs for them and a subscription for that new capability.

我們不需要升級舊的本地銷售點。我們可以將我們的傳統產品連接到我們的平台以提供這些新功能。所以現在，我們正在根據客戶需求來做這件事，因為他們正在尋找所需的新功能，我們正在連接到平台並為他們提供這些需求，並訂閱該新功能。

Our next question comes from Ian Zaffino with Oppenheimer.

我們的下一個問題來自伊恩·扎菲諾和奧本海默。

This is Isaac Sellhausen on for Ian. Maybe just a follow-up on the last point. In the restaurant business, there's been a number of renewals and expansions that you've called out with customers, are the expansions pacing the way you'd like and expected? Maybe you could touch on how conversations have gone with customers, maybe how long the sales process generally takes with expanding the platform specifically within restaurant chains.

我是艾薩克·塞爾豪森 (Isaac Sellhausen)，替補伊恩 (Ian)。也許只是最後一點的後續。在餐廳業務中，您已經向顧客提出了許多更新和擴張的要求，這些擴張的節奏是否符合您的意願和預期？也許您可以談談與客戶的對話是如何進行的，也許在連鎖餐廳內擴展平台時銷售流程通常需要多長時間。

Yes, I'd say we have been really pleased with the conversations that we're having with our existing customer base, both in the small and mid-market segments, as well as the enterprise customer base. The sales cycle is different depending on which segment of the market we're in, in the small to midsize, it's a much shorter sales cycle. We'll call it 3 to 6 months on the larger side, that will expand out 6 to 9 months, some extend out to 12 months. Really, the platform conversations are all about the API capabilities that we unlock with connecting to the platform and driving some of the enterprise functionality that we've been able to deliver to the enterprise customers and pushing that down back into the mid-market.

是的，我想說，我們對與現有客戶群（無論是中小型市場還是企業客戶群）進行的對話感到非常滿意。銷售週期根據我們所處的市場區隔而有所不同，在中小型企業中，銷售週期要短得多。我們稱之為 3 至 6 個月，較大的一方將延長至 6 至 9 個月，有些延長至 12 個月。實際上，平台對話都是關於我們透過連接到平台來解鎖的 API 功能，並驅動我們能夠交付給企業客戶的一些企業功能，並將其推回中端市場。

So some of the things that the enterprise scale players have had access to for a long time, we're now making available to our mid-market customers. So you'll see more -- we're seeing more traction. You'll see us with some more wins like we announced with Prest in that -- we'll call that mid-market-ish space where at the lower end of the enterprise where we're seeing a lot of demand and a lot of traction. So positive trends, good discussions with new customers and a lot of positive feedback from our existing base.

因此，企業級參與者長期以來一直可以使用的一些功能，現在我們正在向中端市場客戶提供。所以你會看到更多——我們看到更多的吸引力。你會看到我們取得更多勝利，就像我們與 Perst 宣布的那樣——我們稱之為中端市場空間，在企業的低端，我們看到了很多需求和很多牽引力。正面的趨勢、與新客戶的良好討論以及我們現有基礎的大量正面回饋。

Okay. That's helpful. And then just a follow-up on the transformation initiatives that you mentioned in the quarter. Is that focused on any particular business? And maybe if you could just frame, if we will see any incremental costs going forward?

好的。這很有幫助。然後是您在本季度提到的轉型計劃的後續行動。是否專注於任何特定業務？也許您可以框架一下，我們是否會看到未來有任何增量成本？

Yes. So the transformation initiatives, we described a $100 million cost out program, of which $70 million benefits this year and $30 million flows into next year. That program is underway and we're doing well. And it's really 3 major buckets. One is hardware design and optimization on the hardware side. The second, which is the biggest piece, about 50% is within our services business and this is doing more remote (inaudible). This is having a different skill set. Now that we're separated as 2 companies, we don't need the same skill set. Those are just 2 examples. And then the other category, about 25% is corporate expenses and real estate expenses. And so that cost program is going well.

是的。因此，對於轉型舉措，我們描述了一項 1 億美元的成本支出計劃，其中 7,000 萬美元今年受益，3,000 萬美元流入明年。該計劃正在進行中，我們做得很好。這確實是 3 個主要的桶子。一是硬體方面的硬體設計與最佳化。第二個部分是最大的部分，大約 50% 屬於我們的服務業務，而且做得更加遠端（聽不清楚）。這是擁有不同的技能。現在我們分屬於兩家公司，我們不需要相同的技能。這只是兩個例子。然後另一類，大約25%是公司開支和房地產開支。因此，成本計劃進展順利。

The transformation and restructuring costs to achieve those cost savings that you saw in the quarter, that severance, that's -- exit costs related to rightsizing the real estate portfolio and the IT portfolio. And we expect -- if I take the separation bucket plus the transformation bucket, about $80 million to $90 million of spend this year in total, including what happened in the first quarter. And that's in line with the free cash flow guidance that we've given.

轉型和重組成本是為了實現您在本季度看到的成本節約，即遣散費，即與調整房地產投資組合和 IT 投資組合相關的退出成本。我們預計，如果我把分離桶加上轉型桶，今年的支出總額約為 8,000 萬至 9,000 萬美元，包括第一季發生的情況。這符合我們給出的自由現金流指引。

Our next question comes from 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。

This is Alex on for Chuck Nabhan. Just on the restaurant segment, we had 600 basis points of margin expansion. I think you attributed that to some transformational costs. Is that margin in the mid- to high 20s, something that we should expect for that segment going forward?

我是亞歷克斯（Alex），代表查克·納布漢（Chuck Nabhan）發言。僅在餐廳領域，我們的利潤率就成長了 600 個基點。我認為您將其歸因於一些轉型成本。這個利潤率在 20 多歲左右，是我們對該細分市場未來的預期嗎？

It is. We would expect that segment to be at 26% to 27% for the full year. So it is something that we'd expect to continue.

這是。我們預計全年該細分市場的成長率為 26% 至 27%。所以這是我們期望繼續下去的事情。

Okay. And then on digital banking as well, that margin also was positive after a couple of years of investment. Should we see similar margin expansion going forward? And then just how I think about revenue, could you maybe balance what the mix of ARPU versus year growth will be for that segment?

好的。然後在數位銀行方面，經過幾年的投資，利潤率也是正值。我們是否應該看到類似的利潤率擴張？然後，我如何看待收入，您能否平衡該細分市場的 ARPU 與年增長率的組合？

Yes. So on margin, we expect margins to continue to improve for digital banking, roughly 39% for the full year, which will be up about 1% year-over-year. So we do expect EBITDA to grow faster than revenue. And we expect the revenue growth to be a combination of both the user growth and ARPU expansion as we go through the year, like we saw it was pretty good split in Q1. We'd expect that to continue.

是的。因此，在利潤率方面，我們預計數位銀行的利潤率將繼續改善，全年約為 39%，年增約 1%。因此，我們確實預期 EBITDA 的成長速度將快於營收的成長速度。我們預計今年的營收成長將是用戶成長和 ARPU 擴張的結合，就像我們在第一季看到的那樣。我們預計這種情況會持續下去。

Our next question comes from Matt Summerville with D.A. Davidson.

我們的下一個問題來自馬特·薩默維爾和 D.A.戴維森。

Just a couple of quick follow-ups. Brian, to that $80 million to $90 million of cash related severance, et cetera, costs you expect to encounter this year, I realize it's early, what does that number roughly look like, as you're thinking about '25, I guess how much can that tail off and therefore, accrete to the company's free cash flow profile? And then I have a follow-up.

只需幾個快速跟進。布萊恩，對於你今年預計會遇到的8000 萬至9000 萬美元的現金相關遣散費等費用，我意識到現在還為時過早，這個數字大致是什麼樣的，當你想到25 歲的時候，我猜想如何這種情況會減少多少，從而增加公司的自由現金流狀況？然後我有一個後續行動。

Yes, that definitely does come down over time. Separation is a component of that, that's separation-related, which goes away completely. And then the part that's around rightsizing the cost base, we'll always have incremental cost (inaudible) to do as we go forward but we would expect that number to come down and that would be a help to free cash flow. In addition, as we improve our leverage and reduce our debt, the interest reduction would be a help to free cash flow, holding CapEx steady as a percent of revenue -- or would help as we go forward or actually holding CapEx steady and improving it as a percent of revenue with free cash flow. So those are the drivers that give us confidence that we can improve free cash flow as we go forward.

是的，隨著時間的推移，這肯定會下降。分離是其中的一個組成部分，與分離有關，它完全消失了。然後，關於調整成本基礎的部分，隨著我們的前進，我們總是會增加成本（聽不清楚），但我們預計這個數字會下降，這將有助於自由現金流。此外，隨著我們提高槓桿率並減少債務，減息將有助於自由現金流，保持資本支出佔收入的百分比穩定，或者有助於我們前進或實際上保持資本支出穩定並改善它佔自由現金流收入的百分比。因此，這些驅動因素讓我們有信心在前進的過程中能改善自由現金流。

Got it. And then maybe talk -- spend some time talking about customer adds in the businesses. I was wondering if you can maybe touch on what your attrition rates have been looking like in retail restaurants and digital banking and how that maybe compares to even just 1 year or 2 years ago, again, with a focus on all 3 reportable segments, please.

知道了。然後也許可以談談——花一些時間談論業務中的客戶增加。我想知道您是否可以談論零售餐廳和數位銀行的流失率，以及與一年或兩年前相比如何，再次重點關注所有 3 個可報告細分市場。

Yes. I would tell you that -- we'll run through all the segments. So we're focused on adding net new customers and we feel like we're making traction there. On the -- we are pretty enterprise-heavy focused. So we see strong retention of our enterprise customers, specifically on the retail side. When I get to the restaurant business, again, enterprise side, we see strong retention of our customer base, adding net new customers, so taking share. And then on the smaller end of that, we see the normal -- some of the normal churn happening at that small base. We could see that up to 10% in that small side of the business as customers -- as our restaurant customers go out of business.

是的。我會告訴你——我們將遍歷所有部分。因此，我們專注於增加淨新客戶，我們感覺我們正在那裡取得進展。我們非常注重企業。因此，我們看到企業客戶的保留率很高，特別是在零售方面。當我再次談到餐飲業務時，在企業方面，我們看到我們的客戶群保留率很高，增加了淨新客戶，因此佔據了份額。然後在較小的一端，我們看到了正常情況——在那個小基數上發生了一些正常的流失。我們可以看到，作為客戶的這一小部分業務中，高達 10% 的人——因為我們的餐廳客戶倒閉了。

On digital banking, we continue to see very strong renewal rates. We're renewing 90-plus percent of our contracts and then if you look at the net retention rate on revenue and actually, we're seeing some strengthening of price and then we're expanding, like we did with the 200 customers, expanding ARPU with our existing base by cross-selling and up-selling across the capabilities as we move to operationalize as a singular portfolio from the market into that market segment. So overall, we're feeling good about it with really normal kind of attrition trends that we've seen continuing.

在數位銀行方面，我們繼續看到非常強勁的續訂率。我們正在續簽 90% 以上的合同，如果你看看收入的淨保留率，實際上，我們看到價格有所加強，然後我們正在擴張，就像我們對 200 家客戶所做的那樣，擴大隨著我們以單一產品組合的形式從市場進入該細分市場，透過跨能力的交叉銷售和追加銷售，ARPU 與我們現有的基礎相結合。總的來說，我們對此感覺良好，我們看到這種正常的流失趨勢仍在持續。

Then just lastly, that comment on price. Is that sort of new on the digital banking side? I guess I was under the impression last quarter, maybe with all the renewal activity you were seeing a maybe slight amount of price compression. And then just broadly speaking on price, are you net positive price capture in each of the 3 segments?

最後，關於價格的評論。這對數位銀行來說是新鮮事嗎？我想我上個季度的印像是，也許隨著所有的續訂活動，您可能會看到價格略有壓縮。然後，從廣義上講，就價格而言，您在這 3 個細分市場中的每個細分市場中是否都獲得了淨正價格？

So with digital banking, on renewal, we do typically see price compression but that price compression has been improving over the last 3 or 4 quarters. And then outside of price compression at renewal in all 3 businesses, we go after capturing CPI-related price increases and so we get benefits in each of the 3 segments around that.

因此，對於數位銀行業務，在更新時，我們通常會看到價格壓縮，但價格壓縮在過去三、四個季度一直在改善。然後，除了所有3 項業務續約時的價格壓縮之外，我們還追求與CPI 相關的價格上漲，因此我們在圍繞這一點的3 個細分市場中的每一個細分市場中都獲得了收益。

There are no further questions at this time. I would now like to turn the floor back over to David Wilkinson for closing comments.

目前沒有其他問題。我現在想把發言權交還給大衛·威爾金森以供結束發言。

Thank you. In closing, I'd like to thank all of our customers again for the trust that 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 contributions to our successes up to now and our investors for their ongoing support. As I stated earlier, we remain committed to serving our existing customers and bringing them on the platform journey in addition to adding new customers. 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. We built a solid foundation for growth within our base and growth of new customers, specifically in mid-market. And 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 that we've outlined today and I believe in this management team to execute. Thank you and look forward to updating you on our continued progress on our Q2 call.

謝謝。最後，我要再次感謝所有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，除了增加新客戶外，我們仍然致力於為現有客戶提供服務並讓他們踏上平台之旅。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。我們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。謝謝您，並期待向您通報我們第二季電話會議的持續進展。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。