NCR Voyix Corp (VYX) 2024 Q2 法說會逐字稿

Greetings, and welcome to the NCR Voyix Q2 2024 Earnings Call. (Operator Instructions) As a reminder this conference is being recorded.

您好，歡迎參加 NCR Voyix 2024 年第二季財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Alan Katz, VP of Investor Relations. Thank you. You may begin.

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。你可以開始了。

Good morning, and thank you for joining our second quarter 2024 earnings conference call.

早安，感謝您參加我們的 2024 年第二季財報電話會議。

This morning, we issued our earnings release reporting financials for the quarter ended June 30, 2024. The 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.

今天早上，我們發布了截至2024 年6 月30 日的季度的收益報告財務報告。在可在 www.ncrvoyix.com 上找到，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.

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。

Before we begin, please be advised that remarks today will contain forward-looking statements. These forward-looking statements are subject to risks, uncertain 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.

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。

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.

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 will provide additional clarity regarding 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 on 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，我們相信這將為我們的持續業績提供更多清晰度。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 表格中的新聞稿以及我們提供的補充材料在我們網站的投資者關係部分。

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

現在我想把電話轉給大衛。

Thanks, Alan, and good morning, everyone. I would like to welcome all of you to our second quarter 2024 earnings call. In addition to discussing our quarterly financial results, we will also provide details concerning the strategic actions announced this morning, including the sale of our Digital Banking business, our expanded partner agreements with a leading provider for point-of-sale and self-checkout hardware and our recent cost-alignment initiatives.

謝謝艾倫，大家早安。歡迎大家參加我們的 2024 年第二季財報電話會議。除了討論我們的季度財務業績外，我們還將提供有關今天上午宣布的戰略行動的詳細信息，包括出售我們的數位銀行業務、我們與領先的銷售點和自助結帳硬體提供商擴大的合作夥伴協議以及我們最近的成本調整舉措。

I would like to remind everyone that the strategic review to optimize the company's operations and drive enhanced long-term shareholder value began in 2022. The initial part of this multifaceted plan was realized in October 2023 with the completion of the spin-off of our ATM business into NCR Atleos. Following the spin, the NCR Voyix Board continued efforts to streamline the business and sharpen the company's focus to better serve our customers and drive enhanced value to our shareholders.

我想提醒大家的是，優化公司營運並推動提高長期股東價值的策略審查於2022年開始。 NCR Atleos。分拆後，NCR Voyix 董事會繼續努力精簡業務並強化公司的重點，以更好地服務我們的客戶並為我們的股東帶來更高的價值。

As you will see on slide 6, we have taken the following actions. First, we announced the definitive agreement to divest our Digital Banking segment to Veritas Capital for a $2.45 billion purchase price, plus up to $100 million of contingent consideration.

正如您將在幻燈片 6 中看到的，我們採取了以下行動。首先，我們宣布達成最終協議，以 24.5 億美元的收購價，外加高達 1 億美元的或有對價，將我們的數位銀行部門剝離給 Veritas Capital。

Second, we announced partnering with Ennoconn Corp., a leading hardware provider for both point-of-sale and self-checkout. And third, we implemented a multiphase cost-alignment program, which began with the elimination of approximately 800 staff globally or approximately $75 million in annualized operating and capitalized payroll-related costs at the end of Q2. This program contemplates an ongoing assessment of all costs.

其次，我們宣布與領先的銷售點和自助結帳硬體提供商 Ennoconn Corp. 合作。第三，我們實施了一項多階段成本調整計劃，該計劃首先在全球範圍內裁減約 800 名員工，或在第二季度末裁減約 7500 萬美元的年度運營和資本化工資相關成本。該計劃考慮對所有成本進行持續評估。

These actions will significantly reduce leverage, moderate the variability of hardware-related revenue beginning in 2025, align our current operating cost to the new structure and position NCR Voyix for accelerated top line growth and margin expansion. Brian will discuss the details of the cost-alignment program and our improved future capital profile later on the call.

這些行動將顯著降低槓桿率，從 2025 年開始緩和硬體相關收入的波動性，使我們目前的營運成本與新結構保持一致，並為 NCR Voyix 加速營收成長和利潤擴張奠定基礎。布萊恩將在稍後的電話會議上討論成本調整計劃的細節以及我們改進的未來資本狀況。

As we have described previously, the Digital Banking business is an industry-leading provider of digital-first solutions for banks and credit unions and the only provider of a truly end-to-end offering across the physical and digital channels. With 2023 revenue of $579 million, this business employs over 1,600 employees across seven global facilities and serves approximately 1,300 financial institutions in North America.

正如我們之前所描述的，數位銀行業務是為銀行和信用合作社提供數位優先解決方案的行業領先提供商，也是跨實體和數位管道提供真正端到端產品的唯一提供者。該公司 2023 年營收為 5.79 億美元，在全球七個分公司擁有 1,600 多名員工，為北美約 1,300 家金融機構提供服務。

We believe divesting this business benefits both NCR Voyix and Digital Banking, allowing each to focus on its core competencies. Over the last four months, we conducted a rigorous selection process, which resulted in identifying the best owner for the business while maximizing value for our shareholders. We expect the transaction to close by year end.

我們相信剝離這項業務對 NCR Voyix 和 Digital Banking 都有好處，讓雙方都能專注於自己的核心競爭力。在過去的四個月裡，我們進行了嚴格的選擇流程，從而確定了企業的最佳所有者，同時也為股東實現了價值最大化。我們預計交易將於年底前完成。

For hardware, we have selected a leading manufacturer of point-of-sale and self-checkout hardware, Ennoconn Corp., whereby we will function as their agent and maintain the sales relationship with our customers. However, all other aspects of the hardware sale, including design, manufacture and warranty of the hardware will be fulfilled by Ennoconn. Once the agreement is implemented, we will only record the net sales commission from hardware in our revenue.

對於硬件，我們選擇了一家領先的銷售點和自助結帳硬體製造商Ennoconn Corp.，我們將作為他們的代理商並維護與客戶的銷售關係。然而，硬體銷售的所有其他方面，包括硬體的設計、製造和保固將由Ennoconn 完成。一旦協議實施，我們將僅將硬體的淨銷售佣金記錄在我們的收入中。

This is the natural next step in the evolution of the company's hardware business, which has transitioned over the years from internal to outsourced manufacturing and will now be exclusively handled by a leading third-party design and manufacturing company. This should allow our software customers access to market-leading hardware products with the benefit of improved lead times, enhanced speed of innovation and increasingly competitive pricing.

這是該公司硬體業務發展的自然下一步，該業務多年來已從內部製造轉向外包製造，現在將由一家領先的第三方設計和製造公司獨家處理。這將使我們的軟體客戶能夠獲得市場領先的硬體產品，並受益於縮短交貨時間、提高創新速度和更具競爭力的價格。

Turning to slide 7. We have outlined our key go-forward strategic objectives for the second half of 2024 and into 2025. We believe these efforts strengthen operations in our core markets, enhance existing customer relationships, attract new customers, improve allocation of resources to focus on our restaurant and retail segments and drive profitable growth for the company.

轉向投影片 7。的餐廳和零售領域並推動公司的獲利成長。

These can be best summarized as follows: first, accelerate platform conversions. Today, we have around 20% of our sites connected to the platform. Our expectation is to accelerate platform conversion over the next three years. As we continue to convert customers to the platform and improve customer adoption of value-added platform capabilities, we will significantly increase our software revenues related to our existing customers.

概括起來就是：第一，加速平台轉型。如今，我們約有 20% 的網站連接到該平台。我們的期望是在未來三年內加速平台轉換。隨著我們繼續將客戶轉化為平台並提高客戶對增值平台功能的採用，我們將顯著增加與現有客戶相關的軟體收入。

Second is to ensure we have the right resources and incentive programs in place to improve upon past performance of gaining share across our markets. And finally, invest in our Voyix commerce platform to meet the growing demands of our customers, including tuck-in acquisitions of added capabilities, accelerating speed to market. We believe these actions support the continued realignment of our operating model and will enable us to see meaningful improvements in revenue and earnings growth over time.

其次是確保我們擁有適當的資源和激勵計劃，以改善過去在市場上獲得份額的表現。最後，投資我們的 Voyix 商務平台，以滿足客戶不斷增長的需求，包括收購附加功能，並加快上市速度。我們相信這些行動支持我們營運模式的持續調整，並使我們能夠隨著時間的推移看到收入和獲利成長的有意義的改善。

Before I turn the call over to Brian to discuss our financial results, I would like to take a few moments to review some of our second quarter highlights on slide 8. For the quarter, normalized software revenue increased 5% and normalized services revenue decreased 2% when excluding the adverse impact of a onetime prior period adjustment and the onetime software true-up from the prior year.

在我將電話轉給Brian 討論我們的財務業績之前，我想花一些時間回顧一下幻燈片8 上我們第二季度的一些亮點。 %。

We executed on transformation initiatives and saw the impact of the continued growth within our higher-margin revenue streams. We achieved solid sales results across our segments, including signing nearly 300 new customers.

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。我們在各個細分市場取得了穩健的銷售業績，包括簽署了近 300 個新客戶。

We also continued converting customers to our platform and now have a total of more than 67,000 retail and restaurant platform sites, an increase of nearly 35% from the prior year. The ongoing execution of our platform strategy, coupled with our increased investment in our global sales and services network, drove software ARR growth of 6% and total segment ARR growth of 5%.

我們也繼續將客戶轉化為我們的平台，目前零售和餐飲平台站點總數超過 67,000 個，比上年增長近 35%。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，推動軟體 ARR 成長 6%，總細分市場 ARR 成長 5%。

Turning to our restaurant segment on slide 9. In the second quarter, we continued to demonstrate momentum, signing more than 220 new customers, and increasing our platform and payment sites by 7% and 21%, respectively. Software ARR increased 2% and total ARR increased 4% in the quarter.

轉向幻燈片 9 上的餐廳部門。本季軟體 ARR 成長 2%，總 ARR 成長 4%。

Within our enterprise division, we signed a new multiyear agreement with a large North American hospitality group to provide the Voyix commerce platform with a Aloha Essentials to more than six restaurant brands across Canada. Under our agreement, we will provide a full suite of solutions for approximately 90 restaurant sites, with the opportunity to contract an additional 90-plus franchisee sites in the future. Our comprehensive solution will enable this customer to streamline operations and significantly improve business agility, allowing them to execute on their growth opportunities and scale their business.

在我們的企業部門內，我們與一家大型北美酒店集團簽署了一項新的多年期協議，為 Voyix 商務平台提供 Aloha Essentials 給加拿大各地的六個以上餐廳品牌。根據我們的協議，我們將為大約 90 家餐廳場所提供全套解決方案，並有機會在未來與另外 90 多家特許經營場所簽訂合約。我們的全面解決方案將使該客戶能夠簡化營運並顯著提高業務敏捷性，從而使他們能夠抓住成長機會並擴展業務。

This quarter, we also rolled out our digital ordering platform solutions for a long time, large fast-casual restaurant customer across 2,000-plus domestic locations. This customer leveraged our platform to power their new digital ordering strategy in the third quarter of 2023.

本季度，我們也為國內 2,000 多個地點的長期大型休閒快餐餐廳客戶推出了數位訂餐平台解決方案。該客戶利用我們的平台在 2023 年第三季支援他們的新數位訂購策略。

As of today, they have fully implemented our solutions, including our online and mobile ordering services, order monitoring and menu management to integrate the customer experience across the physical and digital channels. Our technology will be integral to their digital transformation for their end customers while also lowering their operating costs.

截至今天，他們已經全面實施了我們的解決方案，包括我們的線上和行動訂購服務、訂單監控和菜單管理，以整合實體和數位管道的客戶體驗。我們的技術將成為最終客戶數位轉型不可或缺的一部分，同時也能降低他們的營運成本。

Lastly, in our mid-market business, we continued to execute on our growth efforts, signing more than 220 new logos. Our payment sites for this segment continued to increase as well with 98% of the new mid-market customers signed attaching payments to their point-of-sale contracts.

最後，在我們的中階市場業務中，我們繼續執行成長努力，並簽署了 220 多個新徽標。我們針對該細分市場的支付網站也在增加，98% 的新中端市場客戶簽署了將付款附加到其銷售點合約中。

Turning to our retail segment on slide 10. This quarter, we signed two enterprise customers and 45 mid-market customers leading to nearly 800 additional sites. We also increased our platform sites by 70% as we continued to convert on-premise customers and onboard newly signed customers. Software ARR increased 6% and total ARR increased 4% attributed to the powerful impact of attaching to the platform.

轉向幻燈片 10 上的零售部門。隨著我們繼續轉換本地客戶和吸引新簽約客戶，我們的平台站點數量也增加了 70%。由於附加到平台的強大影響，軟體 ARR 增加了 6%，總 ARR 增加了 4%。

In our enterprise business, we signed a new multiyear agreement with a large wholesale grocery supplier and grocery store operator in the United States. Under our agreement, we will provide this customer with our full suite of retail platform solutions, including point-of-sale, next-gen self-checkout and customer loyalty for 10,000 lanes across 600 of their newly acquired stores.

在我們的企業業務中，我們與美國一家大型雜貨批發供應商和雜貨店營運商簽署了一項新的多年協議。根據我們的協議，我們將為該客戶提供全套零售平台解決方案，包括銷售點、下一代自助結帳和客戶忠誠度，涵蓋其新收購的 600 家商店的 10,000 條通道。

We also expanded our relationship with a long-standing fuel and convenience customer of NCR Voyix. By the end of 2025, we will connect their entire store footprint of approximately 3,500 lanes across Canada to the platform to modernize their point-of-sale solution. Following the migration, we'll work to cross-sell additional solutions.

我們也擴大了與 NCR Voyix 的長期燃料和便利客戶的關係。到 2025 年底，我們將把他們遍布加拿大的整個商店（約 3,500 個通道）連接到該平台，以實現銷售點解決方案的現代化。遷移後，我們將努力交叉銷售其他解決方案。

Lastly, we renewed and expanded our services agreement with one of our largest retail customers following our successful execution to support their holiday traffic across more than 5,000 sites, consisting of 200,000 lanes. As a result of our performance, this customer not only renewed their contract with us for an additional three years, but expanded the scope of the agreement to include additional services.

最後，在成功執行後，我們與最大的零售客戶之一續約並擴大了我們的服務協議，以支援他們在超過 5,000 個站點（包括 200,000 條車道）的假日客流量。由於我們的表現，該客戶不僅與我們續簽了三年的合同，而且還擴大了協議範圍以包括額外的服務。

Turning to slide 11. Our Digital Banking business demonstrated strong financial and operational performance this quarter. Compared to the prior year, revenue increased 9% and adjusted EBITDA increased 17%.

轉向幻燈片 11。與前一年相比，營收成長 9%，調整後 EBITDA 成長 17%。

Registered users grew 4% to 29 million and the number of active users grew 3% to 20 million, while segment ARR increased 9%. As I stated earlier, we anticipate the sale of Digital Banking to close by year end. We will continue to support the transition of the business to Veritas Capital beyond year end.

註冊用戶成長 4%，達到 2,900 萬，活躍用戶數量成長 3%，達到 2,000 萬，而細分市場 ARR 成長 9%。正如我之前所說，我們預計數位銀行業務的出售將在年底前完成。我們將在年底後繼續支持該業務向 Veritas Capital 的過渡。

With that, I will turn it over to Brian, who will discuss our second quarter financial performance and the financial impact of the transactions announced today.

接下來，我將把它交給布萊恩，他將討論我們第二季的財務表現以及今天宣布的交易的財務影響。

Thank you, David, and good morning, everyone. I will begin my remarks today by discussing the financial impact of the strategic actions announced this morning before commenting on our second quarter results, our updated 2024 outlook and a pro forma view of the company giving effect to the strategic actions.

謝謝大衛，大家早安。我今天的發言將首先討論今天上午宣布的策略行動的財務影響，然後評論我們的第二季業績、更新的 2024 年展望以及公司實施策略行動的預期觀點。

I will start with the sale of the Digital Banking business on slide 13. As David mentioned, we have entered into a definitive agreement to sell our Digital Banking business for $2.45 billion plus a potential contingent consideration of up to $100 million. This reflects a 20 times multiple on the last 12 months of adjusted free cash flow.

我將從幻燈片13 上出售數位銀行業務開始。 。這反映了過去 12 個月調整後自由現金流的 20 倍。

Upon closing, we intend to use the proceeds primarily to pay down our debt, including all outstanding amounts under our term loan, repurchase of certain bonds and to terminate our AR facility. These efforts are designed to result in a net leverage ratio of approximately two turns based on our pro forma 2024 adjusted EBITDA.

交易完成後，我們打算將所得款項主要用於償還我們的債務，包括我們定期貸款項下的所有未償還金額、回購某些債券以及終止我們的應收帳款安排。這些努力旨在根據我們預計的 2024 年調整後 EBITDA 實現約兩倍的淨槓桿率。

This will reduce the net interest expense of the company. The net impact of the interest reduction and our cost takeout will offset the cash flow impact from the divestiture.

這將減少公司的淨利息支出。減息和成本削減的淨影響將抵銷剝離對現金流的影響。

Turning to hardware. As David indicated, we have executed an agreement with a leading manufacturer to provide hardware solutions to our valued customers. Once implemented, Ennoconn will design, manufacture, warranty, supply and ship self-checkout and point-of-sale hardware directly to the customer. We will continue to sell hardware to our customers as an agent and expect to record commission revenue from these hardware sales on a net basis.

轉向硬體。正如 David 所言，我們已與一家領先的製造商簽署了一項協議，為我們尊貴的客戶提供硬體解決方案。一旦實施，Ennoconn 將設計、製造、保固、供應並向客戶直接運送自助結帳和銷售點硬體。我們將繼續以代理身份向客戶銷售硬件，並期望以淨額記錄這些硬件銷售的佣金收入。

These revenues are expected to be modestly lower than the net margins from past hardware sales. We have retained the IP on all designs pertaining to point-of-sale and self-checkout hardware.

預計這些收入將略低於過去硬體銷售的淨利潤。我們保留了與銷售點和自助結帳硬體相關的所有設計的知識產權。

With the exit of the ATM and Digital Banking businesses and the modification of our hardware go-to-market structure, the company is aligning corporate cost and support services to reflect the new reality of our leaner organization. As such, at the end of Q2, we eliminated 800 staff totaling $75 million of annualized payroll costs comprised of operating and capital costs.

隨著 ATM 和數位銀行業務的退出以及我們硬體上市結構的修改，公司正在調整企業成本和支援服務，以反映我們更精簡組織的新現實。因此，在第二季末，我們裁減了 800 名員工，年化工資成本總計 7,500 萬美元，其中包括營運和資本成本。

'Additional work is underway to identify another $30 million of nonpayroll costs expected to be eliminated over time once the divestiture has closed and the ODM model is implemented. This will continue to be a core focus of the company as we look to accelerate our retail and restaurant performance.

「額外的工作正在進行中，以確定另外 3000 萬美元的非工資成本，預計一旦剝離結束並實施 ODM 模式，這些成本將隨著時間的推移而消除。當我們尋求加快零售和餐廳業績時，這將繼續成為公司的核心關注點。

This program is incremental to the transformation initiatives that we laid out at the time of the Atleos spin. Those have largely been achieved and are included in our run rate cost structure today.

該計劃是我們在 Atleos 旋轉時制定的轉型計劃的增量。這些已基本實現，並已包含在我們今天的運行率成本結構中。

Turning to our Q2 results on slide 14. I would like to remind you that the spinoff of NCR Atleos has created complexity in our reported results. Thus, we are providing normalized results that exclude the impact of these spin-related items and the impact of the divestitures completed in 2023. My Q2 commentary will primarily focus on these normalized results.

轉向投影片 14 上的第二季結果。因此，我們提供的標準化結果排除了這些與旋轉相關的項目的影響以及 2023 年完成的資產剝離的影響。

For the company, both reported and normalized revenue was $876 million, reflecting the previously discussed decline in hardware revenue and the adverse impact of a $10 million out-of-periods adjustment primarily to software and services revenue. This adjustment had a $3 million impact on our retail and restaurant segments and a $7 million impact on corporate and other. Excluding this item, our results were as expected.

對於該公司來說，報告收入和標準化收入均為 8.76 億美元，反映了先前討論的硬體收入下降以及主要針對軟體和服務收入的 1000 萬美元期外調整的不利影響。這項調整對我們的零售和餐飲部門產生了 300 萬美元的影響，對企業和其他部門產生了 700 萬美元的影響。排除這個項目，我們的結果符合預期。

Reported and normalized software revenue was $397 million, was flat versus the prior year and increased 5% excluding the out-of-periods adjustment and a software true-up payment from Q2 of 2023. Reported and normalized services revenue was $259 million. Normalized services revenue decreased 2% due to lower onetime hardware implementations.

報告和標準化軟體收入為 3.97 億美元，與上年持平，但不包括期外調整和 2023 年第二季的軟體調整付款。由於一次性硬體實施量減少，標準化服務收入下降了 2%。

Adjusted EBITDA was $144 million; on a normalized basis, $145 million. This was in line with our expectations. Reported adjusted EBITDA margin was 16.4%, and normalized adjusted EBITDA margin was 16.6%. Adjusted earnings per share for the quarter was $0.09, which reflected a non-GAAP tax rate of 59%.

調整後 EBITDA 為 1.44 億美元；以標準化計算，為 1.45 億美元。這符合我們的預期。報告調整後 EBITDA 利潤率為 16.4%，標準化調整後 EBITDA 利潤率為 16.6%。該季度調整後每股收益為 0.09 美元，反映了 59% 的非 GAAP 稅率。

Please turn to slide 15, which details our segment results for the quarter. Beginning with our restaurant segment, reported and normalized software revenue was $85 million in the second quarter, an increase of 2%, excluding the onetime prior periods adjustment and flat as reported. Reported and normalized services revenue was $70 million, flat compared with the prior year.

請參閱投影片 15，其中詳細介紹了我們本季的部門業績。從我們的餐廳部門開始，第二季報告和標準化軟體收入為 8,500 萬美元，成長 2%，不包括一次性的前期調整和報告持平。報告和標準化服務收入為 7000 萬美元，與去年持平。

Total segment revenue of $201 million declined 9% on a normalized basis, reflecting the expected declines in hardware. Restaurants had a solid profit performance with adjusted EBITDA of $62 million, increasing 22%; and a margin of 30.8%, expanding 760 basis points on a normalized basis. These results were driven primarily by mix and our transformation initiatives.

部門總收入為 2.01 億美元，在正常基礎上下降 9%，反映了硬體的預期下降。餐廳利潤表現穩健，調整後 EBITDA 為 6,200 萬美元，成長 22%；利潤率為 30.8%，在標準化基礎上擴大了 760 個基點。這些結果主要是由組合和我們的轉型措施所推動的。

Turning to retail. Software revenue was $156 million, which increased 3% when adjusting for the onetime software true-up of $14 million in Q2 of 2023. Software revenue as reported decreased 5% from the prior year due to the software true-up. Services revenue was $187 million, a decrease of 3% due to lower onetime hardware installation services.

轉向零售。軟體收入為 1.56 億美元，在對 2023 年第二季度 1400 萬美元的一次性軟體調整進行調整後，增長了 3%。由於一次性硬體安裝服務減少，服務收入為 1.87 億美元，下降 3%。

Total retail revenue declined 7% on a normalized basis due to the expected declines in hardware. Adjusted EBITDA of $87 million declined 24% on a normalized basis due to hardware declines and the onetime software true-up.

由於硬體的預期下降，零售總收入在正常基礎上下降了 7%。由於硬體下降和一次性軟體調整，調整後 EBITDA 為 8700 萬美元，在正常情況下下降了 24%。

Digital Banking revenue increased 9% for the quarter, exceeding our expectations as we continued to demonstrate cross-sell momentum and onboard previously signed customers. Adjusted EBITDA increased 17% and margin expanded by 260 basis points, driven by operating leverage and the transformation initiatives we previously discussed on our Q1 call.

本季數位銀行營收成長 9%，超出了我們的預期，因為我們繼續展現交叉銷售動能並吸引了先前簽約的客戶。在營運槓桿和我們先前在第一季電話會議中討論的轉型舉措的推動下，調整後的 EBITDA 成長了 17%，利潤率成長了 260 個基點。

Lastly, I'd like to spend a moment on our corporate and other line. In Q2, adjusted corporate expenses for the quarter amounted to $67 million, which included $23 million of spin-related synergies. Corporate and other also included $2 million of revenue associated with our commercial agreements with Atleos, which we have now exited.

最後，我想花一點時間談談我們的公司和其他方面。第二季度，調整後的公司支出為 6,700 萬美元，其中包括 2,300 萬美元的分拆相關綜效。企業及其他收入還包括與我們與 Atleos 的商業協議相關的 200 萬美元收入，但我們現已退出該協議。

Please turn to slide 16. We ended the quarter with 4.1 times net leverage, $2.6 billion of debt and $204 million of cash. As of June 30, under our $500 million revolving credit facility, we had drawn $136 million. Our adjusted free cash flow for the quarter was a use of $26 million, which includes the adverse impact of spend associated with our transformation and restructuring initiatives and the strategic actions.

請參閱投影片 16。截至 6 月 30 日，根據我們 5 億美元的循環信貸額度，我們已提取 1.36 億美元。本季度調整後的自由現金流使用了 2,600 萬美元，其中包括與我們的轉型和重組舉措以及戰略行動相關的支出的不利影響。

Turning to slide 17. We have updated our 2024 guidance to remove the revenue and adjusted EBITDA associated with the Digital Banking business, which will be treated as discontinued operations for the full year and all prior periods beginning in the third quarter.

轉向投影片 17。

We also anticipate hardware revenue and related install services will be lower through the balance of the year as a result of the announcement of the ODM transaction, coupled with continued macro trends. As a result, we now expect revenue for the year to be between $2.805 billion and $2.86 billion.

我們也預計，由於 ODM 交易的宣布以及持續的宏觀趨勢，今年剩餘時間的硬體收入和相關安裝服務將有所下降。因此，我們現在預計今年的營收將在 28.05 億美元至 28.6 億美元之間。

We now have also separated software and services revenue. Software revenue is expected to be between $1 billion and $1.02 billion. Services revenue is expected to be between $1.04 billion and $1.06 billion. And hardware revenue is expected to be between $765 million and $780 million.

我們現在也分開了軟體和服務收入。軟體收入預計在 10 億美元至 10.2 億美元之間。服務收入預計在 10.4 億美元至 10.6 億美元之間。硬體收入預計在 7.65 億美元至 7.8 億美元之間。

Adjusted EBITDA is expected to be between $355 million and $375 million, reflecting a margin of 12.6% to 13.1%. We will reinstate our free cash flow and adjusted EPS guidance beginning in 2025 once the transactions announced today have closed and we allocate the incoming proceeds.

調整後 EBITDA 預計在 3.55 億美元至 3.75 億美元之間，利潤率為 12.6% 至 13.1%。一旦今天宣布的交易結束並分配收到的收益，我們將從 2025 年開始恢復自由現金流和調整後的每股盈餘指引。

More importantly, turning to slide 18, we have presented a pro forma view of our outlook that reflects the full year impact of the transactions and cost initiatives utilizing the midpoint of the updated 2024 guidance. These pro forma revenue and adjusted EBITDA levels will be the starting point for our growth targets in 2025.

更重要的是，轉向幻燈片 18，我們提出了展望的預期觀點，反映了利用更新的 2024 年指導中點的交易和成本計劃的全年影響。這些預期營收和調整後的 EBITDA 水準將成為我們 2025 年成長目標的起點。

We anticipate pro forma revenue will be approximately $2.15 billion. This reflects moving to net revenue recognition for hardware as a result of the ODM transaction and the exit of our commercial agreements with Atleos.

我們預計預計收入約為 21.5 億美元。這反映出由於 ODM 交易以及我們與 Atleos 商業協議的退出而轉向硬體的淨收入確認。

We anticipate pro forma adjusted EBITDA will be approximately $430 million. This reflects a reduction of $10 million from moving to the ODM model and a $35 million benefit from the full year run rate impact of the payroll-related cost actions that we have already taken. It also includes a $40 million benefit related to vendor cost reductions and the termination of our AR facility. This results in an adjusted EBITDA margin of approximately 20%.

我們預計預計調整後 EBITDA 約為 4.3 億美元。這反映了由於轉向 ODM 模式而減少了 1000 萬美元，並且我們已經採取的與工資相關的成本行動對全年運行率的影響帶來了 3500 萬美元的收益。它還包括與降低供應商成本和終止我們的 AR 設施相關的 4000 萬美元收益。這導致調整後的 EBITDA 利潤率約為 20%。

Following the closing of the Digital Banking divestiture, anticipated debt pay-down and our cost actions, we expect pro forma net leverage to be approximately two turns. Our anticipated pro forma adjusted free cash flow is expected to be approximately $170 million, representing a roughly 40% conversion rate or a 12 to 15 percentage point improvement from our initial 2024 guidance.

在數位銀行業務剝離結束、預期債務償還和我們的成本行動之後，我們預計淨槓桿率預計將約為兩圈。我們預計調整後自由現金流約為 1.7 億美元，轉換率約為 40%，比我們最初的 2024 年指引提高 12 至 15 個百分點。

Today's announcements represent a significant step forward for the company. Following the closing of these transactions, we will meaningfully improve the strength of our balance sheet and our free cash flow conversion. I am encouraged by the progress we have made on our strategic initiatives and look forward to focusing on the company's growth objectives.

今天的公告標誌著該公司向前邁出了重要一步。這些交易完成後，我們將有意義地提高我們的資產負債表實力和自由現金流轉換。我對我們在策略性舉措上取得的進展感到鼓舞，並期待著專注於公司的成長目標。

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) Will Nance, Goldman Sachs.

（操作員指示）Will Nance，高盛。

I wanted to go ahead and ask -- oh, and congrats on all of the strategic announcements. I wanted to ask on the pro forma balance sheet at roughly 2 times EBITDA, it sounds like somewhere in the 4 to 5 times free cash flow. Just how are you thinking about capital allocation and sort of steady-state targeted leverage once the transaction is completed?

我想繼續問——哦，祝賀所有的策略公告。我想問預計資產負債表上大約是 EBITDA 的 2 倍，聽起來像是自由現金流的 4 到 5 倍。交易完成後，您如何考慮資本配置和穩態目標槓桿？

Yes. So thanks, Will. So right now, we think that 2 times net leverage is the right target. And as we think about capital allocation, we would continue to invest in CapEx for our products and platform. We'd consider tuck-in acquisitions to add capabilities to the platform that we can then provide to our customer base.

是的。謝謝，威爾。因此，目前我們認為 2 倍淨槓桿是正確的目標。當我們考慮資本配置時，我們將繼續投資於我們的產品和平台的資本支出。我們會考慮進行收購，以增加平台的功能，然後我們可以將這些功能提供給我們的客戶群。

And lastly, we'd start to consider share repurchase on a go-forward basis once we get through allocating the current proceeds.

最後，一旦我們完成了當前收益的分配，我們將開始考慮在未來的基礎上回購股票。

Got it. I appreciate that. And then just as a quick follow-up, and I apologize if I missed this, a lot of details this morning. Could you just clarify, are there any considerations for like stranded costs or dis-synergies associated with the transaction? And just are those included in sort of the pro forma numbers?

知道了。我很感激。然後作為一個快速跟進，如果我錯過了今天早上的許多細節，我深表歉意。您能否澄清一下，是否有任何考慮因素，例如與交易相關的擱淺成本或綜效？這些是否包含在預計數字中？

Yes, there's roughly $20 million of corporate costs to become stranded. In the first year, we'll get coverage of a portion of that through the TSA and it's all been considered in the modeling, and we will then remove the cost as the TSA rolls off.

是的，企業陷入困境會造成約 2,000 萬美元的成本。在第一年，我們將透過 TSA 覆蓋其中的一部分，並且所有這些都已在建模中考慮在內，然後隨著 TSA 的結束，我們將消除成本。

Mayank Tandon, Needham & Company.

Mayank Tandon，李約瑟公司。

Maybe for Brian first. Brian, just looking at slide 17, again, trying to digest all the news today, wanted to ask you are you also in any way changing your forecast for the restaurants and retail segments? Just looking at the numbers, I see that you obviously take out the impact of the Digital Banking fees. But just want to make sure there is no change, or if there is a change, if you could just kind of quantify it on the restaurant and retail side of the business.

也許首先是為了布萊恩。 Brian，再次查看投影片 17，試圖消化今天的所有新聞，想問您是否也以任何方式改變您對餐廳和零售領域的預測？只要看一下數字，我就發現您顯然已經排除了數位銀行費用的影響。但只是想確保沒有變化，或者如果有變化，您是否可以在餐廳和零售業務方面對其進行量化。

Sure, Mayank. So if you look at slide 17, the $630 million to $635 million on the software line is removing the revenue for Digital Banking. And then the $30 million to $35 million in services in the hardware line, those are related to retail and restaurants and the hardware pressure we're seeing in the second half plus we've derisked it a bit because of the ODM announcement.

當然，瑪雅克。因此，如果你看一下投影片 17，你會發現軟體產品線上的 6.3 億至 6.35 億美元正在消除數位銀行的收入。然後是硬體產品線中 3000 萬至 3500 萬美元的服務，這些與零售和餐廳以及我們在下半年看到的硬體壓力有關，而且由於 ODM 的宣布，我們已經降低了它的風險。

And then from an EBITDA perspective, if you look at the EBITDA change, $258 million is related to Digital Banking and the rest is the hardware pressure, partially offset by the added cost actions.

然後從 EBITDA 的角度來看，如果你看看 EBITDA 的變化，就會發現 2.58 億美元與數位銀行相關，其餘的是硬體壓力，部分被增加的成本行動所抵銷。

Got it. Very helpful. That clears that up. And then the next question, maybe more just around the deleveraging. What is sort of the flow-through, or over the course of time, how do you delever -- given are there any restrictions -- let me ask you this way.

知道了。很有幫助。這就清楚了。然後下一個問題，可能更多地圍繞去槓桿化。流動性是怎樣的，或者隨著時間的推移，你如何去槓桿化——考慮到有任何限制——讓我這樣問你。

Are there any sort of restrictions on sort of the debt where you might not be able to pay down certain portions, certain portions you can. So I just want to understand the dynamics of how that deleveraging will take place over time.

對於某些債務是否有任何限制，您可能無法償還某些部分，但您可以償還某些部分。所以我只想了解去槓桿化隨著時間的推移將如何發生的動態。

Yes. So our plan is to pay off the Term Loan A and the revolver balance and then to take out a portion of the senior notes and we're going to terminate the AR facility, which is $300 million. So that's how we plan to use the incoming proceeds.

是的。因此，我們的計劃是還清定期貸款 A 和循環餘額，然後取出一部分優先票據，我們將終止 3 億美元的 AR 貸款。這就是我們計劃如何使用收到的收益。

And no restrictions, Mayank, on what -- how we use the proceeds.

Mayank，對於我們如何使用收益沒有任何限制。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾，D.A.戴維森。

A couple of questions. What's changed in the hardware environment relative to 90 days ago? And if you can delineate between the retail side of things in terms of both point-of-sale and self-checkout and then also touch on the restaurant business separately from retail.

有幾個問題。與90天前相比，硬體環境發生了哪些變化？如果您可以從銷售點和自助結帳兩個方面來劃分零售方面，然後再將餐飲業務與零售分開。

Yes, a couple of things. The recovery of the hardware market is much of a change or the lack of a change. There hasn't been the recovery. We're still seeing the large enterprise clients sweat those assets a little longer and not go through the refresh cycle.

是的，有幾件事。硬體市場的復甦是變化很大還是缺乏變化。還沒有恢復。我們仍然看到大型企業客戶使用這些資產的時間更長，並且沒有經歷更新周期。

Part of the reason we did the strategic transaction that we did with Ennoconn is to reduce the variability. As we focus on software and services, that hardware variability and volatility will become much less relevant in our overall numbers. And it's a pretty good mix between SCO and POS, probably equal in terms of what we're seeing on the refresh rate decline and it's fairly equal across restaurant and retail as well. It's just a general enterprise market trend that we're seeing.

我們與 Ennoconn 進行策略交易的部分原因是為了減少變異性。當我們專注於軟體和服務時，硬體的可變性和波動性在我們的總體數字中將變得不那麼重要。這是 SCO 和 POS 之間非常好的組合，就我們所看到的刷新率下降而言可能是相等的，而且在餐廳和零售業中也相當相等。這只是我們看到的一般企業市場趨勢。

And then as you think about the Digital Banking sale, is there -- does any of Voyix's debt go away and exit the company and stay with Digital Banking? Or does Voyix retain all of the indebtedness that obviously you'll be working down with transactional proceeds? I just want to be very clear on the capital structure.

然後，當您考慮數位銀行業務出售時，Voyix 的任何債務是否會消失並退出公司並留在數位銀行業務？或者 Voyix 會保留所有債務，顯然您將用交易收益來償還這些債務？我只是想非常清楚地了解資本結構。

Yes. It's debt-free and we retain the debt and pay -- we had and we'll pay it down with the proceeds.

是的。它是無債務的，我們保留債務並支付——我們有，我們將用收益償還它。

Parker Lane, Stifel.

帕克巷，斯蒂菲爾。

Just wanted to double back to the hardware ODM model and relate that to the $135 million to $170 million decline in hardware guidance. Can you talk about how much of that's related to that hardware ODM model that you guys just announced versus the broader market trends that you just talked about?

只是想回到硬體 ODM 模型，並將其與硬體指導下降 1.35 億美元至 1.7 億美元聯繫起來。您能否談談其中有多少與您剛剛宣布的硬體 ODM 模型以及您剛才談到的更廣泛的市場趨勢相關？

Yes. I would say the majority of it is related to the macro environment and the trends that we're seeing across retail and restaurants and the lack of recovery. And then we've discounted it maybe 30% more given the ODM transition and the risk that, that could create. So I would think about it as 70-30.

是的。我想說，其中大部分與宏觀環境以及我們在零售和餐飲業看到的趨勢以及缺乏復甦有關。然後，考慮到 ODM 轉型以及可能產生的風險，我們可能會再打折 30%。所以我認為是 70-30。

Understood. Appreciate the color. And then on the $75 million of cost savings or 800 employees that -- or the roles that were eliminated at the end of 2Q, can you just provide a little color on what aspects of the organization were most impacted by that cost savings initiatives?

明白了。欣賞顏色。然後，關於 7500 萬美元的成本節省或 800 名員工，或者在第二季度末取消的角色，您能否提供一些關於組織的哪些方面受到成本節省計劃影響最大的信息？

Yes. We focused on roles that were noncustomer-facing. I mean, we're clearly doubling down on what we're doing in sales activity as we described in our prepared remarks. So these were a lot of back office corporate functions and we were getting ahead of the stranded cost that we knew would be left in the business with the two transactions that we announced so we were really just getting ahead of those.

是的。我們專注於非面向客戶的角色。我的意思是，正如我們在準備好的評論中所描述的那樣，我們顯然正在加倍努力進行銷售活動。因此，這些都是許多後台公司職能，我們知道我們宣布的兩筆交易將在業務中留下擱淺成本，所以我們實際上只是提前了這些成本。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾，奧本海默。

Just wanted to talk on the services side, I guess two questions on that. Anything changed with the new outsourcing agreement? Anything for like the trajectory of growth or anything like that or ability to service different parts made by other people? And then as far as -- yes, then I'll ask follow-up.

只是想談談服務方面，我想有兩個問題。新的外包協議有什麼變化嗎？諸如成長軌跡之類的東西，或類似的東西，或為其他人製造的不同零件提供服務的能力？然後至於——是的，然後我會詢問後續情況。

Yes. So when I look at our services business overall, that's clearly a core piece of what helps us differentiate ourselves in the market. 80% of that services business that Brian described in the pro forma is recurring. We purposefully selected a partner that would allow us to maintain the servicing relationships with our clients. So that -- obviously, that was critical in how we maintained -- or how we did the selection and we maintained all the IP in that transaction.

是的。因此，當我整體審視我們的服務業務時，這顯然是幫助我們在市場上脫穎而出的核心部分。 Brian 在準備考試中描述的服務業務中有 80% 是重複性的。我們有目的地選擇了一個能讓我們與客戶維持服務關係的合作夥伴。因此，顯然，這對於我們如何維護或我們如何進行選擇以及維護該交易中的所有智慧財產權至關重要。

So when we look at this overall, outside of the onetime installs that go with some of the decline we're seeing in the macro market trend and particularly some of the maybe hardware-only sales that will be less in focus for us, clearly we don't see a big impact to the services business. And today, we actually service -- almost over 50% of our recurring services revenue is on non-NCR Voyix hardware today. So it's already third-party. So we just see this as the next extension of the strategy that we've been executing.

因此，當我們總體來看時，除了我們在宏觀市場趨勢中看到的一些下降所伴隨的一次性安裝之外，特別是一些可能不太受我們關注的純硬體銷售，顯然我們認為服務業務不會受到太大影響。今天，我們實際上提供服務——幾乎超過 50% 的經常性服務收入來自非 NCR Voyix 硬體。所以它已經是第三方了。因此，我們將其視為我們一直在執行的策略的下一個延伸。

Okay. And then just a follow-up on that. As far as the services, if we're seeing a slowdown in hardware or sweating, I think, of the assets you have mentioned, does that then mean you're going to get incremental services work from that? And if so, what's kind of the ratio? So every dollar you might lose on the hardware side, it will return into x amount of services revenues?

好的。然後是後續行動。就服務而言，如果我們看到硬體放緩或你提到的資產出現問題，這是否意味著你將從中獲得增量服務工作？如果是的話，比例是多少？那麼，您在硬體方面可能損失的每一美元，都會轉化為 x 數量的服務收入？

And then also if you could just touch upon leverage ratio as far as like ultimate leverage ratio and where you want to be?

然後，您是否可以談談槓桿率以及最終槓桿率以及您想要達到的水平？

Yes, I'll take the service, the hardware. So yes, the bottom line is if you sweat assets longer, they break more and services revenues go up. I would say there's a direct correlation, I'm not looking at a one-to-one dollar replacement or whatever for the hardware that we lose.

是的，我會接受服務和硬體。所以，是的，最重要的是，如果你更長時間地消耗資產，它們會損壞更多，服務收入也會增加。我想說這是直接相關的，我並不是在尋找一對一的美元替代品或其他我們失去的硬體。

Where we will be focused and where our sales teams will focus is on software and services, specifically, and then we'll pull through hardware where customers need it to complete a solution and that's where the referral arrangement back to the ODM partner will come into play.

具體而言，我們和我們的銷售團隊將專注於軟體和服務，然後我們將在客戶需要的地方提供硬體來完成解決方案，這就是將推薦安排回 ODM 合作夥伴的地方玩。

But I do see continued growth in services as we look through the back half of the year as we described. As we've separated those things out, we're looking at both software and services area or we see services area growing in the back half of the year. Brian, do you want to talk about capital?

但正如我們所描述的那樣，當我們回顧今年下半年時，我確實看到了服務業的持續成長。當我們將這些事情分開時，我們正在關注軟體和服務領域，或者我們看到服務領域將在今年下半年成長。布萊恩，你想談談資本嗎？

Yes. So the two turns of net leverage is the current view and what seems we expect at the company at this point.

是的。因此，淨槓桿率的兩輪變化是目前的觀點，也是我們目前對公司的預期。

Yes. I think that gives us flexibility and options as we turn to growth. In terms of -- in 2025, we'll get these transactions as we described, the Digital Banking transaction will close before the year end. We'll move to the ODM model for hardware. That will take effect year end going into January 1.

是的。我認為這為我們轉向成長提供了靈活性和選擇。就 2025 年而言，我們將按照我們的描述進行這些交易，數位銀行交易將在年底前完成。我們將轉向硬體的 ODM 模型。該規定將於年底至 1 月 1 日生效。

So we'll get those transactions behind us, and then that gives us a lot of options to look at 2025 with a clean balance sheet.

因此，我們將把這些交易拋在腦後，然後這給我們提供了許多選擇，讓我們可以以乾淨的資產負債表來展望 2025 年。

(Operator Instructions) Erik Woodring, Morgan Stanley.

（操作指示）Erik Woodring，摩根士丹利。

Congrats on all the announcements this morning. I realize that there is a lot of moving pieces, but Digital Banking was kind of viewed as the growth stalwart of your existing business. Can you maybe share some early thoughts just on how to think about the multiyear growth EBITDA and margin trajectory of this business? Obviously, you shared a lot of details over the last 6 to 12 months following the spin from Atleos. How relevant are those?

祝賀今天早上發布的所有公告。我意識到有很多變化，但數位銀行被視為現有業務的成長支柱。您能否分享一些關於如何看待該業務的多年增長 EBITDA 和利潤軌蹟的早期想法？顯然，在 Atleos 剝離後的過去 6 到 12 個月裡，您分享了許多細節。這些有多大相關性？

I imagine not as much, but even maybe just at the segment level, given some of the changes to the hardware model, it seems like some of the prior revenue and EBITDA margin guidance by segment might change. So just any updates that you have on how to think about this maybe longer term over a multiyear period, at least initially, would be helpful. And then I have a follow-up.

我想不會那麼多，但即使只是在細分市場層面，考慮到硬體模型的一些變化，先前按細分市場劃分的收入和 EBITDA 利潤率指導似乎可能會發生變化。因此，您所掌握的有關如何在多年時間內（至少在最初）長期思考這個問題的任何更新都會有所幫助。然後我有一個後續行動。

Yes, Erik. If you look at the business overall, we came out at the beginning of this year and you looked at our top line because of the hardware volatility, and we were a top line negative grower. So we were not growing. We believe these transactions, even with Digital Banking included in that mix, we believe with these transactions as we go to 2025 and the new baseline that Brian's outlined in the pro forma that, that gives us the foundation that we'll grow off of. So yes, we will turn to growth when we go into 2025.

是的，埃里克。如果你從整體來看我們的業務，我們是在今年年初上市的，你會看到我們的營收是由於硬體波動而導致的，我們是營收負成長的。所以我們沒有成長。我們相信這些交易，即使數位銀行也包含在其中，我們相信隨著我們進入 2025 年，這些交易以及布萊恩在準備考試中概述的新基線將為我們的成長奠定基礎。所以，是的，進入 2025 年我們將轉向成長。

The deleveraging -- so the whole premise of the Digital Banking sale, I don't think is a surprise to you or anyone else. When we look at the feedback from the market around the ability to unlock value and the new perimeter when we spun out Atleos, we thought exposing it would give us the value. It didn't. So we had to unlock value in some way that we had committed to our shareholders.

去槓桿化——所以數位銀行銷售的整個前提，我認為你或其他任何人都不會感到驚訝。當我們查看市場對釋放 Atleos 的價值能力和新邊界的反饋時，我們認為暴露它會為我們帶來價值。事實並非如此。因此，我們必須以某種方式釋放我們向股東承諾的價值。

And we do, now we can delever the balance sheet. That gives us a lot of flexibility as we look into growth in 2025. We continue to invest in the platform and so the product is in really good shape. We're winning. When you look at software ARR and services ARR growth in the two businesses that are remaining, in retail and restaurant, the back half of the year looks like mid- to high single-digit ARR growth in both of those businesses.

我們確實這麼做了，現在我們可以去槓桿化資產負債表了。當我們展望 2025 年的成長時，這為我們提供了很大的靈活性。我們贏了。當您觀察零售和餐飲這兩個剩餘業務的軟體 ARR 和服務 ARR 成長時，您會發現，今年下半年這兩項業務的 ARR 成長看起來都是中高個位數。

So we're seeing the strength of our software and services focus. And as I described, as we get the go-to-market teams better aligned to cover the market, better incented to drive true growth, I mean, I think we'll continue to see growth in 2025.

因此，我們看到了我們的軟體和服務重點的優勢。正如我所描述的，隨著我們讓進入市場團隊更好地協調以覆蓋市場，更好地推動真正的成長，我的意思是，我認為我們將在 2025 年繼續看到成長。

Brian, I don't know if you want to give more detail?

Brian，我不知道你是否願意提供更多細節？

I would just say we're going to be primarily a software and services company, $2.15 billion, a 20% EBITDA margin, 40% free cash flow conversion with a strong balance sheet. So the profile of the business, the starting point, the pro forma profile is a great foundation to then grow off.

我只想說，我們將主要成為一家軟體和服務公司，規模為 21.5 億美元，EBITDA 利潤率為 20%，自由現金流轉換率為 40%，資產負債表強勁。因此，企業的概況、起點、準備概況是其發展的良好基礎。

Okay. That's helpful. And then maybe just as a follow-up. Obviously, a lot of moving pieces within what you've announced this morning. Can you just maybe help us understand how exactly you're accounting for the risk of disruption from these changes, both with customers, with some of your partners?

好的。這很有幫助。然後也許只是作為後續行動。顯然，你今天早上宣布的內容中有很多令人感動的內容。您能否幫助我們了解您究竟如何考慮這些變更所帶來的中斷風險​​（無論是與客戶或與您的某些合作夥伴）？

And any early feedback that, again, I don't know if you've gotten any feedback from partners or customers, but just any early feedback that you've gotten on some of these changes would be super helpful. And that's it for me.

任何早期反饋，同樣，我不知道您是否從合作夥伴或客戶那裡得到了任何反饋，但您從其中一些更改中獲得的任何早期反饋都會非常有幫助。對我來說就是這樣。

Sure. Clearly, we went into this very thoughtfully. We had three things -- three core things we needed to focus on. One was Digital Banking, monetizing that asset and getting the value back to our shareholders. Two was finding a way to solve the hardware volatility and get better focus on software and services.

當然。顯然，我們對此進行了深思熟慮。我們有三件事——我們需要關注的三件核心事情。其中之一是數位銀行，將資產貨幣化並將價值返還給我們的股東。二是找到解決硬體波動性的方法，並且更專注於軟體和服務。

And the third was we had to address costs as we got into this new structure.

第三，當我們進入這個新結構時，我們必須解決成本問題。

So we have executed on all three of the things that we said we needed to do and the right priority. So that's number one. So we had a thoughtful plan against that.

因此，我們已經執行了我們所說的需要做的所有三件事以及正確的優先事項。所以這是第一。所以我們有一個深思熟慮的計劃來應對這一點。

Part of that plan was having conversations with our big customers, having conversations with our partners, having conversations with the employees inside of the company that understand the business the best. When you look at the hardware transaction, the way we structured that allows us the maximum flexibility in terms of how we manage the relationships with those big clients.

該計劃的一部分是與我們的大客戶進行對話，與我們的合作夥伴進行對話，並與公司內部最了解業務的員工進行對話。當你觀察硬體交易時，我們的結構方式使我們在管理與這些大客戶的關係方面具有最大的靈活性。

So if they want one single provider of an end-to-end solution, we can still provide that to our clients and we've done that in a way that allows us to minimize disruption. And we can still offer them the complete service offerings and the platform technology to support that. So the feedback that we've heard has been positive to the customers that we've previewed this with.

因此，如果他們需要一家端到端解決方案提供商，我們仍然可以為我們的客戶提供該解決方案，並且我們這樣做的方式使我們能夠最大程度地減少干擾。我們仍然可以為他們提供完整的服務產品和平台技術來支援這一點。因此，我們聽到的回饋對於我們預覽過的客戶來說是正面的。

On the Digital Banking side, I think the customers are happy as well. We've had a handful of conversations with those customers last night, into this morning. So overall, the feedback has been really positive over the changes, and our customers understand what we're doing and why we're doing it and believe in the strength that it creates for us coming out of this.

在數位銀行方面，我認為客戶也很高興。昨晚到今天早上，我們與這些客戶進行了幾次交談。總的來說，對於這些變化的回饋非常積極，我們的客戶了解我們正在做什麼以及為什麼要這樣做，並相信它為我們帶來的力量。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾，D.A.戴維森。

I just want to add -- just a couple of follow-ups. Can you compare and contrast what you were doing from a hardware manufacturing sort of strategy previously and how and what exactly is changing with this other than the revenue recognition component only being the expected commission generation?

我只想補充一點——只是一些後續行動。您能否比較和對比您先前從硬體製造策略中所做的事情，以及除了收入確認部分僅是預期佣金產生之外，具體發生了什麼變化？

Yes. So what I would say is the -- we're now outsourcing design in addition to manufacturing. Ennoconn is also going to be taking inventory risk. They're going to be fulfilling and delivering to our customers, so doing all the logistics. They're going to be setting the MSRPs.

是的。所以我想說的是──除了製造之外，我們現在還外包設計。 Ennoconn 也將承擔庫存風險。他們將履行並交付給我們的客戶，從而完成所有的物流工作。他們將制定建議零售價。

So there's a lot of change in the relationship. We're really now acting as the sales agent and so there's a lot that's changing.

所以關係發生了很大的變化。我們現在實際上扮演的是銷售代理的角色，所以有很多事情正在改變。

We had a whole supply chain on our side for purchasing. We would do the design, we would purchase. Even though we did outsource manufacturing, this takes it one step further and it pushes all of our supply chain out to the third party.

我們擁有完整的採購供應鏈。我們會做設計，我們會購買。儘管我們將製造外包，但這又向前邁出了一步，將我們所有的供應鏈推向了第三方。

This concludes the question-and-answer session. I would like to turn the floor back over to David Wilkinson, NCR Voyix CEO, for closing comments.

問答環節到此結束。我想請 NCR Voyix 執行長 David Wilkinson 發表結束評論。

Thank you, everyone, for joining today. As I stated earlier, today's announcements represent another step on our journey to move the company forward and create incremental value for both our shareholders and our customers.

謝謝大家今天的加入。正如我之前所說，今天的公告代表了我們在推動公司前進並為股東和客戶創造增量價值的旅程中又邁出了一步。

I'd like to thank all of our NCR Voyix colleagues around the globe for their contribution to the progress we've made on delivering on our commitments.

我要感謝全球所有 NCR Voyix 同事為我們在履行承諾方面取得的進展所做的貢獻。

I would also like to reiterate my appreciation for our customers and the trust they put in us every day to help them achieve their strategic objectives. We remain committed to serving our restaurant and retail segments and bringing them on the platform journey.

我還要重申我對客戶的感謝以及他們每天對我們的信任，以幫助他們實現他們的策略目標。我們仍然致力於為我們的餐廳和零售部門提供服務，並讓他們踏上平台之旅。

Our new operational structure provides a more acute focus and fortifies our foundation to go from both within our existing base and through signing new customers. I look forward to updating you on our continued progress of our strategic initiatives and our execution of our growth objectives on our call in November Thank you.

我們新的營運結構提供了更敏銳的焦點，並透過現有基礎和簽約新客戶鞏固了我們的基礎。我期待在 11 月的電話會議上向您通報我們策略性舉措的持續進展以及成長目標的執行情況，謝謝。

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