NCR Voyix Corp (VYX) 2024 Q3 法說會逐字稿

(audio in progress) Forward looking statements during this call speak only as of the date of this call and we undertake no obligation to update them.

（音訊正在進行中）本次電話會議中的前瞻性陳述僅代表本次電話會議之日的觀點，我們不承擔更新這些陳述的義務。

In addition, we will be discussing and providing certain non-GAAP financial measures today, which we believe will provide additional clarity regarding our ongoing performance.

此外，我們今天將討論並提供某些非公認會計準則財務指標，我們相信這些指標將為我們持續的業績提供更清晰的說明。

For a full reconciliation of 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 Form 8-K filed this morning, and our supplemental materials available on the Investor Relations section of our website.

如需根據美國證券交易委員會 (SEC) 規定對本次電話會議中討論的非 GAAP 財務指標與最具可比性的 GAAP 指標進行全面對照，請參閱我們今天上午提交的 8-K 表附件中的新聞稿，以及我們網站投資者關係部分提供的補充材料。

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

說完這些，我現在想把電話轉給大衛。

David?

戴維？

Thanks, Alan, and good morning, everyone.

謝謝，艾倫，大家早安。

I would like to welcome all of you to our third-quarter 2024 earnings call.

歡迎大家參加我們的 2024 年第三季財報電話會議。

Before I begin, I'd like to welcome our newest Executive Vice President, Darren Wilson, to NCR Voyix.

首先，我想歡迎我們最新的執行副總裁 Darren Wilson 加入 NCR Voyix。

As you saw in our press release, Darren has joined to lead our international retail and restaurant businesses, primarily in Europe and Asia Pacific.

正如您在我們的新聞稿中看到的，Darren 已加入我們，領導我們的國際零售和餐飲業務，主要在歐洲和亞太地區。

This new leadership position will allow us to focus on expanding us into national presence and restaurants and retail.

這個新的領導職位將使我們能夠專注於拓展全國業務以及餐飲和零售業。

I'll now spend a few moments discussing our recent progress on the digital banking and hardware transactions announced in August, before commenting on our recent business performance and the company's go-forward objectives.

現在，我將花一點時間討論我們在 8 月宣布的數位銀行和硬體交易方面的最新進展，然後再評論我們最近的業務表現和公司未來的目標。

Brian will then review our financial results for the quarter and our outlook for the remainder of the year.

然後，布萊恩將回顧我們本季的財務表現以及今年剩餘時間的展望。

Beginning with digital banking.

從數位銀行開始。

We completed the sale on September 30, ahead of expectations.

我們於9月30日完成了銷售，提前完成了預期。

This was an important step in our plans to simplify the business and significantly improve our balance sheet with $2.45 billion in gross sale proceeds.

這是我們簡化業務並透過 24.5 億美元的總銷售收益顯著改善資產負債表的計劃中的重要一步。

After estimated taxes and fees of $437 million, we utilized approximately $1.8 billion of proceeds to reduce our indebtedness.

在扣除預計 4.37 億美元的稅費後，我們利用約 18 億美元的收益來減少債務。

Further, positive impact of these actions reduced our annual cash interest expense by approximately $95 million.

此外，這些行動的正面影響使我們的年度現金利息支出減少了約 9,500 萬美元。

Of the remaining proceeds, the company intends to utilize approximately $100 million to complete repurchases of common stock under its existing share repurchase program, which has an aggregate repurchase authority of up to $153 million and had been previously outlined in our public finance.

在剩餘的收益中，該公司打算利用約 1 億美元根據其現有的股票回購計劃完成普通股回購，該計劃的總回購權限高達 1.53 億美元，並且之前已在我們的公共財務中概述。

We believe this is the best use of proceeds given our current valuation.

我們相信，考慮到我們目前的估值，這是最佳的收益用途。

Brian will discuss the details of the remaining proceeds allocation later on the call.

Brian 將在稍後的電話會議上討論剩餘收益分配的細節。

For hardware, we anticipate the agreement to become effective by yearend and will provide Ennoconn certain transitional services until they are fully operational in 2025.

對於硬件，我們預計該協議將於年底生效，並將為 Ennoconn 提供某些過渡服務，直至 2025 年全面投入運營。

In connection with the transaction, we have jointly notified our affected employees who will be part of the new organization.

關於此交易，我們已聯合通知了受影響的員工，他們將成為新組織的一部分。

As a reminder, we will continue to sell hardware to our customers as a sales agent, and earn a commission on the sale, but all other aspects of the contracts, including design, manufacture, delivery and warranty, will be fulfilled by Ennoconn.

提醒一下，我們將繼續作為銷售代理向客戶銷售硬件，並從銷售中賺取佣金，但合約的所有其他方面，包括設計、製造、交付和保修，都將由 Ennoconn 履行。

Turning to our third quarter performance on a normalized basis, total revenue for the quarter was $708 million, a decline of 11%, driven primarily by lower hardware and hardware-related install services.

回顧我們第三季的業績，以正常化方式計算，本季總收入為 7.08 億美元，下降 11%，主要原因是硬體和硬體相關安裝服務收入下降。

Software and services revenue was flat when excluding the adverse impact of a onetime software true-up from the prior year.

如果排除上一年一次性軟體調整的不利影響，軟體和服務收入將持平。

Normalized adjusted EBITDA for the quarter was $101 million, driven by cost actions taken in the second quarter, coupled with sales mix.

本季調整後標準化 EBITDA 為 1.01 億美元，這得益於第二季採取的成本行動以及銷售組合。

As of the third quarter, we had approximately 70,000 sites on our cloud native commerce platform, an increase of 25% from the prior year.

截至第三季度，我們的雲端原生商務平台上擁有約 70,000 個站點，比上年增長了 25%。

Software ARR and total segment ARR increased 2% in the quarter.

本季度，軟體 ARR 和總分部 ARR 成長了 2%。

Turning to our restaurant segment.

轉向我們的餐廳部分。

In the third quarter, we continued to demonstrate momentum signing more than 230 new software customers and increasing our platform and payment sites by 4% and 12%, respectively.

第三季度，我們持續展現強勁勢頭，簽了 230 多家新軟體客戶，平台和支付網站分別成長了 4% 和 12%。

Software ARR and total ARR both increased 1% in the quarter.

本季軟體 ARR 和總 ARR 均成長了 1%。

Within our enterprise division, we executed 11 renewal and expansion agreements for both software and services solutions.

在我們的企業部門內，我們針對軟體和服務解決方案簽署了 11 份續約和擴充協議。

These included converting existing software customers representing more than 350 sites to our cloud native commerce platform.

其中包括將代表 350 多個站點的現有軟體客戶轉換為我們的雲端原生商務平台。

For example, we converted Cafe Rio, an Aloha user, to the platform at the time of renewal.

例如，我們在續約時將 Aloha 用戶 Cafe Rio 轉換到了這個平台。

We also expanded our platform contract with Hungry Jack's, to now include our value-added solution.

我們還擴大了與 Hungry Jack's 的平台合同，現在包括我們的增值解決方案。

Under our new agreement on Hungry Jack's, we will provide loyalty solutions for nearly 500 sites across Australia.

根據我們與 Hungry Jack's 達成的新協議，我們將為澳洲近 500 個站點提供忠誠度解決方案。

For services, we renewed and expanded our long-standing Help Desk contract with the global coffee chain this quarter.

在服務方面，本季我們與全球咖啡連鎖店續約並擴大了長期的服務台合約。

We have extended our monitoring and system services to their shops in Latin America while continuing to service their existing site base in the US and the UK.

我們已將監控和系統服務擴展到他們在拉丁美洲的商店，同時繼續為他們在美國和英國的現有站點提供服務。

Finally, we continue to execute against our payments attach strategy, both for enterprise and mid-market restaurants.

最後，我們將繼續執行我們的支付附加策略，無論是針對企業餐廳還是中型餐廳。

This quarter, we expanded agreements with two existing enterprise software customers to provide end-to-end payment capabilities across nearly 40 sites.

本季度，我們擴大了與兩家現有企業軟體客戶的協議，為近 40 個站點提供端到端支付功能。

At our mid-market business, our payments attach rate remained strong, with 97% of new customers attaching payments to the point-of-sale contracts in the third quarter.

在我們的中端市場業務中，我們的支付附加率保持強勁，第三季有 97% 的新客戶將付款附加到銷售點合約中。

As we move into 2025 and implement our new sales strategy to drive growth, we will focus aggressively on cross selling payments and to our existing base.

隨著我們進入 2025 年並實施新的銷售策略來推動成長，我們將積極專注於交叉銷售支付和現有客戶群。

Turning to our retail segment.

轉向我們的零售領域。

This quarter, we signed two new enterprise customers and more than five mid-market customers, leading to nearly 3,000 additional sites.

本季度，我們簽約了兩家新的企業客戶和五家以上的中型市場客戶，新增站點近 3,000 個。

We increased our platform sites by 47% as we continue to convert on-premise customers and onboard new assigned customers.

隨著我們繼續轉換本地客戶並吸收新指定客戶，我們的平台站點增加了 47%。

Software ARR increased 2%, and total ARR increased 3% in the quarter.

本季軟體 ARR 成長了 2%，總 ARR 成長了 3%。

In enterprise, we signed a new multi-year software and hosting services agreement with Endeavour Group, Australia's largest retail drinks network.

在企業方面，我們與澳洲最大的零售飲料網路 Endeavour Group 簽署了新的多年期軟體和託管服務協議。

We will deliver our cloud hosted point-of-sale software, hosted loyalty solution, store insights and Edge infrastructure via our commerce platform for over 4,000 lanes across more than 1,600 sites.

我們將透過我們的商務平台為遍佈 1,600 多個站點的 4,000 多條通道提供雲端託管銷售點軟體、託管忠誠度解決方案、商店洞察和邊緣基礎設施。

In addition, we will provide professional and implementation services for Endeavour Group.

此外，我們還將為Endeavour集團提供專業和實施服務。

We also demonstrated traction in our mid-market business this quarter, signing a new multi-year software and services agreement with Speedy Stop, a regional convenience and fuel chain in the US.

本季度，我們也展示了我們在中端市場業務方面的發展勢頭，與美國區域便利商店和燃料連鎖店 Speedy Stop 簽署了一份新的多年期軟體和服務協議。

Under the agreement, we will deploy our point-of-sale and self-checkout software, in addition to our Edge infrastructure on Speedy Stop's existing third-party hardware devices, which will be able to significantly reduce their downtime and improve reliability.

根據協議，除了在 Speedy Stop 現有的第三方硬體設備上部署 Edge 基礎設施外，我們還將部署我們的銷售點和自助結帳軟體，這將能夠顯著減少停機時間並提高可靠性。

This win reflects our early success in our new go-to-market strategy.

這次勝利體現了我們新的行銷策略所取得的早期成功。

Lastly, we renewed and expanded our agreement with the large US specialty clothing stores.

最後，我們續簽並擴大了與美國大型專業服飾店的協議。

In addition to converting this point-of-sale software customer into our cloud native commerce platform, we will also provide our loyalty and marketing solutions for their entire store footprint, which spans more than 1,500 lanes across 400 sites.

除了將該銷售點軟體客戶轉變為我們的雲端原生商務平台之外，我們還將為他們的整個店鋪提供忠誠度和行銷解決方案，該店鋪遍布 400 個站點，超過 1,500 條通道。

Before I turn the call over to Brian, I would like to elaborate on my comments related to our go-to-market approach for next year.

在我將電話轉給布萊恩之前，我想先詳細說明我們對明年行銷策略的評論。

While much of the first half of 2024 was consumed with executing two major transactions for the company, the sale of the digital banking business and our hardware ODM agreement.

雖然 2024 年上半年的大部分時間都用於執行公司的兩項重大交易，即出售數位銀行業務和我們的硬體 ODM 協議。

A parallel restructuring effort was also underway to address top-line software and services group.

同時，一項旨在解決軟體和服務集團頂線問題的重組工作也在進行中。

Prior to 2024, the company's sales strategy was partial toward cross-selling and upselling the base versus attracting and signing new software and services customers.

2024 年之前，該公司的銷售策略偏向交叉銷售和追加銷售，而不是吸引和簽署新的軟體和服務客戶。

We have now aligned our focus to drive balance between upselling existing customers and capturing market share through new customers.

現在，我們已經調整了重點，以在向現有客戶追加銷售和透過新客戶搶佔市場份額之間取得平衡。

Additionally, we have taken various steps to better align our organization to drive long-term growth in 2025 and beyond.

此外，我們也採取了各種措施來更好地協調我們的組織，以推動 2025 年及以後的長期成長。

The five key revenue growth actions underway are as follows.

正在進行的五項關鍵收入成長行動如下。

First, beginning in 2025, we will have restructured our sales teams and implemented a revised incentive compensation plan to address new customer growth and to expand market share across our channels.

首先，從 2025 年開始，我們將重組銷售團隊並實施修訂的激勵薪酬計劃，以應對新客戶成長並擴大我們通路的市場份額。

Second, to support our go-to-market sales efforts, we are using a portion of the digital banking proceeds to invest in our solution sets for both restaurants and retail, which will accelerate our speed to market for enhanced cloud solutions and enable us to capitalize on growth opportunities.

其次，為了支持我們的市場銷售工作，我們將使用部分數位銀行收益來投資餐廳和零售解決方案，這將加快我們增強型雲端解決方案的上市速度，並使我們能夠利用成長機會。

Beginning in Q1, we will expand Aloha Cloud to a broader segment of the domestic restaurant market.

從第一季開始，我們將把 Aloha Cloud 擴展到國內餐飲市場的更廣泛領域。

During the year, we will continue to add a feature-rich capabilities to our Aloha platform.

今年，我們將繼續為我們的 Aloha 平台添加功能豐富的功能。

In retail, we are investing in Edge and next-gen point-of-sale in self-checkout software solutions to acquire new customers and accelerate our efforts to migrate our existing customer base.

在零售領域，我們正在投資 Edge 和下一代銷售點自助結帳軟體解決方案，以吸引新客戶並加快我們遷移現有客戶群的努力。

This acceleration will free up engineering resources managing legacy solutions to be redeployed elsewhere, lower our future capital spend, and enable stickier customer relationships over time.

這種加速將釋放管理遺留解決方案的工程資源，以便將其重新部署到其他地方，降低我們未來的資本支出，並隨著時間的推移建立更緊密的客戶關係。

Third, we're launching an aggressive program to expedite the contract renewals from existing customers while also converting their legacy software to our market-leading cloud solutions.

第三，我們正在啟動一項積極的計劃，以加快現有客戶的合約續簽，同時將他們的舊軟體轉換為我們市場領先的雲端解決方案。

This will be a multiyear initiative, which has been well received thus far.

這將是一項多年期舉措，迄今已獲得好評。

The fourth and fifth pillars of our growth strategy relate to changes we have made to strengthen our senior organization, which will be critical to our sales execution, product delivery, and customer satisfaction.

我們的成長策略的第四和第五個支柱與我們為加強高層組織所做的改變有關，這對我們的銷售執行、產品交付和客戶滿意度至關重要。

Beginning with executive leadership, as I stated earlier, Darren Wilson has been appointed President, International.

從執行領導開始，正如我之前所說，達倫威爾遜（Darren Wilson）已被任命為國際總裁。

With Darren leading our businesses in Europe, Japan, and Asia-Pac, it will also allow us to have enhanced attention on our largest market, the Americas, as we focus on driving growth and expanding market share.

在 Darren 領導我們在歐洲、日本和亞太地區的業務的情況下，我們能夠更加關注我們最大的市場——美洲，專注於推動成長和擴大市場份額。

And finally, we have attracted additional proven leaders to fill key roles across the broader organization.

最後，我們吸引了更多經驗豐富的領導者來擔任整個組織的關鍵職位。

Since Q2, we have replaced the three sales leaders in our US restaurant segment, hired a proven Head of Development for our retail product group, and most recently, added a seasoned Payments Professional to lead our expanded payments initiative next year.

自第二季以來，我們已經更換了美國餐廳部門的三位銷售主管，為我們的零售產品組聘請了一位經驗豐富的開發主管，最近又增加了一位經驗豐富的支付專家來領導我們明年的擴展支付計劃。

In summary, while work remains, we had advanced plans to align our resources, products and incentives to position the company to return to growth.

總而言之，雖然仍有工作要做，但我們已經制定了提前計劃，以協調我們的資源、產品和激勵措施，使公司恢復成長。

With that, I will turn it over to Brian

接下來我會把話題轉給 Brian

Thank you, David, and good morning, everyone.

謝謝你，大衛，大家早安。

With the sale of digital banking, our full year results will reflect only the continuing operations of retail and restaurant segments.

隨著數位銀行的出售，我們的全年業績將僅反映零售和餐飲部門的持續經營。

Digital Banking will be reflected as discontinued operations.

數位銀行將被列為停止營運的業務。

We will continue to support the digital baking business on a transitional basis for up to two years from closing.

自交易完成之日起，我們將在過渡期內繼續為數位烘焙業務提供支援。

My comments today will focus on our normalized results, which exclude the impact of the digital banking divesture, along with spin-related items, and other completed divestitures.

我今天的評論將集中在我們的標準化結果上，該結果不包括數位銀行剝離、旋轉相關項目和其他已完成的剝離的影響。

For the quarter, reported revenue was $711 million, and normalized revenue was $708 million, reflecting a decline of 11%, driven primarily by an unusually weak year in hardware sales.

本季度，報告營收為 7.11 億美元，標準化收入為 7.08 億美元，下降 11%，主要原因是今年硬體銷售異常疲軟。

Reported and normalized software revenue was $245 million, which decreased 2% versus prior year, but increased 2% when excluding the one-time software true-up from Q3 2023.

報告和標準化的軟體收入為 2.45 億美元，較上年下降 2%，但如果不包括 2023 年第三季的一次性軟體調整，則成長 2%。

This increase was driven by attachments to the cloud native platform.

這一增長是由雲端原生平台的附件所推動的。

Reported and normalized services revenue was $271 million, which decreased 3% due to lower hardware installations.

報告和標準化服務收入為 2.71 億美元，由於硬體安裝量下降而下降 3%。

On a normalized basis, adjusted EBITDA for the quarter was $101 million, while EBITDA was lower versus prior year due to spend related to synergies, we demonstrated a sequential improvement from Q2.

在正常化基礎上，本季調整後的 EBITDA 為 1.01 億美元，儘管由於與協同效應相關的支出，EBITDA 低於去年同期，但我們顯示出與第二季度相比的連續改善。

We will lap these dis-synergies in Q4 however, at which point we expect to show growth year over year.

然而，我們將在第四季度彌補這些不協同效應，屆時我們預計將實現同比增長。

As reported, adjusted EBITDA of $93 million was adversely impacted by $6 million of stranded costs related to digital banking that did not qualify for discontinued operations, and $2 million from delayed country exits related to the spin.

據報道，調整後的 9,300 萬美元 EBITDA 受到與不符合終止經營條件的數位銀行相關的 600 萬美元擱淺成本以及與分拆相關的延遲退出國家而產生的 200 萬美元的不利影響。

Adjusted EBITDA margin was 13.1% as reported, and 14.3% on a normalized basis.

報告調整後 EBITDA 利潤率為 13.1%，標準差調整後 EBITDA 利潤率為 14.3%。

Let's turn to our segment results for the quarter.

讓我們來看看本季的分部業績。

Beginning with restaurants reported and normalized software revenue was $87 million, which was flat to prior year.

從餐廳報告開始，標準化軟體收入為 8700 萬美元，與去年持平。

Reported and normalized services revenue was $75 million, down 1%.

報告和標準化服務收入為 7500 萬美元，下降 1%。

Total segment revenue of $211 declined 7% on a normalized basis, reflecting the continued declines in hardware.

總分部收入為 2.11 億美元，以正常化基礎計算下降 7%，反映出硬體收入的持續下滑。

Adjusted EBITDA of $66 million increased 27% and margin of 31.3%, expanded more than 800 basis points on a normalized basis.

調整後 EBITDA 為 6,600 萬美元，成長 27%，利潤率為 31.3%，以正常化基礎擴大了 800 個基點以上。

This was primarily driven by increased efficiencies and sales mix.

這主要是由於效率提高和銷售組合改善所致。

Turning to retail, reported and normalized software revenue was $153 million, which declined 3% due to the onetime software true-up of $10 million in Q3 2023.

轉向零售，報告和標準化的軟體收入為 1.53 億美元，由於 2023 年第三季一次性軟體收入增加 1000 萬美元，下降了 3%。

Excluding this impact, software revenue increased 3%.

除去這項影響，軟體收入成長了 3%。

Services revenue was $193 million, a decrease of 3% due to lower one-time hardware installation services.

服務收入為 1.93 億美元，因一次性硬體安裝服務費用減少而下降 3%。

Total revenue in retail declined 12% on a normalized basis due to a 28% decline in hardware sales.

由於硬體銷售額下降 28%，零售總收入按正常化基礎下降了 12%。

Adjusted EBITDA of $108 million declined 12%, and margin of 22.2% was flat on a normalized basis, driven by hardware declines in a onetime software true-up.

調整後的 EBITDA 為 1.08 億美元，下降 12%，利潤率為 22.2%，以正常化基礎持平，這主要是由於一次性軟體調整導致硬體下降所致。

Excluding the impact of the true-up, adjusted EBITDA declined 4% and margin expanded 140 basis points.

除去調整後的影響，調整後的 EBITDA 下降了 4%，利潤率擴大了 140 個基點。

Lastly, normalized corporate and other expense for the quarter were $73 million, which included $21 million of spend related synergies.

最後，本季的正常化公司和其他費用為 7,300 萬美元，其中包括 2,100 萬美元的支出相關綜效。

Turning to the sale of digital baking.

轉向數位烘焙的銷售。

As we announced on September 30, the company completed the sale receiving $2.45 billion in gross proceeds.

正如我們在 9 月 30 日宣布的那樣，該公司完成了出售，並獲得了 24.5 億美元的總收益。

In conjunction with the closing, we utilized $1.84 billion to pay down our debts as follows. $1.195 billion was used to pay down a portion of the bonds, $192.5 million to pay-off our term loan A, and another $200 million was used to pay down the revolving credit facility, and finally, $251.5 million to pay off our accounts receivable facility.

在完成交易的同時，我們也動用了 18.4 億美元來償還債務，具體如下。其中 11.95 億美元用於償還部分債券，1.925 億美元用於償還定期貸款 A，另外 2 億美元用於償還循環信貸額度，最後 2.515 億美元用於償還應收帳款額度。

We ended the quarter with 1.6 times net leverage based on the $430 million of pro forma 2024 adjusted EBITDA we shared on our last call.

根據我們在上次電話會議上分享的 4.3 億美元 2024 年調整後 EBITDA，我們在本季末的淨槓桿率為 1.6 倍。

This leverage calculation excludes $375 million of cash for estimated digital banking related cash tax payments.

該槓桿計算不包括預計用於數位銀行相關現金稅款的 3.75 億美元現金。

Our net leverage has significantly improved since the second quarter, at which point our leverage was 4.1 times.

我們的淨槓桿率自第二季以來已顯著改善，此時我們的槓桿比率為4.1倍。

For the quarter, free cash flow for the use of $25 billion included approximately $80 million in fees related to the digital banking and transaction in other strategic initiatives.

本季度，250 億美元的自由現金流包括與數位銀行和其他策略計畫交易相關的約 8,000 萬美元的費用。

Following the debt paydown subject to market conditions, we intend to use approximately $100 million of the proceeds from digital banking to complete the repurchase of common stock under our share repurchase program.

在根據市場狀況償還債務後，我們打算使用數位銀行收益中的約 1 億美元根據我們的股票回購計畫完成普通股的回購。

In addition, the sale proceeds allow greater opportunity to invest in our solutions to support the strategic objectives David described earlier.

此外，銷售收益使我們有更大的機會投資我們的解決方案，以支持大衛先前描述的策略目標。

We have allocated up to $20 million over the next one to two years to accelerate the launch of our next-gen cloud solutions to achieve our go-to-market initiatives.

我們已經在未來一到兩年內撥款高達 2000 萬美元，以加速推出我們的下一代雲端解決方案，以實現我們的市場進入計劃。

Turning to our outlook, we are maintaining the 2024 revenue and EBITDA guidance provided on our Q2 call.

談到我們的展望，我們維持第二季電話會議上提供的 2024 年收入和 EBITDA 指引。

While we were modestly ahead of expectations in Q3 on both revenue and adjusted EBITDA, this was due to timing.

雖然我們第三季的營收和調整後 EBITDA 均略高於預期，但這是由於時機的原因。

We continue to expect revenue for the year to be between $2.805 billion and $2.806 billion, and adjusted EBITDA to be between $355 million and $375 million.

我們繼續預計全年營收在 28.05 億美元至 28.06 億美元之間，調整後 EBITDA 在 3.55 億美元至 3.75 億美元之間。

As a reminder, we will reinstate free cash flow and adjusted EPS guidance for 2025.

提醒一下，我們將恢復 2025 年的自由現金流和調整後的每股盈餘指引。

Before I conclude, I'd like to draw your attention to the supplementary pro forma information we have provided in connection with our earnings materials today.

在結束之前，我想提請大家注意我們今天的收益資料中提供的補充形式資訊。

This information contains year-over-year comparisons to assist with modeling the company on a go-forward basis.

這些資訊包含同比變化情況，有助於為公司的未來發展建模。

Our 2025 performance will be compared to these pro forma 2024 results.

我們將 2025 年的業績與 2024 年的預測結果進行比較。

The 2024 pro forma financials include $170 million of free cash flow.

2024 年的預期財務數據包括 1.7 億美元的自由現金流。

This does not include the $20 million of proceeds that we are allocating towards next-gen product acceleration, nor does it include the working capital benefit from the ODM model.

這還不包括我們為下一代產品加速分配的 2,000 萬美元收益，也不包括 ODM 模式帶來的營運資金收益。

Our ODM model frees us up from purchasing finished goods inventory, which at the end of that third quarter was $89 million.

我們的 ODM 模式使我們無需購買成品庫存，截至第三季末，成品庫存為 8,900 萬美元。

This benefit will start in January 2025 when the ODM agreement is expected to become effective.

該福利將於 2025 年 1 月開始，屆時 ODM 協議預計生效。

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

說完這些，我將把電話轉給接線生，開始問答環節。

Operator?

操作員？

(Operator Instructions)

（操作員指令）

Mayank Tandon, Needham.

瑪雅克‧坦登，尼德姆。

Thank you.

謝謝。

Good morning, David.

早安，大衛。

I wanted to just touch on the platform strategy.

我只是想談談平台策略。

And so, I know that's been a big focus for you and you highlighted several conversions.

所以，我知道這是您關注的重點，並且您強調了幾次轉變。

So if I have my numbers right, I think you're at about 20% in terms of our platform across both retail and restaurants.

因此，如果我的數字正確的話，我認為就我們的零售和餐飲平台而言，您的比例約為 20%。

I just wanted to get a sense on how do you drive that conversion up over time?

我只是想了解一下您如何隨著時間的推移提高轉換率？

What's a realistic target based on customer feedback as you've been having these conversations with customers?

在與客戶進行這些對話時，根據客戶回饋，您制定的現實目標是什麼？

And then maybe you could square that with the impact on the P&L relative to the more traditional model of selling hardware, software, and services.

然後，也許你可以將其與相對於更傳統的銷售硬體、軟體和服務的模式對損益表的影響進行調整。

Yeah.

是的。

Good morning, Mayank.

早安，Mayank。

The platform strategy as we've described in our previous releases and what we've seen in the results in terms of the platform site growth is performing well.

正如我們在先前的版本中所描述的，平台策略以及我們在平台站點成長方面看到的結果都表現良好。

It's really a couple of things that we're driving.

這實際上是我們正在推動的幾件事。

As customers need new capabilities, all the new capabilities that we're delivering are through our platform.

由於客戶需要新功能，我們提供的所有新功能都是透過我們的平台提供的。

So when we do the platform attach, we're not only seeing increased customer satisfaction on their ability to upgrade and use new capabilities, but we'reo also seeing an uplift in our ARR when we make that attachment.

因此，當我們進行平台附加時，我們不僅看到客戶對升級和使用新功能的能力的滿意度提高，而且我們還看到在進行該附加時我們的 ARR 得到提升。

We are in about 20%.

我們大約佔20%。

We're working aggressively.

我們正在積極工作。

In my prepared remarks, I talked about one of the investment pillars.

在我準備好的發言中，我談到了投資支柱之一。

We're aggressively going after renewals and conversions of our existing install base to try to accelerate that platform conversion.

我們正在積極尋求現有安裝基礎的更新和轉換，以嘗試加速平台轉換。

So more to come on that.

對此，我們也將進行更多探討。

But we're seeing the economics play out in terms of when we look at the cohorts of the customers that are coming on board.

但當我們觀察加入的客戶群時，我們可以看出經濟效益如何。

We're seeing the uplift upon immediate sign on.

我們看到了立即登入後的提升。

And then over time, we're seeing that increase in ARR with each customer.

隨著時間的推移，我們看到每個客戶的 ARR 都在增加。

And I would just add that we get the ARPU benefits and the ARR benefits, but we also get a margin benefit because software is our highest margin part of the business.

我想補充一點，我們獲得了 ARPU 收益和 ARR 收益，但我們也獲得了利潤收益，因為軟體是我們業務中利潤最高的部分。

But within software, the subscription platform revenue has the highest margin.

但在軟體領域，訂閱平台收入的利潤率最高。

And it's a small percentage of total revenues now.

目前它只佔總收入的一小部分。

And that's why you're not seeing it drive the whole number yet, Mayank.

這就是為什麼你還沒有看到它推動整個數字，Mayank。

But as we aggressively move more to the platform, you'll see that have a bigger impact through ARR.

但隨著我們積極地向該平台邁進，您會看到透過 ARR 產生更大的影響。

That's helpful.

這很有幫助。

We'll stay tuned on that.

我們將持續關注。

And then maybe for Brian, any directional guidance for fiscal '25?

那麼對 Brian 來說，對於 25 財年有什麼方向性的指導嗎？

What type of seasonality we should be reflecting in our models, both on the top line and also in terms of margin trajectory?

我們應該在模型中反映什麼類型的季節性，包括營業收入和利潤軌跡方面？

So any color you can provide on how we should frame 2025 given all the puts and takes, it would be helpful.

因此，如果您能提供關於我們應該如何規劃 2025 年的具體信息，考慮到所有的得失，這將會很有幫助。

Yes.

是的。

So we're going to give guidance for '25 in February on our Q4 call.

因此，我們將在 2 月的第四季電話會議上提供 25 年的指導。

But consistent with what we said on the last call, we believe off the pro forma 2024 we've been describing, that we can grow off that next year, and will provide more details as we get into next year.

但與我們上次電話會議上所說的一致，我們相信，根據我們所描述的 2024 年預測，我們可以在明年實現成長，並將在進入明年時提供更多細節。

Got it.

知道了。

Okay.

好的。

Thank you.

謝謝。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Hi, guys.

嗨，大家好。

I appreciate you taking the questions.

感謝您回答這些問題。

I appreciate all the details on some of the go-to-market restructuring and kind of growth-related investments that you guys are making.

我很欣賞你們關於一些進入市場的重組以及與成長相關的投資的所有細節。

I was wondering if you could maybe talk about how you think about the timelines to seeing those sort of play out and how we on the outside, what we should be looking for in terms of KPIs over the next few years to kind of measure the success of the go-to-market investments and next-gen investments that you're making.

我想知道您是否可以談談您如何看待這些事情發生的時間表，以及從外部來看，未來幾年我們應該關注哪些 KPI 來衡量您所做的市場投資和下一代投資的成功。

Thanks.

謝謝。

The timing of those changes will be -- we're making those changes internally.

這些變化的時間將是——我們正在內部進行這些變化。

We've started the process in the beginning of the year.

我們從年初就已經開始這項進程。

We've accelerated that as of we get closer to the end of the year after digesting the other two strategic initiatives that were underway.

在消化了正在進行的另外兩個戰略舉措後，我們在接近年底時加快了這一進程。

So now all the management team's effort and attention is focused on those items that we outlined.

所以現在管理團隊的所有精力和注意力都集中在我們概述的那些項目上。

We'll enter next year with that in place.

我們將帶著這個目標邁入明年。

So we're executing the remainder of those changes through the balance of the year, and we'll be in that formation, or however you want to describe that going into next year.

因此，我們將在今年剩餘的時間裡執行剩餘的變更，並且我們將以這種形式（無論你想如何描述）進入明年。

The KPIs, I would look at are similar or the same as what we've described.

我所關注的 KPI 與我們描述的類似或相同。

Our new go-to-market model will incents our frontline sellers to drive new customer acquisitions.

我們新的行銷模式將激勵我們的第一線賣家推動新客戶的獲取。

It will have the right incentives to drive attachment to the platform so you can look at that.

它將具有正確的激勵機制來推動人們對平台的依賴，因此你可以關注這一點。

It will drive renewal of existing contracts, and it will drive add-ons of existing services.

它將推動現有合約的續約，也將推動現有服務的附加。

So we feel like looking at new sites, payment sites, ARR will still be the right key metrics to continue to look at.

因此，我們認為，專注於新網站、支付網站和 ARR 仍然是需要繼續關注的正確關鍵指標。

I would just add that internally, as we make investments, we're very focused on ROI.

我想補充一點，在內部，當我們進行投資時，我們非常注重投資報酬率。

And so that's a key metric for us.

所以這對我們來說是一個關鍵指標。

Got it.

知道了。

That's helpful.

這很有幫助。

Appreciate that.

非常感謝。

And just maybe if you could give any context on how you're thinking about capital allocation over the next year, understanding the share repurchase today from the net proceeds from the sale.

也許您可以提供一些背景信息，說明您對明年資本配置的看法，以及從出售淨收益中理解今天的股票回購。

How are you thinking about organic cash flow generation and capital allocation next year?

您如何考慮明年的有機現金流量產生和資本配置？

Thanks.

謝謝。

So, we're pleased with what we've talked about today in our prepared remarks, how we've used the digital banking proceeds to pay down debt, improve our leverage.

因此，我們對今天在準備好的演講中所談論的內容感到滿意，即我們如何利用數位銀行收益來償還債務、提高我們的槓桿率。

We have leverage where we want it, and we see that staying around two turns or a little lower.

我們在需要的地方擁有槓桿，並且我們看到槓桿保持在兩圈左右或略低一點。

We also today announced, as you just mentioned, the share repurchase, and the $20 million of investment to accelerate our next gen offerings.

正如您剛才提到的，我們今天也宣布了股票回購，以及 2000 萬美元的投資，以加速我們的下一代產品。

And so, we will execute those things that we announced today.

因此，我們將執行今天宣布的那些事情。

And then going forward, we see consistent with what we've been talking about, making sure we're investing in our products, software offerings to drive growth internally and then considering tuck-in acquisitions, if there's something we can go out and buy versus build, that will be a consideration.

展望未來，我們認為這與我們一直在談論的一致，確保我們對我們的產品、軟體產品進行投資，以推動內部成長，然後考慮附加收購，如果有什麼東西我們可以出去購買而不是自己開發，那將是一個考慮因素。

And then future share repurchase will work with our Board to evaluate and consider.

然後，未來的股票回購將與我們的董事會一起評估和考慮。

Right now, I think the focus is executing what we've announced and then driving the cash flow in 2025.

現在，我認為重點是執行我們已經宣布的目標，然後推動 2025 年的現金流。

Got it.

知道了。

I appreciate all the color.

我欣賞這一切的色彩。

Thanks.

謝謝。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾，地方檢察官戴維森。

Thanks.

謝謝。

A couple of questions.

幾個問題。

First, maybe can you talk about what you're anticipating from an inflection standpoint with respect to hardware, specifically, the dynamics you're seeing play out in the self-checkout market as well as market share therein?

首先，您能否從硬體的轉捩點角度談談您的預期，特別是您看到的自助結帳市場的發展動態以及其中的市場份額？

And then what customer feedback he's been on Voyix migrating to the ODM?

那麼，他對 Voyix 遷移到 ODM 有什麼客戶回饋嗎？

And then I have a follow-up.

然後我有一個後續問題。

Thank you.

謝謝。

So, the hardware market, Matt, we see has been significantly down this year overall in the total market.

因此，馬特，我們看到今年硬體市場總體上出現了大幅下滑。

So we see that going into next year that a lot of that demand will push into next year, that the capital projects that are on hold this year, we think some of that will carry over.

因此，我們認為，進入明年，許多需求將會延續到明年，而今年擱置的資本項目，我們認為其中一部分將會延續下去。

So we thought about hardware as the market demand being flat, to maybe down a little.

因此我們認為硬體市場需求持平，甚至可能略有下降。

Point of sale being more probably more down than self-checkout.

銷售點可能比自助結帳的效率更低。

We see self-checkout demand strong as we've described in the past.

正如我們過去所描述的，我們看到自助結帳的需求強勁。

Self-checkout for us is lot more than just hardware.

對我們來說，自助結帳不只是硬體而已。

It's the software and intellectual property that goes around how you as a retailer use that device to be your point of service for your customers.

它是圍繞您作為零售商如何使用該設備作為您為客戶提供的服務點而存在的軟體和知識產權。

So as our customers continue to look at new ways to check out their customers and create experiences in the store, we think our new self-checkouts, I'll call it, the platform, is well positioned to do that.

因此，隨著我們的客戶不斷尋找新的方式來結帳並在商店中創造體驗，我們認為我們的新自助結帳系統（我稱之為平台）非常適合做到這一點。

It creates a lot of flexibilities, speed of testing out new capabilities and offers.

它創造了很多靈活性，以及​​測試新功能和新方案的速度。

So, we're seeing a lot of strong demand for our self-checkout software.

因此，我們看到自助結帳軟體有著很大的需求。

I think we'll get some refresh self-checkout hardware revenues that will pull some services through it as well.

我認為我們將獲得一些刷新自助結帳硬體的收入，這也會透過它帶來一些服務。

So we'll describe that, as we think that is probably not going to fully recover, but we think flat, maybe slightly down.

因此，我們會對此進行描述，因為我們認為這可能不會完全恢復，但我們認為會持平，甚至可能略有下降。

When I think about the reaction of our customers to the ODM model, I have several customers, I've heard from the teams that have been in front of our largest customers that there has been no negative impact, it's all been positive.

當我考慮客戶對 ODM 模式的反應時，我有幾個客戶，我從我們最大客戶面前的團隊那裡聽說，這並沒有負面影響，一切都是正面的。

They understand what we're trying to get done.

他們了解我們想要完成的事。

They like the focus that we have on software and services.

他們喜歡我們對軟體和服務的關注。

And they largely see this as the next evolution from where we were before, having outsource manufacturers who is taking that logical next step.

他們普遍將此視為我們之前所處的階段的下一個演變，即讓外包製造商邁出合乎邏輯的下一步。

So they still look to us to provide a complete solution and then we'll leverage Ennoconn to fulfill against that hardware.

因此，他們仍然希望我們提供完整的解決方案，然後我們將利用 Ennoconn 來實現該硬體。

Got it.

知道了。

And then just as a follow-up, can you talk about in both retail and restaurants, particularly on the enterprise side of the business, what your net site count looks like, whether you're net adding customers and sites or net losing customers and sites based on your performance year to date and in the third quarter?

然後作為後續問題，您能否談談零售和餐飲業，特別是在企業業務方面，您的淨站點數量是怎樣的，根據今年迄今為止和第三季度的業績，您是淨增加客戶和站點，還是淨失去客戶和站點？

Overall, we're adding sites.

總體而言，我們正在新增網站。

So net adding in all of our segments.

因此，我們所有部分的淨增額都達到了。

So I would tell you, as we've described the go-to-market model, we want to accelerate that rate, but it's a net add.

所以我想告訴你，正如我們所描述的市場進入模式，我們希望加快這個速度，但這是一個淨增量。

We haven't seen any upticks in customer attrition analysis that we've done, were continuing to add new customers in both of the businesses, continue to migrate customers to the platform with renewals.

我們所做的客戶流失分析並未看到任何上升趨勢，我們正在繼續為這兩項業務增加新客戶，繼續透過續約將客戶遷移到該平台。

So we feel good about what we're doing in terms of the net add, I would like to see that accelerate.

因此，我們對我們在淨增量方面所做的事情感到滿意，我希望看到這一進程加速。

Thanks, David.

謝謝，大衛。

Matt Rosswell, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Matt Rosswell。

Good morning.

早安.

Sort of following up on the hardware discussions.

類似於對硬體討論的跟進。

Could you sort of remind us of the current relationship between software and services growth and hardware and how that will change going into '25 with the ODM contract?

您能否提醒我們軟體和服務成長與硬體之間目前的關係，以及進入25年ODM合約將如何變化？

So what I would say right now on the part of services that gets impacted by hardware in the lower hardware refresh that we've seen this year is what we call the TS or installation revenue that we get from implementing the hardware.

因此，我現在要說的是，就我們今年看到的較低硬體更新中受到硬體影響的服務而言，我們稱之為從實施硬體中獲得的 TS 或安裝收入。

That's 20% of services; that's the non-recurring part.

這是20%的服務；這是非重複的部分。

The 80% that's recurring is the ongoing support of our customers.

其中 80% 的經常性收入來自於客戶的持續支持。

So it's really that 20% that the becomes under pressure when we're not refreshing and doing installed projects.

因此，當我們不進行更新和安裝專案時，這 20% 的人就會面臨壓力。

And on the software, I'd say on the linkage between hardware and software, we are breaking that linkage between hardware and software and our customers, and the enterprise space specifically have clearly moved those almost independent decisions and we're supporting that move with our Edge platform and all of our next-gen software capabilities being hardware agnostic.

至於軟體，我想說的是，關於硬體和軟體之間的聯繫，我們正在打破硬體和軟體之間的聯繫，我們的客戶和企業領域已經明確地轉移了那些幾乎獨立的決策，我們透過 Edge 平台和所有與硬體無關的下一代軟體功能來支持這一舉措。

So that's irrespective of the industry hardware fulfilment model that was an industry trend.

因此，無論行業硬體履行模式如何，這都是一個行業趨勢。

That's where we're headed strategically anyway.

無論如何，這正是我們的策略目標。

I think what Ennoconn allows us to do is stay focused on that software and then provide them our high-level specs and they can design the best hardware for the industries that we serve with faster lead times, especially lower price points, and the highest quality possible.

我認為 Ennoconn 讓我們能夠專注於軟體，然後向他們提供我們的高級規格，他們可以為我們服務的行業設計最好的硬件，具有更快的交貨時間，特別是更低的價格點和盡可能高的質量。

So we announced in the retail side, the Speedy Stop announcement was one where we're using their existing hardware and helping sweat the assets.

因此，我們在零售方面宣布，Speedy Stop 公告是利用他們現有的硬體並幫助他們充分利用資產。

And we see that as part of our ongoing strategy moving forward.

我們將此視為我們未來持續策略的一部分。

Switching over to expenses, you had great sort of margin quarter, especially in restaurant this year.

談到費用，今年你們的利潤率非常好，尤其是餐廳業務。

I'm wondering how much expense savings do you see remaining, especially now that kind of all the noise is moving away?

我想知道您認為還能節省多少開支，尤其是現在所有的噪音都消失了？

And then where would you expect to see any savings?

那麼您希望在哪些方面看到節省呢？

Would it be in segment line or would it be down corporate and other?

它會屬於細分市場嗎？

Sure.

當然。

So in Q2 and the Q2 call, we announced our $105 million cost cutting program that cut across payroll costs, non-payroll costs, and then terminating our AR facility, saving us bank fees from doing that.

因此，在第二季和第二季電話會議上，我們宣布了 1.05 億美元的成本削減計劃，該計劃包括削減工資成本、非工資成本，然後終止我們的應收帳款設施，從而節省我們的銀行費用。

Those actions have largely been implemented and are behind us.

這些行動已基本實施並成為過去。

And that's why we saw the pickup in EBITDA.

這就是我們看到 EBITDA 回升的原因。

One of the reasons from Q2 to Q3, we had a sequential improvement in EBITDA, driven by those cost savings.

原因之一是，從第二季到第三季度，我們的 EBITDA 連續改善，這得益於成本的節省。

We still -- in year, we're getting about $35 million of a benefit from those actions, and the rest were building into the pro forma view of '24 that we provided.

我們仍然——今年我們從這些行動中獲得了大約 3500 萬美元的收益，其餘的則融入了我們提供的 24 年預測之中。

That's how we get to the [430] of adjusted EBITDA.

這就是我們得到調整後 EBITDA [430] 的方法。

When we think about the geography of those cuts, it's helping the segments, and it's helping the corporate and other.

當我們考慮這些削減的地理位置時，它有助於各個部門，也有助於企業和其他人。

We expect the corporate and other expenses to be on both reported and normalized, about $60 million in Q4.

我們預計公司和其他費用將在第四季度按報告和正常化方式計算，約為 6000 萬美元。

So we'll start to see improvements there, but the actions really cut across all areas of the business.

因此，我們將開始看到那裡的改進，但這些行動確實涉及業務的所有領域。

And we're currently working additional plans for next year, mostly around non-payroll costs, where we're going to do further vendor reductions.

目前，我們正在製定明年的額外計劃，主要是圍繞非工資成本，我們將進一步減少供應商。

A lot of that's going to be from insourcing certain functions.

其中許多將來自某些功能的內部套件。

So not only do we save money, but we'll have more control over some of those functions.

因此，我們不僅節省了資金，還能對其中的一些功能進行更多的控制。

And so that, we'll talk more about that as we get into next year.

因此，明年我們會多談這個問題。

Excellent.

出色的。

Thank you very much.

非常感謝。

Charles Nabhan, Stephens.

查爾斯·納布漢，史蒂芬斯。

Good morning, and thank you for taking my question.

早上好，感謝您回答我的問題。

As we think about modeling the fourth quarter, I was wondering if you could give us a little color on the implied growth by segment.

當我們考慮對第四季度進行建模時，我想知道您是否可以提供一些各部分隱含的成長資訊。

Sure, just some color overall, and then I'll talk about the segments.

當然，整體上只是一些顏色，然後我會談論各個部分。

So overall, on software and services, we expect to be near the midpoint of the guidance.

因此總體而言，在軟體和服務方面，我們預計將接近預期的中間值。

And when it comes to hardware, we expect to be towards the lower end, even though we overachieved a bit in Q3, we given the backlog and visibility we have in Q4, we expect hardware will be towards the lower end.

而說到硬件，我們預計會走向低端，儘管我們在第三季度的表現略有超出預期，但考慮到第四季度的積壓和可見性，我們預計硬體將走向低端。

The good news on revenue overall, is we still see the pro forma view that we gave on the last call holding up for '24, because even though hardware revenue is down, we're getting a bit of a better margin on it.

總體而言，收入方面的好消息是，我們仍然看到上次電話會議上給出的預測觀點在 24 年仍然有效，因為儘管硬體收入下降，但我們的利潤率還是有所提高。

So that the commissions on a pro forma view will be very similar to what we provided in the past.

因此，從形式上看，佣金將與我們過去提供的佣金非常相似。

When we think about the EBITDA, we expect EBITDA to be at the midpoint to slightly better than the midpoint of the range that we've given for the year.

當我們考慮 EBITDA 時，我們預計 EBITDA 將處於我們為今年給出的範圍的中間點，或略好於該範圍的中點。

So that shows more sequential improvement from Q3 into Q4.

這顯示從第三季到第四季有更多連續的改善。

When it comes to the segments, retail software and services revenue is likely to be flattish in Q4, and EBITDA should be pretty consistent with Q3.

從各部門來看，零售軟體和服務收入在第四季可能持平，EBITDA 應該與第三季基本一致。

And for restaurants, we think 1% to 2% growth in software and services and with EBITDA also consistent with Q3, a lot of the EBITDA improvement sequentially as we get into Q4 will come from corporate and other.

對於餐廳而言，我們認為軟體和服務將成長 1% 至 2%，且 EBITDA 也與第三季一致，進入第四季後，EBITDA 的大部分環比成長將來自企業和其他方面。

Got it.

知道了。

Super helpful.

超有幫助。

Appreciate that color.

欣賞那種顏色。

And then a follow-up.

然後進行後續行動。

I wanted to ask about your payment initiative and get a better sense for what types of clients you're targeting?

我想詢問您的支付計劃，並更了解您所針對的客戶類型？

What your value proposition is to those clients?

您對這些客戶的價值主張是什麼？

And whether you could compete on price with the acquirers that some of your larger customers might be using.

以及您是否可以與一些較大客戶可能使用的收購方在價格上競爭。

Overall, Charles, our payment strategy is twofold.

總的來說，查爾斯，我們的付款策略是雙重的。

I'll say there's one on the SME space.

我想說的是，中小企業領域有一個。

So, as we've described, SME and mid-market, we have high-90s, 97% last quarter attach rate of payments.

因此，正如我們所描述的，中小企業和中型市場，上個季度我們的付款附加率達到 90% 多，達到 97%。

So we're selling a complete solution.

所以我們銷售的是完整的解決方案。

So very common in that segment of the market.

在該市場領域非常常見。

The value prop in that segment is one-stop shop.

該領域的價值主張是一站式購物。

You get everything you need to run your small restaurant or your small stores with NCR Voyix.

透過 NCR Voyix，您可以獲得經營小餐廳或小商店所需的一切。

Then when we think about moving up into the higher and into the mid-market or even to enterprise, our value proposition really becomes again, that total solution.

然後，當我們考慮進入高端市場、中端市場甚至企業時，我們的價值主張實際上又變成了整體解決方案。

We think all of the handoffs between the point of sale, the payment acceptance device, the gateways, the processors, that whole ecosystem benefits well, when you have a single provider doing that.

我們認為，當由單一供應商完成銷售點、支付接受設備、網關、處理器之間的所有交接時，整個生態系統都會受益匪淺。

We likely in that case are not going to be any cheaper on the payment rate itself, where we get a better total cost of ownership for our customers is owning that whole thing end-to-end with all the integrations and testing and certifications that need to be done.

在這種情況下，我們很可能不會在支付率本身上節省任何費用，我們為客戶獲得的更好的總體擁有成本是擁有整個端到端的產品，包括所有需要完成的整合、測試和認證。

And like we've described in the past, in some cases, we're leveraging our own processing capabilities.

正如我們過去所描述的，在某些情況下，我們正在利用我們自己的處理能力。

In other cases, we're leveraging partners.

在其他情況下，我們正在利用合作夥伴。

So we believe that leveraging partners is a good way to go.

因此我們認為利用合作夥伴是個好方法。

And in that case, we'll be competitive on rate at the processing level, but win on ease of doing business and that total cost of ownership.

在這種情況下，我們將在處理層面的價格上具有競爭力，但在經營便利性和整體擁有成本上獲勝。

Got it.

知道了。

Super helpful.

超有幫助。

Thank you.

謝謝。

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

Good morning.

早安.

David, I wanted to ask you, you talked a little bit about changing the comp initiatives for the sales force.

大衛，我想問你，你談到了改變銷售人員的薪資計畫。

And I know at times something like that could have a negative impact in the short-term but a positive in the long term.

我知道有時候這樣的事情在短期內可能會產生負面影響，但長期來看卻會產生正面影響。

And I'm wondering, as you kind of implement that, if you've already implemented it, have you seen any changes related to that or what you're anticipating or maybe how that might help with the forecast?

我想知道，當您實施這一點時，如果您已經實施了它，您是否看到與此相關的任何變化或您預期的變化，或者這可能如何有助於預測？

Yes, Kartik.

是的，卡爾蒂克。

We've implemented pieces of it.

我們已經實施了其中的部分內容。

We are doing it in a way that minimizes the impact to the fourth quarter results.

我們正在採取一種方式來盡量減少對第四季業績的影響。

The teams are very focused on delivering what we've described, what Brian just described as our fourth quarter commitments.

團隊非常專注於實現我們所描述的目標，也就是布萊恩剛才所描述的我們的第四季承諾。

The real changes will take effect as we turn the calendar into January.

當我們翻過日曆進入一月時，真正的改變就會發生。

We'll do a beginning of the year and beginning with the sales teams.

我們將從年初開始，從銷售團隊開始。

We are normal processes to go through all of the realignment of compensation plans in November, December as we finalize our '25 plans internally and with the Board, and then we'll start to turn that into real quarter.

當我們在內部和董事會最終確定我們的 25 項計劃時，我們會按照正常流程在 11 月和 12 月完成所有薪酬計劃的重新調整，然後我們就會開始將其轉變為真正的季度計劃。

There's another piece of work that we're doing around the processes internally to support the sales team so that we get the sales team singularly focused on selling and we can lift a lot of those support functions and move them to the right support teams internally.

我們正在圍繞內部流程進行另一項工作，以支援銷售團隊，以便讓銷售團隊專注於銷售，並且我們可以提升許多支援職能並將其轉移到內部合適的支援團隊。

All that work is underway now with the two goals as you just described.

目前，所有工作正在進行中，以實現您剛才描述的兩個目標。

One, minimize disruption in Q4 and be ready to go in Q1.

一是盡量減少第四季的干擾，並在第一季做好準備。

So I feel good about the change management activities that are happening inside the company and the teams are all aware of that.

因此，我對公司內部正在發生的變革管理活動感到滿意，而所有團隊都意識到了這一點。

Great.

偉大的。

It's great to see Darren join, and I'm wondering where you see the best opportunity internationally or where Darren sees an opportunity, maybe geographically or from a product standpoint.

很高興看到 Darren 的加入，我想知道您認為在國際上最好的機會在哪裡，或者 Darren 認為的機會在哪裡，可能是從地理位置或產品的角度。

Yeah.

是的。

It's early days for Darren, Kartik.

對達倫·卡蒂克來說，這還只是個開始。

I won't say he's got all this grand plan yet.

我不會說他已經制定了整個宏偉計劃。

He's got a lot of great ideas.

他有很多很棒的想法。

I think when we looked at what's happening in Europe, what's happening in Japan, and then I separate Japan from Asia Pacific, I know geographically, but we definitely -- that's the way we have the business separated.

我認為，當我們觀察歐洲和日本發生的事情時，我將日本與亞太地區分開，我知道這是從地理上講的，但我們肯定——這就是我們分離業務的方式。

So we've got a lot of opportunity in Japan.

因此我們在日本有很多機會。

I mean, that's our second largest country outside the US and getting critically focused on that.

我的意思是，這是我們除美國以外第二大國家，我們對此高度關注。

We serve the largest retailers in Japan and getting them move to the platform strategy and driving that.

我們為日本最大的零售商提供服務，幫助他們轉向平台策略並推動這項策略。

In Europe, we have a great install-base customers.

在歐洲，我們擁有大量的安裝客戶。

Same thing in Australia.

澳洲也發生同樣的事情。

We really do well in the grocery market.

我們在雜貨市場確實做得很好。

So Darren's going to look at a couple of things.

因此，達倫將會專注在一些事情上。

We'll look at how do we drive getting customers attached to the platform faster, like we've described in the other areas, you'll have both retail and restaurant responsibilities.

我們將研究如何讓客戶更快加入平台，就像我們在其他領域所描述的那樣，您將同時承擔零售和餐廳的責任。

So we'll look at can we take our restaurant portfolio and expand it globally.

因此，我們將研究能否將我們的餐廳組合拓展到全球。

We'll look for prepayment opportunities, given Darren's background, obviously maybe some payment opportunities in the UK and other parts of the market, potentially even in Japan.

我們會尋找預付款機會，考慮到 Darren 的背景，顯然可能在英國和其他地區，甚至在日本存在一些付款機會。

And then he's exploring how do we get a mid-market offering with -- our mid-market offering is largely driven by US based mid-market offer.

然後他正在探索我們如何獲得中端市場產品——我們的中端市場產品主要由美國中端市場產品驅動。

So how do we look for mid-market expansion.

那我們如何尋求中階市場的擴張呢？

And the team's strong in the rest of the world too.

這支球隊在世界其他地區也很強大。

So Darren can go look at some of those new avenues for growth while leveraging the existing team.

因此，Darren 可以在利用現有團隊的同時尋找一些新的成長途徑。

So everybody is excited about Darren added there.

所以每個人都對 Darren 的加入感到興奮。

And I like the focus that it's driving to get not only Darren focused on international, but Eric and Benny focused on what's happening in the retail and restaurant business, specifically focused on the Americas.

我喜歡這種關注，不僅讓達倫關注國際市場，也讓艾瑞克和班尼專注於零售和餐飲業的發展，特別是美洲市場。

Perfect.

完美的。

Thanks.

謝謝。

Appreciate it.

非常感謝。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林 (Erik Woodring)。

Yes, good morning.

是的，早安。

Thank you for taking my questions.

感謝您回答我的問題。

I have two as well.

我也有兩個。

And I apologize if one of these were asked, I just dropped off for a second.

如果有人問到這些問題，我深感抱歉，我只是暫時停下來了。

David, I'd love to understand the message that you are sending to prospective new customers on why they should move over to NCR Voyix, right?

大衛，我很想了解您向潛在的新客戶傳達了什麼訊息，為什麼他們應該轉向 NCR Voyix，對嗎？

This is a new strategy or at least a change in strategy or at least a change in emphasis.

這是一個新的策略，或至少是策略上的改變，或至少是重點上的改變。

And I'm just wondering what's the value prop that you're leading with, is it indeed the end-to-end solutions, or is it anything beyond that that you're offering that maybe they couldn't get from their existing providers?

我只是想知道，您所倡導的價值主張是什麼，它確實是端到端的解決方案嗎？

And I have a follow-up.

我還有一個後續問題。

Thanks.

謝謝。

Erik, when you look at our history and heritage and market share in these industries, our core businesses have been around retail and restaurants.

艾瑞克，當你回顧我們的歷史、傳統和在這些行業的市場份額時，你會發現我們的核心業務一直是圍繞著零售和餐飲。

So the -- one of the pieces of emphasis that we gave is we're back to our core businesses and extremely focused on delivering an end-to-end solution for retail and restaurant.

因此，我們強調的一點是，我們回歸核心業務，並高度專注於為零售和餐飲提供端到端的解決方案。

We know the industry well; we know their challenges.

我們熟悉這個行業；我們知道他們面臨的挑戰。

So when we talk to new clients, there's one about the platform.

因此，當我們與新客戶交談時，我們會談到平台。

We have great tech that provides all the capabilities that are required for your business in the running of your business.

我們擁有先進的技術，可提供您業務營運所需的所有功能。

The other side of that is we have services capabilities that truly differentiate us.

另一方面，我們擁有真正與眾不同的服務能力。

Most of our clients in the enterprise mid-market space are looking for a complete offering.

我們大多數企業中端市場的客戶都在尋求完整的產品。

And then they don't want to have to maintain it and make sure it's up and running, and don't have the service capabilities.

然後他們不想維護它並確保它正常運行，並且沒有服務能力。

And they need somebody that can scale with their business and grow with them.

他們需要一個能夠隨著他們的業務擴大規模並共同成長的人。

As they grow, we grow with them, and they can trust us to continue to deliver.

隨著他們的成長，我們也與他們一起成長，他們可以相信我們會繼續提供服務。

The platform itself -- I'll talk a little about architecture.

平臺本身—我將稍微談論一下架構。

They believe in the architecture of the platform strategy, the open nature of how we're delivering our solutions.

他們相信平台策略的架構以及我們提供解決方案的開放性。

And we allow not only our own technology but we're going to have great application for things like loyalty and payments and self-checkout.

我們不僅允許使用我們自己的技術，而且還將在忠誠度和支付以及自助結帳等方面擁有出色的應用程式。

They can also bring their own applications, so we can plug in third-party.

他們還可以帶來自己的應用程序，這樣我們就可以插入第三方。

So we have a good third-party ecosystem of partners that allow them to plug in.

因此，我們擁有良好的第三方合作夥伴生態系統，可以讓他們參與其中。

So we give flexibility to our customers.

因此我們為客戶提供靈活性。

We don't have to lock them in.

我們沒必要把他們鎖起來。

And it gives them a lot of opportunity to go explore and test out new offerings as they were looking to compete on differentiated solutions to their customers, to us as consumers.

這為他們提供了大量機會去探索和測試新產品，因為他們希望在為客戶（即我們消費者）提供差異化解決方案方面展開競爭。

So we go in with a full solution, the credibility, and history of what we do and our deep knowledge in our industries along with the great tech platform that's open.

因此，我們帶來了完整的解決方案、信譽、我們所做工作的歷史、我們在行業的深厚知識以及開放的偉大技術平台。

Okay.

好的。

That makes a lot of sense.

這很有道理。

Thank you for that color around.

感謝你周圍的那片色彩。

Maybe just as a follow up, can you maybe elaborate a bit on your capital allocation strategy?

也許只是作為後續問題，您能否詳細說明一下您的資本配置策略？

Just obviously, you now passed the digital banking transaction, you're looking at closing the hardware shift.

顯然，您現在已經通過了數位銀行交易，您正在考慮結束硬體轉換。

Obviously, you talked about buybacks.

顯然，您談到了回購。

Maybe just help us understand the pace of those buybacks.

也許只是幫助我們了解這些回購的速度。

And then maybe what comes next, what's your leverage goal?

那麼接下來會發生什麼事呢？

And how do we think about the capital allocation priorities?

我們如何考慮資本配置的優先順序？

Thank you.

謝謝。

So Erik, we covered this a little bit earlier, but I'll just reiterate that we -- using the digital banking proceeds, we have our leverage where we want it to be.

艾瑞克，我們之前已經討論過這個問題，但我只想重申一下，我們利用數位銀行收益，可以在我們想要的地方發揮槓桿作用。

We'll keep it at or below two terms.

我們將把它保持在兩個任期或以下。

We announced today $100 million share repurchase that we'll execute.

我們今天宣布將執行 1 億美元股票回購計畫。

And we also announced using $20 million of those proceeds to accelerate some of our offering investments.

我們也宣布將使用其中的 2000 萬美元來加速我們的部分投資。

So that's the use of the majority of the digital banking proceeds.

這就是大部分數位銀行收益的用途。

When we think about go forward capital allocation, it's really consistent with what we talked about before, continuing to invest internally to support our offerings and to drive growth.

當我們考慮未來的資本配置時，它與我們之前談論的一致，繼續進行內部投資以支持我們的產品並推動成長。

And then looking at tuck-in acquisitions where it might make sense to buy something versus build it ourselves.

然後考慮間接收購，在這種情況下，購買某樣東西可能比我們自己建造更有意義。

And then lastly, any future share repurchase we'll evaluate and consider with our Board.

最後，任何未來的股票回購我們都會與董事會一起評估和考慮。

And that's kind of what we talked about before.

這就像我們之前談論的一樣。

Right now, the focus is executing what we've announced and then generating the cash flow that we need to generate in 2025.

現在，重點是執行我們已經宣布的目標，然後產生我們在 2025 年所需的現金流。

Now, David, do you want to add anything?

現在，大衛，你想補充什麼嗎？

Yeah.

是的。

So that's the answer, Erik.

這就是答案，埃里克。

Great.

偉大的。

Thanks so much, guys.

非常感謝大家。

Sorry about the repeat question.

抱歉，我重複問問題了。

No worries.

不用擔心。

Ian Zaffino, Oppenheimer.

伊恩·扎菲諾 (Ian Zaffino)，奧本海默。

Hey, good morning, guys.

嘿，大家早安。

This is Isaac Sellhausen on for Ian.

這是 Ian 的 Isaac Sellhausen。

Thanks very much for taking all the questions.

非常感謝您回答我的所有問題。

I just had one on the initiatives and investments you mentioned in the restaurant and retail businesses.

我剛剛談了您提到的餐飲和零售業的舉措和投資。

I guess, specifically for restaurants.

我想，特別是對於餐廳而言。

Maybe if you could provide some high-level thoughts on what the investments would entail, and maybe how you're looking to position the segment relative to your current market position and enterprise in QSR space?

也許您可以提供一些關於投資將涉及哪些內容的高層想法，以及您如何根據您當前的市場地位和 QSR 領域的企業來定位該細分市場？

Thanks.

謝謝。

So the work that we're doing on the portfolio for restaurants is really accelerating what we would have had in our original roadmap.

因此，我們在餐廳投資組合方面所做的工作確實加速了我們原有路線圖的實現。

So we're pulling in some functionality to get a broader expansion.

因此，我們正在引入一些功能來實現更廣泛的擴充。

Specifically, in QSR in Q1, we're looking to accelerate some of the value-added capabilities on the platform.

具體來說，在第一季的 QSR 中，我們希望加速平台上的一些增值功能。

So the customers that have connected to the platform, we're giving them more that they can do through the platform with our investments.

因此，對於已連接到該平台的客戶，我們將透過投資為他們提供更多可以透過該平台完成的工作。

That is the focus.

這才是重點。

So you think about some of our capabilities like kitchen payments, menu management, back office, those are the capabilities that we're looking to accelerate.

所以，您可以考慮我們的一些功能，例如廚房支付、菜單管理、後台辦公室，這些都是我們希望加速的功能。

And when we say accelerate, that's more of the cloud enablement.

當我們說加速時，更多的是指雲的支援。

We've clearly got those capabilities on our legacy platform.

我們顯然在我們的傳統平台上擁有這些功能。

Really delivering those to our cloud platform, and accelerating that migration to the platform is where we're focused.

真正將這些交付到我們的雲端平台，並加速向該平台的遷移是我們關注的重點。

And then some of that will come in the form of aggressive marketing and commercial packages to some of our customers to get them connected faster.

然後，我們將以積極的營銷和商業套餐的形式向部分客戶提供這些服務，以使他們能夠更快地連接到互聯網。

Okay, understood.

好的，明白了。

Thank you very much.

非常感謝。

At this time, it appears there are no further questions.

目前，似乎沒有其他問題。

I'd like to turn the call back to NCR Voyix CEO, David Wilkinson.

我想把電話轉回給 NCR Voyix 執行長 David Wilkinson。

I'd like to close with just a thank you to our employees at NCR Voyix.

最後，我想向 NCR Voyix 的員工表示感謝。

A great job of executing what is on paper, a really strong set of strategic initiatives and a solid performance for Q3.

書面上的計劃執行得非常出色，一系列非常強有力的戰略舉措以及第三季度的穩健表現。

As we've described, there's a lot of work ahead of us, so the teams will be very focused on delivering to our commitments to our customers.

正如我們所描述的，我們面前還有很多工作要做，因此團隊將非常專注於履行對客戶的承諾。

Also, I would like to thank our customers for the confidence they have in us and entrusting us with their solution.

此外，我還要感謝客戶對我們的信任並委託我們為他們提供解決方案。

We serve enterprise clients and mid-market clients and our mission critical to what they do every day.

我們為企業客戶和中型市場客戶提供服務，我們的使命對他們的日常工作至關重要。

And we don't take that lightly, so we appreciate the support we have from our clients.

我們對此非常重視，因此我們感謝客戶的支持。

And lastly, I would tell you that I'm really optimistic on the strategy that we have.

最後，我想告訴你們，我對我們的策略非常樂觀。

We laid out the pro forma in the last earnings release, and the focus that we're driving as a company on software and services, the attention that were driving as a management teSam, the change that we've made in the leadership, what we're describing is going to set us up on a path in '25, like we said, to grow off of that base.

我們在上次的收益報告中列出了預測，我們作為一家公司對軟體和服務的關注，我們作為管理團隊所關注的，我們在領導層所做的改變，我們所描述的一切都將使我們在25年走上一條道路，就像我們所說的那樣，在這個基礎上實現增長。

So we will provide more color on that when we get into February.

因此，當進入二月時，我們將提供更多詳細資訊。

But we feel good about the initiatives we're executing, we feel good about the platform momentum that we have, and we're appreciative of our existing customers.

但我們對我們正在實施的計劃感到滿意，對我們擁有的平台發展勢頭感到滿意，並且我們感謝我們現有的客戶。

So thank you for your time this morning.

非常感謝您今天上午抽出時間。

This concludes the NCR Voyix third-quarter 2024 earnings call.

NCR Voyix 2024 年第三季財報電話會議到此結束。

Thank you for attending and have a wonderful rest of your day.

感謝您的出席並祝您有美好的一天。