NCR Voyix Corp (VYX) 2024 Q4 法說會逐字稿

Greetings and welcome to the NCR Voyix Q4 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

問候並歡迎參加 NCR Voyix 2024 年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Sarah Jane Schneider, Vice President, Investor Relations. Thank you. You may begin.

現在我很高興介紹您的主持人、投資者關係副總裁 Sarah Jane Schneider。謝謝。你可以開始了。

Good morning, and thank you for joining our fourth quarter 2024 earnings conference call. This morning, we issued our earnings release reporting financials for the quarter ended December 31, 2024. A copy of the earnings release and the presentation that we will reference during this call are available on the investor relations section of our website, which can be found at ncrvoyix.com and have been filed with the SEC.

早安，感謝您參加我們的 2024 年第四季財報電話會議。今天上午，我們發布了收益報告，報告了截至 2024 年 12 月 31 日的季度財務狀況。我們將在本次電話會議中引用的收益報告和簡報的副本可在我們網站的投資者關係部分找到，網址為 ncrvoyix.com，且已向美國證券交易委員會 (SEC) 提交。

With me on the call today are Jim Kelly, our Chief Executive Officer; Brian Webb-Walsh, our Chief Financial Officer; Benny Tadele, President, Restaurants; and Darren Wilson, President, Retail. 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還有我們的執行長 Jim Kelly； Brian Webb-Walsh，我們的財務長； Benny Tadele, 餐廳總裁；以及零售總裁 Darren Wilson。本次電話會議正在錄音，網路直播可在我們網站的投資者關係部分觀看。

Before we begin, please be advised that remarks today will contain forward-looking statements. These forward-looking statements are subject to risks uncertainties and other factors, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.

在我們開始之前，請注意，今天的評論將包含前瞻性陳述。這些前瞻性陳述受風險、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表達或暗示的結果有重大差異。

For additional information on these factors, please refer to our earnings release and our other reports filed with the SEC. We caution you not to place undue reliance on these statements. Forward-looking statements during this call speak only as of the date of this call, and we undertake no obligation to update them.

有關這些因素的更多信息，請參閱我們的收益報告和我們向美國證券交易委員會提交的其他報告。我們提醒您不要過度依賴這些聲明。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 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 to our Form 8-K filed this morning and our supplemental materials available on the investor relations section of our website.

此外，我們今天將討論或提供某些非公認會計準則財務指標，我們相信這些指標將為我們持續的業績提供額外的清晰度。如需根據美國證券交易委員會 (SEC) 規定將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資料。

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

說完這些，我現在想把電話轉給吉姆。

Thanks, Sarah Jane, and good morning. I would like to welcome all of you to our fourth quarter earnings call. I am Jim Kelly, NCR Voyix newly appointed Chief Executive Officer. As you may know, I was appointed Independent Chair of the Board of Directors in October of '23, followed by Executive Chair in May of last year. This 15 month period allowed me to gain keen insights into our operations, products, customers and strategy before stepping into my new role.

謝謝，莎拉·簡，早安。歡迎大家參加我們的第四季財報電話會議。我是 Jim Kelly，NCR Voyix 新任執行長。您可能知道，我於 23 年 10 月被任命為董事會獨立主席，隨後於去年 5 月被任命為執行主席。這 15 個月的時間讓我在擔任新職務之前對我們的營運、產品、客戶和策略有了深刻的了解。

Ahead of discussing our fourth quarter results, I wanted to share my initial observations of the company. I accepted my current position as I believe we have a strong foundation upon which to execute our growth objectives and would like to elaborate on what I view as our key strengths.

在討論我們第四季度的業績之前，我想分享我對公司的初步觀察。我接受了目前的職位，因為我相信我們擁有實現成長目標的堅實基礎，並且想詳細說明我認為我們的主要優勢。

Beginning with our competitive positioning, the company has an extensive track record supporting some of the largest global retail and restaurant brands and is today the number one in self-checkout and point-of-sale software for convenience and fuel, grocery and restaurants. While the sales cycle for enterprise point-of-sale is very competitive. Once committed, we generally maintain these relationships for over 10 years, sometimes as long as 30 years. This is clearly illustrated by our strong revenue retention of 98% over the last three years.

從我們的競爭定位開始，該公司在支持一些全球最大的零售和餐飲品牌方面擁有豐富的經驗，如今已成為便利商店、加油站、雜貨店和餐廳自助結帳和銷售點軟體領域的第一大廠商。而企業銷售點的銷售週期競爭非常激烈。一旦承諾，我們一般會維持這種關係超過10年，有時甚至長達30年。我們過去三年 98% 的強勁收入保留率清楚地證明了這一點。

The second is our platform. Over the past five years, the company has invested significantly in our platform to meet the growing demands of restaurants and retailers around the globe. We have several paths to connect customers to the platform.

第二個是我們的平台。在過去五年裡，公司對我們的平台進行了大量投資，以滿足全球餐廳和零售商日益增長的需求。我們有多種途徑將客戶連接到平台。

This enables existing customers to access real-time insights and additional functionality avoiding a wholesale point-of-sale conversion. The success of this approach is reflected in our high teens revenue growth in the enterprise platform customers and represents 15% of total company software and services revenue.

這使得現有客戶能夠獲得即時見解和附加功能，從而避免批發銷售點轉換。這種方法的成功體現在我們企業平台客戶的收入實現了高成長，占公司軟體和服務總收入的 15%。

Further, we have approximately 74,000 sites on our platform, an increase of 26% from the prior year and over 110 billion API calls at the end of 2024.

此外，我們的平台上有大約 74,000 個站點，比上年增長了 26%，截至 2024 年底的 API 呼叫超過 1100 億次。

In restaurants, Aloha cloud point-of-sale has been widely available for fast casual for more than a year with nearly 15,000 locations operating on a platform today, many of which our multisite businesses. For 2025, we have plans to launch several enterprise platform solutions, two of which are in labs with customers. We are actively working with our existing base and prospects to deliver a phased release of enhanced capabilities beginning this year.

在餐廳領域，Aloha 雲端銷售點已廣泛應用於快餐休閒領域一年多，目前平台上有近 15,000 個門市經營，其中許多是我們的多站點業務。到 2025 年，我們計劃推出多個企業平台解決方案，其中兩個正在與客戶合作開發。我們正在積極與現有基地和潛在客戶合作，從今年開始分階段發布增強的功能。

In retail, our newest self-checkout solutions launched in 2024 are available in the US in parts of Europe and Asia Pacific. We expect full rollout globally by year-end. Our point-of-sale and fuel are in pilot in both the US and Asia Pacific with deployments scheduled for later this year, followed by a release in 2026.

在零售業，我們於 2024 年推出的最新自助結帳解決方案已在美國、歐洲部分地區和亞太地區推出。我們預計年底前將在全球全面推出。我們的銷售點和燃料正在美國和亞太地區進行試點，計劃於今年稍後部署，並於 2026 年發布。

As our suite of platform solutions are released to the market, we anticipate strong demand from our existing base along with new customers, accelerating platform sites and transaction growth. The third difference is service. We are uniquely positioned to meet the needs of retailers and restaurants with our extensive global service offering.

隨著我們的平台解決方案套件推向市場，我們預計現有客戶和新客戶的需求將十分強勁，從而加速平台站點和交易的成長。第三個區別是服務。憑藉我們廣泛的全球服務，我們擁有獨特的優勢來滿足零售商和餐廳的需求。

We leverage a team of 8,000 highly trained professionals to provide software management, store implementation and hardware maintenance for our customers. Our unmatched remote and field service teams ensure 24/7 support particularly during the holiday seasons. While historically, these services were built on a fee for service basis or an annual contract, we are now bundling services and software into a multiyear subscription.

我們擁有一支由 8,000 名訓練有素的專業人員組成的團隊，為客戶提供軟體管理、商店實施和硬體維護。我們無與倫比的遠端和現場服務團隊確保全天候支持，特別是在假期期間。雖然從歷史上看，這些服務都是以收費服務或年度合約為基礎建立的，但我們現在將服務和軟體捆綁到多年期訂閱中。

And where services are stand-alone, we are offering a subscription contract. This approach is mutually beneficial as customers gain greater cost transparency while we improve resource allocation and drive efficiency.

對於獨立的服務，我們提供訂閱合約。這種方法是互惠互利的，因為客戶可以獲得更高的成本透明度，而我們則可以改善資源配置並提高效率。

And lastly, our payments opportunity. While the company has successfully executed its payment strategy with small and midsized restaurants, we have been unable to meet the complex and diverse payment requirements of enterprise retailers with the existing third-party authorization platform.

最後，我們的支付機會。雖然公司已經成功實施了針對中小型餐廳的支付策略，但現有的第三方授權平台已無法滿足企業零售商複雜多樣的支付需求。

As such, we have entered into a five year nonexclusive agreement with Worldpay, a global leader in payment solutions to provide the necessary functionality to meet the needs of our enterprise customers beginning in the United States.

因此，我們與支付解決方案的全球領導者 Worldpay 簽訂了為期五年的非獨家協議，以提供必要的功能，滿足我們從美國開始的企業客戶的需求。

For 2024, our US customers processed over $500 billion in payments through their point-of-sale, the majority of which relates to enterprise customers. Once implemented later this year, we will begin offering these payment capabilities to new and existing customers. In parallel to launching in the US, we will work with Worldpay to roll out these capabilities to our other markets.

到 2024 年，我們的美國客戶將透過其銷售點處理超過 5,000 億美元的付款，其中大部分與企業客戶有關。一旦在今年稍後實施，我們將開始向新舊客戶提供這些支付功能。在美國推出該服務的同時，我們也將與 Worldpay 合作，將這些功能推廣到我們的其他市場。

Finally, over the next two quarters, I will be traveling to meet customers strengthening our relationships and ensuring we are executing on product deployment and service expectations. The focus on urgency and accountability, together with the actions taken last year to rightsize the balance sheet and streamline operations will position us better to leverage our core strengths and achieve our growth plans.

最後，在接下來的兩個季度裡，我將前往與客戶會面，加強我們的關係，並確保我們按照產品部署和服務期望進行執行。對緊迫性和責任感的關注，加上去年為調整資產負債表和精簡營運所採取的行動，將使我們能夠更好地利用我們的核心優勢並實現我們的成長計劃。

With that, I will turn the call over to Benny to provide an update on restaurant. Benny?

說完這些，我將把電話轉給 Benny，讓他提供有關餐廳的最新情況。班尼？

Thanks, Jim. In the fourth quarter, our restaurant business signed more than 200 new software and services customers, including an enterprise restaurant as we also converted more than 135 existing customers to our platform.

謝謝，吉姆。第四季度，我們的餐飲業務簽約了 200 多家新的軟體和服務客戶，其中包括一家企業餐廳，同時我們也將 135 多家現有客戶轉換至我們的平台。

Our platform and payment sites increased by 6% and 8%, respectively. Software ARR increased 3% and total ARR increased 4% in the quarter. In our enterprise division, we won a multiyear platform and payments contract with Yogurtland through a competitive process to service their 200 stores across the US.

我們的平台和支付網站分別成長了6%和8%。本季軟體 ARR 成長了 3%，總 ARR 成長了 4%。在我們的企業部門，我們透過競爭程序贏得了與 Yogurtland 的多年期平台和支付合同，為其遍布美國的 200 家商店提供服務。

We will provide Aloha Cloud point-of-sale in addition to data and analytics capabilities, integrated online ordering and third-party delivery management. Our proprietary software and payment solution will enable Yogurtland to centralize store data and online ordering while reducing in-store hardware and cost of ownership.

除了數據和分析功能外，我們還將提供 Aloha Cloud 銷售點、整合線上訂購和第三方交付管理。我們的專有軟體和支付解決方案將使 Yogurtland 能夠集中商店數據和線上訂購，同時減少店內硬體和擁有成本。

As you highlighted earlier, we're focused on converting existing software customers to our platform. For example, in Q4, we converted Brinker International, a leading casual dining restaurant company and operator of Chili's and Maggiano's to enable them to minimize cost and disruption as they continue to grow their brands.

正如您之前強調的那樣，我們專注於將現有軟體客戶轉化為我們的平台。例如，在第四季度，我們對領先的休閒餐廳公司及 Chili’s 和 Maggiano’s 的營運商 Brinker International 進行了轉型，以使他們能夠在繼續發展品牌的同時最大限度地降低成本和減少干擾。

Internationally, we signed an $80 million end-to-end services contract was one of the largest global fast food chains for their business in the UK and Ireland. We displaced the incumbent provider through a competitive process due to our comprehensive managed share business offering.

在國際上，我們與英國和愛爾蘭最大的全球快餐連鎖店之一簽署了一份價值 8000 萬美元的端到端服務合約。由於我們提供全面的管理股份業務，我們透過競爭程序取代了現任供應商。

Beginning this year, we provide this customer with increased support and efficiency to improve services outcomes for franchisees, restaurant crew members and corporate employees. We look to expand our services agreement with this customer across their global footprint over time.

從今年開始，我們為該客戶提供更高的支援和效率，以改善特許經營商、餐廳工作人員和公司員工的服務成果。我們希望隨著時間的推移，擴大與該客戶的服務協議，涵蓋其全球業務。

Finally, our payments attach rate remains strong with essentially all new customers attaching payments to their contract this quarter. As we implement our processing agreement was well paid later this year, we'll focus on aggressively cross-selling payments into our enterprise base to drive additional growth.

最後，我們的付款附加率仍然很高，本季基本上所有新客戶都已將付款附加到合約中。隨著我們在今年稍後實施加工協議並獲得豐厚回報，我們將專注於積極向我們的企業基地進行交叉銷售付款，以推動進一步成長。

I will now turn the call over to Darren to discuss our retail performance.

現在我將把電話轉給 Darren 討論我們的零售業績。

Thanks, Benny. Good morning, everyone. Like Jim, I briefly wanted to introduce myself as the President of our Retail segment. Following a career in payments, I joined NCR Voyix initially in a strategic role, before being appointed President International in November of 2024. These roles provided me excellent insight into the company, its customers and operations.

謝謝，班尼。大家早安。像吉姆一樣，我想簡單介紹一下我自己，我是零售部門的總裁。在從事支付行業之後，我最初加入 NCR Voyix 擔任策略職務，之後於 2024 年 11 月被任命為國際總裁。這些職位讓我對公司及其客戶和營運有了深入的了解。

Now turning to our performance. In the fourth quarter, our retail business signed more than 35 customers, leading to nearly 700 additional sites. Our platform sites increased by 46% and software ARR increased by 5% and total ARR increased 6% in the quarter.

現在來談談我們的表現。第四季度，我們的零售業務簽約了超過 35 位客戶，新增了近 700 個站點。本季度，我們的平台網站數量增加了 46%，軟體 ARR 增加了 5%，總 ARR 增加了 6%。

As an example of our platform execution, we renewed and expanded our agreement with two large grocery chains in Europe and the UK to upgrade their existing point-of-sale to our platform later this year. Further, we will provide self-checkout and value-added platform solutions in addition to help desk services to enhance support for these customers.

作為我們平台執行的一個例子，我們續簽並擴大了與歐洲和英國兩家大型連鎖雜貨店的協議，以便在今年稍後將他們現有的銷售點升級到我們的平台。此外，除了幫助台服務外，我們還將提供自助結帳和加值平台解決方案，以增強對這些客戶的支援。

Similarly, we signed a new five year contract with a national grocery chain in Japan to provide our point-of-sale solution connected to the platform across their store footprint.

同樣，我們與日本一家全國性連鎖雜貨店簽署了一份新的五年合同，為其整個門市提供與平台相連的銷售點解決方案。

Finally, as we announced earlier this month, we renewed and expanded a long-standing government relationship with a Defense Commissary Agency for a total contract value of $335 million. Under the agreement, we will provide software support, including catalog, ordering, receiving, pricing and point of sale in addition to hardware maintenance to nearly 250 military sites around the world.

最後，正如我們本月稍早宣布的那樣，我們續約並擴大了與國防軍需機構的長期政府合作關係，合約總價值為 3.35 億美元。根據協議，我們將為全球近 250 個軍事基地提供軟體支持，包括目錄、訂購、接收、定價和銷售點以及硬體維護。

As Jim outlined, we will continue to focus on winning additional customers and expanding our existing agreements at the time of renewal as we move through 2025.

正如吉姆所概述的，在 2025 年到來之際，我們將繼續專注於贏得更多客戶並在續約時擴大現有協議。

And with that, I will turn the call over to Brian. Brian?

說完這些，我將把電話轉給布萊恩。布賴恩？

Thank you, Darren, and good morning, everyone. Before discussing our fourth quarter performance, I would like to provide a brief update on the hardware ODM implementation. Our team in Ennoconn are working very closely through the details of the transition.

謝謝你，達倫，大家早安。在討論我們第四季度的業績之前，我想先簡單介紹一下硬體 ODM 實施的情況。我們在恩諾康涅狄格的團隊正在密切合作，處理過渡的具體細節。

Ennoconn needs to fully replicate our infrastructure and technology before the ODM agreement can become operational to ensure there is no disruption to our customers. As such, we expect to continue to recognize hardware revenue for most of 2025, which will be reflected in our full year guidance.

在 ODM 協議生效之前，Ennoconn 需要完全複製我們的基礎設施和技術，以確保不會對我們的客戶造成乾擾。因此，我們預計在 2025 年的大部分時間內將繼續確認硬體收入，這將反映在我們的全年指引中。

Exiting hardware will improve our recurring revenue composition from approximately 60% to 75% and once the ODM is operational. As part of the company's continued shift to our recurring software and services model in addition to hardware, we are exiting certain onetime software licenses and services, which totaled $60 million for 2024. This will further improve our revenue composition to 80% recurring.

退出硬體將使我們的經常性收入組成從約 60% 提高到 75%，並且一旦 ODM 投入營運。作為公司除硬體之外繼續轉向經常性軟體和服務模式的一部分，我們正在退出某些一次性軟體授權和服務，這些授權和服務在 2024 年總計達 6,000 萬美元。這將進一步改善我們的收入組成，達到80%的經常性收入。

The profit contribution related to these certain onetime items has been offset by cost reductions we are implementing in Q1. We are committed to becoming a primarily recurring software and services company as quickly as possible while continuing to deliver an end-to-end offering to our restaurant and retail customers.

與這些某些一次性項目相關的利潤貢獻已經被我們在第一季實施的成本削減所抵消。我們致力於盡快成為一家以經常性軟體和服務為主的公司，同時繼續為我們的餐廳和零售客戶提供端到端的服務。

Lastly, as it relates to our normalized financial measures, we expect the two remaining Atleos countries to be exited during the first half of this year. These countries are included in our reported results for the fourth quarter and full year 2024.

最後，就我們規範化的財務指標而言，我們預計剩下的兩個 Atleos 國家將在今年上半年退出。這些國家都包含在我們 2024 年第四季和全年報告的業績中。

However, we'll continue to exclude the revenue and adjusted EBITDA impacts on our '25 guidance. Once exited, the financials from these countries will be reflected in discontinued operations for all historical periods.

不過，我們將繼續排除收入和調整後的 EBITDA 對 25 年指引的影響。一旦退出，這些國家的財務狀況將反映在所有歷史時期的停止營運中。

For the quarter, reported revenue was $682 million, and normalized revenue was $678 million, reflecting a decline of 14% due to the expected weakness in hardware sales. Software and services revenue declined 2% to $521 million due to the $11 million prior period impact of the now terminated commercial agreements with NCR Atleos. Excluding the impact of these agreements, software and services revenue increased 1%, driven by growth from our hardware maintenance, platform and payments revenue streams.

本季度，報告營收為 6.82 億美元，正常化收入為 6.78 億美元，由於預期硬體銷售疲軟，下降了 14%。軟體和服務收入下降 2% 至 5.21 億美元，原因是與 NCR Atleos 終止的商業協議對前期產生了 1,100 萬美元的影響。除去這些協議的影響，軟體和服務收入成長了 1%，這主要得益於硬體維護、平台和支付收入流的成長。

Software revenue decreased 3% to $251 million due primarily to a decline in onetime perpetual software license revenue, which was partially offset by revenue from our platform and payments revenue streams. Services revenue of $270 million was flat year over year due to the previously mentioned commercial agreements. Excluding the impact of these agreements, services revenue increased 4%, which reflects the increase in hardware maintenance revenue.

軟體收入下降 3% 至 2.51 億美元，主要原因是一次性永久軟體授權收入下降，但部分被我們平台和支付收入流的收入所抵消。由於前面提到的商業協議，服務收入為 2.7 億美元，與去年同期持平。除去這些協議的影響，服務收入成長了 4%，這反映了硬體維護收入的增加。

Adjusted EBITDA increased 75% to $114 million in the fourth quarter as margin expanded 850 basis points to 16.7%. Normalizing for the impact of the digital banking stranded costs in the prior year adjusted EBITDA increased 58% to $112 million.

第四季調整後 EBITDA 成長 75% 至 1.14 億美元，利潤率擴大 850 個基點至 16.7%。考慮到上年數位銀行擱淺成本的影響，調整後的 EBITDA 成長 58%，達到 1.12 億美元。

This significant improvement was largely driven by approximately $120 million of in-year cost actions executed in 2024 as a result of the company exiting noncore businesses. As of the end of the fourth quarter, we had approximately 74,000 sites on our platform, an increase of 26% from the prior year. Software ARR and total segment ARR increased 4% and 5%, respectively.

這項顯著改善主要得益於公司退出非核心業務，並於 2024 年實施了約 1.2 億美元的年度成本行動。截至第四季末，我們平台上擁有約74,000個網站，比上年增長26％。軟體ARR和總分部ARR分別成長了4%和5%。

Let's turn to our segment results for the quarter. Beginning with restaurants, software revenue increased 3% to $91 million and services revenue increased 3% to $72 million, driven by payments and hardware maintenance growth.

讓我們來看看本季的分部業績。從餐廳開始，受支付和硬體維護成長的推動，軟體收入成長 3% 至 9,100 萬美元，服務收入成長 3% 至 7,200 萬美元。

Total segment revenue declined 5% to $211 million due to the expected decline in hardware. Adjusted EBITDA increased 36% to $68 million as margin expanded 980 basis points to 32.2%. This improvement was driven by software and services revenue growth, coupled with our efficiency initiatives.

由於硬體預期下滑，該部門總收入下降 5% 至 2.11 億美元。調整後 EBITDA 成長 36% 至 6,800 萬美元，利潤率擴大 980 個基點至 32.2%。這項改善是由軟體和服務收入的成長以及我們的效率措施所推動的。

Turning to retail. Software revenue declined 3% to $155 million, while services revenue increased 4% to $193 million. The growth in services revenue reflects hardware maintenance growth while the decline in software reflects the decrease in onetime software license revenue.

轉向零售。軟體收入下降 3% 至 1.55 億美元，而服務收入成長 4% 至 1.93 億美元。服務收入的成長反映了硬體維護的成長，而軟體收入的下降反映了一次性軟體授權收入的減少。

Total segment revenue declined 15% to $461 million due to the expected decline in hardware sales. Adjusted EBITDA increased 13% to $102 million as margin expanded 560 basis points to 22.1%. This improvement was driven by a combination of services revenue growth and our efficiency initiatives.

由於硬體銷售額預計下降，該部門總收入下降 15% 至 4.61 億美元。調整後 EBITDA 成長 13% 至 1.02 億美元，利潤率擴大 560 個基點至 22.1%。這項改善是由服務收入成長和我們的效率措施共同推動的。

Lastly, corporate and other expenses decreased 25% to $56 million. When normalizing for the spin and digital banking impacts in the prior year, corporate and other expenses decreased 16%. These results reflect the cost initiatives we implemented in 2024 and lapping spin related dis-synergies this quarter.

最後，公司及其他費用減少 25% 至 5,600 萬美元。當將上一年的分拆和數位銀行影響標準化時，企業和其他費用減少了 16%。這些結果反映了我們在 2024 年實施的成本措施以及本季與研磨旋轉相關的不協同效應。

Adjusted free cash flow unrestricted was $72 million for the quarter before considering $27 million of cash expenditures related to restructuring and other strategic initiatives. This represents a conversion rate of nearly 64% when excluding restructuring.

在考慮與重組和其他策略性舉措相關的 2,700 萬美元現金支出之前，本季調整後的不受限制的自由現金流為 7,200 萬美元。若不包括重組，轉換率接近 64%。

We initially anticipated tax payments of $375 million pertaining to the proceeds from the digital banking sale last year. We have updated our estimates based on tax planning and have lowered the amount to $320 million, of which $20 million was paid in Q4.

我們最初預計去年數位銀行銷售所得的稅金為 3.75 億美元。我們根據稅務規劃更新了我們的估算，將金額下調至 3.2 億美元，其中 2000 萬美元是在第四季度支付的。

We ended the quarter with 1.6 turns of net leverage based on $419 million of pro forma 2024 adjusted EBITDA. During the quarter, we repurchased 4 million shares for approximately $56 million under our $100 million share repurchase program. In February, we completed the remaining repurchases, purchasing 7.3 million shares in total.

根據 2024 年調整後 EBITDA 4.19 億美元計算，本季末我們的淨槓桿率為 1.6 倍。在本季度，我們根據 1 億美元的股票回購計畫回購了 400 萬股，價值約 5,600 萬美元。2月份，我們完成了剩餘的回購，共購買了730萬股。

As we move into 2025, we expect to maintain our pro forma net leverage ratio at or below 2 turns. As we consider the allocation of future cash flow, we will prioritize investments in our platform and related products in addition to considering both common and preferred share repurchases with excess cash.

進入 2025 年，我們預計我們的預測淨槓桿率將維持在 2 倍或以下。在考慮未來現金流量的分配時，除了考慮用多餘現金回購普通股和優先股外，我們還將優先投資我們的平台和相關產品。

Turning to our outlook. We are providing revenue guidance inclusive of hardware revenue. As discussed, we expect the Ennoconn ODM to become effective at some point in the second half of the year, at which time we will update our guidance to reflect only the related commissions on a go-forward basis. As such, we expect currency-neutral revenue to range from $2.575 billion to $2.65 billion, which reflects a 9% to 6% decline, driven mostly by hardware, as shown on slide 11 of the presentation.

轉向我們的展望。我們提供包括硬體收入在內的收入指導。如上所述，我們預計 Ennoconn ODM 將在今年下半年某個時候生效，屆時我們將更新我們的指引，以僅反映未來相關的佣金。因此，我們預期匯率中性收入將在 25.75 億美元至 26.5 億美元之間，反映出 9% 至 6% 的下降，主要受硬體影響，如簡報第 11 頁所示。

Our core software and services revenue adjusted for terminated commercial agreements with Atleos and ceasing onetime software and services agreements is expected to grow in the low single digits in 2025. ARR and platform sites are both expected to increase mid to high single digits in 2025.

經過與 Atleos 終止的商業協議以及終止一次性軟體和服務協議的調整後，我們的核心軟體和服務收入預計將在 2025 年實現個位數低成長。預計到 2025 年，ARR 和平台站點均將實現中高個位數的成長。

Currency neutral adjusted EBITDA is expected to range from $420 million to $445 million, representing an increase of 21% to 28%. Adjusted EBITDA margin is expected to range from 16.3% to 16.8%. Our outlook does not include any potential impact of the pending tariffs given the current uncertainty regarding the timing and ultimate structure and the extent to which the company can mitigate the impact.

預計貨幣中性調整後 EBITDA 在 4.2 億美元至 4.45 億美元之間，成長 21% 至 28%。調整後的 EBITDA 利潤率預計在 16.3% 至 16.8% 之間。鑑於目前對時間和最終結構以及公司能夠減輕影響的程度存在不確定性，我們的展望不包括即將實施的關稅的任何潛在影響。

Non-GAAP diluted earnings per share is expected to be between $0.75 and $0.80. This is based on a fully diluted weighted average share count of approximately 162 million shares and an expected tax rate of 26%.

非公認會計準則攤薄每股收益預計在 0.75 美元至 0.80 美元之間。這是基於約 1.62 億股的完全稀釋加權平均股數和 26% 的預期稅率。

Adjusted free cash flow unrestricted for the year is expected to be between $170 million and $190 million when excluding $55 million in restructuring $300 million of taxes related to the digital banking sale and $20 million of accelerated product investments being funded by the digital banking proceeds. This reflects an adjusted conversion rate of 40% to 43%.

今年調整後的不受限制的自由現金流將在 1.7 億美元至 1.9 億美元之間，其中不包括重組中的 5,500 萬美元、與數位銀行銷售相關的 3 億美元稅款以及由數位銀行收益資助的 2,000 萬美元加速產品投資。這反映了 40% 至 43% 的調整後轉換率。

Our adjusted free cash flow unrestricted guidance does not include the expected positive impact to working capital from the ODM transition, which we now anticipate will primarily benefit us in 2026. At year-end, total inventory was $208 million, comprised of finished goods and raw materials of $89 million and service parts of $119 million.

我們調整後的自由現金流無限制指引不包括 ODM 轉型對營運資本的預期正面影響，我們現在預計這將主要使我們在 2026 年受益。截至年底，總庫存為 2.08 億美元，其中包括 8,900 萬美元的成品和原材料以及 1.19 億美元的服務零件。

Once the ODM transition is complete, as inventory transitions to Ennoconn, we anticipate a cash flow benefit of approximately 50% of the $89 million when taking into account accounts payable. The remaining service parts inventory will remain with the company to support our services business.

一旦 ODM 轉換完成，隨著庫存轉換到 Ennoconn，我們預計在考慮應付帳款的情況下，現金流收益將達到 8,900 萬美元的約 50%。剩餘的服務零件庫存將留在公司，以支援我們的服務業務。

Finally, I'd like to provide some color on the first quarter. Q1 revenue is expected to decline in the mid-teens due to a significant hardware refresh from one of our largest retail customers in the prior year period. We expect Q1 adjusted EBITDA to demonstrate high-teens growth versus Q1 2024 reported results, which reflects cost actions taken in 2024.

最後，我想對第一季提供一些資訊。由於我們最大的零售客戶之一在去年同期對硬體進行了大規模更新，預計第一季營收將下降 15% 左右。我們預計，與 2024 年第一季報告的結果相比，第一季調整後的 EBITDA 將呈現高成長率，這反映了 2024 年採取的成本行動。

Our adjusted EBITDA is expected to improve sequentially as we go through the year, reflecting our normal seasonality in addition to the timing of revenue and our 2025 cost initiatives.

我們的調整後 EBITDA 預計將隨著時間的推移而逐年改善，這不僅反映了我們的正常季節性，還反映了收入的時間表和 2025 年的成本計劃。

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 Instructions)

（操作員指令）

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

Hey, good morning. Jim, maybe just on the payments agreement that you announced. It seems like that could be a significant opportunity for you going forward. Maybe if you could just elaborate on the timing of when you think you could start seeing a benefit of that and how long that could take in terms of achieving kind of full benefit?

嘿，早安。吉姆，也許只是關於你宣布的付款協議。這似乎對您今後的發展來說是一個重大機會。也許您可以詳細說明您認為何時可以開始看到好處，以及需要多長時間才能完全看到好處？

Good morning, Kartik. Yes, as you saw or heard in the comments that I made, $500 billion is a big number. It actually translates into 12 billion transactions. Unfortunately, while I think it was a good move by Mike, the prior or two prior CEOs ago, in bringing payments to the company because software, as you know, has been aligning with payments significantly over the last several -- probably over the last 10 years.

早上好，卡爾蒂克。是的，正如您在我的評論中看到或聽到的那樣， 5000 億美元是一個很大的數字。這實際上相當於120億筆交易。不幸的是，雖然我認為 Mike 的前任或前兩任執行長將支付功能引入公司是一個很好的舉措，因為如你所知，軟體在過去幾年——可能是在過去十年——一直與支付保持著密切的聯繫。

Unfortunately, the JetPay platform just did not have the capabilities, it could support restaurant but could not support the retail organization just given the complexities of different fuel issuers and other complexities of the restaurant space. So my expectation is that this will be live by the end of the summer at the latest because we'll be migrating some of the accounts that are currently with the prior provider on to JetPay -- on to Worldpay.

不幸的是，JetPay 平台不具備這些功能，它可以支援餐廳，但無法支援零售組織，因為不同燃料發行商的複雜性以及餐廳領域的其他複雜性。因此，我預計這項服務最遲將在夏季末上線，因為我們將把目前在先前供應商處的一些帳戶遷移到 JetPay——Worldpay。

And then in addition, as soon as the system is operational, which could be as early as the spring before the conversion will start migrating -- will start selling new retail customers domestically. And then also, as I said, we're going to start rolling it out to Latin America and Europe, probably the next two markets to take advantage of their footprint in both regions.

此外，一旦系統投入運行，最早可能在春季，在轉換開始之前，將開始在國內銷售新的零售客戶。然後，正如我所說的，我們將開始將其推廣到拉丁美洲和歐洲，這可能是接下來的兩個市場，以利用他們在這兩個地區的足跡。

And just to give you an order of magnitude, if you go back to our -- my previous company, EVO, we had close to $700 million of revenue and we did about $150 billion in volume. So this is multiples in terms of size.

舉個數量級的例子，如果你回顧我之前的公司 EVO，我們的收入接近 7 億美元，交易量約為 1500 億美元。從尺寸上來說，這是倍數。

And again, as I said, this is a completely new revenue source for the company. It's one that I think they would have liked to have achieved previous. We've worked on this for a number of months. And fortunately, I think Worldpay has been a great partner to work with to get to an agreement that will enable us to sell this along with our sales of product and services into our base as well as new customers.

正如我剛才所說，這對公司來說是一個全新的收入來源。我認為他們以前就希望實現這個目標。我們已經為此工作了好幾個月。幸運的是，我認為 Worldpay 是一個很好的合作夥伴，我們達成了協議，使我們能夠將其與產品和服務一起銷售給我們的老客戶和新客戶。

Thanks, Jim. And just as a follow-up, Darren, obviously a new role for you, congrats on that. But I was wondering as you've looked at the business, kind of one or two opportunities you think you can take advantage of in 2025?

謝謝，吉姆。作為後續問題，達倫，這對你來說顯然是一個新角色，對此表示祝賀。但我想知道，當您審視這項業務時，您認為在 2025 年可以利用一兩個機會嗎？

Hi Kartik. Thanks for the question. Yep, there's huge opportunities across all our markets. The kind of fit to our next generation solutions and kind of recurring revenue models, especially in the services space as well is a real untapped potential.

你好，Kartik。謝謝你的提問。是的，我們所有的市場都存在著巨大的機會。與我們的下一代解決方案和經常​​性收入模式的契合，特別是在服務領域，是一個真正的尚未開發的潛力。

So we've got a number of customers in the pipe in terms of our future state product, which are going through implementation now, which is why we didn't name any of them in the quarter. But I think you'll hear over the next couple of quarters, announcements of some pretty significant next-generation opportunities that include both our next product line but also our services opportunity.

因此，就我們未來狀態產品而言，我們已經有許多客戶正在籌備中，這些客戶目前正在實施中，這就是為什麼我們在本季度沒有透露任何客戶的名字。但我認為您將在接下來的幾個季度聽到一些相當重要的下一代機會的公告，其中包括我們的下一代產品線以及我們的服務機會。

So -- and then bolt-on later in the year, the payments functionality too. There's plenty of channel opportunities there.

所以 — — 然後在今年稍後新增支付功能。那裡有很多通路機會。

Perfect. Thank you both. Appreciate it.

完美的。謝謝你們兩位。非常感謝。

Thanks, Kartik.

謝謝，卡爾蒂克。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Hey, I appreciate you taking the question. First question on the software services outlook. I hear you on the exiting of the licensing arrangements and the tough compares that, that generates for the year. Could you talk about just what is the remaining exposure to software licensing? And how do you think about sort of the cadence of exiting these structures over time? How long would this be a drag on total revenue?

嘿，感謝您回答這個問題。第一個問題是關於軟體服務前景。我聽說了您關於退出許可安排的消息，並且進行了艱難的比較，這對今年產生了影響。您能談談軟體授權的剩餘風險是什麼嗎？那麼您如何看待隨著時間的推移而退出這些結構的節奏呢？這會對總收入造成多久的拖累？

Well, thanks again for the question. I think what we're laying out is a direction that we're heading. So as we said in the script, we kind of pro forma what the impact would be would there be some onetime licensing that will occur this year, likely that will be the case.

好吧，再次感謝您的提問。我認為我們正在規劃的是我們前進的方向。因此，正如我們在腳本中所說的那樣，我們在某種程度上預計其影響會是什麼樣的，今年是否會出現一些一次性許可，很可能就會是這樣。

But the direction I've given to the sales organization through both Benny and Darren is that for the company, as we look forward, we're going to sign up customers on a subscription basis for the reasons that we stated in the script. Because in the end, it's better for them and obviously, it's better for us.

但是，我透過 Benny 和 Darren 給予銷售部門的指導是，對於公司而言，展望未來，我們將按照腳本中所述的原因以訂閱的方式簽約客戶。因為最終這對他們更有利，顯然對我們也更有利。

So that we have better line of sight. NCR has been around for a long time. And it seems like the model that was in place years ago just perpetuated itself and it was what was sold previously. But we're going to take a more direct and aggressive stance going forward with new customers and even the existing customers. The company had already started this path.

這樣我們就有更好的視線。NCR 已經存在很久了。看起來，幾年前建立的模型只是自我延續，而且是以前所銷售的東西。但我們今後將對新客戶甚至現有客戶採取更直接、更積極的立場。該公司已經開始了這條道路。

David had this underway of last year, and we're just going to make a bigger push going forward. And that's why Brian in his prepared comments identified the impact. So it's not a large number, but it obviously has some impact. I think Brian wants to add to this.

大衛去年就開始了這項工作，我們只會加強推進。這就是為什麼布萊恩在他準備好的評論中指出了影響。因此，雖然這個數字並不大，但顯然會產生一定影響。我認為 Brian 想對此進行補充。

I would just add that at the end of the year, if we execute like we think we're going to, there's probably $30 million to $40 million of software, onetime software license revenue still left but it will be mostly gone.

我只想補充一點，到今年年底，如果我們按照我們認為的執行方式執行，可能還會剩下 3000 萬到 4000 萬美元的軟體一次性軟體授權收入，但大部分都會消失。

Got it. That's helpful. So presumably, if you continue to exit these things, the drag in 2026 is lower than the, I think, $60 million that you outlined today?

知道了。這很有幫助。所以可以推測，如果您繼續退出這些項目，那麼 2026 年的阻力將低於您今天概述的 6000 萬美元？

Yes. Agree

是的。同意

If you look at what's occurred last year, a lot of this was the restructuring efforts after the spin, selling digital banking we would have liked to have ODM done by the end of the year, but some technology challenges gotten the way and ultimately, we want to make sure that our customers see no impact to this change. But there's other aspects of the business now on the sales side as well as repositioning how we're going to be a software product company going forward, and those steps are being implemented this year.

如果你看看去年發生的事情，你會發現很多都是分拆後的重組努力，銷售數位銀行，我們本來希望在年底前完成 ODM，但一些技術挑戰阻礙了我們前進，最終，我們希望確保我們的客戶不會受到這種變化的影響。但現在業務的其他方面還包括銷售方面，以及重新定位我們如何成為一家軟體產品公司，這些步驟將在今年實施。

Got it. Okay. That makes sense. Okay. And then the second question was just on the hardware outlook. So understanding there's some gross versus net that we need to think about on the revenue outlook for hardware.

知道了。好的。這很有道理。好的。第二個問題是關於硬體前景。因此，在了解硬體收入前景時，我們需要考慮毛收入與淨收入。

Is there any way you could share on a like-for-like basis how the outlook compares to the $100 million of revenue you gave pro forma for the ODM deal previously? And just as a follow-up on the first quarter outlook. I think last year, you called out a pretty significant headwinds from people delaying hardware refreshes. Is that still happening? Is that why you're calling out another tough comp in the first quarter this year?

您能否以同類基礎分享一下此次前景與您先前為 ODM 交易給出的 1 億美元收入相比如何？作為對第一季展望的後續關注。我認為去年您指出了人們推遲硬體更新所帶來的相當大的阻力。這種事還在發生嗎？這就是您預測今年第一季業績將再創佳績的原因嗎？

Yeah. So first on the question around the pro forma revenue, if we take the gross hardware and move it to net in the metrics file that we published, you can see how we finished the year with that metric. And we had said the pro forma business would be [$2,150 million in revenue, and we ended up at $2,171 million. We said that the pro forma EBITDA, we are targeting $430 million, we ended up at $419 million]. So the margin was about 19.3%.

是的。因此，首先關於預計收入的問題，如果我們將總硬體移至我們發布的指標文件中的淨額，您就可以看到我們如何用該指標完成這一年。我們曾說過，預計業務將是[21.5 億美元的收入，最終我們的收入為 21.71 億美元。我們說過，預計 EBITDA 為 4.3 億美元，最終達到了 4.19 億美元。因此利潤率約為19.3%。

So we essentially performed in line with what we said. As you think about hardware for this year, we're giving our guidance based on gross hardware just because we anticipate spending most of the year selling hardware directly. And you can see, if you look at the midpoint of our guidance, we're down about 22%. But I would say that the pro forma revenue has held up in line with what we expected last year.

因此我們的行動基本上是符合我們所說的。當您考慮今年的硬體時，我們會根據硬體總量提供指導，因為我們預計今年大部分時間都會用於直接銷售硬體。您可以看到，如果您查看我們的指導中點，我們下降了約 22%。但我想說，預期收入與我們去年的預期一致。

When I think about hardware in general, yes, last year and this year, we're having pressure because people are doing less refreshes. Our customers are doing less refreshes. But specifically, if I think about the cadence of this year, we had one large customer that did do a lot of activity in Q1 last year, that now their activity is spread this year more between Q2 and Q4.

當我想到硬體整體情況時，是的，去年和今年我們都面臨著壓力，因為人們更新的次數減少了。我們的客戶更新次數減少了。但具體來說，如果我考慮今年的節奏，我們有一位大客戶在去年第一季確實做了很多活動，而現在他們的活動今年更多地分佈在第二季度和第四季度之間。

And so that's giving us a timing issue on hardware. So the rate of revenue decline moderates as we go through the year because of that and as we ramp deals that we sold in the second half of last year around software and services. A lot of our big deals that Darren and Benny mentioned, they ramp in the second half.

所以這給我們帶來了硬體上的計時問題。因此，隨著我們一年四季的推移以及我們去年下半年在軟體和服務領域達成的交易的增加，收入下降的速度會有所減緩。達倫和班尼提到的許多大交易都是在下半年實現的。

That's very helpful. I appreciate all the details and thanks for taking the question.

這非常有幫助。我感謝所有的細節，並感謝您回答這個問題。

Thank you.

謝謝。

Charles Nabhan, Stephens Inc.

納布漢（Charles Nabhan），史蒂芬斯公司（Stephens Inc.）

Good morning and thank you for taking my question. My first question is on the government contract. I think you had said it's a five year deal for 300 -- total contract value of $335 million. Could you give us a little detail in terms of how much of that is incremental? I don't know if you already had a relationship with them. And secondly, how we should think about the timing of that the revenue recognition there?

早上好，感謝您回答我的問題。我的第一個問題是關於政府合約的。我想你說過這是一份為期五年、價值 3 億美元的合約——合約總價值為 3.35 億美元。您能否向我們詳細介紹其中的增量是多少？我不知道您是否已經與他們建立了關係。其次，我們該如何考慮收入確認的時間？

Yeah. So that is a long-standing relationship we have, but it did expand pretty meaningfully. And so we're getting incremental revenue from that contract this year, and it starts to ramp towards the end of the first quarter in so we'll start to see revenue pick up.

是的。這是我們之間的長期關係，但它確實得到了相當有意義的擴展。因此，我們今年從該合約中獲得了增量收入，並且該收入將在第一季末開始增加，因此我們將開始看到收入回升。

Got it. And just a quick follow-up on the guide. In terms of the revenue growth, how should we think about that from a recurring versus nonrecurring standpoint? And then secondly, if you could just touch on any remaining efficiency initiatives you have in place and the potential impact on margins in the coming year as well.

知道了。這只是對指南的快速跟進。就收入成長而言，我們應該如何從經常性收入和非經常性收入的角度來看待它？其次，您是否可以談談您目前實施的任何剩餘效率舉措以及對來年利潤率的潛在影響？

Yes. So recurring revenues grow -- expected to grow nicely in both retail and restaurants this year, 4% to 5%. And so all the pressure is coming from the nonrecurring both the hardware that we've talked about and then onetime revenue around services partially because we're exiting it on purpose. And then just with the hardware being down, the pressure from the install revenue. So that's how we see that kind of playing out.

是的。因此經常性收入將會成長——預計今年零售和餐飲業的經常性收入都將實現 4% 至 5% 的良好成長。因此，所有的壓力都來自於非經常性收入，包括我們所討論的硬體收入以及服務的一次性收入，部分原因是我們有意退出它。然後由於硬體故障，安裝收入面臨壓力。這就是我們所看到的這種情況。

And then when we think about costs, there is about $100 million of cost actions we're taking this year, 70% of that is around our vendors. We've been working a vendor program for the last four or five months that involves in-sourcing key functions. And just finding efficiencies with our vendors.

然後，當我們考慮成本時，我們今年採取的成本行動約為 1 億美元，其中 70％是圍繞我們的供應商。過去四、五個月來，我們一直在推行一項涉及內部採購關鍵功能的供應商計畫。並且只是與我們的供應商一起尋找效率。

And then the other 30% is related to our headcount, and that's mostly being actioned in the first quarter. And so those cost actions will ramp as we go through the year, and that's the timing of the revenue kind of moderating and the cost actions ramping is why EBITDA will sequentially improve as we go through the year.

其餘 30％與我們的員工人數有關，這主要在第一季實施。因此，這些成本行動將會隨著一年的推移而增加，這就是收入放緩和成本行動增加的時機，也是 EBITDA 將會隨著一年的推移而逐步改善的原因。

And this is Jim. Just to add some color to that. So that is -- those actions now have a lot to do with exiting the onetime services that the company, I think, became accustomed to over the years as opposed to teams of people supporting our existing customer base.

這是吉姆。只是為了給它添加一些顏色。所以，我認為，這些行動現在與退出公司多年來已經習慣的一次性服務有很大關係，而不是由團隊來支持我們現有的客戶群。

I think that's, as I said in my comments, that's clearly one of the differentiators for our company 8,000 people, 1,000 of which are in the field supporting our customers and it's not feasible to support these large multinationals without a team with people on the ground in their locations, delivering service, whether it's delivering equipment or delivering solutions on software and implementations.

我認為，正如我在評論中所說的那樣，這顯然是我們公司 8,000 名員工之間的差異化因素之一，其中 1,000 人在現場為我們的客戶提供支持，如果沒有一個在當地配備現場服務的團隊來提供服務（無論是交付設備還是提供軟體和實施解決方案），那麼為這些大型跨國公司提供支援是不可行的。

And to the extent in the past, some of the services provided were more onetime in nature as we're shifting away from a onetime business to a recurring business, that's where you're seeing these reductions come in. They didn't take place last year, largely because we had existing SOWs that were in place. So it wasn't feasible. But as we start this year and reposition the company for a more recurring model, then there's obviously some consequences associated with that.

並且在過去，我們提供的一些服務本質上是一次性的，因為我們正在從一次性業務轉向經常性業務，這就是您看到這些減少的原因。去年它們沒有發生，主要是因為我們有現有的 SOW。所以這是不可行的。但隨著我們今年開始重新定位公司，走向一個更循環的模式，顯然會產生一些後果。

Got it. Appreciate all the color. Thank you.

知道了。欣賞所有的色彩。謝謝。

Ian Zaffino, Oppenheimer and Company.

伊恩‧扎菲諾 (Ian Zaffino)，奧本海默公司。

Hi, Brian. Can you guys just talk about the retail environment right now and expectations for growth there?

你好，布萊恩。你們能談談目前的零售環境以及對其成長的預期嗎？

That's a pretty broad question. Thanks, Ian. Obviously, we're covering the globe in terms of retail coverage. So to zero in on one territory market is interesting, and we can explore that off-line. That said, the -- despite the hardware situation that Brian outlined, we're actually seeing very active conversations in -- on all of our markets, both in terms of expansion.

這是一個相當廣泛的問題。謝謝，伊恩。顯然，就零售覆蓋範圍而言，我們的覆蓋範圍遍布全球。因此，集中精力於一個地域市場是很有趣的，我們可以線下進行探索。話雖如此，儘管 Brian 概述了硬體情況，但我們實際上看到在我們所有的市場上，無論是在擴張方面，都有非常活躍的對話。

And in terms of services solutions or software solutions from existing customers, but a lot of active new logo opportunities out there with customers looking to upgrade their estate -- their efficiencies in their estates, but also adding new lanes, new sites, et cetera.

就現有客戶的服務解決方案或軟體解決方案而言，還有很多活躍的新標誌機會，客戶希望升級他們的財產——提高他們的財產效率，同時也增加新的車道、新的站點等等。

So it's having been at the last to retail trade shows, both in New York and in Germany. The flow-through on the stands was probably a record level in terms of interest in kind of next-gen type solutions and very much under the services efficiency.

這是最後一次在紐約和德國舉辦的零售貿易展。就對下一代解決方案的興趣和服務效率而言，展台上的流量可能達到了創紀錄的水平。

Shrink continues to be a significant issue in grocery or any self-checkout environment. So there's a lot of interest in helping retailers kind of improve both their efficiencies and their losses. So -- and we have the product range and solution lines to cover that. So it's buoyant, I would say.

收縮仍然是雜貨店或任何自助結帳環境中的重大問題。因此，人們對幫助零售商提高效率和減少損失非常感興趣。所以——我們擁有涵蓋這一領域的產品系列和解決方案。所以我想說，它很活躍。

Yeah. I would add to that. If you look at -- go back to the comments I made on the growth in the platform itself, a 26% growth in transactions coming from the platform. That is representative of our existing estate of customers that are more and more accessing that. But additionally, new customers interested both in the platform and our next-generation solutions.

是的。我想補充一點。如果你看一下——回顧我對平臺本身成長的評論，來自該平台的交易量增加了 26％。這代表著我們現有的客戶群正在越來越多地訪問該網站。此外，新客戶對該平台和我們的下一代解決方案都感興趣。

And it's not just on the software side. As I was walking in here this morning, I just talked to the new Head of North America, and he was talking about very, very large RFI or RFP that we just entered in the US for a customer we have not had previously. And that's around the services side.

這不僅發生在軟體方面。今天早上我走進這裡時，剛剛和新任北美區負責人進行了交談，他談到了我們剛剛在美國為一個之前沒有過的客戶輸入的非常非常大的 RFI 或 RFP。這就是服務方面的情況。

And again, I think maybe that's a little bit underappreciated for the company is that services business here is a significant part of our differentiator in the marketplace. The combination of the two, I think, sets us apart.

而且，我認為也許公司有點低估了這一點，因為這裡的服務業務是我們在市場上差異化的重要組成部分。我認為，兩者的結合使我們與眾不同。

So my expectation is technology is always driving for greater efficiency from our customers, and the company has invested very heavily over the years to make sure that we have those products. I think we've been maybe a little late in getting some of them to market.

因此，我的期望是技術始終能夠推動客戶提高效率，而且公司多年來投入了大量資金來確保我們擁有這些產品。我認為我們或許在將一些產品推向市場方面有些晚了。

But as Benny said, and Darren, there's a lot, and also in my comments, there's a lot of that coming to market this year that we can begin discussing with customers. So we're modestly optimistic about the prospect of overachieving just given what we've seen in the early days of this year.

但正如班尼和達倫所說，有很多，而且在我的評論中，今年有很多產品將上市，我們可以開始與客戶討論。因此，根據今年年初的情況，我們對超額完成目標的前景持謹慎樂觀的態度。

Okay. Thank you very much.

好的。非常感謝。

Yeah.

是的。

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

Thanks, good morning. Jim, I appreciate all the comments you opened up with in your prepared remarks. My question is now that you're back in the CEO seat and given kind of the change of management here, what are you hoping to accelerate? Or is there a strategic priorities that had to change as a result, like the immediacy with which the switch occurred suggests that you guys got to accelerate something. So I'd just love to hear your thoughts there.

謝謝，早安。吉姆，我很感謝你在準備好的發言中提出的所有評論。我的問題是，現在您已經回到執行長的位子上，並且考慮到這裡的管理層變動，您希望加速什麼？或者是否存在必須因此而改變的策略重點，例如轉變發生的速度表示你們必須加快某些事情。所以我很想聽聽你的想法。

Well, thank you, Dan. It has been a long time. I think the last time you and I talked, I think we were sitting in Vegas at ETA show or something.

好吧，謝謝你，丹。已經過去好久了。我記得上次我和你談話的時候，我們正坐在拉斯維加斯的 ETA 展覽或類似的地方。

That's right.

這是正確的。

That's right I do. Actually, it's actually a sad story because when I left there, my general counsel was looking at me, like, what are you going to say? But when I left there, I had a kidney stone, which I had no idea what a kidney stone was. And I would highly recommend everybody to drink a lot of water because kidney stones are incredibly painful. Anyway --

是的，我確實如此。事實上，這真是一個悲傷的故事，因為當我離開那裡時，我的總法律顧問看著我，就像在問，你打算說什麼？但是當我離開那裡時，我得了腎結石，當時我根本不知道腎結石是什麼。我強烈建議大家多喝水，因為腎結石非常痛苦。反正--

I will take that under advisement. I appreciate.

我將考慮這一點。我很感激。

There you go. You didn't ask that question, but it brought back a very bad memory. Even though our conversation was very pleasant. The kidney stone was not -- anyway, so I think circling on not just because I'm here and Darren on the payment side. We've added a number of payments people.

就這樣。你沒有問這個問題，但它勾起了我非常糟糕的回憶。儘管我們的談話非常愉快。腎結石不是 - 無論如何，所以我認為不僅僅是因為我在這裡並且 Darren 在付款方面。我們增加了一些支付人員。

The alignment of payments and software, as I said earlier, has been ongoing for many years. It was a big thrust for us at EVO I think it's something, like I said, Mike made an early investment to bring payments in and it's been impactful to our restaurant business.

正如我之前所說，支付和軟體的協調已經持續了很多年。這對 EVO 來說是一個巨大的推動力，就像我說的，麥克早期投資引入了支付功能，這對我們的餐飲業務產生了影響。

It's just unfortunate that the product set at JetPay, which is not broad enough in the effort to try to get it to there was just probably more than they wanted to invest. So I think with Worldpay, that is a big opportunity. Charles, Adam and the team there have been great to work with, and we're looking forward to a very a very strong partnership going forward.

不幸的是，JetPay 的產品範圍不夠廣泛，他們試圖將其推廣到那裡，但可能超出了他們想要投資的範圍。因此我認為，對於 Worldpay 來說，這是一個巨大的機會。與查爾斯、亞當和他們的團隊合作非常愉快，我們期待未來能建立非常牢固的合作關係。

And I think on our retail side, I think that will take some of the pressure off the top line as we implement across the US. And then as we said, in these other markets, I think the other piece is, historically, the company, it was a very large $8 billion company, as you know, with lots of different components to it.

我認為，就我們的零售方面而言，隨著我們在美國實施這項政策，這將減輕我們的營業額壓力。正如我們所說，在這些其他市場，我認為另一個因素是，從歷史上看，該公司是一家非常大的價值 80 億美元的公司，如你所知，它擁有許多不同的組成部分。

Now the big ATM business that is separated. I think there was a very big focus on servicing the base, probably less than focusing on the new customers. There is somewhat of a finite number of large enterprise organizations, but we clearly do not have all of them or nearly close to that.

現在分離出來的大型ATM業務。我認為他們過於注重為基地提供服務，可能較少關注新客戶。大型企業組織的數量是有限的，但顯然我們並沒有擁有全部或接近全部。

So the message at the sales kick-off, which took place in January was about growth and focus on as much servicing or very important base but also finding more and more customers. So I think the combination of those two factors. I mean we have some customers today that we're probably behind in our delivery date.

因此，一月份銷售啟動會上傳達的訊息是關於成長，並專注於盡可能多的服務或非常重要的基礎，但同時也尋找越來越多的客戶。所以我認為是這兩個因素的結合。我的意思是我們今天有一些客戶，我們的交貨日期可能已經太晚了。

So that's also a big aspect of it, which will also drive additional growth because you can kind of think of this as backlog where as we complete the first rollout, then the rest of them follow and that's additional revenue. So I think we have a number of areas that will be impactful this year and clearly into '26.

所以這也是其中一個重要方面，它也將推動額外的成長，因為你可以把它看作是積壓，當我們完成第一次推出時，其餘的就會跟進，這就是額外的收入。所以我認為我們有許多領域將在今年產生影響，並且顯然會持續到2026年。

Unfortunately, payments aren't going to start immediately. As I said, it's probably more like the summer end of the summer, where it's fully implemented and converted, but we'll start selling that as quickly as possible.

不幸的是，付款不會立即開始。正如我所說的，它可能更像是夏末，它已經完全實現並轉換，但我們會盡快開始銷售它。

That's great.

那太棒了。

One last piece. I think the diversion of the spin, obviously, was not helpful to the organization going into '24, plus the sale of digital banking and ODM that took a lot of resources and attention away from what I just described.

最後一件。我認為，這種轉移顯然對組織進入24年沒有幫助，再加上數位銀行和ODM的出售，佔用了大量的資源，分散了人們對我剛才描述的注意力。

But I think with that behind us, we have one focus, which is growth, and growth is going to come in a number of different forms. Part of it is just executing and getting everybody circled around that objective.

但我認為，在經歷了這些之後，我們有一個重點，那就是成長，而成長將以多種不同的形式實現。其中一部分只是執行並讓每個人都圍繞著這個目標。

Excellent. Just a quick follow-up on the payment component there for a moment. Understanding that on the enterprise side, obviously, that's being handled -- had been handled previously by other processors and maybe we'll pay on some of them on the restaurant side.

出色的。我們先來快速跟進一下付款部分的情況。我們了解到，在企業方面，這顯然正在處理中——之前已經由其他處理器處理過，也許我們會在餐廳方面為其中一些處理器付款。

But the question is -- I just want to make sure we're clear. The revenues that were being generated in payments in and around the enterprise side of that equation. Clearly, you didn't have a rev share agreement with the prior process or you did. I'm just trying to make sure I understand the totality of it.

但問題是——我只是想確保我們清楚。這個等式中企業內部和周圍的支付所產生的收入。顯然，您在先前的流程中沒有達成收益分成協議，或者您達成了。我只是想確保我理解了它的全部內容。

No. Previously, I don't know remember what year it was, maybe '19 or so. JetPay was acquired. So that was a public company. They acquired the entirety of it. So there wasn't a rev share. There was traditional kind of ISO structure that was now owned by the company. So they were in the payments business. That was divested in, I think, '23.

不。以前，我不記得是哪一年了，大概是19年左右。JetPay 被收購。所以那是一家上市公司。他們獲得了全部內容。因此不存在收入分成。存在傳統的 ISO 結構，現在歸公司所有。所以他們從事支付業務。我認為，那是在'23年被剝離的。

But all that was divested were those accounts that were not software customers of NCR Voyix. So the customers that were pre-existing JetPay customers, those were sold together with the authorization platform, the rest of the infrastructure of the payment space stayed with the company.

但被剝離的只是那些不是 NCR Voyix 軟體客戶的帳號。因此，那些預先存在的 JetPay 客戶與授權平台一起出售，其餘支付領域的基礎設施仍留在公司。

And so we've continued to be in payments. It's just we're utilizing what used to be ours, but a third-party platform now because it was sold to a third-party, and there was no rev share with someone else. We do not have a rev share structure in the new agreement. It is a fee for service basis that you would expect.

因此我們一直在繼續付款。我們只是在利用曾經屬於我們自己的平台，但現在是第三方平台，因為它已出售給第三方，並且沒有與其他人分享收入。我們在新協議中沒有收入分成結構。這是您所期望的服務費基礎。

And Dan, it's limited only to an authorization system. So the rest of the infrastructure the company kept. And so we have the leverage that you would expect in payments, fixed cost, low variable cost, high fixed costs. So we have all the fixed cost. So the more transactions we put over that fixed cost is just incremental margin to the company.

丹，它僅限於授權系統。因此公司保留了其餘的基礎設施。因此，我們在支付、固定成本、低變動成本、高固定成本方面擁有您所期望的槓桿作用。因此我們有全部固定成本。因此，我們在固定成本上投入的交易越多，公司的利潤就越大。

Perfect. That's great. Thank you so much for that clarity.

完美的。那太棒了。非常感謝您的澄清。

Sure. Thank you.

當然。謝謝。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾，地方檢察官戴維森。

Thanks, excuse me, a couple of questions. A couple of questions. First, I want to make sure I'm clear on the ODM. A few months ago, the posturing was basically like, all right, everyone adjusts their models, you need to put in kind of this net $100 million sort of number for hardware.

謝謝，對不起，我有幾個問題。幾個問題。首先，我想確保我清楚了解 ODM。幾個月前，我們的姿態基本上是這樣的，好吧，每個人都調整他們的模型，你需要在硬體上投入大約 1 億美元的淨資金。

We're going to have the cutover done by the end of the year. to now where the cutover is going to take the majority it sounds like of this year and now models need readjusted again. So help me understand what events kind of took place or what maybe was misunderstood initially about this transition? And then I have a follow-up.

我們將在今年年底前完成切換。到目前為止，聽起來切換將佔據今年的大部分時間，現在模型需要再次重新調整。那麼，請幫助我理解究竟發生了什麼事情，或是最初對這項轉變可能有哪些誤解？然後我有一個後續問題。

Okay. So it wasn't directly to me, but I was here as the Executive Chair at the time. So obviously, two big projects going on the sale of the digital banking business, the $2.5 billion for that business. And at the same time, ODM. And yes, you're absolutely right.

好的。所以這不是直接針對我的，但當時我是作為執行主席在這裡的。顯然，有兩個大項目正在出售數位銀行業務，該業務的售價為 25 億美元。同時也進行ODM。是的，你完全正確。

The expectations I wasn't on the call, but I'm assuming that the expectations, as you just described, were set that we would get this done by the end of the year. And to some extent, a big part of that was done, the European and Asia Pacific market minus Japan was ready for -- it was fit for service.

我在電話中沒有提到這些期望，但我認為，正如您剛才所描述的，我們的期望是，我們將在年底前完成這項工作。從某種程度上來說，這其中很大一部分已經完成，歐洲和亞太市場（日本除外）已經準備好提供服務。

And there was a discussion internally about going ahead and launching half of it. I was uncomfortable with that in my previous position that I believe and still know that this needed to be all or nothing because the last thing we need to do is create questions or concerns with our customers, and that's our primary interest is to make sure that this is completely transparent to them.

並且內部正在討論是否繼續推出其中的一半。我對此感到不舒服，因為我在以前的職位上仍然相信並且知道這必須是全有或全無的，因為我們最不需要做的就是給客戶帶來疑問或擔憂，而我們的主要興趣是確保這對他們完全透明。

The challenge turned out that -- I mean, not to get in over the weeds, but the provider system as an SAP system, our system is an Oracle system. And the largest US based warehouse distribution center, which is, I think, in Nashville, their SAP system was not able to in sufficient time to be able to manage the complexities around servicing our customers out of the Nashville facility.

挑戰結果是——我的意思是，不要陷入困境，而是提供者係統作為 SAP 系統，我們的系統是 Oracle 系統。我認為，美國最大的倉儲配送中心位於納許維爾，其 SAP 系統無法及時處理納許維爾工廠為客戶提供服務的複雜問題。

And so they have pulled back. They're now using a third-party package that I believe they've already acquired and met with them a couple of weeks ago and that's being implemented.

所以他們撤退了。他們現在正在使用第三方軟體包，我相信他們幾週前已經獲得該軟體包並與他們會面，並且正在實施。

So we could have gone halfway, but it would just more confusion, obviously, to you guys to kind of split it in half. But more importantly, as much as we care about you guys, we also care about our customers pretty dearly and we did not want to create any confusions in that regard. So the exact timing, I think we're just hedging. We didn't get the first one right. So we're just hedging that it's going to take well into the summer.

因此，我們可以只進行一半，但顯然，將其分成兩半只會讓你們更加困惑。但更重要的是，我們關心你們，我們也非常關心我們的客戶，我們不想在這方面造成任何混亂。因此，對於具體的時間，我認為我們只是在規避風險。我們第一個問題沒有解決。所以我們只是預計這會持續到夏天。

And I want to make sure that we've tested and tested and tested and piloted and tested too, again, to make sure that we don't have any disruption to the company.

我想確保我們已經進行了多次測試、試行和測試，以確保我們不會對公司造成任何干擾。

As you saw and what we put out, you still have the net piece, that is still the direction that we're heading. The company, Ennoconn is fully committed. I met with the Chairman and CEO and the local leader, as I said a couple of weeks ago. And yeah, it's very disappointing to you. It's extremely disappointing to us as well.

正如你所看到的和我們所提出的，你仍然擁有網路部分，這仍然是我們前進的方向。Ennoconn 公司全心全意致力於此。正如我幾週前所說的，我會見了董事長兼執行長以及當地領導人。是的，這確實讓你很失望。這也讓我們非常失望。

I think as well for our sales organization because they too thought that this was going to happen, and we have a number of customers -- I mean, excuse me, employees that are kind of tied up in the mix that are supporting that business, that works all one thing and now we've had to tell them something else. So we take responsibility that we didn't get it done together with our partner.

我認為對於我們的銷售部門也是如此，因為他們也認為這種情況會發生，我們有許多客戶 - 我的意思是，對不起，員工都參與其中，支持這項業務，這一切都是一回事，而現在我們不得不告訴他們其他的事情。因此，我們對未能與合作夥伴共同完成此事承擔責任。

But just like digital banking, I mean they haven't pulled out of our infrastructure yet either. They're going to be here for probably another -- through the balance of this year and probably a little bit into next year. What's most important in these transactions is they go smoothly that we don't rush them out and create a problem for ourselves or for the third party and in particular, for our customers.

但就像數位銀行一樣，我的意思是它們還沒有退出我們的基礎設施。他們可能還會在這裡待一段時間——從今年剩下的時間到明年的一段時間。這些交易中最重要的是它們順利進行，我們不會急於求成，以免給我們自己或第三方，特別是我們的客戶帶來麻煩。

That's very helpful color. Just as a follow-up, I wanted to touch on the overall retail market and environment. Specifically, we're hearing here in North America, one of the, if not the largest storefront retailer is completely disintermediating the front end and looking to unbundle to the extent that they can. They're bringing point-of-sale software in-house, which is sort of kind of an unheard of move at least historically for this particular retailer.

這是非常有用的顏色。作為後續問題，我想談談整體零售市場和環境。具體來說，我們聽說在北美，其中一個（如果不是最大的）店面零售商正在完全取消前端中介，並希望盡可能地進行拆分。他們正在內部引入銷售點軟體，這對該零售商來說至少在歷史上是聞所未聞的舉措。

And I guess I'm wondering if some of that type of behavior has become increasingly disruptive to sales cycles disruptive to the business. Just to the extent you can give a little color and insight into this sort of disintermediation and unbundling, whether this is becoming a broader trend? Thank you.

我想知道這類行為是否會對銷售週期和業務造成越來越大的干擾。您能否對這種去中介化和分割提供一些見解和說明，這是否正在成為更廣泛的趨勢？謝謝。

Unfortunately, and Darren can add to this. Unfortunately, I don't have a tremendous amount of experience watching this movie, but I've heard the stories from David and others here. I think as companies get larger, they feel as though that it's worthwhile to have it their way. And I think some have done it maybe some have done it successfully. But at the same time, they're not necessarily experts in this space.

不幸的是，Darren 也可以對此作出補充。不幸的是，我沒有豐富的觀看這部電影的經驗，但我聽過大衛和其他人講述的故事。我認為，隨著公司規模不斷擴大，他們會覺得以自己的方式做事是值得的。我認為有些人已經做到了，或許有些人還成功做到了。但同時，他們不一定是這個領域的專家。

They do something else. This is just tangential to what they do, and they think this is -- and obviously, I think it's representative of something that I've seen here. And as I mentioned in my comments, attrition rate at 2% retention at 98%. It's hard to do what we do. It's extremely hard. And we're investing hundreds of millions every single year, either in OpEx or CapEx to build and support -- build new systems and support systems, the life cycle of technology changes constantly.

他們做其他事。這只是與他們所做的事情無關，他們認為這是——顯然，我認為這代表了我在這裡看到的某種東西。正如我在評論中提到的，流失率為 2%，保留率為 98%。我們所做的事情很難。這非常困難。我們每年都要投資數億美元，無論是營運支出或資本支出，來建構和支援新系統和支援系統，科技的生命週期不斷變化。

So for the situation that you described, I don't know who you're talking about directly. I mean that can clearly be the case. And there are examples of it. But I think there's also examples of those who have done it that reach out to companies like us and we've had that happen more recently and need the expertise that we provide.

所以對於您描述的情況，我不知道您直接談論的是誰。我的意思是，情況顯然是如此。並且有這樣的例子。但我認為也有這樣做過的人聯絡我們這樣的公司，最近也發生了這種情況，他們需要我們提供的專業知識。

We have 13,000 people. We have 4,000 people that just work in engineering alone plus the product team. These are highly skilled professionals who understand the complexities of making what seems to us as consumers super easy at the point-of-sale, how hard it is to actually pull it off.

我們有 13,000 人。我們有 4,000 名工程人員和產品團隊工作人員。這些都是技術精湛的專業人士，他們深知，在銷售點上讓消費者感覺非常輕鬆是多麼複雜，但實際上做到這一點有多麼困難。

So yes, that could be the case. I don't have anything as we sit here today, I don't have any indication that any of our large accounts, actually some of the biggest ones, I'm heading to the UK next month, next month, in a couple of weeks, I guess, next week to talk to one of our large European accounts that is relying heavily on us to deliver their next-gen solution to their stores.

是的，情況可能是這樣的。今天我們坐在這裡，我沒有任何消息，我沒有任何跡象表明我們的任何大客戶，實際上是一些最大的客戶，我將於下個月，下個月，幾週後，我想，下週前往英國，與我們的一個大型歐洲客戶交談，該客戶嚴重依賴我們向他們的商店提供下一代解決方案。

And to their company. And one of the things that Darren can amplify this, that we heard from them is how important point-of-sale is to their overall solution. So I -- yes, it could happen. Do I think it's a trend. I would be suspect that will be a trend. But I'm also new with this. I'll let Darren see if he wants to add to it.

以及他們的公司。Darren 可以進一步強調的一點是，我們從他們那裡聽說了銷售點對他們的整體解決方案有多重要。所以我—是的，這有可能發生。我認為這是一種趨勢嗎？我懷疑這會成為一種趨勢。但我對此還很陌生。我會讓 Darren 看看他是否想添加內容。

Thanks, Jim. I think the reality is it is a trend that's been in the last decade, and you can repeat that in acquiring where retailers have wanted to self-acquire, self-process self-serve. And they -- as many as have done it, and that's a very limited number, as many then have actually reversed and pulled back out because they realize it is, as Jim said, it's extremely costly. It's extremely investment heavy.

謝謝，吉姆。我認為現實情況是，這是過去十年中一直存在的趨勢，你可以在零售商希望自助採購、自助加工、自助服務的地方重複這一趨勢。儘管有很多人這樣做了，但人數非常有限，因為很多人實際上已經改變了主意並退出了，因為他們意識到，正如吉姆所說的那樣，這樣做的代價極其高昂。它的投資極為巨大。

But there are extremely large national or multinational retailers that will want to go down some form of that path. I think as we signposted kind of the next-gen software and the services agenda are some real strength points for us.

但有一些大型的國內或跨國零售商想要以某種方式走這條路。我認為，正如我們所指出的，下一代軟體和服務議程對我們來說是真正的優勢。

So actually, many retailers are outsourcing their entire help desk infrastructure to support if they're changing a hardware or a software environment. Equally, our software solution, we have a unique product called Edge and about 40% of our workflows through Edge are actually enabling third-party applications. So many retailers are looking, as I said, about shrink solutions.

因此實際上，如果零售商要改變硬體或軟體環境，許多零售商都會將其整個幫助台基礎設施外包以提供支援。同樣，我們的軟體解決方案有一款獨特的產品叫做 Edge，我們透過 Edge 進行的工作流程中大約 40% 實際上是在支援第三方應用程式。正如我所說，很多零售商正在尋找收縮解決方案。

So using camera systems to capture inadvertent or deliberate fraud. Some retailers are wanting looking at biometric payment type solutions, be that fingerprint face, et cetera. To do that kind of stuff in-house is pretty expensive and challenging.

因此使用攝影系統來捕捉無意或故意的詐欺行為。一些零售商正在考慮生物識別支付類型的解決方案，例如指紋支付等等。在公司內部完成這類工作非常昂貴且具挑戰性。

And as enabling that, even if they take some partial debt, our platform and our edge solution will be unique to support them whatever journey they take. But we'll see that trend in terms of limited cases, but I don't think it's a material trend that we need to be seeing.

為了實現這一點，即使他們承擔部分債務，我們的平台和邊緣解決方案也將以獨特的方式支持他們走上任何旅程。但我們會在有限的案例中看到這種趨勢，但我不認為這是我們需要看到的實質趨勢。

Yeah. Just two other points. The platform that you hear a lot about from -- you've heard in the last -- I don't know how many calls going back. But I think that is also a very differentiated solution where you can add functionality and applications to that platform for specific customers as opposed to maybe the legacy way, which we still have many customers, which was bespoke development on-site that only works specifically with your application because it's so customized.

是的。還有兩點。您經常聽到的關於這個平台的消息——您在過去已經聽說過——我不知道回撥了多少電話。但我認為這也是一個非常差異化的解決方案，您可以為特定客戶在該平台上添加功能和應用程序，而不是傳統方式，我們仍有許多客戶，這是現場定制的開發，僅適用於您的應用程序，因為它是如此定制。

Moving to a -- trying to get new features added to it becomes increasingly complex. So without pursuing a similar cloud solution as we have now for our next generation. I think a customer who -- or a retailer who builds it bespoke to them, I think we'll as Darren was just saying, will be disappointed because technology is constantly changing. So you need to have the flexibility to embrace the newer technology that comes to market.

轉向－嘗試增加新功能變得越來越複雜。因此，我們不會為下一代追求類似於現在的雲端解決方案。我認為，正如達倫剛才所說，那些為他們量身定制產品的客戶或零售商會感到失望，因為技術不斷變化。因此，您需要具有靈活性來適應進入市場的新技術。

Understood. Thank you guys for the call.

明白了。感謝你們的來電。

Thank you.

謝謝。

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

Yeah. Hi, good morning and thanks for taking the question here, Jim. Jim, you've had a target out there under prior leadership of about 40% of the installed base on platform by [27%]. I was wondering, with you stepping into the role, what your updated view is on the achievability of the target, if there's any initiatives that you're looking to put in place here to meet or exceed the pace of that target of getting 40% on platform?

是的。大家早安，謝謝你在這裡回答這個問題，吉姆。Jim，在先前的領導下，你的目標是到 2025 年，平台安裝量將達到 40% 左右。[27%]。我想知道，在您擔任這一職位後，您對這一目標的可實現性有何新的看法，您是否希望採取什麼舉措來達到或超過實現 40% 平台覆蓋率的目標？

Yeah. When they offered me the position it's only about a 40% target. I don't want to make a -- I don't want to say yes or no to that. It's not something that I've heard of previously. I think the pace of which we're growing at 26% on the platform.

是的。當他們提供我這個職位時，目標只有 40% 左右。我不想對此做出任何回答——我不想對此說是或否。我以前從未聽說過這件事。我認為我們平台的成長速度為 26%。

I think in the context of 40% of our customer base onto the platform is that reasonable in another two years or three years. Yeah. I think it seems to me to be reasonable. I think as I said earlier, there's the entire focus now. It's -- my history has been about buying companies, both at EVO and Global, that's not the model here.

我認為，在未來兩三年內，40% 的客戶群將進入該平台，這是合理的。是的。我認為這是合理的。我想正如我之前所說的，現在已經成為焦點。我的歷史一直是關於收購公司，無論是在 EVO 還是 Global，但這不是這裡的模式。

The model is executing on investments that have been made here over many years. And I think those investments have been the right investments. So now it's really about executing. And that's a challenge that we'll have. And so I don't see that as out of line for expectation setting.

該模型正在執行多年來在這裡進行的投資。我認為這些投資是正確的投資。因此現在真正重要的是執行。這就是我們面臨的挑戰。因此，我並不認為這與期望設定不符。

Understood. Appreciate the feedback. Thanks.

明白了。感謝您的回饋。謝謝。

Thank you.

謝謝。

Erik Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林 (Erik Woodring)。

Great. Thanks guys for taking my questions. First one, Jim, I'm not sure if I missed it at the very top of the call, but obviously, this market remains very dynamic, let's call it, geopolitically. And just -- can you just maybe help us understand I realize most of this business is shifting to software and services.

偉大的。感謝大家回答我的問題。首先，吉姆，我不確定我是否錯過了通話開始時的重點，但顯然，從地緣政治角度來看，這個市場仍然非常活躍。您能否幫助我們理解一下，我意識到大部分業務正在轉向軟體和服務。

Just with the ODM kind of transition delay, how do we think around the risk of tariffs there. Just any framework that you can help us provide if there is a risk at all? Or how to think about that? And then I just have a quick follow-up. Thank you.

鑑於ODM這種過渡延遲，我們如何看待那裡的關稅風險。如果有風險，您能幫助我們提供任何框架嗎？或者說該如何去思考這個問題？然後我做一個快速的跟進。謝謝。

Yeah, I was watching TV when I got home last night after a late dinner and it sounds like they're stretching out again into April. Is that what I heard him say on TV.

是的，昨晚吃完晚餐回到家後，我正在看電視，聽起來他們又要進入四月了。這就是我在電視上聽到他說的話嗎？

You just said today just a couple of minutes ago, Mexico, Canada tariffs start March 4, China, additional 10% on March 4. So this was like a few minutes ago, which is the only reason I asked.

就在今天幾分鐘前您說，墨西哥、加拿大的關稅將於 3 月 4 日開始，中國的關稅將於 3 月 4 日額外增加 10%。這就像幾分鐘前發生的事，這也是我問這個問題的唯一原因。

Well, I don't have a TV on it here. So I didn't see that. Look, if -- as Brian, I think, said in his comments, we have the ability to in our contracts -- I haven't looked at every single one of them, but generally speaking, to be able to pass those on. I mean that's not good news for the customers because I think the customers will feel the same way. And hardware is a very low margin business for us.

嗯，我這裡沒有電視。所以我沒有看到。看，如果 — — 正如布萊恩在他的評論中所說的那樣，我們有能力在合約中 — — 我沒有看過每一項，但一般來說，能夠將它們傳遞下去。我的意思是這對顧客來說不是好消息，因為我認為顧客會有同樣的感受。對我們來說，硬體是一個利潤很低的業務。

So I don't think we want to be in the business of absorbing a 25% tariff. I don't want to speak about politics associated with tariffs or anything of that nature. I think we'll -- if it happens, then we'll address it, and we'll update either guidance or otherwise.

因此我認為我們不想承擔25%的關稅。我不想談論與關稅有關的政治或諸如此類的事情。我想，如果發生了這種情況，我們就會解決它，並且會更新指導或其他內容。

But for right now, we're taking the position that wait and see more than taking -- changing guidance as a result of a comment that made -- what sounds like it was made this morning. Like I said last night, it sounded like it was April. So I figured -- we had a month or so but this is a new administration, so we'll see what happens.

但就目前而言，我們採取的立場是等待和觀望，而不是根據今天早上發表的評論改變指導方針。就像我昨晚說的，聽起來像是四月。所以我想——我們有一個月左右的時間，但這是一個新政府，所以我們會看看會發生什麼。

Totally understand. Just I just want to get the latest on completely understand. I appreciate that perspective. And then maybe, Brian, can you maybe just better help us understand longer term, I'm just looking -- thinking directionally about the kind of path of monetization.

完全理解。我只是想徹底了解最新情況。我很欣賞這個觀點。然後也許，布萊恩，你能否更好地幫助我們理解長期情況，我只是在觀察——方向性地思考貨幣化的路徑。

When we think about the relative growth in ARR and platform sites, increasing mid to high single digits in '25, but software and services is up low single digits when you adjust for kind of the one-timers and the licenses.

當我們考慮 ARR 和平台網站的相對成長時，25 年會成長中高個位數，但當你調整一次性產品和授權時，軟體和服務則會成長低個位數。

When should we just kind of expect maybe those growth rates to converge a little bit a little bit more. Is it really just about layering on all these subscriptions to get to that point? Or is there anything else that's kind of holding back kind of the actual reported revenue relative to some of the greater success you're having in the growth of, again, ARR and platform sites? Thanks so much.

我們什麼時候才能預期這些成長率會稍微趨於一致呢？難道真的只需要對所有這些訂閱進行分層就能達到這一點嗎？或者，相對於您在 ARR 和平台網站成長方面取得的一些更大成功，還有其他因素阻礙了實際報告的收入？非常感謝。

I'll take a piece of that and then Brian can add. Recognize that we have 8,000 people, not all of them in the field. We have 8,000 people. A lot of them are building time and services to that. So that's a model that we're addressing. Part of that is subscription, but there's other aspects to it. If you look at just the pure software side, the revenue coming from software, that is growing fast at much, much faster.

我會拿一部分，然後 Brian 可以補充。要知道我們有 8,000 名員工，但並不是所有人都在現場工作。我們有 8000 人。他們中許多人正在為此投入時間和服務。這就是我們正在解決的模型。其中一部分是訂閱，但還有其他方面。如果只看純軟體方面，來自軟體的收入成長速度要快得多。

The issue really relates to how we address our service business in terms of how we're compensated for the commitment and effort that we make to service our customers on site. That has more of an impact than the software aspect. I don't know if you want to add?

這個問題實際上涉及我們如何解決我們的服務業務，即我們如何獲得對我們在現場為客戶提供服務的承諾和努力的補償。這比軟體方面的影響更大。不知道您是否要補充？

I would just say the positive is when the ODM agreement goes live, we'll be 80% recurring. We expect that recurring to grow 4% to 5% this year. We talked about payments today continuing with our platform, our next-gen products. So there's a lot of things that help us going forward is that nonrecurring becomes smaller.

我只想說正面的一面是，當 ODM 協議生效後，我們的經常性收入將達到 80%。我們預計今年經常性收入將成長 4% 至 5%。我們今天討論了繼續使用我們的平台和下一代產品的支付問題。因此，有很多事情可以幫助我們前進，那就是非經常性支出會變得更小。

And again, on the payment side, not because I came from payments, but payments and software have outlined for a number of years, as I are repeating again. And so I would expect you'll see another significant driver of revenue, similar to others in our industry that will help accelerate ARR and just the overall growth. These are multiyear contracts that you enter into in the payment space.

再次強調，關於支付方面，並不是因為我來自支付行業，而是因為支付和軟體已經概述了很多年，我再次重複一遍。因此，我預計你會看到另一個重要的收入驅動因素，與我們行業中的其他因素類似，這將有助於加速 ARR 和整體成長。這些是您在支付領域簽訂的多年合約。

And Jim, maybe if I could just follow up on the very quickly. Was the point you were making at the top of the Q&A when you were talking about having close to $700 million with $150 billion in volume. What you're trying to do is kind of compare it to the fact that earlier in the call, you were talking about 2024, your customers here at NCR Voyix processing $500 billion of POS. Is that kind of how we should be -- again, not saying that, that's how we should think about revenue, but that's kind of the relationship that we should be thinking about here?

吉姆，也許我可以很快跟進。這是您在問答環節中提到擁有近 7 億美元、交易量達到 1500 億美元時提出的觀點嗎？您想要做的就是將其與早些時候在通話中談到的事實進行比較，到 2024 年，您在 NCR Voyix 的客戶將處理價值 5000 億美元的 POS。我們是不是應該這樣——再說一遍，我不是說我們應該這樣考慮收入，但我們應該這樣考慮這種關係？

Yeah. Don't think about it as $500 billion of revenue. (multiple speakers) global payments and the rest of them would be very happy if they could be at that rate. Now, the idea is these are large much thinner margins than what I would have seen at Global. We had more of a mix or at EVO. We had more of a mix of large customers in small, but it was probably more oriented to the small, smaller merchants, larger margins.

是的。不要把它想成是 5000 億美元的收入。 （多位發言者）如果能夠達到這個水平，全球支付和其他機構都會非常高興。現在的想法是，這些利潤率比我在全球看到的要低得多。我們在 EVO 上有更多的混合。我們的大客戶和小客戶混合較多，但可能更傾向於小型企業，規模較小的商家利潤較大。

But the idea is $500 billion is a big number, 12 billion transactions a year is a big number. And those are largely untapped and where our restaurant business that was put into place, again, with the JetPay story, I think today, we're almost -- we're at 100%.

但 5000 億美元是一個很大的數字，每年 120 億筆交易也是一個很大的數字。這些領域基本上尚未開發，而我們的餐飲業務正是透過 JetPay 的故事得以實現的，我認為今天，我們幾乎已經 100% 發揮了作用。

So every time we win a new customer, we have payments attached to it, unfortunately, because there were not capabilities within that application or that platform, we couldn't do the same on the retail side. So now because Worldpay is a leader in that space, and they have all those capabilities, we can now take advantage of. Now there's going to be a price that we have to pay for the access to their system.

因此，每當我們贏得新客戶時，我們都會支付相關費用，但不幸的是，由於該應用程式或平台不具備相關功能，我們無法在零售方面做同樣的事情。現在，由於 Worldpay 是該領域的領導者，並且他們擁有所有這些能力，我們現在可以利用它們。現在，我們必須付出代價才能進入他們的系統。

But we've worked out, I think, an economic deal that will allow us to offer value to our customers so that when we sign up retailer XYZ, whether it's a restaurant or fuel, we're not only offering them the software or the services, but now we can offer them payments, and they have asked for payments. We just have not had the capability of doing it.

但我認為，我們已經達成了一項經濟協議，該協議將使我們能夠為客戶提供價值，以便當我們與零售商 XYZ 簽約時，無論是餐館還是燃料店，我們不僅為他們提供軟體或服務，而且現在我們還可以為他們提供付款，而且他們已經要求付款了。我們只是還沒有能力做到這一點。

And the $500 billion is just the US that number is double that when you look at the entire footprint. But that's going to take even longer. The US will be in business as early as the spring for new customers, and we'll get the base converted over, my expectation is by the end of the summer.

而 5,000 億美元只是美國的，如果從整個足跡來看，這個數字是這個數字的兩倍。但這還要花更長的時間。美國將最早在春季開始為新客戶提供服務，我們將完成基地的轉換，我預計在夏季結束時完成。

And then at that point in time or even earlier, we hope to talk about other markets that we're starting to open up again. To payments not to replace what we do for a living, but to complement it. It's a better experience for the customer. The one throat to choke, so to speak. They don't have to have two different players involved as long as we can be economically viable, then I think we can sell to the base effectively as well as sell to new customers.

然後在那個時間點或甚至更早的時候，我們希望談論我們即將開始重新開放的其他市場。付款不會取代我們的謀生方式，而是對其進行補充。這對客戶來說是更好的體驗。可以這麼說，這是一個被扼住喉嚨的地方。他們不需要讓兩個不同的參與者參與，只要我們有經濟可行性，那麼我認為我們可以有效地向現有客戶銷售產品，也可以向新客戶銷售產品。

Makes a common sense and thank you for that color, guys. Good luck.

這是常識，謝謝大家的這種顏色。祝你好運。

All right. Thank you.

好的。謝謝。

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

目前沒有其他問題。我想將發言權交還給吉姆凱利，請他發表最後評論。

Thank you, operator, and thank you all for joining us and for your continued interest in NCR Voyix. Have a good day.

謝謝您，接線員，也謝謝大家加入我們並持續關注 NCR Voyix。祝你有美好的一天。

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。現在您可以斷開您的線路。感謝您的參與。