NCR Voyix Corp (VYX) 2025 Q1 法說會逐字稿

Greetings, and welcome to NCR Voyix first-quarter 2025 earnings call. At this time, all participants are on a listen-only mode. A question and answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Sarah Jane Schneider.

您好，歡迎參加 NCR Voyix 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。正式演講結束後將進行問答環節。（操作員指示）提醒一下，本次會議正在錄音。現在我想將電話轉給主持人莎拉·簡·施耐德 (Sarah Jane Schneider)。

Thank you. You may begin.

謝謝。你可以開始了。

Good morning and thank you for joining our first-quarter of 2025 earnings conference call. This morning we issued our earnings release reporting financials for the quarter ending March 31, 2025. A copy of the earnings release and the presentation that we will reference during this call are available on the investor relations section of our website, which can be found at www.ncrvoyix.com, and have been filed with the SEC.

早安，感謝您參加我們的 2025 年第一季財報電話會議。今天上午，我們發布了收益報告，報告了截至 2025 年 3 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 www.ncrvoyix.com，並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; Beimnet Tadele, President, Restaurants; Darren Wilson, President, Retail; and Nicky, our Chief Product Officer.

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； Beimnet Tadele，餐廳總裁； Darren Wilson，零售總裁；還有我們的首席產品長 Nicky。

This call is being recorded and the webcast is available on the investor relations section of our website. Before we begin, please be advised that remarks today will contain forward-looking statements. These forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information on these factors, please refer to our earnings release and our other reports filed with the SEC.

本次電話會議正在錄音，您可以在我們網站的投資者關係部分觀看網路直播。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。有關這些因素的更多信息，請參閱我們的收益報告和向美國證券交易委員會提交的其他報告。

We caution you not to place undue reliance on these statements. Forward-looking statements during this call speak only as of the date of this call, and we undertake no obligation to update them.

我們提醒您不要過度依賴這些聲明。本次電話會議中的前瞻性陳述僅代表截至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 file 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的持續表現提供更清晰的說明。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 指標進行全面對賬，請參閱我們今天上午作為 8-K 表格文件附件提供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 Jim.

說完這些，我現在想把電話轉給吉姆。

Thanks, SJ, and good morning, everyone. I would like to welcome all of you to our first-quarter earnings call. Before beginning, I would like to introduce Nick East, our Chief Product Officer. As you saw in her press release, Nick will oversee product innovation and marketing across the company's platform architecture.

謝謝，SJ，大家早安。歡迎大家參加我們的第一季財報電話會議。在開始之前，我想先介紹一下我們的首席產品長 Nick East。正如您在她的新聞稿中看到的，尼克將負責監督整個公司平台架構的產品創新和行銷。

In his new role, Nick will direct our investments in platform solutions to meet the growing demands of our customers and the market. Further, we now have two executives based outside the United States, which will provide a broader perspective of international trends and bring us closer to our global customer base.

在新的職位上，尼克將指導我們對平台解決方案的投資，以滿足客戶和市場日益增長的需求。此外，我們現在有兩位高階主管駐紮在美國以外，這將為我們帶來更廣闊的國際趨勢視角，並使我們更貼近全球客戶群。

Turning to our recent performance, this quarter, we signed new mid-market and enterprise customers in both our restaurant and retail segments, expanded key existing relationships, and signed customers to the platform. We also progressed on implementing our hardware ODM and our new card-acquiring capabilities. While our results were in line with expectations, work remains as we accelerate deployments, transition hardware, and exit one-time revenue streams in favor of recurring subscription billing.

談到我們最近的表現，本季度，我們在餐飲和零售領域簽約了新的中型市場和企業客戶，擴大了現有的主要關係，並簽署了平台客戶。我們在實施硬體 ODM 和新卡收單功能方面也取得了進展。雖然我們的結果符合預期，但仍有工作要做，因為我們需要加速部署、轉換硬件，並退出一次性收入流，轉而採用定期訂閱計費。

As we will outline today's remarks, we are making progress on our cloud-native platform and payment initiatives which will launch during the second half of this year and drive revenue growth leading into 2026. While early days, I am encouraged by the attraction we are beginning to see on our growth initiatives to improve future performance.

正如我們今天的演講概述的那樣，我們的雲端原生平台和支付計劃正在取得進展，這些計劃將於今年下半年推出，並推動 2026 年的收入成長。雖然還處於早期階段，但我對我們開始看到的成長計畫對改善未來績效的吸引力感到鼓舞。

Since our last call, I have met with more than 40 of our largest customers across the US, Latin America, and Europe to gain constructive feedback and reinforce our commitment to excellence in software and services. Our market-leading position in restaurant and retail is backed by our unmatched global presence of marquee customers, and these relationships are key to both our current positioning and go-forward strategy.

自上次通話以來，我已經與美國、拉丁美洲和歐洲的 40 多位最大客戶會面，以獲得建設性回饋並加強我們對卓越軟體和服務的承諾。我們在餐飲和零售領域的市場領先地位得益於我們無與倫比的全球大客戶網絡，這些關係對於我們當前的定位和未來策略都至關重要。

These customers are eager to learn about the platform strategy embedded in our next-generation solutions. Nick, Benny, and Darren will discuss our product execution later on the call. I will now provide an update on our hardware business, both as it relates to the recent tariff announcements and our ODM transition.

這些客戶渴望了解我們下一代解決方案中嵌入的平台策略。Nick、Benny 和 Darren 將在稍後的通話中討論我們的產品執行情況。我現在將提供有關我們硬體業務的最新情況，包括與最近的關稅公告和我們的 ODM 轉型相關的內容。

In 2024, the US market represented approximately 60% of our annual hardware sales as it pertained to self-checkout and point-of-sale hardware finished in Mexico. During the latter part of the quarter, we began receiving tariff surcharges for certain service parts from a limited number of our China-based suppliers. This trend has continued but not accelerated into the second quarter.

2024 年，美國市場約占我們年度硬體銷售額的 60%，其中包括在墨西哥完成的自助結帳和銷售點硬體。在本季後半段，我們開始從有限數量的中國供應商收到某些服務零件的關稅附加費。這一趨勢一直持續到第二季​​度，但並未加速。

The current run rate of tariff-related cost is between $8 million and $12 million for the balance of the year or up to $20 million, if all suppliers implemented surcharges. In parallel, we have initiated actions to mitigate some of the impact by sourcing suppliers in markets where tariffs are lower or do not apply.

目前，今年與關稅相關的成本運作率為 800 萬美元至 1,200 萬美元之間，如果所有供應商都實施附加費，則最高可達 2,000 萬美元。同時，我們已採取行動，透過在關稅較低或不適用的市場尋找供應商來減輕部分影響。

As we said in the last call, the implementation of our ODM agreement with Ennoconn is on track for pilot this summer and is expected to be operational by year end. Our partners area of focus since December has been the installation of a third-party application to manage the Nashville warehouse, which supports all markets outside the Bureau.

正如我們在上次電話會議中所說，我們與 Ennoconn 的 ODM 協議的實施將在今年夏天進行試運行，預計將於年底投入營運。自 12 月以來，我們合作夥伴的重點領域一直是安裝第三方應用程式來管理納許維爾倉庫，該倉庫支援該局以外的所有市場。

We will begin piloting across our markets later this summer and anticipate a full transition by year end.

我們將於今年夏天晚些時候開始在我們的市場進行試點，並預計在年底前完成全面轉型。

Turning to payments, we're in the process of integrating Worldpay's front-end processing capabilities into our customer offering, anticipated to be operational by the end of the summer. As such, we have recently launched payments training for our sales teams to enable initial dialogue with existing customers not currently utilizing our payment solutions. Given the positive feedback that I've received from my customer meetings, I'm optimistic about our ability to both convert the base and attract new customers to our payment-acceptance solution.

談到支付，我們正在將 Worldpay 的前端處理功能整合到我們的客戶服務中，預計將於夏季末投入營運。因此，我們最近為銷售團隊啟動了支付培訓，以便與目前未使用我們的支付解決方案的現有客戶進行初步對話。鑑於我從客戶會議中獲得的正面回饋，我對我們的支付接受解決方案轉換基礎和吸引新客戶的能力感到樂觀。

As an example, while early days, we have recently renewed an enterprise restaurant customer who will leverage our new end-to-end payment offering once available. We will continue to work to operationalize our international markets over the next 6 to 24 months.

例如，在早期階段，我們最近與一家企業餐廳客戶續簽了協議，一旦我們的新端到端支付服務可用，該客戶就會利用它。我們將在未來 6 到 24 個月內繼續努力營運我們的國際市場。

Turning to our capital allocation priorities, in March and April, we completed an additional $25 million of share repurchases amounting to 2.6 million shares under our existing program. Since the beginning of the repurchases in November, we have repurchased approximately 10 million shares for a total of $125 million.

談到我們的資本配置重點，3 月和 4 月，我們根據現有計劃完成了額外的 2500 萬美元股票回購，總計 260 萬股。自 11 月開始回購以來，我們已回購約 1,000 萬股，總額達 1.25 億美元。

Our Board recently adopted an amended share program which increased the total aggregate purchase authority under the company's share repurchase program to $200 million. The company will consider the timing of buybacks together with other uses of cash such as investments in products and infrastructure.

我們的董事會最近通過了一項修訂的股票計劃，該計劃將公司股票回購計劃下的總購買權增加到 2 億美元。該公司將考慮回購時機以及現金的其他用途，例如產品和基礎設施投資。

Lastly, before I turn the call over to Nick, I would like to provide context for our Voyix commerce platform strategy. For more than 20 years, the company has acquired over 40 on-premise software applications, most of which are still in use today, serving our restaurant and retail customers. In 2019, the company shifted its product strategy from acquiring third party applications to developing in-house cloud architecture and edge microservices to deliver platform benefits to our customers.

最後，在我將電話轉給尼克之前，我想先介紹一下我們的 Voyix 商務平台策略的背景。20 多年來，該公司已獲得了 40 多個內部部署軟體應用程序，其中大多數至今仍在使用，為我們的餐廳和零售客戶提供服務。2019年，公司將產品策略從收購第三方應用程式轉向開發內部雲端架構和邊緣微服務，為客戶帶來平台優勢。

This was the genesis of the Voyix Commerce Platform, or VCP, initially developed with capabilities to connect legacy applications. To the cloud. Later this year, we will begin launching VCP's cloud native and Edge applications to existing and new customers as we sunset the sale of our legacy on-prem applications. The VCP will enable our customers to transform their physical locations into digital experience channels for shoppers and diners.

這就是 Voyix 商務平台（VCP）的起源，其最初開發的功能是連接傳統應用程式。到雲端。今年晚些時候，我們將停止銷售傳統的本地應用程序，並開始向現有客戶和新客戶推出 VCP 的雲端原生和 Edge 應用程式。VCP 將使我們的客戶能夠將其實體位置轉變為購物者和用餐者的數位體驗管道。

We're excited about the potential of a platform-powered business to mutually accelerate growth for our customers and for NCR Voyix.

我們對平台驅動的業務的潛力感到非常興奮，它可以共同加速我們的客戶和 NCR Voyix 的成長。

To ensure this remains central to the company's transformation, we have appointed Nick East to lead our product strategy under VCP. Nick?

為了確保這仍然是公司轉型的核心，我們已任命 Nick East 領導 VCP 下的產品策略。缺口？

Thanks, Jim. Good morning, everyone. Before I begin, I wanted to introduce myself as NCR Voyix' Chief Product Officer. I built a career successfully developing and delivering highly scalable software products for customers worldwide, and I'm excited to continue this journey with the Voyix Commerce Platform and for the opportunities it represents for both the company and our customers.

謝謝，吉姆。大家早安。在開始之前，我想介紹一下自己，我是 NCR Voyix 的首席產品長。我的職業生涯成功地為全球客戶開發和交付了高度可擴展的軟體產品，我很高興能夠透過 Voyix 商務平台繼續這一旅程，並期待它為公司和我們的客戶帶來機會。

I've been with the company for the last six years after selling my Edge software technology company Zynstra to NCR in 2019. In that time, I've worked closely with our engineering and operations teams to integrate this software into the platform and with our retail and restaurant customers.

自 2019 年將我的 Edge 軟體技術公司 Zynstra 出售給 NCR 以來，我已經在該公司工作了六年。在此期間，我與我們的工程和營運團隊密切合作，將該軟體整合到平台以及我們的零售和餐飲客戶中。

The VCP was created to enable customers to improve their business and financial outcomes through enhanced digital delivery, better data-driven decision making, and a more agile ability to rapidly innovate and integrate new technologies like computer vision and AI.

VCP 的創建旨在幫助客戶透過增強的數位交付、更好的數據驅動決策以及更靈活的快速創新和整合電腦視覺和人工智慧等新技術的能力來改善其業務和財務成果。

In addition, the platform reduces IT operational costs, greater security, shared hardware, and improved labor productivity. NCR Voyix has the experience, scale, and market-leading positions to build, deploy, and operate our customers' technology environments, enabling them to seamlessly transact and compete in the market.

此外，該平台還降低了IT營運成本，提高了安全性，共享了硬件，並提高了勞動生產力。NCR Voyix 擁有豐富的經驗、規模和市場領先地位，可以建立、部署和營運客戶的技術環境，使他們能夠在市場上無縫交易和競爭。

The software products like buildings require good architecture. We have pressure tested that architecture, its performance, its scalability, and its agility with CIOs, CTOs, and CISOs in some of the largest global companies and further confirmed it with an independent third party.

軟體產品就像建築物一樣，需要良好的建築結構。我們與一些全球最大公司的 CIO、CTO 和 CISO 一起對該架構、其性能、可擴展性和靈活性進行了壓力測試，並透過獨立第三方進一步確認了這一點。

The platform is the architecture on which all of our applications are aligning and how we will deploy our new capabilities, including payments going forward.

該平台是我們所有應用程式所基於的架構，也是我們部署新功能（包括未來支付）的方式。

These cloud-native applications will provide our customers with real-time data collection, allowing them to personalize customer interactions, improve decision making, and enhance engagement and loyalty, which ultimately drives greater value.

這些雲端原生應用程式將為我們的客戶提供即時資料收集，使他們能夠個人化客戶互動、改善決策、提高參與度和忠誠度，最終創造更大的價值。

To date, we have enabled early adopter customers to leverage certain platform capabilities, which is reflected in the platform sites we publicly report. As Jim said, we're now launching our new cloud-native applications via the VCP and sunsetting the sale of our legacy applications.

到目前為止，我們已經使早期採用者客戶能夠利用某些平台功能，這反映在我們公開報告的平台網站中。正如 Jim 所說，我們現在透過 VCP 推出新的雲端原生應用程序，並停止銷售我們的傳統應用程式。

There are a number of products across a range of retail and restaurant verticals we are bringing to market this year, all built upon the VCP.

我們今年將向市場推出多種涉及零售和餐飲垂直領域的產品，這些產品均基於 VCP 建構。

These solutions are developed once with capabilities that serve many and are sold through multi-year subscription contracts with escalators.

這些解決方案只需開發一次即可服務許多人，並透過與自動扶梯簽訂多年訂閱合約進行銷售。

This strategy benefits our customers, allowing them to access enhanced data and the ability to drive innovation. For NCR Voyix, this represents increased recurring revenue streams and improved software margins. With that, I'll turn the call over to Benny to discuss our restaurants.

這項策略使我們的客戶受益，使他們能夠存取增強的數據並推動創新。對 NCR Voyix 來說，這意味著經常性收入流的增加和軟體利潤率的提高。說完這些，我會把電話轉給 Benny 來討論我們的餐廳。

Thanks, Nick. In the first quarter, our restaurant business signed nearly 200 new software and services customers. Our platform and payment sites increased by 5% and 6% respectively. Software error and total error both decreased 1% in the quarter. However, when adjusting for the timing of certain items, software and total error are both modestly increased.

謝謝，尼克。第一季度，我們的餐飲業務簽約了近200家新的軟體和服務客戶。我們的平台和支付網站分別增加了5％和6％。本季軟體錯誤和總錯誤均下降了 1%。然而，當調整某些項目的時間時，軟體和總錯誤都會略有增加。

In our enterprise division, we want a multi-year platform and payments contract with Ziggi's Coffee, a rapidly growing drive-through and coffeehouse shop with nearly 150 locations across the US. As part of the agreement, we'll provide Aloha Point of Sale, Aloha Sales Manager, and Voyix Pay, in addition to hardware maintenance for their entire store footprint and support their continued store expansion.

在我們的企業部門，我們希望與 Ziggi's Coffee 簽訂多年的平台和支付合同，Ziggi's Coffee 是一家快速發展的免下車咖啡店，在全美擁有近 150 家分店。作為協議的一部分，我們將為他們的整個門市提供 Aloha Point of Sale、Aloha Sales Manager 和 Voyix Pay，以及硬體維護，並支援他們持續的門市擴張。

We also renewed and expanded our relationship with Raising Cane's, a fast casual chain in the US, signing a multi-year platform contract for 850 locations nationwide. As a result of our new contract, we connected Raising Cane's to the platform to enable them to minimize costs and disruption as they continue to grow their brand.

我們還與美國快餐連鎖店 Raising Cane’s 重新建立了並擴大了合作關係，簽署了涵蓋全國 850 家門市的多年期平台合約。由於簽訂了新合同，我們將 Raising Cane's 連接到平台，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乾擾。

Lastly, in April, we renewed and expanded our relationship with Buffalo Wild Wings, signing a four-year Aloha agreement with an Aloha Menu subscription. Highlighting what Nick and Jim described earlier, aloha menu is a great example of how we are bringing new innovations to the market via the Vo commerce platform in 2025.

最後，在四月份，我們與 Buffalo Wild Wings 續約並擴大了合作關係，簽署了為期四年的 Aloha 協議，並訂閱了 Aloha Menu。正如 Nick 和 Jim 之前所描述的，aloha menu 是一個很好的例子，展示了我們如何在 2025 年透過 Vo 商務平台為市場帶來新的創新。

Aloha Menu is a standalone menu management system that allows restaurants to centralize the building and maintaining of their menu across all geographies and channels, including POS, kiosk, mobile, and online ordering.

Aloha Menu 是一個獨立的菜單管理系統，可讓餐廳集中建置和維護所有地區和通路的菜單，包括 POS、自助服務終端、行動裝置和線上訂購。

While Aloha Menu is integrated to Aloha Point of Sale, it is also designed to integrate with any restaurant point-of-sale application, including competitors. This is a competitive differentiator for us, enabling us to work with restaurants regardless of the point-of-sale provider.

雖然 Aloha Menu 已整合到 Aloha Point of Sale，但它也旨在與任何餐廳銷售點應用程式（包括競爭對手）整合。這對我們來說是一個競爭優勢，使我們能夠與餐廳合作，而不管銷售點提供者是誰。

We anticipate strong interest in Aloha Menu as we prepare to launch it later this year. In addition to leveraging our software and hardware, Buffalo Wild Wings will continue to leverage our deployment services and our service desk for their restaurants.

我們準備在今年稍後推出 Aloha Menu，預計會引起人們的濃厚興趣。除了利用我們的軟體和硬體之外，Buffalo Wild Wings 還將繼續利用我們的部署服務和服務台為他們的餐廳提供服務。

Finally, in our mid-market business, we continue to demonstrate consistent payments attachment at 97% for new customer signings. Our focus is now on attaching Voyix Pay to our existing base, given our expanded capabilities.

最後，在我們的中端市場業務中，我們繼續表現出對新客戶簽約的 97% 的一致付款依戀。鑑於我們功能上的擴展，我們現在的重點是將 Voyix Pay 附加到我們現有的基礎上。

As Jim previously mentioned, we are already in early conversation with certain of our enterprise customers to be able to extend Voyix Pay and look forward to accelerating our payments execution once we are operational with Worldpay later this year. I will now turn the call over to Darren to discuss our retail performance. Darren?

正如 Jim 之前提到的，我們已經與某些企業客戶進行了早期對話，以便能夠擴展 Voyix Pay，並期待在今年稍後與 Worldpay 合作後加快我們的支付執行速度。現在我將把電話轉給 Darren 討論我們的零售業績。達倫？

Thanks, Benny. Good morning, everyone. In the first quarter, our retail business signed more than 30 software and services customers. Our platform and payment sites increased by 48% and 14% respectively.

謝謝，班尼。大家早安。第一季度，我們的零售業務簽約了30多家軟體和服務客戶。我們的平台和支付網站分別成長了48％和14％。

While we have not previously reported payment sites to retail, we have offered payments to certain SME customers in the US and will now report sites going forward given our relationship with Worldpay. Software ARR increased by 9% and total ARR increased 4% in the quarter.

雖然我們之前沒有向零售商報告過支付網站，但我們已經向美國的某些中小企業客戶提供了支付服務，並且鑑於我們與 Worldpay 的關係，我們將在未來報告支付網站。本季軟體 ARR 成長了 9%，總 ARR 成長了 4%。

As previously mentioned, this quarter we continue to introduce our next-generation applications to meet the demands of our existing customers and the larger market ahead of our expected launch dates later this year.

如前所述，本季我們將繼續推出下一代應用程序，以滿足現有客戶和更大市場的需求，預計發布日期將在今年稍後。

For example, as we recently announced, we renewed and expanded our relationship with Morrisons, one of the largest supermarket chains in the UK. To upgrade their in-store technology from legacy NCR point of sale to a full suite of VCP solutions.

例如，正如我們最近宣布的，我們更新並擴大了與英國最大的連鎖超市之一 Morrisons 的合作關係。將店內技術從傳統的 NCR 銷售點升級為全套 VCP 解決方案。

In addition to Voyix POS and self-checkout, we will provide Morrisons with software and hardware maintenance services and a hardware refresh. Further, Morrisons will implement our Aloha Solution for their in-store cafes.

除了 Voyix POS 和自助結帳外，我們還將為 Morrisons 提供軟體和硬體維護服務以及硬體更新。此外，Morrisons 將在其店內咖啡館實施我們的 Aloha 解決方案。

This multi-year commitment will provide Morrisons with increased speed to market, enhanced shopping experiences, and streamlined checkout. Additionally, our VCP point of sale and self-checkout are now live at several locations in the US and we are focused on executing additional rollouts this year to further support our customers-strategic goals.

這項多年承諾將幫助 Morrisons 加快產品上市速度、增強購物體驗並簡化結帳流程。此外，我們的 VCP 銷售點和自助結帳現已在美國多個地點上線，我們專注於今年進行更多推廣，以進一步支持我們的客戶策略目標。

We also have four other grocery, fuel, and convenience customers for whom we will roll out our VCP point of sale later this year. This quarter, we continue to execute on our strategy, expanding an existing point-of-sale software contract with grocery outlet for 2,500 lanes across 500 sites in the US.

我們還有其他四家雜貨店、燃料店和便利商店客戶，我們將在今年稍後為他們推出 VCP 銷售點。本季度，我們繼續執行我們的策略，擴大與雜貨店現有的銷售點軟體合同，涵蓋美國 500 個地點的 2,500 個銷售通道。

We will now provide them a path-for-platform connectivity as we roll out VCP point of sale for enterprise, followed by mid-market grocery. In our convenience and fuel division, we renewed and expanded our relationship with the Pilot Company.

隨著我們為企業推出 VCP 銷售點，隨後為中端市場雜貨店推出 VCP 銷售點，我們現在將為他們提供平台連接路徑。在我們的便利和燃料部門，我們更新並擴大了與試點公司的合作關係。

Signing a new five-year agreement for our VCP self-checkout, spanning nearly 1,000 lanes across 280 sites in the US. In addition to self-checkout, we will provide other value-added applications to help Pilot improve the guests' experience and further streamline their operations.

為我們的 VCP 自助結帳系統簽署一份新的五年協議，該協議涵蓋美國 280 個站點的近 1,000 條通道。除了自助結帳外，我們還將提供其他增值應用程序，幫助 Pilot 改善客人體驗並進一步簡化其操作。

Finally, we expanded our relationship with Isetan Mitsukoshi, one of the oldest and largest department stores in Japan, effectively doubling our hardware technology footprint while displacing the incumbent.

最後，我們擴大了與日本歷史最悠久、規模最大的百貨公司之一三越伊勢丹的關係，有效地使我們的硬體技術足跡翻了一番，同時取代了現任者。

A new contract, which includes both hardware and installation services, demonstrates the global strength of NCR Voyix brand and the trust our customers have in us to deliver high-quality services and solutions.

這份包括硬體和安裝服務的新合約彰顯了 NCR Voyix 品牌的全球實力以及客戶對我們提供高品質服務和解決方案的信任。

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

說完這些，我將把電話轉給 Brian。布賴恩？

Thank you, Darren, and good morning, everyone. For the quarter, we delivered revenue and adjusted EBITDA in line with expectations. Total revenue of $617 million, declined $93 million or 13% as expected due to continued softness in hardware sales, and related installations of $67 million and exiting $20 million of one-time software and services revenue, including the termination of NCR Atleos' commercial agreements. Recurring revenue increased 2% to $407 million and now represents 66% of total company revenue.

謝謝你，達倫，大家早安。本季度，我們的營收和調整後 EBITDA 符合預期。總收入為 6.17 億美元，由於硬體銷售持續疲軟，按預期下降 9,300 萬美元或 13%，相關安裝收入為 6,700 萬美元，退出一次性軟體和服務收入為 2,000 萬美元，包括終止 NCR Atleos 的商業協議。經常性收入成長 2% 至 4.07 億美元，占公司總收入的 66%。

Software ARR and total segment ARR increased 5% and 2% respectively, and platform sites increased 27% to 77,000 sites. Adjusted EBITDA increased 19% to $75 million in the quarter as margin expanded 330 basis points to 12.2%. This was largely driven by our 2024 cost actions.

軟體 ARR 和整體細分 ARR 分別成長 5% 和 2%，平台站點數量增加 27%，達到 77,000 個。本季調整後 EBITDA 成長 19% 至 7,500 萬美元，利潤率擴大 330 個基點至 12.2%。這主要是由我們的 2024 年成本行動所推動的。

Let's turn to our segment results. Beginning with restaurants, recurring revenue decreased 1% to $138 million due to the timing of certain revenue items. This, coupled with the expected hardware and other one-time declines, resulted in total segment revenue declining 5% to $191 million.

讓我們來看看我們的分部業績。從餐廳開始，由於某些收入項目的時間安排，經常性收入下降 1% 至 1.38 億美元。再加上預期的硬體和其他一次性下降，導致該部門總收入下降 5% 至 1.91 億美元。

Segment adjusted EBITDA increased 7% to $59 million as margin expanded 370 basis points to nearly 31%. This improvement was driven by our efficiency initiatives and sales mix.

分部調整後息稅折舊攤提前利潤 (EBITDA) 成長 7% 至 5,900 萬美元，利潤率擴大 370 個基點至近 31%。這項改善是由我們的效率措施和銷售組合所推動的。

Turning to retail, recurring revenue increased 4% to $265 million, driven primarily by the ramp of a new large-customer agreement. This, together with the expected hardware and other one-time revenue declines, resulted in total segment revenue declining 14% to $420 million.

談到零售，經常性收入成長 4% 至 2.65 億美元，主要得益於新的大客戶協議的成長。再加上預期的硬體和其他一次性收入下降，導致該部門總收入下降 14% 至 4.2 億美元。

Segment adjusted EBITDA decreased 24% to $65 million primarily due to the declines in hardware revenue and gross profit. Lastly, corporate and other expenses decreased 37% to $49 million, which reflects the cost initiatives we implemented in 2024 and 2025.

分部調整後 EBITDA 下降 24% 至 6,500 萬美元，主要原因是硬體收入和毛利下降。最後，公司和其他費用減少了 37%，至 4,900 萬美元，這反映了我們在 2024 年和 2025 年實施的成本措施。

Adjusted free cash flow was the use of $20 million for the quarter before considering $33 million of cash expenditures related to restructuring and other strategic initiatives. This reflects normal seasonality coupled with the timing of certain cash receipts from customers totaling $40 million, which were subsequently received in April.

在考慮與重組和其他戰略舉措相關的 3,300 萬美元現金支出之前，本季調整後的自由現金流為 2,000 萬美元。這反映了正常的季節性，加上來自客戶的某些現金收入的時間，總額為 4000 萬美元，隨後於 4 月收到。

We originally estimated digital banking-related tax payments of $375 million and in February we reduced this estimate to $325 million. We are now further reducing these payments to $304 million and $20 million of which was paid last year, and $284 million of which was paid in Q2.

我們最初估計數位銀行相關的稅收為 3.75 億美元，2 月我們將這一估計下調至 3.25 億美元。我們現在將這些付款進一步減少到 3.04 億美元，其中去年支付了 2,000 萬美元，第二季支付了 2.84 億美元。

We repurchased approximately 5 million shares for $62 million during the first quarter. From November 2024 through April 2025, we repurchased approximately 10 million shares for $125 million. Our Board has adopted an amended share-repurchase program which increased the total aggregate repurchase authority under the company's share-repurchase program to $200 million.

我們在第一季以 6,200 萬美元的價格回購了約 500 萬股。從 2024 年 11 月到 2025 年 4 月，我們以 1.25 億美元回購了約 1,000 萬股。我們的董事會已通過一項修訂的股票回購計劃，該計劃將公司股票回購計劃下的總回購授權增加至 2 億美元。

Future share repurchases will continue to be part of our capital allocation strategy together with investments in products and infrastructure. Turning to our outlook, as Jim mentioned, we are estimating the current run rate of tariff-related costs to be between $8 million and $12 million, or up to $20 million if all suppliers implemented surcharges. At this time, we are implementing mitigations and maintaining our guidance for the year. We'll continue to monitor the evolving trade and tariff environment.

未來的股票回購將與產品和基礎設施投資一起繼續成為我們資本配置策略的一部分。談到我們的展望，正如吉姆所提到的，我們估計目前與關稅相關的成本的運行率在 800 萬美元至 1200 萬美元之間，如果所有供應商都實施附加費，則高達 2000 萬美元。目前，我們正在實施緩解措施並維持今年的指導方針。我們將繼續關注不斷變化的貿易和關稅環境。

We continue to expect currency-neutral revenue to range from $2.575 billion to $2.65 billion, which reflects a 9% to 6% decline driven primarily by hardware. We expect the rate of revenue decline to improve throughout the year as revenue ramps on signed deals and as we execute our initiatives.

我們繼續預計，扣除匯率因素，營收將在 25.75 億美元至 26.5 億美元之間，這反映了主要受硬體影響的 9% 至 6% 的下降。我們預計，隨著簽署協議帶來的收入成長以及我們實施計劃的實施，全年收入下降率將會有所改善。

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 improve 400 basis points to 450 basis points and range between 16.3% and 16.8%.

預計貨幣中性調整後的 EBITDA 將在 4.2 億美元至 4.45 億美元之間，成長 21% 至 28%。調整後的 EBITDA 利潤率預計將提高 400 個基點至 450 個基點，範圍在 16.3% 至 16.8% 之間。

Non-GAAP diluted earnings per share is expected to be between $0.75 and $0.80 and adjusted free cash flow for the year is expected to be between $170 million and $190 million when excluding restructuring, digital banking-related taxes, and accelerated platform and product investments. This reflects an adjusted conversion rate of 40% to 43%. With that, I will turn the call over to the operator to begin our question-and-answer session. Operator?

非公認會計準則稀釋每股收益預計在 0.75 美元至 0.80 美元之間，不包括重組、數位銀行相關稅費以及加速平台和產品投資時，全年調整後自由現金流預計在 1.7 億美元至 1.9 億美元之間。這反映了 40% 至 43% 的調整後轉換率。接下來，我將把電話轉給接線員，開始我們的問答環節。操作員？

Thank you. At this time we'll be conducting a question and answer session. (Operator Instructions)

謝謝。這次我們將進行問答環節。（操作員指示）

Matt, Summerville, DA Davidson.

馬特、薩默維爾、 DA 戴維森。

Thanks, morning. A couple of questions. First, in the prepared remarks, you talked a little bit more about some self-checkout wins, maybe relative to -- more so relative to what you talked about maybe last quarter. And I guess I'm wondering if you're starting to see a broader inflection in demand after a pretty tough 2024 in that business, knowing that that in particular drives a pretty nice software and services attached. So maybe if you can give more of a broader update on what you're seeing there, and then I have a follow up.

謝謝，早安。有幾個問題。首先，在準備好的發言中，您更多地談論了一些自助結帳的優勢，可能與您上個季度談論的內容有關。我想知道，在經歷了 2024 年該行業相當艱難的時期之後，您是否開始看到需求出現更廣泛的變化，因為這尤其推動了相當不錯的軟體和相關服務的發展。因此，如果您可以提供更多關於您在那裡看到的情況的更廣泛的更新，然後我會跟進。

Hi Matt, Darren here, thanks for the question. Yeah, insightful. Inevitably, retailers are going through a tough time, as we've -- we're all seeing. That said, their priorities are trying to drive cost efficiency, trying to drive shrink efficiency. But also with various measures around the world, trying to optimize people and supplement people for automation. So there is a continued interest in self-checkout, across all markets we're seeing it in every Territory we're operating.

嗨，馬特，我是達倫，謝謝你的提問。是的，很有見地。不可避免地，正如我們所看到的，零售商正在經歷一段艱難時期。也就是說，他們的首要任務是努力提高成本效率，並努力提高收縮效率。而世界各地也正在採取各種措施，試圖優化人力、補充人力，實現自動化。因此，人們對自助結帳的興趣持續存在，我們在所有市場中都能看到它在我們經營的每個地區。

So yes, we announced the good win there, which was great, but ongoing dialogue, which has been consistent, really, throughout last year as retailers are really searching for those types of solutions. They're also, however, looking for -- and as if we've talked to the platform agenda, looking at platform innovation and using the self-checkout really as a core source of getting data, be that loyalty or just the pricing, personalized pricing, or other initiatives. So it's actually a linked agenda rather than just the independent self-checkout. It is linked to a platform strategy.

是的，我們宣布了勝利，這很棒，但對話仍在持續進行，實際上，去年全年都在持續進行，因為零售商確實在尋找這類解決方案。然而，他們也在尋找——就好像我們已經討論過平台議程一樣，他們也在尋找平台創新，並將自助結帳真正用作獲取數據的核心來源，無論是忠誠度還是定價、個性化定價或其他舉措。因此，它實際上是一個關聯的議程，而不僅僅是獨立的自助結帳。它與平台戰略相關。

Yeah, maybe I could add, Matt. Maybe I could make one other comment. You mentioned, it's important from the perspective of software attached and that's absolutely correct, but we can also, with our platform, -- we're hard diagnostics. So we can actually reuse existing self-checkout hardware and self-checkout hardware of our competitors and others. So we don't require a new self-checkout sale, new capital investment from our customers in order to land our next-generation platform and deliver value from the self-checkout software.

是的，也許我可以補充一下，馬特。也許我可以再提一點評論。您提到，從附加軟體的角度來看這很重要，這是完全正確的，但我們也可以利用我們的平台進行硬診斷。因此，我們實際上可以重複使用現有的自助結帳硬體以及我們競爭對手和其他公司的自助結帳硬體。因此，我們不需要新的自助結帳銷售，也不需要客戶進行新的資本投資來登陸我們的下一代平台並從自助結帳軟體中獲取價值。

That's helpful. I appreciate the color there. Maybe you just want on the cost side of things. Can you update kind of the latest with respect to Voyix restructuring plan, how much you expect to spend this year, how much you expect to benefit from cost outs and the associated timing, and then maybe just a little bit of more granular detail on your mitigation actions -- specific mitigation actions with respect to tariffs.

這很有幫助。我很欣賞那裡的色彩。也許您只是關心成本方面的問題。您能否更新有關 Voyix 重組計劃的最新情況，您預計今年將花費多少，您預計從成本支出和相關時間中獲得多少收益，然後也許只是關於您的緩解措施的更詳細信息 - 與關稅相關的具體緩解措施。

Thank you.

謝謝。

So hey Matt, I'll start. So if I think about the cost program this year, we sized it at $100 million at the beginning of the year. That started ramping in Q1, but ramps as we go through the year.

嘿，馬特，我先開始了。因此，如果我考慮今年的成本計劃，我們在年初將其規模定為 1 億美元。這一趨勢在第一季開始加速，但隨著全年的推進，這一趨勢也在加速。

We initially said we need about $55 million of restructuring and transformation to enable that. That's probably up a little bit higher now at about $65 million just because there's more restructuring. And one of the mitigations as we think about tariffs is looking at cost. So we're looking at our cost programs to see if we can upsize them. I don't know if there's anything you want to add?

我們最初表示，我們需要大約 5500 萬美元的重組和轉型才能實現這一目標。由於進行了更多重組，這一數字現在可能略有上升，達到約 6,500 萬美元。當我們考慮關稅時，緩解措施之一就是考慮成本。因此，我們正在研究我們的成本計劃，看看是否可以擴大它們。不知道您還有什麼要補充的嗎？

Yeah, I would say that we are most of the way through. I don't -- wouldn't suggest that all the efforts to right size the company as a standalone software business is complete, but the vast majority is. There was a small amount taken in the first quarter. But again, we described that on the last call that we were on.

是的，我想說我們已經完成了大部分工作。我不會說，將公司規模調整為獨立軟體業務的所有努力都已完成，但絕大多數已經完成。第一季的支出金額很小。但我們在上次通話中再次描述了這一點。

As it relates to the tariff mitigation, I mean, some of that, I think, is going to be something we'll keep to ourselves, but I think more broadly, as I said in the script, we're going to look for other vendors or suppliers that would be either in lower or non-tariff markets to deal with an unknown as to how long this is going to go on. We have conveyed to our suppliers that we would prefer they not pass them on, and thus far we've seen not a significant run rate as I said in the comments. So right now, I mean, this is an ever-changing landscape. I think there's a call this morning about a deal that was just done with the UK market. So we'll stay tuned, but for right now, we feel good where we are.

至於與關稅減免相關的問題，我的意思是，我認為我們會將其中一些內容保密，但我認為，更廣泛地說，正如我在腳本中所說的那樣，我們將尋找其他供應商或供應商，他們要么在低關稅市場，要么在非關稅市場，以應對這種情況將持續多久的未知情況。我們已經向我們的供應商傳達了我們不希望他們傳遞這些訊息的意思，而且正如我在評論中所說的那樣，到目前為止，我們還沒有看到顯著的運行率。所以現在，我的意思是，這是一個不斷變化的景觀。我認為今天早上有一個電話是關於剛剛與英國市場達成的交易。因此我們會繼續關注，但就目前而言，我們對現狀感到滿意。

Thank you. Appreciate it, Kelly.

謝謝。非常感謝，凱利。

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. I wanted to just kind of double down in on payments again, Jim. So you talked about, I think, Worldpay converting the front end capabilities you're launching this training program. It sounds like you're having positive feedback. I want to just make sure I understand the distinctions here like where does all of that really stand in terms of timing and launch, and then again what's the conversation like with clients?

謝謝，早安。我只是想再次加倍付款，吉姆。所以，我認為您談到了 Worldpay 轉換前端功能，您正在啟動這個培訓計劃。聽起來你得到了正面的回饋。我只是想確保我理解這裡的區別，例如，就時間和發布而言，所有這些到底處於什麼位置，然後與客戶的對話是什麼樣的？

I also appreciate this new KPI in retail sites that it sounded like was related to Worldpay on smaller -- I guess S&B clients. So I'm just trying to reconcile all of those things, that would be at least a starting point --

我也很欣賞零售網站上這個新的 KPI，它聽起來似乎與規模較小的 Worldpay 有關——我猜是 S&B 客戶。所以我只是試著調和所有這些事情，這至少是一個起點--

Think thanks Dan. I'll take the last first. So in the past, because it was more oriented to restaurant given the simplicity of the JetPay front end, the company historically just talked about restaurant as opposed to retail. As it turns out for the smaller retail customers, so mid-market versus enterprise, predominantly quick service, or maybe some supermarket. There were some customers in here, so we've just started to report that publicly. It was otherwise embedded in the numbers, software, and services, I'm guessing, in the past. The expectation is that number is going to continue to grow over time.

想想吧，謝謝丹。我先拿最後一個。因此，由於 JetPay 前端的簡單性，它過去更面向餐廳，因此該公司歷史上只談論餐廳而不是零售。事實證明，對於較小的零售客戶來說，中型市場與企業相比，主要是快餐服務，或者可能是一些超市。這裡有一些顧客，所以我們剛開始公開報導這件事。我猜想，過去它已經嵌入到數位、軟體和服務中了。預計這個數字將會隨著時間的推移而持續成長。

And then it's specifically, to the process, I think it's well down the path. I mean, Worldpay is -- irrespective of the fact that it just did a merger, the rest of what we're doing is continuing on track.

然後具體到這個過程，我認為它已經進展順利了。我的意思是，Worldpay——不管它是否剛完成合併，我們正在做的其他事情仍在繼續。

There's a number of former EVO people here, so people who have specific experience both with operating in payments, but also with conversions. And so the expectations I said in the comments would be sometime this summer, hopefully earlier than later. We do have a conversion to complete so the customers that are currently processing on JetPay will move over to Worldpay, and the expectation will have that all completed by the end of the summer. I think the last piece would be on conversations with customers about the opportunity of doing business with us.

這裡有許多前 EVO 員工，他們在支付操作和轉換方面都有特定的經驗。因此，我在評論中提到的預期是在今年夏天的某個時候，希望是早一點。我們確實需要完成一項轉換工作，以便目前在 JetPay 上處理的客戶能夠轉移到 Worldpay，並且預計將在夏季結束時完成所有工作。我認為最後一部分是與客戶討論與我們開展業務的機會。

All of them that I've had, so the 40 that I've met with to date, I wouldn't say all of them were oriented initially around payments, but in every conversation I've had, and these are at the CIO level, they're interested in the opportunity to have essentially one relationship, as opposed to multiple relationships, to be able to offer the -- a solution that avoids complexity, which is what I think some of them are dealing with.

我迄今為止見過的 40 個人中，我不能說他們最初都是圍繞支付展開的，但在我進行的每一次談話中，這些都是 CIO 級別的，他們都對建立一種關係而不是多種關係的機會感興趣，以便能夠提供一種避免複雜性的解決方案，我認為這就是他們中的一些人正在處理的問題。

But having said that, we also have a significant number of customers that are already connected through a product that we call [Boise Connect] that we're leveraging that those relationships. It's well over $700 million on that platform today that are today also directed to other processors, as opposed to NCR, and so going forward, the conversations are about completing the cycle all the way through the authorization. The rest of the capabilities we retained when the JetPay business was sold back in processing and all the rest of -- but what requires to be an acquirer is already resident in the company.

但話雖如此，我們也有大量客戶已經透過我們稱為 [Boise Connect] 的產品建立了聯繫，我們正在利用這些關係。目前該平台上的資金已超過 7 億美元，這些資金也流向了其他處理器，而不是 NCR，因此，未來的討論重點是如何透過授權完成整個週期。當 JetPay 業務被賣回處理和其他所有業務時，我們保留了其餘的能力 - 但成為收購方所需的能力已經在公司中存在了。

Yes, got it. That's super helpful, and then just quickly your comments around having two executives outside of the US presumably to help with international enterprise clients. Was that an area of weakness? I mean, it's a big part of the organization obviously outside the United States, and so you call that in your prepared remarks. So I just figured I'd dive down on that one more time. Thank you.

是的，明白了。這非常有幫助，然後我快速地談談你關於在美國以外設立兩名高階主管可能是為了幫助國際企業客戶的評論。那是我們的弱點嗎？我的意思是，它顯然是美國境外組織的重要組成部分，所以你在準備好的發言中提到了這一點。所以我想我會再深入研究這個問題。謝謝。

Thanks. Yeah, I don't think of Darren's weak. (laughter)

謝謝。是的，我不認為達倫很弱。（笑聲）

Look, when you run global companies, and everything is oriented out of one market, it's one way of thinking. So we now have two executives that report to me that one of which has been here, I think Nick said, six years?

你看，當你經營全球性公司時，一切都以一個市場為導向，這是一種思維方式。所以我們現在有兩位高階主管向我匯報，其中一位已經在這裡工作了六年，我想尼克說過？

Yeah.

是的。

So the perspective of our customer base, which is not oriented entirely to the US, it spread to South America across Europe and Asia.

因此，我們的客戶群並不完全面向美國，它也擴展到南美洲、歐洲和亞洲。

We actually have another executive whose now [orient] -- who's been moved to or moved himself to Japan. So we are domiciling across our customer base, and I think it just helps as we make decisions as a company, understand the needs of our customers to have people that are embedded in those markets, as opposed to everything sitting in Atlanta.

我們實際上還有另一位高階主管，他現在已被調往日本，或者他自己也調往了日本。因此，我們在整個客戶群中都設有辦事處，我認為這有助於我們作為一家公司做出決策，了解客戶的需求，讓員工融入這些市場，而不是將所有事情放在亞特蘭大。

Was it an oriented plan though? But Darren, as you well know, Darren and I worked together since the global days and then EVO, and you know he's a very accomplished executive. I'll never say that again out loud, but I'm saying it at this time.

但這是一個有針對性的計劃嗎？但是達倫，正如你所知，達倫和我從全球時代開始就一直合作，然後是 EVO，你知道他是一位非常有成就的高管。我永遠不會再大聲說出這句話，但此時我卻要說這句話。

And Nick has earned his stripes here. He's been here for six years, extremely well respected, as you can hear in his prepared remarks. He understands the business from the core level up, and he's going to be a huge addition to what he described in his prepared comments as we roll out the platform and the capabilities of the platform to our customers, all of which that I've spoken to are very excited about us finally getting to that point.

尼克在這裡贏得了自己的地位。他在這裡已經六年了，非常受人尊敬，正如您在他準備好的演講稿中所聽到的那樣。他從核心層面了解業務，當我們向客戶推出平台和平台功能時，他將對他在準備好的評論中所描述的做出巨大的補充，所有與我交談過的客戶都對我們最終達到這一點感到非常興奮。

It's been quite a journey. I know there's been, from a shareholder's perspective, a big investment in the platform. But as Nick said in his comments, there's plenty of other customers companies that do this, and for us to remain viable in the marketplace, this is a great next step. And our customers are excited about getting access to it, some of which are already in the market today, operating.

這是一段相當漫長的旅程。我知道，從股東的角度來看，該平台已經獲得了巨大的投資。但正如尼克在評論中所說，有很多其他客戶公司也這樣做，為了我們在市場上保持競爭力，這是一個很好的下一步。我們的客戶對能夠使用它感到非常興奮，其中一些客戶目前已經在市場上運作。

That's great. Thank you very much.

那太棒了。非常感謝。

Yeah, I think that.

是的，我是這樣認為的。

Operator^ (Operator Instructions)

操作員^（操作員指示）

Eric Woodring, Morgan Stanley.

摩根士丹利的艾瑞克‧伍德林。

Great, thanks so much guys, and good morning. Jim, I was wondering if you could maybe share a few more granular comments or thoughts on just the evolving macro backdrop, not necessarily anything related to tariffs. But obviously, two end markets here that that can be sensitive, or prone to sensitivity related to the economy.

太好了，非常感謝大家，早安。吉姆，我想知道您是否可以就不斷變化的宏觀背景分享一些更詳細的評論或想法，不一定與關稅有關。但顯然，這裡的兩個終端市場可能很敏感，或者容易受到與經濟相關的敏感性的影響。

Obviously, a lot of moving pieces creates a lot of uncertainty. Then again, there's a lot of recurring revenue in this business offset by some hardware and services dynamics. And so I'm just wondering, in your conversations, whether that was in March or now how it has evolved into the month of April and early May. What are you hearing? What are they saying? Is there any concerns? Is that impacting spending plans? We just love maybe a bit of a more granular color there, and then a quick follow up, please. Thank you.

顯然，許多變動因素會造成許多不確定性。再說了，這項業務中有很多經常性收入被一些硬體和服務動態所抵消。所以我只是想知道，在你們的談話中，那是在三月份，還是現在已經演變成四月和五月初。你聽到了什麼？他們在說什麼？有什麼顧慮嗎？這會影響支出計劃嗎？我們只是喜歡那裡更細緻的顏色，然後快速跟進。謝謝。

Okay. It's interesting one of these during our board meeting, one of the Board members asked something similar about how our customers are feeling in light of the tariffs in particular and the impact shock to the world economy.

好的。有趣的是，在我們的董事會會議上，一位董事會成員問了一個類似的問題，即我們的客戶對關稅及其對世界經濟的影響有何感受。

I would say, part of what you just described, if you look at the customer base here, we're a B2B business as opposed to a B2C business. And our - as I said in our last call, our revenue attrition with our customers are extremely low. It's actually even lower this quarter than what we reported last quarter, so it's at 1%.

我想說，正如您剛才所描述的，如果您看看這裡的客戶群，我們是 B2B 企業，而不是 B2C 企業。正如我在上次電話會議中所說，我們與客戶的收入損失極低。本季的實際數字甚至低於我們上一季報告的數字，因此為 1%。

So we have long-standing relationships that are well embedded and they're trying to meet the needs of their customers. Many, if not all of them are on much older equipment that we would like them to be on, equipment being the software, not just the hardware.

因此，我們與客戶建立了長期且牢固的合作關係，他們正在努力滿足客戶的需求。許多（如果不是全部的話）程式都運行在我們希望它們運行的非常老舊的設備上，這些設備指的是軟體，而不僅僅是硬體。

And so I have not heard or seen in any of the conversations I've had with those 40-odd customers, nor has anybody sitting in the room with me had given feedback that there's a pullback that we're seeing with our customers. I think it's completely the opposite that we had a good start to the year, it's still a decline.

因此，在我與這 40 多名客戶進行的任何對話中，我都沒有聽到或看到任何與我坐在同一個房間裡的人反饋說，我們看到客戶數量有所下降。我認為情況完全相反，我們今年有一個良好的開端，但現在仍然處於下滑狀態。

On the hardware side, I was in here during COVID, but in my last company, there was a lot of pull forward of hardware sales during the slowdown of COVID, and I'm sure NCR experienced some of that as well. And we're starting to see a little bit better demand, still down on the hardware side.

在硬體方面，我在 COVID 期間就在這裡，但在我上一家公司，在 COVID 放緩期間，硬體銷售有很大的提前，我相信 NCR 也經歷了其中的一些。我們開始看到需求略有好轉，但硬體方面仍然低迷。

But in particular what Nick described on the product side or the platform side, our customers are eager and signing new deals to be able to upgrade to that every month, and my expectation is that's going to continue for the year. I think on the tariff side, I don't think any of us have a crystal ball, except one guy that's not on the call, but my feeling is this is going to come to a head -- and it's starting to come to a head if we're starting to announce publicly the deals that are getting struck.

但具體來說，正如尼克在產品方面或平台方面所描述的那樣，我們的客戶渴望簽署新的協議，以便能夠每月升級到該水平，我預計這種情況將持續一年。我認為在關稅方面，除了一位沒有參加電話會議的人之外，我認為我們中沒有人擁有水晶球，但我的感覺是，這將會達到緊要關頭——如果我們開始公開宣布即將達成的協議，它就會開始達到緊要關頭。

So we feel like we're in a good space today, and as Brian outlined, we're maintaining our guidance largely because of the relationship that we're having with our customers, many of which go back 20 years, some 30 years that, I think, we're in very good space.

因此，我們覺得我們今天處於一個很好的空間，正如布萊恩所概述的，我們維持我們的指導主要是因為我們與客戶的關係，其中許多關係可以追溯到 20 年前，有些是 30 年前，我認為，我們處於非常好的空間。

Okay, that's really helpful, thank you. And then Brian, maybe just a quick follow-up for you or -- excuse me, or Darren, either one is just -- what, when I look at the retail business, obviously, there is a degree of hardware declines associated here that we can see. Is that really the explanation for the step down and growth and adjusted EBITDA margins? Is there anything else of note there just ARR, up nicely; KPIs, showing progress. So should we really just be thinking of that as hardware and kind of where does that dynamic go again, specifically on the margin front for our retail? Thanks so much.

好的，這真的很有幫助，謝謝。然後，布萊恩，也許只是對你進行快速跟進，或者 - 對不起，或者達倫，無論是誰，當我看零售業務時，顯然，我們可以看到這裡存在一定程度的硬件下滑。這真的是下降、成長和調整後 EBITDA 利潤率的解釋嗎？還有什麼值得注意的嗎？只是 ARR，很好； KPI，顯示進度。那麼，我們真的應該只將其視為硬體嗎？這種動態又會如何發展呢，特別是在零售的利潤方面？非常感謝。

Yeah. So starting with the software and services for the overall company, we had about a 7% decline in Q1. 2 points of that roughly was driven by exiting the Atleos commercial agreements. So that would be 5 if it wasn't for that 2-point-impact, and we see that improving in Q2 as we ramp our new deals.

是的。因此，從整個公司的軟體和服務開始，我們在第一季的銷售額下降了約 7%。其中 2 點的下降大致是由於退出 Atleos 商業協議所致。因此，如果不是因為那 2 個百分點的影響，這個數字將是 5，而且隨著我們增加新交易，我們預計第二季的情況會有所改善。

So that's kind of a comment that crosses both restaurants and retail. When we look at the retail margin in Q1, it was impacted by the hardware decline, but also a mix of what we sold. Some of the -- especially third products has a lower margin, and so that mix really drove that margin down. We see that recovering in Q2. For the full year, we still think the margin will be 19% to 20% for retail.

這是涵蓋餐飲業和零售業的評論。當我們查看第一季的零售利潤時，我們發現它不僅受到硬體下滑的影響，而且也受到我們銷售產品多種因素的影響。其中一些產品，尤其是第三種產品的利潤率較低，因此這種組合確實拉低了利潤率。我們看到第二季的情況正在復甦。就全年而言，我們仍然認為零售利潤率將在 19% 至 20% 之間。

Awesome. Thank you, guys. Good luck.

驚人的。謝謝你們。祝你好運。

Thank you.

謝謝。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Hey, thanks for taking the question. Jim, I'm wondering if you could talk a little bit more about the pitch-to-retail clients on the Worldpay partnership, just from a payments’ perspective, which I know you know very well. I usually think about large retail customers as getting very low processing rates, for the volume that they put through, and so I was wondering if you could maybe talk to it from a take rate perspective?

嘿，謝謝你回答這個問題。吉姆，我想知道您是否可以從付款的角度進一步談談 Worldpay 合作夥伴關係中面向零售客戶的情況，我知道您對此非常了解。我通常認為大型零售客戶的處理率非常低，因為他們處理的數量很少，所以我想知道您是否可以從接受率的角度來談談這個問題？

And about the opportunity that Voyix has to share in that economics, how do you kind of think about, the overall processing rates and then the amount of the economics that you would take versus Worldpay. Thanks.

關於 Voyix 在經濟領域所擁有的機會，您如何看待其整體處理率以及與 Worldpay 相比的經濟效益？謝謝。

Sure, so there's two components of this. So there's the processing relationship. So think of a point of sale processing relationship, there's a piece of software that the company created -- or created or bought back in 2014, which has historically been called connected payments.

當然，這有兩個組成部分。因此存在處理關係。因此，想像一下銷售點處理關係，該公司在 2014 年創建或購買了一款軟體，歷史上被稱為連接支付。

So connected payments, you would think of companies like Freedom Pay, ACI, third parties that provide point-to-point encryption, tokenization, a variety of payment related capabilities that has been resident here, like I said, dating back to 2014. And that's today well over $600 billion or $700 billion that processed through it.

因此，對於連網支付，您可能會想到像 Freedom Pay、ACI 這樣的公司，以及提供點對點加密、標記化和各種支付相關功能的第三方，這些功能已經存在，就像我說的，可以追溯到 2014 年。如今，透過它處理的資金已超過 6000 億或 7000 億美元。

So our point of sale, I think I said in the last call, if you look at all the point of sales globally and connect today is oriented to the US, although we have gateway-like capabilities in other markets, which we will normalize at some point over the next, I think we said 6 to 24 months as we stand up Worldpay. So that application normalizes any changes we make at a point of sale to the processor. And in the past, the processor or all the named suspects that you would see in the US at scale that can process for petroleum or for supermarket, which are the two big drivers in that segment.

因此，我們的銷售點，我想我在上次電話會議上說過，如果你看看全球所有的銷售點，今天的連接是面向美國的，儘管我們在其他市場擁有類似網關的功能，但我們會在接下來的某個時候使其正常化，我想我們說過，隨著 Worldpay 的建立，我們需要 6 到 24 個月的時間。因此，該應用程式可以規範我們在銷售點對處理器所做的任何更改。過去，您在美國看到的加工商或所有指定嫌疑人都可以大規模地加工石油或超市產品，這是該領域的兩大驅動力。

So I think we have two conversations with our customers, and I think we're having two conversations with our customers, one on the middleware piece, the connect piece. As opposed to using a third party, you're using our capabilities and most of them are -- but a lot of them are on subscription, and we're moving away from -- not subscription, a one-time license or no fees, we're moving away from that as a structure. And then separately, which I think is the hard of your question, how do we win at the point of sale? And we have a -- I think, a very commercially reasonable relationship with Worldpay, and it was geared in the conversations I had with them as I handled this myself, recognize the customer base that we would be together processing for.

所以我認為我們與客戶進行了兩次對話，我認為我們正在與客戶進行兩次對話，一次是關於中間件部分，一次是關於連接部分。與使用第三方相反，您正在使用我們的功能，其中大多數都是 - 但很多都是訂閱的，而我們正在擺脫 - 不是訂閱，一次性許可或免費，我們正在擺脫這種結構。然後另外，我認為這是你的問題的困難，我們如何在銷售點取勝？我認為，我們與 Worldpay 有著非常合理的商業關係，這種關係建立在我親自處理此事時與他們的對話中，我認識到我們將共同處理的客戶群。

So it's still early days, but in the end, I think we're going to be competitive. Will we win them all? I mean that's my objective. I don't think that's going to happen. But I think the takeaway for the customer is you then have one relationship, not just at the point of sale, but all the way through payments because at the end, their point of sale is the only way the businesses operate, that's where the cash comes in. And changes at the point of sale versus changes at the processor to the extent that there are changes that are not aligned, then you have outages.

所以現在還為時過早，但最終我認為我們將具有競爭力。我們會贏得所有勝利嗎？我的意思是這就是我的目標。我不認為這會發生。但我認為，對客戶來說，你需要做的就是建立一種關係，這種關係不僅體現在銷售點，還貫穿整個支付過程，因為最終，他們的銷售點是企業營運的唯一方式，也是現金的來源。銷售點的變化與處理器的變化不一致，那麼就會出現中斷。

And so what we offer is a single solution. And you've seen this yourself over the last 10 years, 15 years in the payments and software space, any small ISP, they're all doing the exact same thing. There's a company called Toast that I've heard about, and I think they do the exact same thing. So it's not like we're doing something novel.

因此，我們提供的是單一解決方案。在過去的 10 年、15 年裡，您在支付和軟體領域親眼目睹了這一點，任何小型 ISP 都在做同樣的事情。我聽說過一家名為 Toast 的公司，我認為他們做的是同樣的事情。所以這並不是我們在做一些新穎的事情。

We're just, we're probably more late to the party, but we have the capabilities already. And with Worldpay, we've extended those capabilities to what ultimately the customers need.

我們只是可能來得晚了一點，但我們已經具備了能力。透過 Worldpay，我們將這些功能擴展到客戶最終需要的功能。

Darren wants to add to something to go.

達倫 (Darren) 想要添加一些東西。

And well, I think it, it's not just retail, it's restaurants as well that we're having these conversations with. And yeah, there will be probably some of the mega merchants that will be on very fine commodity-based pricing for stand-alone payments. But this actual, the pitch, as you requested in your question, or covered in your question, really is a total value pitch. And much as Nick and I said that the first question -- answer to Matt was many customers are really looking at the whole end-to-end integrated solution and a platform and a data play and an insight play. And joining the payments to the pos at the front end really does build a true end-to-end holistic data and insight solution for loyalty spend pattern, behavior pattern, et cetera.

嗯，我認為，我們不只是與零售業，也與餐館業進行這些對話。是的，可能會有一些大型商家對獨立支付採用非常優惠的商品定價。但實際上，正如您在問題中所要求的，或者在問題中涵蓋的，這個推銷確實是一個總價值推銷。正如尼克和我所說的那樣，第一個問題——對馬特的回答是，許多客戶實際上都在關注整個端到端的整合解決方案、平台、數據播放和洞察力播放。將支付與前端的 POS 連接起來確實為忠誠度消費模式、行為模式等構建了一個真正的端到端整體數據和洞察解決方案。

So this is a broader benefit pitch than purely where in our former life -- during my former life as an acquirer, you tend to be going in at a commodity-level price point. This is a much more value-add pitch both in restaurant and retail. So that's helping the conversation.

因此，這是一種比我們以前生活中更廣泛的利益宣傳——在我以前作為收購方的生活中，你傾向於以商品級的價格進入。這對於餐飲和零售業來說都是一個更具附加價值的宣傳。這有助於對話。

And today, as we said, over several times, Worldpay is not up and running yet, but I don't think that's far away. We already -- we've had a bank relationship this company bought. An ISO called JetPay years ago, so the infrastructure was already here. It's not as though we're starting from scratch. And we already have, because of Connect, we already have a [relation] -- a connection with Worldpay. So I think that the effort is not as you would expect, when I would have acquired something at Global or EVO, it took a long time. We already have a lot of the plumbing in place.

正如我們多次說過的，Worldpay 目前尚未啟動並運行，但我認為這並不遙遠。我們已經與這家公司購買的銀行建立了合作關係。幾年前就有一個名為 JetPay 的 ISO，因此基礎設施已經存在。我們並不是從零開始。而且由於 Connect，我們已經與 Worldpay 建立了 [關係]——聯繫。所以我認為付出的努力並不像你想像的那樣，當我在 Global 或 EVO 獲得一些東西時，需要很長時間。我們已經安裝了很多管道。

I just had one in small, but on the enterprise side, Benny's team, was a renewal or a new customer. Renewal renewed an enterprise restaurant relationship with all the components of what we've been talking about: escalators, subscription, Connect in the middle, and, payments, which today's JetPay will be, will pay after.

我剛剛在小型企業方面擁有一個，但在企業方面，Benny 的團隊是續約者或新客戶。更新透過我們一直在談論的所有組成部分重新建立了企業餐廳關係：自動扶梯、訂閱、中間連接和付款，即今天的 JetPay，將在之後付款。

So the fact that we have all those capabilities, they don't have to go to three or four different vendors. And in some instances, that's the case because I've had enough conversations to understand what people have been using in the past.

事實上，我們擁有所有這些能力，他們不需要去找三、四個不同的供應商。在某些情況下，情況確實如此，因為我已經進行了足夠的對話，了解人們過去一直在使用什麼。

The challenge NCR had historically is they were not a payments company; they were a software company. And so today, we have enough executives that do both that were credible to have conversations to offer, as Darren was saying, a value-added solution so that they have one relationship instead of money.

NCR 歷史上面臨的挑戰是他們不是一家支付公司；他們是一家軟體公司。因此，今天，我們有足夠多的高管同時做這兩件事，他們值得信賴，可以進行對話並提供增值解決方案，正如達倫所說的那樣，這樣他們就擁有一種關係而不是金錢。

No, it's very helpful, very comprehensive answer, so I appreciate it. And then I guess one quick follow up on that. When you look at the retail opportunity and the restaurant opportunity, and I appreciate that comment, so thank you for that.

不，這是非常有幫助的、非常全面的答案，所以我很感激。然後我想對此進行快速跟進。當您看到零售機會和餐飲機會時，我很欣賞您的評論，所以感謝您。

Where do you kind of envision the lowest hanging fruit and where do you think the bulk of the success will be if we look out, maybe two to three years, do you see this as being, more retail and more restaurant, and more in the upmarket QSR-space heavy? I know you've had a lot of success in the mid-market space already.

您認為最容易達成的目標在哪裡？如果我們展望未來兩到三年，您認為成功的主要領域在哪裡？您是否認為未來零售業、餐飲業以及高檔 QSR 產業的重點會在哪裡？我知道你們已經在中端市場取得了巨大的成功。

Well, I have high expectations that restaurant's going to continue to get bigger and bigger as we've invested heavily in that. So I think Benny and the team, Miguel, the rest of them, they're going to grow the pie bigger, not just domestically but internationally.

嗯，我對餐廳規模越來越大抱有很高的期望，因為我們在這方面投入了大量資金。所以我認為 Benny 和他的團隊、Miguel 以及其他人都會把蛋糕做大，不僅在國內，而且在國際上。

And while we've had wins, most of them have been more service wins internationally on restaurant, and I'm expecting that's going to change especially with Aloha Club coming to market.

雖然我們取得了一些勝利，但大多數勝利都是在國際餐廳服務方面取得的，我預計這種情況將會改變，尤其是隨著 Aloha Club 進入市場。

But if you look at the pie, the vast majority, I'm just guessing, 65%, 70% of the volume runs through fuel, which is both commercial, includes commercial, and then grocery. And there's a lot of transactions running through our systems today, running through Connect, not as an acquired, but just as switching transactions domestically, and that's the same footprint internationally. So I think it's going to orient to the retail side, but I have high hopes for Benny and his team to get restaurant as well.

但如果你看一下這個圓餅圖，絕大多數，我只是猜測，65%、70% 的量是透過燃料消耗的，既包括商業用量，也包括雜貨用量。如今，我們的系統中運行著許多交易，這些交易都是透過 Connect 進行的，不是作為收購，而是作為國內的轉換交易，這在國際上也是一樣的。所以我認為它將以零售業為主，但我對 Benny 和他的團隊進軍餐廳業務也寄予厚望。

Yeah. Maybe to add to what Jim was saying on the restaurant side.

是的。也許可以補充一下吉姆在餐廳方面所說的話。

I know you asked specifically oriented towards payments and payments connect, which will be a big pillar of our growth. But there are three things that's making me really bullish about the future, the next few quarters, next few years. One is, yes, we'll continue to execute on our global-services capability, which is a massive differentiator for us. We talked about some of the wins last quarter that we've had internationally and that will continue.

我知道您特別詢問了支付和支付連接的問題，這將是我們成長的一大支柱。但有三件事讓我對未來、接下來的幾季、接下來的幾年充滿信心。一是，是的，我們將繼續發揮我們的全球服務能力，這對我們來說是一個巨大的差異化因素。我們談到了上個季度我們在國際上取得的一些勝利，而這種勝利將會持續下去。

The second is the platform rollout that Nick highlighted in his prepared comments is a massive differentiator for us. When you look at customers like Raising Cane, [Brinker], we talked last time, our existing customer with converting, connecting the platform. That is a lot of flexibility, growth, innovation that restaurants are seeing value in the platform. And products like Aloha; products like Smart Manager that we can continue to roll out through the remainder of the year, we expect to see, massive impact.

第二，尼克在準備好的評論中強調的平台推出對我們來說是一個巨大的差異化因素。當你看到像 Raising Cane、[Brinker] 這樣的客戶時，我們上次談到了，我們現有的客戶正在轉換、連結平台。餐廳看到了該平台的巨大靈活性、成長力和創新力。以及像 Aloha 這樣的產品；我們預計將在今年剩餘時間內繼續推出智慧管理器等產品，它們將產生巨大的影響。

The third one, of which Jim mentioned the name Miguel, is the go to market transformation. We've had about six to nine months vacant for our enterprise heads. As I transformed the sales organization, one of the things that we've done is completely changed the leadership. In Q1, Miguel started with the head of our enterprise sales already having impact, completely restructured sales. About a year ago, you probably heard rumors that we heard, but for Wild Wings we lost.

第三個，Jim 提到了 Miguel 這個名字，就是走向市場轉型。我們的企業主管大約有六到九個月的職缺。當我改變銷售組織時，我們所做的事情之一就是徹底改變領導。從第一季開始，Miguel 就擔任我們企業銷售主管，已經發揮了影響力，徹底重組了銷售業務。大約一年前，你可能聽說過我們聽到的傳言，但對於 Wild Wings 我們失敗了。

And now 12 months later, not only renewed the relationship, but we've expanded that relationship. So we are seeing early successes and early wins that gives me a lot of confidence in the future.

如今 12 個月過去了，我們不僅恢復了合作關係，而且還擴大了合作關係。因此，我們看到了早期的成功和早期的勝利，這給了我對未來很大的信心。

I see the exact same thing really on both sides. We have new leaders almost in every one of our markets below Darren, other than Latin America, which has been doing terrific. But we have a new leader here in the US, we're hiring in the UK, and we have new leadership in Japan on the retail side. So it's a new team. They're moving at a different pace maybe than in the past, before it was a conglomerate, lots of different moving parts. Now we're a much slimmer company very focused on getting the platform rolled out, getting the new products rolled out, and, growing the company.

我確實在雙方都看到了同樣的事情。在達倫的領導下，我們幾乎每個市場都有新的領導人，除了拉丁美洲，該地區的表現非常出色。但我們在美國有一位新的領導人，我們在英國招聘，我們在日本零售方面也有新的領導。所以這是一支新團隊。他們現在的行動速度可能與過去不同，在它成為一家企業集團之前，它擁有許多不同的活動部件。現在，我們的公司規模大大精簡，更專注於推出平台、推出新產品以及發展公司。

Got it. Appreciate you taking the question.

知道了。感謝您回答這個問題。

Yeah, thank you.

是的，謝謝。

We have reached the end of the question and answer session. I'd now like to turn the call back over to Jim Kelly for closing comments.

問答環節已經結束。現在我想將電話轉回給吉姆凱利，請他發表最後評論。

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

謝謝您，接線員，也謝謝大家對 NCR Voyix 的持續關注。祝你有美好的一天。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。您現在可以斷開您的線路，我們感謝您的參與。