NCR Voyix Corp (VYX) 2025 Q2 法說會逐字稿

Greetings, and welcome to the NCR Voyix Second Quarter 2025 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 NCR Voyix 2025 年第二季財報電話會議。 (操作員指示) 提醒一下，本次會議正在錄製中。

I'd now like to turn the call over to your host, Sarah Jane Schneider, Vice President of Investor Relations. Thank you. You may begin.

現在，我想把電話轉給主持人、投資人關係副總裁莎拉‧簡‧施耐德 (Sarah Jane Schneider)。謝謝。您可以開始了。

Good morning, and thank you for joining our second quarter 2025 earnings conference call. This morning, we issued our earnings release reporting financials for the quarter ended June 30, 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2025年第二季財報電話會議。今天上午，我們發布了截至2025年6月30日的季度財報，報告了財務狀況。財報副本及我們將在本次電話會議上參考的簡報可在我們網站的「投資者關係」板塊獲取，網址為www.ncrvoyix.com，並已提交至美國證券交易委員會（SEC）。

With me on the call today are Jim Kelly, our Chief Executive Officer; Brian Webb-Walsh, our Chief Financial Officer; Benny Tadele, President of Restaurants; Darren Wilson, President Retail; and Nick East, our Chief Product Officer. This call is being recorded, and the webcast is available on the Investor Relations section of our website.

今天與我一起參加電話會議的有：執行長 Jim Kelly、財務長 Brian Webb-Walsh、餐廳總裁 Benny Tadele、零售總裁 Darren Wilson 以及首席產品長 Nick East。本次電話會議已錄音，網路直播可在我們網站的「投資者關係」板塊觀看。

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. 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.

在開始之前，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明示或暗示的結果有重大差異。有關這些因素的更多信息，請參閱我們的收益報告以及我們向美國證券交易委員會 (SEC) 提交的其他報告。我們提醒您不要過度依賴這些陳述。本次電話會議中的前瞻性陳述僅代表截至本次電話會議當天的觀點，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 (non-GAAP) 財務指標，我們相信這些指標將進一步清晰地展現我們持續的業績表現。如需查看本次電話會議中討論的非公認會計準則 (non-GAAP) 財務指標與符合美國證券交易委員會 (SEC) 規定的最具可比性的公認會計準則 (GAAP) 指標的完整對照表，請參閱我們今早提交的 8-K 表格附件中的新聞稿，以及我們網站「投資者關係」版塊提供的補充資料。

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

說完這些，我現在想把電話轉給吉姆。吉姆？

Thanks, Sarah Jane, and good morning, everyone. I would like to welcome you all to our second quarter earnings call. I will begin with a summary of our recent performance. This quarter, we continued to execute on our key initiatives, winning new customers in both our restaurant and retail segments, signing existing customers to the Voyix Commerce platform and gaining additional interest in our latest cloud products and payment capabilities. I remain encouraged by the progress we are making and our ability to improve future performance. We will be launching additional VCP capabilities beginning in the fourth quarter and continuing into next year. In retail, we will be launching our enterprise grocery and convenience point-of-sale, self-checkout and fuel at the NRF show in January.

謝謝，Sarah Jane，大家早安。歡迎大家參加我們第二季的財報電話會議。首先，我將總結我們近期的業績表現。本季度，我們繼續推動各項關鍵舉措，在餐飲和零售領域贏得了新客戶，與現有客戶簽約加入 Voyix Commerce 平台，並吸引了更多客戶對我們最新的雲端產品和支付功能的興趣。我們目前的進展以及未來提升業績的能力令我感到鼓舞。我們將從第四季開始推出更多 VCP 功能，並持續到明年。在零售領域，我們將於明年 1 月在 NRF 展會上推出企業級雜貨和便利商店銷售點、自助結帳和加油服務。

In restaurants, we'll be launching a new all-in-one application for labor, inventory, reporting and scheduling in the fourth quarter and our new centralized menu management solution in early 2026. For payments, we completed our pilot for Voyix Pay in the US in July and are on track to complete the migration of our existing SME portfolio and sign new customers directly to the processing platform by mid-September. We are already in active discussions with our existing mid-market enterprise customers to offer acquiring solutions not available on our legacy JetPay platform. We're also enabling acquiring in the UK, Canada and Latin America as Global Payments acquisition of Worldpay provides us an even broader array of in-market capabilities. Based on contract renewal dates, we have initiated conversations with about 10% of customers thus far regarding our expanded services offering, including payments.

在餐廳領域，我們將在第四季度推出一款全新的集人工、庫存、報告和排班於一體的應用程序，並在2026年初推出全新的集中式菜單管理解決方案。在支付領域，我們已於7月在美國完成了Voyix Pay的試點，並預計在9月中旬完成現有中小企業客戶組合的遷移，並將新客戶直接簽署到處理平台。我們正與現有的中型企業客戶積極洽談，以提供原有JetPay平台上所不具備的收單解決方案。隨著Global Payments收購Worldpay，我們將擁有更廣泛的市場能力，我們也正在英國、加拿大和拉丁美洲提供收單服務。根據合約續約日期，迄今為止，我們已與約10%的客戶就包括支付在內的擴展服務展開洽談。

Going forward, all new software contracts will be presented with our payment capabilities as the 2 industries have become increasingly intertwined. This will reduce vendor management complexity and potential store downtime while enhancing revenue opportunities for the company. Turning to hardware. We continue to progress on the implementation of our ODM agreement, which will commence by year-end. Our pilot for our European markets is already underway and has met expectations thus far. At our Nashville facility, we are in the testing phase and expect the pilot for the Americas and Asia Pacific to begin next month. Since our call in May, there have been no material changes to the tariff-related cost to our business, which we continue to estimate to be between $8 million and $12 million for the year. Given the ever-evolving tariff situation, we are monitoring the potential impact to our business and we will reassess our mitigation strategy to the extent circumstances change.

展望未來，隨著兩大產業的連結日益緊密，所有新的軟體合約都將包含我們的支付功能。這將降低供應商管理的複雜性和潛在的門市停工時間，同時提升公司的創收機會。硬體方面，我們持續推進ODM協議的實施，該協議將於年底開始。我們在歐洲市場的試點計畫已啟動，目前已達到預期。在我們位於納許維爾的工廠，我們正處於測試階段，預計美洲和亞太地區的試點計畫將於下個月開始。自我們5月召開電話會議以來，我們業務的關稅相關成本並未發生重大變化，我們預計全年關稅相關成本將在800萬美元至1,200萬美元之間。鑑於關稅情況的不斷變化，我們正在監測其對業務的潛在影響，並將根據情況的變化重新評估我們的應對策略。

In the 6 months that I've been in my role at the company, I've had the pleasure of meeting with more than 50 of our customers, gaining insights into our past performance and an understanding of their technology road maps. We seem well aligned on both fronts, and our customers are eager to transform their guest and staff experiences, leveraging the VCP. Nick, Benny and Darren will now provide examples of our early success in implementing this go-forward strategy.

在公司任職的六個月裡，我很榮幸地與 50 多位客戶會面，深入了解了我們過去的表現以及他們的技術路線圖。我們在這兩方面似乎都步調一致，我們的客戶也渴望利用 VCP 來提升賓客和員工的體驗。 Nick、Benny 和 Darren 將分享我們在實施這項持續發展策略方面取得的初步成功案例。

I'll now turn the call over to Nick to discuss our product updates. Nick?

我現在將電話轉給 Nick，討論我們的產品更新。 Nick？

Thanks, Jim. Good morning, everyone. At the end of the quarter, we had nearly 78,000 sites connected to the Voyix Commerce Platform, an increase of 16% year-over-year. As a reminder, the VCP was originally developed to connect legacy applications to the cloud. And going forward, we will leverage its cloud architecture and Edge micro services to deliver our Voyix point-of-sale and Voyix self-checkout. We continue to execute on our platform and related product initiatives, including the development and rollout of our cloud solutions, the continuous innovation of our micro services architecture and Edge services and the connection of our legacy customers to the VCP. I'd like to discuss 4 key examples that illustrate this progress and the positive outcomes it is driving for our customers and our business. The first is consumer transaction volume flowing through the VCP.

謝謝，Jim。大家早安。截至本季末，我們有近78,000個站點連接到Voyix商務平台，較去年同期成長16%。需要提醒的是，VCP最初是為了將傳統應用程式連接到雲端而開發的。未來，我們將利用其雲端架構和邊緣微服務來提供Voyix銷售點和自助結帳服務。我們將繼續推進平台和相關產品的各項計劃，包括雲端解決方案的開發和推出、微服務架構和邊緣服務的持續創新，以及將我們的傳統客戶連接到VCP。我想討論四個關鍵範例，以說明這項進展及其為我們的客戶和業務帶來的積極成果。首先是透過VCP的消費者交易量。

In the first half of 2025, volumes were more than 50% higher than the prior year, and the VCP processed more than 500 million transaction API calls in June alone. This growth was driven by the increase in platform connected customers who benefit from greater real-time visibility into end-user purchasing behavior and the integration of these data flows into their business processes. The second is the number of consumer orders running through the VCP. This increased nearly 60% in the first half of 2025 compared to the prior year with over 75 million orders processed this June, underlying the platform's performance, scalability and stability. The third highly innovative example is our existing customers' rapid adoption of Picklist Assist, our AI-enabled computer vision capability for self-checkout.

2025年上半年，交易量比前一年成長了50%以上，光是6月份，VCP就處理了超過5億次交易API呼叫。這一增長得益於平台連接客戶的增加，他們受益於對終端用戶購買行為的更即時可見性，以及這些資料流與其業務流程的整合。其次是透過VCP處理的消費者訂單數量。與前一年相比，2025年上半年的訂單量成長了近60%，今年6月處理的訂單超過7,500萬份，為平台的效能、可擴展性和穩定性奠定了基礎。第三個高度創新的例子是我們現有客戶迅速採用了Picklist Assist，這是我們基於人工智慧的電腦視覺自助結帳功能。

Available through the VCP, Picklist Assist utilizes computer vision via cameras already built into most of our grocery self-checkout scanners to identify and present a short list of most likely items based on color, weight and other characteristics. This proprietary software technology can be used with both our legacy and cloud-based checkouts to improve speed, accuracy and efficiency, enhancing outcomes for both retailers and their end customers. We've already implemented Picklist Assist across more than 22,000 checkout lanes worldwide and continue to see strong market interest in this feature. The fourth is the increasing adoption of our Edge virtualization solution that enables our customers to operate their stores with the speed and efficiencies of running their digital channels.

Picklist Assist 可透過 VCP 使用，它利用我們大多數雜貨店自助結帳掃描儀中內建的攝像頭，利用電腦視覺技術，根據顏色、重量和其他特徵識別並呈現最有可能的商品簡短清單。這項專有軟體技術可與我們的傳統結帳系統和雲端結帳系統搭配使用，以提高速度、準確性和效率，從而提升零售商及其最終客戶的體驗。我們已經在全球超過 22,000 條結帳通道部署了 Picklist Assist，並且市場對此功能的關注度持續走高。第四，我們 Edge 虛擬化解決方案的採用率不斷提高，該解決方案使我們的客戶能夠以經營數位通路的速度和效率經營門市。

This year, we have continued to implement Edge for major retailers to improve store outcomes. For example, during the quarter, one of our large Edge customers in Europe was able to address a business requirement to trial a new kiosk with a new hardware device and implement a working solution in less than 2 weeks. Edge not only significantly improved the speed to market of such an application by months, but also enabled them to bypass a lengthy certification process. Each of these examples, like our other VCP solutions, contributes towards software ARR growth from our platform sites and are normally packaged as an add-on to a point-of-sale or self-checkout subscription.

今年，我們繼續為大型零售商部署 Edge，以提升門市業績。例如，在本季度，我們在歐洲的一家大型 Edge 客戶成功滿足了一項業務需求，即在不到兩週的時間內試用配備新硬體設備的自助服務終端，並成功實施了一套有效的解決方案。 Edge 不僅顯著縮短了此類應用的上市時間，還幫助他們繞過了漫長的認證流程。與我們其他的 VCP 解決方案一樣，這些案例都有助於我們平台網站的軟體 ARR 成長，並且通常作為銷售點或自助結帳訂閱的附加元件打包。

One of the biggest shifts we see in the market is the desire for enterprise brands to transform their stores to create modern experiences for shoppers and modern ease of IT teams that mirror their digital channels. Cloud-native technologies leveraging micro services, whilst common in digital commerce are less so in brick-and-mortar stores. We have been investing in this type of software architecture for 5 years, and it is quickly becoming a compelling competitive advantage.

我們在市場上看到的最大轉變之一是，企業品牌渴望轉型其門市，為購物者打造現代化的體驗，並為IT團隊提供與其數位管道相符的現代化便利。利用微服務的雲端原生技術雖然在數位商務中很常見，但在實體店中卻並不常見。我們已經在這種軟體架構上投資了五年，它正迅速成為引人注目的競爭優勢。

With that, I will turn the call over to Benny to discuss our restaurant's performance. Benny?

說完這些，我會把電話轉給 Benny 來討論我們餐廳的表現。 Benny？

Thanks, Nick. In the second quarter, our restaurant business signed more than 200 new software and services customers. Our platform and payment sites increased 4% and 1%, respectively. Software ARR increased 4% and total ARR increased 3% in the quarter. NCR Voyix has long been a trusted partner for enterprise restaurants, and we continue to deepen our relationships and expand our product and services offering in this space.

謝謝，尼克。第二季度，我們的餐飲業務簽約了200多家新的軟體和服務客戶。我們的平台和支付網站分別成長了4%和1%。本季度，軟體年度經常性收入（ARR）成長了4%，總年度經常性收入（ARR）成長了3%。 NCR Voyix長期以來一直是企業餐廳值得信賴的合作夥伴，我們將繼續深化與NCR Voyix的關係，並擴展我們在該領域的產品和服務。

This year, we've made significant progress on our sales transformation efforts, including hiring Miguel Solares as the Senior Vice President and Chief Revenue Officer and other key sales leaders. We are already seeing meaningful improvements in our customer satisfaction, global expansion and sales pipeline. This quarter, we expanded our long-standing services relationship with a large global coffee chain to provide enhanced drive-thru support for their stores in the US and Canada. This follows our recent international expansion with this customer as discussed on our Q3 call in November, and we expect to continue to broaden our services contract with them over time. We also completed the services rollout for the large global fast food chain in the UK we announced on our February call, which will deliver strong recurring revenue for our business in the second half of the year.

今年，我們在銷售轉型方面取得了重大進展，包括聘請 Miguel Solares 擔任高級副總裁兼首席營收官，以及其他關鍵銷售主管的任命。我們的客戶滿意度、全球擴張和銷售管道都取得了顯著提升。本季度，我們拓展了與一家大型全球咖啡連鎖店的長期服務合作關係，為其在美國和加拿大的門市提供更強大的免下車服務支援。此前，我們已與該客戶進行了國際擴張，並在11月的第三季電話會議上進行了討論。我們預計將逐步擴大與該客戶的服務合約。我們也完成了為英國一家大型全球快餐連鎖店提供服務的部署，這在2月份的電話會議上已經宣布，這將在下半年為我們的業務帶來強勁的經常性收入。

This is an example of the strength of our services division and its ability to support global brands with consistent high-quality solutions across geographies. We are continuing to expand our enterprise restaurant offering internationally, leveraging our existing global retail operations. Given Latin America's high software adoption at the point of sale, this region will be a focus as we drive the adoption of Aloha outside the US. Our retail business today has strong market share in Mexico, Chile, Peru and Argentina, and we are positioned to build a similar presence with restaurants over time. In addition to our enterprise expansion efforts, we're also enhancing our commitment to small and mid-market restaurants through direct and third-party relationships. Mid-market brands are increasingly looking for a scalable all-in-one platform.

這體現了我們服務部門的實力，以及其能夠透過跨地域的一致高品質解決方案來支持全球品牌的能力。我們正在利用現有的全球零售業務，並持續拓展國際企業餐廳服務。鑑於拉丁美洲在銷售點的軟體採用率很高，我們將重點放在該地區，推動Aloha在美國以外的普及。目前，我們的零售業務在墨西哥、智利、秘魯和阿根廷擁有強大的市場份額，我們計劃隨著時間的推移，在餐廳領域建立類似的影響力。除了企業擴張之外，我們也透過直接和第三方合作關係，加強對中小型餐廳的承諾。中型品牌越來越需要可擴展的一體化平台。

NCR Voyix delivers a true store-in-a-box experience, combining point-of-sale payments and operational tools to simplify technology for franchisees and accelerate same-store growth. Our wall-to-wall services are especially resonating with operators who want enterprise-grade capabilities tailored to emerging brands. For example, we recently renewed agreements with several mid-market restaurants in the Southeast as they continue to leverage our extensive service capabilities to grow and scale their businesses.

NCR Voyix 提供真正的「店中店」體驗，將銷售點支付與營運工具結合，簡化加盟商的技術流程，加速同店成長。我們全方位的服務尤其受到那些希望獲得針對新興品牌量身定制的企業級功能的運營商的青睞。例如，我們最近與東南部的幾家餐廳續簽了協議，他們將繼續利用我們廣泛的服務能力來發展壯大業務。

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

現在我將把電話轉給 Darren，討論我們的零售業績。 Darren？

Thanks, Benny. Good morning, everyone. In the second quarter, our retail business signed nearly 50 software and service customers. Our platform and payment sites increased 25% and 13%, respectively. Software ARR increased 9% and total ARR increased 6% in the quarter. As previously mentioned, this quarter, we continued to introduce our VCP applications to new and existing customers. For example, in Japan, we signed contracts with a national grocery chain and a large drugstore chain for both Voyix point-of-sale and self-checkout, displacing 2 separate competitors with our leading solutions. In the UK, we signed a 5-year Voyix point-of-sale and self-checkout agreement with one of the fastest-growing supermarket chains in the market and a long-standing customer of NCR Voyix.

謝謝，Benny。大家早安。第二季度，我們的零售業務簽約了近50家軟體和服務客戶。我們的平台和支付網站分別成長了25%和13%。本季度，軟體年度經常性收入（ARR）成長了9%，總年度經常性收入（ARR）成長了6%。如前所述，本季我們持續向新舊客戶推出VCP應用。例如，在日本，我們與一家全國性連鎖超市和一家大型連鎖藥局簽訂了Voyix銷售點和自助結帳的合同，憑藉我們領先的解決方案取代了兩家不同的競爭對手。在英國，我們與市場上成長最快的連鎖超市之一、NCR Voyix的長期客戶簽署了一份為期5年的Voyix銷售點和自助結帳協議。

In addition to point-of-sale and self-checkout, we will also provide hosting and loyalty solutions for their 1,000 store footprint. Further, this is the third market-leading grocer in the UK to adopt our latest solutions. We have now signed agreements with more than 10 grocery, fuel and convenience customers across North America, Europe and Japan to implement Voyix point-of-sale and self-checkout and other cloud-based solutions across entire store estates through the end of next year. In services, we signed a new multiyear agreement with one of the largest discount department store chains to install back office and point-of-sale hardware across nearly 4,000 sites in the US and Canada. We will look to expand our relationship with this customer over time. Lastly, in our government business, we recently signed an expanded agreement with a large long-standing customer to provide more than 14,000 point-of-sale terminals across their retail footprint.

除了銷售點和自助結帳系統外，我們還將為其1000家門市提供託管和會員解決方案。此外，這是英國第三家採用我們最新解決方案的市場領先雜貨商。我們目前已與北美、歐洲和日本的10多家雜貨、加油站和便利商店客戶簽署協議，將在明年年底前在其所有門市範圍內部署Voyix銷售點和自助結帳系統以及其他基於雲端的解決方案。在服務方面，我們與最大的折扣百貨連鎖店之一簽署了一項新的多年期協議，將在美國和加拿大近4000個門市安裝後台和銷售點硬體。我們將逐步拓展與該客戶的關係。最後，在政府業務方面，我們最近與一家大型長期客戶簽署了一項擴展協議，將在其零售門市範圍內提供超過14,000個銷售點終端。

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

說完這些，我將把電話轉給 Brian。 Brian？

Thank you, Darren, and good morning, everyone. For the quarter, we delivered revenue and adjusted EBITDA in line with expectations. Total revenue of $666 million declined 8% due to continued softness in hardware sales. Recurring revenue increased 4% to $422 million and as a percent of total revenue improved over 700 basis points to 63%. Software ARR and total segment ARR increased 7% and 5%, respectively. Platform sites increased 16% to 78,000 sites and payment sites increased 3% to 8,400 sites. Adjusted EBITDA of $95 million increased 20% in the second quarter as margin expanded 340 basis points to 14.3%. This was largely driven by our previously discussed cost actions.

謝謝 Darren，大家早安。本季度，我們的收入和調整後息稅折舊攤提前利潤 (EBITDA) 均符合預期。由於硬體銷售持續疲軟，總收入 6.66 億美元下降 8%。經常性收入成長 4% 至 4.22 億美元，佔總收入的百分比提高了 700 多個基點，達到 63%。軟體 ARR 和總分部 ARR 分別成長 7% 和 5%。平台站點數量增加 16% 至 78,000 個，支付站點數量增加 3% 至 8,400 個。第二季調整後息稅折舊攤提前利潤 (EBITDA) 為 9,500 萬美元，成長 20%，利潤率提高 340 個基點至 14.3%。這主要得益於我們之前討論過的成本控制措施。

Let's turn to our segment results. Beginning with restaurants, recurring revenue increased 4% to $143 million, and total segment revenue increased 2% to $205 million due to an increase in payments and recurring services revenue. Segment adjusted EBITDA increased 10% to $68 million as margin expanded 240 basis points to 33.2%. This improvement was driven by our efficiency initiatives and our software and services sales mix.

讓我們來看看各分部業績。首先是餐廳業務，經常性收入成長4%，達到1.43億美元，由於支付和經常性服務收入的成長，分部總收入成長2%，達到2.05億美元。分部調整後EBITDA成長10%，達6,800萬美元，利潤率提升240個基點，達到33.2%。這一增長得益於我們的效率提升措施以及軟體和服務銷售組合。

Turning to retail. Recurring revenue increased 5% to $277 million, driven primarily by the ramp of a new large customer agreement and platform revenue growth. Total segment revenue declined 12% to $454 million due to the previously mentioned decline in hardware sales. Segment adjusted EBITDA decreased 7% to $81 million, primarily due to the declines in hardware revenue, but absolute EBITDA improved sequentially from the first quarter. Adjusted EBITDA margin of 17.8% expanded 100 basis points year-over-year. Lastly, corporate and other expenses decreased 23% to $54 million, which reflects the previously discussed cost initiatives.

零售業務方面，經常性收入成長5%，至2.77億美元，主要得益於新簽訂的大客戶協議和平台收入的成長。由於先前提到的硬體銷售額下降，本季總收入下降12%，至4.54億美元。本季調整後EBITDA下降7%，至8,100萬美元，主要原因是硬體營收下降，但絕對EBITDA較第一季季增。調整後EBITDA利潤率為17.8%，較去年成長100個基點。最後，公司及其他費用下降23%，至5,400萬美元，反映了先前討論的成本控制措施。

Adjusted free cash flow was $37 million for the quarter before considering $24 million of restructuring cash expenditures, $284 million of cash taxes related to the sale of digital banking and $5 million of accelerated product investments. We invested $42 million in capital expenditures during the quarter and $81 million for the first half of 2025. Over 80% of CapEx was related to software investments. Our net leverage position was 1.9 times at the end of the second quarter based on our net debt as of June 30 and the midpoint of our full year adjusted EBITDA outlook.

本季調整後自由現金流為3,700萬美元，未計入2,400萬美元的重組現金支出、2.84億美元與出售數位銀行業務相關的現金稅費以及500萬美元的加速產品投資。本季我們的資本支出為4,200萬美元，2025年上半年為8,100萬美元。超過80%的資本支出與軟體投資有關。根據截至6月30日的淨債務和全年調整後EBITDA預期的中位數，我們第二季末的淨槓桿率為1.9倍。

Turning to our outlook. We continue to expect revenue to range from $2.575 billion to $2.65 billion and adjusted EBITDA to range from $420 million to $445 million. Non-GAAP diluted EPS is expected to be between $0.75 and $0.80, and adjusted free cash flow is expected to be between $170 million and $190 million.

展望未來，我們繼續預期營收在25.75億美元至26.5億美元之間，調整後息稅折舊攤提前利潤（EBITDA）在4.2億美元至4.45億美元之間。非公認會計準則（Non-GAAP）攤薄後每股收益預計在0.75美元至0.80美元之間，調整後自由現金流預計在1.7億美元至1.9億美元之間。

With that, I'll turn the call back over to Jim for closing remarks. Jim?

說完這些，我會把電話轉回給吉姆，請他做最後發言。吉姆？

In closing, I'm pleased with the commitment and progress the team has demonstrated in the first half of the year. More importantly, with the benefit of being in my new role for almost 6 months, I'm increasingly convinced that NCR Voyix can advance the foundational strengths I've outlined on my first call in February. Our competitive position remains strong, and this is despite some past deficiencies and consistently demonstrating urgency and execution to some of our valued customers. I believe our collective efforts over the past 6 months are beginning to change perception in a positive way, which is reflected in our recent success in the market and our improving ARR performance. I'm encouraged by the cultural shift, together with our ongoing product innovation efforts, increased focus on our global service offering, enhanced payment strategy and our ability to continue these efforts to deliver value for our customers and our shareholders.

最後，我對團隊在上半年所展現的奉獻精神和所取得的進展感到欣慰。更重要的是，憑藉近六個月的新職位經驗，我越來越相信NCR Voyix能夠進一步鞏固我在二月首次電話會議上概述的基礎優勢。儘管過去存在一些不足，但我們始終向一些尊貴客戶展現出緊迫感和執行力，我們的競爭地位依然強勁。我相信，過去六個月的共同努力正開始以積極的方式改變人們的看法，這體現在我們近期在市場上取得的成功以及ARR業績的不斷提升。文化轉型、持續的產品創新、對全球服務的更多關注、更完善的支付策略，以及我們持續努力為客戶和股東創造價值的能力，都令我感到鼓舞。

I'll now turn the call over to the operator to begin the question-and-answer section. Operator?

我現在將電話轉給接線生，開始問答環節。接線生？

(Operator Instructions)

（操作員指示）

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

Jim, I just wanted to talk about maybe the demand environment across both retail and restaurant. Are there any noticeable kind of differences or willingness to kind of invest in the current backdrop? I mean you're winning a lot of clients. So clearly, there's a demonstration of value there. But I'm just wondering, you're doing this in what seems to be a difficult environment. And I'm just wondering if that could actually improve to the extent that there's some pushback from clients today.

吉姆，我只是想談談零售和餐飲業的需求環境。在當前環境下，是否有明顯的差異，或說投資意願？我的意思是，你們贏得了許多客戶。顯然，這體現了你們的價值。但我只是想知道，你們是在看似困難的環境下開展業務的。我想知道，這種情況是否真的可以改善到如今客戶有所抗拒的程度。

Thanks, Dan. I would say we have not seen any pullback from customers. As I mentioned in my prepared comments, I've met with now over 50 of our larger customers, and most of them are very focused. I think we already have 13 or so that have committed to our next-gen solution, Voyix POS and self-checkout. So I don't see necessarily a slowdown in terms of what they're looking to do to modernize their infrastructure.

謝謝，丹。我想說的是，我們沒有看到客戶有任何退縮。正如我在準備好的評論中提到的，我已經與50多位大型客戶會面，他們大多數都非常專注。我想已經有大約13位客戶承諾使用我們的下一代解決方案—Voyix POS和自助結帳系統。因此，我認為他們在基礎設施現代化方面的努力不一定會放緩。

I mean you listen to the comments that Nick made around the investments and the benefits from Edge and our other applications that they're now having a chance to see in our labs. And so my impression is that the market is strong for us. Our customers have been on applications that date back 15 and 20 years or so. So I think they're all very interested in moving rapidly to enhance their business for all the reasons that we've outlined in the past. But maybe, Darren, you want to add anything to it?

我的意思是，你聽聽Nick關於投資以及Edge和其他應用程式帶來的好處的評論，他們現在有機會在我們的實驗室裡看到這些應用程式。所以，我的印像是，我們的市場前景光明。我們的客戶使用的應用程式可以追溯到15到20年前。所以，我認為他們都非常有興趣迅速採取行動來提升他們的業務，原因正如我們之前概述的那樣。但是，Darren，你想補充一點嗎？

Yes, sure. Dan, on the retail side, as I had in my prepared remarks, we signed nearly 50 customers. And we saw a good spread of demand across kind of the 4 key tenants of the retail proposition being hardware, software, services and payments. So it's a good spread across the product portfolio. So we're encouraged by the consistent demand from customers, engagement with customers and take-up of propositions. So I'll hand over to Benny on the restaurant side.

是的，當然。丹，在零售方面，正如我在準備好的發言中提到的，我們簽下了近50位客戶。我們看到，零售業務的四大關鍵領域（硬體、軟體、服務和支付）的需求分佈良好。所以，產品組合的分佈也很均勻。持續的客戶需求、與客戶的互動以及對業務方案的接受度讓我們感到鼓舞。接下來，我將餐廳業務交給班尼。

Yes. Similar comments on the restaurant side as well. As you saw in the prepared remarks, some of the growth that we're seeing is very encouraging. And then to your point, given the market pressure, in fact, customers are looking on how do I improve customer experience. So that's important, getting customers back into the restaurants. So any technology that helps around that, which is one of our key value propositions. And the other one is also driving cost down and improve their employees' engagement as well, which is again our value proposition. So in fact, as a result of some of the economic conditions, we are seeing uptick of interest.

是的。餐廳方面也有類似的評論。正如您在準備好的演講中所看到的，我們看到的一些增長非常令人鼓舞。然後回到您的觀點，考慮到市場壓力，實際上，顧客正在關注如何改善顧客體驗。所以，讓顧客重返餐廳至關重要。任何有助於解決這個問題的技術都是我們的核心價值主張之一。另一個是降低成本並提高員工敬業度，這也是我們的價值主張。因此，事實上，由於一些經濟狀況的影響，我們看到人們對餐飲的興趣上升。

Yes, Dan, I would -- one last point to this, where the company has historically supported its existing customer base dating back to the acquisition, so the software applications they bought, what we're focusing the sales organization on is expanding into new logos, new relationships. And some of what Darren mentioned earlier represent new logos, not where Benny would see it more often in the SME space. We're starting to see it because of the applications that we have in the market. I mentioned in the -- I guess it was the first earnings call that I was on, which was year-end call that we're moving away from selling the legacy applications in favor of our next-gen Voyix POS and Voyix Self-checkout. So we're seeing it not just with the existing base interested in upgrading, but we're definitely seeing new entrants to the base.

是的，丹，我想最後再說一點，公司自收購以來一直支持其現有客戶群，所以他們購買的軟體應用程序，我們銷售部門的重點是拓展新的品牌和新的關係。達倫之前提到的一些情況代表著新的品牌，而不是班尼在中小企業領域經常看到的。我們開始看到這種情況，是因為我們在市場上擁有的應用程式。我提到過——我想那是我參加的第一次財報電話會議，也就是年終電話會議，我們將不再銷售舊版應用程序，而是轉向我們的下一代 Voyix POS 和 Voyix 自助結帳系統。因此，我們看到的不僅是現有客戶群對升級感興趣，而且我們肯定也看到了新客戶加入。

That's great. That's great color. Just a quick follow-up on free cash flow, clearly better in the current quarter than what we saw in the first quarter. Still, there's a pretty material ramp that's required to get you to the $170 million to $190 million guidance. Also understanding your second half trends tend to be more strong for free cash flow. But I'm just wondering, are there any kind of key components that we should be mindful of and then kind of level of visibility that you have going into the second half on the free cash flow side?

太棒了，圖表也很棒。我想快速跟進自由現金流，本季的自由現金流明顯好於第一季。不過，要達到1.7億至1.9億美元的預期目標，還需要相當大的實質成長。另外，我了解到下半年自由現金流的趨勢往往更為強勁。但我只是想知道，有哪些關鍵因素需要我們注意？您對下半年自由現金流的可預見性如何？

Yes. Thanks, Dan. So what I would say is Q2 was in line with our expectations on free cash flow. And to your point, we tend to generate our free cash flow in the second half. And EBITDA is expected -- absolute EBITDA and EBITDA margins are expected to ramp as we go through the second half based on our cost work and ramping revenue from last year. So that in the normal seasonality is weighting free cash flow more to the second half. I would point out that CapEx, we expect that to continue at the Q2 rate. So we'll probably be closer to about $170 million of CapEx versus the original $150 million. But we have good visibility, and we're comfortable with our guidance range.

是的，謝謝，丹。我想說的是，第二季的自由現金流符合我們的預期。正如您所說，我們傾向於在下半年產生自由現金流。 EBITDA（息稅折舊攤提前利潤）預計－基於我們去年的成本工作和收入成長，絕對EBITDA和EBITDA利潤率預計會在下半年上升。因此，在正常的季節性因素下，自由現金流會更多地流向下半年。我想指出的是，我們預計資本支出將保持第二季的水平。因此，我們的資本支出可能會更接近1.7億美元，而不是最初的1.5億美元。但我們對業績有良好的預期，並且對我們的預期範圍感到滿意。

Ian Zaffino, Oppenheimer & Company.

伊恩‧扎菲諾 (Ian Zaffino)，奧本海默公司。

This is Isaac Sellhausen on for Ian. I just had one on restaurants EBITDA margin. Could you help us better understand what drove the strength in the quarter? It sounded like that's primarily on the growth of software and higher mix as well as some cost initiatives. Maybe just any kind of color you can give on that and then expectations for segment margins as you progress through the year?

我是 Ian，我是 Isaac Sellhausen。我剛剛問了一個關於餐廳 EBITDA 利潤率的問題。您能否幫助我們更理解本季業績強勁的驅動因素？聽起來這主要歸功於軟體業務的成長、產品組合的最佳化以及一些成本控制舉措。能否具體介紹一下這些方面？然後，您對全年各部門的利潤率有何預期？

Yes. So I'd say good software and services growth and recurring revenue growth in restaurants is helping margin, payments growth, software platform growth. And restaurants has had a good consistent margin this year, last year, and we expect that to continue. We see restaurants finishing the year about 32%, which implies pretty consistent from what we saw in the first half. On the retail side, we expect improvement in margin in the second half from what we saw in the first half. That's where we've had hardware margin pressure that did improve quarter-over-quarter, Q1 to Q2, and we expect to see that continued improvement as we get in the second half with revenue ramping and our cost actions that we're taking. And retail should be at about 18% to 19% for the full year.

是的。所以我認為良好的軟體和服務成長以及餐廳的經常性收入成長正在推動利潤率、支付成長和軟體平台成長。餐廳今年和去年的利潤率一直保持良好，我們預計這種情況將持續下去。我們預計餐廳今年的利潤率約為32%，這意味著與上半年的水平相當。在零售方面，我們預計下半年的利潤率將比上半年有所改善。在這方面，我們面臨硬體利潤率的壓力，但第一季到第二季度，利潤率則是季比有所改善。隨著下半年收入的成長和我們正在採取的成本控制措施，我們預計利潤率將繼續改善。全年零售利潤率預計在18%到19%左右。

I would amplify on the payment side. Clearly, the restaurant organization, which has been involved with payments for the last, I don't know, 4 or 5 years whenever JetPay was initially acquired. Now with the Worldpay point of -- excuse me, processing capability, we'll be able to sell point of sale on the retail side. So we would expect going into next year, increasing lift there as well on a margin basis from payments.

我想進一步談談支付方面。顯然，餐飲集團在過去四、五年一直參與支付業務，當時 JetPay 剛被收購。現在有了 Worldpay 的支付處理能力，我們就能在零售端銷售 POS 了。因此，我們預計明年支付業務的利潤率也會有所提升。

Okay. That's very helpful. And then just as a quick follow-up on the tariff exposure. I believe the $8 million to $12 million range is the same as last quarter. So maybe any additional details you can provide on any kind of mitigating actions that you're taking either through pricing or the (inaudible) side and maybe how conversations have gone with suppliers?

好的。這很有幫助。然後我想快速跟進關稅風險。我認為800萬到1200萬美元的範圍與上一季相同。所以，您能否提供一些額外的細節，說明您正在採取哪些緩解措施，無論是透過定價還是（聽不清楚）方面，以及與供應商的溝通進度如何？

Well, we checked the news this morning, unlike last time when a tweak came out that we were unaware of. Look, it's obviously a rapidly moving landscape. I think I counted something like 25 or so tweets that came out relative to tariffs. I read the articles this morning. There's more news out there. For now, we feel comfortable in the range that we just outlined. But I also mentioned in my prepared comments, initially, when this started, my initial -- my expectation was this was somewhat transitory. It was not going to persist. But just watching the news, reading what's out there, my sense is this is not going to end sometime soon. So I think we're going to have a different conversation in the back half of the year with our customers that either buy our services or buy hardware from us directly because at some point, this is going to be -- if this is permanent, then it's going to need to be more of a shared expense as opposed to our expense.

嗯，我們今天早上查看了新聞，不像上次那樣，上次我們不知道有調整。你看，現在的情況顯然瞬息萬變。我數了一下，大概有25條推文是跟關稅相關的。我今天早上讀了相關報道。現在還有更多新聞。目前，我們對剛才概述的關稅範圍感到滿意。但我在準備好的評論中也提到過，最初，當這種情況開始的時候，我最初的預期是這只是暫時的，不會持續下去。但只是看看新聞，讀讀外面的消息，我感覺這種情況不會很快結束。所以我認為，我們將在今年下半年與那些直接購買我們服務或硬體的客戶進行不同的溝通，因為到某個時候，如果這種情況是永久性的，那麼它就需要更多地成為一項共同承擔的費用，而不是我們承擔的費用。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

You mentioned in response to a prior question, some of the cost savings initiatives in the back half of the year. I was wondering if you could just update us on the various initiatives that you have planned in place for this year and anything into next year? And just kind of remind us where we are in each of those processes.

您在回答先前的問題時提到了下半年的一些成本節約措施。請問您能否向我們介紹今年以及明年計畫實施的各項措施？並提醒我們一下，目前在每個流程中都處於什麼階段。

Sure, Will. So if I think about our cost program for this year, we sized it at $100 million, 2/3 is around vendor spend, 1/3 around our own labor. And those -- that program is largely executed or being executed. About 40% of the savings hit in the first half and about 60% will hit in the second half. And then we're starting to plan for next year, and it's a little premature to talk about next year, but we'll talk about that in the next quarter or 2.

當然，威爾。所以，如果我考慮我們今年的成本計劃，規模是1億美元，其中2/3用於供應商支出，1/3用於我們自己的人力成本。這些成本——該計劃大部分已經執行或正在執行中。上半年約有40%的節省，下半年將有約60%的節省。然後，我們開始規劃明年，現在談論明年還為時過早，但我們會在下個或兩個季度討論。

Got it. Appreciate that. And then I was wondering if you could talk about the Buffalo Wild Wings renewal. Was that a competitive process? How did the RFP go, if so? And what do you think was kind of the tipping point to get to renewal on that contract specifically?

明白了，非常感謝。然後我想問一下您能不能談談與 Buffalo Wild Wings 的續約。續約過程是競爭性的嗎？如果是的話，RFP 進展如何？您認為促成續約的轉捩點是什麼？

Yes. I'm going to have Benny do that. But I mean, we'll be somewhat limited on specifics. We don't generally comment specifically on a customer per se, but I think we can give you some color on this.

是的。我會讓班尼來做。不過，具體細節方面我們會比較有限。我們通常不會針對某個客戶具體發表評論，但我想我們可以給你一些細節。

Yes. I think I would highlight 3 things. That's also showing up in all of our business today. I think 3 things happened. One is the transformation of the team, the sales team and the leadership that we've brought in has improved our relationship, how we show up, how we engage. Yes, that was an RFP engagement. The second thing is our investment in our product. We've talked about some of the solutions and capabilities that we've brought on and we continue to bring. So this is not just about what we brought on over the past 12 months, but it's also how we're investing in our strategy for the next 24 months, key capabilities that they're looking to leverage.

是的。我想強調三件事。這些也體現在我們今天的各項業務中。我認為發生了三件事。首先是團隊、銷售團隊和我們引入的領導力的轉型，這改善了我們的關係、我們的形象、我們的互動方式。是的，那是一個RFP計畫。其次是我們對產品的投資。我們討論了我們已經引入並將繼續引入的一些解決方案和功能。所以，這不僅關乎我們在過去12個月中引入的內容，也關乎我們如何投資未來24個月的策略，以及他們希望利用的關鍵能力。

And then the third thing is, I would say this is a very deep relationship, very similar to most of the relationship we have across the base. And that means it's not just one facet, it's multifaceted. So I wouldn't attribute it to just one thing, but all these multiyear relationships that we have continue to drive the momentum.

第三點是，我想說，這是一種非常深厚的關係，與我們在基地內部建立的大多數關係非常相似。這意味著它並非單方面，而是多方面的。所以我不會將其歸因於單一因素，而是我們多年來建立的這些關係持續推動著這一勢頭。

Yes. I'm going to add some color to it as well, not directly involved with this, although have a relationship with the company. If you look at what NCR has gone through over the last several years between the split, the divestitures that we did last year, there's a lot of change that has gone on in the company. And as a -- before the split, this was a very large organization with a lot of moving parts and a lot of mouths to feed. Today, we are singularly focused on software. And I think that has resonated last year and in particular, in the last 6 months with our customers. As I said, I've seen 50 customers myself, but every one of the executives have been on the road extensively. Beyond the account executives and the people in the field, they're starting to see executives, probably some of them for the first time in a long time. So there is somewhat of a reawakening in our relationships with these long-standing relationships.

是的。我也會補充一些細節，雖然與公司沒有直接關係，但並沒有直接參與其中。如果你回顧一下NCR過去幾年經歷的，從拆分到去年的資產剝離，你會發現公司發生了許多變化。在拆分之前，NCR是一個非常龐大的組織，有許多活動部件，需要養活很多員工。如今，我們專注於軟體。我認為這在去年，尤其是過去六個月與我們的客戶產生了共鳴。正如我所說，我親自拜訪了50位客戶，但每位主管都經常出差。除了客戶經理和第一線員工之外，他們也開始與高階主管見面，其中一些可能是很久以來第一次見面。因此，我們與這些長期伴侶的關係在某種程度上正在重新復甦。

These are extremely important to us. These are leading organizations across -- here in the US, but really across the world. And they're looking to continue the relationship. That's my -- express my impression from the meetings that I've had. They're looking to continue these relationships we've been there with for a very long period of time. Change is very hard at the point of sale. We have what we believe the leading applications in the market, especially what Nick has outlined with our next-generation solutions. So I think it's very -- I think you should expect, as we've said in the past, and it continued into this quarter, our attrition rate -- revenue attrition rate is still at 1%. So customers are staying because they like working with, they believe in the company, and we're committed to their success.

這些對我們至關重要。這些公司都是美國乃至全球的領導企業。他們希望繼續保持這種合作關係。這是我參加過會議後得出的印象。他們希望繼續維持我們長期以來的合作關係。在銷售環節，改變非常困難。我們擁有我們認為市場上領先的應用程序，尤其是Nick提到的下一代解決方案。所以我認為，正如我們過去所說，我們的員工流動率——收入流失率——仍然保持在1%，而且這種情況持續到了本季。所以客戶之所以留下來，是因為他們喜歡與我們合作，他們相信我們公司，我們致力於他們的成功。

Kartik Mehta, Northcoast Research.

Kartik Mehta，Northcoast Research。

It seems like you're starting to have success with the payment business. And I'm wondering, how do you envision that business progressing over the next 12 to 18 months?

看來你們的支付業務開始成功。請問您預計未來12到18個月內該業務將如何發展？

Good question, Kartik. Thank you. Look, I mean, as you well know, I've been doing that for most of my career. We are learning the capabilities of the company, both from a point of sale now with Worldpay, but our own internal capabilities with Voyix Pay, our Works Connect, our internal gateway capabilities. I think in the past, NCR's view was they were not in a payments space. I mean, until they bought JetPay and even then JetPay was just too small of an application or a processor to be able to handle the size of these customers. So my impression is that customers, just like we see in restaurant, they're going to want, especially new customers, one relationship to provide all the services that we offer. And payments is obviously critical. The point of sale is the most critical, but it's only as good as the payments that continue.

好問題，Kartik。謝謝。你看，我的意思是，正如你所知，我職業生涯的大部分時間都在做這件事。我們正在學習公司的能力，既包括現在Worldpay的銷售點，也包括我們自己的內部能力，例如Voyix Pay、Works Connect和內部網關功能。我認為過去NCR認為他們不涉足支付領域。我的意思是，直到他們收購JetPay之前，JetPay作為一個應用程式或處理器規模太小，無法處理如此規模的客戶。所以我的印像是，就像我們在餐廳看到的那樣，客戶，尤其是新客戶，會希望與一個合作夥伴建立起我們提供的所有服務。支付顯然至關重要。銷售點是最重要的，但它的好壞取決於付款的持續性。

I've seen a number of examples where there's a variety of intermediaries between us and the actual processor. And what we're looking to do is streamline it. So thus far, we've had very good success with the mid-market on the retail side, we are beginning to engage with the larger customers. Again, this is domestically, for both retail and restaurant. The customers, especially restaurants in the past, again, given the size of the JetPay's capabilities or its processing capabilities, I think larger restaurants were concerned to do business with that application. But that doesn't exist with Worldpay. So I think Benny has been very active as is Miguel and the rest of his team engaging in conversations. So I think we'll start to see -- again, we're not on that system until, I guess, the fourth quarter, end of the third quarter, beginning of the fourth quarter.

我見過很多例子，我們和實際處理商之間存在著各種中介機構。我們希望簡化這個過程。到目前為止，我們在零售端的中端市場取得了非常大的成功，我們也開始與更大的客戶接觸。同樣，這涉及國內市場，包括零售和餐飲。客戶，尤其是過去的餐廳，考慮到JetPay的功能和處理能力，我認為大型餐廳會考慮與該應用程式合作。但Worldpay不存在這種情況。所以我認為Benny、Miguel和他的團隊其他成員都非常積極參與溝通。所以我認為我們會開始看到——同樣，我們預計要到第四季、第三季末或第四季初才會使用該系統。

So I would see it ramping into next year. It's not going to happen overnight. It's not as though we bought a portfolio and it just lights up like days of the past in payments. But these are long-term relationships. They trust us. And now we have capabilities that we've never had before. And so we're going to make those available beginning in the fourth quarter. On the payment side, we've already begun aggressively on the gateway side to be able to displace competitors that have somehow over the years, found their way in.

所以我認為它會在明年迅速發展。這不會一蹴可幾。我們收購了一個投資組合，支付業務也不會像過去那樣突然好轉。但這些都是長期合作關係。他們信任我們。現在我們擁有了前所未有的能力。我們將從第四季開始將這些能力開放給用戶。在支付方面，我們已經開始積極佈局網關業務，以便能夠取代那些多年來不知何故進入市場的競爭對手。

To add a little bit of color, Kartik. As Jim said, domestically, strong and have the full end-to-end proposition here in the US We're in a good position on the gateway across multiple international markets, and we're actively standing up the pay capability in EMEA, which is our second biggest retail market. So that will follow through to next year.

再補充一點，Kartik。正如Jim所說，我們在國內市場表現強勁，並在美國擁有完整的端到端服務。我們在連接多個國際市場的門戶上佔有有利地位，並且正在積極提升我們第二大零售市場——歐洲、中東和非洲地區的支付能力。所以，這種勢頭將持續到明年。

One more point that Darren just mentioned that maybe think of it, with the Global Payments acquisition of Worldpay, my former company, Global Payments as well as EVO embedded in that organization gives us greater reach, especially across Europe into Asia, Asia Pacific and into South America. So the combination of those 2 companies, leaders in their space makes it even more attractive for us to be able to form a relationship with our customers to provide services in more markets than we would have been able to with just Worldpay previously.

Darren 剛才提到的另一點，我想說的是，Global Payments 收購了我之前的公司 Worldpay，Global Payments 以及 EVO 的加入，讓我們的業務範圍更加廣泛，尤其是從歐洲延伸到亞洲、亞太地區和南美洲。因此，這兩家公司在各自領域都處於領先地位，合併後，我們能夠與客戶建立聯繫，在更多市場提供服務，這對我們來說更具吸引力，因為相比之前只依靠 Worldpay，我們無法覆蓋更多市場。

That's good. Just one question, Benny, on the restaurant side, there's been -- it seems like competition is increasing on that side, at least over the last 6 months. And I'm wondering if you're witnessing that the competition increasing or if you think it's been about the same. Just your perspective on how the market is right now.

很好。 Benny，我只想問一個問題，就餐廳方面而言，至少在過去六個月裡，餐廳的競爭似乎正在加劇。我想知道您是否也感受到了競爭加劇，還是認為競爭一直沒有加劇？您如何看待目前的市場狀況？

Thanks, Kartik. Look, I think the restaurant space has been innovative, especially post the pandemic. We've seen a lot of start-up smaller players entering the market. I wouldn't say the past 6 months has been any different since I have arrived. I think what gives me a lot of confidence is the few things that Jim and I discussed when we talked about Buffalo Wild Wings, which is, I think, our entrenched position, our customer sentiment towards the transformation and then showing up the new culture, the investment and the focus. So I wouldn't especially call out anything different over the past 6 months.

謝謝，Kartik。我覺得餐飲業一直充滿創新，尤其是疫情之後。我們看到很多新創的小公司進入市場。自從我來到這裡，過去六個月的情況並沒有什麼不同。我和Jim在討論Buffalo Wild Wings時討論的幾個方面給了我很大的信心，我認為這些方麵包括我們根深蒂固的市場地位，顧客對轉型的感受，以及新文化、投資和重點的展現。所以，在過去六個月裡，我並沒有特別指出有什麼不同。

Yes. One other point of this, I think, in particular, on the restaurant side because I think we get compared against others who are public or not companies is NCR Voyix is predominantly an enterprise company. If you look at the relationships, the brands that we support, these are enterprise organizations. The SME market on restaurant really is borne out of the Aloha acquisition. So yes, we continue to support that market. It's an important market for us. But ultimately, where the company plays is at an enterprise -- upper mid-market and enterprise level. And I think on that score, we are seeing less of the competition maybe than what you're thinking of.

是的。我認為，尤其是在餐飲方面，NCR Voyix 主要是一家企業級公司，因為我認為我們經常與其他上市公司或非上市公司進行比較。如果你看看我們與這些公司的關係，看看我們支持的品牌，你會發現這些都是企業級組織。中小企業餐廳市場實際上是從收購 Aloha 開始的。所以，是的，我們會繼續支持這個市場。這對我們來說是一個重要的市場。但最終，公司定位於企業級——中高端市場和企業級市場。我認為在這方面，我們看到的競爭可能比你想像的還要少。

(Operator Instructions)

（操作員指示）

Parker Lane, Stifel.

帕克巷，斯蒂費爾。

This is Jack McShane on for Parker. I'm curious -- so the team once provided CAGR expectations through 2027 that showed restaurant outpacing retail growth by a point or 2. This has proved out from a revenue perspective, but the opposite seems to be true for ARR. Can you provide a little more color here? Would you expect this trend to shift? And maybe it's just the simple factor of quicker retail adoption of platform. But yes, a little more color here would be helpful.

我是傑克·麥克沙恩，代表帕克。我很好奇——所以團隊曾經提供過2027年的複合年增長率預期，顯示餐廳的成長速度比零售成長速度快一到兩個百分點。從收入角度來看，這已經得到了證實，但就年度經常性收入（ARR）而言，情況似乎恰恰相反。能否提供更多細節？您預期這種趨勢會改變嗎？也許這只是零售業更快採用平台的簡單因素。但是，是的，提供更多細節會很有幫助。

Yes. I would suggest, and as Benny put in his comments, during the spin and shortly thereafter the spin, there was a lot of dislocation at the executive level, in particular, on the restaurant side more so than the retail side. There's a number of dynamics here that caused that to occur. And so we only just recently reestablished the entire leadership team underneath Benny in the last -- in this first quarter of this year or first half of this year. So I think trends that maybe were discussed several years ago, I actually wasn't here, so I don't know exactly when that would have occurred. I think those trends will change fairly rapidly over the next 6 to 12 months and probably be more in line with expectations previously.

是的。我想說，正如班尼在他的評論中提到的，在分拆期間以及分拆後不久，高層出現了許多混亂，尤其是在餐飲業務方面，比零售業務更甚。這其中有許多因素導致了這種情況的發生。所以我們直到最近，也就是今年第一季或上半年，才在班尼的領導下重建了整個領導團隊。所以我認為幾年前討論過的趨勢，當時我當時不在，所以我不知道具體什麼時候會發生。我認為這些趨勢將在未來6到12個月內發生相當迅速的變化，並且可能更符合先前的預期。

But again, the disruption of going through a split of which I've seen that firsthand in another company, that is a big change for the organization. It was a change for the better, as I said earlier. But I think on the retail side, which represents a significantly larger piece of business because it's more global, that organization largely stayed intact. Now we've made a number of changes since I've joined almost in each of the regions. But we have a very strong core group of people across the markets. And the newest product to market on our Voyix POS side on the platform side, that has been promoted pretty significantly over the last 12 months, not the same on the restaurant side, not at least at this point in time.

不過，我之前在另一家公司親眼目睹過度拆所帶來的混亂，這對組織來說是一個巨大的改變。正如我之前所說，這是一個向好的變化。但我認為，在零售業務方面，由於其更加全球化，佔據了更大的份額，組織基本上保持了原樣。自從我加入以來，我們幾乎在每個地區都進行了一些調整。但我們在各個市場都擁有一支非常強大的核心團隊。我們平台方面推出的最新產品 Voyix POS 在過去 12 個月裡得到了相當大的推廣，但在餐廳方面則有所不同，至少目前是如此。

Do you want to add anything?

您想添加什麼嗎？

Yes, on the payment side, up 3% this quarter. Is it in line with expectations internally? And where do you think we can expect to see that go under the Worldpay partnership?

是的，支付方面，本季成長了3%。這符合內部預期嗎？您認為在與Worldpay合作後，支付業務將如何發展？

Yes. I think as I said last -- I don't know that I'm going to give a long-term forecast on it, but I think it will be significantly bigger than that number because you're talking about -- we have probably 450 very large customers that today don't take payments. Today, what you're seeing in payments is exclusively -- almost exclusively SME and more on the smaller side than even the midsize. And that's almost exclusively on the restaurant side, more so than the restaurant -- the retail side. Plus we have -- we look at ourselves as 4 regions: Latin America, US, Canada, Europe, Asia and then Japan. And other than the US, we're really not promoting payments in any other way. So I think you'll see significant growth.

是的。我想就像我上次說的——我不知道我是否會對此做出長期預測，但我認為實際數字會遠高於這個數字，因為你正在談論——我們可能有450個非常大的客戶目前不接受支付。目前，你看到的支付幾乎全部是中小企業，而且規模較小的客戶甚至比中型企業還要多。而且這幾乎全部發生在餐飲方面，比餐飲——零售方面——還要多。此外，我們將業務劃分為四個區域：拉丁美洲、美國、加拿大、歐洲、亞洲和日本。除了美國以外，我們實際上沒有以任何其他方式推廣支付。所以我認為你會看到顯著的成長。

Timing, we expect to begin to see and be able to show you in the first half of next year. But at this point, everything is very positive. The conversations we've had, the wins we've already had with customers, both on gateway and payments, I think will continue. And the best evidence is on the restaurant side, all new customers that come in through our SME organization, it's almost 100%. So it will look exactly like we outlined. I think in all the other ones, it will take a little longer because they have existing relationships. These are bigger organizations. But in the end, we're offering them one relationship as opposed to dealing with a multitude of relationships.

時間方面，我們預計明年上半年就能看到並向大家展示。目前來看，一切都非常正面。我們與客戶在網關和支付方面的溝通，以及已經取得的成果，我認為這些都會持續下去。最好的證據就是餐廳方面，所有透過我們的中小企業組織獲得的新客戶，幾乎佔了100%。所以最終效果會跟我們之前概述的完全一樣。我認為其他所有企業，由於他們已經有了客戶關係，所以需要更長的時間。這些企業規模更大。但最終，我們只為他們提供單一關係，而不是處理許多關係。

And while that may sound somewhat trivial, when there's a problem, when you can't get your system to work because of a disconnect between the point of sale and the processor, then I can assure you, lots of phones start to ring very aggressively. So having one relationship all the way to the end is absolutely a selling feature. It's not something unique to us. There's plenty of other software companies that have been doing this for a number of years. It's just not something that NCR embraced years ago, and we're embracing it now. So I have high expectations that payments are going to be a meaningful part of our revenue going forward.

雖然這聽起來可能有點微不足道，但當出現問題時，當你的系統因為銷售點和處理器之間的連接中斷而無法正常工作時，我可以向你保證，很多電話都會開始響個不停。所以，從頭到尾保持良好的關係絕對是個賣點。這並非我們獨有。很多其他軟體公司多年來一直這樣做。只是NCR多年前沒有採用，而我們現在正在採用。因此，我非常期待支付業務未來將成為我們收入的重要組成部分。

Alex Neumann, Stephens Inc.

亞歷克斯·諾伊曼（Alex Neumann），Stephens Inc.

So lots of good new customer signing here within restaurant and retail. I was wondering if you could size the amount of ARR in backlog for implementation or the change in backlog? Just any color here as we think about the forward software revenue growth here.

餐飲和零售業有很多不錯的新客戶簽約。我想知道您能否估算一下實施待辦訂單的年經常性收入 (ARR) 金額，或是待辦訂單的變更？我們考慮的是未來的軟體收入成長，這裡用什麼顏色都可以。

Yes, I'll start this. If you look at a trend, I don't have the piece of paper in front of me. If you look at our trend from last year to where we are now, actually, this goes back to '23. I think ARR -- software ARR was something around $700 million. It's approaching $800 million today. So it is definitely moving in a very positive direction. And that's during a period of a spin of sales of businesses. I mean there's just a lot of clutter in that.

是的，我先開始。如果你觀察趨勢，我面前並沒有紙面資料。如果你觀察我們從去年到現在的趨勢，實際上，這可以追溯到2023年。我認為軟體的ARR（平均經常性收入）大約是7億美元。現在接近8億美元了。所以它肯定是朝著非常正面的方向發展。而且這還是在業務銷售下滑的時期。我的意思是，這其中有很多混亂的情況。

I can't overemphasize how different an organization, even from the time that I was the Chairman to where now I'm the CEO, that the focus has only enhanced because of all the good work that was done last year to fix the balance sheet and deal with some other structural issues. It's much more focused now on getting the new products out. That's what's planning for NRF. That's what Nick has been working on together with our CIO, Johnson. So I would expect you'll continue to see that grow. And as we actually bring on these -- launch the Voyix POS into the marketplace, I think you'll see somewhat explosive growth in those numbers.

我無法過度強調組織的巨大變化，即使從我擔任董事長到現在擔任首席執行官，由於去年在修復資產負債表和處理其他一些結構性問題方面所做的出色工作，它的重點也得到了加強。現在，它更加專注於推出新產品。這正是NRF的計畫。這也是Nick和我們的資訊長Johnson一直在努力的事情。因此，我預計你們會看到它繼續增長。隨著我們真正推出這些產品——將Voyix POS機推向市場，我認為你們會看到這些數字爆炸式增長。

Yes. And from -- Alex, on the retail side, you've seen the mix shift in terms of what's been happening on the hardware trends and per my prepared remarks of 50 customers were predominantly software and services with the corresponding growth in platform and payment sites. So kind of the mix shift is trending to recurring. So per your ARR comment, I think you'll see the tailwinds follow that rather than the typical onetime hardware. Benny?

是的。 Alex，就零售方面而言，您已經看到了硬體趨勢的混合變化。根據我準備好的發言，50家客戶主要以軟體和服務為主，平台和支付網站也隨之成長。所以，這種混合變化趨勢正在朝向經常性轉變。所以，根據您提到的ARR，我認為您會看到順風順水，而不是典型的一次性硬體。 Benny？

Very similar on the restaurant side, continued mix shift towards software and services. And in those mixes, recurring versus onetime, I think the other shift that we're seeing is when we form these relationships, those relationships tend to be multifaceted. So it's not just software, it's software and services, and it's not just POS, but it's also the POS and some of the add-on functionalities like loyalty, like the Smart Manager for the POS or your back office, et cetera. Those are driving the ARR lift that we're seeing, and we're excited about it.

餐廳方面的情況非常相似，業務組合持續轉變為軟體和服務。在這些組合中，無論是循環型還是一次性的，我認為我們看到的另一個轉變是，當我們建立這些關係時，這些關係往往是多方面的。所以，這不只是軟體，而是軟體和服務，不只是POS機，還包括POS機和一些附加功能，像是忠誠度計劃，像是POS機的智慧管理器或後台系統等等。這些正在推動我們所看到的ARR（年度經常性收入）的提升，我們對此感到興奮。

Ladies and gentlemen, that concludes our time allowed for questions. I'll turn the floor back to Mr. Kelly for any final comments.

女士們，先生們，我們的提問時間到此結束。我將把最後的發言權交還給凱利先生。

Thank you, operator, and thank you all for joining the call today and your continued interest in NCR Voyix.

謝謝接線員，也謝謝大家今天參加電話會議並持續關注 NCR Voyix。

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

謝謝。今天的電話會議到此結束。您可以掛斷電話了。感謝您的參與。