NCR Voyix Corp (VYX) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the NCR Voyix third quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Thursday, November 6, 2025.

女士們、先生們，早安，歡迎參加 NCR Voyix 2025 年第三季財報電話會議。（操作員指示）本次通話於2025年11月6日星期四錄音。

And I would now like to turn the conference over to Sara Schneider. Thank you. Please go ahead.

現在我謹將會議交給薩拉·施耐德主持。謝謝。請繼續。

Good morning, and thank you for joining our third quarter 2025 earnings conference call. This morning, we issued our earnings release reporting financials for the quarter ended September 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.ncrboyds.com and have been filed with the SEC.

早安，感謝各位參加我們2025年第三季財報電話會議。今天上午，我們發布了截至 2025 年 9 月 30 日的季度獲利報告。本次電話會議中我們將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.ncrboyds.com，並且已提交給美國證券交易委員會。

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

今天和我一起參加電話會議的有：執行長 Jim Kelly；首席產品長 Nick East；餐飲總裁 Beimnet Tadele；零售總裁 Darren Wilson；以及財務長 Brian Webb-Walsh。本次電話會議正在錄音，網路直播可在我們網站的投資者關係版塊觀看。

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.

在開始之前，請注意，今天的發言將包含前瞻性陳述。這些前瞻性陳述受到風險、不確定性及其他因素的影響，可能導致實際結果與此類前瞻性陳述所表達或暗示的結果有重大差異。

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

有關這些因素的更多信息，請參閱我們的盈利報告以及我們向美國證券交易委員會提交的其他報告。我們提醒您不要過度依賴這些說法。本次電話會議中所作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，我們今天還將討論或提供一些非GAAP財務指標，我們相信這些指標將進一步闡明我們目前的業績表現。如需了解本次電話會議中討論的非 GAAP 財務指標與根據美國證券交易委員會 (SEC) 規定最可比較的 GAAP 指標的完整對賬信息，請參閱我們今天早上提交的 8-K 表格的附件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.

接下來，我想把電話交給吉姆。

Thanks, Sarah, and good morning, everyone. Thank you for joining us for our third quarter earnings call. Beginning with our performance, we are pleased with our third quarter results, which reflect continued progress towards the financial and operational objectives we set at the beginning of the year. I previously outlined a clear strategy to reposition the company as a software-led business supported by robust payments and service capabilities. We remain focused on executing against each of our strategic initiatives and driving profitable growth for the company.

謝謝你，莎拉，大家早安。感謝您參加我們的第三季財報電話會議。首先說說我們的業績，我們對第三季的業績感到滿意，這反映出我們在實現年初設定的財務和營運目標方面取得了持續進展。我之前製定了一項明確的策略，將公司重新定位為一家以軟體為主導、並擁有強大支付和服務能力的公司。我們將繼續專注於執行各項策略舉措，並推動公司實現獲利成長。

A key milestone in our strategic shift to becoming a platform powered software and services provider, is the outsourcing of our hardware business. The ODM implementation remains on revised schedule with a phased transition to Anacom beginning in January. Cross-functional teams across engineering, supply chain and technical operations are actively finalizing readiness activities, validating integrations and preparing customer support processes to ensure a smooth transition. This shift will reduce capital intensity, streamline our operating model and enable greater focus on our high-margin software and services businesses.

我們向平台驅動型軟體和服務供應商策略轉型過程中的關鍵里程碑，就是將硬體業務外包。ODM實施仍按修訂後的計劃進行，並將於1月份開始分階段過渡到Anacom。工程、供應鏈和技術營運等跨職能團隊正在積極完成準備工作，驗證集成，並制定客戶支援流程，以確保平穩過渡。這項轉變將降低資本密集度，簡化我們的營運模式，並使我們能夠更專注於高利潤的軟體和服務業務。

We are also modernizing legacy commercial structures across our installed base as multiyear software and services contracts come up for renewal, we are introducing price escalators to better align pricing with the value we deliver. We are applying the same disciplined approach to our payments contracts.

隨著多年軟體和服務合約到期，我們也在對已安裝用戶群的傳統商業結構進行現代化改造，引入價格遞增機制，以更好地將價格與我們提供的價值相匹配。我們對付款合約也採取了同樣嚴謹的態度。

This, coupled with the completion of the migration from the former JetPay front end will provide us a foundation to scale payments more broadly. Our focus on expanding our payments presence across the enterprise, grocery, fuel and restaurant verticals will further strengthen recurring revenue and enhance our long-term growth profile.

這一點，再加上從先前的 JetPay 前端遷移的完成，將為我們更廣泛地擴展支付規模奠定基礎。我們將專注於擴大在企業、雜貨、燃料和餐飲垂直領域的支付業務，這將進一步增強經常性收入，並提升我們的長期成長前景。

Looking ahead, the company's primary growth driver will be the acceleration of innovation across the Voyix Commerce platform. NCR Voyix has the advantage of deep domain experience in nearly 3 decades of enterprise software development backed by more than 50 proprietary applications and thousands of purpose-built features created in direct response to customer needs. We understand how retailers and restaurants operate. And what they require to run their stores efficiently, serve their customers and scale their businesses.

展望未來，公司的主要成長動力將是加速 Voyix Commerce 平台的創新。NCR Voyix 擁有近 30 年的企業軟體開發領域深厚的經驗，並擁有 50 多個專有應用程式和數千個專門為響應客戶需求而創建的功能，這為其提供了優勢。我們了解零售商和餐廳的運作方式。以及他們有效率地經營門市、服務顧客和擴大業務規模所需的條件。

We have now paired that industry experience and extensive application library with AI-enabled development, significantly accelerating the time to market for our micro services architecture and new platform capabilities. Further, this approach enables us to extend the VCP to additional vertical and geographic markets at a faster pace and with greater precision as the new solutions are deployed across our customer base, we expect higher margin software and connected payments revenue to represent a greater portion of our total revenue and enhance our growth profile.

現在，我們將行業經驗和豐富的應用程式庫與人工智慧驅動的開發相結合，顯著加快了我們的微服務架構和新平台功能的上市速度。此外，隨著新解決方案在我們的客戶群中部署，這種方法使我們能夠以更快的速度和更高的精度將 VCP 擴展到其他垂直和地理市場，我們預計高利潤軟體和互聯支付收入將占我們總收入的更大比例，並增強我們的成長前景。

Customer engagement continues to reinforce our strategy and product direction. At the next show last month, we previewed only our next-generation platform solutions and the feedback was overwhelmingly positive. We demonstrated our ability to deliver the cloud capabilities customers have been asking for to align with their modernization priorities and validate the relevance of our platform road map. We expect this momentum to continue as we prepare for the NRF show in January, where we will introduce a broader suite of software and payment innovations for additional retailers.

客戶互動不斷強化我們的策略和產品方向。在上個月的展會上，我們只預覽了我們的下一代平台解決方案，反饋非常積極。我們證明了我們有能力提供客戶一直以來所要求的雲端功能，以符合他們的現代化優先事項，並驗證了我們平台路線圖的相關性。我們預計這一勢頭將持續下去，我們將在 1 月的 NRF 展會上推出面向更多零售商的更廣泛的軟體和支付創新方案。

On January 9, we will have the honor of ringing the closing bell at the New York Stock Exchange to commemorate 100 years since our initial public offering in 1926, a milestone achieved by only 40 public companies in the NYSE's history. This achievement reflects both the longevity and our ability to adapt and lead through market change. As we celebrate a century of progress, we remain guided by the same commitment to innovate and disciplined execution that has defined our success for generations.

1月9日，我們將榮幸地在紐約證券交易所敲響收市鐘，以紀念公司自1926年首次公開募股以來100週年。在紐約證券交易所的歷史上，只有40家上市公司達到了這個里程碑。這項成就既體現了我們長久以來的發展歷程，也體現了我們適應和引領市場變化的能力。在我們慶祝百年發展之際，我們依然秉持著同樣的創新精神和嚴謹的執行力，正是這種精神成就了我們幾代人的成功。

With that, I will turn the call over to Nick, who will discuss our product acceleration initiatives and the formal introduction of the VCP and micro services architecture at the NRF Show.

接下來，我將把電話交給 Nick，他將討論我們的產品加速計劃以及在 NRF 展會上正式推出的 VCP 和微服務架構。

Thanks, Jim, and good morning. Our software journey began 15 years ago with strategic investments and acquisitions to build a portfolio of category-leading retail and restaurant applications. Today, these solutions power a significant share of global cause serving retailers and restaurants across more than 35 countries and representing approximately $1.4 trillion in transaction volume. Our software constitutes a significant portion of the industry's business logic library, the comprehensive brain trust that represents a massive collection of codified industry wisdom.

謝謝你，吉姆，早安。我們的軟體發展歷程始於 15 年前，當時我們透過策略性投資和收購，建構了一系列業界領先的零售和餐飲應用產品。如今，這些解決方案為全球35多個國家的零售商和餐廳提供了大量支持，交易額高達約1.4兆美元。我們的軟體構成了行業業務邏輯庫的重要組成部分，該庫是一個綜合性的智囊團，代表著大量系統化的行業智慧。

That software value and the transaction volumes it powers every day is undeniable, but it's also trapped within a prior generation architecture, making it slower to update and harder to integrate. The kind of friction modern architectures eliminate and our customers have demanded. Beginning in 2018, we initiated a push for modernization that is now reaching a tipping point. First, we built a SaaS-based micro services platform in the cloud, which today connects nearly 78,000 of our retail and restaurant sites and enables online and in-store transactions, 24/7 some of the largest operators in the world.

該軟體的價值及其每天支援的交易量是毋庸置疑的，但它也被困在上一代架構中，導致更新速度較慢，整合難度也較大。現代建築所消除的那種摩擦，也是我們的客戶所要求的。自 2018 年起，我們啟動了現代化進程，如今已接近臨界點。首先，我們在雲端建立了一個基於 SaaS 的微服務平台，如今該平台連接了我們近 78,000 個零售和餐飲場所，並為全球一些最大的營運商提供全天候的線上和線下交易服務。

Second, we re-architected our powerful monolithic applications into micro services, unified them on a modern code base with open APIs and secure resilient operations baked in. And third, we acquired the industry's only edge native application engine designed to meet the run time challenges of modern retail and restaurant environments, enabling customers to deliver change in their physical locations at the pace of their best digital channels and without the dependency on any specific hardware manufacturer.

其次，我們將強大的單體應用程式重新架構為微服務，並將它們統一到一個具有開放 API 和安全彈性操作的現代程式碼庫中。第三，我們收購了業內唯一一款專為滿足現代零售和餐飲環境的運行時挑戰而設計的邊緣原生應用引擎，使客戶能夠以與其最佳數位管道相同的速度在其實體店面進行變革，而無需依賴任何特定的硬體製造商。

Consumer expectations continue to rise as technology cycles accelerate. Our customers are seeing us as a partner who will help them move faster, innovate confidently and scale profitably. NCL Voyix is positioned to be the platform powered leader in unified commerce for Retail and Restaurants. Our mission is simple: to enable our customers to accelerate new possibilities, to make every experience seamless so they keep their customers coming back.

隨著技術週期加速，消費者的期望值也不斷提高。我們的客戶將我們視為合作夥伴，我們將幫助他們更快地發展、更有信心地創新並實現盈利性規模化。NCL Voyix 致力於成為零售和餐飲統一商務領域的平台領導者。我們的使命很簡單：幫助客戶加速實現新的可能性，打造無縫體驗，讓他們的客戶不斷回頭光顧。

Our domain and technology experts are leveraging our extensive software footprint, together with the modern architecture of the Voyix Commerce platform to accelerate the delivery of our next-generation applications across our entire portfolio now with the added advantage of AI-enabled development tools.

我們的領域和技術專家正在利用我們廣泛的軟體佈局，以及 Voyix Commerce 平台的現代架構，加速交付我們整個產品組合中的下一代應用程序，現在還增加了人工智慧驅動的開發工具的優勢。

AI is not merely layered on top of our platform, rather it is integrated into the build, deployment and support of our customer environments. AI is enabling us to accelerate the availability of our application across markets and formats. As an example of bringing innovation to market this quarter, 3 grocery brands went live in the US and Europe with our new modernized point-of-sale application. Each migrated from an older on-premise point of sale and began a state-wide rollouts that will accelerate in 2026.

人工智慧不僅僅是疊加在我們平台之上，而是整合到我們客戶環境的建置、部署和支援中。人工智慧使我們能夠加快應用程式在各個市場和各種格式中的普及速度。作為本季將創新推向市場的一個例子，3 個食品雜貨品牌在美國和歐洲上線了我們新的現代化銷售點應用程式。每個系統都從較舊的本地銷售點遷移過來，並開始在全州範圍內推廣，這項推廣將在 2026 年加速進行。

The go-lives exceeded customer expectations, underscoring the agility and reliability of our platform and its role in delivering improved customer experiences. We expect this momentum to build in 2026 with more customers migrating from our current solutions and new customers adopting our platform applications for their differentiated market capabilities.

這次上線超越了客戶的預期，凸顯了我們平台的敏捷性和可靠性，以及它在提供更好客戶體驗方面所發揮的作用。我們預計到 2026 年，這種勢頭將進一步增強，更多客戶將從我們現有的解決方案遷移過來，新客戶也將採用我們的平台應用程序，以獲得其差異化的市場能力。

We are also seeing increasing demand for cloud-native micro services-based architectures in the restaurant space, driven by the same forces we've experienced in retail, the need for faster innovation, easier integration and more flexible deployments. Given our deep expertise and proven success in modernizing retail technology, we have chosen to bring our market-leading restaurant point-of-sale application onto the same VCP architecture.

我們也看到，餐飲業對基於雲端原生微服務的架構的需求也在不斷增長，其驅動力與我們在零售業中遇到的相同，即需要更快的創新、更容易的整合和更靈活的部署。鑑於我們在零售技術現代化方面的深厚專業知識和已取得的成功，我們選擇將我們市場領先的餐廳銷售點應用程式移植到相同的 VCP 架構上。

This creates a unified modern foundation across our businesses, accelerating our road map and enhancing value for retailers and restaurants and an increasing number of brands that operate combined Retail and Restaurant formats. As an illustration into how this modern architecture has been received, we showcased the integration of our cloud-native microservices kitchen application within convenience store environments at the MAX show last month in Chicago. Customers will be able to place food orders directly from a modern pump interface and pick them up inside the store, enhancing convenience while creating new in-store revenue opportunities.

這為我們的業務打造了一個統一的現代化基礎，加快了我們的發展路線圖，並為零售商、餐廳以及越來越多經營零售和餐飲組合業態的品牌提升了價值。為了說明這種現代架構的接受程度，我們在上個月於芝加哥舉行的 MAX 展會上展示了我們的雲端原生微服務廚房應用程式在便利商店環境中的整合。顧客將能夠透過現代化的加油機介面直接下單購買食品，並在店內取餐，這不僅提高了便利性，也創造了新的店內收入機會。

The integration of our kitchen application into the retail point of sale was completed in less than a week as both were built on the microservices architecture. To validate our expansion efforts, we recently completed a comprehensive competitive market analysis, supported by a third-party research firm with engagements from industry analysts to assess our positioning. The results of this six-month review were clear. Our strategy is aligned with that of our existing customers and the broader market.

由於我們的廚房應用程式和零售銷售點都是基於微服務架構建構的，因此在不到一周的時間內就完成了二者的整合。為了驗證我們的擴張努力，我們最近完成了一項全面的競爭市場分析，並得到了第三方研究公司的支持，同時也聘請了產業分析師來評估我們的市場定位。這項為期六個月的評估結果很明確。我們的策略與現有客戶和更廣泛的市場策略保持一致。

The VCP enables retailers and our restaurants to simplify their ability to accelerate their business. Additionally, our product road map delivers solutions to both enhance the consumer experience and optimize operational efficiencies, while our proprietary domain assets are highly differentiated. As we now shift into activation mode, rolling out our commercial programs and scaling our production environments, we remain excited about the outcomes our initiatives will drive for both our customers and our business.

VCP 使零售商和我們的餐廳能夠簡化其業務加速流程。此外，我們的產品路線圖提供了既能提升消費者體驗又能優化營運效率的解決方案，而我們專有的領域資產則具有高度差異化。隨著我們進入激活模式，推出商業計劃並擴大生產環境，我們對這些舉措將為我們的客戶和業務帶來的成果感到非常興奮。

We look forward to showcasing our latest innovations at the National Retail Federation show in New York this January. This will be followed by six additional conferences across the markets we serve. We invite investors to join us at the Javits Center to experience the solutions firsthand and engage with our teams and customers. With that, I'll turn the call over to Benny to discuss our Restaurant's performance.

我們期待在今年一月於紐約舉行的全國零售聯合會展會上展示我們的最新創新成果。接下來，我們將在所服務的市場中再舉辦六場會議。我們誠摯邀請投資人蒞臨賈維茲中心，親身體驗我們的解決方案，並與我們的團隊和客戶溝通。接下來，我將把電話交給班尼，讓他來討論我們餐廳的表現。

Thanks, Nick. In the third quarter, our restaurant business signed more than 200 new software and services customers. Our platform and payment sites increased 6% and 2%, respectively. Software ARR increased 3% and total ARR increased 7% in the quarter. In our Enterprise division, we signed a multiyear platform and point of sale agreement with Marcos Pizza, one of the fastest-growing pizza chains in the United States to support its global expansion efforts.

謝謝你，尼克。第三季度，我們的餐飲業務新增了 200 多家軟體和服務客戶。我們的平台和支付網站分別成長了 6% 和 2%。本季軟體 ARR 成長 3%，總 ARR 成長 7%。在我們的企業部門，我們與美國發展最快的披薩連鎖店之一 Marcos Pizza 簽署了一項多年平台和銷售點協議，以支持其全球擴張計劃。

The initial phase of this rollout will commence in Mexico before the end of the year, followed by subsequent international locations. This partnership reflects the strength of our global footprint and offering, and we anticipate further growth in our enterprise business worldwide. As Jim and Nick mentioned, the company recently made the decision to leverage our edge-enabled microservices architecture to bring our Aloha next-generation point of sale to market, beginning with enterprise restaurants.

該計劃的初步推廣階段將於今年年底前在墨西哥啟動，隨後將擴展到其他國際地區。此次合作體現了我們強大的全球影響力和產品實力，我們預計我們在全球的企業業務將進一步成長。正如 Jim 和 Nick 所提到的，公司最近決定利用我們基於邊緣運算的微服務架構，將我們的 Aloha 下一代銷售點推向市場，首先從企業餐廳開始。

The customer response to the initial preview of our edge-enabled microservices architecture has been incredibly positive, validating our strategy and reinforcing the depth of our enterprise relationships. We plan to begin lab testing the Aloha next-generation point-of-sale for targeted formats in the first quarter of 2026, with a broad availability across all segments by the third quarter.

客戶對我們基於邊緣運算的微服務架構的初步預覽反應非常積極，這驗證了我們的策略，並鞏固了我們與企業之間深厚的合作關係。我們計劃於 2026 年第一季開始對 Aloha 下一代銷售點進行針對特定形式的實驗室測試，並在第三季全面涵蓋所有細分市場。

I'm excited about the significant growth opportunity as we deploy our edge-enabled dual cloud microservices applications and continue transforming the future of restaurant operations. In payments, customer adoption of our payments gateway solution continues to grow. This quarter, 1 of our existing software customers and Mexican fast casual restaurant was nearly 600 sites selected Work Connect as their payment gateway interface.

隨著我們部署支援邊緣運算的雙雲微服務應用程序，並繼續改變餐飲業的未來，我對巨大的成長機會感到興奮。在支付領域，客戶對我們支付網關解決方案的採用率持續成長。本季度，我們現有的軟體客戶之一，一家墨西哥快餐休閒餐廳，近 600 個站點選擇 Work Connect 作為其支付網關介面。

Additionally, we continue to execute on our pricing initiatives, moving to a model based on transaction volume, which provides a solid foundation for our business and is in line with the market. I will now turn the call over to Darren to discuss our retail performance.

此外，我們繼續執行定價策略，轉向基於交易量的模式，這為我們的業務奠定了堅實的基礎，並且符合市場規律。現在我將把電話交給達倫，讓他來討論我們的零售表現。

Thanks, Benny. Good morning. In the quarter, our retail business signed over 30 software and services customers. Our platform and payment sites increased 16% and 9%, respectively. Software ARR increased 11% and total ARR increased 4% in the quarter. Over the last two years, we have signed more than 15 mid-market and enterprise customers for our Voyix point-of-sale and self-checkout solutions, which will be implemented over the coming months.

謝謝你，班尼。早安.本季度，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 16% 和 9%。本季軟體 ARR 成長 11%，總 ARR 成長 4%。在過去的兩年裡，我們已經與 15 家以上的中型市場和企業客戶簽訂了 Voyix 銷售點和自助結帳解決方案的合同，這些解決方案將在未來幾個月內實施。

We continue to enhance the Voyix commerce platform with value-added applications and direct integrations that serve both new and existing retail customers. Most recently, we significantly expanded our domestic fuel offering, signing long-term agreements for commercial fleet card acceptance with two of North America's largest providers.

我們不斷透過增值應用程式和直接整合來增強 Voyix 商務平台，從而服務新舊零售客戶。最近，我們大幅擴展了國內燃料供應，與北美兩家最大的供應商簽署了長期協議，接受商用車隊卡。

These agreements will enable us to serve as both a point-of-sale provider and full service payments processor for both consumer and commercial fuel transactions at over 18,000 locations. By managing the entire transaction life cycle, we are enhancing the value of our integrated payments capabilities and strengthening our overall value proposition.

這些協議將使我們能夠在超過 18,000 個地點為消費者和商業燃料交易提供銷售點服務商和全方位支付處理服務。透過管理整個交易生命週期，我們正在提升我們整合支付能力的價值，並加強我們的整體價值主張。

This also materially expands our addressable market for payments in the US with nearly $600 billion in volume running through our fuel payment gateway and $800 billion in consumer card volume, we now have the ability to target approximately $1.4 trillion in US payment volume.

這也大大擴大了我們在美國支付領域的目標市場，透過我們的燃油支付網關處理的交易量接近 6,000 億美元，消費者信用卡交易量接近 8,000 億美元，我們現在有能力瞄準美國約 1.4 兆美元的支付市場。

We also launched our next-generation loyalty solution, Voyix loyalty. The delivery of this cloud-native and micro services-based application facilitated a multiyear agreement with HEB, the largest grocer in Texas and a new NCR Voyix customer. We will enable promotion execution across HEB's nearly 400 store footprint through a direct integration into HEB's in-house point-of-sale software, demonstrating the agnostic design of the VCP and its edge-enabled microservices applications.

我們也推出了新一代會員忠誠度解決方案—Voyix會員忠誠度計畫。這款基於雲端原生和微服務的應用程式的交付，促成了與德克薩斯州最大的雜貨商 HEB 以及 NCR Voyix 的新客戶達成多年協議。我們將透過與 HEB 內部銷售點軟體的直接集成，在 HEB 近 400 家門市範圍內執行促銷活動，從而展示 VCP 的無關設計及其支援邊緣運算的微服務應用程式。

Additionally, we signed an expanded multiyear agreement with a regional grocery store alliance, encompassing nearly 300 stores across three brands in the Northeastern United States. Through this partnership, we will now deliver a full suite of next-generation platform solutions, including Voyix point of sale and self-checkout, loyalty and hardware maintenance across their entire state.

此外，我們還與一家區域性雜貨店聯盟簽署了一項擴大後的多年協議，該聯盟涵蓋美國東北部三個品牌的近 300 家門市。透過此次合作，我們將向其整個州提供全套下一代平台解決方案，包括 Voyix 銷售點和自助結帳、會員忠誠度計劃和硬體維護。

Finally, in services, we expanded our long-standing relationship with a large multinational wholesale grocer, becoming the exclusive service integrator for over 20,000 lanes across 2,000 stores in Belgium and the Netherlands. In addition to providing hardware maintenance, we will now provide vendor management and be the sole point of contact for all the brand's technology-related services. This large-scale expansion demonstrates the strength of our Services division and its ability to meet the complex needs of our global customers.

最後，在服務方面，我們擴大了與一家大型跨國批發食品雜貨商的長期合作關係，成為其在比利時和荷蘭 2000 家門市的 20,000 多條通道的獨家服務整合商。除了提供硬體維護外，我們現在還將提供供應商管理，並成為該品牌所有技術相關服務的唯一聯絡點。此次大規模擴張體現了我們服務部門的實力及其滿足全球客戶複雜需求的能力。

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

接下來，我將把電話交給布萊恩。

Thank you, Darren, and good morning. For the quarter, total revenue of $684 million declined 3% due to lower hardware sales and onetime software and services revenue. Recurring revenue increased 5% to $425 million, driven by 7% growth in Restaurants and 4% growth in Retail. Software ARR and total segment ARR increased 8% and 5%, respectively, platform sites increased 12% to $78,000 and payment sites increased 3% to nearly 8,500.

謝謝你，達倫，早安。本季總收入為 6.84 億美元，下降 3%，原因是硬體銷售額下降以及一次性軟體和服務收入減少。經常性收入成長 5% 至 4.25 億美元，其中餐飲業成長 7%，零售業成長 4%。軟體 ARR 和總細分市場 ARR 分別成長了 8% 和 5%，平台網站成長了 12% 至 78,000 美元，支付網站成長了 3% 至近 8,500 個。

It's important to note that the majority of our customer base consists of large enterprise brands whose entire store or restaurant footprint is converted to the platform once connected in its entirety. As such, platform site growth can fluctuate depending on the timing of a complete onboarding. Adjusted EBITDA of $125 million increased 32% as margin expanded 490 basis points to 18.3%. This was primarily driven by larger-than-anticipated hardware margins and the previously announced cost actions.

值得注意的是，我們的客戶群主要由大型企業品牌組成，一旦完全連接，其整個商店或餐廳的佈局都會轉換為該平台。因此，平台網站的成長可能會根據完整上線的時間而波動。調整後的 EBITDA 為 1.25 億美元，成長 32%，利潤率擴大 490 個基點至 18.3%。這主要是由於硬體利潤率高於預期以及先前宣布的成本控制措施。

Turning to our segment results. Beginning with Restaurants. Total segment revenue of $210 million was flat, which reflects an increase in recurring revenue, offset by declines in onetime services revenue. Recurring revenue increased 7% to $146 million, driven by payments growth and the ramping of a new large customer agreement. Segment adjusted EBITDA increased 12% to $74 million as margin expanded nearly 400 basis points to 35.2%. This improvement was driven by revenue mix, coupled with the previously announced cost actions. Turning to Retail. Total segment revenue declined 4% to $467 million, primarily due to declines in harbor sales and onetime software and services revenue.

接下來來看看我們各業務板塊的業績。從餐館開始。該部門總收入為 2.1 億美元，與去年同期持平，反映出經常性收入的成長，但被一次性服務收入的下降所抵消。經常性收入成長 7% 至 1.46 億美元，主要得益於支付業務的成長以及一項新的大客戶協議的實施。分部調整後 EBITDA 成長 12% 至 7,400 萬美元，利潤率成長近 400 個基點至 35.2%。這項改善主要得益於收入結構的變化，以及先前宣布的成本控制措施。轉向零售業。該部門總收入下降 4% 至 4.67 億美元，主要原因是港口銷售和一次性軟體及服務收入下降。

Recurring revenue increased 4% to $276 million, driven by the ramp of a new large customer agreement and platform revenue growth. Segment adjusted EBITDA declined 17% to $90 million, driven by lower revenue and customer adjustments tied to prior year delayed software implementations now resolved, along with favorable expenses in the prior year period. Adjusted EBITDA margin decreased 290 basis points year-over-year to 19.3%, but increased 150 basis points sequentially as expected.

經常性收入成長 4% 至 2.76 億美元，這主要得益於新的大客戶協議的達成和平台收入的成長。經調整後的分部 EBITDA 下降 17% 至 9000 萬美元，主要原因是收入下降以及與上一年延遲的軟體實施相關的客戶調整（現已解決），此外，上一年期間的有利支出也加劇了這一問題。經調整的 EBITDA 利潤率年減 290 個基點至 19.3%，但較上季成長 150 個基點，符合預期。

Lastly, net corporate and other expenses improved to $39 million, which reflects the previously discussed cost initiatives. Adjusted free cash flow was $42 million for the quarter before considering $23 million of restructuring cash expenditures and $3 million of accelerated product investments. We invested $38 million in capital expenditures during the quarter. For the full year, we expect CapEx to be approximately $160 million, inclusive of accelerated product investments.

最後，淨公司及其他費用改善至 3,900 萬美元，這反映了先前討論的成本控制措施。調整後的本季自由現金流為 4,200 萬美元，未計入 2,300 萬美元的重組現金支出和 300 萬美元的加速產品投資。本季我們在資本支出方面投入了3800萬美元。預計全年資本支出約 1.6 億美元，其中包括加速產品投資。

Restructuring cash outflows totaled $23 million for the quarter. We have now exited all of our remaining TSAs with NCR Atleos, are winding down our PSAs with (technical difficulty) and are approaching the ODM implementation. In connection with these initiatives, we have taken incremental cost actions including headcount reductions in the third quarter. Therefore, we now expect transformation restructuring cash outflows for 2025 to be approximately $100 million. Our net leverage position was 2x at the end of the third quarter based on our net debt as of September 30 and the last 12 months adjusted EBITDA.

本季重組現金流出總額為 2,300 萬美元。我們現在已經終止了與 NCR Atleos 的所有剩餘 TSA，正在逐步終止與（技術困難）的 PSA，並且正在著手實施 ODM。為配合這些舉措，我們在第三季採取了包括裁員在內的逐步降低成本的措施。因此，我們現在預計 2025 年轉型重組現金流出約為 1 億美元。根據截至 9 月 30 日的淨債務和過去 12 個月的調整後 EBITDA，我們在第三季末的淨槓桿率為 2 倍。

Turning to the outlook. We now expect revenue to be between $2.65 billion and $2.67 billion. Hardware revenue is anticipated to be above prior expectations, while software and services revenue will be slightly below. The lower software and services revenue is primarily due to customer adjustments tied to prior year delayed software implementations, which have now been resolved. Adjusted EBITDA is now expected to range between $420 million and $435 million and non-GAAP diluted EPS is expected to be between $0.85 and $0.90.

展望未來。我們現在預計營收將在 26.5 億美元至 26.7 億美元之間。硬體收入預計將高於先前預期，而軟體和服務收入將略低於預期。軟體和服務收入下降主要是由於客戶對前一年軟體實施延遲造成的調整，而這些問題現在已經解決。調整後 EBITDA 預計在 4.2 億美元至 4.35 億美元之間，非 GAAP 稀釋後每股收益預計在 0.85 美元至 0.90 美元之間。

We expect adjusted free cash flow to be between $170 million and $175 million, excluding restructuring and transformation costs and accelerated product investments. With that, I will turn the call back over to Jim for closing remarks.

我們預計調整後的自由現金流將在 1.7 億美元至 1.75 億美元之間，不包括重組和轉型成本以及加速產品投資。接下來，我將把電話交還給吉姆，請他作總結發言。

We are encouraged by the progress across the business. Our innovation engine is accelerating. Our pipeline is strengthening, and customer engagement remains constructive and aligned with our strategy. We are focused on disciplined execution and position the company for sustainable, profitable growth.

公司各部門的進展令我們倍感鼓舞。我們的創新引擎正在加速運轉。我們的業務管道不斷增強，客戶互動仍然保持積極態勢，並與我們的策略保持一致。我們專注於嚴謹的執行，使公司能夠實現可持續的獲利成長。

I will now turn the call over to the operator to begin the question-and-answer session. Operator?

現在我將把電話轉交給接線員，開始問答環節。操作員？

Before beginning the Q&A portion, the company has an additional item to announce.

在問答環節開始之前，該公司還有一項事項要宣布。

Thank you, operator. I'd like to highlight an additional update this morning. A new six-year exclusive agreement with Chipotle, deepening a trusted partnership that stands more than 25 years was signed this morning. Under this agreement, Chipotle will expand their relationship with NCR Voyix and become the first to implement our Aloha next-generation point-of-sale and supporting applications across 4,000 restaurants worldwide.

謝謝接線生。今天早上我想重點介紹另一個更新。今天上午，雙方與 Chipotle 簽署了一份新的六年獨家協議，深化了雙方超過 25 年的信任合作關係。根據這項協議，Chipotle 將擴大與 NCR Voyix 的合作關係，並成為首家在全球 4,000 家餐廳實施我們 Aloha 新一代銷售點系統及配套應用程式的公司。

Built on the Voyix commerce platform, dual-cloud edge-enabled microservices architecture, this first-of-its-kind solution in the restaurant industry, reflects our multiyear investment in microservices technology. I'll add to that, that this work dates back for a number of months. We would have liked to have it at the start of the call, but we only finished it early this morning.

該解決方案基於 Voyix 商務平台和雙雲邊緣微服務架構構建，是餐飲業首創的解決方案，體現了我們多年來對微服務技術的投入。我還要補充一點，這項工作可以追溯到幾個月前。我們原本希望在通話開始時就完成這項工作，但我們今天早上才完成。

And I would like to thank the team at Chipotle in addition to Benny, Miguel and their teams and our GC, Kelly Sterrett, and LoRa and the rest. This was a big effort. And I think for the company, this is a very big event. I think it's a clear indication that there is a change at the company.

我還要感謝 Chipotle 團隊、Benny、Miguel 和他們的團隊，以及我們的 GC Kelly Sterrett、LoRa 和其他所有人。這真是一項巨大的工程。我認為這對公司來說是一件非常大的事。我認為這清楚地表明公司內部發生了變化。

I don't think there's a better way to see it than have a relationship that's 25 years renew for another 6 years with us. And it's really based on the product set that Nick has been talking about and the company has mentioned on a number of calls since I've been involved and also our ability to execute at a level that we are -- our customers are expecting.

我認為，沒有什麼比讓一段長達25年的關係再延續6年更好的方式了。這實際上是基於尼克一直在談論的產品組合，也是自從我參與以來公司在多次電話會議中提到的產品組合，以及我們能夠達到客戶期望的執行水平的能力。

So with that, I'll turn it back over to the operator and let's go to questions. Operator?

那麼，接下來我將把麥克風交還給接線員，我們進入問答環節。操作員？

(Operator Instructions) Matt Summerville, D.A. Davidson.

（操作說明）Matt Summerville，D.A. Davidson。

Congrats on that one, by the way. Can we talk about the price escalators you referenced, the magnitude we should be sort of expecting how much revenue is ultimately impacted by that and would be set a benefit from what you're doing there? And maybe more importantly, can you talk about how this maybe differs from Voyix's historical practice? And then I have a follow-up.

順便恭喜你。我們可以談談您提到的價格上漲機制嗎？我們應該預期其幅度有多大？最終會如何影響收入？您目前的做法又會帶來哪些好處？更重要的是，您能否談談這與 Voyix 的歷史做法有何不同？然後我還有一個後續問題。

Sure. I think if you go back to whether it was the year-end call or the first quarter was -- I think I've mentioned this before, but the company historically had not had escalators in all of its agreements. In some areas, it did, but typically did not. And even if it did, it was unclear if they were actually billing them accordingly. So we've just gotten back to make sure the ones that were actually in the agreements are there. And we're charging accordingly.

當然。我認為，如果你回顧一下是年終電話會議還是第一季電話會議——我想我以前提到過這一點，但該公司歷史上並沒有在所有協議中都包含自動調整條款。有些地區確實如此，但通常情況下並非如此。即使確實如此，也不清楚他們是否真的按規定收費了。所以我們回來確認一下，協議中實際包含的內容是否都包含在內。我們按此收費。

And then secondly, where they're absent as the contracts renew. So on the retail side, it tends to be every five years as a general rule and restaurant tends to be three years. I don't think we've scoped order of magnitude. I mean these are not extreme increases. This is more cost of living plus something as opposed to some material increase. So I think what we'll see, and we've already started to see it. It's relatively small since it's just gotten started.

其次，當合約續約時，他們卻缺席了。因此，零售業一般每五年進行一次翻新，而餐飲業一般每三年進行一次翻新。我認為我們還沒有確定數量級。我的意思是，這些成長幅度並不算大。這更多的是生活成本增加，而不是物質上的成長。所以我認為我們將會看到，而且我們已經開始看到這種情況了。由於剛起步，所以規模相對較小。

But we are seeing increases on the revenue and earnings line as a result of this. And this is really the value that we're providing, supporting these are very tired old legacy applications that are continuing to operate at our customers. And for the company to be able to continue to invest in its business, keeping a five-year contract flat over a five-year time period just degrades its value in years two, three, four and five because, obviously, we experienced cost escalators as well. And that's not the primary focus.

但也因為如此，我們看到收入和利潤都出現了成長。這就是我們所提供的真正價值：支援這些非常老舊的遺留應用程序，它們仍在我們的客戶那裡繼續運行。而對於公司而言，要繼續投資於其業務，五年合約在五年內保持不變只會降低其在第二、三、四、五年的價值，因為很明顯，我們也經歷了成本上漲。但這並非主要關注點。

Our primary focus is to sign new customers and then ultimately to launch all the products that Nick outlined on the call, which we expect to see we will have at NRF in January for the market.

我們的首要目標是簽下新客戶，然後最終推出 Nick 在電話會議上概述的所有產品，我們預計這些產品將在 1 月的 NRF 展會上向市場推出。

And then just to talk about the payment side of the business. I would think these new relationships on fuel and convenience have to be more needle moving in nature. Is there a way for you to somehow quantify or directionally quantify what that maybe adds to the payment side of the business and maybe when we can expect to get a little bit more granular (technical difficulty) on the payments performance.

然後我們來談談業務的支付方面。我認為這些關於燃料和便利性的新關係必然會產生更大的影響。有沒有辦法量化或大致量化這可能對業務支付方面帶來的貢獻，以及我們什麼時候可以更細緻地了解支付績效（技術難度）？

Sure. I think it's a good question because a lot of what I've been outlining since I stepped into this role are the opportunities kind of the TAM for the company that it's not taken advantage of in the past. So just because -- which is your last question about the opportunities on escalating prices appropriately for contract renewals, et cetera. These are these are early days.

當然。我認為這是一個好問題，因為自從我擔任這個職位以來，我一直在概述的很多內容都是公司過去沒有利用的潛在市場機會。所以，就因為——這是你關於合約續約等情況下適當提高價格的機會的最後一個問題。現在還處於早期階段。

I mean, this is a company that's been around for 145 years. This is not like the credit card industry, where you just decide to raise prices and you raised prices across the board, either in concert with the brands or on your own initiative. That's what this is. These are long-standing important relationships for us. We're just kind of equaling the table. But I think on the -- if you're referencing the commercial side, I think we've already given the opportunity domestically, we touched $800 billion in the US alone today on our Voyix Connect platform.

我的意思是，這是一家已經有145年歷史的公司。這與信用卡業不同，信用卡業你可以隨意決定提價，而你卻全面提價，無論是與品牌方合作還是自行決定。這就是它的本質。這些都是我們長期維持的重要關係。我們只是想讓桌上的牌面更平衡一些。但我認為，如果你指的是商業方面，我認為我們已經在國內市場提供了機會，光是今天我們在美國透過 Voyix Connect 平台就達到了 8000 億美元的收入。

But what we announced right after -- during or right before and after next, the convenience show in Chicago a few weeks ago, was two very important relationships, one for pay and the second one, (technical difficulty). That enables us, even though we're in the business in the sense that our point of sales support commercial fuel, we have never been on the commercial fuel payment side. And as a result, it's more difficult to do the retail for (technical difficulty) if you're not really providing a complete relationship for the customer.

但我們隨後——或者說在幾週前芝加哥的便利商店展會期間或前後——宣布了兩項非常重要的合作關係，一項是關於支付的，另一項是關於其他方面的。（技術難題）這使得我們雖然從某種意義上說，我們的銷售點支持商業燃料業務，但我們從未涉足商業燃料支付方面。因此，如果你沒有真正為顧客提供完整的關係，那麼零售業務就會更加困難（技術上的困難）。

And that's what the future holds for us is that for our large relationships on commercial fuel are just fuel in general, we're not just the point of sale any longer. We're at the point of sale and/or a payments solution for both commercial and retail. So to give you an order of magnitude. And these are estimates that we -- our data -- we don't touch the payments today, but we see it flowing through the point of sale. It's 17 billion transactions domestically and roughly $500 billion in volume.

這就是我們未來面臨的局面：我們與商業燃料的廣泛合作關係，將不再僅限於燃料本身，我們不再只是銷售點。我們提供商業和零售的銷售點和/或支付解決方案。為了讓你們有個大致了解。這些都是我們根據數據做出的估計——我們今天不接觸實際的支付，但我們可以看到資金通過銷售點流動。國內交易量達 170 億筆，交易額約 5,000 億美元。

So the US combined between what's on our Voyix Connect and what's on another application called Epsilon. You're talking about $1.3 trillion -or-so in the US. That's our TAM opportunity to now have the ability to go to customers and say, Hey, we're not just the point of sale. We can also provide payments and in this area on commercial, we can provide it. That, together with retail that you would see in a gas station, 18,000 gas stations. It was something that Nick and I who were at Next in last month, we -- this was very well received because the alternative is our customers have us for the point of sale.

因此，美國將 Voyix Connect 上的內容與另一個名為 Epsilon 的應用程式上的內容結合。你指的是美國大約1.3兆美元。這就是我們的TAM機會，現在我們有能力去接觸客戶，告訴他們：“嘿，我們不僅僅是銷售點。”我們也可以提供支付服務，在這個商業領域，我們可以提供這項服務。再加上你在加油站看到的零售業務，共有 18,000 個加油站。上個月我和 Nick 在 Next 的時候就想到了這一點——這非常受歡迎，因為另一個選擇是我們的客戶在銷售點使用我們。

They have somebody generally is an intermediary and then they have somebody who's doing the payments. So this gives us the opportunity to provide one solution, which takes a lot of noise out of the system. Now some people say, well, they like multiple players. But the problem with multiple players is we have to integrate to multiple players. We have to manage multiple players.

他們通常會安排一個人作為中間人，然後再安排一個人負責付款。因此，這給了我們一個機會，提供一個解決方案，從而消除系統中的許多噪音。現在有些人說，他們喜歡多人遊戲。但多玩家模式的問題在於，我們必須與多個玩家整合。我們需要管理多名球員。

And things always slip through the cracks. There's changes that are not well coordinated. So for us to provide a single solution all the way to the actual receipt of payments is, in my view, and I think what we've heard from our customers is going to be very well accepted.

總是會有疏漏發生。有些變化缺乏協調。因此，我認為，我們提供從頭到尾的單一解決方案，直至實際收到付款，將會受到客戶的廣泛歡迎，而且我認為我們從客戶那裡也聽到了這樣的反饋。

This is not just for our new next-generation Voyix pause point of sale. But in terms of timing, I think was your other question, this can also get retrofitted onto our existing applications because they already do commercial fuel at the point of sale as well as just fuel more generally. Our preference is to launch this together with our next gen, and that's -- that was the push at Next and that's also going to be what we're going to be focused on between now and January and then also at NRF.

這不僅適用於我們新一代的 Voyix 暫停銷售點。但就時間安排而言，我想這也是你的另一個問題，這也可以改裝到我們現有的應用程式中，因為它們已經在銷售點提供商業燃料，以及更廣泛意義上的燃料。我們傾向於將這款產品與我們的下一代產品一起推出，這也是 Next 大會上的重點，也是我們從現在到一月份以及在 NRF 大會上將要關注的重點。

(Operator Instructions) Dan Perlin, RBC Capital Markets.

（操作員說明）丹‧珀林，加拿大皇家銀行資本市場。

Congratulations on that Chipotle expansion. That's obviously very significant for you guys, and clearly a showcase win for the Aloha platform. The question I had yes -- and that's huge. The question I had is you've obviously had an opportunity to have conversations and actually implement the payment gateway strategy in terms of pricing. I'm just wondering what those conversations are like. I know you're talking about the value that you provide and now that, that's in motion.

恭喜Chipotle擴張！這對你們來說顯然意義重大，而且顯然也是 Aloha 平台的重大勝利。我的問題確實是——而且這意義重大。我的問題是，您顯然有機會就定價方面進行對話並實際實施支付網關策略。我只是好奇那些對話是什麼樣的。我知道你指的是你所提供的價值，而現在，這個價值正在逐漸實現。

I'm just wondering what the market is kind of absorbing there. And then secondarily, it sounds like Global and Worldpay is closing now in the first quarter, so a little bit sooner than expected. I'm just wondering what that might offer you potentially in terms of potential accelerants, so to speak, with opportunities around Worldpay?

我只是好奇那裡的市場正在消化哪些東西。其次，Global 和 Worldpay 似乎將在第一季完成合併，比預期要早。我只是想知道，就Worldpay相關的機會而言，這可能會為你帶來哪些潛在的加速器之類的東西？

Okay. Look, we have a really good -- obviously, I've worked at Global. We have a really good relationship as I do with Cameron and other people there. And I do -- I think the combination of the two actually works very favorably to us because globally is global, more so than Worldpay and Worldpay has some capabilities that Global does it. So I think the combination will be additive for us. I didn't know that it was accelerating in terms of its close, we're at the tail end of migrating on both sides, getting off of the legacy Jetpay application.

好的。你看，我們有一個非常好的——顯然，我曾在Global工作過。我和卡梅隆以及那裡的其他人關係都很好。而且我認為——這兩者的結合實際上對我們非常有利，因為 Global 是全球性的，比 Worldpay 更全球化，而 Worldpay 具備 Global 所不具備的一些能力。所以我認為這種組合對我們來說會有好處。我不知道它的關閉速度正在加快，我們雙方的遷移工作都已接近尾聲，即將擺脫舊版 Jetpay 應用程式。

I think in terms of the reaction from customers, I think they're all very positive. I actually have a large customer coming in next week. We're going to talk specifically on payments. I think they all like the conversation from what I was mentioning in my comment where my comments with Matt, having multiple intermediaries, especially in the technology world, just generally provide something that's going to break.

我認為從顧客的反應來看，他們的反應都非常正面。我下周正好有個大客戶要來。我們將專門討論支付問題。我認為他們都喜歡我之前在評論中提到的那種對話，我和 Matt 的評論，以及在科技領域透過多個中間人進行的對話，通常都會造成一些問題。

Somebody doesn't update it doesn't flow all the way through and present issues. So I haven't seen any pushback as everybody just dropped their existing relationship and switch to us, no. That's going to take time. I think people appreciate that. But as I said earlier, in my comments, all this -- what I've been laying out are the opportunities ahead. There's huge opportunities on payments.

有人沒有及時更新，導致流程無法完全順暢，造成問題。所以，我沒有看到任何阻力，因為大家都放棄了原有的合作關係，轉而選擇我們，沒有。這需要時間。我認為人們會欣賞這一點。但正如我之前所說，在我的評論中，所有這一切——我一直在闡述的，都是未來的機會。支付領域蘊藏著巨大的機會。

There's huge opportunities on our next-gen application, on services, et cetera. So that you understand where the future of the company lies not within just our existing customers but new customers. I mean it's a big organization. It's going to take some time to turn the organization, but our attrition is still at 1%. So is that we're losing customers. We just have to execute on it. And again, Chipotle, I think, is a very good kind of watershed event for us where a relationship when I first joined in February, was not nearly as strong as it is today.

我們的下一代應用程式、服務等方面蘊藏著巨大的機會。這樣您就能明白，公司的未來不僅在於現有客戶，更在於新客戶。我的意思是，這是一個很大的組織。組織轉型需要一些時間，但我們的員工流動率仍維持在 1%。所以，我們正在流失客戶。我們只需要執行它。再次強調，我認為 Chipotle 對我們來說是一個非常好的分水嶺事件，因為我二月剛加入時，我們之間的關係遠不如今天那麼牢固。

I've gotten to know both Scott and Kurt through the process. And as our team has gotten to know them, we did some innovation work for them during their RFP process that they were very pleased with. So I think the notion of selling other services into our customers that wasn't core to us previously like payments it's not as though we are additive in terms of cost, if anything, we might be able to reduce cost for them and definitely reduce complexity.

在這個過程中，我認識了史考特和庫爾特。隨著我們團隊對他們的了解加深，我們在他們進行 RFP 招標過程中為他們做了一些創新工作，他們對此感到非常滿意。所以我認為，向我們的客戶銷售以前並非我們核心業務的其他服務（例如支付服務），並不會增加他們的成本，如果說有什麼變化的話，那就是我們可能能夠降低他們的成本，並且肯定能夠降低複雜性。

Because in the end, that's what the customers are looking for, they are looking for cost, savings. They're looking for efficiency, and they're looking for a solid relationship that they can rely on, which they do with us.

因為歸根究底，這才是顧客真正想要的，他們想要的是成本和節省。他們追求的是效率，也是他們想要建立的可以信賴的穩固關係，而我們恰好滿足了他們的需求。

Parker Mark Lane, Stifel.

帕克·馬克·萊恩，斯蒂費爾。

Jim, you mentioned the ODM phasing project is going to kick off in January. Just wondering if you can give an update on how long you expect that to take place and what the phasing of that project actually looks like.

吉姆，你提到 ODM 分階段計畫將於 1 月啟動。我想問一下，您能否提供一下預計該專案需要多長時間才能完成，以及該專案的具體分階段實施計劃？

Sure. So I think, again, on the background on this, we had earlier expectations that would go faster. There was some technology challenges on their side. And so we pulled back, obviously, hardware remains important to us and obviously to our customers, but this is a better, I think where we're moving as a company. This is still the right direction.

當然。所以我覺得，再說一遍，就這件事的背景而言，我們之前曾預期進展會更快。他們方面遇到了一些技術方面的挑戰。因此我們做出了調整，硬體對我們和我們的客戶來說仍然很重要，但我認為這是公司發展的一個更好的方向。這仍然是正確的方向。

The expectation, there's effectively three major facilities that have to switch over. So we are intending to start that the first -- not the first day, but the first week or second week of January start moving it in pieces. I believe we'll retain our employees that would otherwise transfer across that have already been alerted to this during the roughly 90-day period. I think the expectation is 90 days. Could it extend beyond that? Anything is possible, but we're trying to do this in a way that has zero impact to our customers. And as well makes it an easy transition for our employees.

預計實際上有三個主要設施需要切換。所以我們打算從一月的第一週或第二週開始，而不是第一天，分階段地推進這項工作。我相信，在大約 90 天的時間內，我們已經通知了那些原本會調職的員工，我們將留住他們。我認為預計需要90天。是否還會超出這個範圍？一切皆有可能，但我們會盡力做到對客戶零影響。這也使得我們的員工能夠輕鬆過渡。

During the first quarter, we'll continue to report gross revenue as we have today, but my current expectation is that by the beginning of the second quarter, that will be on a net accounting basis as we've outlined from the beginning.

第一季度，我們將繼續像現在一樣報告毛收入，但我目前的預期是，到第二季度初，將按照我們從一開始就制定的淨會計基礎進行報告。

Got it. And then in your conversation in your salespeople's conversations with your customers, I was wondering if there's any insights they're sharing on the health of the consumer. And how that's informing their willingness to spend into '26. And I guess more importantly, as a backdrop, what cyclicality have you historically seen around technology investments in response to consumer sentiment there?

知道了。然後，在你們銷售人員與客戶的對話中，我想知道他們是否分享了任何關於消費者健康狀況的見解。以及這如何影響他們到 2026 年的消費意願。更重要的是，從歷史背景來看，您觀察到科技投資與消費者情緒之間有如何的週期性波動？

Okay. We want to let everybody have something to say on this call. So I'll say a little bit, and then I'll let Darren and Benny who deal with the customers on that basis probably more than I do. I mean my -- Chipotle is an example. This is a significant investment on their side. They're looking for the technology that we have to offer that we haven't. We offered this on the retail side.

好的。我們希望每個人都能在這次電話會議上發言。所以我簡單說幾句，然後就讓達倫和班尼來吧，他們在這方面可能比我做得更多。我的意思是——Chipotle 就是一個例子。對他們來說，這是一筆巨大的投資。他們正在尋找我們擁有但尚未擁有的技術。我們在零售通路提供這項服務。

The restaurant side, historically has gone a different direction. It was more of a monolithic application Aloha Cloud, which was being (technical difficulty) out to replace the legacy application, which we refer to as Essentials versus '19.

從歷史上看，餐飲業的發展方向有所不同。它更像是一個單體應用程式 Aloha Cloud，由於技術困難，它正在取代舊版應用程序，我們稱之為 Essentials 而不是 '19。

So I think where you're able to add value together with lowering costs, I have not seen a reluctance to customers in terms of buying. And I can use an example -- when I was at the next, I was the first time I've attended especially the trade show industry, we had three brand-new products. We had no legacy products in both. Two of the products had only been -- only come together in three weeks before the show. That's how fast we're innovating.

所以我認為，只要能夠在降低成本的同時增加價值，我就不會看到顧客在購買方面有任何猶豫。我可以舉個例子──當我參加下一個展覽時，那是我第一次參加貿易展，我們推出了三款全新產品。這兩個市場都沒有遺留產品。其中兩款產品是在展會前三週才最終組裝完成的。這就是我們創新速度的展現。

There were lines for one of them in particular, which is around our commercial fuel or fuel replacement application. And the major players in that space were very interested in what we had to show because it looked very similar to what they have today. And I think that's a key that we have.

其中有一條線路特別針對我們的商業燃料或燃料替代應用。該領域的主要參與者對我們展示的產品非常感興趣，因為它看起來與他們目前的產品非常相似。我認為這是我們掌握的關鍵。

And as Nick said this in his comments, we have a library of over existing applications. We know what our customers want because we're servicing it today. So we can modernize what they want. They're not having to transition to something new or reformat the way they're organizations work.

正如Nick在他的評論中所說，我們有一個包含大量現有應用程式的程式庫。我們了解客戶的需求，因為我們現在正在為他們提供服務。這樣我們就可以滿足他們的需求，並進行現代化改造。他們無需過渡到新的模式，也無需改變組織的工作方式。

And in the end, it does lower the cost because we have the ability to manage the store as opposed to and you're not using third-party operating systems that provide cost updates, et cetera, it's just easier. I'll stop talking and let Darren and Benny give you your view.

最終，它確實降低了成本，因為我們能夠管理商店，而不是使用提供成本更新等的第三方作業系統，這更容易。我不說了，讓達倫和班尼來闡述你們的觀點吧。

Thanks, Jim, parker. Yes, the conversations with our customers through the shows or one and one around the globe continue on a very healthy nature. Many of our enterprise customers are looking at infrastructure or capability upgrades, be that on new or existing hardware solutions. But ultimately, therefore, our micro services play and open API models are having real appeal in terms of either elongating or within their existing hardware assets or coming with new hardware propositions.

謝謝你，吉姆，帕克。是的，我們透過展會或與全球各地的客戶進行一對一的交流，一直保持著非常健康的氛圍。我們的許多企業客戶都在考慮基礎設施或功能升級，無論是新的還是現有的硬體解決方案。因此，歸根結底，我們的微服務和開放 API 模型在擴展現有硬體資產或推出新的硬體方案方面都具有真正的吸引力。

But bolting on to that is a real appeal about enhancing the servicing or the services solutions for them as an added value feature. So those -- they are very healthy conversations globally on that basis. And there's a real appetite for a unified commerce type model. And therefore, as Jim has outlined, bolting on the -- our payments gateway and our payment solution is having universal appeal.

但在此基礎上，增強服務或服務解決方案作為一項增值功能，確實具有真正的吸引力。所以，基於這些基礎，全球的這些對話都非常有益。市場對統一的商業模式有著強烈的需求。因此，正如吉姆所概述的那樣，我們的支付網關和支付解決方案具有普遍吸引力。

Now these are long-term contracts with ourselves and with payments provider. So there's been a lot of questions about the timing of this. I think as Jim has alluded to previously, the typical contract duration in retail is five years, in restaurant, it's shorter in terms of three. So that gives you the kind of renewal cycle of the materiality of the contract, but bolting on the additional capabilities in the interim is coming.

現在這些都是我們與支付服務提供者簽訂的長期合約。所以，關於這件事的時機有很多疑問。我認為正如吉姆之前提到的那樣，零售業的典型合約期限為五年，而餐飲業的合約期限則較短，為三年。這樣就形成了合約實質內容的續約週期，但在此期間增加額外功能也是有可能的。

And typically, a payments contract would normally be a three-year cycle in both verticals. So that opens up the scale of the conversations and opportunities to switch on that unified commerce capability into our customers. In terms of health or consumer, as we see various earnings releases from many of our retailers around the globe. I think universally, it's steady. I think some -- in some markets, grocery supermarkets are saying that they're having probably the best consumer stability or growth record for many years.

通常情況下，這兩個垂直領域的付款合約週期一般為三年。這樣一來，就擴大了對話的規模，也為我們的客戶開啟了統一商務能力的機會。就健康或消費領域而言，我們看到全球許多零售商發布了各種獲利報告。我認為總體而言，它是穩定的。我認為在某些市場，一些食品超市表示，他們可能擁有多年來最好的消費者穩定性和成長記錄。

I know there's a reporting kind of steady, low single-digit performance. I think we're starting to see a trend to that unified commerce model in terms of consumer behavior looking at the multiplicity of channels into the retail -- the retailers we support. And I think, again, we're well positioned for that. So I don't think there's any massive revolution coming in terms of growth potential or otherwise. But I think the steady evolution is encouraging as we speak today .

我知道，從報告來看，業績一直穩定在個位數低點。我認為，從消費者行為的角度來看，我們開始看到一種向統一商業模式發展的趨勢，這體現在零售通路的多樣性上——也就是我們所支持的零售商。而且我認為，我們在這方面已經做好了充分的準備。所以我認為，無論從成長潛力或其他方面來看，都不會出現任何大規模的變革。但我認為，就目前而言，這種穩定發展令人鼓舞。。

So I'll pass over to Beimnet or Nick.

所以我把麥克風交給貝姆內特或尼克。

Yes. I mean I'd add to that I speak to customers a lot. And I mentioned in my prepared remarks, I was also in -- we've taken some grocery chains live on our new stack this quarter, and I visited those customers and was in store. I can tell you they were extremely busy. I don't think I can recall a single conversation with the customer that's grounded in a lack of consumer confidence. In fact, what I would say is making our customers hungrier to compete for their consumer business.

是的。我的意思是，我還要補充一點，我常常和客戶交流。我在事先準備好的演講稿中提到，本季度我們已經讓一些連鎖超市上線了我們的新系統，我拜訪了這些客戶，並親自去了他們的門市。我可以告訴你，他們當時非常忙。我記不起與客戶的任何一次對話是基於消費者信心不足而進行的。事實上，我想說的是，這會讓我們的客戶更渴望贏得消費者的青睞。

So the key conversation is how do they ensure they deliver the right experience to consumers keep returning to them. And that's really the technology cost. They want to be able to deliver faster experiences. They want to be able to make sure that those customers have a competing offer. And that's where -- that's why they want to invest in technology because technology enables them to do that. Technology enables them to be more loyal and also to be able to offer competing offers more quickly. That's the main conversation.

因此，關鍵的討論點在於，他們如何確保為消費者提供正確的體驗，從而讓消費者不斷回頭光顧。這就是真正的技術成本。他們希望能夠提供更快速的服務體驗。他們希望確保這些客戶能夠獲得有競爭力的報價。正因如此，他們才想投資科技，因為科技能讓他們做到這一點。科技使他們能夠提高客戶忠誠度，也能更快提供更具競爭力的優惠。這是主要的討論話題。

It's like how can we more quickly bring better competitive experiences to our customers. And those are technology investments that they're not just willing to make and talk about it when they are making. That's really about speed, being able to accelerate the journey for their end consumers. There are specific cases where they're also investing, I would say things like loss and waste. So it's important for our customers. They do have a focus on cost control, amongst rising costs.

這就好比我們如何更快為客戶帶來更具競爭力的體驗。而這些都是他們不願輕易進行的技術投資，他們不僅不願在進行投資時大肆宣傳。這其實關乎速度，能夠加快終端消費者的購買流程。在某些特定情況下，他們也會進行投資，例如損失和浪費。所以這對我們的客戶來說很重要。在成本不斷上漲的情況下，他們確實非常注重成本控制。

So we do have offers and discussions about making sure but we reduced loss and waste for our customers in both retail and restaurants. I would say the core theme is actually looking to invest in technology in order to attract and remain loyal to their consumer base and compete over those customers.

因此，我們確實有一些提議和討論，以確保減少零售和餐飲客戶的損失和浪費。我認為其核心主題實際上是尋求投資技術，以吸引和保持其消費者群的忠誠度，並在這些客戶中競爭。

It's similar in restaurants is the same trend. I acknowledge that there is economic pressure. I don't know a lot of restaurants, logistics, food cost labor cost, labor shortage, et cetera. That has actually an opposite effect in terms of looking at technology, restaurants when we have conversations or having more and more conversations on how can I leverage technology to create either the revenue acceleration, which Nick talked about, can I get more consumers into the door, do I understand on a one-to-one basis.

餐飲業也出現了類似的趨勢。我承認存在經濟壓力。我對餐廳、物流、食品成本、人力成本、勞動力短缺等等都不了解。實際上，從技術角度來看，餐飲業會產生相反的效果。當我們談論如何利用科技來加速收入成長（如尼克所提到的），如何吸引更多顧客進店，以及我是否能與顧客進行一對一的溝通時，就會產生這種效果。

My diners so that I can provide the service required and repeat customer same-store sales growth, et cetera, but also efficiency, efficiency in terms of automation. So technology that can easily integrate so that you can manage the journey of the consumer from online ordering, coming into the restaurant, understanding what is available in the restaurant so that you can actually offer up and make that one-to-one offer, et cetera. all the way to automation so that I can transfer some of the things that required heavy labor from employees, store managers and free them up and have less labor costs.

我的食客們，這樣我才能提供所需的服務，提高回頭客數量，促進同店銷售成長等等，同時也要提高效率，提高自動化方面的效率。因此，我們需要一種能夠輕鬆整合的技術，以便管理消費者從線上訂購、到店用餐的整個過程，了解餐廳的供應情況，從而提供個人化的推薦等等。最終目標是實現自動化，將一些原本需要大量人力的工作從員工和門市經理手中轉移出去，從而解放他們，降低勞動成本。

All of those things are technology conversations. So we're having those conversations whether it's in the super auto cycle that I referred to that we're in. We're actually seeing a lot of ours looking at innovations and creations like Chipotle example that Jim provided around the innovation during therapy cycle, one of the key things is the ability to renovate the ability to capture revenue and the ability to create automation inside the restaurant. So we're having a healthy conversation, a pretty good pipeline. I think that's what we're seeing.

這些都是技術方面的討論。所以，我們正在進行這些對話，無論我們是否處於我提到的超級自動循環中。實際上，我們看到很多企業都在關注創新和創造，例如 Jim 舉的 Chipotle 的例子，圍繞著治療週期中的創新，關鍵之一是改造能力、獲取收入的能力以及在餐廳內部創建自動化的能力。所以我們現在溝通順暢，進展順利。我認為這就是我們看到的。

Thank you, and there are no further questions at this time. I will now hand the call back to Jim Kelly for any closing remarks.

謝謝，目前沒有其他問題了。現在我將把電話轉回給吉姆·凱利，請他作總結發言。

Thank you, operator, and thank you all for your continued interest in the company.

謝謝操作員，也謝謝各位一直以來對公司的關注。

And this concludes today's conference call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們可以斷開連結了。