NCR Voyix Corporation (VYX) 2025 Q4 法說會逐字稿

Thank you for standing by, and welcome to NCR Voyix Corporation's Q4 2025 earnings conference call. I'd like to remind everyone that this call is being recorded. (Operator Instructions)

感謝您的耐心等待，歡迎參加 NCR Voyix 公司 2025 年第四季業績電話會議。我想提醒大家，本次通話正在錄音。（操作說明）

I would now like to turn the call over to Ms. Sarah Jane Schneider, Vice President, Investor Relations. Your line is now open.

現在我將把電話交給投資者關係副總裁 Sarah Jane Schneider 女士。您的線路已開通。

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

早安，感謝各位參加我們2025年第四季財報電話會議。今天上午，我們發布了截至 2025 年 12 月 31 日的季度和年度盈利報告副本。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.ncrvoyix.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; Darren Wilson, President, Retail, and Payments; Benny Tadele, President, Restaurants; 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；零售和支付總裁 Darren Wilson；餐飲總裁 Benny Tadele；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 place undue reliance on these statements. Forward-looking statements in 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。本次電話會議中的前瞻性陳述僅代表截至本次電話會議之日的信息，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 表格附件中的新聞稿以及我們網站投資者關係部分提供的補充材料。

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

接下來，我想把電話交給吉姆。吉姆？

Thanks, SJ, and good morning, everyone. Thank you for joining us for our fourth quarter and year-end earnings call. Our results for both the quarter and the full year reflect the positioning of the company now as a platform-led business supported by our leading service capabilities and integrated payment solutions.

謝謝SJ，大家早安。感謝您參加我們的第四季及年終財報電話會議。本季和全年的業績都反映了公司目前作為一家以平台為主導、以領先的服務能力和整合支付解決方案為支撐的企業的定位。

Reflecting on 2025, my initial objective as CEO was to strengthen our executive leadership across retail and product. Retail represents 70% of our revenue, making this a critical leadership role as we work to achieve sustainable growth.

展望 2025 年，我擔任 CEO 的最初目標是加強我們在零售和產品方面的高階主管領導力。零售業務占我們收入的 70%，因此，在我們努力實現永續成長的過程中，這是一個至關重要的領導角色。

Accordingly, I appointed Darren as President of Retail and Payments to strengthen our long-standing customer relationships, reorganize and fortify our sales organization, and deliver our platform solutions to market. Since stepping into the role, Darren has appointed new leadership across three of our four regions, revamped the sales compensation plan and played a key role in outlining expectations for our platform solutions.

因此，我任命 Darren 為零售和支付總裁，以加強我們與客戶的長期關係，重組和強化我們的銷售組織，並將我們的平台解決方案推向市場。自上任以來，達倫已在我們四個區域中的三個區域任命了新的領導，改革了銷售薪酬計劃，並在概述我們平台解決方案的預期方面發揮了關鍵作用。

As we began our transition, it became clear that while we had a strong product team, we lacked centralized product leadership at the executive level. Nick was appointed our first Chief Product Officer across both Retail and Restaurant. Nick originally joined the company through a prior acquisition and brought the right combination of technology, expertise, and deep company knowledge to step into this role. Nick has been instrumental in accelerating the launch of our new platform solutions and repositioning us as a platform-powered company.

當我們開始轉型時，我們逐漸意識到，雖然我們擁有一支強大的產品團隊，但我們缺乏高層集中的產品領導。Nick 被任命為我們零售和餐飲業的首位首席產品長。Nick 最初是透過公司先前的收購加入公司的，他具備擔任這一職務所需的技術、專業知識和深厚的公司知識。Nick 在加速推出我們的新平台解決方案以及將我們重新定位為平台驅動型公司方面發揮了重要作用。

The most consequential achievement in 2025 was the completion of a five-year transformation that rebuilt the company's software foundation from the ground up. More than 50 legacy on-premise applications were modernized and unified into a single scalable platform built to power the mission-critical operations customers rely on every day.

2025 年最重要的成就是完成了一項為期五年的轉型，從頭開始重建了公司的軟體基礎。50 多個傳統本地應用程式經過現代化改造，並統一到一個可擴展的平台中，旨在為客戶每天依賴的關鍵業務運營提供支援。

In addition to these achievements, we continue to advance the company's financial initiatives, which began in 2024 with the sale of the digital banking business and the announcement of the hardware ODM agreement. We executed a series of cost actions to address the termination of our transition services agreements with [Conduent] and NCR Atleos in the second half of the year to align our cost structure with the go-forward revenue.

除了這些成就之外，我們還將繼續推進公司的財務計劃，這些計劃始於 2024 年，包括出售數位銀行業務和宣布硬體 ODM 協議。為了因應下半年與 [Conduent] 和 NCR Atleos 的過渡服務協議終止帶來的影響，我們採取了一系列成本控制措施，使我們的成本結構與未來的收入保持一致。

At the same time, we streamlined numerous internal operations and sourced key functions and began consolidating redundant systems. These actions not only reduced our reliance on third parties but drive long-term efficiencies as we focus on our growth objectives.

同時，我們簡化了許多內部營運流程，採購了關鍵職能，並開始整合冗餘系統。這些措施不僅減少了我們對第三方的依賴，而且在我們專注於成長目標的過程中，也推動了長期效率的提升。

A clear illustration of the market's confidence in our go-forward strategy is reflected in the feedback received at the NRF show in New York this January. Our successful execution was on full display as we launched our modernized products, providing a strong foundation from which to scale. We engaged with nearly 400 companies, including more than 100 new prospects and hosted an investor event featuring live demonstrations of our Voyix portfolio.

今年一月在紐約舉行的 NRF 展會上收到的回饋，清楚地體現了市場對我們未來發展策略的信心。我們成功執行了各項舉措，推出了現代化產品，為未來的規模化發展奠定了堅實的基礎。我們與近 400 家公司進行了接洽，其中包括 100 多家新的潛在客戶，並舉辦了一場投資者活動，現場展示了我們的 Voyix 產品組合。

We are very encouraged by the response from both new and existing customers and the demand our new offering is already generating as reflected in the more than 20 platform contracts we have signed, including three in the fourth quarter. This includes two new retail customers in the Philippines and Belgium and our first enterprise restaurant platform customer, Chipotle.

我們對新舊客戶的回饋以及新產品已經產生的市場需求感到非常鼓舞，這體現在我們簽署的 20 多份平台合約中，其中包括第四季度的三份合約。這其中包括我們在菲律賓和比利時的兩家新零售客戶，以及我們的第一個企業餐廳平台客戶 Chipotle。

In parallel to our product initiatives, we continue to broaden our payments offering across geographies and industry verticals. We are enhancing our proprietary gateway, Voyix Connect, to be able to scale our payments business together with the rollout of our platform solutions as we also expand our payment capabilities. Darren will discuss our recent progress in more detail later on the call.

在推動產品計畫的同時，我們也不斷拓展跨地域和跨產業的支付服務。我們正在增強我們專有的支付網關 Voyix Connect，以便在推出平台解決方案的同時擴展我們的支付業務，並提高我們的支付能力。Darren 將在稍後的電話會議上更詳細地討論我們最近的進展。

Next is services. With global scale and deep domain expertise, we operate inside some of the most complex retail restaurant and fuel environments in the world, providing hardware maintenance, installation services, 24/7 help desk, and platform management.

接下來是服務。憑藉全球規模和深厚的領域專業知識，我們在世界上一些最複雜的零售餐飲和加油站環境中運營，提供硬體維護、安裝服務、24/7 服務台和平台管理。

Our services business represents over 50% of the total revenue today and remains a clear competitive differentiator for our enterprise business. We are leveraging our service organizations to expand our existing customer relationships and win new business, particularly as we deploy our new platform solutions. This will improve operational efficiency and deployment speed for both retailers and restaurants.

目前，我們的服務業務佔總收入的 50% 以上，並且仍然是我們企業業務的一個明顯競爭優勢。我們正在利用我們的服務機構來擴大我們現有的客戶關係並贏得新業務，尤其是在我們部署新的平台解決方案之際。這將提高零售商和餐廳的營運效率和部署速度。

Finally, as we recently announced, the phased transition of our hardware business to Ennoconn commenced in early January. We remain on track to complete the transition by the end of the first quarter. Brian will provide additional details on the financial impact later on the call.

最後，正如我們最近宣布的那樣，我們的硬體業務向 Ennoconn 的分階段過渡已於 1 月初開始。我們仍有望在第一季末完成過渡工作。Brian 將在稍後的電話會議上提供有關財務影響的更多細節。

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

接下來，我會把電話交給尼克。

Thanks, Jim, and good morning. The launch of our platform solutions has generated exceptionally strong interest from customers, investors, and industry analysts. NRF served as a global stage to formally introduce our microservices-based applications and represented the most modern, comprehensive software launch in the company's history.

謝謝你，吉姆，早安。我們的平台解決方案的推出引起了客戶、投資者和產業分析師的極大興趣。NRF 為正式推出我們基於微服務的應用程式提供了一個全球舞台，代表了公司歷史上最現代化、最全面的軟體發布。

For the first time, we were able to showcase a fully integrated modern cloud platform that leverages our extensive global software IP, including our extensive library of more than 30,000 unique features developed over the past three decades across geographies and vertical markets.

我們首次展示了一個完全整合的現代化雲端平台，該平台利用了我們廣泛的全球軟體智慧財產權，包括我們在過去三十年中跨越不同地區和垂直市場開發的超過 30,000 個獨特功能的龐大庫。

Our sales discussions have since shifted away from individual products and toward adoption of a comprehensive set of capabilities spanning point of sale, self-checkout, supply chain and back office as well as integrated payments and support services. Our end-to-end offering provides the flexibility, agility, security, and insights for retailers and restaurants to enhance the consumer experience and drive operational efficiencies.

我們的銷售討論已經從單一產品轉向採用一套全面的功能，涵蓋銷售點、自助結帳、供應鏈和後台，以及整合支付和支援服務。我們的端到端解決方案為零售商和餐廳提供靈活性、敏捷性、安全性和洞察力，以增強消費者體驗並提高營運效率。

The capabilities we previewed at NRF will be lab-ready by the second quarter with initial customer deployments scheduled for the back half of the year. This represents a meaningful step on our path towards broader commercialization and scaling of our platform.

我們在 NRF 上預覽的功能將在第二季完成實驗室測試，首批客戶部署計劃於今年下半年進行。這標誌著我們在實現平台更廣泛的商業化和規模化方面邁出了重要一步。

Based on the more than 20 customer contracts we have already signed, we have a backlog that we expect to deploy consistently over the next 9 to 18 months, which aligns with the enterprise market segment and the technology road maps of our customers.

根據我們已經簽署的 20 多份客戶合同，我們積壓了項目，預計將在未來 9 到 18 個月內持續部署，這與企業市場細分和我們客戶的技術路線圖相一致。

In addition, we've developed and demonstrated a store-in-a-box offering for major fuel and will launch our restaurants and grocery offerings in the second half of the year. These offerings priced to meet the expectations of small and mid-market customers can be self-deployed in under 15 minutes. This again demonstrates the innovation and speed at NCR Voyix.

此外，我們已經開發並展示了一種大型燃料的「盒裝商店」解決方案，並將於今年下半年推出我們的餐廳和雜貨店產品。這些產品定價合理，符合中小市場客戶的期望，並且可以在 15 分鐘內自行部署。這再次展現了NCR Voyix的創新能力與速度。

In 2026, our product team is focused on AI innovation for the platform. For example, we're now leveraging AI to examine the business logic of the live production stores to be able to accelerate new implementations, deliver seamless updates, and lower deployment costs for both the customer and the company. Further, our platform is designed for innovation at pace in the cloud and at the edge, allowing customers such as Chipotle to innovate their operations, utilizing the extensibility of our platform architecture and the game-changing acceleration of AI.

2026年，我們的產品團隊將專注於平台的AI創新。例如，我們現在利用人工智慧來檢查即時生產商店的業務邏輯，以便能夠加快新實施速度，提供無縫更新，並降低客戶和公司的部署成本。此外，我們的平台旨在快速實現雲端和邊緣的創新，使 Chipotle 等客戶能夠利用我們平台架構的可擴展性和人工智慧帶來的顛覆性加速，從而革新其營運。

Since NRF, we've continued to engage new and existing customers in our labs and at major trade shows globally. Darren recently returned to the EuroShop in Dusseldorf, where our demonstrations generated strong interest and reinforced demand for our platform solutions.

自 NRF 以來，我們一直在我們的實驗室和全球各大貿易展覽會上與新舊客戶保持聯繫。Darren 最近重返杜塞爾多夫的 EuroShop，我們的示範引起了人們的濃厚興趣，並增強了對我們平台解決方案的需求。

Next month, Jim will attend Retail Tech Japan to showcase our localized applications. And in May, Benny will be at the National Restaurants Association Show in Chicago. We are building on this early momentum to meet the growing demand for our modern cloud to edge solutions.

下個月，Jim 將參加日本零售技術展，展示我們在地化的應用。五月份，本尼將參加在芝加哥舉行的全國餐飲協會展。我們正乘勢而上，以滿足市場對我們現代化雲端到邊緣解決方案日益增長的需求。

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

接下來，我將把電話交給達倫。

Thanks, Nick. Good morning. I'd like to begin with an update on our payments strategy. We continue to scale our payments capabilities across industries, verticals, and geographic markets. Voyix Connect, our proprietary gateway, serves as the conduit between our platform and third-party authorization processes. More broadly, the gateway becomes a single integration layer for our platform. Historically, third parties have the ability to connect directly into individual applications. Going forward, all third-party integrations, including payments, will route through the gateway, improving security, consistency, and scalability.

謝謝你，尼克。早安.我想先介紹一下我們的支付策略的最新情況。我們持續擴大在各行業、垂直領域和地理市場的支付能力。Voyix Connect 是我們專有的網關，它可作為我們平台與第三方授權流程之間的橋樑。更廣泛地說，該網關成為我們平台的單一整合層。從歷史上看，第三方可以直接連接到各個應用程式。未來，所有第三方整合（包括支付）都將透過網關進行路由，從而提高安全性、一致性和可擴展性。

In the US, we continued to progress on integrating Voyix Connect with Corpay and WEX to be able to support commercial fuel payments. We achieved certification with Corpay in January and expect to be certified by WEX in the second quarter. We also migrated our remaining customers from the JetPay front-end platform. Our US payment offering now includes both gateway and processing, and we are registered as an acquirer.

在美國，我們繼續推進 Voyix Connect 與 Corpay 和 WEX 的整合，以便能夠支援商業燃油支付。我們於1月獲得了Corpay的認證，預計將在第二季獲得WEX的認證。我們也把剩餘的客戶從 JetPay 前端平台遷移了過來。我們的美國支付服務現在包括支付網關和支付處理，並且我們已註冊為收單機構。

Internationally, we remain focused on expanding Voyix Connect to integrate with local acquirers and enable processing through in-market referral partners to scale our payments business more quickly. For example, we recently signed a referral agreement in Mexico to support payment acceptance for our customers in Latin America. We will look to form similar relationships for our customers in Canada and Europe with our enhanced gateway functionality later in the year.

在國際上，我們仍然專注於擴展 Voyix Connect，以與本地收單機構集成，並透過市場內的推薦合作夥伴實現處理，從而更快地擴大我們的支付業務規模。例如，我們最近在墨西哥簽署了一項轉介協議，以支持我們在拉丁美洲的客戶接受付款。今年晚些時候，我們將利用增強的網關功能，為我們在加拿大和歐洲的客戶建立類似的合作關係。

Lastly, we continue to implement pricing escalators where appropriate across certain retail and restaurant contracts. These escalators are being introduced upon renewal with most agreements structured on three- to five-year terms. As a result, the financial impact will build gradually over time.

最後，我們將繼續在某些零售和餐飲合約中酌情實施價格遞增機制。這些自動扶梯將在續約時引入，大多數協議的期限為三到五年。因此，財務影響會隨著時間的推移而逐漸累積。

Our primary focus remains embedding our end-to-end payment solutions for both new and existing customers as they adopt our platform offerings. This deepens integration, removes intermediaries between POS and payments, lowers customer costs and complexity, expands recurring revenue, and increases long-term value for both our customers and the company.

我們的主要重點仍然是為新舊客戶在使用我們的平台產品時，嵌入我們的端到端支付解決方案。這加深了整合，消除了 POS 和支付之間的中間環節，降低了客戶成本和複雜性，擴大了經常性收入，並為我們的客戶和公司增加了長期價值。

Turning to retail. In the fourth quarter, our retail business signed 40 new customers. Our platform and payment sites increased 6% and 12%, respectively. Software ARR increased 8% and total ARR increased 4% in the quarter. The launch of Voyix POS and our fully integrated platform solutions continue to show early signs of success and attract new customers as demonstrated by two new enterprise logos we secured in the fourth quarter.

轉向零售業。第四季度，我們的零售業務新增了 40 位客戶。我們的平台和支付網站分別成長了 6% 和 12%。本季軟體 ARR 成長 8%，總 ARR 成長 4%。Voyix POS 的推出以及我們完全整合的平台解決方案繼續展現出早期成功的跡象，並吸引了新客戶，正如我們在第四季度獲得的兩個新的企業客戶標誌所證明的那樣。

These customers chose to adopt the Voyix Commerce Platform because of the flexibility, functionality, and operational efficiencies it provides. These solutions will allow them to integrate their entire technology estate including third-party applications, improve both in-store and above-store functionality, and seamlessly adopt additional capabilities following the initial rollout.

這些客戶選擇採用 Voyix Commerce 平台，是因為它具有靈活性、功能性和營運效率。這些解決方案將使他們能夠整合其整個技術體系，包括第三方應用程序，改進店內和店外功能，並在初始推廣後無縫採用其他功能。

In Asia Pacific, we signed a six-year contract with 7-Eleven Philippines, the number one convenience retailer in the Philippines, and we will implement Voyix POS for CFR across more than 4,500 stores beginning later this year. Similarly, we secured a long-term agreement with Colruyt Group, a leading Belgium-based grocery chain with stores across Belgium, Luxembourg, and France to implement Voyix POS for grocery across more than 850 stores.

在亞太地區，我們與菲律賓排名第一的便利零售商 7-Eleven Philippines 簽署了一份為期六年的合同，我們將從今年晚些時候開始在超過 4,500 家門店實施 Voyix POS for CFR。同樣，我們與總部位於比利時的領先連鎖超市 Colruyt Group 達成了一項長期協議，該超市在比利時、盧森堡和法國擁有多家門市，將在超過 850 家門市實施 Voyix POS 系統。

The rate at which we are attracting retailers to our platform solutions has further accelerated following our demonstrations at the trade shows we recently attended. I'm confident that this trend will continue as we also ramp our initial platform contracts following our upcoming deployments across our global footprint.

在我們最近參加的貿易展上進行演示之後，我們吸引零售商使用我們平台解決方案的速度進一步加快了。我相信，隨著我們在全球範圍內逐步部署並擴大初始平台合約規模，這一趨勢將會持續下去。

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

接下來，我將把電話交給班尼。

Thanks, Darren. In the fourth quarter, our restaurant business signed more than 150 new customers. Platform and payment sites increased 11% and 3%, respectively. Software ARR increased 3% and total ARR increased 6% when excluding our SMB business. Our enterprise and mid-market segments maintained steady growth this quarter, while SMB performance was impacted by headwinds related to market dynamics and the legacy nature of our current SMB offering.

謝謝你，達倫。第四季度，我們的餐飲業務新增了150多位客戶。平台和支付網站分別成長了 11% 和 3%。剔除中小企業業務後，軟體 ARR 成長 3%，總 ARR 成長 6%。本季度，我們的企業和中端市場業務保持了穩定成長，而中小企業業務則受到市場動態和我們當前中小企業產品固有特性等不利因素的影響。

In the fourth quarter, we renewed and expanded our long-standing relationship with Red Robin, a fast casual chain with nearly 500 locations across the US and Canada. Our new five-year agreement includes managing their service desk operations and delivering wall-to-wall technology support.

第四季度，我們與 Red Robin 續簽並擴大了長期合作關係。 Red Robin 是一家速食連鎖店，在美國和加拿大擁有近 500 家分店。我們新簽訂的五年協議包括管理他們的服務台運營並提供全方位的技術支援。

Additionally, as an existing user of Aloha Point of Sale, Red Robin will now be the first enterprise table service brand to adopt Aloha Order Pay, our next-generation handheld solution to improve ordering speed and guest satisfaction.

此外，作為 Aloha Point of Sale 的現有用戶，Red Robin 將成為第一個採用 Aloha Order Pay 的企業級餐桌服務品牌，Aloha Order Pay 是我們新一代的手持解決方案，旨在提高點餐速度和顧客滿意度。

As shared in November, the launch of Aloha Next enabled us to renew and expand our partnership with Chipotle through an exclusive six-year global agreement. The rollout remains on schedule with Aloha Next now in their lab, and both teams remain aligned on readiness milestones.

正如我們在 11 月分享的那樣，Aloha Next 的推出使我們能夠通過一項為期六年的全球獨家協議，續簽並擴大與 Chipotle 的合作關係。Aloha Next 目前已進入實驗室階段，推廣工作仍在按計劃進行，兩個團隊在準備里程碑方面保持一致。

In addition to Chipotle, we are now in two additional enterprise restaurant labs, underscoring the confidence global brands are placing in our latest technology. We are advancing the deployment of additional platform capabilities, including Menu and Smart Manager. Menu is being rolled out to multiple enterprise customers next month, enabling real-time unified menu management across channels.

除了 Chipotle 之外，我們現在還進入了另外兩家企業餐廳實驗室，這凸顯了全球品牌對我們最新技術的信心。我們正在推進其他平台功能的部署，包括選單和智慧管理器。菜單功能將於下個月推廣至多家企業客戶，實現跨通路的即時統一菜單管理。

Smart Manager is already in pilot with multiple customers. These early implementations are providing valuable insight into sequencing and workflows, which we expect will accelerate the launch of additional capabilities throughout the year and further strengthen our value proposition for restaurant operators.

智慧管理器目前已在多家客戶中進行試點。這些早期實施為我們提供了有關排序和工作流程的寶貴見解，我們預計這將加速全年推出更多功能，並進一步增強我們為餐飲業者提供的價值主張。

As Nick mentioned, Aloha Next for SMB, our modern and cloud-native store-in-the-box solution, will launch in the second half of the year. Designed for the SMB space, it streamlines workflows, reduces costs, supports quick self-installation, and allows restaurants to easily scale features as they grow. As we enter 2026, we are encouraged by the momentum in our enterprise pipeline and the depth of customer engagement.

正如Nick所提到的，我們針對中小企業的現代化雲端原生儲存解決方案Aloha Next將於今年下半年推出。專為中小企業設計，它簡化了工作流程，降低了成本，支援快速自助安裝，並允許餐廳隨著業務增長輕鬆擴展功能。進入 2026 年，我們對企業通路的發展動能和客戶參與的深度感到鼓舞。

Our strategy is resonating in the market, and we are well positioned to accelerate growth in the year ahead. In our SMB business, we are reengaging with customers in preparation for the launch of Aloha Next. We will look to sell our latest solution into our existing base and to new prospects to address the recent performance of this business and enhance the growth profile of our restaurant segment.

我們的策略在市場上引起了共鳴，我們已做好充分準備，在未來一年加速成長。在我們的中小企業業務中，我們正在重新與客戶建立聯繫，為 Aloha Next 的推出做準備。我們將向現有客戶和潛在客戶推銷我們最新的解決方案，以應對該業務近期的業績下滑，並提升我們餐飲業務的成長前景。

I will now turn the call over to Brian.

現在我將把通話轉給布萊恩。

Thank you, Benny, and good morning. Our results for the quarter and for the year were in line with our expectations and reflect the progress we have made to streamline our organization and reposition the company as a platform-led business supported by our leading services offerings and integrated payments capabilities.

謝謝你，班尼，早安。本季度和本年度的業績均符合預期，反映了我們在精簡組織架構、將公司重新定位為以平台為主導、並依托領先的服務產品和集成支付能力而發展壯大的戰略方面所取得的進展。

For the quarter, total revenue increased 6% to $720 million due to higher hardware sales in the period. Reported recurring revenue increased 1% to $422 million and 3% when excluding a certain divestiture and other noncore items. Software ARR and total ARR both increased 3% when excluding the divestiture. Platform sites increased 8% to 80,000 and payment sites increased 4% to 8,600.

由於本季硬體銷售額成長，總收入成長 6% 至 7.2 億美元。報告顯示，經常性收入成長 1% 至 4.22 億美元，若不計入某項資產剝離和其他非核心項目，則成長 3%。在剔除資產剝離的影響後，軟體 ARR 和總 ARR 均成長了 3%。平台網站數量成長 8%，達到 8 萬個；支付網站數量成長 4%，達到 8,600 個。

Adjusted EBITDA increased 17% to $130 million as margin expanded 170 basis points to 18.1%, driven primarily by our cost containment actions, partially offset by lower fees earned from the transitional service agreements with NCR Atleos and Conduent.

經調整的 EBITDA 成長 17% 至 1.3 億美元，利潤率成長 170 個基點至 18.1%，主要得益於我們的成本控制措施，但部分被與 NCR Atleos 和 Conduent 的過渡服務協議所賺取的費用減少所抵消。

Non-GAAP EPS increased 48% to $0.31, while GAAP EPS was $0.49 in the fourth quarter. The GAAP EPS included a $65 million tax benefit related to a legal entity restructuring we completed in Q4. The cash from this will likely be received in the first half of 2027.

第四季度，非GAAP每股收益成長48%至0.31美元，而GAAP每股收益為0.49美元。GAAP EPS 包括與我們在第四季度完成的法律實體重組相關的 6,500 萬美元稅收優惠。這筆款項很可能在 2027 年上半年到帳。

Turning to our segment results. Retail segment revenue increased 9% to $501 million, primarily due to higher hardware sales. Recurring revenue increased 3% to $279 million, driven by an improvement in software revenue. Segment adjusted EBITDA increased 12% to $114 million as margin increased 70 basis points year over year to 22.8%, driven by revenue growth, coupled with our cost initiatives.

接下來來看看我們各業務板塊的業績。零售業務收入成長 9% 至 5.01 億美元，主要原因是硬體銷售額成長。經常性收入成長 3% 至 2.79 億美元，主要得益於軟體收入的成長。部門調整後 EBITDA 成長 12% 至 1.14 億美元，利潤率年增 70 個基點至 22.8%，主要得益於營收成長以及我們的成本控制措施。

Turning to restaurants. Total segment revenue of $212 million was flat, which reflects hardware growth, offset by a decline in onetime software and services revenue and weaker performance in the SMB business, as Benny outlined. Recurring revenue increased 6% within our enterprise and mid-market businesses.

轉向餐館。正如本尼所概述的那樣，該部門總收入為 2.12 億美元，與上年同期持平，這反映了硬體業務的增長，但被一次性軟體和服務收入的下降以及中小企業業務表現疲軟所抵消。企業和中端市場業務的經常性收入成長了 6%。

Segment adjusted EBITDA decreased 3% to $66 million as margin decreased 110 basis points to 31.1% due to lower onetime software and services revenue compared to the prior year period. Lastly, net corporate and other expenses decreased $9 million or 15% to $50 million.

由於一次性軟體和服務收入較上年同期減少，利潤率下降 110 個基點至 31.1%，分部調整後 EBITDA 下降 3% 至 6,600 萬美元。最後，淨公司及其他費用減少了 900 萬美元，降幅達 15%，至 5,000 萬美元。

Turning to our cash flow. Our cash flows across the company's operating, investing, and financing activities reflect the restructuring actions we took during the year to support the go-forward organization. Adjusted free cash flow, excluding restructuring for the full year was $136 million, about $40 million below expectations due to timing, including a $13 million delayed tax refund and higher working capital use primarily from increased hardware sales in Q4. Restructuring cash outflows of $109 million were related to severance, stranded costs from the spin-off, and the sale of digital banking, infrastructure investments, and, to a lesser extent, ODM transition costs.

接下來談談我們的現金流。公司經營、投資和融資活動的現金流量反映了我們本年度為支持公司未來發展而採取的重組措施。經調整後的全年自由現金流（不包括重組）為 1.36 億美元，比預期低約 4000 萬美元，原因是時間因素，包括 1300 萬美元的延遲退稅以及第四季度硬體銷售增加導致的營運資金使用增加。重組現金流出1.09億美元與遣散費、分拆產生的擱淺成本、數位銀行業務出售、基礎設施投資以及（程度較輕的）ODM轉型成本有關。

We invested $46 million in capital expenditures during the quarter and $165 million for the year, inclusive of accelerated product investments. These investments directly enabled the launch of our new platform solutions unveiled at the NACS show last October and the NRF show this January. In December, we also sold a noncore warehouse and training facility, which generated an additional $60 million in cash for the quarter as we continue to streamline our footprint.

本季我們在資本支出方面投入了 4,600 萬美元，全年投入了 1.65 億美元，其中包括加速產品投資。這些投資直接促成了我們在去年 10 月的 NACS 展會和今年 1 月的 NRF 展會上推出的新平台解決方案的發布。12 月，我們還出售了一個非核心倉庫和培訓設施，這為我們本季帶來了 6,000 萬美元的額外現金，我們將繼續精簡我們的業務佈局。

Finally, we repurchased approximately 69,000 shares or 25% of the Series A convertible preferred stock for $74 million in addition to 4 million of common shares. We ended the quarter with net leverage position of 2.1 times based on our net debt as of December 31 and the full year adjusted EBITDA.

最後，我們以 7,400 萬美元的價格回購了約 69,000 股（佔 A 系列可轉換優先股的 25%），此外還回購了 400 萬股普通股。根據截至 12 月 31 日的淨債務和全年調整後的 EBITDA，我們本季末的淨槓桿率為 2.1 倍。

Turning to our 2026 outlook. We expect reported revenue of $2.21 billion to $2.325 billion, down 13% to 18% due to the ODM implementation. We expect to complete the ODM transition by March 31. Thereafter, hardware will be sourced through Ennoconn, and we will earn a commission rather than carry inventory. On a pro forma basis, adjusting for the change in hardware revenue recognition for Q2 through Q4 in the prior year, revenue is expected to be down 2% to up 3%.

接下來展望2026年。我們預計報告營收為 22.1 億美元至 23.25 億美元，由於 ODM 實施，下降 13% 至 18%。我們預計將在3月31日完成ODM過渡。此後，硬體將透過 Ennoconn 採購，我們將賺取佣金而不是持有庫存。依備考基準調整上年第二季至第四季硬體收入確認的變化，預計營收將下降 2% 至成長 3%。

Adjusted EBITDA is expected to be $440 million to $445 million or 4% to 7% growth. Non-GAAP adjusted EPS is expected to be between $0.93 and $0.96 or 3% to 6% growth. Seasonality remains consistent with 2025 with Q1 expected to be the lowest quarter.

調整後 EBITDA 預計為 4.4 億美元至 4.45 億美元，成長 4% 至 7%。非GAAP調整後每股盈餘預計在0.93美元至0.96美元之間，或成長3%至6%。季節性規律與 2025 年保持一致，預計第一季將是最低季度。

For both retail and restaurants, we expect recurring revenue to improve throughout the year. We expect margins for both segments to step up in Q2 upon implementing the hardware ODM model. Restaurant margin will improve modestly through the year and retail margin should show additional expansion as we ramp the deployment of our platform solutions beginning in the third quarter.

我們預計零售業和餐飲業的經常性收入將在全年持續成長。我們預計在第二季度實施硬體 ODM 模式後，這兩個業務板塊的利潤率都將有所提高。今年餐飲業利潤率將小幅提高，隨著我們從第三季開始逐步部署平台解決方案，零售業利潤率應該會進一步擴大。

Adjusted free cash flow is expected to be between $190 million to $220 million, reflecting the partial year working capital benefit from the ODM transition effective April 1, offset by approximately $120 million of anticipated cash outlays related to the following: severance actions taken in 2025 and 2026, stranded costs associated with the completion of the spin-off of the ATM business and the sale of the digital banking business, costs related to the ODM transition, internal infrastructure investments, and an accrued litigation matter. We anticipate the elevated restructuring will step down in 2027.

經調整後的自由現金流預計在 1.9 億美元至 2.2 億美元之間，反映了自 4 月 1 日起生效的 ODM 轉型帶來的部分年度營運資本收益，但被以下約 1.2 億美元的預期現金支出所抵消：2025 年和 2026 年採取的遣散措施、與 ATM 業務拆分相關的轉型相關的成本、內部基礎設施投資以及一項已產生的訴訟事項。我們預計，大規模重組將於 2027 年逐步停止。

I will now turn the call over to Jim for closing remarks.

現在我將把電話交給吉姆，請他作總結發言。

In 2025, we completed a heavy lift. Using AI and our application library, we modernized more than 50 legacy solutions into a unified cloud-to-edge platform. That five-year effort leaves us with a modern architecture, full feature capability, and the ability to serve all segments of the market domestically and internationally on one integrated platform. I view this as a three-year turn, with year one complete.

2025年，我們完成了一項艱鉅的任務。利用人工智慧和我們的應用程式庫，我們將 50 多個傳統解決方案現代化改造為統一的雲端到邊緣平台。經過五年的努力，我們擁有了現代化的架構、完整的功能，並且能夠在一個整合平台上服務於國內和國際市場的各個細分領域。我認為這是一個為期三年的輪換，第一年已經結束。

Now we move from transformation to scaling. In 2026, the focus is building backlog across all markets, accelerating deployments, and driving adoption across retailers and restaurants. We are no longer building a platform. We are selling it and delivering it.

現在我們從轉型轉向規模化。2026 年，重點是在所有市場建立積壓訂單，加速部署，並推動零售商和餐廳採用。我們不再搭建平台了。我們負責銷售和配送。

I am confident in our competitive positioning and in the strength of our platform. What gives me the strongest belief in our ability to deliver is our seasoned sales leadership and the team behind them. They know our markets, maintain deep, trusted enterprise relationships, and understand how to position the comprehensive value of our platform and are executing with discipline and focus.

我對我們的競爭地位和平台實力充滿信心。讓我對我們實現目標充滿信心的是我們經驗豐富的銷售領導團隊以及他們背後的團隊。他們了解我們的市場，與企業保持著深厚的信任關係，懂得如何定位我們平台的全面價值，並且以嚴謹和專注的態度執行。

A critical component of that conviction is building meaningful sales backlog this year. Enterprise implementation takes time, making backlog a key metric. The backlog we build in 2026 begins to accelerate revenue in the second half of the year and into '27 and beyond. As a reminder, we support approximately 400 of the world's leading enterprise retail and restaurant customers across the 35 markets in which we operate.

這項信念的關鍵在於今年建立起有意義的銷售訂單儲備。企業級實施需要時間，因此積壓工作量是關鍵指標。我們在 2026 年累積的訂單將在下半年開始加速收入成長，並持續到 2027 年及以後。再次提醒大家，我們在營運的 35 個市場中，為約 400 家全球領先的企業零售和餐飲客戶提供支援。

As they modernize infrastructure, we are well positioned to continue delivering the full functionality they rely on today through a modern platform that provides materially greater capability. This is complemented by new customer logos we are winning in the market, accelerating recurring revenue, and overall revenue growth this year into next.

隨著他們對基礎設施進行現代化改造，我們有能力透過一個更強大的現代化平台，繼續提供他們目前所依賴的全部功能。此外，我們在市場上贏得了新的客戶標識，加速了經常性收入的成長，並推動了今年到明年的整體收入成長。

I will now turn the call over to the operator for Q&A.

現在我將把電話轉交給接線生進行問答環節。

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

（操作說明）Matt Summerville，D.A. Davidson。

Yes, thanks. Backlog was mentioned a couple of times by both Jim and Nick in the prepared remarks. Is there any sort of framing up you can provide around that metric that you're seemingly emphasizing in terms of comparison versus the prior year, the prior couple of year period, and how that informs the sort of inflection you're pointing to in the back half of the year when it comes to organic revenue? And then I have a follow-up. Thank you.

好的，謝謝。吉姆和尼克在事先準備好的發言稿中都多次提到了積壓工作。您能否就您似乎著重強調的那個指標提供一些背景信息，例如與上一年、前幾年的比較，以及這如何影響您所說的下半年有機收入的拐點？然後我還有一個後續問題。謝謝。

Thanks, Matt. I think as I described on the call, our customer base, while we cover the full spectrum from SME to enterprise, the enterprise side is our most significant segment. And that group, as I mentioned in the comments, that takes time for them to modernize. So I said 9 to 18 months. That's what I've seen here. Sometimes it's taken even longer because, to some extent, we move at the pace that they're willing to take the upgrades.

謝謝你，馬特。正如我在電話會議上所描述的那樣，我們的客戶群雖然涵蓋了從中小型企業到大型企業的各個領域，但大型企業是我們最重要的部分。正如我在評論中提到的，這個群體需要時間才能現代化。所以我說9到18個月。我在這裡看到的就是這樣。有時甚至需要更長時間，因為在某種程度上，我們的進度取決於他們接受升級的速度。

We're on the beginning of this, the modernization of the applications that some of you saw when we were displaying it at NRF in January. Those are the products that are now in the 25 demos that we've done since NRF. Those are the products that we will expect the customers to start signing contracts, some of which, as we said, we've got 20 already signed. So those are in process to be deployed this year into next year.

我們才剛開始這項工作，也就是對一些應用程式進行現代化改造，你們中的一些人在一月份的 NRF 展會上看到了這些應用程式。這些產品目前已在我們自 NRF 以來進行的 25 個演示中使用。這些是我們預計客戶將開始簽訂合約的產品，正如我們所說，其中一些產品我們已經簽訂了 20 份合約。所以這些項目正在籌備中，將於今年到明年陸續部署。

I had a customer here yesterday. We have two tomorrow. I'm heading to Japan for the show in Japan. Darren just came back from Dusseldorf. Booth was packed just like it was at NRF. And the sales organization, as I mentioned in my prepared comments, one of the things Darren, Benny, myself, Brian, it was a big team worked on a revamp of the compensation plan because when you look at the organization over the last 20 years, really have not had a new product other than the acquisition of Edge.

我昨天接待了一位顧客。我們明天有兩場。我要去日本參加在日本舉辦的這場表演。達倫剛從杜塞爾多夫回來。展位上人山人海，就像在NRF展會上一樣。正如我在準備好的演講稿中提到的，銷售部門，達倫、班尼、我和布萊恩組成了一個大團隊，致力於改革薪酬方案，因為回顧過去 20 年，除了收購 Edge 之外，公司實際上並沒有推出過新產品。

There's nothing of scale that was new to the market. It was largely a regurgitation of applications that have been around for a long period of time. So this is the first time that the company has come to market with something material, all cloud-powered or platform powered.

市場上並沒有什麼全新的、具有規模意義的產品。它基本上是對早已存在的應用程式的重新包裝。這是該公司首次推出完全由雲端或平台驅動的實體產品。

Specifically to the question, this new sales structure rewards our sales organization, which I'm hopeful is listening, for signing accounts. And I was with the North American group with Darren and their leadership, Scott, the other day, they're here in Atlanta.

具體來說，針對這個問題，這種新的銷售結構會獎勵我們的銷售團隊（我希望他們能聽進去），並獎勵他們簽下客戶。前幾天，我和達倫以及他們的領導者史考特一起去了北美團隊，他們當時在亞特蘭大。

As I shared with them, it's my job in the operational side of the organization, a combination of people from our CIO and George, who runs operations, to deliver the product. And that's where backlog comes in. It's not something new to the company. We've always looked at it. But today, it's a more important feature for us to focus on or KPI.

正如我向他們解釋的那樣，我的工作是負責公司營運方面的工作，這項工作需要我們首席資訊長和負責營運的喬治等人共同協作，才能交付產品。這就是積壓工作產生的原因。這對公司來說並不新鮮。我們一直都在關注這個問題。但如今，對我們來說，這是一個更重要的功能或關鍵績效指標 (KPI)。

And I think at some point, we'll start sharing that more broadly with the market. But for right now, that's a bellwether to us, and we see it starting to build because we have 20 customers that have already purchased the product signed contracts. And we're going to do better to try to accelerate those deployments this year than maybe we have in the past. There's a greater keener focus on it as we've addressed other components of it.

我認為在某個時候，我們會開始更廣泛地與市場分享這些資訊。但就目前而言，這對我們來說是一個風向標，我們看到它開始發展壯大，因為我們已經有 20 位客戶購買了該產品並簽訂了合約。今年我們將努力加快這些部署的步伐，爭取比以往做得更好。隨著我們對其他組成部分的探討，我們對它的關注度也越來越高。

I think Nick would like to add a comment to that, too.

我想尼克也想對此補充一些意見。

Yeah, Matt, maybe to give you kind of a couple of concrete examples because it does vary by customer and also by the product that they're adopting. Right now, over the next two weeks, we have a customer who's rolling out our AI Picklist Assist functionality, and that's a simple add-on. So the deployment is automated, it rolls to all the stores and it will go live. They have a couple of months of pretesting and then it will just roll. So in terms of the actual deployment of technology, end-to-end, that's probably three to four months across the largest state.

是的，馬特，或許我可以給你舉幾個具體的例子，因為這確實會因客戶和他們使用的產品而異。接下來兩週，我們的一位客戶將推出我們的 AI 選擇清單助理功能，這是一個簡單的附加功能。因此，部署是自動化的，它將自動推廣到所有門市並上線。他們會進行幾個月的預測試，然後就會正式推出。因此，就技術的實際部署而言，從頭到尾，在最大的州可能需要三到四個月的時間。

But then you look in some other customers where it's much more kind of much more like heart surgery, a major point-of-sale change. And equally in the retail space, in particular, there are periods that are seasonal where you just can't make change.

但當你觀察其他一些客戶時，你會發現這更像是心臟手術，是銷售點的重大變化。同樣，尤其是在零售領域，有些時期是季節性的，在這些時期你根本無法做出改變。

So that period, we haven't adopted the new tech by around about the beginning of November, then there's a freeze because that's such an important critical time for retailers to make their revenue and margin targets for the year, and that flows again in January.

因此，到 11 月初左右，我們還沒有採用新技術，然後就出現了停滯，因為對於零售商來說，這是實現年度收入和利潤目標的關鍵時期，而這種情況會在 1 月再次出現。

So any period, any rollout that's just quite complex, that spans more than a year is always in the retail space, in particular, going to have to bridge one of those lockdown periods, sort of blackout periods of technology change. So it does depend very much on the extent to which we're needing to make change in that tech environment, integrate it with other components, whether it's a simple add-on like the Picklist Assist or whether it's a more complex transformation.

因此，任何時期，任何較為複雜的推廣活動，如果持續超過一年，尤其是在零售領域，都必須跨越一段封鎖期，也就是技術變革的停滯期。所以，這很大程度上取決於我們需要在技術環境中做出多大改變，將其與其他組件集成，無論是像 Picklist Assist 這樣的簡單插件，還是更複雜的轉型。

Yeah, there's components to it. So this product, as we've already deployed it, deploys within an hour into a store environment. But then there's a training component of it. And it's completely new for our customers. Nick doesn't like this analogy, but I analogize it to the iPhone. So we don't manage our iPhones or Android, if you're Nick. Somebody else does, but we have the benefit of it. And that's the same model. That's the primary model. It's not exclusive, but that's the primary model that we're offering to our customers.

是的，它由多個部分組成。因此，我們已經部署的這款產品可以在一小時內部署到商店環境中。但其中也包含培訓環節。這對我們的客戶來說完全是全新的體驗。尼克不喜歡這個比喻，但我認為它比作 iPhone。所以，如果你是尼克，那我們就不用管理自己的 iPhone 或安卓手機了。其他人也這麼做，但我們卻從中受益。這是同一個模型。這是主要模型。這並非獨家模式，但這是我們向客戶提供的主要模式。

So there is a training component. Even though we're able to provide exactly what they've seen the day before the migration because we're able to emulate the screens, modernize, but emulate everything in the features, et cetera, there still is a learning curve that the stores have to go through.

所以其中包含培訓環節。即使我們能夠提供他們在遷移前一天看到的內容，因為我們能夠模擬螢幕、進行現代化改造，並模擬所有功能等等，但商店仍然需要經歷一個學習過程。

And Darren mentioned 7-Eleven Philippines, which we just signed, that was what, 4,000 or 5,000 stores. So that's going to take some time. And that's what I'm just sensitizing you all to is that backlog is an indication of the health of the product. And as that builds, that's revenue that's accumulating and will get deployed across, as we've said several times, 9 to 18 months.

達倫提到了我們剛簽約的菲律賓 7-Eleven，那大概有 4000 或 5000 家門市吧。所以這需要一些時間。我只是想讓大家意識到，積壓訂單量是產品健康狀況的指標。隨著這種情況的持續發展，收入將會不斷積累，正如我們多次提到的，這些收入將在 9 到 18 個月內陸續投入使用。

We'll try to do it as fast as possible. But at the end, as Nick said, this is heart surgery for these guys. This is the way they make money. This is the way their companies operate. So it has to go smoothly because they're depending on us and they want to make sure there's no disruption to their stores. So when they open up that they can transact. So anyway, hopefully, that clarifies what you were thinking.

我們會盡快完成。但最後，正如尼克所說，這對這些人來說就像是心臟手術。這就是他們賺錢的方式。這就是他們公司的運作方式。所以一切都必須順利進行，因為他們依賴我們，他們希望確保他們的門市不會受到任何干擾。所以當他們打開帳戶時，他們就可以進行交易了。總之，希望這能解釋清楚你的想法。

Appreciate the color. And then as a follow-up, I was hoping you guys can expand a little bit on Benny's SMB comments and the headwinds you saw in the quarter. Is this something more acute or something more chronic and kind of frame up what that means as far as the guide for '26? Thank you.

欣賞這種顏色。作為後續問題，我希望你們能就 Benny 對中小企業的評論以及你們在本季度遇到的不利因素再詳細闡述一下。這是更嚴重的急性問題還是更慢性問題？這又如何界定了 2026 年的指導方針意味著什麼？謝謝。

Sure. I don't know that I -- off the top of my head have the exact percentage of the business. The SME is the smallest piece by far, really in both segments but in restaurants since that's the question. If you look at the history here, NCR, long before I was here, but used to compete against it when I was at payments companies.

當然。我一時想不起來我擁有這家公司的確切股份比例。中小企業所佔份額最小，實際上在兩個細分市場中都是如此，但就餐飲業而言，因為這是問題所在。如果你了解這裡的歷史，NCR 在我來這裡之前就成立了，但當我在支付公司工作時，它曾經是 NCR 的競爭對手。

And when they started acquiring their dealer network, at least components of their dealer network, they ended up with a large population of customers. So unless you have a large population of sales force to continue to replenish, we all know that the SME market is one that contracts. So I think since the acquisition, I'm guessing that we've seen some level of contraction in that space.

當他們開始收購經銷商網路（至少部分經銷商網路）時，他們最終擁有了大量的客戶群。因此，除非你擁有龐大的銷售團隊來不斷補充人員，否則我們都知道中小企業市場是一個不斷萎縮的市場。所以我認為，自從收購以來，我們估計該領域已經出現了一定程度的萎縮。

I think what's happening more recently has a lot to do with the announcement around Aloha Next, the application that we're selling into the marketplace. Unlike the enterprise space where you don't have this massive number of ISVs selling software against, that's not the competition profile for an enterprise market, retail or restaurant.

我認為最近發生的事情與 Aloha Next 的發布有很大關係，Aloha Next 是我們正在市場上銷售的應用程式。與企業領域不同，企業領域沒有如此多的獨立軟體開發商 (ISV) 與之競爭，這並非企業市場、零售業或餐飲業的競爭格局。

But in the SME space, having done it for 25 years, there's a massive amount of software competition. It's not hard to get into the point-of-sale space for SME, whether you're successful or not, it doesn't necessarily matter. So there's a lot more competition.

但就中小企業領域而言，經過 25 年的實踐，軟體競爭非常激烈。對中小企業來說，進入銷售點領域並不難，至於成功與否，其實並不重要。所以競爭更加激烈了。

And frankly, our product set, which has been our Aloha called Essentials or more recently -- and not that much more recently, it's been around for a while, which was the Aloha Cloud, which was the mainstay -- kind of the next mainstay here for the SME market. I don't think that ultimately hit the bid for what our customer base was looking for.

坦白說，我們的產品系列，以前是我們的 Aloha Essentials，或者最近推出的——其實也沒那麼新，它已經存在一段時間了——是 Aloha Cloud，它是我們的主要產品，也是中小企業市場的下一個主要產品。我認為最終它並沒有滿足我們客戶群的需求。

Plus it was not leveraging all the benefits that are embedded in the retail side of the house. And so that's why I made the decision over the summer that we were going to pivot. It's one of the reasons we were able to announce Chipotle because it's the architecture that they are ultimately looking for on the enterprise space.

此外，它也沒有充分利用零售業務所蘊含的所有優勢。所以，這就是為什麼我在夏天決定我們要轉型的原因。這也是我們能夠宣布與 Chipotle 合作的原因之一，因為這正是他們在企業領域最終尋求的架構。

But as we said in the comments, I think Nick mentioned in his comments, we have what we refer to as a store in the box, a restaurant or retail, grocer, major oil or -- I guess that's the group. We're now in a position by the second half of the year to be able to -- because we have all the infrastructure, it's just basically building the applications, which with the benefit of our team and AI and the library of technology we have embedded in Aloha today, we'll be able to give the SMB team a very competitive product in the marketplace.

但正如我們在評論中所說，我想尼克在他的評論中也提到過，我們有一個我們稱之為「盒子裡的商店」的東西，一家餐廳或零售店、雜貨店、大型石油公司或——我想這就是這個群體。到今年下半年，我們已經具備了這樣的條件——因為我們擁有所有必要的基礎設施，現在基本上只需要構建應用程序，憑藉我們團隊、人工智能以及我們目前在 Aloha 中嵌入的技術庫，我們將能夠為中小企業團隊提供一款在市場上極具競爭力的產品。

So as I think Benny said in his comments, the market dynamics, yes, we have competition. There's really good competition within that space. But at the same time, I don't think we had the right product to meet the competition and to address what the customers are leaving.

正如班尼在他的評論中所說，市場動態方面，是的，我們面臨競爭。這個領域的競爭非常激烈。但同時，我認為我們沒有合適的產品來應對競爭，也沒有解決客戶流失的問題。

So I don't think this is -- I don't think it's bad necessarily. I think it's just the reality of the company didn't get on the next gen fast enough, and we're there now. And so I'm expecting that we'll start to see this number improve over time.

所以我不認為這是——我不認為這一定是壞事。我認為現實情況是，公司沒能及時推出下一代產品，而我們現在已經到了這一步。因此，我預計隨著時間的推移，這個數字會開始改善。

But I'll let Benny who runs it, see what he'd like to add to it.

但我會讓負責營運的班尼看看他想添加些什麼。

I think Jim summarized it very well. So maybe if I articulate the three things that we see is, one, as Jim stated, there is a historical how did we manage this business, the acquisition process, et cetera. But the second one is if you look at the market, the key difference between enterprise and the SMB is, A, the buying journey itself is very much focused on what's the lowest pricing. It's fast to convert and change.

我覺得吉姆總結得很好。所以，如果我把我們看到的三件事闡述清楚，那就是，第一，正如吉姆所說，有一個歷史問題，那就是我們如何管理這項業務，收購過程等等。但第二點是，如果你觀察市場，你會發現企業和中小企業之間的關鍵差異在於：A，購買過程本身非常注重最低價格。轉換和更改速度很快。

When we talk about the competition, it's not necessarily just the product competition, highly fragmented, the number of people who participate, easy to enter, et cetera. So when you add on top of that the third component, which is the product that we had in that, I termed it maybe legacy is -- it has a compounding effect.

當我們談論競爭時，它不一定只是產品競爭，高度分散，參與人數眾多，容易進入等等。所以，再加上第三個組成部分，也就是我們當時的產品，我稱之為「遺留產品」──它會產生疊加效應。

So I would say, A, you look at other components of our business, not the largest segment. It is actually the smallest both in restaurant but for the company as a whole. But the second is when we have Aloha Next now launched in the second half, as Nick said, as a store in a box, which is easy to implement, very cost effective, that would start to address it.

所以我會說，A，你應該關注我們業務的其他組成部分，而不是最大的部分。實際上，無論從餐廳本身還是整個公司來看，它都是最小的。但第二個方面是，正如 Nick 所說，隨著 Aloha Next 在下半年推出，它將作為一個「盒裝商店」出現，易於實施，成本效益很高，這將開始解決這個問題。

Karthik Mehta, Northcoast Research.

Karthik Mehta，北海岸研究中心。

Hey, Jim. You've made a lot of changes at the company. It seems like things are moving in the right direction. You're on this ODM hardware transition. Once that's complete, what do you think is the organic revenue growth rate of this business?

嘿，吉姆。你對公司進行了很多改革。事情似乎正朝著正確的方向發展。你正處於ODM硬體轉型期。完成後，您認為該業務的自然收入成長率是多少？

Well, thank you, Kartik. I think it's going to change, obviously, as I said in my comments. I mean, '26, I think, will improve over what we've seen in the software services and payments line, taking out hardware, and that's the range that we gave.

謝謝你，卡爾蒂克。我認為這種情況肯定會改變，這一點我之前在評論中已經說過。我的意思是，我認為 2026 年的軟體服務和支付業務（不包括硬體）將會比我們目前看到的要好，這就是我們給出的預期範圍。

One of the headwinds we're going to see that the market is seeing is the impact of AI and the consumption of chips around the world. We're now moving away from being the supplier of that, but it is a reality that the marketplace is seeing price increases. So there could be an impact to that.

市場面臨的一大不利因素是人工智慧的影響以及全球晶片消費量的成長。我們現在逐漸不再擔任該產品的供應商，但市場價格上漲是不可避免的。所以這可能會產生影響。

But going back to that first question, with the build of backlog and our ability to accelerate deployment, I'm very confident that we're going to see ARR grow, total revenue grow well into '26 and then definitely into '27 as we deploy these applications.

但回到第一個問題，隨著積壓訂單的增加和我們加速部署的能力，我非常有信心，隨著這些應用程式的部署，我們將看到 ARR 成長，總收入在 2026 年穩步增長，然後在 2027 年肯定會繼續增長。

On the retail side, in particular, as customers have added locations over the years, it's largely been at the same price. I've said this numerous times in earlier calls, that there wasn't a culture here of increasing price, in particular on the retail side. I think the restaurant side saw some of that on annual renewals. So there'll be a step-up for the software. It's, in our view, leading the market on both the retail and restaurant side, given its configuration.

尤其是在零售方面，隨著客戶多年來不斷增加門市，價格基本上保持不變。我在之前的電話會議中多次說過，這裡沒有提價的文化，尤其是在零售方面。我認為餐飲業在年度續約中也感受到了這一點。所以軟體方面會有一個升級。我們認為，就其佈局而言，它在零售和餐飲方面都處於市場領先地位。

And then we have the payments piece. And one of the changes I've made on payments is instead of trying to retrofit legacy applications that since there is seemingly a very strong desire to move into the modern architecture, we're going to put payments together with the new sales as opposed to trying to retrofit what's been there in the past. So my expectations, as I summarized in the end is that this is going to be a good year, and I think next year is going to be even better.

接下來是支付環節。我在支付方面做出的改變之一是，與其嘗試改造舊式應用程序，不如將支付與新的銷售結合起來，因為大家似乎非常渴望過渡到現代架構，而不是嘗試改造過去已有的東西。所以，正如我最後總結的那樣，我的預期是今年會是好年頭，而且我認為明年會更好。

Perfect. And just a follow-up, Darren, in your prepared remarks, you talked about the third-party integration and maybe change there. What's the benefit? Is there a revenue benefit, cost benefit, cross-sales benefit? What's the benefit to Voyix from the changes you're making?

完美的。達倫，還有一個後續問題，你在事先準備好的演講稿中談到了第三方整合以及這方面可能的變化。有什麼好處？是否存在收入收益、成本收益或交叉銷售收益？你所做的這些改變對 Voyix 有什麼好處？

Thanks, Kartik. I mean, the key benefit that we're seeing from a customer service proposition is one throat to choke. What we're seeing from the backlog of 21 deployments that we're working on now is where we're working with numerous third parties, we're trying to orchestrate the multiple stakeholders supplying or supporting a customer can result in problems with implementations.

謝謝你，卡爾蒂克。我的意思是，我們從客戶服務方案中看到的關鍵好處是，只需要一個客戶就夠了。從我們目前正在處理的 21 個部署專案中可以看出，當我們與眾多第三方合作，試圖協調為客戶提供服務或支援的多個利害關係人時，可能會導致實施方面出現問題。

Where we've got our integration, and it's just us, it is one solution. We're controlling truly the end-to-end proposition and deployment and service model. So there's one number to call that can help across the full range of hardware, software, and services solutions that we provide to the customer.

我們目前的整合方案，只有我們自己，就是一個解決方案。我們真正掌控端到端的方案、部署和服務模式。因此，只需撥打一個號碼，即可獲得我們為客戶提供的所有硬體、軟體和服務解決方案的協助。

And then, of course, the real benefit, the ultimate benefit is that we've got the pricing upside because essentially, Kartik, it's additional upside revenue from us -- for us because, essentially, we are just switching that revenue from the third-party payments provider to ourselves, often at similar costs or we can often incentivize in terms of the whole package that we're providing to the customer. So the step-up in revenue upside follows as well.

當然，真正的好處，最終的好處是我們獲得了定價優勢，因為本質上，Kartik，這對我們來說是額外的收入增長——因為本質上，我們只是將這部分收入從第三方支付提供商轉移到了我們自己，而且通常成本相近，或者我們通常可以根據我們向客戶提供的整個服務包提供激勵。因此，營收成長空間也隨之擴大。

But ultimately, in all the conversations we've been having with clients about their appetite for payments has actually been the customer service proposition, one provider, one seamless joined-up proposition. Because ultimately, whilst the AI debate is here and thriving, data and loyalty and personalization are the critical kind of pain points or differentiators for retailers.

但最終，在我們與客戶就其支付需求進行的所有對話中，我們真正關注的是客戶服務方案，即一個供應商，一個無縫銜接的方案。因為歸根結底，儘管人工智慧的爭論已經到來並蓬勃發展，但數據、忠誠度和個人化才是零售商面臨的關鍵痛點或差異化因素。

So them having the full end-to-end payments data in the platform, in our platform that's really tracking from supply chain through SKU, through checkout, through reconciliation and settlement is truly joining up that end-to-end and then feeding into their loyalty proposition. So it covers many facets in terms of the real benefit of the full holistic proposition.

因此，他們的平台擁有完整的端到端支付數據，我們的平台真正實現了從供應鏈到 SKU、結帳、對帳和結算的全過程跟踪，真正實現了端到端連接，並將其融入到他們的忠誠度計劃中。因此，它涵蓋了整體方案的真正益處的許多方面。

(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。

It's Matt Roswell filling in for Dan this morning. Two questions. First, more of a guidance modeling question. And that's can you walk through some of the puts and takes around the adjusted EBITDA and adjusted EBITDA margin? I'm thinking things like accelerated investments, the ODM transition, et cetera.

今天早上是馬特·羅斯韋爾代替丹主持節目。兩個問題。首先，這更像是一個指導建模問題。那麼，您能否詳細解釋一下調整後 EBITDA 和調整後 EBITDA 利潤率的一些相關問題？我指的是加速投資、ODM轉型等等。

Okay, yeah, so thank you, Matt. So the range of $440 million to $455 million, it's about a 3.5 to 4-point margin improvement over last year, and some of that about 250 to 300 basis points of that is from the shift to the ODM model, April 1. And then the rest of it is margin improvement as we deliver cost actions that we've already taken and new actions as we go through the year. And accelerated investments, those were last year that was more of a CapEx item.

好的，謝謝你，馬特。因此，4.4 億美元至 4.55 億美元的範圍，比去年提高了約 3.5 至 4 個百分點的利潤率，其中約 250 至 300 個基點是由於 4 月 1 日轉向 ODM 模式所致。其餘部分則是利潤率的提高，這得益於我們落實已經採取的成本控制措施，以及在這一年中採取的新措施。而加速投資，那是去年的事了，更多的是一項資本支出項目。

So that's not really impacting the EBITDA. So the EBITDA is growing 4% to 7%. It's growing a little bit faster than revenue. We do have some things that we were overcoming from the prior year, like TSA fees that were helping us last year that are gone this year as we've exited those TSAs. So that's a little bit of the reason why the EBITDA growth isn't quite as strong as it was last year.

所以這實際上並沒有對 EBITDA 產生影響。因此，EBITDA成長了4%至7%。它的成長速度略快於收入成長速度。我們確實有一些去年遺留下來的問題需要克服，例如去年對我們有幫助的 TSA 費用，但隨著我們退出這些 TSA 機場，這些費用今年就消失了。所以，這在一定程度上解釋了為什麼 EBITDA 成長不如去年強勁。

Okay. Excellent. And then a bigger picture question. Where do we stand with the Worldpay agreement in terms of payments?

好的。出色的。然後，還有一個更宏觀的問題。在付款方面，我們與Worldpay的協議進度如何？

The agreement was signed a year ago in 2025. So that is complete. It's the implementation, the migration off of JetPay. I think Darren mentioned that that's fully complete. So now it's selling new customers. So I think we had 100% of the SMB market sold again, many of the bid market.

該協議於一年前，即2025年簽署。這就完成了。問題在於實施，在於從 JetPay 遷移。我想達倫說過，那已經完全完成了。所以現在它正在吸引新客戶。所以我認為我們再次售出了 100% 的中小企業市場份額，以及許多競標市場份額。

On the enterprise side, as I mentioned, the pivot that we've done is moved away from trying to retrofit a legacy application because as we talk to customers, and as I said, we had customers here yesterday, we have customers here today. It's a lot easier if we're selling something new than to try to ask them to go back and retrofit the way they work payments today and do it holistically as a new install.

正如我之前提到的，在企業方面，我們所做的轉變是不再試圖改造遺留應用程序，因為正如我所說，昨天有客戶在這裡，今天也有客戶在這裡。如果我們銷售的是新產品，那就比要求他們重新改造現有的支付方式，並將其作為一個全新的系統進行整體安裝要容易得多。

So I'm less focused on pushing what I had said earlier in the year. I'm more interested now that we've been able to modernize the applications at light speed, frankly, over the last five months. Some of that was the accelerated investments in IT spend and the rest of it was our experience in AI. So I think the plan is completely the same as it was before. It's less of a retrofit. It's more of a new sale opportunity.

所以我不再那麼注重宣傳我年初時說過的話了。坦白說，在過去五個月裡，我們以驚人的速度完成了應用程式的現代化改造，這讓我現在更感興趣了。一部分原因是增加了對 IT 支出的投資，另一部分原因是我們在人工智慧方面的經驗。所以我認為計劃和以前完全一樣。與其說是改造，不如說是後期改建。這更像是一個新的銷售機會。

That concludes our question-and-answer session. I will now turn the call back to Mr. James Kelly, CEO, for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給執行長詹姆斯凱利先生，請他作總結發言。

Thank you, operator, and thank you all for your continued interest in NCR Voyix.

謝謝業者，也謝謝大家一直以來對 NCR Voyix 的關注。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。