NCR Voyix Corporation (VYX) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the first quarter 2026 NCR Voyix corporation earnings conference call. (Operator Instructions)

感謝您稍候。我叫 Kathleen，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 NCR Voyix 公司 2026 年第一季財報電話會議。(接線員指示)

And now I would like to turn the call over to Sarah Jane Schneider, the Vice President of Investor Relations. Please go ahead.

現在我想把電話會議交給投資人關係副總裁 Sarah Jane Schneider。請開始。

Good morning, and thank you for joining our first quarter 2026 earnings conference call. This morning, we issued our earnings release reporting financials for the quarter ended March 31, 2026. A copy of the earnings release that we will reference during this call is available on the Investor Relations section of our website, which can be found at www.ncrvoyix.com and has been filed with the SEC.

各位早安，感謝您參加我們 2026 年第一季財報電話會議。今天早上，我們已發布財報新聞稿，報告截至 2026 年 3 月 31 日止季度的財務結果。本次電話會議將引用的財報新聞稿副本，可於本公司網站的投資人關係專區取得（網址：www.ncrvoyix.com），並已向美國證券交易委員會（SEC）申報。

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.

今天與我一同參與電話會議的有：執行長 Jim Kelly；產品長 Nick East；零售與支付事業總裁 Darren Wilson；餐飲事業總裁 Benny Tadele；以及財務長 Brian Webb-Walsh。本次電話會議將被錄音，網路直播亦可於本公司網站的投資人關係專區收看。

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影響，可能導致實際結果與該等前瞻性陳述所明示或暗示者有重大差異。

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

關於上述因素的更多資訊，請參閱我們的財報新聞稿以及向 SEC 提交的其他報告。我們提醒您不要過度依賴這些陳述。本次電話會議中的前瞻性陳述僅截至本次電話會議日期有效，我們不承擔更新之義務。

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，我們今天也將討論或提供若干非 GAAP 財務衡量指標，我們相信這將有助於更清楚呈現我們持續的營運表現。依 SEC 規定，關於本次電話會議所討論之非 GAAP 財務衡量指標與最可比 GAAP 指標之完整調節表，請參閱我們今早提交之 Form 8-K 所附之新聞稿附件，以及本公司網站投資人關係專區提供的補充資料。

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

接下來，我想把電話會議交給 Jim。Jim？

Good morning, and thank you for joining the call, where we will provide updates on our first quarter performance and our strategic priorities. Both total revenue and software and services revenue were essentially flat, while adjusted EBITDA increased 5%, driven by early sales momentum from the Voyix Commerce Platform applications, coupled with the ongoing cost actions implemented in 2025.

各位早安，感謝您加入本次電話會議。我們將提供第一季表現以及策略重點的最新進展。總營收以及軟體與服務營收基本持平，而調整後 EBITDA 成長 5%，主要受 Voyix Commerce Platform 應用程式早期銷售動能帶動，並結合我們於 2025 年推動的持續成本措施。

Reflective of the growing demand for our Voyix Commerce Platform solutions, this year, we have conducted nearly 200 product demonstrations for new and existing retail and restaurant customers, including at NRF and other industry trade shows across key markets, including the UK Australia, Japan and Argentina.

反映市場對我們 Voyix Commerce Platform 解決方案需求日益增加，今年我們已為新舊零售與餐飲客戶進行近 200 場產品展示，包括在 NRF 以及其他產業展會，涵蓋英國、澳洲、日本與阿根廷等主要市場。

We have also upgraded our customer experience center in Atlanta to showcase our latest innovations, enabling both existing customers and prospects to experience their benefits across key verticals, including grocery, convenience and fuel, restaurants, department store and specialty retail and supply chain. These demonstrations will soon be available virtually via our website.

我們也已升級位於亞特蘭大的客戶體驗中心，以展示我們最新的創新，讓既有客戶與潛在客戶能在關鍵垂直領域體驗其效益，包括雜貨、便利與加油站、餐飲、百貨與專業零售，以及供應鏈。這些展示不久後也將透過我們的網站提供虛擬體驗。

As I mentioned in my concluding remarks on our earnings call in February, we would begin sharing additional financial insights pertaining to the company's Voyix Commerce Platform application sales initiated in early 2025 and including Q1 2026. While these new software sales represent less than 5% of our roughly 400 enterprise customers globally, we are seeing initial momentum across the US and Europe as those were the first 2 regions where the new software applications were made available.

如同我在 2 月財報電話會議結語所提到的，我們將開始分享更多與公司 Voyix Commerce Platform 應用程式銷售相關的財務洞見；該銷售於 2025 年初啟動，並涵蓋 2026 年第一季。雖然這些新的軟體銷售占我們全球約 400 家企業客戶不到 5%，但由於美國與歐洲是最早提供新軟體應用程式的兩個地區，我們已在這兩地看到初步動能。

Since its launch, the company has signed 21 new platform contracts through Q1 2026 with a remaining contract value for those customers of approximately $293 million, 13% of which relates to new customers. We are very encouraged by this early success, coupled with the ongoing engagement across our broader installed base and prospective customers.

自推出以來，截至 2026 年第一季，公司已簽署 21 份新的平台合約，這些客戶的剩餘合約價值（RCV）約為 2.93 億美元，其中 13% 來自新客戶。我們對這項早期成果深受鼓舞，同時也看到我們更廣泛的既有客戶基礎與潛在客戶持續投入與互動。

Turning to our ODM. We implemented our agreement at the end of the first quarter and as of April 1, now recognize only net commission revenue on hardware. Founded in 1885 as a hardware manufacturer, we had already outsourced all manufacturing, assembly and logistics by 2022 while continuing to carry inventory on our balance sheet.

接著談到我們的 ODM。我們在第一季末落實該協議，自 4 月 1 日起，硬體僅認列淨佣金收入。公司於 1885 年以硬體製造商起家，至 2022 年時我們已將所有製造、組裝與物流外包，但仍持續在資產負債表上持有存貨。

The Ennoconn transition completed at the end of March after more than a year of preparation, represented the final step in our evolution of coming a software and services-led business supported by payments and hardware sales.

Ennoconn 的轉換在 3 月底完成，歷經一年以上的準備，代表我們轉型為以軟體與服務為主、並由支付與硬體銷售支撐之業務模式演進的最後一步。

Finally, this March, we announced the sale of our Japan-based banking technology business for $32 million in sale proceeds. This business is now reflected in discontinued operations with the transaction expected to be completed by year-end. Inclusive of this divestiture, we generated nearly $2.5 billion in net proceeds since the spin-off of our ATM business.

最後，在今年 3 月，我們宣布以 3,200 萬美元出售日本的銀行科技業務。該業務目前已列為停業單位，預期交易將於年底前完成。包含此次處分在內，自我們分拆 ATM 業務以來，已累計產生近 25 億美元的淨收益。

This includes the divestitures of our 4 noncore businesses between 2023 and 2026 and the anticipated working capital benefit from the ODM agreement. These sale proceeds enabled us to return capital to shareholders through common and preferred share repurchases, while also supporting debt reduction and targeted investments in our products and infrastructure.

其中包括我們於 2023 年至 2026 年間處分的 4 項非核心業務，以及 ODM 協議預期帶來的營運資金效益。這些出售所得使我們得以透過普通股與特別股回購向股東返還資本，同時也支持降低負債並對產品與基礎設施進行具針對性的投資。

By year-end, we expect to have returned approximately 10% of the proceeds to shareholders post-spin. Building on our momentum, we continue strong customer validation of our Voyix Commerce Platform across both retail and restaurants with growing adoption of our integrated software payments and services offering. These wins reinforce our ability to convert innovation into durable multiyear growth. Darren and Benny will provide additional detail on this momentum in their remarks.

到年底，我們預期在分拆後已向股東返還約占出售所得 10% 的資本。在既有動能基礎上，我們持續看到客戶對 Voyix Commerce Platform 在零售與餐飲兩大領域的強力驗證，並且我們整合式的軟體、支付與服務方案採用率持續提升。這些勝利再次印證我們有能力將創新轉化為可持續的多年成長。Darren 與 Benny 將在其發言中提供更多關於此動能的細節。

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

接下來，我把電話會議交給 Nick。

Thanks, Jim. I'd like to begin by discussing the opportunities AI is creating for our business. On prior calls, we have discussed how we are using AI to accelerate the modernization of our global library of 40,000 unique retail and restaurant features into cloud-native applications on the Voyix Commerce Platform. Our ability to apply AI to migrate customers from legacy environments to an agile foundation for ongoing innovation is now translating into tangible commercial results. Recent customer wins, along with growth in remaining contract value for our VCP applications reinforce strong long-term customer confidence in our solutions.

謝謝你，Jim。我想先談談 AI 為我們業務帶來的機會。在先前的電話會議中，我們已討論我們如何運用 AI，加速將我們全球 40,000 項獨特的零售與餐飲功能特性現代化，並轉換為 Voyix Commerce Platform 上的雲原生應用程式。我們運用 AI 協助客戶從傳統環境遷移至敏捷基礎架構、以支援持續創新的能力，如今正轉化為具體的商業成果。近期的客戶贏單，以及我們 VCP 應用程式剩餘合約價值的成長，進一步強化客戶對我們解決方案的長期信心。

We have also been embedding intelligence directly into the workflows our customers depend on, such as with Picklist Assist, our self-checkout solution, which uses camera vision to identify items, reduce shrink and accelerate checkout.

我們也將智慧能力直接嵌入客戶所依賴的工作流程中，例如 Picklist Assist（我們的自助結帳解決方案），其運用攝影機視覺辨識商品、降低損耗並加速結帳流程。

Picklist Assist is now live in nearly 60,000 lanes across the globe with consumer engagement and customer feedback exceeding our expectations. In two weeks, we'll be at the National Restaurant Association Show in Chicago, showcasing Aloha Next alongside a comprehensive portfolio of restaurant applications embedded within the VCP. For example, we will leverage computer vision and agentic restaurant operations to help restaurants increase sales and reduce waste, and we will demonstrate menu pricing informed by competitive intelligence and real-time analytics powered by generative AI.

Picklist Assist 目前已在全球近 60,000 個結帳通道上線，消費者互動與客戶回饋均超出我們的預期。兩週後，我們將前往芝加哥參加全美餐飲協會展（National Restaurant Association Show），展示 Aloha Next 以及嵌入於 VCP 的完整餐飲應用程式組合。例如，我們將運用電腦視覺與代理式（agentic）餐廳營運，協助餐廳提升銷售並降低浪費；同時也將展示由生成式 AI 驅動、結合競爭情資與即時分析的菜單定價。

Both of these solutions deliver actionable insights directly into restaurant workflows and day-to-day decision-making. Given the heightened focus on AI and its impact on technology valuations, I want to articulate 4 core attributes of our platform offering that we believe underpin the durability of our model before turning the call over to Darren.

這兩項解決方案都能將可落地的洞察直接導入餐廳的工作流程與日常決策之中。鑑於市場對 AI 及其對科技估值影響的關注升溫，在把電話會議交給 Darren 之前，我想闡述我們平台產品的 4 項核心屬性，我們相信這些屬性支撐了我們商業模式的持久性。

First, our software revenue model is fundamentally tied to customers' physical sites, devices, transaction volumes and API usage. These are real-world operational drivers of value that are not being compressed by Agentic AI. Second, NCR Voyix software operates at the center of a highly regulated environment with significant compliance requirements, including fiscal and tax, PCI, fuel and weight and measure certifications. Our customers depend on us to maintain compliance as requirements evolve and to deliver a clear technology path forward without disrupting their daily operations.

第一，我們的軟體營收模式在本質上與客戶的實體據點、設備、交易量與 API 使用量綁定。這些都是真實世界的營運價值驅動因素，不會被代理式 AI（Agentic AI）所壓縮。第二，NCR Voyix 軟體運作於高度受監管的環境核心，具備重大的合規要求，包括財務與稅務、PCI、燃油以及度量衡認證。客戶仰賴我們在要求演進時維持合規，並在不干擾其日常營運的前提下，提供清晰的技術演進路徑。

This regulatory complexity reinforces the critical role we play in their businesses. As we continue to go to market with our VCP applications, we will attach payments as a core component of our end-to-end offering. Over time, this will enable us to both scale our payments business and further entrench our solutions within our customers' regulatory and operational workflows.

這種監管複雜性強化了我們在其業務中所扮演的關鍵角色。隨著我們持續以 VCP 應用推進市場，我們將把支付作為端到端產品的核心組成加以綁定。長期而言，這將使我們既能擴大支付業務規模，也能進一步讓我們的解決方案深度嵌入客戶的監管與營運工作流程。

Third is the network effect created by third-party integrations into the Voyix Commerce platform, connecting our platform into customers' enterprise solutions such as supply chain, loyalty, ordering and accounting systems. Today, the VCP has more than 300 third-party integrations that power the daily operations of thousands of customers.

第三，是第三方整合導入 Voyix Commerce 平台所形成的網路效應，將我們的平台連結至客戶的企業級解決方案，例如供應鏈、會員忠誠、點餐與會計系統。目前，VCP 已有超過 300 個第三方整合，支撐數千家客戶的日常營運。

As we continue to expand and open our APIs, agentic systems can more seamlessly integrate with the VCP, further increasing its value to customers and partners alike. And finally, data. As more transactions flow in from multiple channels and as more lanes, devices and third-party systems connect to the platform, its value compounds driving better performance, deeper insights and improved outcomes across our customer base.

隨著我們持續擴展並開放 API，代理式系統可更無縫地與 VCP 整合，進一步提升其對客戶與合作夥伴的價值。最後是資料。當更多交易從多個通路流入，且更多通道（lanes）、設備與第三方系統連接到平台時，平台價值將持續複利增長，帶來更佳表現、更深入洞察，並在整體客戶群中改善成果。

As an example, last month, for one customer alone, our platform processed around 115 million transactions and the related data of more than 900 million items sold. As we move through the balance of the year, we are focused on building on our momentum, deepening customer engagement, scaling adoption of our embedded VCP applications and converting our innovation road map into sustainable growth and long-term value creation.

例如，上個月僅就單一客戶而言，我們的平台處理了約 1.15 億筆交易，以及超過 9 億件售出商品的相關資料。在今年剩餘期間，我們將專注於延續動能、深化客戶互動、擴大內嵌式 VCP 應用的採用，並把創新路線圖轉化為可持續成長與長期價值創造。

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

接下來，我把電話會議交給 Darren。

Thanks, Nick. Beginning with payments, our strategy is showing strong momentum. We're successfully updating our contracts for Voyix Connect, our proprietary gateway to be tied to transaction volume with revenue building as we scale this initiative.

謝謝，Nick。先從支付談起，我們的策略展現強勁動能。我們正成功更新 Voyix Connect（我們的專有閘道）的合約，使其與交易量綁定，並在我們擴大此項計畫規模的同時推動營收成長。

Turning to retail. In the first quarter, our retail business signed nearly 70 new customers, primarily mid-market. Our platform and payment sites increased 6% and 13%, respectively. Total recurring revenue increased 5%, with recurring software revenue increasing 8%. Market adoption of our enhanced platform offering continues to gain momentum as reflected in strong customer engagement across the sales cycle from initial demo through store rollout.

接著談零售。第一季，我們的零售業務簽下近 70 家新客戶，主要為中型市場客戶。我們的平台據點與支付據點分別成長 6% 與 13%。總經常性收入成長 5%，其中經常性軟體收入成長 8%。市場對我們強化後的平台產品採用持續升溫，從初次展示到門市上線的整個銷售週期中，客戶互動強勁，反映出這股動能。

Year-to-date, our product teams have delivered more than 130 demos to new and existing retail customers worldwide. These engagements showcase our end-to-end portfolio as customers continue to shift away from individual products and towards integrated solutions spanning software, payments and support services.

年初至今，我們的產品團隊已向全球新舊零售客戶提供超過 130 場展示。這些互動展現我們端到端的產品組合；隨著客戶持續從單一產品轉向整合式解決方案（涵蓋軟體、支付與支援服務），此趨勢更加明顯。

We remain focused on the efficient deployment of our platform solutions to meet the needs of our enterprise customers. We recently completed our most significant deployment of Picklist Assist for a large enterprise retailer in the US across more than 35,000 self-checkout lanes.

我們仍專注於以高效率部署平台解決方案，以滿足企業級客戶需求。我們近期完成在美國某大型企業零售商最重要的一次 Picklist Assist 部署，覆蓋超過 35,000 條自助結帳通道。

For point-of-sale and self-checkout, we continue to advance deployments through a phased approach from lab testing to initial store launches and broad site deployment. Deployment velocity has already increased for 2 large grocers in the US and Europe, and we look forward to continuing this momentum with additional customer rollouts.

在 POS 與自助結帳方面，我們持續以分階段方式推進部署，從實驗室測試到初期門市上線，再到大規模據點部署。在美國與歐洲的兩家大型雜貨商，部署速度已經提升；我們也期待透過更多客戶上線持續延續這股動能。

As announced in March, we signed a five-year agreement with Pilot, North America's largest travel center operator. Under the expanded partnership, Pilot will deploy Voyix POS to CFR together with additional related platform capabilities.

如同 3 月所宣布，我們與北美最大的旅遊中心營運商 Pilot 簽署了一份為期五年的協議。在擴大的合作夥伴關係下，Pilot 將在 CFR 部署 Voyix POS，並搭配其他相關的平台能力。

The microservices-based architecture of the Voyix Commerce Platform will enable seamless delivery across pilot locations and support the activation of new capabilities such as payments, further advancing Pilot's guest-centered strategy.

Voyix Commerce Platform 的微服務架構將使其能在 Pilot 各據點無縫交付，並支援啟用如支付等新能力，進一步推進 Pilot 以旅客為中心的策略。

We also signed a new platform contract with Stater Brothers as announced earlier this week, a regional grocer with nearly 170 stores across Southern California and existing NCR Voyix customer. Stater Brothers has chosen to adopt Voyix POS in an effort to support continued innovation for their business. With this win, we now have 22 signed contracts for our embedded VCP applications.

我們也如本週稍早所宣布，與 Stater Brothers 簽署新的平台合約；該公司為區域性雜貨商，在南加州擁有近 170 家門市，且為既有 NCR Voyix 客戶。Stater Brothers 選擇採用 Voyix POS，以支持其業務持續創新。憑藉此項勝出，我們的內嵌式 VCP 應用已累計簽下 22 份合約。

Finally, turning to services. This quarter, we continued to expand our services relationship with enterprise customers across the globe. Beginning in the US, we signed a new 3-year agreement with a large discount retailer to support their phase remodeling plan, which includes hardware installation and remote support.

最後談服務。本季，我們持續在全球範圍內擴大與企業級客戶的服務合作關係。在美國，我們與一家大型折扣零售商簽署新的 3 年期協議，以支援其分階段改裝計畫，其中包含硬體安裝與遠端支援。

In Europe, we expanded our long-standing relationship with Lidl, a large German-based grocery chain to both continue to provide installation services in Spain and now support their store openings in France. in Argentina, we secured a new service agreement with Carrefour, the largest retailer in the market to provide help desk and hardware maintenance support.

在歐洲，我們擴大與 Lidl（德國大型連鎖雜貨商）的長期合作關係，除持續在西班牙提供安裝服務外，亦開始支援其在法國的新店開幕。在阿根廷，我們與 Carrefour（該市場最大的零售商）取得新的服務協議，提供服務台與硬體維護支援。

Finally, in Japan, we secured a multiyear contract with a leading department store and a new NCR Voyix customer to provide hardware installation services across their store footprint.

最後，在日本，我們與一家領先的百貨公司（亦為新的 NCR Voyix 客戶）取得多年期合約，為其全體門市據點提供硬體安裝服務。

With that, I turn the call over to Benny.

接下來，我把電話會議交給 Benny。

Thanks, Darren. In the first quarter, our restaurant business signed 100 new customers. Platform and payment sites increased 9% and 1%, respectively. For enterprise and mid-market, recurring revenue increased 6% as recurring services revenue increased 13% and recurring software revenue was flat.

謝謝，Darren。第一季，我們的餐飲業務簽下 100 家新客戶。平台據點與支付據點分別成長 9% 與 1%。在企業級與中型市場方面，經常性收入成長 6%，其中經常性服務收入成長 13%，而經常性軟體收入持平。

Offsetting the performance of our mid-market and enterprise businesses was the continued softness in SMB. We expect this trend to begin to moderate with the launch of Aloha Next for SMB, our restaurant-in-a-box solution later this year. In 2026, we have continued to execute contract renewals across our enterprise customer base, including with Shipley Do-Nuts, California Pizza Kitchen and Pei Wei, reinforcing the durability of our relationships. While these customers have renewed with our existing Aloha point-of-sale technology, they have expressed strong enthusiasm for Aloha Next with very positive feedback on its ability to maintain their same capabilities and interface.

抵銷中型市場與企業級業務表現的，是 SMB（中小企業）持續疲弱。我們預期，隨著今年稍晚推出面向 SMB 的 Aloha Next（我們的「餐廳一站式」解決方案），此趨勢將開始趨緩。在 2026 年，我們持續在企業級客戶群中執行合約續約，包括 Shipley Do-Nuts、California Pizza Kitchen 與 Pei Wei，進一步強化我們關係的持久性。雖然這些客戶以既有的 Aloha POS 技術續約，但他們對 Aloha Next 表達高度熱忱，並對其能維持相同功能與介面給予非常正面的回饋。

As such, these renewal agreements include plans for the customers to begin engaging with Aloha Next in lab environments over the coming months positioning them for implementation as it becomes broadly available. Additionally, we are continuing to expand our enterprise restaurant business internationally. As I discussed on our third quarter call in November, we signed a multiyear agreement with Marco's Pizza, one of the fastest-growing pizza chains in the United States to support its global expansion efforts. Following an initial rollout in Mexico, we have continued to win additional international Marco's Pizza locations, most recently signing their business in the Bahamas.

因此，這些續約協議包含規劃，讓客戶在未來數月開始於實驗室環境中導入並測試 Aloha Next，使其在產品廣泛可用時具備實施條件。此外，我們也持續在國際市場擴展企業級餐飲業務。如同我在 11 月第三季電話會議中所提到，我們與 Marco's Pizza（美國成長最快的披薩連鎖之一）簽署多年期協議，以支援其全球擴張。在墨西哥完成初期上線後，我們持續贏得更多 Marco's Pizza 的海外據點，最近更簽下其在巴哈馬的業務。

Turning to our mid-market business. Our ability to equip operators with enterprise-grade capabilities, including software, payments and services continue to differentiate NCR Voyix. As a partner that helps emerging brand scale, we believe our position will be further strengthened by the launch of Aloha Next. For example, this quarter, we executed an agreement with Gyro Hut, a Mediterranean fast casual brand with locations in Texas to provide point-of-sale and add-on capabilities such as kitchen display systems, inventory management and multiunit reporting and data.

接著談我們的中型市場業務。我們為營運商提供企業級能力（包括軟體、支付與服務）的能力，持續使 NCR Voyix 脫穎而出。作為協助新興品牌擴張的合作夥伴，我們相信隨著 Aloha Next 的推出，我們的地位將進一步強化。例如，本季我們與 Gyro Hut（在德州設有據點的地中海風味快速休閒品牌）簽署協議，提供銷售點系統（POS）以及加值功能，例如廚房顯示系統、庫存管理、多店報表與數據等。

Wins like Gyro Hut are central to our expanding mid-market strategy. By partnering early in a brand's growth curve, we can grow alongside them. The momentum behind Aloha Next continues to build, and we currently have several enterprise RFPs in flight with it as a core component of our bid. We're very encouraged by the response of the nearly 60 demos and early labs we have conducted this year.

像 Gyro Hut 這樣的勝利，是我們擴大中型市場策略的核心。透過在品牌成長曲線的早期就建立合作關係，我們能與其一同成長。Aloha Next 的動能持續增強，目前我們有數個企業級 RFP 正在進行中，並以其作為我們投標的核心組成。我們對今年已進行的近 60 場展示與早期實驗室測試所獲得的回應感到非常振奮。

Customer feedback has been very positive, particularly around our market-leading modern architecture, which brings faster deployment speed, ease of management and a reduced total cost of ownership. I attended the Restaurant Leadership Conference at the end of April and met with both current customers and prospects, all of whom echoed the same sentiment. They're energized by the innovations they are seeing, including our AI-powered features that make intelligence the new standard. With that, I will turn the call over to Brian. Brian?

客戶回饋非常正面，特別是針對我們市場領先的現代化架構；該架構帶來更快的部署速度、更易於管理，以及更低的總持有成本。我在四月底參加了餐飲領導力大會，並與現有客戶及潛在客戶會面，他們都表達了相同的感受。他們對所看到的創新感到振奮，包括我們以 AI 驅動的功能，讓智慧成為新的標準。接下來我把電話交給 Brian。Brian？

Thank you, Benny, and good morning. Our results for the quarter were in line with our expectations and demonstrate the progress we have made to streamline our organization, including the recent sale of our Japan banking business, which is now reflected in discontinued operations. For the quarter, total revenue decreased 1% to $606 million. Both recurring software and recurring services revenue increased 4%, while nonrecurring hardware and installation services revenue declined.

謝謝你，Benny，大家早安。本季業績符合我們的預期，並展現我們在精簡組織方面所取得的進展，包括近期出售日本銀行業務；該業務目前已反映於終止營運中。本季總營收下降 1% 至 6.06 億美元。經常性軟體與經常性服務營收皆成長 4%，而非經常性硬體與安裝服務營收則下滑。

Platform sites increased 7% to 83,000 and payment sites increased 3% to 8,500. Going forward, we'll be highlighting recurring revenue rather than ARR. However, we will still continue to report ARR in our metrics file. Adjusted EBITDA increased 5% to $78 million as margin expanded 80 basis points to 12.9%, driven by cost actions.

平台站點數增加 7% 至 83,000 個，支付站點數增加 3% 至 8,500 個。展望未來，我們將著重揭露經常性營收，而非 ARR。不過，我們仍會在指標檔案中持續報告 ARR。受成本措施帶動，調整後 EBITDA 成長 5% 至 7,800 萬美元，利潤率擴張 80 個基點至 12.9%。

Non-GAAP EPS increased 25% to $0.10 per share due to a lower-than-expected tax rate this quarter. However, we still anticipate our tax rate for the year will be approximately 21%. GAAP EPS was a loss of $0.04 per share in the quarter, driven by costs incurred due to the hardware ODM implementation. As Jim mentioned, we ended the first quarter with 21 customer contracts for our embedded VCP software applications, generally structured as FIVE-year subscription agreements at market terms. These contracts represented $293 million of remaining deal value, up 75% year-over-year and 15% sequentially.

由於本季稅率低於預期，非 GAAP 每股盈餘（EPS）成長 25% 至每股 0.10 美元。然而，我們仍預期全年稅率約為 21%。本季 GAAP 每股盈餘為每股虧損 0.04 美元，主要受硬體 ODM 導入所產生的成本影響。如 Jim 所提，我們在第一季結束時，針對內嵌式 VCP 軟體應用已簽下 21 份客戶合約，通常以符合市場條件的五年期訂閱協議架構。這些合約代表 2.93 億美元的剩餘交易價值，年增 75%，季增 15%。

Turning to our Retail segment results. Total revenue increased 2% to $427 million and recurring revenue increased 5% to $279 million, primarily driven by the increase in our VCP application sales and payments pricing initiatives implemented in the second half of 2025. Retail adjusted EBITDA increased 20% to $78 million as margin increased 280 basis points year-over-year to 18.3%, driven by software and payments revenue growth, coupled with our cost initiatives.

接著看我們零售（Retail）部門的業績。總營收成長 2% 至 4.27 億美元，經常性營收成長 5% 至 2.79 億美元，主要受 VCP 應用銷售增加，以及 2025 年下半年實施的支付定價措施所帶動。零售調整後 EBITDA 成長 20% 至 7,800 萬美元；在軟體與支付營收成長並配合成本措施下，利潤率年增 280 個基點至 18.3%。

Turning to restaurants. Total segment revenue of $179 million declined 6%, which reflects lower hardware sales, onetime services and declines in our SMB business. Restaurants recurring revenue increased 1%, driven by growth from our mid-market and enterprise business. Restaurant adjusted EBITDA decreased 8% to $54 million and margin decreased due to lower revenue. Lastly, corporate expenses increased $4 million to $54 million, driven by our exit of the TSAs.

接著看餐飲（Restaurants）。部門總營收 1.79 億美元，下滑 6%，反映硬體銷售較低、一次性服務減少，以及我們 SMB 業務下滑。餐飲經常性營收成長 1%，主要由中型市場與企業業務的成長帶動。餐飲調整後 EBITDA 下滑 8% 至 5,400 萬美元，且因營收較低導致利潤率下降。最後，公司費用增加 400 萬美元至 5,400 萬美元，主要因我們退出 TSA（過渡服務協議）。

Adjusted free cash flow before restructuring was $71 million versus use of cash in the prior year. This year benefited from favorable changes in working capital, cash inflows related to the implementation of the ODM agreement and a delayed tax refund received in the first quarter. Cash flows related to the ODM are recognized under GAAP as cash from investing activities and included in our definition of adjusted free cash flow.

重組前的調整後自由現金流為 7,100 萬美元，相較去年同期為現金流出。今年受惠於營運資金的有利變動、與 ODM 協議導入相關的現金流入，以及第一季收到延遲的退稅款。與 ODM 相關的現金流在 GAAP 下認列為投資活動現金流，並納入我們對調整後自由現金流的定義中。

Restructuring was $41 million in the quarter as previously discussed. We invested $36 million in capital expenditures during the quarter, a decrease of $3 million versus the prior year. We continue to expect our CapEx for the year to be similar to 2025. Following the incremental repurchase authorization we secured at the end of February, we repurchased approximately 9 million of common shares in the first quarter. We ended the quarter with a net leverage position of 2.1x based on our net debt as of March 31 and the last 12 months of adjusted EBITDA.

如先前所述，本季重組費用為 4,100 萬美元。本季資本支出投資 3,600 萬美元，較去年減少 300 萬美元。我們仍預期今年的資本支出（CapEx）將與 2025 年大致相當。在二月底取得額外回購授權後，我們於第一季回購約 900 萬股普通股。以 3 月 31 日的淨負債及過去 12 個月的調整後 EBITDA 計算，我們季末淨槓桿為 2.1 倍。

Turning to our 2026 outlook. We're updating our full year guidance originally provided in February to reflect the divestiture of the Japan banking business as detailed in today's outlook table. Importantly, after normalizing both 2025 actual results and our initial 2026 guidance, to exclude the Japan Banking business, we now expect full year 2026 revenue of $2.188 billion to $2.303 billion and adjusted EBITDA of $432 million to $447 million, representing pro forma revenue change of approximately a decline of 2% to 3% growth and adjusted EBITDA growth of approximately 3% to 7% year-over-year.

接著談我們對 2026 年的展望。我們更新二月提供的全年指引，以反映日本銀行業務的剝離，詳見今日的展望表。重要的是，在將 2025 年實際結果與我們最初的 2026 年指引進行常態化處理、排除日本銀行業務後，我們目前預期 2026 全年營收為 21.88 億至 23.03 億美元，調整後 EBITDA 為 4.32 億至 4.47 億美元；這代表以備考（pro forma）基礎計算，營收年變動約為下滑 2% 至成長 3%，調整後 EBITDA 年增約 3% 至 7%。

We have also included a schedule in our metrics file that adjusts historical 2025 results for the impacts of Japan and hardware, providing a clearer view of the pro forma business. Based on this updated profile, we expect 2026 seasonality for revenue to be broadly consistent with 2025.

我們也在指標檔案中加入一份明細表，針對日本與硬體的影響調整 2025 年歷史結果，以更清楚呈現備考業務的樣貌。基於此更新後的輪廓，我們預期 2026 年營收的季節性將大致與 2025 年一致。

For adjusted EBITDA, we anticipate year-over-year growth to be more weighted towards the fourth quarter relative to the second and third quarters as our sales momentum builds and cost initiatives take hold.

就調整後 EBITDA 而言，我們預期年增幅度相較第二與第三季，將更偏向集中在第四季，因為銷售動能逐步建立且成本措施開始發揮效果。

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

我現在把電話交給接線員，進行問答。

(Operator Instructions)

（接線員指示）

Will Nance, Goldman Sachs.

高盛的 Will Nance。

Hey, thanks for taking the question. If I could just maybe pick up where you left off there on the shape of the year. I was wondering if you could provide a little bit more color on just how you're thinking about the cadence of margins across the two segments as we progress through the year. Thanks.

嗨，謝謝讓我提問。如果可以的話，我想延續你剛才談到的年度走勢。我想請你多補充一些，你們如何看待隨著年度推進，兩個部門利潤率節奏（cadence）的變化。謝謝。

Thanks, Will. What I would say about the segments and the rest of the year, we expect continued good performance in retail, driven by the software and payments initiatives. And we expect EBITDA to be strong as well like we saw in Q1.

謝謝，Will。關於各業務分部以及今年剩餘時間，我們預期零售將持續維持良好表現，主要由軟體與支付相關的推動計畫所帶動。同時我們也預期 EBITDA 會維持強勁，就像我們在第一季所看到的一樣。

And then on restaurants, we expect the revenue and EBITDA declines to moderate as we go through the year. And if I think about margin, we'd expect after we normalize for that hardware, the retail margins would improve year-over-year and the restaurant margins for the full year would be pretty stable year-over-year.

至於餐飲業務，我們預期營收與 EBITDA 的下滑幅度會在今年進行過程中趨於緩和。若從毛利率來看，我們預期在將硬體因素正常化之後，零售毛利率將較去年同期改善，而餐飲業務的全年毛利率則大致會與去年同期持平。

Okay. That's great. That's very helpful. And then I appreciate all the details on Ennoconn and the pro forma in the prior year. We'll take a look at that.

好的。太好了。這非常有幫助。另外也感謝你們提供關於 Ennoconn 以及前一年度擬制（pro forma）數據的所有細節。我們會再仔細看看。

If I could just ask a question on some of the disclosures around remaining contract value from the new platform. I was wondering if you could just talk about time lines around how this will translate to revenue over time and when we could start to see some of this coming through the P&L. Thank you.

我想就新平台的剩餘合約價值（remaining contract value）相關揭露再問一個問題。想請你們談談時間軸：這些金額會如何隨時間轉換為營收，以及我們何時能開始看到其中一部分反映在損益表（P&L）上。謝謝。

Yeah, I would just say that if you look at the remaining deal value, our contract value, typically, those are 5-year agreements, and they would ramp as the deployments ramp. So just keep that in mind as you're modeling it. But obviously, the strong growth year-over-year would indicate that it's contributing to the P&L.

是的，我想我會這麼說：如果你看剩餘交易價值、也就是我們的合約價值，通常是 5 年期協議，並且會隨著部署規模的擴大而逐步爬升。所以你在建模時請把這點納入考量。但很明顯地，年對年強勁成長顯示它正在對損益表（P&L）做出貢獻。

Will, and while those -- while we showed the aggregate balance that's currently under contract, some of that is in the P&L this year, and it will continue to grow over time. So what we're showing is we're having very strong momentum. We didn't disclose the numbers last year. We're waiting for annualizing of the contracts, but they continue to ramp.

Will，另外，雖然我們揭露的是目前已簽約的合計餘額，其中一部分會在今年反映在損益表（P&L）上，並且會隨時間持續成長。因此我們所呈現的是非常強勁的動能。我們去年沒有揭露這些數字。我們在等待合約年化（annualizing），但它們仍在持續爬升。

The reaction from the marketplace continues to be very strong. We had 6 customers here last week seeing demos. So we are very optimistic. That's why we talked about it at the end of last quarter or at the year-end last month in February, excuse me, and then we'll start sharing more as the time moves on.

市場端的反應仍然非常強勁。上週有 6 位客戶到這裡看展示（demo）。所以我們非常樂觀。這也是為什麼我們在上季末、或更正一下，在上個月 2 月的年終說明時提到它，接下來我們會隨著時間推進分享更多資訊。

Great. Well, congrats on the milestone there.

太好了。也恭喜你們達成這個里程碑。

Dan Perlin, RBC.

RBC 的 Dan Perlin。

I wanted to just follow back up on the VCP platform disclosures as well. Jim, is there just any context you can give us kind of as we think about what it previously looked like? I mean, obviously, 21 new contracts is fantastic and then the $293 million kind of rolling through. I'm just trying to think about how that obviously, it's up a lot, but like how that ramped? It feels like it ramped pretty quickly in the past, I guess, maybe a quarter or two.

我也想再追問一下 VCP 平台揭露的部分。Jim，你能否提供一些背景脈絡，讓我們在思考它過去的狀況時有個參考？我的意思是，很明顯地，新增 21 份合約非常棒，然後那 2.93 億美元也在持續滾動。我只是想理解：它確實大幅成長，但它是怎麼爬升的？感覺過去爬升得相當快，我猜可能是一到兩個季度。

James KellyExecutive

James KellyExecutive

Well, I would -- as we've described, so last -- if we started -- when I started last year, we really had one customer of size that had a few stores in. Today, they're well over 10 stores. I think in the aggregate, we have 100 with 500 lanes that are operating today. So it's no longer the idea. It's actually in production in the stores as I just described.

嗯，我會——如同我們先前所描述的，去年——如果從我去年加入時開始算，我們其實只有一個具規模的客戶，先在少數幾家門市導入。今天，他們已經遠超過 10 家門市。我想整體而言，我們目前有 100 家門市、500 條收銀通道（lanes）正在運作。所以這不再只是概念。正如我剛才所說，它已經在門市端實際上線運行（production）。

I think in terms of the ramp, a lot of it, and Darren can speak to it, a lot of it came during the fourth quarter -- third and fourth quarter of last year. And then it's obviously rolled into this year as well. We just announced Stater Brothers this week. We also had Pilot, which was announced right after our February call.

我認為就爬升速度而言，其中很大一部分——Darren 也可以補充——主要發生在去年第四季——第三季與第四季。而且很明顯也延續到今年。我們本週剛宣布 Stater Brothers。另外還有 Pilot，是在我們 2 月那場電話會議後不久宣布的。

Prior to NRF, this was kind of presales type of engagements with customers, showing them labs -- demos and labs. But after NRF, which I think you were there, too, we shared with our investor base or the people that wanted to see it in person, it has definitely picked up. And as I just mentioned, we're seeing customers come in here at a rate that I've not seen in the last two years I've been involved in with NCR.

在 NRF 之前，這比較像是售前性質的客戶互動，帶客戶看實驗室——展示與實驗室環境。但在 NRF 之後——我想你也在現場——我們向投資人群體或希望親自觀看的人展示後，確實明顯加速。而且如我剛提到的，我們看到客戶來訪的頻率，是我在過去兩年參與 NCR 相關工作中未曾見過的。

And what really is compelling is that we have 400 very large customers spanning the globe in retail restaurants in all the verticals that we highlighted in the comments, we're able to give them exactly what they have, but in an architecture, which is not something there -- that they currently have, but it's definitely something they aspire to because of the speed at which they can then innovate going forward, and in particular, with AI becoming more prevalent in product.

真正吸引人的是，我們在全球零售、餐飲以及我們在評論中提到的所有垂直領域，擁有 400 家非常大型的客戶；我們能提供他們現有的一切，但以一種架構來交付——那是他們目前沒有的，但他們確實渴望擁有，因為這能讓他們以更快的速度在未來持續創新，尤其是在 AI 在產品中愈來愈普及的情況下。

You put those two things together, they want a modern architecture now so that they can be -- continue to be relevant in the market. I think Nick wants to add some thoughts.

把這兩點結合起來，他們現在就想要現代化架構，才能在市場上——持續保持相關性。我想 Nick 也想補充一些看法。

Yeah, and if you kind of think about what happened in the past, this is a fairly typical move from a license and then maintenance revenue line to a subscription revenue line. And if you think of some of the customers who are now moving on to the VCP, they would have bought licenses some time ago, and that would have been a lump of revenue when the license was contracted.

是的，如果你回頭想想過去發生的事，這其實是從授權（license）加上維護收入（maintenance revenue）的一條收入線，轉向訂閱收入（subscription revenue）的一條收入線，這是相當典型的轉變。如果你想想一些現在正轉到 VCP 的客戶，他們在更早之前可能買的是授權，當授權簽約時，收入會一次性認列一大筆。

Now we're moving from a sort of ongoing software maintenance annuity to a subscription annuity. So you'd expect, particularly with large customers who want to go on a five-year agreement because it's a major program, then you would see those larger subscription contracts. And in the past, we would have seen a software maintenance line rather than a full subscription line. So I think if you compare the contract value -- contract value now to what we have had in the past, that's one of the major shifts.

現在我們是從某種持續性的軟體維護年金（annuity），轉為訂閱年金。因此你會預期，特別是大型客戶因為這是一個重大專案，會希望簽 5 年期協議，於是你會看到那些較大的訂閱合約。而在過去，我們看到的會是軟體維護收入線，而不是完整的訂閱收入線。所以我認為，如果你把現在的合約價值——現在的合約價值——與過去相比，這是其中一個主要的轉變。

Yeah, one other piece that I think Brian mentioned during his comments, Dan, is that in our revenue and earnings this year are some of the contracts that were signed last year. So they're starting to show up in the earnings, and they're going to continue to escalate.

是的，另外一點我想 Brian 在他的評論中也提到，Dan，就是我們今年的營收與獲利中，包含了去年簽下的一些合約。所以它們已開始在獲利中顯現，並且會持續攀升。

If you think of a funnel, what's going in is that five-year contract, as Nick just said, what's coming out is a piece of that each year. We've moved away from what used to be here called PayGo, pay-as-you-go, where you get paid either through a license or you get paid when you open up a store when the store goes live. So it's more of a traditional SaaS structure going forward, recognizing there is a ramp in period.

如果你把它想成一個漏斗，進來的是如 Nick 剛說的那種 5 年期合約，流出的是每年認列其中的一部分。我們已經從過去這裡所稱的 PayGo（pay-as-you-go，隨用隨付）模式轉移——以前你可能透過授權收款，或是在門市開張、門市上線時收款。因此未來會更像傳統的 SaaS 結構，同時也要認知到其中存在一段爬升期（ramp-in period）。

These customers, they take anywhere from 9 to 18 months to two years to ready themselves to do an upgrade. But the upgrade of this system is really on us, and it's very quick to implement. It's much different than what they've experienced in the past.

這些客戶通常需要 9 到 18 個月，甚至長達兩年，才會準備好進行升級。但這套系統的升級其實是由我們來負責，而且導入非常快速。這和他們過去的經驗非常不同。

Parker Lane, Stifel.

Parker Lane，Stifel。

Hey, good morning. Thanks for taking the question. In the prepared remarks, you highlighted the data advantage of VCP as a real differentiator. And obviously, you sit on a wealth of transaction history and data there. Can you just talk about how that data advantage is widening with VCP versus your historical platform and applications?

嗨，早安。謝謝讓我提問。在事先準備的發言中，你們強調 VCP 的資料優勢是很重要的差異化因素。而且很明顯，你們掌握了大量的交易歷史與資料。你能否談談，相較於你們過去的平台與應用，VCP 的資料優勢是如何持續擴大？

Yeah, Thanks for the question, Parker. So yes, if you think about the previous platform, much of that work was done on-premise, the software resided on-premise and then went either into a customer's data center for the transaction volume or into a single-tenant hosted cloud environment.

好的，謝謝你的問題，Parker。是的，如果你回想先前的平台，很多工作是在地端完成的，軟體部署在地端，然後要嘛進到客戶的資料中心以支援交易量，要嘛進到單一租戶的託管雲端環境。

With our VCP, we have this cloud-native multi-tenant environment where all transactions flow for all of our customers. So we have visibility. The customer gets the benefit because they get real-time insights from the data directly as the transactions flow from all of their stores or restaurants.

而在我們的 VCP 上，我們有一個雲原生的多租戶環境，所有客戶的所有交易都會在其中流動。因此我們具備可視性。客戶也能受益，因為當交易從他們所有門市或餐廳即時流入時，他們可以直接從資料中獲得即時洞察。

And obviously, all of that data flows through our platform, which gives us the ability also to provide customers with additional insight and also to learn more. And as you rightly point out, we have essentially an enormous distributed data set from every single point-of-sale, self-checkout, kiosk, restaurant system in 35 countries.

而且很明顯，所有這些資料都會流經我們的平台，這也讓我們有能力為客戶提供更多洞察，並且持續學習。正如你所指出的，我們基本上擁有一個龐大的分散式資料集，涵蓋 35 個國家中每一個銷售點（POS）、自助結帳、Kiosk，以及餐廳系統。

So the more of our customers that migrate onto that platform, the more of the data flows into the platform, the more insights we can provide and the more integration benefit we can give to customers. Obviously, that also means we can benefit ourselves from providing insights and leveraging that data for our customers' behalf.

因此，越多客戶遷移到該平台，流入平台的資料就越多，我們能提供的洞察也越多，並能帶給客戶更大的整合效益。當然，這也代表我們可以透過提供洞察並代表客戶運用這些資料，讓我們自身也受益。

I just want to add, it's not specific to your question, but just as a point of clarification because years ago, when the company stood up the platform, so the platform is GCP.

我想補充一下，這不完全是針對你的問題，但作為一個釐清：多年前公司建立這個平台時，平台其實是 GCP。

When they stood up the platform, they took legacy or we took legacy applications and engineered a way for the customers, our customers to be able to extract some level of data by what we refer to as attached to the platform. So sending transactions up to effectively aggregate amongst locations and then collate and have a report and insights.

當時建立平台時，他們把既有（legacy）應用，或說我們把既有應用，設計出一種方式，讓客戶（我們的客戶）能夠擷取一定程度的資料，我們稱之為「附掛到平台」（attached to the platform）。也就是把交易上傳，實際上在各據點之間做彙總，然後整理並產出報表與洞察。

Today, what we've talked about, the $300 million that is referenced in the speech, the entire system, the application are sitting in the cloud at that point. So it's a completely different architecture from beyond the fact that it's in a microservices structure, we're no longer selling applications that are monolithic sitting on a point of sale in a restaurant or retail. And I think that's an important distinction because we talk to attach to the cloud, that is a different structure today where the applications are actually physically there. Go ahead.

而今天我們談到的、在發言中提到的 3 億美元，指的是整個系統、整個應用在那個時間點都已經在雲端上。所以這是完全不同的架構；除了採用微服務架構之外，我們不再銷售那種單體式（monolithic）的應用，部署在餐廳或零售的 POS 上。我認為這是很重要的區別，因為我們談到「連接到雲端」時，那是不同的結構；而今天的結構是應用實際上就部署在雲端上。你繼續。

Yeah, And just maybe to draw out some of the benefits as well. So you mentioned that we mentioned in the prepared remarks, I think the example I gave was for one particular customer who in the month of April, we processed 150 million of their transactions, and that represented about 900 million items sold.

好的，我也許再把一些效益說得更具體。你提到我們在事先準備的發言中提到的例子：針對某一位客戶，在 4 月份我們處理了他們 1.5 億筆交易，而這大約代表售出 9 億件商品。

So all of that data associated with what was sold flows through the platform, yes, the average basket size, the SKU count, the pricing, the promotions and so on, that all flows through the platform. And then if you think of the opportunity we have with AI on top of that data, which is what we'll be showing NRA in about 10 days' time, is you can then use both Agentic AI and generative AI to provide insights into the data. So it's not just the fact that we have the data flowing through the platform, which gives real-time value, it's what we can leverage with AI on top of that to be able to bring additional value to the customers.

因此，所有與銷售內容相關的資料都會流經平台：沒錯，包括平均客單價、SKU 數量、定價、促銷等等，全部都會流經平台。再來，如果你思考我們在這些資料之上運用 AI 的機會——我們大約 10 天後會在 NRA 展示——你就能同時使用 Agentic AI 與生成式 AI 來提供資料洞察。所以不只是資料流經平台本身帶來即時價值，更在於我們能在其上運用 AI，為客戶帶來額外價值。

And the case study I gave in the prepared remarks is the Picklist Assist, we've rolled out across 35,000 lanes. So the more we roll that out, which is essentially product recognition and self-checkout, the AI tools in terms of product recognition and return on investment across multiple retailers and in terms of the consistent product types really starts to accelerate the customer benefits.

我在事先準備的發言中提到的案例研究是 Picklist Assist，我們已在 35,000 條通道（lanes）上推出。因此，當我們持續擴大部署——本質上是商品辨識與自助結帳——在商品辨識方面的 AI 工具，以及跨多家零售商的投資報酬率（ROI），並且在一致的商品類型上，將會開始加速帶動客戶效益。

Appreciate that feedback. And just looking back at this remaining contract value, obviously, really nice growth there in VCP to start. When you look at the customers that have taken a look at the demos or converted into a deal, are you finding that those are folks that would have otherwise been looking at an upgrade or renewal in the near term, and this is just a natural transition?

感謝這些回饋。再回頭看這個剩餘合約價值（remaining contract value），很明顯 VCP 一開始就有非常不錯的成長。當你們看那些看過 Demo 或已轉成交易的客戶時，你們是否發現他們原本就會在近期考慮升級或續約，而這只是很自然的轉換？

Or are you also finding folks that maybe signed a contract in the last two or three years that just see a real opportunity to advance their operations on this platform, and they're going to go forward regardless of when they would have done an upgrade or renewal?

還是你們也看到一些客戶可能在過去兩三年才剛簽約，但他們看到了在這個平台上大幅提升營運的機會，因此不管原本何時才會升級或續約，他們都會往前推進？

Yeah, I think it's more of the former. I think they see the benefit of it. And one of the challenges our customers have is they're running on 20- and 30-year-old applications. And their customers, their end customers at a grocery store or a restaurant have different expectations of what will be available for them in terms of data or being able to run promotions, all the stuff that we take advantage of in our personal lives, it's not always as resident in some of the markets that we support.

是的，我認為比較偏向前者。我想他們看到了它的效益。而我們客戶面臨的一個挑戰是，他們仍在使用 20 年、30 年前的舊應用。而他們的客戶——也就是在雜貨店或餐廳的終端消費者——對於可取得的資料、能否執行促銷等有不同的期待；我們在個人生活中習以為常的那些功能，在我們所服務的一些市場裡，並不總是那麼普及。

So my sense is that the market is very efficient. We've done some press releases. So that gets people's attention. NRF, I think, was a very good opportunity for us to showcase what the company has been working on for years, but we've also had a show in Europe.

所以我的感覺是市場非常有效率。我們發布了一些新聞稿。因此這會引起大家的注意。我認為 NRF 是一個非常好的機會，讓我們展示公司多年來一直在投入的成果；但我們也在歐洲參加了展會。

I was at one in Tokyo early in this year. There's another one coming in Singapore. So I think some of it is we're doing what we can without spending a massive amount in marketing to get the word out on the benefits of this product. And we've talked about it as a company for a number of years. It's what we have described the benefit of AI for us to be able to give to our customers exactly what they have.

我今年年初也去過東京的一場。接下來新加坡還有一場。所以我認為其中一部分是：我們在不投入大量行銷費用的前提下，盡我們所能把這個產品的效益傳達出去。而我們作為一家公司也談了好幾年。這就是我們所描述的 AI 對我們的好處：能把客戶所擁有的東西，精準地提供給他們。

So you're not changing the way the store runs. You don't have to retrain your staff and your staff could be tens of thousands or 50,000 people to run these grocery stores or restaurants. That is -- that's an important selling feature, being able to put the customer back to where they are today, but in an architecture or a structure that enables them to move faster. It's one of the key features of the selling.

所以你不需要改變門市的運作方式。你不必重新訓練員工，而員工可能是數萬人，甚至 50,000 人，來營運這些雜貨店或餐廳。這——這是一個重要的銷售特點：能讓客戶維持他們今天的運作方式，但在一個能讓他們更快前進的架構或結構之下運作。這是銷售上的關鍵特點之一。

But it is with 130 demos and 22 customers signed as per my remarks, it's kind of all the above that you said. It's from new logos to existing customers accelerating the deployments quicker than they ordinarily would because the benefit of the tool is they can keep their existing hardware in store and essentially upgrade their infrastructure from a monolithic to a microservice application.

但就我先前的說明而言，目前已有 130 場示範與 22 家客戶完成簽約，某種程度上就是你剛才提到的各種因素綜合作用。從新客戶（新標誌）到既有客戶加速部署、比他們平常更快導入，因為這個工具的好處在於他們可以保留既有硬體不變，基本上把基礎架構從單體式應用升級為微服務應用。

So that's an enormous benefit for them in terms of accelerating the deployment schedule. And then we've got the standard kind of end of contract or annualizing of the contract process in terms of the renewals. So it's a combination of all the above.

因此，對他們而言，在加速部署時程方面是非常巨大的效益。另外，在續約方面，我們也有標準的合約到期或年度化的續約流程。所以這是上述各項因素的綜合。

What I'm really pleased with is the sales cadence of all the sales teams across retail and restaurant in terms of proactive nature of sharing the message and the fundamentally different model now that we're deploying across the organization.

我真正感到欣慰的是，零售與餐飲各銷售團隊在銷售節奏上的表現——他們主動分享訊息，而且我們現在在整個組織推行的部署模式也已根本不同。

I guess the last is relative to one of your comment was we don't need to wait to a customers' existing contract comes to end. We're happy to step out of that contract into a new one. And I would say probably for most, if not all, the ones other than the new ones, they probably were already in the contract.

我想最後一點，呼應你其中一個評論：我們不需要等到客戶既有合約到期。我們很樂意讓客戶從原合約轉到一份新合約。而我會說，可能對於大多數（如果不是全部的話）除新客戶之外的案例，他們原本就已在合約之中。

And I think again, Benny's case on the restaurant side, where we're still earlier that sort of behind the retail side. To the extent somebody is renewing, they're renewing with the expectation they're going to see the new product in the lab sometime this year.

我想再補充一次，以餐飲端 Benny 的情況來看，我們在餐飲端仍較早期，進度相對落後於零售端。若有人在續約，他們續約時的期待是今年某個時間能在實驗室看到新產品。

Dillon Bandi, Northcoast Research.

Dillon Bandi，Northcoast Research。

Please go ahead. Hey guys, thanks for taking the question. Looking at chip and hardware costs have been kind of elevated. Have you guys seen any margin impact from that? And if you are seeing that, have you been able to pass those costs on to your customers? Thanks.

請繼續。嗨，各位，謝謝讓我提問。看到晶片與硬體成本一直偏高。你們有看到因此對毛利造成任何影響嗎？如果有，你們是否能把這些成本轉嫁給客戶？謝謝。

So we are seeing higher chip costs and we are including that in our price to the customer. So it doesn't impact us. And we have seen relatively healthy volume levels for hardware.

我們確實看到晶片成本上升，而我們已把這部分納入對客戶的定價。所以不會影響到我們。而且我們也看到硬體的出貨量水準相對健康。

No, go ahead, sorry. I was going to say as everybody is aware, we're also shifting out of the direct hardware business as of April 1. So we are still selling.

不，你先說，抱歉。我本來要補充的是，大家也都知道，我們自 4 月 1 日起也正在從直接硬體業務中轉出。所以我們仍在銷售。

And the nice thing is the software that we're selling that we've just talked about the new applications, we've been able to squeeze it into older hardware, as Darren was mentioning, so not to force customers. There's not a requirement to buy new hardware to be able to run the new software. depending on how old it is, that's not a requirement. We're trying to make it as easy as possible to transition to the new architecture.

而好的一點是，我們正在銷售的軟體——也就是我們剛談到的新應用——我們能把它壓縮到較舊的硬體上運行，正如 Darren 提到的，這樣就不會強迫客戶。並不需要購買新硬體才能跑新的軟體；視硬體有多舊而定，但這不是硬性要求。我們正努力讓轉換到新架構的過程盡可能容易。

Including hardware, that's not our own.

包括不是我們自家提供的硬體。

Yes. Yes. We're not -- I wouldn't say we're entirely hardware agnostic, but if somebody wants to use somebody else's hardware, we're not standing in the way of that.

是的。是的。我們不會說自己完全與硬體無關（hardware agnostic），但如果有人想用別家的硬體，我們不會阻擋。

But we're certainly seeing a change in customer behavior because chip and hardware costs across every channel is obviously increasing. So the buying pattern and trying to seek earlier delivery and certainty of delivery is kind of changing our dialogue with customers. So it is actually enhancing our process in terms of getting more confirmed quicker orders because they're wanting to beat the price hike. But as Brian said, we are firmly passing through any increased hardware chip or supply chain associated costs.

但我們確實看到客戶行為正在改變，因為各通路的晶片與硬體成本顯然都在上升。因此，採購模式、以及尋求更早交付與交付確定性的需求，正在改變我們與客戶的對話方式。所以這其實在強化我們的流程：因為客戶想趕在漲價前下單，我們能更快取得更多已確認的訂單。但如 Brian 所說，我們確實會把任何增加的硬體晶片成本或供應鏈相關成本完整轉嫁出去。

Great. That's really helpful. And then just kind of another line of thought here. Looking at your guys' recent wins, are you seeing greater traction in the retail or restaurants business? And then kind of how is the demand environment been different between those 2 verticals? Thanks.

很好。這非常有幫助。接著換個角度問一下。看你們近期的贏單，你們是在零售還是餐飲業務看到更強的動能？另外，這兩個垂直領域的需求環境有何不同？謝謝。

You want to start, Ben?

Ben，你要先開始嗎？

Yes. I'll start off by saying from what you said in my prepared remarks, we're very encouraged with the growth we're seeing actually before I even talk about the demand in the enterprise and mid-market segments. That is very consistent to the conversations we've been having over the past few quarters.

好。我先說，根據我事先準備的發言內容，在我談企業與中型市場（mid-market）區隔的需求之前，我們對目前看到的成長其實非常受到鼓舞。這與我們過去幾季一直在進行的對話非常一致。

And on top of that, as I said in my remarks, the demos that we've conducted about 60 demos, a number of actually labs that we have in enterprise space. And then on top of that, the number of RFPs that we have, significant growth than what we've seen in the past couple of years.

此外，正如我在發言中提到的，我們已進行約 60 場示範，在企業領域也有一些實驗室（labs）。再加上我們收到的 RFP（投標/提案邀請）數量，相較過去兩年有顯著成長。

So that gives me a lot of confidence that the demand is not just stable, but growing. And the feedback we've been getting is very positive on Aloha Next. As Jim just mentioned, we are a little bit earlier in the product rollout cadence compared to retail.

因此，這讓我很有信心，需求不僅穩定，而且正在成長。我們收到對 Aloha Next 的回饋也非常正面。如 Jim 剛提到的，相較零售端，我們在產品推出節奏上稍微還在較早期。

But already the positive remarks that we're getting is not just the positivity, but also the quality of the feedback has been around resiliency and speed. And when I think about speed, it's not just speed of deployment, but it's also the speed at which the restaurants can keep up with their configuration, management, pushing down promotions, managing their menu.

但我們已經收到的正面評語，不只是「正面」而已，回饋的品質也聚焦在韌性（resiliency）與速度。而我所說的速度，不僅是部署速度，也包括餐廳在設定、管理、下發促銷、管理菜單等方面能跟上的速度。

And then the overall cost structure of their technology management, right, really reduced. So all of this is driving a lot of speed. And Darren talked about the cadence of deployment that how the retailers are pushing faster migration because they want to recognize this value. We're seeing the same thing. So demand remains very high.

以及他們整體的技術管理成本結構，確實大幅降低。所以這些都在帶動速度提升。Darren 談到部署節奏，零售商正推動更快的遷移，因為他們想要實現這個價值。我們也看到同樣的情況。所以需求仍然非常高。

In mid-market, we announced one of the wins today.

在中型市場方面，我們今天宣布了其中一個贏單。

And again, there, a very similar theme to the data question that you heard. We are talking to a lot of customers that in today's environment with the new entrants that they've been using in their space as they try to grow, they're actually faced with challenge to access data.

而且同樣地，這裡也有一個與你剛聽到的資料問題非常相似的主題。我們正在與許多客戶對談：在當前環境下，隨著他們在成長過程中使用了該領域的新進業者方案，他們其實面臨取得資料的挑戰。

And in this current environment where they're trying to manage their cost structure, analytics, multiunit management, all of these remain very fast. So we're seeing healthy demand, very encouraged to what we're seeing in the second half as we prepare to launch Aloha Next.

而在目前他們試圖管理成本結構的環境中，分析、多店（multiunit）管理等需求都仍然非常強勁。因此我們看到健康的需求，對於下半年在準備推出 Aloha Next 時所看到的情況感到非常鼓舞。

Yes. Similar story to Benny. On the retail side, obviously, the sales cycles are very long in enterprise, but they're shortening dramatically as the message around the demos about the core solution and the adjacencies in terms of speed, loyalty, data, insights, micro services, flexibility, leveraging existing hardware or third party, those hooks and levers are truly landing in terms of speeding up the more greater efficiency, lowering the friction with our retailers.

是的。跟 Benny 的說法類似。在零售端，顯然企業客戶的銷售週期一向很長，但隨著示範所傳達的核心解決方案訊息，以及在速度、忠誠度、資料、洞察、微服務、彈性、沿用既有硬體或第三方硬體等周邊能力的訴求，這些賣點確實正在奏效，使得效率提升、摩擦降低，並大幅縮短銷售週期、加快與零售商的推進。

So we're seeing very strong demand across all markets, all territories. across the retail business. So we're very pleased with the demand and the sales approach of the team.

因此，我們看到所有市場、所有地區、整個零售業務都呈現非常強勁的需求。所以我們對需求以及團隊的銷售推進方式感到非常滿意。

Yes. Maybe to add on, I think in that question, there's also this theme hidden that is how is the market at least in restaurants, we're seeing, yes, food costs stabilizing as you've seen, consumer probably demand returning, people are visiting restaurants more and more, but what they're not doing is that discretionary spend hasn't returned yet.

是的。也許補充一下，我認為在那個問題裡其實也隱含了一個主題：至少在餐飲市場方面，我們確實看到如你所見，食材成本正在趨於穩定，消費者需求可能正在回流，人們越來越常去餐廳，但他們沒有做的是，可支配性支出尚未回來。

People are not buying that extra drink or ordering dessert and so on. So what restaurants are faced with is how do I manage my cost structure. Labor costs still remain high. So anything that drives efficiency, anything that allows them to improve their margin.

人們不會多買那杯額外的飲料，或加點甜點等等。因此餐廳面臨的是：我該如何管理我的成本結構。人力成本仍然居高不下。所以任何能提升效率、任何能讓他們改善利潤率的事情都很重要。

The data and AI remains very important, I think, not necessarily just to augment employees, but also to really optimize the cost structure is really important. So I'm excited again to what we're going to showcase that NRA that Nick talked about that really starts to address this, and this is driving a lot of the demand that we see.

我認為資料與 AI 仍然非常重要，不一定只是用來輔助員工，更是用來真正優化成本結構，這點非常關鍵。所以我也再次很期待我們將在 Nick 提到的 NRA 上展示的內容，因為那真的開始在解決這些問題，而這也正在帶動我們所看到的大量需求。

Matt Summerville, D.A. Davidson.

Matt Summerville，D.A. Davidson。

Thank you. A couple of questions. Just getting back to the remaining contract value, given that that's sort of a new statistic, where would you like to see that number kind of exiting 2026 and building into '27? Is there any way to help us dimensionalize that? And then underpinning that, is there a way that you can quantify the magnitude of funnel that supports that go-forward view on the RCV? And then I have a follow-up.

謝謝。我有幾個問題。回到剩餘合約價值（remaining contract value），鑑於這算是一個相對新的統計指標，你們希望在 2026 年結束、並延伸到 2027 年時，這個數字大概會落在什麼水準？有沒有什麼方式可以幫我們把它具體化？另外，支撐你們對未來 RCV 展望的漏斗（funnel）規模，你們是否能量化其幅度？然後我還有一個追問。

So I guess to answer your first question, I'll be flippant, so I'll be flipping.

我想先回答你的第一個問題，我會稍微輕鬆一點來說。

I expect it to be bigger. Look, it's early stages. We didn't do this last year for just that reason because we didn't really have compares. Now the compare also is against the first quarter of last year.

我預期它會更大。你看，現在還在早期階段。我們去年沒有做這件事，原因正是如此，因為我們其實沒有可比基準。而現在的可比也是對照去年第一季。

And so it's still very early last year in the sales cycle. I see it accelerating. It is really all we're doing right now. The GC is sitting in the room, and she's constantly complaining about all the RFPs and stuff that we're working on. I have customers coming in that, I would say, last year had a completely different view on NCR.

所以去年在銷售週期上也仍然非常早期。我看到它正在加速。這幾乎就是我們現在全部在做的事。法務長（GC）也坐在這個房間裡，她一直在抱怨我們正在處理的所有 RFP 等等。我有客戶來訪，我會說，他們去年對 NCR 的看法完全不同。

And for me, it's nice to feel. It's a completely different conversation than what I experienced last year. And the mindset for our customers has shifted because in the past, it was, well, I have this 20- and 30-year-old application. As I said to them, how many people have a 20- or 30-year-old car they're trying to keep running and running and running.

對我來說，這種感受很好。這跟我去年經歷的對話完全不同。客戶的心態已經轉變了，因為過去是：嗯，我有一個用了 20、30 年的應用系統。我跟他們說，你們有多少人會試著讓一台 20 或 30 年的車一直跑、一直跑、一直跑。

And I think our customers have been successful in as we in keeping this going for a very long period of time. But they would like to see something new. And NCR, while it acquired a lot of things over the years, this is the first time we're really bringing something of scale to the market that we built ourselves in-house with an amazing engineering team. So yes, I think it's going to continue to grow.

我認為我們的客戶以及我們自己，確實都很成功地讓這些系統運作了很長一段時間。但他們希望看到一些新的東西。而 NCR 雖然多年來收購了很多東西，但這是我們第一次真正把一個具規模、由我們內部自行打造、並由一支很棒的工程團隊完成的產品帶到市場上。所以是的，我認為它會持續成長。

I guess if we took the uplift that Nick was talking about, as we say market terms, it's what's the new price off of what we historically charge for software maintenance. We feel that, that market, I think we've done well in terms of the investment in this product is pretty significant over the years.

我想如果用 Nick 談到的提升幅度來看，用市場術語來說，就是相對於我們過去對軟體維護所收取的費用，新價格是多少。我們認為，就這個市場而言，我想我們做得不錯，因為多年來對這個產品的投資相當可觀。

But I think it's still early for us to kind of give a long-range view on it. But I think the trend -- I mean I don't know that it's going to grow at 70% quarter after quarter. And I don't think that's a failure if it doesn't because these are our existing and new customers. They go through -- most of them are RFP cycles because they're enterprise. So there could be some ups and downs to it.

但我認為現在對我們來說，要給出長期的展望仍然太早。不過我覺得這個趨勢——我的意思是，我不認為它會每一季都以 70% 的速度成長。而且如果沒有，也不代表失敗，因為這些包含我們既有與新客戶。他們大多會走 RFP 流程，因為他們是企業客戶。所以它可能會有一些起伏。

But yes, I expect that number to only get bigger and bigger and bigger over time. The cadence, I think this will be a good year. That's why we went ahead and put the numbers out there that we're off to a good start, and I expect that to continue.

但對，我預期這個數字只會隨著時間越來越大、越來越大、越來越大。至於節奏，我認為今年會是很好的一年。這也是為什麼我們決定把數字公布出來：我們開局良好，我也預期這會持續下去。

And I think you said about the quality of quantifying the funnel. All I can say is the discipline of driving a proper sales management funnel. Our sales support team has been very busy in building those processes to ensure there is ruthless discipline in the customer engagement, both in restaurants and retail across all our existing customers and a discipline in terms of the RFP approach in terms of the new product messaging in terms of core and adjacencies that we're focused on.

另外你提到要量化漏斗的品質。我能說的是，我們在推動一個正確的銷售管理漏斗方面的紀律。我們的銷售支援團隊一直非常忙碌，建立這些流程，以確保在客戶互動上有嚴格的紀律——無論是在餐飲或零售、涵蓋我們所有既有客戶——並且在 RFP 的推進方式、新產品訊息傳遞、以及我們聚焦的核心與相鄰領域（core and adjacencies）方面，也都有相應的紀律。

So those demos and the follow-through and the discipline and the engagement and the touch points and the sales discipline is firmly there. Our entire kind of sales ecosystem is driven around driving up the remaining contract value funnel and pipeline to drive that delivery momentum over the next few years. So there's a lot of dedicated effort on that funnel management.

因此，這些展示（demo）、後續跟進、紀律、互動、接觸點以及銷售紀律都已經確實到位。我們整個銷售生態系統，都是圍繞著提升剩餘合約價值的漏斗與管線（pipeline），以推動未來幾年的交付動能。所以在漏斗管理上投入了大量專注的努力。

The other piece is the contracts we have today, on a very limited basis, do we end to service something, mainly a branch of an existing application because we're trying to bring it back to the mothership instead of continuing to support these bespoke solutions.

另一個部分是我們今天所擁有的合約，在非常有限的情況下，我們會對某些項目停止服務（end to service），主要是既有應用的一個分支，因為我們希望把它拉回到主平台，而不是繼續支援這些客製化的解決方案。

But that is kind of the next horizon for us, which will cause customers to be more interested if they're trying to stay with what they have for one reason or another. At some point, we're going to end to service. We have a lot of resources against keeping these old products running.

但那算是我們的下一個階段，若客戶因某些原因想繼續使用現有系統，這會讓他們更感興趣。在某個時間點，我們會停止服務。我們投入了大量資源來維持這些舊產品的運作。

And it's better for the customer. It's better for us if we come to an end sooner rather than later. But we haven't come out with specifics yet. I think that will be later this year, and I think that will spur some additional growth.

而且對客戶更好。對我們也更好，如果我們能更早而不是更晚地結束這件事。但我們目前還沒有公布具體細節。我認為那會在今年稍晚，我也認為那將帶動一些額外的成長。

Got it. And then just 2 final ones. Can you remind me what -- how sort of the cost-out cadence looks as you move through the year and ultimately, what the aggregate net cost-out number is? And then just quickly on restaurants, when does the SMB headwind begin to flip to a tailwind for you guys specifically?

了解。最後兩個問題。你能提醒我一下——隨著今年推進，成本削減（cost-out）的節奏大概會是怎樣？以及最終整體的淨成本削減（net cost-out）總額是多少？另外很快問一下餐飲業務，你們這邊的 SMB 逆風什麼時候會開始轉為順風？

So I'll start on the cost side, Matt. So our cost program is about $90 million this year. A lot of those actions are already behind us. They're either taken last year or at the early part of this year. And most of it's around labor.

那我先從成本面開始，Matt。我們今年的成本計畫約為9,000萬美元。其中許多行動其實已經完成。不是在去年就已採取，就是在今年年初採取。而且大多數都與人力相關。

And there are some initiatives in development, product development and services that do continue. And so we'll get a little bit more benefit as we get into Q4, but a lot of it is behind us already in terms of actions taken.

另外，在開發、產品開發與服務方面，仍有一些計畫在推進。因此，隨著進入第四季，我們會再多看到一些效益，但就已採取的行動而言，多數其實已經在我們身後了。

Just to give you an order of magnitude, since the spin, the company has taken out 20% of payroll cost through the end of last year. So it's -- it was kind of a byproduct as I get feedback internally as a $2 billion becoming an $8 billion company, you're going to add a lot of cost, but the opposite also happens.

為了讓你有個量級概念，自分拆以來，公司截至去年底已將薪資成本削減了20%。所以——我在內部收到的回饋是，當一家20億美元規模的公司變成80億美元規模時，你會增加很多成本，但反過來也同樣成立。

So an $8 billion becoming a $2 billion company. That's one of the reasons that we've gone through the announcements that we have, but you never say it's completely over. But at this stage, that's not a focus of the company. The focus of the company, the divestitures are largely, if not entirely behind us. So the focus is entirely on bringing product to market to new and existing customers.

也就是一家80億美元規模的公司變成20億美元規模。這也是我們做出那些公告的原因之一，但你永遠不會說一切已完全結束。不過在這個階段，這並不是公司的重點。公司的重點是，資產剝離基本上——即使不是全部——也已經告一段落。因此，重點完全放在把產品推向市場，提供給新客戶與既有客戶。

And then on the SMB, I mean, again, I'll start off by saying very encouraged with the growth that we're seeing on enterprise and mid-market. That will continue. And overall, including for SMB, the inflection point that in restaurants we're seeing is tied to the Aloha Next launch. Specifically for SMB, it is tied to Aloha Next for SMB, which is restaurant in a box.

然後談到SMB，我的意思是，再次先說，我對我們在企業與中型市場看到的成長非常受鼓舞。這會持續。而整體而言（也包括SMB），我們在餐飲看到的轉折點與Aloha Next的推出有關。就SMB而言，則是與面向SMB的Aloha Next有關，也就是「餐廳一盒裝」（restaurant in a box）。

Again, we're not seeing a demand challenge. We actually see really good signals as we prepare for that launch. As I have said, we have been talking to both our direct SMB customers as well as in the dealer channel, which remains a very interesting channel for us.

再次強調，我們沒有看到需求面的挑戰。事實上，當我們為這次上市做準備時，看到非常好的訊號。如我所說，我們一直在與我們的SMB直客以及經銷商通路溝通，而這個通路對我們而言仍然非常有意思。

We've shown to some of our dealer channel, the larger ones as well as customers in that segment, very positive feedback. The internal mechanics that Darren talked about the sales operation, not just for enterprise, but also on the SMB side, there's a lot of work being done to prepare for that.

我們已向部分經銷商通路（較大型者）以及該細分市場的客戶展示，回饋非常正面。Darren提到的內部機制——銷售營運——不僅針對企業端，也包括SMB端，為此正在做大量準備工作。

So to your question of when does that inflection happen, it's really in that second half as we launch Aloha Next going into next year, we'll start to see that because it's going to be all about ease of deployment, ease of management of the solution as well as the overall economics, the package economics with embedded payments, the early signal tells us that, that will be the inflection point.

所以回到你問的轉折點何時出現，主要會在下半年，隨著我們推出Aloha Next並延伸到明年，我們就會開始看到，因為關鍵將在於部署的便利性、解決方案管理的便利性，以及整體經濟性——包含內嵌支付的套裝經濟性；早期訊號告訴我們，那將是轉折點。

I want to add to that, Matt. So in the enterprise space, very hard to switch out. A much different competitor profile in enterprise or even mid-market than in the SME space. Coming from payments, as you know, I did, lots of , software companies running around the SME space, lots of small merchants that turnover quite high as it is and restaurants in particular, was fairly high.

我想補充一下，Matt。在企業市場，要替換系統非常困難。企業端甚至中型市場的競爭者樣貌，與SME市場非常不同。以支付領域出身——如你所知我做過——SME市場裡有很多軟體公司到處跑，許多小型商戶本來流失率就很高，尤其餐廳更是相當高。

So having an application, which we do, even Aloha Cloud, which I think is fit for some segments, but not all of the SME space. Part of our challenge is just the product, having a competitive product in the marketplace. It's not a performance. It's not the sales force. It's -- Aloha Cloud didn't meet the needs of the market.

因此，擁有一個應用程式——我們確實有——甚至Aloha Cloud，我認為適合某些細分市場，但並不適用於所有SME市場。我們的部分挑戰就在於產品本身，也就是在市場上要有具競爭力的產品。這不是表現問題。也不是銷售團隊的問題。而是——Aloha Cloud沒有滿足市場需求。

We had this massive investment in this platform that we've been talking about. We weren't taking advantage of it. on the restaurant side. During last year, Nick, Benny, myself finally came to a conclusion that we needed to pivot. And it's one of the reasons that SME is a little bit behind, but I have confidence that Benny, Miguel, the rest of the team are going to catch up really quickly.

我們在這個平台上投入了巨額資金，也一直在談這件事。但在餐飲端，我們並沒有善加利用。在去年期間，Nick、Benny和我最終得出結論，我們需要轉向。這也是SME進度稍微落後的原因之一，但我有信心Benny、Miguel以及團隊其他成員會很快追上。

And engineering is laser-focused on getting a product for the market by the second -- early second half of next year. My year is confused.

而工程團隊正高度聚焦，目標是在明年下半年初之前推出符合市場需求的產品。我把年份搞混了。

Okay. There are no further questions at this time. I will now turn the conference back over to Jim Kelly, the CEO, for the closing remarks.

好的。目前沒有其他問題。我現在把電話會議交回給執行長Jim Kelly做結語。

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

謝謝接線員，也謝謝各位持續關注NCR Voyix。

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

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。