Q2 2025 Financial Performance - Revenue for Q2 2025 was $422 million recurring and $244 million non-recurring[14] - Adjusted EBITDA for Q2 2025 was $95 million, a 20% increase compared to Q2 2024[14] - Diluted EPS for Q2 2025 was $(0.02), while Non-GAAP Diluted EPS was $0.19[14] - Recurring revenue increased by 4% in Q2 2025[14] YTD Q2 2025 Financial Performance - YTD Q2 2025 recurring revenue was $829 million, while non-recurring revenue was $454 million[27] - YTD Q2 2025 Adjusted EBITDA was $170 million, a 20% increase compared to YTD Q2 2024[27] - YTD Q2 2025 Diluted EPS was $(0.19), while Non-GAAP Diluted EPS was $0.27[27] - Recurring revenue increased by 3% YTD Q2 2025[27] FY 2025 Outlook - The company projects total revenue between $2575 million and $2650 million for FY 2025[21] - The company projects adjusted EBITDA between $420 million and $445 million for FY 2025[21] - The company projects non-GAAP diluted EPS between $0.75 and $0.80 for FY 2025[21]

```python import urllib.parse import re def url_encode_item_id(item_id): """URL encodes the item_id for page-jump links.""" return urllib.parse.quote(item_id) def remove_trailing_period(text): """Removes a trailing period from a string if present.""" if text.endswith('.'): return text[:-1] return text def process_table_content(table_content, table_title): """ Formats Markdown table content, adding units to column headers based on title or value heuristics. """ lines = table_content.strip().split('\n') if not lines: return "" header_line = lines[0] headers = [h.strip() for h in header_line.split('|') if h.strip()] Determine if the table title explicitly states "in millions" title_specifies_millions = "(in millions)" in table_title.lower() processed_headers = [] for h in headers: Check if the header is a numeric column that should have units Exclude headers that are already percentages or specific non-numeric metrics if h.lower() not in ["metric", "segment", "account", "% change yoy", "adj. ebitda margin %", "diluted eps from continuing operations (gaap)", "non-gaap diluted eps", "gross margin %"]: if title_specifies_millions: processed_headers.append(f"{h} (millions)") else: Heuristic: if the original header is a year/quarter/range, or a monetary metric, assume it's a monetary value and add ($M) if not already specified as (millions) if any(char.isdigit() for char in h) or "range" in h.lower() or "revenue" in h.lower() or "ebitda" in h.lower() or "cash" in h.lower() or "assets" in h.lower() or "liabilities" in h.lower() or "equity" in h.lower() or "debt" in h.lower() or "income" in h.lower() or "margin" in h.lower() or "expense" in h.lower() or "costs" in h.lower() or "compensation" in h.lower(): processed_headers.append(f"{h} ($M)") else: processed_headers.append(h) else: processed_headers.append(h) processed_header_line = "| " + " | ".join(processed_headers) + " |" separator_line = lines[1] data_rows = lines[2:] return "\n".join([processed_header_line, separator_line] + data_rows) def process_insight_content(content, chunk_nums): """ Formats insight content as an unordered list, adds bolding, and appends chunk references. """ processed_lines = [] Split the content into individual logical points, assuming they are separated by newlines raw_points = [p.strip() for p in content.split('\n') if p.strip()] Determine if the chunk_nums provided are meant for individual points or the whole insight If the number of points matches the number of chunk_nums, assume 1-to-1 mapping if len(raw_points) == len(chunk_nums): for i, point_text in enumerate(raw_points): Remove any embedded (chunk_num: X) clean_point_text = re.sub(r'\s*\(chunk_num: \d+\)', '', point_text).strip() Ensure it starts with a bullet point if not clean_point_text.startswith('- '): clean_point_text = '- ' + clean_point_text clean_point_text = remove_trailing_period(clean_point_text) Append the specific chunk reference ref = f"[{chunk_nums[i]}](index={chunk_nums[i]}&type=chunk)" processed_lines.append(f"{clean_point_text}{ref}") else: If no direct 1-to-1 mapping, append all chunk_nums to each point all_refs = "".join([f"[{cn}](index={cn}&type=chunk)" for cn in sorted(chunk_nums)]) for point_text in raw_points: clean_point_text = re.sub(r'\s*\(chunk_num: \d+\)', '', point_text).strip() if not clean_point_text.startswith('- '): clean_point_text = '- ' + clean_point_text clean_point_text = remove_trailing_period(clean_point_text) processed_lines.append(f"{clean_point_text}{all_refs}") return "\n".join(processed_lines) def generate_report_outline(outline_data): """ Generates a professionally structured report outline in Markdown format. """ markdown_output = [] def process_item(item): level = item["level"] title = item["title"] summary = item["summary"] item_id = item["item_id"] start_page = item["start_page"] Determine Markdown heading level md_level_char = "" * level URL encode item_id encoded_item_id = url_encode_item_id(item_id) Construct page-jump link page_jump_link = f"[{title}](index={start_page}&type=section&id={encoded_item_id})" Add heading and link markdown_output.append(f"{md_level_char} {page_jump_link}") Add summary if available and not null if summary: Convert units in summary processed_summary = summary processed_summary = re.sub(r'\$(\d+)M', r'$\1 million', processed_summary) processed_summary = re.sub(r'\$(\d+\.\d+)B', r'$\1 billion', processed_summary) processed_summary = remove_trailing_period(processed_summary) markdown_output.append(processed_summary) Process key_points if "key_points" in item and item["key_points"]: for kp in item["key_points"]: if kp["type"] == "table": Table title as subheading (one level deeper than current item's level) table_heading_level = "" * (level + 1) markdown_output.append(f"{table_heading_level} {kp['title']}") markdown_output.append(process_table_content(kp["content"], kp["title"])) elif kp["type"] == "insight": markdown_output.append(process_insight_content(kp["content"], kp.get("chunk_num", []))) Process children recursively if "children" in item and item["children"]: for child in item["children"]: process_item(child) Start processing from the top-level item(s) for item in outline_data: process_item(item) return "\n\n".join(markdown_output) Provided outline content outline = [ {"level": 1, "title": "NCR Voyix Second Quarter 2025 Earnings Release", "item_id": "NCR Voyix Second Quarter 2025 Earnings Release", "summary": None, "children": [ {"level": 2, "title": "Financial & Business Highlights", "item_id": "Financial & Business Highlights", "summary": "In Q2 2025, NCR Voyix reported a decrease in total revenue to $666M but a significant improvement in profitability, with net income from continuing operations reaching $1M compared to a $90M loss in the prior year. Adjusted EBITDA grew to $95M. The company maintained its full-year 2025 outlook and continued strategic initiatives, including share repurchases and growing its platform and payment sites.", "children": [], "end_page": 2, "key_points": [ {"type": "table", "title": "Q2 2025 Financial Highlights vs. Q2 2024", "content": "| Metric | Q2 2025 | Q2 2024 |\n| :--- | :--- | :--- |\n| Revenue | $666M | $722M |\n| Net Income (Loss) from Continuing Operations | $1M | $(90)M |\n| Adjusted EBITDA | $95M | $79M |\n| Diluted EPS from Continuing Operations | $(0.02) | N/A |\n| Non-GAAP Diluted EPS | $0.19 | N/A |\n| Software & Services Revenue | $499M | $501M |\n| ARR | $1.68B | $1.60B |\n| Software ARR | $799M | $748M |", "chunk_num": [6]}, {"type": "table", "title": "Full-Year 2025 Outlook", "content": "| Metric | Outlook Range |\n| :--- | :--- |\n| Total Revenue | $2,575M – $2,650M |\n| Software and Services Revenue | $1,995M – $2,020M |\n| Hardware Revenue | $580M – $630M |\n| Adjusted EBITDA | $420M – $445M |\n| Non-GAAP Diluted EPS | $0.75 - $0.80 |\n| Adjusted Free Cash Flow - Unrestricted | $170M - $190M |", "chunk_num": [5]}, {"type": "insight", "content": "CEO James G. Kelly expressed encouragement with recent progress in executing key strategic initiatives, including product innovation, expanding payments capabilities, and enhancing global services.", "chunk_num": [5]}, {"type": "insight", "content": "The company grew its platform sites by 16% and payment sites by 3% year-over-year as of June 30, 2025. Additionally, it repurchased approximately 826 thousand shares for $7 million during the second quarter.", "chunk_num": [9]} ], "start_page": 1}, {"level": 2, "title": "Financial Statements", "item_id": "Financial Statements", "summary": "The consolidated financial statements detail the company's performance. The income statement shows a year-over-year revenue decline but improved gross margins and a shift to operating income in Q2. The balance sheet indicates a reduction in cash and total assets since year-end 2024. The cash flow statement reveals a significant use of cash from operations in the first half of 2025, contrasting with cash generation in the prior year.", "children": [ {"level": 3, "title": "Consolidated Statements of Operations", "item_id": "Consolidated Statements of Operations", "summary": "For Q2 2025, total revenue decreased to $666 million from $722 million in Q2 2024. However, gross margin improved from 17.5% to 23.0%, and the company swung from a $34 million operating loss to a $14 million operating income. Net income from continuing operations was $1 million, a significant turnaround from a $90 million loss in the prior-year quarter.", "end_page": 9, "key_points": [ {"type": "table", "title": "Consolidated Statements of Operations (in millions)", "content": "| Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 |\n| :--- | :--- | :--- | :--- | :--- |\n| Total Revenue | $666 | $722 | $1,283 | $1,432 |\n| Total Gross Margin | $153 | $126 | $288 | $264 |\n| Gross Margin % | 23.0% | 17.5% | 22.4% | 18.4% |\n| Income (Loss) from Operations | $14 | $(34) | $(6) | $(53) |\n| Income (Loss) from Continuing Operations | $1 | $(90) | $(19) | $(161) |", "chunk_num": [29]} ], "start_page": 9}, {"level": 3, "title": "Revenue and Adjusted EBITDA Summary by Segment", "item_id": "Revenue and Adjusted EBITDA Summary by Segment", "summary": "In Q2 2025, the Restaurants segment revenue grew 2% to $205 million with a 10% increase in Adjusted EBITDA to $68 million. The Retail segment saw revenue decline 12% to $454 million, but its Adjusted EBITDA decreased by a smaller 7% to $81 million, with its margin improving. Overall company Adjusted EBITDA increased 20% to $95 million for the quarter.", "end_page": 10, "key_points": [ {"type": "table", "title": "Q2 2025 Segment Performance (in millions)", "content": "| Segment | Revenue | % Change YoY | Adjusted EBITDA | % Change YoY | Adj. EBITDA Margin % |\n| :--- | :--- | :--- | :--- | :--- | :--- |\n| Retail | $454 | (12)% | $81 | (7)% | 17.8% |\n| Restaurants | $205 | 2% | $68 | 10% | 33.2% |\n| **Total** | **$666** | **(8)%** | **$95** | **20%** | **14.3%** |", "chunk_num": [31]} ], "start_page": 10}, {"level": 3, "title": "Consolidated Balance Sheets", "item_id": "Consolidated Balance Sheets", "summary": "As of June 30, 2025, NCR Voyix's total assets stood at $3.98 billion, down from $4.45 billion at year-end 2024, primarily driven by a decrease in cash and cash equivalents from $722 million to $276 million. Total liabilities also decreased to $2.84 billion from $3.25 billion, resulting in a slight decline in total stockholders' equity to $867 million.", "end_page": 11, "key_points": [ {"type": "table", "title": "Key Balance Sheet Items (in millions)", "content": "| Account | June 30, 2025 | Dec 31, 2024 |\n| :--- | :--- | :--- |\n| Cash and cash equivalents | $276 | $722 |\n| Total current assets | $1,222 | $1,671 |\n| Total assets | $3,984 | $4,452 |\n| Total current liabilities | $1,054 | $1,420 |\n| Long-term debt | $1,099 | $1,098 |\n| Total liabilities | $2,841 | $3,245 |\n| Total stockholders' equity | $867 | $931 |", "chunk_num": [34]} ], "start_page": 11}, {"level": 3, "title": "Consolidated Statements of Cash Flows", "item_id": "Consolidated Statements of Cash Flows", "summary": "For the six months ended June 30, 2025, the company reported a net cash outflow from operating activities of $284 million, a significant reversal from a $27 million inflow in the same period of 2024. Net cash used in investing and financing activities were $75 million and $86 million, respectively. This resulted in a decrease in cash, cash equivalents, and restricted cash of $440 million.", "end_page": 12, "key_points": [ {"type": "table", "title": "Six Months Ended June 30 Cash Flow Summary (in millions)", "content": "| Activity | 2025 | 2024 |\n| :--- | :--- | :--- |\n| Net cash provided by (used in) operating activities | $(284) | $27 |\n| Net cash provided by (used in) investing activities | $(75) | $(81) |\n| Net cash provided by (used in) financing activities | $(86) | $15 |\n| **Increase (decrease) in cash** | **$(440)** | **$(53)** |", "chunk_num": [36]} ], "start_page": 12} ], "end_page": 12, "key_points": [], "start_page": 9}, {"level": 2, "title": "Reconciliation of GAAP to Non-GAAP Measures", "item_id": "Reconciliation of GAAP to Non-GAAP Measures", "summary": "This section provides detailed reconciliations of GAAP financial figures to the non-GAAP metrics management uses to evaluate performance. Key adjustments include removing the impact of depreciation, amortization, stock-based compensation, and transformation costs. For Q2 2025, Net Income of $1 million reconciled to an Adjusted EBITDA of $95 million, and GAAP EPS of $(0.02) reconciled to a Non-GAAP EPS of $0.19.", "children": [ {"level": 3, "title": "Reconciliation to Adjusted EBITDA", "item_id": "Reconciliation to Adjusted EBITDA", "summary": "The company reconciled its Q2 2025 GAAP Net Income of $1 million to a Non-GAAP Adjusted EBITDA of $95 million. Major adjustments included adding back $51 million for depreciation and amortization, $16 million for transformation and restructuring costs, and $14 million for interest expense. This represents a year-over-year increase from an Adjusted EBITDA of $79 million in Q2 2024.", "end_page": 6, "key_points": [ {"type": "table", "title": "Adjusted EBITDA Reconciliation (in millions)", "content": "| Line Item | Q2 2025 | Q2 2024 |\n| :--- | :--- | :--- |\n| Net Income (Loss) from Continuing Operations (GAAP) | $1 | $(90) |\n| Depreciation and amortization | $51 | $52 |\n| Interest expense | $14 | $41 |\n| Transformation and restructuring costs | $16 | $50 |\n| Stock-based compensation expense | $9 | $12 |\n| Other adjustments | $4 | $4 |\n| **Adjusted EBITDA (Non-GAAP)** | **$95** | **$79** |", "chunk_num": [24]} ], "start_page": 6}, {"level": 3, "title": "Reconciliation to Non-GAAP Diluted EPS", "item_id": "Reconciliation to Non-GAAP Diluted EPS", "summary": "For Q2 2025, the GAAP Diluted EPS from continuing operations of $(0.02) was adjusted to a Non-GAAP Diluted EPS of $0.19. Significant adjustments included adding back the per-share impact of transformation and restructuring costs ($0.08), stock-based compensation ($0.05), and acquisition-related amortization ($0.03). This compares favorably to a Non-GAAP Diluted EPS of $(0.20) in Q2 2024.", "end_page": 8, "key_points": [ {"type": "table", "title": "Non-GAAP Diluted EPS Reconciliation", "content": "| Line Item | Q2 2025 | Q2 2024 |\n| :--- | :--- | :--- |\n| Diluted EPS from Continuing Operations (GAAP) | $(0.02) | $(0.65) |\n| Transformation and restructuring costs | $0.08 | $0.26 |\n| Stock-based compensation expense | $0.05 | $0.07 |\n| Acquisition-related amortization of intangibles | $0.03 | $0.04 |\n| Other adjustments | $0.05 | $(0.12) |\n| **Non-GAAP Diluted EPS** | **$0.19** | **$(0.20)** |", "chunk_num": [26]} ], "start_page": 7} ], "end_page": 8, "key_points": [], "start_page": 6}, {"level": 2, "title": "Definitions and Cautionary Statements", "item_id": "Definitions and Cautionary Statements", "summary": "This section outlines the definitions for non-GAAP financial measures and key operational terms used throughout the release, providing clarity on their calculation and management's rationale for their use. It also includes a standard safe harbor statement regarding forward-looking statements, highlighting the inherent risks and uncertainties and directing investors to the company's SEC filings for more detailed risk factors.", "children": [ {"level": 3, "title": "Non-GAAP Financial Measures and Key Terms", "item_id": "Non-GAAP Financial Measures and Key Terms", "summary": "The company defines its key non-GAAP metrics, including Adjusted EBITDA, which excludes items like restructuring costs and stock-based compensation, and Non-GAAP Diluted EPS, which removes non-operational items. It also clarifies operational terms such as 'Annual Recurring Revenue' (ARR), which is calculated as the last three months of recurring revenue multiplied by four, plus certain term-based software licenses.", "end_page": 6, "key_points": [ {"type": "insight", "content": "- **Adjusted EBITDA**: Calculated from GAAP net income by adding back interest, taxes, D&A, stock-based compensation, and other special items like restructuring costs. Used to measure ongoing business performance. (chunk_num: 16)\n- **Non-GAAP Diluted EPS**: Excludes pension adjustments and other special items like amortization of acquisition intangibles and restructuring costs from GAAP EPS to better show underlying operational performance. (chunk_num: 17)\n- **Annual Recurring Revenue (ARR)**: Defined as recurring revenue for the last three months multiplied by four, plus the rolling four quarters of term-based software license arrangements with customer termination rights. (chunk_num: 22)", "chunk_num": [16, 17, 22]} ], "start_page": 5}, {"level": 3, "title": "Forward-Looking Statements", "item_id": "Forward-Looking Statements", "summary": "The release contains forward-looking statements regarding the company's 2025 financial outlook, the impact of trade tariffs, and strategic initiatives. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties. The company cautions that actual results could differ materially and directs readers to its Form 10-K and other SEC filings for a comprehensive discussion of risk factors.", "end_page": 4, "key_points": [ {"type": "insight", "content": "This release includes forward-looking statements concerning the fiscal 2025 outlook, strategic initiatives, and other future events. These statements are subject to risks and uncertainties that could cause actual results to differ materially.", "chunk_num": [12]}, {"type": "insight", "content": "Investors are advised that these statements are made as of the date of the release and the company has no obligation to update them. For a full list of risk factors, investors should consult the company's SEC filings, including the 'Item 1A-Risk Factors' in its most recent Annual Report on Form 10-K.", "chunk_num": [12, 13]} ], "start_page": 4} ], "end_page": 6, "key_points": [], "start_page": 4} ], "end_page": 13, "start_page": 1} ] Generate the Markdown output markdown_report = generate_report_outline(outline) print(markdown_report) ``` [NCR Voyix Second Quarter 2025 Earnings Release](index=1&type=section&id=NCR%20Voyix%20Second%20Quarter%202025%20Earnings%20Release) [Financial & Business Highlights](index=1&type=section&id=Financial%20%26%20Business%20Highlights) In Q2 2025, NCR Voyix reported a decrease in total revenue to $666 million but a significant improvement in profitability, with net income from continuing operations reaching $1 million compared to a $90 million loss in the prior year. Adjusted EBITDA grew to $95 million. The company maintained its full-year 2025 outlook and continued strategic initiatives, including share repurchases and growing its platform and payment sites Q2 2025 Financial Highlights vs. Q2 2024 | Metric | Q2 2025 ($M) | Q2 2024 ($M) | | :--- | :--- | :--- | | Revenue | $666M | $722M | | Net Income (Loss) from Continuing Operations | $1M | $(90)M | | Adjusted EBITDA | $95M | $79M | | Diluted EPS from Continuing Operations | $(0.02) | N/A | | Non-GAAP Diluted EPS | $0.19 | N/A | | Software & Services Revenue | $499M | $501M | | ARR | $1.68B | $1.60B | | Software ARR | $799M | $748M | Full-Year 2025 Outlook | Metric | Outlook Range ($M) | | :--- | :--- | | Total Revenue | $2,575M – $2,650M | | Software and Services Revenue | $1,995M – $2,020M | | Hardware Revenue | $580M – $630M | | Adjusted EBITDA | $420M – $445M | | Non-GAAP Diluted EPS | $0.75 - $0.80 | | Adjusted Free Cash Flow - Unrestricted | $170M - $190M | - CEO James G. Kelly expressed encouragement with recent progress in executing key strategic initiatives, including product innovation, expanding payments capabilities, and enhancing global services[5](index=5&type=chunk) - The company grew its platform sites by **16%** and payment sites by **3%** year-over-year as of June 30, 2025. Additionally, it repurchased approximately **826 thousand shares** for **$7 million** during the second quarter[9](index=9&type=chunk) [Financial Statements](index=9&type=section&id=Financial%20Statements) The consolidated financial statements detail the company's performance. The income statement shows a year-over-year revenue decline but improved gross margins and a shift to operating income in Q2. The balance sheet indicates a reduction in cash and total assets since year-end 2024. The cash flow statement reveals a significant use of cash from operations in the first half of 2025, contrasting with cash generation in the prior year [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) For Q2 2025, total revenue decreased to $666 million from $722 million in Q2 2024. However, gross margin improved from 17.5% to 23.0%, and the company swung from a $34 million operating loss to a $14 million operating income. Net income from continuing operations was $1 million, a significant turnaround from a $90 million loss in the prior-year quarter Consolidated Statements of Operations (in millions) | Metric | Q2 2025 (millions) | Q2 2024 (millions) | Six Months 2025 (millions) | Six Months 2024 (millions) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $666 | $722 | $1,283 | $1,432 | | Total Gross Margin | $153 | $126 | $288 | $264 | | Gross Margin % | 23.0% | 17.5% | 22.4% | 18.4% | | Income (Loss) from Operations | $14 | $(34) | $(6) | $(53) | | Income (Loss) from Continuing Operations | $1 | $(90) | $(19) | $(161) | [Revenue and Adjusted EBITDA Summary by Segment](index=10&type=section&id=Revenue%20and%20Adjusted%20EBITDA%20Summary%20by%20Segment) In Q2 2025, the Restaurants segment revenue grew 2% to $205 million with a 10% increase in Adjusted EBITDA to $68 million. The Retail segment saw revenue decline 12% to $454 million, but its Adjusted EBITDA decreased by a smaller 7% to $81 million, with its margin improving. Overall company Adjusted EBITDA increased 20% to $95 million for the quarter Q2 2025 Segment Performance (in millions) | Segment | Revenue (millions) | % Change YoY | Adjusted EBITDA (millions) | % Change YoY | Adj. EBITDA Margin % | | :--- | :--- | :--- | :--- | :--- | :--- | | Retail | $454 | (12)% | $81 | (7)% | 17.8% | | Restaurants | $205 | 2% | $68 | 10% | 33.2% | | **Total** | **$666** | **(8)%** | **$95** | **20%** | **14.3%** | [Consolidated Balance Sheets](index=11&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, NCR Voyix's total assets stood at $3.98 billion, down from $4.45 billion at year-end 2024, primarily driven by a decrease in cash and cash equivalents from $722 million to $276 million. Total liabilities also decreased to $2.84 billion from $3.25 billion, resulting in a slight decline in total stockholders' equity to $867 million Key Balance Sheet Items (in millions) | Account | June 30, 2025 (millions) | Dec 31, 2024 (millions) | | :--- | :--- | :--- | | Cash and cash equivalents | $276 | $722 | | Total current assets | $1,222 | $1,671 | | Total assets | $3,984 | $4,452 | | Total current liabilities | $1,054 | $1,420 | | Long-term debt | $1,099 | $1,098 | | Total liabilities | $2,841 | $3,245 | | Total stockholders' equity | $867 | $931 | [Consolidated Statements of Cash Flows](index=12&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, the company reported a net cash outflow from operating activities of $284 million, a significant reversal from a $27 million inflow in the same period of 2024. Net cash used in investing and financing activities were $75 million and $86 million, respectively. This resulted in a decrease in cash, cash equivalents, and restricted cash of $440 million Six Months Ended June 30 Cash Flow Summary (in millions) | Activity | 2025 (millions) | 2024 (millions) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $(284) | $27 | | Net cash provided by (used in) investing activities | $(75) | $(81) | | Net cash provided by (used in) financing activities | $(86) | $15 | | **Increase (decrease) in cash** | **$(440)** | **$(53)** | [Reconciliation of GAAP to Non-GAAP Measures](index=6&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section provides detailed reconciliations of GAAP financial figures to the non-GAAP metrics management uses to evaluate performance. Key adjustments include removing the impact of depreciation, amortization, stock-based compensation, and transformation costs. For Q2 2025, Net Income of $1 million reconciled to an Adjusted EBITDA of $95 million, and GAAP EPS of $(0.02) reconciled to a Non-GAAP EPS of $0.19 [Reconciliation to Adjusted EBITDA](index=6&type=section&id=Reconciliation%20to%20Adjusted%20EBITDA) The company reconciled its Q2 2025 GAAP Net Income of $1 million to a Non-GAAP Adjusted EBITDA of $95 million. Major adjustments included adding back $51 million for depreciation and amortization, $16 million for transformation and restructuring costs, and $14 million for interest expense. This represents a year-over-year increase from an Adjusted EBITDA of $79 million in Q2 2024 Adjusted EBITDA Reconciliation (in millions) | Line Item | Q2 2025 (millions) | Q2 2024 (millions) | | :--- | :--- | :--- | | Net Income (Loss) from Continuing Operations (GAAP) | $1 | $(90) | | Depreciation and amortization | $51 | $52 | | Interest expense | $14 | $41 | | Transformation and restructuring costs | $16 | $50 | | Stock-based compensation expense | $9 | $12 | | Other adjustments | $4 | $4 | | **Adjusted EBITDA (Non-GAAP)** | **$95** | **$79** | [Reconciliation to Non-GAAP Diluted EPS](index=7&type=section&id=Reconciliation%20to%20Non-GAAP%20Diluted%20EPS) For Q2 2025, the GAAP Diluted EPS from continuing operations of $(0.02) was adjusted to a Non-GAAP Diluted EPS of $0.19. Significant adjustments included adding back the per-share impact of transformation and restructuring costs ($0.08), stock-based compensation ($0.05), and acquisition-related amortization ($0.03). This compares favorably to a Non-GAAP Diluted EPS of $(0.20) in Q2 2024 Non-GAAP Diluted EPS Reconciliation | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Diluted EPS from Continuing Operations (GAAP) | $(0.02) | $(0.65) | | Transformation and restructuring costs | $0.08 | $0.26 | | Stock-based compensation expense | $0.05 | $0.07 | | Acquisition-related amortization of intangibles | $0.03 | $0.04 | | Other adjustments | $0.05 | $(0.12) | | **Non-GAAP Diluted EPS** | **$0.19** | **$(0.20)** | [Definitions and Cautionary Statements](index=4&type=section&id=Definitions%20and%20Cautionary%20Statements) This section outlines the definitions for non-GAAP financial measures and key operational terms used throughout the release, providing clarity on their calculation and management's rationale for their use. It also includes a standard safe harbor statement regarding forward-looking statements, highlighting the inherent risks and uncertainties and directing investors to the company's SEC filings for more detailed risk factors [Non-GAAP Financial Measures and Key Terms](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Key%20Terms) - **Adjusted EBITDA**: Calculated from GAAP net income by adding back interest, taxes, D&A, stock-based compensation, and other special items like restructuring costs. Used to measure ongoing business performance[16](index=16&type=chunk) - **Non-GAAP Diluted EPS**: Excludes pension adjustments and other special items like amortization of acquisition intangibles and restructuring costs from GAAP EPS to better show underlying operational performance[17](index=17&type=chunk) - **Annual Recurring Revenue (ARR)**: Defined as recurring revenue for the last three months multiplied by four, plus the rolling four quarters of term-based software license arrangements with customer termination rights[22](index=22&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The release contains forward-looking statements regarding the company's 2025 financial outlook, the impact of trade tariffs, and strategic initiatives. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties. The company cautions that actual results could differ materially and directs readers to its Form 10-K and other SEC filings for a comprehensive discussion of risk factors - This release includes forward-looking statements concerning the fiscal 2025 outlook, strategic initiatives, and other future events. These statements are subject to risks and uncertainties that could cause actual results to differ materially[12](index=12&type=chunk) - Investors are advised that these statements are made as of the date of the release and the company has no obligation to update them. For a full list of risk factors, investors should consult the company's SEC filings, including the 'Item 1A-Risk Factors' in its most recent Annual Report on Form 10-K[12](index=12&type=chunk)[13](index=13&type=chunk)

Group 1: Value Stocks Performance - Value stocks have underperformed growth peers in recent quarters, potentially making some companies in the value category more attractive due to deeper discounts relative to intrinsic value [1] - Current market volatility and economic uncertainty may present a favorable opportunity for long-term investors in value stocks [2] Group 2: Tsakos Energy Navigation (TEN) - Tsakos Energy Navigation Ltd. provides sea-based crude oil and petroleum transportation services, with a current stock price of $19.44 and a dividend yield of 6.17% [2][4] - The company reported mixed earnings for Q1, with EPS exceeding analyst predictions but revenue falling short by approximately $0.5 million; however, it has a significant backlog of $3.7 billion with an average contract duration of over 12 years [2][3] - Tsakos is on track to sell six older vessels by year-end, following the sale of 14 vessels, which will free up about $100 million for new builds and dividends [3] - The stock's P/E ratio of 4.5 is substantially lower than the transportation sector average of 13.1, indicating potential undervaluation despite a 12% increase in shares this year [4] Group 3: Gray Media (GTN) - Gray Media Inc. operates in television broadcasting and has recently engaged in a station swap with The E.W. Scripps Co., which is expected to enhance growth by creating a duopoly in certain markets [5] - The company refinanced $700 million in debt, extending maturities to 2032, alleviating near-term financial pressure [6] - GTN shares have surged by approximately 58% YTD, but with a P/E ratio of 2.3 compared to the sector average of 21.6, it may still be considered a value play [7] Group 4: NCR Voyix (VYX) - NCR Voyix Corp. specializes in digital commerce technology, reporting a 13% year-over-year revenue decline in Q1, yet still outperforming analyst expectations [9][10] - The company's annual recurring revenue (ARR) now constitutes two-thirds of total sales, indicating a positive shift towards a subscription model with the upcoming launch of its cloud-native Voyage Commerce Platform [10] - VYX shares have increased by about 9% YTD, supported by stock repurchase actions potentially totaling $200 million, while maintaining an attractive price-to-sales ratio of 0.71 [11]

Core Insights - The focus on steady earnings growth is essential for assessing a company's profitability, but rapid earnings growth can significantly drive stock prices higher [1] - Research indicates that stocks with accelerating earnings often see their prices increase subsequently [1] Earnings Acceleration - Earnings acceleration refers to the incremental growth in a company's earnings per share (EPS), characterized by an increase in quarter-over-quarter earnings growth rates [3] - This metric helps identify stocks that have not yet attracted investor attention, potentially leading to a price rally once recognized [4] Screening Parameters - The screening process involves identifying stocks where the last two quarter-over-quarter EPS growth rates exceed previous periods' growth rates, with projected EPS growth rates for the upcoming quarter expected to surpass prior periods [6][7][8] - Additional criteria include a current price of at least $5 and an average 20-day trading volume of 50,000 or more to ensure adequate liquidity [8] Identified Stocks - The screening narrowed down to three stocks: Yext, Agenus, and NCR Voyix, all showing strong earnings acceleration [9] - NCR Voyix leads with an expected EPS growth rate of 152.7%, followed by Agenus at 114.7% and Yext at 37.1% for the current year [9] Company Profiles - **Yext**: Provides a platform for consumer inquiries globally, with an expected earnings growth rate of 37.1% [10] - **Agenus**: A biotechnology firm focused on developing immune therapies for cancer and infections, with an expected earnings growth rate of 114.7% [11] - **NCR Voyix**: Offers digital commerce solutions for retail and dining, with an expected earnings growth rate of 152.7% [12]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Characteristics - Momentum investing can be risky as stocks may lose momentum when their valuations exceed future growth potential [2] - A safer approach involves investing in bargain stocks that exhibit recent price momentum [3] Group 2: NCR Voyix (VYX) Stock Analysis - NCR Voyix (VYX) has shown a price increase of 11.2% over the past four weeks, indicating growing investor interest [4] - VYX gained 19.1% over the past 12 weeks and has a beta of 1.65, suggesting it moves 65% more than the market [5] - VYX has a Momentum Score of B, indicating a favorable time to invest [6] Group 3: Earnings Estimates and Valuation - VYX has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which attract more investors [7] - The stock is trading at a Price-to-Sales ratio of 0.57, indicating it is reasonably valued at 57 cents for each dollar of sales [7] Group 4: Additional Investment Opportunities - Besides VYX, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen [8] - Zacks offers over 45 Premium Screens to help identify potential winning stock picks based on various investing styles [9]

Core Viewpoint - NCR Voyix (VYX) shares have increased by 6.2% over the past four weeks, closing at $11.56, with a mean price target of $14.63 indicating a potential upside of 26.6% [1] Price Targets and Analyst Estimates - The mean estimate consists of eight short-term price targets with a standard deviation of $2.33, where the lowest estimate is $11 (4.8% decline) and the highest is $18 (55.7% increase) [2] - A low standard deviation suggests a strong agreement among analysts regarding the stock's price movement [9] Earnings Estimates and Analyst Agreement - Analysts show strong agreement in revising earnings estimates higher, which correlates with potential stock price increases [11] - The Zacks Consensus Estimate for the current year has risen by 7.1% over the past month, with one estimate increasing and no negative revisions [12] Zacks Rank and Investment Potential - VYX holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While consensus price targets may not be reliable for predicting exact gains, they can indicate potential price movement direction [13]

Summary of NCR Voyix (VYX) FY Conference Call - June 11, 2025 Company Overview - **Company**: NCR Voyix (VYX) - **Industry**: Payment Processing and Technology Solutions Key Points and Arguments Leadership and Background - Jim Kelly, the CEO, has extensive experience in the payments industry, having previously led EVO Payments and Global Payments, which saw significant growth during his tenure [2][4][12] - NCR Voyix underwent significant changes over the past four years, including a separation from NCR Corporation and restructuring efforts initiated by activist investors [5][6][8] Strategic Changes - The company sold its Digital Banking division to Veritas for $2.5 billion, which helped reduce debt significantly [8] - A focus on customer satisfaction has been emphasized, with efforts to improve relationships with over 50 CEOs and CIOs [7][12] - The company is transitioning from a hardware-centric model to a platform-based approach, emphasizing software and services [66][67] Payment Processing Strategy - NCR Voyix processes approximately $1.3 trillion in volume through its point-of-sale systems, significantly higher than the $150 billion processed by EVO Payments [15][16] - The company aims to increase its share of this volume, currently accessing only $400 million [16] - A partnership with Worldpay is being pursued to enhance payment processing capabilities [20][22] Product Development and Market Position - The company is launching a new cloud solution to support existing customers and penetrate new market segments [12][60] - A shift from one-time software licenses to a subscription model is being implemented to provide ongoing value to customers [24][35] - The attach rate for new customers in the restaurant sector is reported to be as high as 99% [27] Market Expansion and Customer Acquisition - The company is actively pursuing new customer acquisition, countering a previous strategy that focused solely on existing customers [39][41] - There is a significant opportunity in the mid-market and SME sectors, with 7 million merchants in the U.S. [43][45] Organizational Changes - The leadership team has been restructured to improve product focus and decentralize operations, enhancing responsiveness to customer needs [76][80] - New leadership roles have been filled to drive product development and market strategy [78][82] Financial Health and Future Outlook - The balance sheet is reported to be in the best shape in 20 years, with plans for share buybacks and investments in product development [85][87] - While M&A is not a primary focus, the company remains open to strategic opportunities if they align with its growth plans [90][92] Challenges and Risks - The transition to an outsourced design manufacturing model (ODM) is ongoing, with potential risks related to supply chain management and customer expectations [62][66] - The company acknowledges the need to address legacy technology issues and improve operational efficiencies [88][89] Additional Important Content - The company is not aiming to become a standalone payments company but rather to enhance its service offerings to existing customers [37] - The emphasis on customer-centric solutions and ease of implementation is a key differentiator in the competitive landscape [32][33] This summary encapsulates the critical insights from the NCR Voyix FY Conference Call, highlighting the company's strategic direction, market opportunities, and operational changes.

Summary of NCR Voyix (VYX) Conference Call - June 10, 2025 Company Overview - **Company**: NCR Voyix (VYX) - **CEO**: Jim Kelly, who has 25 years of experience in the payments industry [4][3] Key Points Discussed Company Transition and Financials - Jim Kelly has been in the CEO role for over four months, following the company's split in October 2023 [5][4] - The company divested its digital banking business, Condescent, to Veritas for $2.5 billion, significantly reducing leverage from over 4 times to between 1.5 to 1.8 times [7][8] - The company aims to normalize revenue volatility associated with hardware sales, which have fluctuated due to past inventory issues [8][9] Customer Relationships and Market Position - NCR Voyix maintains strong relationships with approximately 400 core customers, representing over 70-80% of the company's revenue [10][11] - The company has a low attrition rate of 1% of revenue, indicating strong customer retention [15][16] - There is a focus on improving legacy applications and infrastructure to enhance customer service [12][15] Market Trends and Customer Spending - Despite concerns about tariffs, the company has absorbed less than $2 million in tariff impacts and has not seen a slowdown in customer demand [22][23] - Revenue has remained stable and consistent, with no significant declines noted in customer spending [26][27] Strategic Focus and Product Development - The company is pivoting towards a SaaS-based model, moving away from traditional licensing and hardware sales [56][71] - New product launches are expected to enhance the customer experience, with a focus on cloud-based solutions and real-time data [60][71] - The company is not looking to become a payments company but will support customers in processing payments as part of its service offerings [50][51] Future Outlook and Growth Opportunities - The CEO anticipates that new customer acquisition will increase, as the company has not pursued new customers aggressively in the past [48][49] - The partnership with Worldpay is expected to enhance capabilities in grocery and fuel sectors, with initial results anticipated by late 2025 or early 2026 [44][47] - The company is focused on driving software and services business, with ongoing pilots for new products [56][58] Capital Allocation - NCR Voyix announced a $200 million buyback program, which includes the option to buy back preferred shares, reflecting a commitment to returning value to shareholders [73][75] Additional Insights - The company has faced challenges in the past with customer commitments and infrastructure investments, but is now focused on improving these areas [12][15] - The transition to a platform company is seen as critical for future growth, with a significant emphasis on understanding customer needs and providing tailored solutions [13][71] This summary encapsulates the key discussions and insights from the NCR Voyix conference call, highlighting the company's strategic direction, financial health, and market positioning.

Group 1 - Momentum investing focuses on "buying high and selling higher" rather than traditional "buying low and selling high" strategies [1] - Fast-moving trending stocks can lose momentum if their future growth does not justify their high valuations, leading to potential downside risks for investors [2] - A safer investment approach involves targeting bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score [3] Group 2 - NCR Voyix (VYX) has shown a significant price increase of 29.2% over the past four weeks, indicating growing investor interest [4] - VYX has gained 4.1% over the past 12 weeks and has a beta of 1.52, suggesting it moves 52% more than the market [5] - VYX holds a Momentum Score of B, indicating a favorable entry point for investors looking to capitalize on its momentum [6] Group 3 - VYX has received a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investor interest [7] - The stock is currently trading at a Price-to-Sales ratio of 0.53, suggesting it is undervalued at 53 cents for each dollar of sales [7] - VYX is positioned for further growth, supported by its fast-paced momentum and reasonable valuation [8] Group 4 - There are additional stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, providing further investment opportunities [8] - Zacks offers over 45 Premium Screens tailored to different investing styles, aiding in the identification of potential winning stocks [9]

Core Viewpoint - NCR Voyix (VYX) is positioned as a strong investment opportunity due to significant upward revisions in earnings estimates, indicating a positive earnings outlook and potential for continued stock price appreciation [1][2]. Earnings Estimates - Analysts are increasingly optimistic about NCR Voyix's earnings prospects, leading to higher estimates that are expected to positively influence the stock price [2]. - For the current quarter, the earnings estimate is projected at $0.14 per share, reflecting a substantial increase of +125.93% compared to the same quarter last year [5]. - The full-year earnings estimate stands at $0.78 per share, representing a remarkable change of +152% from the previous year [6]. - Over the past month, there has been a net increase in earnings estimates, with three estimates moving up and only one moving down [6]. Zacks Rank - NCR Voyix currently holds a Zacks Rank of 2 (Buy), indicating strong agreement among analysts regarding the positive revisions in earnings estimates [7]. - The Zacks Rank system has a proven track record, with Zacks 1 (Strong Buy) and 2 (Buy) stocks significantly outperforming the S&P 500 [7]. Stock Performance - The stock has appreciated by 27.2% over the past four weeks, driven by favorable estimate revisions and increased investor interest [8]. - There is potential for further upside in the stock, making it a candidate for portfolio addition [8].