ATLANTA--(BUSINESS WIRE)--NCR Voyix Corporation (NYSE: VYX), a leading global platform and provider of digital commerce solutions for the retail, restaurant and banking industries, today announced that $8.5 billion-asset Nicolet National Bank (Nicolet Bank) has selected NCR Voyix to enhance and improve its customer experience for digital banking. Green Bay, Wisconsin-based Nicolet Bank serves communities across Wisconsin, Michigan and parts of Minnesota. As part of a strategic effort to improve the custo ...

Financial Data and Key Metrics Changes - For Q4 2023, total revenue was $963 million, flat as reported and up 1% on a normalized basis [42] - Full year revenue was $3.83 billion, up 1% as reported and up 2% on a normalized basis [43] - Adjusted EBITDA for Q4 was $134 million, down 19% as reported and down 24% normalized [45] - Full year adjusted EBITDA was $618 million, up 4% as reported and up 2% normalized [46] - Full year margin expanded 40 basis points, driven by growth in software and services [47] Business Line Data and Key Metrics Changes Restaurant Segment - Q4 restaurant revenue increased 2%, with software and services revenue up 7% [48] - Full year restaurant revenue increased 3%, and software and services revenue increased 10% [49] - Q4 adjusted EBITDA for the restaurant segment increased 22% [49] Retail Segment - Q4 retail segment revenue declined 3%, with a 1% decline in software and services [50] - Full year retail revenue was flat, reflecting 3% growth in software and services [50] - Q4 retail adjusted EBITDA declined 14% [51] Digital Banking Segment - Q4 digital banking revenue increased 8%, and full year revenue increased 6% [52] - Q4 digital banking adjusted EBITDA was flat, while full year adjusted EBITDA declined 6% [52] Market Data and Key Metrics Changes - The company added approximately 14,000 sites to its platform and signed more than 650 new customers in 2023 [12] - Platform traffic and usage increased, with API calls exceeding $100 billion, up 35% from 2022 [13] Company Strategy and Development Direction - The company is focused on driving growth from software and service revenue streams post spin-off of the ATM business [7] - Key strategic initiatives include investing in technology innovation and expanding customer relationships across all segments [10][11] - The company aims to better address the mid-market segment, which is seen as a significant growth opportunity [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive growth and efficiencies across all businesses [41] - The outlook for 2024 includes total revenue guidance between $3.6 billion and $3.7 billion, reflecting a decline in hardware revenue [55] - Management noted that recurring revenue is growing, with software and services expected to grow 2% to 4% [56] Other Important Information - The company reported a fraudulent ACH debit transaction impact of $23 million for 2023, with ongoing investigations [61][62] - The company plans to file a 10-K with details about material weaknesses in internal controls over financial reporting [63] Q&A Session Summary Question: Key growth metric ARR trends across segments - ARR grew 5% in 2023, with digital banking at 8%, restaurants at 12%, and retail at 1% [66] Question: Changes in win rates post spin-off - Management feels focused and competitive, with no significant changes in market dynamics [67][68] Question: Drivers of change in revenue outlook for 2024 - Hardware revenue is expected to decline, impacting overall revenue growth [70][71] Question: Digital banking growth expectations - Digital banking is anticipated to grow 7% in 2024 [76] Question: Cash flow conversion expectations - Cash conversion is expected to improve as separation costs decrease [80] Question: Investments in SMB focus - The company is investing about $15 million in sales across all segments, focusing on mid-market operators [83][84] Question: Cost-saving measures and expectations - The company is targeting $100 million in annualized cost savings across various areas [87][90]

ATLANTA--(BUSINESS WIRE)--NCR Voyix Corporation (NYSE: VYX), a leading provider of technology solutions to the retail, restaurant and digital banking industries, announced today that David Wilkinson, NCR Voyix’s CEO, will participate in a fireside chat at the Morgan Stanley TMT Conference. Wilkinson’s presentation will take place Tuesday, March 5 at 1:20 p.m. PST, and will be available live and via replay at the company’s investor relations website at https://investor.ncrvoyix.com. About NCR Voyix NCR Voy ...

NEWS RELEASE NCR Voyix Reports Preliminary Fourth Quarter and Full Year 2023 Results ATLANTA, February 29, 2024 - NCR Voyix Corporation (NYSE: VYX) ("NCR Voyix" or the "Company"), a leading provider of technology solutions, reported preliminary financial results today for the three and twelve months ended December 31, 2023. Reported results reflect the NCR Voyix business, following the spin-off of NCR Atleos Corporation ("NCR Atleos") as an independent, publicly traded company on October 16, 2023. | In mill ...

ATLANTA--(BUSINESS WIRE)--NCR Voyix Corporation (NYSE: VYX), a leading provider of technology solutions, will publish consolidated financial results for the fourth quarter and full year 2023 after the market closes on February 29, 2024. NCR Voyix’s management team will host a conference call to discuss the results at 4:30 p.m. EST the same day. Conference Call Details Date and time: February 29, 2024 | 4:30 p.m. EST Dial In Number: 877-407-3088 (Toll free) | +1 201-389-0927 (Local) Participants sho ...

NCR Voyix (VYX) has introduced its latest self-checkout solution, leveraging the advanced capabilities of the NCR Voyix Commerce Platform. This is the first solution that the company has launched after its separation of business into the digital commerce-based NCR Voyix and ATM-business-focused NCR Atleos.The newly introduced solution is focused on simplifying the store checkout process through various technologies like radio frequency identification, bar code scanning, computer vision and more to create a ...

Digital commerce company NCR Voyix has introduced a new self-checkout offering. The NCR Voyix Next Generation Self-Checkout Solution, announced in a news release Sunday (Jan. 14), was designed with the arrival of frictionless hybrid stores in mind, letting retailers “pivot quickly between assisted and self-checkout lanes or cash and cashless lanes.”The solution uses multiple signals — such as bar code scanning, computer vision, RFID and more — to lower shopper friction and “drive natural inclusivity,” the c ...

ATLANTA--(BUSINESS WIRE)--NCR Voyix Corporation (NYSE: VYX), a leading global provider of digital commerce solutions for the retail, restaurant and banking industries, has released key findings from its first Digital Commerce Index. The U.S. consumer survey explores how dining, grocery and fuel convenience purchase behaviors are changing. Self-Checkout is Making Strides with Consumers Self-checkout continues to gain traction, with 43% percent of consumers expressing a preference for it over traditional ...

ATLANTA--(BUSINESS WIRE)--NCR Voyix Corporation (NYSE: VYX), a leading global platform and provider of digital commerce solutions for the retail, restaurant and banking industries, and the world’s largest self-checkout vendor, today announced the launch of its Next Generation Self-Checkout Solution powered by NCR Voyix Commerce Platform. The NCR Voyix Next Generation Self-Checkout Solution is a significant evolution in the checkout experience for retailers and shoppers alike. It caters to changing shoppe ...

Revenue Performance - Revenue for Q3 2023 was $2,017 million, a 2% increase compared to the same period last year[209]. - Recurring revenue increased by 7% year-over-year, accounting for 65% of total consolidated revenue[209]. - Total revenue for the three months ended September 30, 2023, increased by 2% to $2,017 million compared to $1,972 million in 2022[224]. - Total revenue for the nine months ended September 30, 2023, increased by 1% to $5,894 million compared to $5,835 million in 2022[225]. - Digital Banking revenue increased by 7% in Q3 2023, reaching $147 million compared to $137 million in Q3 2022[251]. - Payments & Network revenue increased by 6% in Q3 2023, totaling $357 million, due to higher margin ATM transactions[257]. - Self-Service Banking revenue grew by 4% in Q3 2023, totaling $666 million, driven by recurring ATM as-a-Service arrangements[258]. Segment Performance - The company will manage its operations using three reportable segments: Retail, Restaurant, and Digital Banking starting Q4 2023[201]. - Adjusted EBITDA for Hospitality segment increased by 16% in Q3 2023, reaching $59 million, compared to $51 million in Q3 2022[260]. - Retail Adjusted EBITDA rose by 3% in Q3 2023, totaling $132 million, attributed to a favorable revenue mix and cost improvements[259]. - Self-Service Banking Adjusted EBITDA increased by 13% in Q3 2023, reaching $169 million, primarily due to improvements in component and fuel costs[263]. - Digital Banking Adjusted EBITDA decreased by 3% in Q3 2023, totaling $58 million, impacted by increased selling and R&D expenses[261]. Profitability and Margins - Total gross margin for Q3 2023 was $627 million, a 28% increase from $491 million in Q3 2022[212]. - Gross margin for the nine months ended September 30, 2023, was 27.7%, up from 23.5% in the same period of 2022, benefiting from $85 million of unrealized gains on terminated interest rate derivative contracts[229]. - Adjusted EBITDA for the three months ended September 30, 2023, was $404 million, representing a 6% increase from $380 million in 2022[216]. - Adjusted EBITDA for the nine months ended September 30, 2023, was $1,095 million, an 11% increase from $990 million in 2022[216]. Expenses - Selling, general and administrative expenses for the nine months ended September 30, 2023, were $956 million, an 8% increase from $886 million in 2022, with the percentage of total revenue rising from 15.2% to 16.2%[233]. - Research and development expenses for the nine months ended September 30, 2023, were $164 million, a decrease from $175 million in 2022, with the percentage of total revenue increasing from 2.8% to 3.0%[236]. - Interest expense for the nine months ended September 30, 2023, was $259 million, a 27% increase from $204 million in 2022, primarily due to rising variable interest rates[240]. Cash Flow and Debt - Net cash provided by operating activities increased to $728 million for the nine months ended September 30, 2023, up from $245 million in the same period of 2022, driven by a favorable movement in net working capital accounts of $570 million[267]. - Adjusted free cash flow-unrestricted for the nine months ended September 30, 2023, was $421 million, a significant increase of $459 million compared to a negative $38 million in 2022[269]. - Total debt as of September 30, 2023, was $7.65 billion, with cash and cash equivalents totaling $675 million[285]. - The Senior Secured Credit Facility had an outstanding balance of $1.801 billion as of September 30, 2023, with an additional $438 million drawn from a five-year Revolving Credit Facility[272]. - On October 16, 2023, the company made a cash distribution of approximately $3.0 billion to repay all accrued and unpaid loans under the Senior Secured Credit Facility[278]. Strategic Initiatives - The company anticipates a focus on transforming into a software-led as-a-service company with a higher mix of recurring revenue streams[291]. - The company plans to continue advancing its strategic growth initiatives and expects to deliver increased value to customers and stockholders[291]. - The company has a strategy focused on transforming its business model and integrating acquisitions, which may take longer to realize than expected[293]. Risks and Challenges - The company continues to face macroeconomic pressures, including supply chain challenges and foreign currency fluctuations[207]. - The company faces risks related to data privacy and cybersecurity, including a ransomware incident in April 2023[296]. - The potential strategic benefits from the separation of the company may not be fully realized, impacting stockholder value[293]. - The company is managing its level of indebtedness and cash flow sufficiency to service its debt obligations[296]. Foreign Currency Exposure - The company experienced a 1% unfavorable impact from foreign currency fluctuations on total revenue for the nine months ended September 30, 2023[225]. - As of September 30, 2023, the company had exposure to approximately 45 functional currencies, impacting its results due to foreign currency exchange rate fluctuations[297]. - A 10% appreciation in the value of the U.S. Dollar against foreign currencies would decrease the fair value of the hedge portfolio by $32 million as of September 30, 2023[299]. - The company hedges foreign currency risks primarily through forward and option contracts related to inter-company inventory purchases[297].