Financial Performance - Q3 2024 GAAP Revenue was $711 million, down from $809 million in the prior year, reflecting a decrease of approximately 12%[3] - Net loss from continuing operations was $31 million, significantly improved from a loss of $266 million in the prior year[3] - Adjusted EBITDA for Q3 2024 was $93 million, down from $103 million in the prior year, reflecting a decrease of approximately 10%[3] - Normalized Adjusted EBITDA for Q3 2024 was $101 million, down from $133 million in Q3 2023, while YTD it was $251 million compared to $336 million in the previous year[20] - Normalized Revenue for Q3 2024 was $708 million, a decrease from $794 million in Q3 2023, with YTD revenue at $2,140 million compared to $2,332 million in the prior year[22] - Adjusted EBITDA for the three months ended September 30, 2024, was $93 million, a decrease of 10% from $103 million in the same period of 2023[29] - Adjusted EBITDA margin for the three months ended September 30, 2024, was 13.1%, compared to 12.7% in the same period of 2023[29] - Total revenue for the three months ended September 30, 2024, was $711 million, a decrease of 12% compared to $809 million for the same period in 2023[28] - Total revenue for the nine months ended September 30, 2024, was $2,144 million, down 10% from $2,382 million in the same period of 2023[29] Revenue Breakdown - Software & Services Revenue was $517 million, a decline of 4% compared to $540 million in the prior year[3] - Software & Services Revenue for Q3 2024 was $516 million, down from $528 million in Q3 2023, with YTD figures at $1,532 million compared to $1,545 million[23] - Retail segment revenue for the three months ended September 30, 2024, was $487 million, down 12% from $552 million in the same period of 2023[29] - Restaurant segment revenue for the three months ended September 30, 2024, was $211 million, an 8% decrease from $229 million in the same period of 2023[29] Debt and Cash Management - The company reduced its outstanding debt by $1.84 billion following the sale of the Digital Banking business, improving its net leverage ratio[5] - The company’s long-term debt was reduced to $1,098 million from $2,563 million, a decrease of 57.1%[31] - Net Debt was defined as total debt minus cash and cash equivalents, indicating the company's liquidity position[17] - The Net Leverage Ratio is calculated as net debt divided by last-twelve-months Adjusted EBITDA, serving as an indicator of the company's indebtedness relative to its operating performance[17] - The company reported a cash balance of $825 million at the end of the period, down from $3,013 million in the previous year[33] - Cash and cash equivalents rose significantly to $795 million from $259 million, marking a 207.3% increase[31] Strategic Actions - The sale of the Digital Banking business was completed for $2.45 billion in cash, with an additional contingent consideration of up to $100 million[5] - The company plans to utilize approximately $100 million from the Digital Banking sale proceeds for share repurchases over the next 12 months[5] - The company is transitioning its POS and SCO hardware businesses to an ODM model effective January 1, 2024, as part of ongoing expense reduction actions[18] - The company has adjusted its financial outlook following the divestiture of the Digital Banking business, which may impact future operating results[18] Income and Expenses - The company reported a significant interest expense of $40 million in Q3 2024, down from $83 million in Q3 2023, indicating improved financial management[20] - Total gross margin for the three months ended September 30, 2024, was $166 million, representing 23.3% of revenue, compared to 24.1% in the same period of 2023[28] - Research and development expenses for the three months ended September 30, 2024, increased to $38 million from $29 million in the same period of 2023[28] Equity and Assets - Total stockholders' equity increased to $1,011 million as of September 30, 2024, compared to $25 million at December 31, 2023[31] - Total current assets increased to $1,825 million as of September 30, 2024, compared to $1,206 million at December 31, 2023, representing a growth of 51.3%[31] - Total liabilities decreased to $3,387 million from $4,689 million, reflecting a reduction of 27.7%[31] - The company reported net cash provided by operating activities of $38 million for the nine months ended September 30, 2024, down from $727 million in the prior year[33] - Proceeds from divestiture amounted to $2,458 million, significantly higher than $10 million in the previous year[33] - Net income for the three months ended September 30, 2024, was $1,082 million, compared to a net loss of $(128) million in the same period of 2023[28] - Net income for the nine months ended September 30, 2024, was $968 million, a substantial recovery from a net loss of $104 million in the same period of 2023[33]
NCR Voyix Corp(VYX) - 2024 Q3 - Quarterly Results