Financial Data and Key Metrics Changes - The company has undergone significant transformation over the past two years, focusing on restaurant and retail sectors, moving away from banking and ATM businesses [4][6] - The company celebrated its 100th anniversary as a publicly traded entity, highlighting its long-standing presence in the market [4] Business Line Data and Key Metrics Changes - NCR Voyix positions itself as a leader in platform-powered technology solutions for unified commerce, emphasizing end-to-end payment capabilities and integration of various solutions [3][4] - The company has introduced a new suite of products built on a single platform for both restaurant and retail sectors, enhancing its service offerings [6][21] Market Data and Key Metrics Changes - The company has established a six-year exclusive agreement with Chipotle to adopt new technology, indicating strong market demand for innovative solutions [18][82] - The company serves a diverse client base, including large multinational brands, mid-market growth brands, and smaller clients through indirect channels [82] Company Strategy and Development Direction - The company is focused on operational discipline and execution, aiming to improve its "say-do ratio" to enhance predictability for customers [12][14] - A customer-centric culture is being cultivated, with a commitment to treating every customer as the most important [16][20] - The company is leveraging AI capabilities to accelerate solution development and enhance operational efficiency [28][44] Management's Comments on Operating Environment and Future Outlook - The management anticipates continued pressure on restaurant margins due to low consumer sentiment and high operational costs, emphasizing the need for innovation and efficiency [35][87] - The company believes that focusing on customer experience and hospitality will be crucial for growth and differentiation in the industry [88][92] Other Important Information - The company is witnessing a significant shift towards AI adoption in the restaurant industry, with a focus on self-service technologies and autonomous decision-making systems [46][61] - Data is categorized into three buckets: customer data, operational data, and business data, which are essential for enhancing customer experiences and operational efficiency [67][79] Q&A Session Summary Question: What is the company's view on the state of the consumer today? - The company notes that consumer sentiment is low, and raising prices without innovation may lead to customers trading down to cheaper options [85][87] Question: How is the company leveraging AI in its operations? - The company is using AI for various applications, including marketing, staff training, and operational decision-making, with a focus on enhancing efficiency and customer experience [44][46][61] Question: What are the main takeaways for the industry this year? - The company emphasizes its long history, commitment to customer-centric solutions, and the introduction of innovative products as key messages for the industry [102][104]

Financial Data and Key Metrics Changes - The company has undergone significant transformation over the past two years, focusing on the restaurant and retail sectors, moving away from its previous banking and ATM business [4][6] - The company celebrated its 100th anniversary as a publicly traded entity, highlighting its long-standing presence in the market [4] Business Line Data and Key Metrics Changes - NCR Voyix positions itself as a leader in platform-powered technology solutions for unified commerce, emphasizing end-to-end payment capabilities and integrated solutions for restaurants [3][4] - The company has introduced a new suite of products built on a single platform for both restaurant and retail sectors, enhancing its service offerings [6][21] Market Data and Key Metrics Changes - The company has established a six-year exclusive agreement with Chipotle to adopt its next-generation technology, indicating strong market demand for its innovative solutions [18][82] - The company serves a diverse client base, including large multinational brands, mid-market growth brands, and smaller clients through an indirect channel [82] Company Strategy and Development Direction - The company is focused on operational discipline and execution, aiming to improve its "say-do ratio" to enhance predictability for customers [12][14] - A customer-centric culture is being cultivated, with a commitment to treating every customer as the most important [16][21] - The company is leveraging AI capabilities to accelerate solution development and enhance operational efficiency [28][44] Management's Comments on Operating Environment and Future Outlook - The management acknowledges ongoing pressures on restaurant margins due to low consumer sentiment and high operational costs, emphasizing the need for innovation and efficiency [35][87] - The company anticipates that consumer behavior will continue to shift towards value-driven experiences, necessitating a focus on hospitality and personalized service [88][90] Other Important Information - The company has seen a significant increase in demand for self-service technologies, such as kiosks and voice AI, which are enhancing customer engagement and order accuracy [48][55] - The management predicts a trend towards vendor consolidation in the restaurant technology industry, as restaurants seek unified solutions to streamline operations [98][100] Q&A Session Summary Question: What is the future direction of NCR Voyix? - The company is focused on execution and operational discipline, with a commitment to customer-centric innovation and accountability [10][14] Question: How is the company leveraging AI in its operations? - AI is being used to enhance internal capabilities, improve customer interactions, and drive operational efficiencies [28][44] Question: What are the key challenges facing the restaurant industry? - The industry is facing pressures from low consumer sentiment, high operational costs, and the need for innovation to maintain profitability [35][87] Question: What is the company's customer base like? - The company serves a diverse range of clients, from large multinational brands to smaller growth-oriented businesses [82]

Financial Data and Key Metrics Changes - The company has undergone significant transformation over the past two years, focusing on the restaurant and retail sectors, moving away from its previous banking and ATM business [3][5] - The company celebrated its 100th anniversary as a publicly traded entity, highlighting its long-standing presence in the market [3] Business Line Data and Key Metrics Changes - NCR Voyix positions itself as a leader in platform-powered technology solutions for unified commerce, providing end-to-end payment capabilities and various technology solutions for restaurants [2][5] - The company has introduced a new suite of products built on a unified platform for both restaurant and retail sectors, enhancing its service offerings [5][19] Market Data and Key Metrics Changes - The company serves close to 50% of the top 100 global restaurant brands, indicating a strong market presence [22] - There is a growing demand for self-service solutions, with a notable increase in customer preference for kiosks, leading to higher ticket values [46][48] Company Strategy and Development Direction - The company emphasizes a customer-centric approach, focusing on operational discipline and execution to enhance predictability for customers [10][12] - NCR Voyix aims to leverage AI capabilities to accelerate solution development and address operational efficiency challenges faced by restaurants [20][42] Management's Comments on Operating Environment and Future Outlook - The management acknowledges ongoing pressures on restaurant margins due to low consumer sentiment and high operational costs, emphasizing the need for innovation and efficiency [34][85] - The company anticipates that the demand for technology solutions that enhance operational efficiency and customer experience will continue to grow [41][92] Other Important Information - NCR Voyix has established a six-year exclusive agreement with Chipotle to adopt its next-generation technology, showcasing its commitment to innovation [16][80] - The company has a diverse client base, ranging from large multinational brands to mid-market and smaller clients, indicating a broad market appeal [80] Q&A Session Summary Question: What is the state of the consumer today? - The management notes that consumer sentiment remains low, and restaurants must focus on innovation and operational efficiency to attract customers [83][85] Question: How is the industry using AI? - AI is being utilized across the industry, with a shift from simplistic AI to more advanced applications, including self-service kiosks and voice AI for order accuracy [42][51] Question: What are the main takeaways for the industry this year? - The company emphasizes its long history, commitment to customer service, and the introduction of new technology solutions as key messages for the industry [99][101]

Financial Data and Key Metrics Changes - The company has maintained a strong dividend yield of 11% [1] - The impact of tariffs has led to a pullback in production, affecting inventory levels and sales [18][22] Business Line Data and Key Metrics Changes - The company has expanded its product lines through strategic acquisitions, including entering the toy market and developing higher-end toys [3] - The company holds significant market share in various categories, with 80%-90% in bibs and toddler bedding [19] Market Data and Key Metrics Changes - The birth rate has stabilized, with a slight increase in 2024, which is a positive indicator for the company [12] - The company has observed a trade-down effect among consumers, with lower-priced products gaining traction [15] Company Strategy and Development Direction - The company aims to focus on organic product development and international expansion while maintaining its core business in infant and toddler products [39][41] - The company is exploring opportunities for growth in existing product lines and adjacent categories, while being cautious about entering lower-margin markets [39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for fiscal 2027, anticipating improvements as tariffs stabilize and inventory levels are managed [18][22] - The competitive landscape is mixed, with the company being a leader in some categories while having room for growth in others [19][20] Other Important Information - The company is currently focused on reducing debt levels while maintaining profitability through cost-saving measures [34][31] - Inventory management is a priority, with plans to consolidate warehouses in the coming years [30] Q&A Session Summary Question: How does the company target expectant mothers and growing families? - The company utilizes social media platforms like Facebook and Instagram to reach expectant mothers and leverage word-of-mouth marketing among parents [50] Question: How important are licenses to the product mix? - Licenses are crucial, especially in toddler bedding, where they account for about 95% of the category [54] Question: How does the company view its dividend policy? - Maintaining the regular dividend is important, but special dividends are unlikely while focusing on debt reduction [55]

Financial Data and Key Metrics Changes - The company has maintained a strong dividend yield of 11% [1] - The impact of tariffs has led to a pullback in production, affecting inventory levels and sales [18][22] Business Line Data and Key Metrics Changes - The company has expanded its product lines through strategic acquisitions, including entering the toy market and higher-end developmental toys [3] - The company has seen a shift in consumer purchasing behavior, with customers trading down to lower-priced products [15] Market Data and Key Metrics Changes - The birth rate has stabilized, with a slight increase in 2024, which is a positive indicator for the company [12] - The company is observing a trend where first-time parents tend to spend more on baby products compared to subsequent children [12][13] Company Strategy and Development Direction - The company aims to grow its market share in various categories, particularly where it is not currently the leader [19] - There is a focus on international expansion, leveraging existing distributor relationships to increase market presence [41][44] Management's Comments on Operating Environment and Future Outlook - The management acknowledges both optimistic and challenging aspects for the upcoming fiscal year, particularly regarding tariff impacts and inventory management [18][22] - The company is committed to continuous product development regardless of economic conditions [28] Other Important Information - The company is planning to consolidate warehouses to improve efficiency [30] - There is a strong emphasis on maintaining safety standards in product manufacturing, especially for baby products [26] Q&A Session Summary Question: How does the company target expectant mothers and growing families? - The company utilizes social media platforms like Facebook and Instagram to reach expectant mothers and engages influencers to promote products [50] Question: How important are licenses to the product mix? - Licenses are crucial, especially in toddler bedding, where they account for about 95% of the category [54] Question: How important is the dividend to the company? - Maintaining the regular dividend is important, but special dividends are unlikely while focusing on debt reduction [55]

Financial Data and Key Metrics Changes - The company has a dividend yield of 11% [2] - The company has been impacted by tariffs, which led to a pullback in production and empty shelf space [18][22] - Price increases were implemented to offset costs, with completion of passing along these increases by late October [23] Business Line Data and Key Metrics Changes - The company has expanded into several categories, including toys, toddler bedding, and diaper bags through strategic acquisitions [3] - The company holds a significant market share in bibs (50%-90%) and toddler bedding (80%-90%) [19] - There has been a shift in consumer purchasing behavior, with customers trading down to lower-priced products [13][14] Market Data and Key Metrics Changes - The birth rate has stabilized after a decline, with a slight increase in 2024, which is a positive sign for the company [11][12] - The company observes that first births are crucial for sales, as first-time parents tend to spend more [11] - The company sells primarily through major retailers like Walmart, Amazon, and Target, with Walmart being the largest customer [17] Company Strategy and Development Direction - The company aims to maintain its focus on the infant, toddler, and juvenile product categories, avoiding lower-margin categories like furniture [40] - There are plans for international expansion, leveraging existing distributor relationships and new licenses [42][44] - The company is committed to continuous product development, with new product lines expected to be announced soon [28] Management's Comments on Operating Environment and Future Outlook - The management is cautiously optimistic about the upcoming fiscal year, anticipating some upticks after overcoming initial tariff impacts [18] - The competitive landscape is mixed, with the company being a leader in some categories while having growth opportunities in others [19] - The management acknowledges the challenges posed by the economy but believes that the need for baby products remains stable [13] Other Important Information - The company is focused on reducing debt levels while maintaining dividend payments [34][56] - Inventory management is a priority, with plans to consolidate warehouses in the future [30] - The company has a strong emphasis on safety and quality in its products, especially given the target demographic [26] Q&A Session Summary Question: How does the company target expectant mothers and growing families? - The company focuses on appealing designs and utilizes social media platforms like Facebook and Instagram to reach expectant mothers and grandparents [50][51] Question: How important are licenses to the product mix? - Licenses are crucial, especially in toddler bedding, where they account for about 95% of the category [55] Question: What is the company's stance on maintaining dividends? - Maintaining regular dividends is important, but special dividends are unlikely while focusing on debt reduction [56]

Financial Data and Key Metrics Changes - The company reported a strong outlook for the fourth quarter, indicating a healthy customer base that continues to spend [4] - Aggregate inflation for the first three quarters of 2025 was in the 3% range, which is favorable for food distributors [8] - The company aims to achieve a 6.5%-7% Adjusted EBITDA margin by fiscal 2028, with various initiatives planned to reach this goal [28] Business Line Data and Key Metrics Changes - The company has diversified its offerings significantly over the past decade, moving from high-end products to include upscale casual and various food service sectors [4] - The protein division is currently strong, and the company anticipates that its presence in fresh produce will triple or quadruple as other categories grow [19] Market Data and Key Metrics Changes - The food away from home market is valued at $400 billion, and the company is targeting a 10% market share, which would equate to approximately $50 billion [16] - The company has seen significant growth in regions like Texas and Florida, with Texas being described as a startup opportunity for the company [32][33] Company Strategy and Development Direction - The company focuses on being a primary supplier to independent restaurants and cafes, while also expanding into other categories and territories [21][22] - The management emphasizes the importance of being a solution provider and consultant to customers, particularly in addressing labor challenges [24] Management Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about consumer spending, noting that celebratory spending is still strong despite economic uncertainties [6] - The company is not expecting any material changes in inflation or tariffs that would significantly impact operations [8][10] Other Important Information - The company has paused its M&A activities to focus on integrating recent acquisitions and improving operational efficiencies [31] - The management believes that the future of distribution will require a more consultative approach to meet customer needs [24] Q&A Session Summary Question: How is the company adapting to potential economic tailwinds? - Management does not model potential tailwinds but acknowledges that increased disposable income for consumers could benefit the business [6] Question: What is the outlook on inflation and pricing? - Management noted that they can manage through inflation effectively due to their diverse SKU offerings and that they prefer a stable inflation range of 1%-3% [11] Question: How does the company view competition in the food distribution market? - Management believes that while competition is strong, their unique approach and long-standing relationships with chefs and restaurants set them apart [14] Question: What is the company's strategy regarding M&A? - Management indicated a pause in M&A to focus on internal growth and integration of existing acquisitions, while remaining opportunistic for future deals [31][32]

Financial Data and Key Metrics Changes - The company reported a strong outlook for the fourth quarter, indicating a healthy customer base that continues to spend [4] - Aggregate inflation for the first three quarters of 2025 was around 3%, which is favorable for food distributors [8] - The company aims to achieve an Adjusted EBITDA margin of 6.5%-7% by fiscal 2028 [28] Business Line Data and Key Metrics Changes - The company has diversified its offerings significantly over the past decade, moving from high-end products to include upscale casual and various food service sectors [4] - The protein division is currently strong, and the company anticipates that its presence in fresh produce will triple or quadruple as other categories grow [19] Market Data and Key Metrics Changes - The food away from home market is valued at $400 billion, and the company is targeting a 10% market share [16] - The company has seen significant growth in regions like Texas and Florida, with Texas being described as a startup due to its rapid expansion [32][33] Company Strategy and Development Direction - The company focuses on being a core supplier to independent restaurants and cafes, rather than pursuing large national chains [23] - The strategy includes enhancing the sales force to act more as consultants, providing tailored solutions to customers facing labor challenges [24] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about consumer spending, noting that celebratory spending is still strong despite economic uncertainties [6] - The company is not expecting significant changes in inflation rates and is prepared to manage price volatility effectively [8][10] Other Important Information - The company has paused M&A activities to focus on integrating recent acquisitions and improving operational efficiencies [31] - The management emphasizes the importance of maintaining a diversified supply chain to mitigate risks associated with tariffs and inflation [10][12] Q&A Session Summary Question: How is the state of the consumer affecting your business? - Management noted that their customer base remains healthy, with continued spending on dining out and events [4] Question: How do you expect tax reforms to impact your business? - Management does not model tax reforms into their forecasts but acknowledges that increased disposable income for consumers could be beneficial [6] Question: What is your outlook on inflation and pricing? - Management indicated that they can manage through price volatility effectively and prefer a stable inflation range of 1%-3% [11] Question: How do you view competition in the food distribution market? - Management believes that their unique approach and long-standing relationships with chefs set them apart from competitors [14] Question: What is your strategy regarding M&A? - Management stated that they are currently focused on organic growth and integrating past acquisitions, remaining opportunistic for future M&A [31][33]

Financial Data and Key Metrics Changes - The company reported a strong outlook for the fourth quarter, indicating a healthy customer base that continues to spend [4] - Aggregate inflation for the first three quarters of 2025 was around 3%, which is favorable for food distributors [9] - The company aims to achieve an Adjusted EBITDA margin of 6.5%-7% by fiscal 2028 [28] Business Line Data and Key Metrics Changes - The company has diversified its offerings significantly over the past decade, serving various sectors including upscale casual dining, cruise ships, hotels, and caterers [4] - The protein division is currently strong, and the company anticipates that its presence in fresh produce will triple or quadruple as other categories grow [21][22] Market Data and Key Metrics Changes - The food away from home market is valued at $400 billion, and the company is targeting a 10% market share [16][18] - The company has seen significant growth in regions like Texas and Florida, with Texas being compared to a startup due to its rapid expansion [32][33] Company Strategy and Development Direction - The company focuses on being a primary supplier to independent restaurants and cafes, while also expanding its presence in various categories [22] - The strategy includes a pause on M&A to integrate recent acquisitions and improve operational efficiencies [31] - The company aims to leverage technology and automation in distribution centers to enhance efficiency and customer experience [30] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about consumer spending, noting that celebratory spending is still strong despite economic uncertainties [6] - The company is well-prepared to manage inflationary pressures and has a diversified product range to mitigate risks [8][12] - Management believes that the future of distribution will involve more consulting roles to help customers navigate challenges, particularly in labor [25] Other Important Information - The company has a strong commitment to training its sales force to adapt to changing market dynamics and improve customer service [26] - The company has built a robust supply chain with many small producers, allowing for exclusive partnerships and brand development [18] Q&A Session Summary Question: How is the company adapting to potential economic tailwinds? - Management does not model potential tailwinds but acknowledges that increased disposable income could benefit the business [6] Question: What is the outlook on inflation and pricing? - The company has seen volatility in certain categories but can manage through it effectively, aiming for a normalized inflation range of 1%-4% [12] Question: How does the company view competition and market positioning? - The company operates in a competitive market but differentiates itself through its focus on quality and relationships with creative chefs [15][16] Question: What is the company's approach to M&A? - Management is currently opportunistic regarding M&A but is focused on organic growth and integrating existing acquisitions [31][33]

The Bank of New York Mellon (NYSE:BK) Q4 2025 Earnings call January 13, 2026 11:00 AM ET Company ParticipantsMike Mayo - Managing Director and Head of U.S. Large-Cap Bank ResearchDavid Konrad - Managing Director of Equity ResearchDavid Smith - VP of Banks Equity ResearchRobin Vince - CEOMarius Merz - Head of Investor Relations and Corporate Development & Co-Head of Business FinanceBetsy Graseck - Global Head of Banks and Diversified Finance ResearchSteven Chubak - Managing DirectorEbrahim Poonawala - Managi ...