NCR Voyix Corporation (NYSE: VYX) (“NCR Voyix” or the
“Company”), a leading global provider of digital commerce
solutions, reported financial results today for the three and
twelve months ended December 31, 2024.
Fourth Quarter Financial Highlights
- Revenue was $682 million compared to $796 million in the prior
year.
- Net loss from continuing operations attributable to NCR Voyix
was $9 million, compared with $272 million in the prior year.
- Adjusted EBITDA was $114 million compared to $65 million in the
prior year.
- Normalized Adjusted EBITDA was $112 million compared to $71
million in the prior year.
- Diluted EPS from continuing operations was $(0.08); non-GAAP
diluted EPS was $0.22.
- Software & Services Revenue was $521 million compared to
$530 million in the prior year.
- ARR was $1.64 billion compared to $1.56 billion in the prior
year.
- Software ARR was $765 million compared to $735 million in the
prior year.
Full Year Financial Highlights
- Revenue was $2.8 billion compared to $3.2 billion in the prior
year.
- Net loss from continuing operations attributable to NCR Voyix
was $202 million, compared with $729 million in the prior
year.
- Adjusted EBITDA was $347 million compared to $337 million in
the prior year.
- Normalized Adjusted EBITDA was $363 million compared to $407
million in the prior year.
- Diluted EPS from continuing operations was $(1.50); non-GAAP
diluted EPS was $(0.13).
- Software & Services Revenue was $2.1 billion compared to
$2.1 billion in the prior year.
“In the fourth quarter, we delivered revenue and adjusted EBITDA
in-line with our expectations,” said James G. Kelly, Chief
Executive Officer. “I am pleased with our continued execution on
our transformation initiatives in 2024, which included the sale of
Digital Banking and significant improvements to our cost structure
and balance sheet, among others. I look forward to building on our
recent progress to meet the evolving needs of our valued customers,
expand market share, and position the Company to achieve its growth
plans.”
Recent Business Highlights and Additional Information
- As of December 31, 2024, the Company had 74 thousand platform
sites and 7 thousand payment sites, an increase of 26% and 8%,
respectively, year-over-year.
- NCR Voyix’s Board of Directors appointed James G. Kelly, the
previous Executive Chair of the Board, as President and Chief
Executive Officer of the Company, effective February 4, 2025.
- The Company named Darren Wilson as Executive Vice President and
President, Retail and Payments, effective February 12, 2025.
- In February 2025, the Company completed the $100 million share
repurchase announced in November. In total, repurchased 7.3 million
shares.
2025 Outlook
For the full-year 2025, the Company is providing the following
outlook:
Total Revenue
$2,575M – $2,650M
Software and Services Revenue
$1,995M – $2,020M
Hardware Revenue
$580M – $630M
Adjusted EBITDA
$420M – $445M
Adjusted EBITDA (%)
16.3% – 16.8%
Non-GAAP Diluted EPS
$0.75 - $0.80
Adjusted Free Cash Flow -
Unrestricted1
$170M - $190M
Conversion (as % of Adjusted EBITDA)
40% - 43%
1 Adjusted Free Cash Flow - Unrestricted
excludes restructuring and transformation cash expenditures,
environmental net cash, cash outflow related to accelerated capex
projects, and $300 million of cash taxes related to the sale of
Digital Banking.
The Company’s 2025 outlook assumes gross hardware recognition
for the full-year 2025. Upon fully implementing the hardware ODM
agreement with Ennoconn later this year, the Company’s outlook will
be updated to reflect the net hardware commission revenue. Outlook
does not include any potential impact for the pending trade tariffs
(including, but not limited to, tariffs on Mexico and Canada) that
have been imposed or announced by the U.S. government given the
current uncertainty regarding the timing and ultimate structure of
any such tariffs as well as the Company’s potential to mitigate the
impact of tariffs. The Company’s outlook also excludes the impact
of delayed Atleos country transfers and assumes foreign currency
exchange rates remain consistent with rates as of January 2025.
In this release, we use certain non-GAAP measures. These
non-GAAP measures include “Adjusted EBITDA,” “Adjusted EBITDA
Margin,” “Adjusted Free Cash Flow-Unrestricted,” “Adjusted Free
Cash Flow Conversion,” “Non-GAAP Diluted EPS,” “Normalized
Revenue,” “Normalized Adjusted EBITDA,” and “Normalized Adjusted
EBITDA Margin,” and others with the words “non-GAAP” or
“normalized” in their titles. These non-GAAP measures are listed,
described and reconciled for historic periods to their most
directly comparable GAAP measures under the heading “Non-GAAP
Financial Measures” later in this release. Our Adjusted EBITDA for
historic periods after giving effect to the spin-off of NCR Atleos
includes certain costs historically allocated to NCR Atleos that do
not meet the definition of expenses related to discontinued
operations for purposes of GAAP requirements regarding the
reporting of discontinued operations. Accordingly, our guidance for
Adjusted EBITDA in 2025 is more comparable to our historical
Normalized Adjusted EBITDA, which includes an adjustment for these
estimated costs. With respect to our outlook for full year 2025 for
our Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash
Flow-Unrestricted (and the related margin and conversion metrics),
we do not provide a reconciliation of the GAAP measure because we
are not able to predict with reasonable certainty the reconciling
items that may affect the GAAP net income from continuing
operations and GAAP cash flow provided by (used in) operating
activities without unreasonable effort. The reconciling items are
primarily the future impact of special tax items, capital structure
transactions, restructuring, pension mark-to-market transactions,
acquisitions or divestitures, or other events. These reconciling
items are uncertain, depend on various factors and could
significantly impact, either individually or in the aggregate, the
GAAP measures. The Company also believes such reconciliations would
imply a degree of precision that could be confusing or misleading
to investors.
Earnings Conference Call
NCR Voyix management will host a conference call and webcast
today at 8:00 a.m. Eastern Time to discuss the Company’s results
for the fourth quarter. Access to the webcast and the accompanying
slides are available on the Investor Relations section of the
Company’s website at https://investor.ncrvoyix.com. Participants may
access the live call by dialing (877) 407-3088 (United
States/Canada Toll-free) or +1 (201) 389-0927 (International Toll)
and requesting to be connected to the conference call. A replay of
the audio webcast will be archived on the Company’s website
following the live event.
More information on the Company’s fourth quarter and full-year
2024 earnings results is available on the NCR Voyix Investor
Relations section of the Company’s website at https://investor.ncrvoyix.com.
About NCR Voyix
NCR Voyix Corporation (NYSE: VYX) is a leading global provider
of digital commerce solutions for the retail and restaurant
industries. NCR Voyix transforms retail stores and restaurant
systems through experiences with comprehensive, platform-led SaaS
and services capabilities. NCR Voyix is headquartered in Atlanta,
Georgia, with customers in more than 30 countries across the globe.
For more information, visit ncrvoyix.com.
Cautionary Statements
This release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 (the “Act”). Forward-looking
statements use words such as “expect,” “target,” “anticipate,”
“outlook,” “guidance,” “intend,” “plan,” “confident,” “believe,”
“will,” “should,” “would,” “potential,” “positioning,” “proposed,”
“planned,” “objective,” “likely,” “could,” “may,” and words of
similar meaning, as well as other words or expressions referencing
future events, conditions or circumstances. We intend these
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Act.
Statements that describe or relate to the Company’s plans, targets,
goals, intentions, strategies, prospects, or financial outlook,
including modeling considerations, and statements that do not
relate to historical or current fact, are examples of
forward-looking statements. Examples of forward-looking statements
in this release include, but are not limited to, statements
regarding: our expectations regarding our fiscal 2025 performance
outlook, our capital allocation plans and priorities, our
expectations following the divestiture of our digital banking
business, the transition of our hardware business to an outsourced
design and manufacturing model, and our expectations regarding
other strategic initiatives and our growth strategies.
Forward-looking statements are not guarantees of future
performance, are subject to assumptions, risks and uncertainties
that may, and there are a number of important factors that could
cause actual outcomes and results to differ materially from those
contemplated by such forward-looking statements. The factors that
could cause the Company’s actual results to differ materially
include, among others, the following: our ability to successfully
execute our growth strategy; our ability to successfully develop
new solutions that achieve market acceptance and keep pace with
technological developments; our ability to maintain a consistently
high level of customer service; our ability to achieve some or all
of the expected benefits of our cost reduction initiatives; the
success of our strategic relationships with third parties and our
ability to integrate with third-party applications and software;
the failure of our acquisitions, divestitures and other strategic
transactions or future acquisitions to produce anticipated results;
our ability to realize the anticipated cost savings or other
benefits related to the Hardware Business Transition on a timely
basis or at all; our ability to perform under our agreements with
NCR Atleos; potential indemnification obligations to NCR Atleos or
a refusal of NCR Atleos to indemnify us pursuant to agreements
executed in the spin-off; our ability to protect our systems and
data from cybersecurity threats or other technological risks; risks
related to evolving global laws and regulations relating to data
privacy, data protection and information security; our ability to
protect our intellectual property; extensive competition in our
markets; disruptions in our data center hosting and public cloud
facilities; risks related to defects, errors, installation
difficulties or development delays; the failure of our artificial
intelligence capabilities to operate as anticipated; changes in
U.S. or foreign trade policies; our ability to maintain and update
our information technology systems; our ability to retain key
employees, or to recruit, develop and retain qualified employees;
the inability of third party suppliers to fulfill our needs; risks
related to our level or indebtedness; our ability to continue to
access or renew financing sources and obtain capital; our failure
to maintain effective internal control over financial reporting;
and other factors included in “Item 1A-Risk Factors” of our most
recent Annual Report on Form 10-K and in other documents that we
file with the U.S. Securities and Exchange Commission (“SEC”),
which are available at https://www.sec.gov.
Should one or more of these risks or uncertainties materialize,
or should underlying assumptions prove incorrect, actual results
may vary materially from those set forth in the forward-looking
statements. Any forward-looking statement speaks only as of the
date on which it is made and should not be relied upon as
representing our plans and expectations as of any subsequent date.
The Company does not undertake any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Non-GAAP Financial Measures
Non-GAAP Financial Measures. While the Company reports its
results in accordance with Generally Accepted Accounting Principles
in the United States, or GAAP, in this release the Company also
uses the non-GAAP measures listed and described below. The
Company’s definitions and calculations of these non-GAAP measures
may differ from similarly-titled measures reported by other
companies and cannot, therefore, be compared with similarly-titled
measures of other companies. These non-GAAP measures should not be
considered as substitutes for, or superior to, results determined
in accordance with GAAP.
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization (Adjusted EBITDA) and Adjusted EBITDA margin. The
Company determines Adjusted EBITDA for a given period based on its
GAAP net income from continuing operations attributable to NCR
Voyix plus interest expense, net; plus income tax expense
(benefit); plus depreciation and amortization (excluding
acquisition-related amortization of intangibles); plus stock-based
compensation expense; plus pension mark-to-market adjustments and
other special items, including amortization of acquisition-related
intangibles, acquisition-related costs, loss (gain) on disposal of
businesses, separation-related costs, cyber ransomware incident
recovery costs (net of insurance recoveries), fraudulent ACH
disbursements costs net of recoveries, foreign currency
devaluation, transformation and restructuring charges (which
includes integration, severance and other exit and disposal costs),
and strategic initiative costs, among others. Separation-related
costs include costs incurred as a result of the spin-off.
Professional and other fees to effect the spin-off including
separation management, organizational design, and legal fees have
been classified within discontinued operations through October 16,
2023, the separation date. The Company also uses Adjusted EBITDA
margin, which is calculated based on Adjusted EBITDA as a
percentage of total revenue. The Company uses Adjusted EBITDA and
Adjusted EBITDA margin to evaluate and measure the ongoing
performance of its business segments. The Company also uses
Adjusted EBITDA and Adjusted EBITDA margin to manage and determine
the effectiveness of its business managers and as a basis for
incentive compensation. The Company believes that Adjusted EBITDA
and Adjusted EBITDA margin provide useful information to investors
because they are indicators of the strength and performance of the
Company’s ongoing business operations, including its ability to
fund discretionary spending such as capital expenditures, strategic
acquisitions and other investments. Adjusted EBITDA and Adjusted
EBITDA margin should not be considered as substitutes for, or
superior to, net income from continuing operations attributable to
NCR Voyix or net profit margin, respectively, under GAAP.
Normalized Adjusted Earnings Before Interest, Taxes,
Depreciation and Amortization (Normalized Adjusted EBITDA) and
Normalized Revenue. The Company determines Normalized Adjusted
EBITDA for a given period by further adjusting its Adjusted EBITDA
for estimated amounts historically allocated to NCR Atleos that do
not meet the definition of amounts related to discontinued
operations for purposes of GAAP requirements regarding the
reporting of discontinued operations. Normalized Adjusted EBITDA
and Normalized Revenue also removes revenue and for Normalized
Adjusted EBITDA the costs associated with the transfer or pending
transfer of NCR Atleos-related operations in all foreign countries
that had not yet occurred by December 31, 2024 from Adjusted
EBITDA. In addition, Normalized Adjusted EBITDA and Normalized
Revenue adjusts for all divestitures that occurred in prior periods
that are not treated as discontinued operations under GAAP. The
Company uses Normalized Adjusted EBITDA and Normalized Revenue to
estimate the performance of the continuing business following the
spin-off. The Company believes that Normalized Adjusted EBITDA and
Normalized Revenue provide useful information to investors because
it is an indicator of the strength and performance of the Company’s
ongoing business operations following the spin-off and allow for
more easy comparisons period over period.
Non-GAAP Diluted Earnings Per Share (EPS). The Company
determines Non-GAAP Diluted EPS by excluding, as applicable,
pension mark-to-market adjustments, pension settlements, pension
curtailments and pension special termination benefits, as well as
other special items, including amortization of acquisition related
intangibles, stock-based compensation expense, separation-related
costs, cyber ransomware incident recovery costs net of recoveries,
fraudulent ACH disbursements costs net of recoveries, strategic
initiative costs, foreign currency devaluation costs, gains or
losses related to the disposal of businesses, and transformation
and restructuring activities, from the Company’s GAAP earnings per
share. Due to the non-operational nature of these pension and other
special items, the Company’s management uses these non-GAAP
measures to evaluate year-over-year operating performance. The
Company believes this measure is useful for investors because it
provides a more complete understanding of the Company’s underlying
operational performance, as well as consistency and comparability
with the Company’s past reports of financial results.
Adjusted free cash flow-unrestricted. NCR Voyix management uses
a non-GAAP measure called “adjusted free cash flow-unrestricted” to
assess the financial performance of the Company. We define adjusted
free cash flow-unrestricted as net cash provided by (used in)
operating activities less capital expenditures for property, plant
and equipment, less additions to capitalized software, plus/minus
collections of previously sold trade receivables purchased from
third parties, restricted cash settlement activity, NCR Atleos
settlement activity, cash taxes paid for the Digital Banking Sale,
cash activity related to environmental discontinued operations plus
acquisition-related items, and plus pension contributions and
settlements. NCR Atleos settlement activity relates to changes in
amounts owed to and amounts due from NCR Atleos for activity
related to items governed by the separation and distribution
agreement. Activity from the commercial and transition services
agreements are not included in this adjustment.
We believe adjusted free cash flow-unrestricted provides useful
information to investors because it relates the operating cash
flows from the Company’s continuing and discontinued operations to
the capital that is spent to continue and improve business
operations. In particular, adjusted free cash flow-unrestricted
indicates the amount of cash available after capital expenditures
for, among other things, investments in the Company’s existing
businesses, strategic acquisitions, and repayment of debt
obligations. Adjusted free cash flow-unrestricted does not
represent the residual cash flow available for discretionary
expenditures, since there may be other non-discretionary
expenditures that are not deducted from the measure. Adjusted free
cash flow-unrestricted does not have a uniform definition under
GAAP, and therefore the Company’s definition may differ from other
companies’ definitions of this measure. This non-GAAP measure
should not be considered a substitute for, or superior to, cash
flows from operating activities under GAAP.
Use of Certain Terms
The term “recurring revenue” includes all revenue streams from
contracts where there is a predictable revenue pattern that will
occur at regular intervals with a relatively high degree of
certainty. This includes hardware and software maintenance revenue,
cloud revenue, payment processing revenue, and certain professional
services arrangements, as well as term-based software license
arrangements that include customer termination rights. NCR Voyix’s
management considers recurring revenue, and the other metrics
derived therefrom, to be an important indicator of the
predictability of revenue and part of our strategic plan.
The term “annual recurring revenue” or “ARR” is recurring
revenue, excluding software licenses (SWL) sold as a subscription,
for the last three months times four. In addition, plus the rolling
four quarters of term-based SWL arrangements that include customer
termination rights.
The term “Software ARR” includes recurring software license
revenue, software maintenance revenue, SaaS revenue, standalone
hosted contract revenue, professional services recurring revenue
and payments revenue.
The term “Software & Services Revenue” includes all
software, services and payments revenue and excludes hardware
revenue.
The term “platform sites” includes all sites for which we bill
for use of our Commerce platform.
The term “payment sites” includes all sites which utilizes NCR
Voyix’s payment processing capabilities.
Reconciliation of Net Income
from Continuing Operations Attributable to NCR Voyix (GAAP) to
Adjusted Earnings Before Interest, Depreciation, Taxes and
Amortization (Adjusted EBITDA)
3 months ended
12 months ended
$ in millions
December 31, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Net Income (Loss) from Continuing
Operations Attributable to NCR Voyix (GAAP)
$
(9
)
$
(272
)
$
(202
)
$
(729
)
Depreciation and amortization (excluding
acquisition-related amortization of intangibles)
53
50
206
190
Acquisition-related amortization of
intangibles
6
10
28
41
Interest expense
14
37
134
294
Interest income
(4
)
(1
)
(9
)
(12
)
Acquisition-related costs
—
—
—
1
Income tax expense (benefit)
1
(16
)
4
184
Stock-based compensation expense
8
75
40
140
Transformation and restructuring costs
35
23
125
28
Separation costs
1
77
10
95
Loss (gain) on disposal of businesses
—
22
(14
)
12
Foreign currency devaluation
—
—
15
—
Fraudulent ACH disbursements
(1
)
13
(5
)
23
Pension mark-to-market adjustments
(12
)
7
(12
)
7
Cyber ransomware incident recovery
costs
(8
)
(6
)
(13
)
17
Strategic initiatives
30
—
48
—
Loss (gain) on debt extinguishment
—
46
(8
)
46
Adjusted EBITDA (Non-GAAP)
$
114
$
65
$
347
$
337
Less: Divestitures(1)
—
(1
)
—
(19
)
Less: NCR Atleos delayed country
transfers
(2
)
(2
)
2
(5
)
Plus: Estimated costs historically
allocated to NCR Atleos
—
2
—
71
Plus: Estimated costs historically
allocated to Digital Banking
—
7
14
23
Normalized Adjusted EBITDA
(Non-GAAP)
$
112
$
71
$
363
$
407
(1)2023 Divestiture amounts shown in table
represent the quarterly impact of the non-core payments and
Austria-hardware divestitures.
Reconciliation of Revenue to
Normalized Revenue
$ in millions
Q4 2024 QTD
Q4 2023 QTD
Q4 2024 YTD
Q4 2023 YTD
Revenue
$
682
$
796
$
2,826
$
3,178
Less: Divestitures(1)
—
(3
)
—
(44
)
Less: NCR Atleos delayed country
transfers
(4
)
(2
)
(8
)
(11
)
Normalized Revenue
$
678
$
791
$
2,818
$
3,123
(1)2023 Divestiture amounts shown in table
represent the quarterly impact of the non-core payments and
Austria-hardware divestitures.
Reconciliation of Software
& Services Revenue to Normalized Software & Services
Revenue
$ in millions
Q4 2024 QTD
Q4 2023 QTD
Q4 2024 YTD
Q4 2023 YTD
Software & Services Revenue
$
521
$
530
$
2,055
$
2,115
Less: Divestitures(1)
—
(2
)
—
(36
)
Less: NCR Atleos delayed country
transfers
(3
)
(2
)
(5
)
(8
)
Normalized Software & Services
Revenue
$
518
$
526
$
2,050
$
2,071
(1)2023 Divestiture amounts shown in table
represent the quarterly impact of the non-core payments and
Austria-hardware divestitures.
Reconciliation of Diluted
Earnings Per Share from Continuing Operations (GAAP) to
Non-GAAP Diluted Earnings Per Share from Continuing Operations
(Non-GAAP)
Q4 2024 QTD
Q4 2024 YTD
Diluted Earnings Per Share from
Continuing Operations (GAAP)(1)
$
(0.08
)
$
(1.50
)
Acquisition-related amortization of
intangibles
0.04
0.15
Stock-based compensation expense
0.02
0.22
Transformation and restructuring costs
0.15
0.61
Separation costs
—
0.05
Loss (gain) on disposal of businesses
—
(0.07
)
Foreign currency devaluation
—
0.08
Fraudulent ACH disbursements
(0.01
)
(0.02
)
Cyber ransomware incident recovery
costs
(0.04
)
(0.07
)
Strategic initiatives
0.16
0.25
Pension mark-to-market adjustments
(0.05
)
(0.05
)
Loss (gain) on debt extinguishment
—
(0.04
)
Non-GAAP Diluted EPS(1)
$
0.22
$
(0.13
)
(1) Non-GAAP diluted EPS is determined
using the conversion of the Series A Convertible Preferred Stock
into common stock in the calculation of weighted average diluted
shares outstanding. GAAP EPS is determined using the most dilutive
measure, either including the impact of dividends or deemed
dividends on the Company’s Series A Convertible Preferred Stock in
the calculation of net income or loss available to common
stockholders or including the impact of the conversion of the
Series A Convertible Preferred Stock into common stock in the
calculation of the weighted average diluted shares outstanding.
Therefore, GAAP diluted EPS and non-GAAP diluted EPS may not
mathematically reconcile.
$ in millions
Q4 2024 QTD
Q4 2024 QTD
Non-GAAP
Q4 2024 YTD
Q4 2024 YTD
Non-GAAP
Income (loss) from continuing
operations attributable to NCR Voyix common stockholders
Income (loss) from continuing operations
(attributable to NCR Voyix)
$
(9
)
$
36
$
(202
)
$
(21
)
Dividends on convertible preferred
shares
(3
)
—
(15
)
—
Income (loss) from continuing operations
attributable to NCR Voyix common stockholders
$
(12
)
$
36
$
(217
)
$
(21
)
Weighted average outstanding shares:
Weighted average diluted shares
outstanding
144.9
147.6
144.7
147.5
Weighted as-if converted preferred
shares
—
15.9
—
15.9
Total shares used in diluted earnings per
share
144.9
163.5
144.7
163.4
Diluted earnings per share from
continuing operations
$
(0.08
)
$
0.22
$
(1.50
)
$
(0.13
)
NCR VOYIX CORPORATION
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
(in millions, except per share
amounts)
Schedule A
For the Period Ended December
31
Three Months
Twelve Months
2024
2023
2024
2023
Revenue
Product
$
186
$
293
$
870
$
1,168
Service
496
503
1,956
2,010
Total Revenue
682
796
2,826
3,178
Cost of products
176
278
770
1,049
Cost of services
357
407
1,477
1,460
Total gross margin
149
111
579
669
% of Revenue
21.8
%
13.9
%
20.5
%
21.1
%
Selling, general and administrative
expenses
119
232
459
659
Research and development expenses
28
41
157
139
Income (loss) from operations
2
(162
)
(37
)
(129
)
% of Revenue
0.3
%
(20.4
)%
(1.3
)%
(4.1
)%
Gain (loss) on extinguishment of debt
—
(46
)
8
(46
)
Interest expense
(14
)
(37
)
(134
)
(294
)
Other income (expense), net
4
(43
)
(36
)
(76
)
Total interest and other expense, net
(10
)
(126
)
(162
)
(416
)
Income (loss) from continuing
operations before income taxes
(8
)
(288
)
(199
)
(545
)
% of Revenue
(1.2
)%
(36.2
)%
(7.0
)%
(17.1
)%
Income tax expense (benefit)
1
(16
)
4
184
Income (loss) from continuing
operations
(9
)
(272
)
(203
)
(729
)
Income (loss) from discontinued
operations, net of tax
(2
)
(47
)
1,160
306
Net income (loss)
(11
)
(319
)
957
(423
)
Net income (loss) attributable to
noncontrolling interests
—
—
(1
)
—
Net income (loss) attributable to
noncontrolling interests of discontinued operations
—
(1
)
—
—
Net income (loss) attributable to NCR
Voyix
$
(11
)
$
(318
)
$
958
$
(423
)
Amounts attributable to NCR Voyix
common stockholders:
Income (loss) from continuing
operations
$
(9
)
$
(272
)
$
(202
)
$
(729
)
Dividends on convertible preferred
stock
(3
)
(4
)
(15
)
(16
)
Income (loss) from continuing operations
attributable to NCR Voyix common stockholders
(12
)
(276
)
(217
)
(745
)
Income (loss) from discontinued
operations, net of tax
(2
)
(46
)
1,160
306
Net income (loss) attributable to NCR
Voyix common stockholders
$
(14
)
$
(322
)
$
943
$
(439
)
Income (loss) per share attributable to
NCR Voyix common stockholders:
Income (loss) per common share from
continuing operations
Basic
$
(0.08
)
$
(1.95
)
$
(1.50
)
$
(5.30
)
Diluted (1)
$
(0.08
)
$
(1.95
)
$
(1.50
)
$
(5.30
)
Net income (loss) per common
share
Basic
$
(0.10
)
$
(2.28
)
$
6.52
$
(3.12
)
Diluted (1)
$
(0.10
)
$
(2.28
)
$
6.52
$
(3.12
)
Weighted average common shares
outstanding
Basic
144.9
141.4
144.7
140.6
Diluted (1)
144.9
141.4
144.7
140.6
(1) Diluted EPS is determined using the
most dilutive measure, either including the impact of the dividends
and deemed dividends on the Company’s Series A Convertible
Preferred Shares in the calculation of net income or loss per
common share from continuing operations and net income or loss per
common share or including the impact of the conversion of such
preferred stock into common stock in the calculation of the
weighted average diluted shares outstanding.
NCR VOYIX CORPORATION
REVENUE AND ADJUSTED EBITDA
SUMMARY
(Unaudited)
(in millions)
Schedule B
For the Period Ended December
31
Three Months
Twelve Months
2024
2023
% Change
2024
2023
% Change
Revenue by segment
Retail
$
461
$
544
(15
)%
$
1,956
$
2,177
(10
)%
Restaurants
$
211
$
223
(5
)%
$
825
$
886
(7
)%
Total segment revenue
Corporate and Other(1)
$
10
$
29
(66
)%
$
45
$
115
(61
)%
Total revenue
$
682
$
796
(14
)%
$
2,826
$
3,178
(11
)%
Adjusted EBITDA by segment
Retail
$
102
$
90
13
%
$
383
$
411
(7
)%
Retail Adjusted EBITDA margin %
22.1
%
16.5
%
19.6
%
18.9
%
Restaurants
$
68
50
36
%
251
197
27
%
Restaurants Adjusted EBITDA margin %
32.2
%
22.4
%
30.4
%
22.2
%
Segment Adjusted EBITDA
$
170
$
140
21
%
$
634
$
608
4
%
Segment Adjusted EBITDA margin %
25.3
%
18.3
%
22.8
%
19.8
%
Corporate and Other(1)
$
(56
)
(75
)
(25
)%
(287
)
(271
)
6
%
Total Adjusted EBITDA
$
114
$
65
75
%
$
347
$
337
3
%
Total Adjusted EBITDA margin %
16.7
%
8.2
%
12.3
%
10.6
%
(1) Corporate and Other includes income
and expenses related to corporate functions that are not
specifically attributable to any of our two individual reportable
segments along with certain non-strategic businesses that are
considered immaterial operating segment(s) and certain countries
which are expected to transfer to NCR Atleos in 2025, as well as
commercial agreements with NCR Atleos.
NCR VOYIX CORPORATION
CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(in millions, except per share
amounts)
Schedule C
In millions, except per share
amounts
December 31, 2024
December 31, 2023
Assets
Current assets
Cash and cash equivalents
$
724
$
259
Accounts receivable, net of allowances of
$26 and $29 as of December 31, 2024 and December 31, 2023,
respectively
539
414
Inventories
208
250
Restricted cash
31
21
Prepaid and other current assets
169
178
Current assets of discontinued
operations
—
84
Total current assets
1,671
1,206
Property, plant and equipment, net
192
207
Goodwill
1,516
1,519
Intangibles, net
94
123
Operating lease assets
229
231
Prepaid pension cost
47
43
Deferred income taxes
189
239
Other assets
514
532
Noncurrent assets of discontinued
operations
—
$
890
Total assets
$
4,452
$
4,990
Liabilities and stockholders’ equity
(deficit)
Current liabilities
Short-term borrowings
$
—
$
15
Accounts payable
332
440
Payroll and benefits liabilities
104
126
Contract liabilities
211
157
Settlement liabilities
47
39
Other current liabilities
726
421
Current liabilities of discontinued
operations
—
135
Total current liabilities
1,420
1,333
Long-term debt
1,098
2,563
Pension and indemnity plan liabilities
144
160
Postretirement and postemployment benefits
liabilities
41
43
Income tax accruals
52
64
Operating lease liabilities
248
251
Other liabilities
242
253
Noncurrent liabilities of discontinued
operations
—
22
Total liabilities
3,245
4,689
Commitments and Contingencies (Note
11)
Series A convertible preferred stock: par
value $0.01 per share, 3.0 shares authorized, 0.3 shares issued and
outstanding as of December 31, 2024 and December 31, 2023;
redemption amount and liquidation preference of $276 as of December
31, 2024 and December 31, 2023
276
276
Stockholders’ equity (deficit)
NCR Voyix stockholders’ equity
(deficit)
Preferred stock: par value $0.01 per
share, 100.0 shares authorized, no shares issued and outstanding as
of December 31, 2024 and December 31, 2023, respectively
—
—
Common stock: par value $0.01 per share,
500.0 shares authorized, 142.1 and 142.6 shares issued and
outstanding as of December 31, 2024 and December 31, 2023,
respectively
1
1
Paid-in capital
866
874
Retained earnings (deficit)
535
(421
)
Accumulated other comprehensive loss
(469
)
(429
)
Total NCR Voyix stockholders’ equity
(deficit)
933
25
Noncontrolling interests in
subsidiaries
(2
)
—
Total stockholders’ equity
(deficit)
931
25
Total liabilities and stockholders’
equity (deficit)
$
4,452
$
4,990
NCR VOYIX CORPORATION
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
(in millions)
Schedule D
In millions
Twelve months ended December
31
2024
2023
Operating activities
Net income (loss)
$
957
$
(423
)
Adjustments to reconcile net income (loss)
to net cash provided by (used in) operating activities:
Loss (gain) on debt extinguishment
(8
)
46
Depreciation and amortization
297
559
Stock-based compensation expense
47
177
Deferred income taxes
43
140
Gain on terminated interest rate
derivative agreements
—
(103
)
Impairment of other assets
11
8
Loss (gain) on disposal of property, plant
and equipment and other assets
—
(2
)
Loss (gain) on divestiture
(1,544
)
12
Changes in assets and liabilities:
Receivables
(57
)
47
Inventories
39
9
Current payables and accrued expenses
(115
)
108
Contract liabilities
67
(24
)
Employee benefit plans
(38
)
(6
)
Other assets and liabilities
169
146
Net cash provided by (used in)
operating activities
$
(132
)
$
694
Investing activities
Expenditures for property, plant and
equipment
$
(30
)
$
(130
)
Proceeds from sale of property, plant and
equipment and other assets
—
8
Additions to capitalized software
(187
)
(247
)
Business acquisitions, net of cash
acquired
—
(7
)
Proceeds from divestiture, net
2,458
96
Proceeds from disposition of
corporate-owned life insurance policies
36
—
Termination of trade receivable
facility
(300
)
—
Collections on purchased trade
receivables
212
—
Purchases of short-term investments
—
(10
)
Net cash provided by (used in)
investing activities
$
2,189
$
(290
)
Financing activities
Payments on term credit facilities
(200
)
(1,878
)
Payments on revolving credit
facilities
(699
)
(2,855
)
Payments of senior unsecured notes
(1,177
)
(1,000
)
Borrowings on term credit facilities
—
200
Borrowings on revolving credit
facilities
600
2,430
Debt issuance costs and bridge commitment
fees
—
(5
)
Call premium paid on debt
extinguishment
—
(24
)
Payments on other financing
arrangements
—
(2
)
Cash dividend paid for Series A preferred
shares dividends
(15
)
(15
)
Repurchases of common stock
(56
)
—
Proceeds from employee stock plans
13
27
Tax withholding payments on behalf of
employees
(12
)
(34
)
Principal payments for finance lease
obligations
(14
)
(15
)
Proceeds from long-term debt related to
debt transferred to NCR Atleos at separation
—
3,016
Cash transferred to NCR Atleos at
separation
—
(684
)
Net cash provided by (used in)
financing activities
$
(1,560
)
$
(839
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(24
)
(20
)
Increase (decrease) in cash, cash
equivalents, and restricted cash
$
473
$
(455
)
Cash, cash equivalents and restricted cash
at beginning of period
285
740
Cash, cash equivalents, and restricted
cash at end of period
$
758
$
285
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250227864298/en/
Investor Relations: Sarah Jane Schneider
sarahjane.schneider@ncrvoyix.com
Media Relations: Kymberly Graham
media.relations@ncrvoyix.com
NCR Voyix (NYSE:VYX)
Historical Stock Chart
From Feb 2025 to Mar 2025
NCR Voyix (NYSE:VYX)
Historical Stock Chart
From Mar 2024 to Mar 2025
