NCR Voyix (VYX) 7 Nov 242024 Q3 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the NCR Voyix Third Quarter 2024 Earnings Call.

Our host for today's call is Alan Katz. [Operator Instructions]

I would like to now turn the call over to your host. Mr. begin. may you Katz,

XXXX. on Chief with the be can thank at and during call. the found is joining our Wilkinson, This SEC. With Relations the for the filed Chief that being Brian me section September This available today reporting and our release Relations Officer; website which Investor the webcast XXXX is the section Investor our call call and earnings have third are earnings www.ncrvoyix.com and David financials presentation Financial XX, are ended quarter and conference morning, been will our the the copy you of call on morning, recorded, Executive Webb-Walsh, of Officer. our earnings reference our website. for we quarter release A this Good of we on issued available

we Before forward-looking forward-looking remarks statements. will from differ such materially factors, These contain or be implied statements. other results and to which forward-looking subject uncertainties by that begin, those please expressed risks, actual cause could are today statements advised to

For other Please reliance the filed our refer We additional place SEC. reports to you caution not with on release and these on information undue these earnings factors. statements. our to

only during this them. of statements and no of call, we this Forward-looking undertake call as speak date the update obligation to

performance. regarding non-GAAP ongoing providing In clarity measures today, financial addition, our we and which will we certain be additional will believe provide discussing

their our furnished Investor available measure exhibit materials call the please accordance Relations Form regulations, For as the a with full reconciliation GAAP release morning on section filed financial this on our in the of in an press of and X-K see to discussed website. supplemental non-GAAP most comparable measures this SEC

I would David? over turn that, David. call now With to the to like

I earnings everyone. welcome to third you our morning, all good call. quarter to would XXXX like of and Alan, Thanks,

to Voyix. I to Vice President, begin, Wilson, Executive welcome like newest Darren NCR Before I'd our

existing to given its allocation details this believe the filings. which aggregate the has an in will we progress leadership of business is and Darren in and our After company retail taxes significantly Brian the Further, authority fees impact balance the sale billion $XXX $X.XX utilize to a company's to and our August XX, recent primarily repurchase discussing joined of approximately for under sheet focus our use and before we new objectives. to plans expanding on $XXX to $XXX by business press improve restaurants results the of restaurant businesses, is ahead us saw share review year. Beginning in on and Europe stock you to our common billion call. repurchase quarter will proceeds. proceeds release, reduced recent was the in retail. I'll $X.X best public position remaining in intends completed hardware and international and This the allow We up our lead actions on our moments discuss sale current transactions commenting digital presence then and few previously This the estimated utilized $XX on banking the million. Of step go-forward the As the September performance Digital spend of been annual expense gross repurchases of now important complete our approximately announced cash remainder our of in international on our in our has proceeds of will positive indebtedness. for our to later Pacific. interest these simplify proceeds proceeds, Banking, valuation. program, outlook of the outlined approximately with our of the million, million Brian an financial expectations. Asia million our and with reduce remaining

the effective fully anticipate Ennoconn operational by we in XXXX. certain they become until agreement hardware, are will year-end transitional For and services provide to

our will jointly the with have employees affected connection who we be part new transaction, In notified organization. of the

As as sales But a the the earn manufacture, by to all and customers a other aspects a will to commission delivery warranty on continue will our agent including sell reminder, hardware of Ennoconn. and be contract, fulfilled design, sale. we

to and the XX%, of lower third performance. $XXX hardware-related quarter Turning normalized for installed by was a basis, revenue services. our primarily hardware decline On total a driven quarter million,

adverse the the treu-up with in EBITDA Software and mix. adjusted the Services cost from coupled software year. actions sales driven the when was by onetime for flat quarter Normalized second revenue prior impact $XXX quarter, a million, taken excluding of was

year. the sites XX,XXX As commerce of our from cloud-native an approximately of third prior XX% the quarter, on we platform, increase had

and Software ARR quarter. in X% segment the ARR total increased

Turning payment restaurant customers In quarter, our to more momentum, continued and software increasing segment. by platform and sites demonstrate we the than our new XX%, respectively. signing to third and XXX X%

expansion Within and XXX Software renewal for software X% existing increased division, services commerce executed to our customers ARR XX than Enterprise and included cloud-native we our more and solutions. platform. ARR representing These quarter. sites total in both agreements the converting both software

Aloha For the we time user renewal. example, converted at the of Cafe to platform Rio and

Hungry expanded also our loyalty solutions XXX Under Jack's, nearly sites we new solution. to We now Australia. our contract our agreement platform include Jack's for will Hungry with value-added across with provide

with a we and quarter. expanded renewed chain global long-standing desk this coffee services, contract For health our

base monitoring continuing services U.S. our and while to U.K. service site extended existing the to have their shops in We in America their the assistance Latin

attach continue and payments we strategy, execute enterprise our restaurants. Finally, both for mid-market against to

XX rate customers point-of-sale new mid-market capabilities contracts the in This quarter, with enterprise strong nearly of remains payments attaching payments provide quarter. existing expanded software payment third attach we with agreements our X our business, XX% customers to to their sites. In end-to-end across

payments into we XXXX will our drive to move existing sales strategy focus As our into implement and cross-selling we new aggressively on growth, base.

retail segment. our to Turning

XX% on-premise onboard platform signed we customers This X,XXX quarter, and X than as by customers. signed nearly to increased sites. and leading sites convert new mid-market X We we newly to more customers, enterprise continue additional our customers

and Endeavor retail largest increased the in ARR we drinks Software services software network. Enterprise, quarter. total a Australia's X% signed multiyear X% new Group, increased agreement ARR and hosting In with

our store insights deliver for than hosted more our across We commerce edge and cloud-hosted will X,XXX lanes infrastructure via sites. over point-of-sale loyalty X,XXX platform software, solution,

In will addition, Endeavor Group. we for and services implementation professional provide

and mid-market will our our reflects on in to addition our traction in early Speedy be business quarter, reliability. demonstrated This and third-party devices software regional existing to downtime in new also convenience go-to-market self-checkout point agreement, which strategy. the with we able U.S. infrastructure Speedy deploy Stop's We a of a signing our Stop, chain their hardware edge significantly Under agreement improve win this multiyear and reduce in software fuel new our success will and sale services the

store. Lastly, we a renewed large specialty U.S. with and expanded closing our agreement

this which X,XXX software cloud we XXX commerce spans to will point-of-sale than native addition their platform, sites. customers entire also provide more our for store In our solutions to lanes loyalty footprint, marketing converting and across

my turn for to year. I go-to-market the Before next to Brian, approach elaborate over comments call to related I like our on would

ODM and the XXXX, toward customers. address attracting top signing versus software Prior software upselling and new cross-selling and much sales parallel the business the transactions for of hardware was consumed executing to line banking to a effort underway half of While was our and strategy base company's The and first group. XXXX was the services sale also with of digital partial company. agreement, the restructuring X major services

upselling balance new to market share We have customers. existing and between customers now our aligned focus capturing drive through

First, taken Additionally, in revised are a growth expand we our growth and XXXX, channels. underway our long-term XXXX The align actions to to to growth teams X implemented beginning across steps compensation have revenue various follows: share as and new better organization drive will to beyond. restructured we plan address have customer incentive in market and our key sales

speed go-to-market which a the portion sales to proceeds in capitalize restaurants using solutions are efforts, and our both and enhanced us we accelerate of solution cloud digital on will our to growth market retail, support our to enable banking for opportunities. to sets for invest our Second,

restaurant we of the broader QX, to a segment in Beginning Aloha expand market. will domestic Cloud

customer in platform. and and to be to software we our the to customers rich to edge we continue Aloha stickier point-of-sale acceleration next-gen migrate year, feature enable spend During relationships our legacy acquire capital future our time. managing efforts and up resources customer existing engineering retail, over lower base. our sub-checkout elsewhere, accelerate will solutions are This In free add and redeployed to investing new capabilities solutions will

been with fourth fifth an sales we're to software to expedite legacy customer Third, made aggressive launching strengthen satisfaction. changes the for our our to execution, relates critical executive senior will The to and of which our and we Beginning growth thus This be our have has received leadership. existing organization, will program delivery far. strategy product contract solutions. well converting pillars also multiyear renewals which to customers initiative, cloud their be a market-leading while

work plans and restaurant of align it to fill With broader stated we to Darren expanded have to on a QX, appointed additional As finally, seasoned the earlier, initiative attracted have to also proven in payments added we and most our Japan while development in sales the roles Wilson leaders been on our U.S. Asia focus replaced products driving Darren leading hired businesses professional summary, product incentives International. company payment our have key next attention market growth. our we segment, recently Pac, head allow to position Americas, and have will resources, group leaders X we advanced Europe, growth the market, our enhanced share. And lead to largest return I for the expanding as organization. us a has our President, and across retail year. In proven remains, Since to

I that, will With Brian. to over turn it

Thank good morning, you, everyone. David, and

will reflected With continuing banking, our discontinued operations. segments. our the Banking retail the of sale Digital year will restaurant and results digital be only full operations of as reflect

focus and normalized up which digital We the transitional years comments My banking with along items impact the of our divestiture, the Digital business a exclude for other basis on support from completed today X to on Banking will spin-related will continue closing. to divestitures. results

For year due hardware increase million services cloud-native attachment in from which was to revenue onetime unusually reflecting prior software was decreased was normalized revenue X% the million, platform. software revenue and $XXX X% QX normalized primarily the quarter, million when X% decline but versus hardware installations. Reported year sales. an true-up XX%, Reported revenue the decreased This $XXX driven excluding driven lower by normalized to which and and was of $XXX increased a XXXX. by million, was $XXX reported weak

to was million, we while On was versus the basis, adjusted a for improvement normalized due $XXX a QX. lower prior EBITDA sequential quarter year synergies from spend to related EBITDA demonstrated

dissynergies these however, at to QX, we year-over-year. will We which growth in expect lap show point

the $X did not spin. that Adjusted million adjusted banking and was normalized discontinued to to from on adversely million reported reported and country of digital was million XX.X% basis. EBITDA margin qualify impacted As of as $X EBITDA by $XX exits costs for a XX.X% related delayed stranded related operations

basis, Let's which turn the $XX was down in and the to a Reported our margin reflecting of sales revenue expanded segment million, This reported $XXX X%. to prior and $XX continued restaurants, XX% increased software Beginning was points declined normalized a of flat increased segment quarter. mix. normalized on than was declines year. by and results million, basis revenue Total services with EBITDA was million normalized Adjusted XXX basis. X% revenue primarily for million more and driven $XX efficiencies of hardware. on normalized XX.X%

excluding revenue normalized X% software increased XXXX, Total a the and margin the lower declines million services. basis, due in this of software revenue in $XXX onetime XX% $XXX onetime revenue decline a sales. declined driven was due installation of a hardware hardware million, XX% decrease declined to true-up by due million, flat reported in $XXX XX.X% Services true-up. of to retail, a was basis X% onetime and was on normalized on hardware retail X%. which software impact, $XX in Adjusted to XX% million declined software EBITDA Turning QX of to revenue normalized

X% of impact the EBITDA a adjusted true-up margin expanded points. declined and Excluding XXX basis

the million $XX related normalized of synergies. which included quarter were million, $XX spend and to corporate for other Lastly, expenses

Turning to Banking. Digital the sale of

sale bonds, revolving gross $X.XX utilized pay the facility. to down announced billion follows: proceeds. As to closing, the XX, we up pay of million loan term $XXX.X and the billion $X.XXX was In billion our facility. debts the used as finally, portion September to completed pay another accounts pay conjunction the we down $X.XX receivable $XXX our receiving with was a our million in A to used million company on credit off pay down And to $XXX.X

of This $XXX last cash quarter for $XXX leverage call. on payments. EBITDA ended We the leverage forma X.Xx on our with XXXX banking-related pro net we based cash shared million excludes the estimated calculation million tax adjusted of digital

at X.Xx. since Our quarter, point net leverage has leverage significantly our second was which improved the

For the the $XX million approximately other million strategic and use of related of banking free included initiatives. with a which cash transaction quarter, to $XX digital flow fees

debt stock under program. conditions, digital use the $XXX the Following banking we paydown the complete market million to subject of to common of intend proceeds approximately our to repurchase repurchase share from

the sale described allow support earlier. addition, greater our In to opportunity objectives in to David the strategic proceeds invest us solutions

We X to million the launch over next X our our initiatives. to achieve have to allocated up next-gen $XX cloud the to accelerate solutions years of go-to-market

Turning outlook. to our

We are QX and call. EBITDA maintaining revenue our the guidance on XXXX provided

While to in was timing. revenue and expectations QX adjusted of we this due modestly were both ahead on EBITDA,

$XXX and $X.XXX million. adjusted year expect billion to to and between and revenue $XXX be continue We for the million be EBITDA $X.XXX between to billion

EPS guidance XXXX. we adjusted reminder, free in As reinstate a cash flow and will

attention conclude, with materials with I our we contains provided in forma go-forward pro to the information information a like to your today. Before on company earnings year-over-year assist basis. supplementary modeling draw connection the to have comparisons This I'd

Our million these XXXX flow. ODM nor be not to $XX that we performance are benefit This capital the proceeds acceleration the the NextGen include from pro model. include of free XXXX forma pro financials forma allocating results. towards does The $XXX will cash of million XXXX include it does product working compared

Our ODM to model was of goods off finished which ODM $XX the expected third become us January where from XXXX, will million. benefit the in effective. purchasing is at This inventory, end start agreement the frees quarter

to to the operator begin over call Operator? the the turn will session. question-and-answer I that, With

Instructions] comes Needham. first from question [Operator Tandon with Mayank Your

touch I know focus conversions. just big the to wanted been that's you, and I strategy on David, highlighted platform since a for several you

conversion a my at right, you're these maybe retail model you have time. I of in the realistic get target hardware, with numbers think on square to do how conversations of drive And the as and with sense What's feedback and wanted XX% to just on customers? based customer if on traditional then over services? both been about up could impact I you've relative that I P&L restaurants. more that having platform terms So the you selling the across software

what we're as couple described we've the we've in growth our of terms strategy, platform performing. really the a Mayank, of platform and seen things it's the results in side previous releases that driving. is in Well,

that new the customers need delivering all we're platform. As capabilities, capabilities new through our

satisfaction we're make do uplift we're we and only ability when in our use platform So not attachment. increased upgrade their and we when customer the capabilities, to attached seeing new but that an also ARR seeing

about We are working We're aggressively. at XX%.

try I In accelerate conversion. existing after aggressively investment of base and my renewals to the prepared of pillars. going remarks, our We're talked about to platform installed conversions that one

seeing seeing that then increase in with that each come look cohorts we're to uplift the terms we're customer. economics on. we we're board, And that. immediate the ARR time, more So on when the of But play upon at out seeing the over customers coming of sign on are in

benefits the within the the we highest we ARR is but I benefit, the And just highest software, get of our but has that would platform software and margin business, a margin. revenue ARPU also add benefits, get the part margin because of subscription Yes.

to it's a of total as we And move the through yet, drive number impact and see that that the Mayank. more bigger percentage you you're now not aggressively small seeing a why that's whole have But it revenues ARR. the platform,

reflecting of line I both that. should seasonality That's margin in also in the guidance any trajectory. we then our on for what stay for models, will directional on and fiscal terms type 'XX helpful. top And Brian, maybe tuned of be

the XXXX, given would all helpful. on any provide color that how you and takes, be we should So puts frame can

Yes.

in for into provide on the more as XXXX But with to that going grow off give we last on we're that our So year. said details call, the we QX guidance call. get and we'll 'XX February pro year. believe been off describing we've we consistent what can next next forma we

from with question Nance comes Goldman next Will Sachs. Your

wondering all time those and I growth-related that talk you I guys of you some how the to lines of think investments about appreciate kind could making. over was what looking the on go-to-market details the of restructuring if years to you next play seeing about terms we are the in of how the outside go-to-market measure of we maybe KPIs the success making? next-gen and should on kind out the investments and for you're few be that of sort investments

internally. digesting the that we're strategic those get that those closer year. We started -- of after be changes year the timing in the of The underway. were X process making we the accelerated changes the will of end as initiatives to beginning We other the

So that place. We'll we the management all on and next outlined. is enter year team's attention focused in now effort those that with items

of So year, want through we're going remainder to of balance changes next be formation those we'll executing and or the the the into you that in year. describe that however

The I what model at right new will sellers drive go-to-market to the drive It -- we've incent to described platform. look acquisitions. our to the our as are will incentives customer same these attachment or similar KPIs, have frontline the new

So can drive renewal that. at contracts drive of add-ons then It you existing existing and look will of services. will

as at looking to metrics like I at. be continue right feel we're to for ROI new add very and focused metric we so still the key a our look payment ARR we just would key on make will that sites, internally, that's investments, sites, So us.

thinking I next the allocation give allocation you're capital next from flow organic about today just that. any sale. the proceeds context understanding appreciate capital year? the maybe generation thinking you And That's net year, from could on repurchase you How it. over share how and helpful. if Got are about cash the

Yes.

used we to our what with improve digital banking today about proceeds in our down debt leverage. pay talked So prepared remarks, we've have we're and the pleased how

We a want where have see we it, or staying leverage X little turns lower. that and we around

mentioned, and million $XX We also you today of share just investment the offerings. announced to as repurchase the our next-gen accelerate

execute forward, can investing drive to in is tuck-in go So repurchase, future Board what cash the things our we've see that those now, making that with will products, consider. build then something considering going about, offerings the XXXX. what sure been we're we internally. a if out we announced And there's acquisitions, then we've focus and we in share announced consideration. then we buy we'll then consistent will growth And software to I And today. talking and flow with work and driving be executing evaluate think Right versus our

Your Matt next from D.A. Summerville with question Davidson. comes

A questions. couple of

maybe the can share specifically been First, inflection I ODM? market the you self-checkout out respect what then about customer with you're to therein. then talk dynamics anticipating play has feedback migrating a Voyix on standpoint as follow-up. what an you're well seeing And hardware, to as from have And in market the

see we market. Matt, market, total -- hardware has this significantly been year the So overall the in down

of going see that So year that demand of over. next projects will we that year, were will this next that capital some on the push think we year, into a into carry hold that lot

strong. So a more about as -- hardware demand to being than We down more we down thought see being self-checkout of a maybe sale market self-checkout. demand point little probably flat

just a more device retailer for you as service past, As point the and out your customers. intellectual us we've property the to software described use that be your in that hardware. around is how a goes of It's than the self-check for lot

new are new self-check do I'll creates well is store, at in and flexibility, it, to ways create to new speed the and It positioned out, check their platform testing out customers a that. offer. of our call think capabilities to the our look of continuing So as we experiences lot out customers

demand our we're a So software. of strong for lot self-checkout seeing

pull self-checkout get some well. hardware revenues some services will think through I as we'll that with it refresh

down. we'll going So that. not to We think slightly probably recover, we describe fully that but flat, it's maybe think

customers teams When step. ODM services. like as next positive. been where I've I outsourced They impacts. done. logical get I've the It's heard our customers largest have And They no think to to had customers, the we we trying been that just have about we're from negative were that that the of in this the reaction they on what that see software all been next focus model, front of largely having our there's several taking from evolution before and understand manufacturers the

us leverage to So Ennoconn they provide fulfill hardware. look and a we'll against to still to solution that complete then

follow-up, just on net site and you're talk And performance retail Got the then in looks side customers sites year-to-date can it. about as whether net the losing your in and like, restaurants, and customers enterprise you business, net the third and or both particularly sites of your quarter? adding a on based what count

all Yes. in sites, adding adding Overall, we're our of so segments. net

as you, tell want new it's model, described that we we would the net go-to-market rate, accelerate I So but to a add.

customer and in attrition analysis the upticks We're any both done. of add seen haven't to customers continuing the that We businesses. in new we've

migrate to continue platform the customers We renewals. to with

what about terms in good feel we're of we would like doing So the accelerate. that I see to add. net

RBC question from Roswell with Markets. Matt comes next Your Capital

of Sort the and sort and remind of on growth us Could into following of with the hardware between and software 'XX change that how will contract? up hardware services going you ODM relationship discussion. current the just

Yes.

our seen -- the the would what The get TS hardware that's of or services that's So what of the refresh is support is XX% hardware ongoing that the we that That's impacted implementing XX% that customers. by we've we gets the say nonrecurring lower call year from installation part. of in the now, this services. I the part hardware revenue right recurring

really that and we're it's becomes not that install under pressure projects. when doing So XX% refreshing

almost decisions, the between edge the of our that independent with move and next-gen we're are and platform being on hardware linkage space supporting and hardware moved and hardware capabilities specifically and software and all have our agnostic. customers linkage software really And say on software, that software, the breaking between those enterprise our we I'd

that we of That's industry model, irrespective hardware the where that's an trend. fulfillment So were headed was anyway. strategically

faster our that provide for on they design best them can add to software specs that the quality the and ] is stay and the allows we serve highest I would hardware possible. industry high-level focused potentially think -- with on [ us lead and the price times, lower points then do

one So of the Stop we ongoing our that see where announced hardware and assets, the moving using existing forward. was strategy Speedy their we're in as the helping part announcement sweat retail side, we

to over expenses. Switching

this You I'm savings much is had kind of you restaurants margin now how And where sort Would in moving be it wondering a expense other? do remaining, and see of year. great in down to of you or away? any noise see quarter, be would sort the especially especially then savings? that would expect all the segment line corporate

Sure.

million us that's So QX QX and the facility, cut that. saving doing why on we $XXX EBITDA. have -- program are bank terminating call, payroll across Those we fees us, nonpayroll in the and in costs largely implemented been from our our behind saw announced and AR actions pickup cost-cutting that costs, then

we're of in the and from actions to by of pro -- million the we year, we're those $XXX view in had how that EBITDA. the $XX We those the QX. we the the One about benefit reasons savings. of million of forma adjusted QX 'XX still We EBITDA rest That's a getting cost into provided. to sequential from improvement driven get building

cuts, about corporate When geography and of the it's and think helping other. segments the it's those we helping

million both in normalized expect other We expenses the about and and be reported $XX QX. to corporate

do currently around to of we're from where going see costs additional plans we'll -- So of we're year, really business. But certain there. mostly And next working further nonpayroll for vendor the going areas cut actions on start functions. in-sourcing across be to that's see improvements reductions. lot A the all to

those save we we'll do more but money, only control not some So functions. have of over

more year. -- as so about talk into next get we And that we'll that

Stephens. Your comes with question Charles next from Nabhan

I we As little modeling on quarter, you by a color growth could if was the wondering us fourth think give about implied the segment?

Sure.

overall, talk color about and I'll then the segment. some Just

the -- end. on be better 'XX the on we and bit revenue to provided software on QX, lower a in bit the on of we even The expect we it, down, it is a see be pro in that backlog similar hardware, that call, comes of to near because news forma overachieved forma though the towards we view the view visibility hardware expect be the QX, be margin good hardware to services, we up even overall, will expect have still end revenue a So When we're we holding towards for guidance. the we so given to in we gave lower we will overall, last a past. very pro what the the getting commissions though midpoint

for year. think be slightly expect we When that range would midpoint about the EBITDA EBITDA, to the of than we've better midpoint the to at we given the

with in So get that EBITDA into QX, growth -- as consistent to and flattish revenue more retail, in with to services consistent the of improvement EBITDA a that we likely from and QX QX. services will segments, software comes shows QX. come When from And the EBITDA corporate sequential should to it improvement QX QX lot software for restaurants, be we other. also is X% and into and be X% think pretty and with sequentially

using? of payment to follow-up, better about and Got acquirers, color. proposition your Appreciate that a wanted initiative compete And to larger might you're for what customers types what is get with your a some it. sense those clients be and clients on the of value whether your price Super then helpful. ask you I targeting, could

payment our say twofold. there's there's in Overall, Chuck, SMB the I'll space. strategy, one

described, a last quarter a payments. of we've XX% rate SMB as XXs, and mid-market, tax we high So have

complete a selling we're So solution.

stores the of need segment your the get everything one-stop in Voyix. in market, that or value restaurant NCR prop with that segment you to you shop, is common very small So small run your

even proposition of the the to total the think or benefits gateways, of acceptance sale, into we think when you about that the moving We mid-market whole payment customers ecosystem have really single is higher done. and of solution. the Then total with of that We handoffs the when our we and where becomes, going certifications device, that between a up on owning end again, in well itself, the that. the be provider point the value enterprise, processors, integrations to all whole that not case, doing are thing rate any need be likely, all end cost our ownership to get payment in testing better to for a cheaper that

we've described cases, In like we're own And in other in partners. the cases, capabilities. past, our we're some processing leveraging leveraging

So we rate a in cost and on but doing way good business at And leveraging go. ease that level, is that of competitive the case, of on to be ownership. believe we'll that when processing total partners

Northcoast Your with next Kartik question Mehta Research. comes from

for force. talked long sales you David, a short I you, have in like times, negative the something to in positive wanted And comp but ask bit I the that wondering already know the little of that, impact the initiatives with could at term or about a changing implement related forecast? term. maybe -- you've you or how what if the any help changes as if to might anticipating you that you've how And I'm that, it, seen kind you're implemented

Kartik, implemented pieces we've it. of Yes,

to fourth the the beginning fourth We calendar we've team very take our of what into on are as way January, effect quarter The will quarter described, doing we sales a year teams. what is just results. meeting we'll with the delivering do commitments. as described impact minimizes it focused Brian real in the a that The all turn changes

as that real to processes of then and December with of the start into November, and internally 'XX our compensation we normal all we'll plans go to quote. are Board and We finalize through realignment the turn plan

now of and one, and to support to around selling, be functions with that as ready team that so internally. on processes of focused and we There's go sales lot in disruption you support to internally QX support a can the work All get them singularly lift goals, in sales teams another team piece QX. work is X we described, the the that right the doing underway the just minimize we're move the

So happening change teams company good I activities all are the about feel management that the and inside the over are that.

see and a where to from best opportunity, geographically you where great Darren opportunity maybe an join, I'm Darren sees It's the product or internationally or wondering see standpoint?

got I for lot this great tell Darren, got Yes. he's It's days early ideas. He's plan grand all yet. won't Kartik. a you of

lot business I separate Japan got in in Pacific, the geographically, happening Europe, from Then -- have I think Japan critically at to way Japan, so outside I in then of that. that's on retailers them the Asia driving the We we strategy country the our that's the what's mean a of know Japan. we when and platform and getting getting largest U.S. largest happening but separated. what's that. I we've moved focused we opportunity and in second look serve

have base well installed great market. customers, in grocery a In Australia. We in do we same thing the really Europe,

platform faster and we've a going to described at to other in getting couple both we restaurant have things. look at customers is Darren responsibilities. how of We'll do like the We'll areas. retail So the look drive attached

obviously, the So other our we'll given and we mid-market of parts some a We background, opportunities get payment look at globally. U.K. then in exploring payment even for Darren's market, and look can we offering. maybe potentially how portfolio expand in it we're restaurant take and opportunities do Japan the

offering mid-market has offer. U.S.-based Our largely a been mid-market

the rest in the And look So mid-market is world, strong for team too. how of the do a we expansion.

go avenues at can look the Darren those some of growth for team. existing leveraging while new So

focus retail it's everybody of I on the and and but that the excited on happening get the business restaurant international, focused Darren Americas. to in Eric add driving like only what's So not focused focused specifically the about on Darren, Benny is

next from comes Your Morgan with Erik question Stanley. Woodring

move change were Voyix, solutions? least anything as is or I'd just dropped in why the on I just for that leading I'm a emphasis beyond over off Or X in of that, asked, right? the to from to NCR love wondering, couldn't then you're customers you are sending should you're I or a follow-up. maybe providers? offering new prospective apologize have is prop that a message and X have second. Is the these at I end-to-end I with? understand their new change and to in it value well, they This And existing David, strategy at that what's it least a that a they strategy get if

and heritage these and been When in our core and retail you our share around industries, have businesses market at history look restaurants.

that restaurant. challenges. to delivering are core and for retail we're we back the and of one an know extremely give well. the there as our We industry We focused end-to-end pieces the know So of emphasis businesses is solution on

clients, talk to new about the one So when we platform. there's

business. capabilities all that business have the a your that your are great for provides tech to We run required and

need have Most The running mid-market with truly I'll sure grow, the as business offering. they enterprise about and clients up little And their other capabilities and us can services to somebody with is that want space then of can we a differentiate to for itself, and in make the deliver trust grow and a don't us. grow we and with our have don't them, and to that that platform of complete them they continue talk architecture. looking side it's maintain the have they are they scale capabilities it service to

loyalty architecture, to applications applications the delivering party. allow nature their the or for in of things have we're open can technology, only like believe can also third great how strategy, and They payments bring not our our and platform own going and own plug in self-checkout. solutions, we're we the They where we

of we a have third-party ecosystem in. allow good to partners So that them plug

solutions So lock We their our a compete it to lot have out go explore on to as don't looking differentiated flexibility to we new they're in, to test and as customers and to gives to opportunity get us them them of consumers. offerings customers.

that's into deep of Greentech history the go So the full along open. and we solution, and our do we in industries, credibility what platform with the knowledge

capital a Maybe lot elaborate just bit as a allocation That a you of your sense. Can on Okay. makes strategy. follow-up. maybe

banking those understand at of do pace the capital maybe we just your transaction, How the you're obviously, leverage buybacks Maybe Obviously, the about help What's and closing talked digital buybacks. comes goal? you next? Just looking about allocation what then priorities. the us now think hardware pass you shift.

execute. bit that leverage So it we to We've we've $XX announced where Erik, it we but also or of reiterate a We'll million those keep announced today below using earlier, share we our just this proceeds offering be. I'll proceeds, of the we to want investments. covered that million And little banking $XXX repurchase digital using will have -- turns. at X accelerate some our of

the versus cash to invest to allocation, build with that's looking kind it announced then to it's something executing might drive digital consistent internally before, of then use to Right with sense need in where evaluate that we capital we board. our then generating and the now, banking what acquisitions When about offerings of at consider to about ourselves. what growth. tuck-in continuing support that's we about and So the our majority repurchase of we've is it go-forward And buy really And the make we think what lastly, any flow generate talked XXXX. share the future before. focus talked And will in proceeds.

David, Now anything? add if you'd

No.

So answer, Erik. that's the

about Sorry repeat the question.

worries. No

Your Zaffino with next comes Ian from question Oppenheimer.

higher some and entail provide relative looking thoughts segment the one for restaurant initiatives for enterprise This I is what to your mentioned and specifically investments Ian. I the level maybe position if restaurants, retail just the Sellhausen you space? maybe on guess you in had and Isaac and the could would the businesses. position on on current you're QSR how investments to and market

had is that original really would we're accelerating portfolio doing work The our for on have in map. we road the restaurants what

the QX. some get a functionality expansion, in So We're of in accelerate value-added platform. QSR to to in we're on specifically broader looking the some capabilities pulling

focus. So can connected platform platform them more our that the have customers they through That to are that the do investments. with giving the is the

office, that payments, of capabilities looking accelerate. are to menu those like So our some you back we're kitchen, think the about capabilities management,

come of them and packages focused. And say of faster. legacy that more migration some when our to form accelerate, clearly really And the then on of platform. get in to the our that's connected of We've enablement. we're aggressive delivering accelerating some platforms It's will where marketing commercial platform customers got to those -- capabilities and those through cloud our the cloud we that the

appears At call this like there to questions. I'd further are Wilkinson. back Voyix's NCR to the David time, CEO, it no turn

close our of thank of Voyix, employees performance is strategic just QX. job at I'd a for like strong really NCR a a a paper, to what solid and on with executing you initiatives to set great

As work. there's a we lot described, of

I clients entrusting and in the they confidence on our to delivering So take the with to We commitments and don't every is us lightly. day. thank clients enterprise that very have be are also for to they for their teams us our customers to what mid-market will do focused customers. like mission-critical our solution

forma change in a driving we're So optimistic the support really would I the our from you that that we We out pro company the clients. And in to a we're services, 'XX, earnings and said, describing a as on in the software lastly, What we've last have. we're we driving strategy release, to attention the on we laid appreciate tell focus have management on we path that I'm set and going the leadership. the up made grow off that team, base. as is that the that of like us

more color that our provide we'll we February, have, the about the good get existing initiatives platform we about feel we we executing, but we into that So and on when feel momentum appreciate we're customers. good

thank this you time morning. your So for

Earnings XXXX Voyix This NCR you wonderful concludes a Call. of your rest Quarter Third the day. Thank and for attending, have