Ncr Voyix Corporation · NYSE:VYX
Ncr Voyix — Q4 2023 Earnings Presentation
18 slides from Ncr Voyix's earnings presentation, Mar 4, 2024
Slide 1: Q4 & FY 2023 Earnings Report Supplementary Materials
1NYSE :VYX March 4, 2024 Q4 & FY 2023 Earnings Report Supplementary Materials
Slide 2: Notes to Investors: Forward-Looking Statements
2NYSE :VYX Notes to Investors FORWARD-LOOKING STATEMENTS. This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Statements can generally be identified as forward-looking because they include words such as “expect
Slide 3: Notes to Investors: Spin-Off Information
3NYSE :VYX Notes to Investors SPIN-OFF INFORMATION. On October 16, 2023, NCR Voyix completed the spin-off of NCR Atleos Corporation (“NCR Atleos”) as an independent, publicly traded company. The historical financial results of NCR Atleos are reflected as discontinued operations in NCR Voyix’s consol
Slide 4: FY 2024 Guidance
4NYSE :VYX METRIC FY 2024E Total Revenue $3,600M – $3,700M Software & Services Revenue $2,700M – $2,750M Hardware Revenue $900M – $950M Adjusted EBITDA $632M – $657M Adjusted EBITDA Margin 17.5% – 17.7% Adjusted EPS $0.84 – $0.94 Free Cash Flow $155M – $185M Non-GAAP Tax Rate 27% – 29% FY 2024 Guida
Slide 5: FY 2024E Guidance Detail
5NYSE :VYX FY 2024E Guidance Detail 1. Represents the quarterly and full year 2023 impact of the non-core payments and Austria-based hardware divestitures completed in 4Q23. 2. Represents lower than expected amounts from commercial agreements with NCR Atleos. 3. Represents revised guidance for Hardw
Slide 6: Normalized Revenue by Segment, 2023
6NYSE :VYX $ in millions Q1 Y-o-Y Growth (%) Q2 Y-o-Y Growth (%) Q3 Y-o-Y Growth (%) Q4 Y-o-Y Growth (%) FY Y-o-Y Growth (%) Retail (Normalized)1 $528 2% $553 2% $552 0% $544 -2% $2,177 0% SW & Services Revenue $327 2% $358 9% $356 6% $347 0% $1,388 4% Hardware Revenue $201 1% $195 -8% $196 -10% $19
Slide 7: Segment Revenue Footnotes
7NYSE :VYX 1 Retail growth rates are normalized for the impact of a non-core payroll divestiture in 2022. Restaurants 2023 $ values and growth rates are normalized for the impact of the Austria-based hardware divestiture in 4Q23. See slide 9 for FY 2022 comparison. For a description of non-GAAP meas
Slide 8: Normalized Revenue by Segment, 2022
8NYSE :VYX $ in millions Q1 Q2 Q3 Q4 FY Retail (Normalized)1 $519 $541 $553 $556 $2,169 SW & Services Revenue $320 $328 $336 $347 $1,331 Hardware Revenue $199 $213 $217 $209 $838 Restaurants (Normalized)1 $194 $217 $214 $215 $840 SW & Services Revenue $136 $142 $143 $147 $568 Hardware Revenue $58 $7
Slide 9: Segment Adjusted EBITDA and Margin
9NYSE :VYX $ in millions Q1 Q2 Q3 Q4 FY Retail (Normalized)1 $60 $99 $114 $104 $377 Margin % 11.6% 18.3% 20.6% 18.7% 17.4% Restaurants (Normalized)1 $36 $37 $43 $40 $156 Margin % 18.6% 17.1% 20.1% 18.6% 18.6% Digital Banking $57 $58 $62 $56 $233 Margin % 41.6% 44.3% 44.6% 40.0% 42.6% Other (Normaliz
Slide 10: ARR Summary
10NYSE :VYX $ in millions Total ARR1 Software ARR2 YE 2023 YE 2022 YE 2023 YE 2022 Retail $1,020 $1,007 $412 $384 Growth Rate 1% 7% Restaurants $540 $480 $323 $292 Growth Rate 13% 11% Digital Banking $534 $494 $534 $493 Growth Rate 8% 8% Total Segment ARR3 $2,094 $1,981 $1,269 $1,169 Growth Rate 5%
Slide 11: Appendix
11NYSE :VYX Appendix
Slide 12: Non-GAAP Measures: Adjusted EBITDA
12NYSE :VYX Non-GAAP Measures: While NCR Voyix reports its results in accordance with generally accepted accounting principles (GAAP) in the United States, comments made during this conference call and in these materials will include non-GAAP measures. These measures are included to provide addition
Slide 13: Non-GAAP Measures: Adjusted EPS
13NYSE :VYX Non-GAAP Measures: Non-GAAP Adjusted Earnings Per Share (EPS). NCR Voyix’s non-GAAP EPS is determined by excluding pension mark-to-market adjustments, stock-based compensation expense, as well as other special items, including amortization of acquisition-related intangibles, separation-r
Slide 14: Reconciliation of GAAP to Non-GAAP Financials: FY2023 Normalized Revenue
14NYSE :VYX Reconciliation of GAAP to Non-GAAP Financials FY2023 Normalized Revenue: Normalized for FY2023 to FY2024 comparisons for (i) all divestitures and (ii) delayed transfers to NCR Atleos $ in millions Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Retail (As Reported) $528 $553 $552 $544 $2,177 Res
Slide 15: Reconciliation of GAAP to Non-GAAP Financials: FY2022 Normalized Revenue
15NYSE :VYX Reconciliation of GAAP to Non-GAAP Financials FY2022 Normalized Revenue: Normalized for FY2022 to FY2023 comparisons for (i) all divestitures and (ii) delayed transfers to NCR Atleos $ in millions Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Retail (As Reported) $524 $544 $556 $558 $2,182 Les
Slide 16: Reconciliation of GAAP to Non-GAAP Financials: Normalized Revenue
16NYSE :VYX Reconciliation of GAAP to Non-GAAP Financials FY2023 Normalized Revenue: Normalized for FY2023 to FY2024 comparisons for (i) all divestitures and (ii) delayed transfers to NCR Atleos FY2023 Normalized Software & Services Revenue: Normalized for FY2023 to FY2024 comparisons for all divest
Slide 17: Reconciliation of GAAP to Non-GAAP Financials: 2023
17NYSE :VYX Reconciliation of GAAP to Non-GAAP Financials $ in millions Q1 2023 Q2 2023 Q3 2023 Q4 2023 FY 2023 Net Income (Loss) from Continuing Operations Attributable to NCR Voyix (GAAP) $ (66) $ (41) $ (224) $ (254) $ (585) Transformation and restructuring costs 3 3 9 24 39 Fraudulent ACH disbur
Slide 18: Reconciliation of GAAP to Non-GAAP Financials: 2022
18NYSE :VYX Reconciliation of GAAP to Non-GAAP Financials $ in millions Q1 2022 Q2 2022 Q3 2022 Q4 2022 FY 2022 Net Income (Loss) from Continuing Operations Attributable to NCR Voyix (GAAP) $ (96) $ (57) $ (38) $ (12) $ (203) Transformation and restructuring costs 22 42 10 22 96 Acquisition-related