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NCR Voyix Reports First Quarter Results

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 months ended March 31, 2024.

In millions

Q1 2024

Q1 2023

% Change

 

Revenue (GAAP)

$

862

 

$

916

 

(6

)%

 

Normalized revenue

$

858

 

$

889

 

(3

)%

 

Net income (loss) from continuing operations attributable to NCR Voyix

$

(40

)

$

(66

)

(39

)%

 

Adjusted EBITDA

$

120

 

$

124

 

(3

)%

 

Normalized adjusted EBITDA

$

122

 

$

125

 

(2

)%

 

“We continued to execute on our product-led strategy in the first quarter, driving customer conversions to our Commerce Platform and signing new customers,” said David Wilkinson, NCR Voyix CEO. “We see opportunities across all of our segments to enhance our existing customer relationships, expand our market share and deliver market-leading technology and best-in-class services, the combination of which will drive profitable growth.”

Q1 2024 Key Highlights

  • Software & Services Revenue of $666 million, an increase of 2% compared to the prior year
  • Total Segment ARR of $2.1 billion, an increase of 5% compared to 2023
  • Software ARR of $1.3 billion, an increase of 6% compared to 2023
  • Reported diluted EPS of $(0.31), non-GAAP diluted EPS of $0.13
  • Progress on transformation initiatives to drive cost savings

In millions

Q1 2024

Q1 2023

% Change

 

Retail

 

 

 

 

Revenue

$

491

$

528

(7

)%

 

Adjusted EBITDA

$

86

$

83

4

%

 

 

 

 

 

 

Restaurants

 

 

 

 

Revenue

$

202

$

211

(4

)%

 

Adjusted EBITDA

$

55

$

44

25

%

 

 

 

 

 

 

Digital Banking

 

 

 

 

Revenue

$

147

$

137

7

%

 

Adjusted EBITDA

$

54

$

49

10

%

 

 

 

 

 

 

Financial Outlook

The Company is reiterating full year 2024 guidance as follows:

 

 

 

 

Full Year

 

Total Revenue

$3,600M – $3,700M

Software & Services Revenue

$2,700M – $2,750M

 

Hardware Revenue

$900M – 950M

 

Adjusted EBITDA

$632M – $657M

 

Adjusted Free Cash Flow-Unrestricted

$155M – $185M

 

In this release, we use certain non-GAAP measures. These non-GAAP measures include “Adjusted EBITDA,” and others with the words “non-GAAP” in their titles. These non-GAAP measures are listed, described and reconciled 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 2024 is more comparable to our historical Normalized Adjusted EBITDA, which includes an adjustment for these estimated costs. With respect to our Adjusted EBITDA and Adjusted free cash flow-unrestricted guidance, we do not provide a reconciliation of the respective GAAP measures because we are not able to predict with reasonable certainty the reconciling items that may affect the GAAP net income from continuing operations, GAAP cash flow from operating activities and GAAP diluted earnings per share from continuing operations 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.

First Quarter 2024 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 first 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 first quarter earnings 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, restaurant and digital banking industries. NCR Voyix transforms retail stores, restaurant systems and digital banking experiences with comprehensive, platform-led SaaS and services capabilities. NCR Voyix is headquartered in Atlanta, Georgia, with customers in more than 40 countries across the globe.

Website: https://investor.ncrvoyix.com

Twitter: https://www.x.com/ncr_voyix/

Facebook: https://www.facebook.com/ncrcorp

Instagram: https://www.instagram.com/ncrvoyix/

LinkedIn: https://www.linkedin.com/company/ncrvoyix/

YouTube: https://www.youtube.com/@ncrvoyix

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, goals, intentions, strategies, or financial outlook, 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, without limitation, statements regarding: statements regarding: the estimated or anticipated future results and benefits of the Company’s plans and operations; the Company’s expectations of demand for its solutions and the impact thereof on the Company's financial results in 2024; the Company’s ability to deliver increased value to customers and stockholders; statements regarding the spin-off of NCR Atleos, including, but not limited to, statements regarding the future commercial or financial performance of the Company following such transaction, and value creation and the ability to innovate and drive growth generally as a result of such transaction; and the Company’s ability to offset losses incurred from fraudulent ACH disbursements from a Company bank account identified in February 2024 through cooperation with law enforcement and the Company’s banks or through insurance proceeds. Forward-looking statements are based on our current beliefs, expectations and assumptions, which may not prove to be accurate, and involve a number of known and unknown risks and uncertainties, many of which are out of the Company’s control. Forward-looking statements are not guarantees of future performance, and there are a number of important factors that could cause actual outcomes and results to differ materially from the results contemplated by such forward-looking statements, including those factors relating to: challenges with transforming and growing our business, including our ability to attract new customers, increase use of our platform by existing customers and cross-sell additional products and solutions; development and introduction of new, competitive solutions on a timely, cost-effective basis; our ability to compete effectively against new and existing competitors; our ability to maintain a consistently high level of customer service; our ability to successfully manage our profitability and cost reduction initiatives; integration of acquisitions and management of other strategic transactions; the potential strategic benefits, synergies or opportunities expected from the Spin-Off may not be realized or may take longer to realize than expected; any unforeseen tax liabilities or impacts resulting from the Spin-Off, requests, requirements or penalties imposed by any governmental authorities related to certain existing liabilities; domestic and global economic and credit conditions; downturn or consolidation in the financial services industry; difficulties and risks associated with developing and selling complex new solutions and enhancements, including those using artificial intelligence; risks and uncertainties associated with our payments-related business; disruptions in our data center hosting and public cloud facilities; any failures or delays in our efforts to modernize our information technology infrastructure; retention and attraction of key employees; defects, errors, installation difficulties or development delays; failure of third-party suppliers; a major natural disaster or catastrophic event; geopolitical and macroeconomic challenges or events or acts of terrorism; environmental exposures from historical manufacturing activities; the impact of cybersecurity incidents on our business, including the April 2023 ransomware incident, and efforts to prevent or mitigate such incidents and any related impacts on our operations; efforts to comply with applicable data protection and data privacy laws; our level of indebtedness; the terms governing our indebtedness; incurrence of additional debt or other liabilities or obligations; access to the capital markets and other sources of financing; our cash flow sufficiency to service our indebtedness; interest rate risks and increased costs of borrowings; the terms governing our trade receivables facility; the impact of certain changes in control relating to acceleration of our indebtedness; our obligations under other financing arrangements, or required repurchase of our senior unsecured notes; any lowering or withdrawal of the ratings assigned to our debt securities by rating agencies; unforeseen tax liabilities or changes in tax law; our failure to maintain effective internal control over financial reporting and disclosure controls and procedures and our ability to remediate material weaknesses in our internal control over financial reporting; the write down of the value of certain significant assets; allegations or claims by third parties that our products or services infringe on intellectual property rights of others, including claims against our customers and claims by our customers to defend and indemnify them with respect to such claims; protection of our intellectual property; changes to our tax rates and additional income tax liabilities; and uncertainties regarding regulations, lawsuits and other related matters; rights preferences and privileges of holders of our Series A Convertible Stock compared to the rights of our common stockholders; impact of the terms of our Series A Convertible Preferred Stock relating to voting power, share dilution and market price of our common stock; actions or proposals from stockholders that do not align with our business strategies or the interest of our stockholders; and other factors presented in “Item 1A-Risk Factors” of our most recent Annual Report on Form 10-K for the year ended December 31, 2023 and subsequent filings we make with the U.S. Securities and Exchange Commission (“SEC”), which we advise you to review.

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.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA). 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 other income (expense); plus pension mark-to-market adjustments and other special items, including amortization of acquisition-related intangibles, separation-related costs, cyber ransomware incident recovery costs (net of insurance recoveries), fraudulent ACH disbursements costs, and transformation and restructuring charges (which includes integration, severance and other exit and disposal 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 uses Adjusted EBITDA to manage and measure the performance of its business segments. The Company also uses Adjusted EBITDA to manage and determine the effectiveness of its business managers and as a basis for incentive compensation. The Company believes that Adjusted EBITDA provides useful information to investors because it is an indicator 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.

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 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. 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 have not occurred by March 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.

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.

Non-GAAP Diluted Earnings Per Share (EPS). The Company determines Non-GAAP 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, fraudulent ACH disbursements costs, 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 they provide 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 free cash flow as net cash provided by (used in) operating activities less capital expenditures for property, plant and equipment, less additions to capitalized software, plus/minus net reductions or reinvestments in the trade receivables facility due to fluctuations in the outstanding balance of receivables sold, restricted cash settlement activity, NCR Atleos settlement activity, net cash provided by (used in) 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 information is useful for 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, free cash flow 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. Free cash flow 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. Free cash flow 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.

Reconciliation of Net Income from Continuing Operations Attributable to NCR Voyix (GAAP) to Adjusted Earnings Before Interest, Depreciation, Taxes and Amortization (Adjusted EBITDA)

 

$ in millions

Q1 2024

 

Q1 2023

Net Income (Loss) from Continuing Operations Attributable to NCR Voyix (GAAP)

$

(40

)

 

$

(66

)

Depreciation and amortization (excluding acquisition-related amortization of intangibles)

 

66

 

 

 

59

 

Acquisition-related amortization of intangibles

 

14

 

 

 

17

 

Interest expense

 

39

 

 

 

83

 

Interest income

 

(2

)

 

 

(3

)

Income tax expense (benefit)

 

(14

)

 

 

5

 

Stock-based compensation expense

 

13

 

 

 

25

 

Transformation and restructuring costs

 

32

 

 

 

3

 

Separation costs

 

5

 

 

 

2

 

Loss (gain) on disposal of businesses

 

(7

)

 

 

(3

)

Foreign currency devaluation

 

15

 

 

 

 

Fraudulent ACH disbursements

 

(1

)

 

 

2

 

Adjusted EBITDA (Non-GAAP)

$

120

 

 

$

124

 

Less: Divestitures(1)

 

 

 

 

(7

)

Less: NCR Atleos delayed country transfers

 

2

 

 

 

(7

)

Plus: Estimated costs historically allocated to NCR Atleos

 

 

 

 

15

 

Normalized Adjusted EBITDA (Non-GAAP)

$

122

 

 

$

125

 

(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

Q1 2024

 

Q1 2023

Revenue

$

862

 

 

$

916

 

Less: Divestitures(1)

 

 

 

 

(15

)

Less: NCR Atleos delayed country transfers

 

(4

)

 

 

(12

)

Normalized Revenue

$

858

 

 

$

889

 

(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)

 

 

Q1 2024

Diluted Earnings Per Share from Continuing Operations (GAAP)(1)

$

(0.31

)

Transformation and restructuring costs

 

0.17

 

Fraudulent ACH disbursements

 

(0.01

)

Loss (gain) on disposal of businesses

 

(0.04

)

Stock-based compensation expense

 

0.08

 

Acquisition-related amortization of intangibles

 

0.07

 

Separation costs

 

0.02

 

Foreign currency devaluation

 

0.07

 

Diluted Earnings Per Share from Continuing Operations (Non-GAAP)(1)

$

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

Q1 2024

Q1 2024

Non-GAAP

Income (loss) from continuing operations attributable to NCR Voyix common stockholders

 

 

Income (loss) from continuing operations (attributable to NCR Voyix)

$

(40

)

$

21

Dividends on convertible preferred shares

 

(4

)

 

Income (loss) from continuing operations attributable to NCR Voyix common stockholders

$

(44

)

$

21

Weighted average outstanding shares:

 

 

Weighted average diluted shares outstanding

 

143.5

 

 

146.8

Weighted as-if converted preferred shares

 

 

 

15.9

Total shares used in diluted earnings per share

 

143.5

 

 

162.7

Diluted earnings per share from continuing operations

$

(0.31

)

$

0.13

 

NCR VOYIX CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in millions, except per share amounts)

Schedule A

 

For the Period Ended March 31

 

Three Months

 

 

 

2024

 

 

 

2023

 

 

Revenue

 

 

 

 

Product

$

232

 

 

$

291

 

 

Service

 

630

 

 

 

625

 

 

Total Revenue

 

862

 

 

 

916

 

 

Cost of products

 

200

 

 

 

269

 

 

Cost of services

 

466

 

 

 

417

 

 

Total gross margin

 

196

 

 

 

230

 

 

% of Revenue

 

22.7

%

 

 

25.1

%

 

Selling, general and administrative expenses

 

132

 

 

 

155

 

 

Research and development expenses

 

60

 

 

 

49

 

 

Income (loss) from operations

 

4

 

 

 

26

 

 

% of Revenue

 

0.5

%

 

 

2.8

%

 

Interest expense

 

(39

)

 

 

(83

)

 

Other income (expense), net

 

(20

)

 

 

(4

)

 

Total interest and other expense, net

 

(59

)

 

 

(87

)

 

Income (loss) from continuing operations before income taxes

 

(55

)

 

 

(61

)

 

% of Revenue

 

(6.4

)%

 

 

(6.7

)%

 

Income tax expense (benefit)

 

(14

)

 

 

5

 

 

Income (loss) from continuing operations

 

(41

)

 

 

(66

)

 

Income (loss) from discontinued operations, net of tax

 

 

 

 

74

 

 

Net income (loss)

 

(41

)

 

 

8

 

 

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

$

(40

)

 

$

7

 

 

Amounts attributable to NCR Voyix common stockholders:

 

 

 

 

Income (loss) from continuing operations

$

(40

)

 

$

(66

)

 

Dividends on convertible preferred stock

 

(4

)

 

 

(4

)

 

Income (loss) from continuing operations attributable to NCR Voyix common stockholders

 

(44

)

 

 

(70

)

 

Income (loss) from discontinued operations, net of tax

 

 

 

 

73

 

 

Net income (loss) attributable to NCR Voyix common stockholders

$

(44

)

 

$

3

 

 

Income (loss) per share attributable to NCR Voyix common stockholders:

 

 

 

 

Income (loss) per common share from continuing operations

 

 

 

 

Basic

$

(0.31

)

 

$

(0.50

)

 

Diluted (1)

$

(0.31

)

 

$

(0.50

)

 

Net income (loss) per common share

 

 

 

 

Basic

$

(0.31

)

 

$

0.02

 

 

Diluted (1)

$

(0.31

)

 

$

0.02

 

 

Weighted average common shares outstanding

 

 

 

 

Basic

 

143.5

 

 

 

139.6

 

 

Diluted (1)

 

143.5

 

 

 

139.6

 

 

(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 March 31

 

Three Months

 

 

2024

 

 

 

2023

 

 

% Change

 

Revenue by segment

 

 

 

 

 

 

Retail

$

491

 

 

$

528

 

 

(7

)%

 

Restaurants

 

202

 

 

 

211

 

 

(4

)%

 

Digital Banking

 

147

 

 

 

137

 

 

7

%

 

Corporate and Other(1)

 

22

 

 

 

40

 

 

(45

)%

 

Total revenue

$

862

 

 

$

916

 

 

(6

)%

 

 

 

 

 

 

 

 

Adjusted EBITDA by segment

 

 

 

 

 

 

Retail

$

86

 

 

$

83

 

 

4

%

 

Retail Adjusted EBITDA margin %

 

17.5

%

 

 

15.7

%

 

 

 

Restaurants

 

55

 

 

 

44

 

 

25

%

 

Restaurants Adjusted EBITDA margin %

 

27.2

%

 

 

20.9

%

 

 

 

Digital Banking

 

54

 

 

 

49

 

 

10

%

 

Digital Banking Adjusted EBITDA margin %

 

36.7

%

 

 

35.8

%

 

 

 

Segment Adjusted EBITDA

 

195

 

 

 

176

 

 

11

%

 

Segment Adjusted EBITDA margin %

 

23.2

%

 

 

20.1

%

 

 

 

Corporate and Other(1)

 

(75

)

 

 

(52

)

 

44

%

 

Total Adjusted EBITDA

$

120

 

 

$

124

 

 

(3

)%

 

Total Adjusted EBITDA margin %

 

13.9

%

 

 

13.5

%

 

 

 

(1)

 

Corporate and Other includes income and expenses related to corporate functions that are not specifically attributable to any of our three 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 during 2024, 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

March 31, 2024

 

December 31, 2023

As of December 31 (in millions except per share amounts)

 

2024

 

 

 

2023

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

246

 

 

$

262

 

Accounts receivable, net of allowances of $28 and $29 as of March 31, 2024 and December 31, 2023, respectively

 

484

 

 

 

477

 

Inventories

 

259

 

 

 

251

 

Restricted cash

 

22

 

 

 

21

 

Prepaid and other current assets

 

227

 

 

 

187

 

Current assets of discontinued operations

 

 

 

 

8

 

Total current assets

 

1,238

 

 

 

1,206

 

Property, plant and equipment, net

 

208

 

 

 

212

 

Goodwill

 

2,039

 

 

 

2,040

 

Intangibles, net

 

277

 

 

 

291

 

Operating lease assets

 

240

 

 

 

236

 

Prepaid pension cost

 

41

 

 

 

43

 

Deferred income taxes

 

235

 

 

 

239

 

Other assets

 

729

 

 

 

723

 

Total assets

$

5,007

 

 

$

4,990

 

Liabilities and stockholders’ equity (deficit)

 

 

 

Current liabilities

 

 

 

Short-term borrowings

$

15

 

 

$

15

 

Accounts payable

 

482

 

 

 

505

 

Payroll and benefits liabilities

 

100

 

 

 

149

 

Contract liabilities

 

260

 

 

 

194

 

Settlement liabilities

 

43

 

 

 

39

 

Other current liabilities

 

435

 

 

 

426

 

Current liabilities of discontinued operations

 

 

 

 

5

 

Total current liabilities

 

1,335

 

 

 

1,333

 

Long-term debt

 

2,658

 

 

 

2,563

 

Pension and indemnity plan liabilities

 

162

 

 

 

165

 

Postretirement and postemployment benefits liabilities

 

44

 

 

 

43

 

Income tax accruals

 

64

 

 

 

64

 

Operating lease liabilities

 

259

 

 

 

254

 

Other liabilities

 

245

 

 

 

265

 

Noncurrent liabilities of discontinued operations

 

 

 

 

2

 

Total liabilities

 

4,767

 

 

 

4,689

 

Commitments and Contingencies (Note 10)

 

 

 

Series A convertible preferred stock: par value $0.01 per share, 3.0 shares authorized, 0.3 shares issued and outstanding as of March 31, 2024 and December 31, 2023; redemption amount and liquidation preference of $276 as of March 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 March 31, 2024 and December 31, 2023, respectively

 

 

 

 

 

Common stock: par value $0.01 per share, 500.0 shares authorized, 144.6 and 142.6 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively

 

1

 

 

 

1

 

Paid-in capital

 

879

 

 

 

874

 

Retained earnings (deficit)

 

(463

)

 

 

(421

)

Accumulated other comprehensive loss

 

(451

)

 

 

(429

)

Total NCR Voyix stockholders’ equity (deficit)

 

(34

)

 

 

25

 

Noncontrolling interests in subsidiaries

 

(2

)

 

 

 

Total stockholders’ equity (deficit)

 

(36

)

 

 

25

 

Total liabilities and stockholders’ equity (deficit)

$

5,007

 

 

$

4,990

 

 

 

NCR VOYIX CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in millions)

Schedule D

 

For the Period Ended March 31

 

Three Months

 

 

2024

 

 

 

2023

 

Operating activities

 

 

 

Net income (loss)

$

(41

)

 

$

8

 

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

 

Depreciation and amortization

 

81

 

 

 

151

 

Stock-based compensation expense

 

13

 

 

 

32

 

Deferred income taxes

 

6

 

 

 

6

 

Loss (gain) on disposal of property, plant and equipment and other assets

 

 

 

 

2

 

(Gain) loss on divestiture

 

(7

)

 

 

(3

)

Changes in assets and liabilities:

 

 

 

Receivables

 

17

 

 

 

65

 

Inventories

 

 

 

 

(45

)

Current payables and accrued expenses

 

(61

)

 

 

20

 

Contract liabilities

 

61

 

 

 

95

 

Employee benefit plans

 

(3

)

 

 

(16

)

Other assets and liabilities

 

(101

)

 

 

(4

)

Net cash provided by (used in) operating activities

$

(35

)

 

$

311

 

Investing activities

 

 

 

Expenditures for property, plant and equipment

$

(8

)

 

$

(19

)

Additions to capitalized software

 

(53

)

 

 

(64

)

Business acquisitions, net of cash acquired

 

 

 

 

(6

)

Proceeds from divestiture, net

 

7

 

 

 

3

 

Net cash provided by (used in) investing activities

$

(54

)

 

$

(86

)

Financing activities

 

 

 

Payments on term credit facilities

 

(4

)

 

 

(26

)

Payments on revolving credit facilities

 

(122

)

 

 

(448

)

Borrowings on revolving credit facilities

 

220

 

 

 

318

 

Cash dividend paid for Series A preferred shares dividends

 

(4

)

 

 

(4

)

Proceeds from employee stock plans

 

 

 

 

6

 

Tax withholding payments on behalf of employees

 

(8

)

 

 

(16

)

Principal payments for finance lease obligations

 

(2

)

 

 

(5

)

Net cash provided by (used in) financing activities

$

80

 

 

$

(175

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(7

)

 

 

(10

)

Increase (decrease) in cash, cash equivalents, and restricted cash

$

(16

)

 

$

40

 

Cash, cash equivalents and restricted cash at beginning of period

 

285

 

 

 

740

 

Cash, cash equivalents, and restricted cash at end of period

$

269

 

 

$

780

 

 

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