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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240509581987/en/
News Media Contact Lee Underwood
lee.underwood@ncrvoyix.com
Investor Contact Alan Katz alan.katz@ncrvoyix.com
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