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NCR Voyix Corp(VYX) - 2024 Q3 - Quarterly Results
VYXNCR Voyix Corp(VYX)2024-11-07 11:34

Financial Performance - Q3 2024 GAAP Revenue was 711million,downfrom711 million, down from 809 million in the prior year, reflecting a decrease of approximately 12%[3] - Net loss from continuing operations was 31million,significantlyimprovedfromalossof31 million, significantly improved from a loss of 266 million in the prior year[3] - Adjusted EBITDA for Q3 2024 was 93million,downfrom93 million, down from 103 million in the prior year, reflecting a decrease of approximately 10%[3] - Normalized Adjusted EBITDA for Q3 2024 was 101million,downfrom101 million, down from 133 million in Q3 2023, while YTD it was 251millioncomparedto251 million compared to 336 million in the previous year[20] - Normalized Revenue for Q3 2024 was 708million,adecreasefrom708 million, a decrease from 794 million in Q3 2023, with YTD revenue at 2,140millioncomparedto2,140 million compared to 2,332 million in the prior year[22] - Adjusted EBITDA for the three months ended September 30, 2024, was 93million,adecreaseof1093 million, a decrease of 10% from 103 million in the same period of 2023[29] - Adjusted EBITDA margin for the three months ended September 30, 2024, was 13.1%, compared to 12.7% in the same period of 2023[29] - Total revenue for the three months ended September 30, 2024, was 711million,adecreaseof12711 million, a decrease of 12% compared to 809 million for the same period in 2023[28] - Total revenue for the nine months ended September 30, 2024, was 2,144million,down102,144 million, down 10% from 2,382 million in the same period of 2023[29] Revenue Breakdown - Software & Services Revenue was 517million,adeclineof4517 million, a decline of 4% compared to 540 million in the prior year[3] - Software & Services Revenue for Q3 2024 was 516million,downfrom516 million, down from 528 million in Q3 2023, with YTD figures at 1,532millioncomparedto1,532 million compared to 1,545 million[23] - Retail segment revenue for the three months ended September 30, 2024, was 487million,down12487 million, down 12% from 552 million in the same period of 2023[29] - Restaurant segment revenue for the three months ended September 30, 2024, was 211million,an8211 million, an 8% decrease from 229 million in the same period of 2023[29] Debt and Cash Management - The company reduced its outstanding debt by 1.84billionfollowingthesaleoftheDigitalBankingbusiness,improvingitsnetleverageratio[5]−Thecompany’slong−termdebtwasreducedto1.84 billion following the sale of the Digital Banking business, improving its net leverage ratio[5] - The company’s long-term debt was reduced to 1,098 million from 2,563million,adecreaseof57.12,563 million, a decrease of 57.1%[31] - Net Debt was defined as total debt minus cash and cash equivalents, indicating the company's liquidity position[17] - The Net Leverage Ratio is calculated as net debt divided by last-twelve-months Adjusted EBITDA, serving as an indicator of the company's indebtedness relative to its operating performance[17] - The company reported a cash balance of 825 million at the end of the period, down from 3,013millioninthepreviousyear[33]−Cashandcashequivalentsrosesignificantlyto3,013 million in the previous year[33] - Cash and cash equivalents rose significantly to 795 million from 259million,markinga207.3259 million, marking a 207.3% increase[31] Strategic Actions - The sale of the Digital Banking business was completed for 2.45 billion in cash, with an additional contingent consideration of up to 100million[5]−Thecompanyplanstoutilizeapproximately100 million[5] - The company plans to utilize approximately 100 million from the Digital Banking sale proceeds for share repurchases over the next 12 months[5] - The company is transitioning its POS and SCO hardware businesses to an ODM model effective January 1, 2024, as part of ongoing expense reduction actions[18] - The company has adjusted its financial outlook following the divestiture of the Digital Banking business, which may impact future operating results[18] Income and Expenses - The company reported a significant interest expense of 40millioninQ32024,downfrom40 million in Q3 2024, down from 83 million in Q3 2023, indicating improved financial management[20] - Total gross margin for the three months ended September 30, 2024, was 166million,representing23.3166 million, representing 23.3% of revenue, compared to 24.1% in the same period of 2023[28] - Research and development expenses for the three months ended September 30, 2024, increased to 38 million from 29millioninthesameperiodof2023[28]EquityandAssets−Totalstockholders′equityincreasedto29 million in the same period of 2023[28] Equity and Assets - Total stockholders' equity increased to 1,011 million as of September 30, 2024, compared to 25millionatDecember31,2023[31]−Totalcurrentassetsincreasedto25 million at December 31, 2023[31] - Total current assets increased to 1,825 million as of September 30, 2024, compared to 1,206millionatDecember31,2023,representingagrowthof51.31,206 million at December 31, 2023, representing a growth of 51.3%[31] - Total liabilities decreased to 3,387 million from 4,689million,reflectingareductionof27.74,689 million, reflecting a reduction of 27.7%[31] - The company reported net cash provided by operating activities of 38 million for the nine months ended September 30, 2024, down from 727millionintheprioryear[33]−Proceedsfromdivestitureamountedto727 million in the prior year[33] - Proceeds from divestiture amounted to 2,458 million, significantly higher than 10millioninthepreviousyear[33]−NetincomeforthethreemonthsendedSeptember30,2024,was10 million in the previous year[33] - Net income for the three months ended September 30, 2024, was 1,082 million, compared to a net loss of (128)millioninthesameperiodof2023[28]−NetincomefortheninemonthsendedSeptember30,2024,was(128) million in the same period of 2023[28] - Net income for the nine months ended September 30, 2024, was 968 million, a substantial recovery from a net loss of $104 million in the same period of 2023[33]