NCR Voyix (VYX) Oppenheimer 27th Virtual Annual Technology, Internet & Communications Conference summary

Strategic transformation and recent transactions

• Completed sale of digital banking business for $2.45 billion plus $100 million contingency, enabling significant de-levering and balance sheet improvement.

• Transitioned to an outsourced hardware ODM model, reducing revenue volatility and shifting focus to software and services.

• Announced $75 million in cost reductions, primarily from OpEx, and a reduction of 800 staff.

• Pro forma company now a $2.1 billion software and services business with 20% EBITDA margins and nearly 80% recurring revenue.

• Management focus is now fully on growing the retail and restaurant software and services platform.

Segment performance and growth outlook

• Retail and restaurant segments impacted by hardware decline, but software growth remains strong and in line with expectations.

• Services revenue slightly behind due to fewer one-time hardware installs, but ARR growth in software and services is trending mid-single digits and expected to accelerate in the second half.

• Self-checkout remains a key trend, viewed as a software-driven opportunity, with flexibility in checkout and brand differentiation.

• Market leadership in POS software, with increased focus on adding net new customers and competitive wins.

• Both retail and restaurant software ARR expected to grow mid- to high single digits in the back half of the year.

Competitive positioning and business model evolution

• Hardware and software decisions increasingly separated in enterprise segment; software is now hardware-agnostic.

• Partnership with a scale hardware ODM enables faster innovation, better pricing, and reduced internal complexity.

• Services business remains differentiated by full-service capabilities, especially valued by enterprise clients.

• Payments attach rate is high in small and mid-market restaurant segments, with further upmarket opportunity.