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- **Revenue Resilience**: Recurring revenue up 5% ($425M), driven by 8% growth in software ARR and 7% in total ARR, offsetting hardware decline.
- **Strategic Wins**: Chipotle 6-year deal for 4,000 restaurants and $1.4T U.S. payments expansion highlight strategic execution.
- **Profitability Boost**: Adjusted EBITDA up 32% to $125M, with Restaurants segment margin at 35.2% vs. Retail at 19.3%.
- **AI-Driven Growth**: AI integration accelerates product development, targeting 2026 launches at NRF with 78,000+ sites on the platform.
- **Risk Management**: $100M restructuring costs and 2x net leverage position support disciplined execution.


**【CEO Summary Section】**
- **Revenue Growth**: Total revenue of $684 million declined 3% due to lower hardware sales, but recurring revenue increased 5% to $425 million. Software ARR and total ARR grew 8% and 5%, respectively.
- **Strategic Shifts**: Outsourcing hardware to ODM (Ennoconn) beginning in January, transitioning legacy applications to a modern microservices architecture, and introducing price escalators for renewals.
- **AI Integration**: AI-enabled development accelerates time-to-market for microservices and platform capabilities, enhancing gross margin expectations.
- **Major Deal**: 6-year exclusive agreement with Chipotle for 4,000 restaurants worldwide, implementing next-gen point-of-sale and applications on the Voyix Commerce Platform.

**【CFO Financial Commentary】**
- **Financial Metrics**: Adjusted EBITDA of $125 million (18.3% margin), up 32% year-over-year. Retail segment EBITDA declined 17% to $90 million due to delayed software implementations, while Restaurants segment EBITDA rose 12% to $74 million.
- **Cost Actions**: Restructuring cash outflows of $23 million in Q3, with total 2025 restructuring costs expected at $100 million. Net leverage ratio of 2x.
- **Guidance**: Full-year revenue $2.65-$2.67 billion, adjusted EBITDA $420-$435 million, and non-GAAP EPS $0.85-$0.90.

**【Q&A Highlights】**
- **Customer Sentiment**: Healthy demand for technology investments to enhance consumer experiences and reduce costs, with no signs of consumer confidence decline.
- **Payment Strategy**: Expanding payments gateway to $1.4 trillion in U.S. transaction volume, including commercial fuel partnerships (e.g., Corpay, WEX).
- **ODM Transition**: Phased hardware outsourcing starting January 2026, aiming for minimal customer impact and net accounting basis by Q2 2026.
- **Innovation Momentum**: Launching next-gen applications at NRF 2026, including cloud-native solutions for retail and restaurants, with 78,000 sites on the platform.


NCR Voyix Corporation (VYX) Q3 2025 Earnings Call Transcript

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