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NCR Voyix Reports First Quarter 2025 Results

Staff Report From Georgia CEO

Wednesday, May 14th, 2025

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, 2025.

First Quarter Financial Highlights

  • Revenue was $617 million compared to $710 million in the prior year period.

  • Net loss from continuing operations attributable to NCR Voyix was $20 million, compared with a net loss of $71 million in the prior year period.

  • Adjusted EBITDA was $75 million compared to $63 million in the prior year period.

  • Diluted EPS from continuing operations was $(0.17); non-GAAP diluted EPS was $0.09.

  • Software & Services Revenue was $479 million compared to $515 million in the prior year period.

  • ARR was $1.62 billion compared to $1.58 billion in the prior year period.

  • Software ARR was $775 million compared to $740 million in the prior year period.

 

"Our first quarter performance was in line with our expectations despite the softer economic environment and ongoing market volatility," said James G. Kelly, Chief Executive Officer. "We signed new customers in both our retail and restaurants segments, expanded key existing relationships and signed customers to the platform, and progressed on the implementation of our payments and hardware ODM agreements."

2025 Outlook

For the full-year 2025, the Company is maintaining the following outlook:

Total Revenue

$2,575M – $2,650M

Software and Services Revenue

$1,995M – $2,020M

Hardware Revenue

$580M – $630M

Adjusted EBITDA

$420M – $445M

Adjusted EBITDA Margin (%)

16.3% – 16.8%

Non-GAAP Diluted EPS1

$0.75 - $0.80

Adjusted Free Cash Flow - Unrestricted2

$170M - $190M

Adjusted Free Cash Flow Conversion (as % of Adjusted EBITDA)

40% - 43%

1 Non-GAAP Diluted EPS assumes an effective tax rate of 26% and full-year average diluted shares of 158 million inclusive of as-if converted preferred shares and dilutive options and RSU awards.

2 Adjusted Free Cash Flow-Unrestricted excludes restructuring, transformation, and strategic initiatives cash expenditures, environmental net cash, cash outflow related to accelerated projects, and $284 million of cash taxes related to the sale of Digital Banking.

The Company’s 2025 outlook assumes gross hardware recognition for the full-year 2025. Upon fully implementing the Company’s hardware business transition with Ennoconn later this year, the Company’s outlook will be updated to reflect its net hardware commission revenue. At this time, the Company's outlook considers the current estimated impact for the trade tariffs that have been imposed or announced by the U.S. government as well as the offsetting mitigations the Company is undertaking as a result. The Company’s outlook assumes foreign currency exchange rates remain consistent with rates as of March 2025.

Recent Business Highlights and Additional Information

  • As of March 31, 2025, the Company had more than 77 thousand platform sites and 8 thousand payment sites, an increase of 27% and 7%, respectively, year-over-year.

  • The Company named Nick East as its Chief Product Officer.

  • During the first quarter, the Company completed $62 million of common share repurchases, repurchasing approximately 5 million shares under its share repurchase program. In April 2025, the Company completed an additional $7 million of common share repurchases, repurchasing an additional approximately 1 million shares.

  • On May 6, 2025, the Company’s board of directors adopted an amended share repurchase program which increased the total aggregate repurchase authority under the Company’s share repurchase program to $200 million and also expanded the program to include the ability to repurchase the Company’s Series A preferred stock in addition to common shares. The Company may utilize the amended share repurchase program from time to time to opportunistically repurchase common shares and Series A preferred stock based on varying factors, including stock price, the Company’s performance, market conditions and other possible uses of cash.

 

In this release, we use certain non-GAAP measures. These non-GAAP measures include "Adjusted EBITDA," "Adjusted EBITDA Margin," "Adjusted Free Cash Flow-Unrestricted," "Adjusted Free Cash Flow Conversion," "Non-GAAP Diluted EPS," and others with the words "non-GAAP" in their titles. These non-GAAP measures are listed, described and reconciled for historic periods to their most directly comparable GAAP measures under the heading "Non-GAAP Financial Measures" later in this release. With respect to our outlook for full year 2025 for our Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Free Cash Flow-Unrestricted (and the related margin and conversion metrics), we do not provide a reconciliation of the GAAP measure because we are not able to predict with reasonable certainty the reconciling items that may affect the GAAP net income from continuing operations and GAAP cash flow provided by (used in) operating activities 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. The Company also believes such reconciliations would imply a degree of precision that could be confusing or misleading to investors.

 

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 2025 earnings results is available on the NCR Voyix Investor Relations section of the Company’s website at https://investor.ncrvoyix.com.