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SEGMENT INFORMATION AND CONCENTRATION | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT INFORMATION AND CONCENTRATION | 5. SEGMENT INFORMATION AND CONCENTRATIONS Subsequent to the Digital Banking Sale and the Spin-Off, as described in Note 1, “Basis of Presentation and Significant Accounting Policies”, the Company manages and reports the following segments: •Retail - We offer software-led solutions to customers in the retail industry, leading with digital to connect retail operations end to end to integrate all aspects of a customer’s operations in indoor and outdoor settings from POS, to payments, inventory management, fraud and loss prevention applications, loyalty and consumer engagement. These solutions include retail-oriented technologies such as comprehensive API-point of sale retail software platforms and applications, hardware terminals, self-service kiosks including self-checkout (“SCO”), payment processing and merchant acquiring solutions, and bar-code scanners. •Restaurants - We offer technology solutions to customers in the restaurant industry, including table-service, quick-service and fast casual restaurants of all sizes, that are designed to improve operational efficiency, increase customer satisfaction, streamline order and transaction processing and reduce operating costs. Our solutions include POS hardware and software solutions, payment processing and merchant acquiring services, installation, maintenance, as well as managed and professional services. Corporate and Other includes income and expenses related to corporate functions that are not specifically attributable to any of our two individual reportable segments. In addition, Corporate and Other includes certain non-strategic businesses that are considered immaterial operating segment(s) and certain legacy ATM operations in foreign countries that are expected to transfer to NCR Atleos in 2025, as well as commercial agreements with NCR Atleos. These segments represent components of the Company for which separate financial information is available that is utilized on a regular basis by the chief operating decision maker (“CODM”), the CEO. The CODM considers the budget-to-actual and forecast-to-actual variances for revenue and segment Adjusted EBITDA on a periodic basis in assessing segment performance and in allocating the Company’s resources. Adjusted EBITDA is defined as GAAP net income (loss) from continuing operations attributable to NCR Voyix plus interest expense, net; plus income tax expense (benefit); plus depreciation and amortization; plus stock-based compensation expense; plus pension mark-to-market adjustments and other special items, including amortization of acquisition-related intangibles, acquisition-related costs, separation-related costs, cyber ransomware incident recovery costs net of insurance recoveries, fraudulent ACH disbursements costs net of recoveries, foreign currency devaluation, transformation and restructuring charges (which includes integration, severance and other exit and disposal costs), and strategic initiative costs, among others. The special items are considered non-operational or non-recurring in nature, so are excluded from the Adjusted EBITDA metric utilized by our chief operating decision maker in evaluating segment performance and are separately delineated to reconcile back to total reported GAAP net income (loss) from continuing operations attributable to the Company. Assets are not allocated to segments, and thus are not included in the assessment of segment performance. Consequently, we do not disclose total assets by reportable segment. The accounting policies used to determine the results of the operating segments are the same as those utilized for the consolidated financial statements as a whole. Intersegment sales and transfers are not material. The following table presents summarized financial information for the Company’s reportable segments for the year ended December 31, 2024:
In millions |  | Retail |  | Restaurants |  |  | Total
Revenue by Segment |  | $ | 1,956 |  |  | $ | 825 |  |  |  | $ | 2,781 |
Other |  |  |  |  |  |  | 45 |
Total Revenue |  |  |  |  |  |  | $ | 2,826 |
Cost of Revenue |  | 1,386 |  |  | 424 |  |  |  |
Other segment items(1) |  | 187 |  |  | 150 |  |  |  |
Segment Adjusted EBITDA |  | $ | 383 |  |  | $ | 251 |  |  |  | $ | 634 |
The following table presents summarized financial information for the Company’s reportable segments for the year ended December 31, 2023:
In millions |  | Retail |  | Restaurants |  |  |  | Total
Revenue by Segment |  | $ | 2,177 |  |  | $ | 886 |  |  |  |  | $ | 3,063 |
Other |  |  |  |  |  |  |  | 115 |
Total Revenue |  |  |  |  |  |  |  | $ | 3,178 |
Cost of Revenue |  | 1,556 |  |  | 539 |  |  |  |  |
Other segment items(1) |  | 210 |  |  | 150 |  |  |  |  |
Segment Adjusted EBITDA |  | $ | 411 |  |  | $ | 197 |  |  |  |  | $ | 608 |
The following table presents summarized financial information for the Company’s reportable segments for the year ended December 31, 2022:
In millions |  | Retail |  | Restaurants |  |  |  | Total
Revenue by Segment |  | $ | 2,182 |  |  | $ | 857 |  |  |  |  | $ | 3,039 |
Other |  |  |  |  |  |  |  | 135 |
Total Revenue |  |  |  |  |  |  |  | $ | 3,174 |
Cost of Revenue |  | 1,618 |  |  | 528 |  |  |  |  |
Other segment items(1) |  | 180 |  |  | 169 |  |  |  |  |
Segment Adjusted EBITDA |  | $ | 384 |  |  | $ | 160 |  |  |  |  | $ | 544 |
(1) Other segment items primarily includes selling, general and administrative expenses and research and development expenses. The following table reconciles Segment Adjusted EBITDA to Net income (loss) from continuing operations attributable to NCR Voyix:
In millions |  | 2024 |  | 2023 |  | 2022
Segment Adjusted EBITDA |  | $ | 634 |  |  | $ | 608 |  |  | $ | 544 |
Corporate and other income and expenses not allocated to segments |  | 287 |  |  | 271 |  |  | 220 |
Depreciation and amortization |  | 206 |  |  | 190 |  |  | 189 |
Acquisition-related amortization of intangibles |  | 28 |  |  | 41 |  |  | 40 |
Interest expense(1) |  | 134 |  |  | 294 |  |  | 285 |
Interest income |  | (9) |  |  | (12) |  |  | (13) |
Acquisition-related costs(2) |  | — |  |  | 1 |  |  | 2 |
Loss (gain) on debt extinguishment |  | (8) |  |  | 46 |  |  | — |
Income tax expense |  | 4 |  |  | 184 |  |  | 52 |
Stock-based compensation expense |  | 40 |  |  | 140 |  |  | 84 |
Pension mark-to-market adjustments |  | (12) |  |  | 7 |  |  | (41) |
Transformation and restructuring costs(3) |  | 125 |  |  | 28 |  |  | 95 |
Separation costs(4) |  | 10 |  |  | 95 |  |  | — |
Loss (gain) on disposal of businesses |  | (14) |  |  | 12 |  |  | — |
Foreign currency devaluation(5) |  | 15 |  |  | — |  |  | — |
Fraudulent ACH disbursements(6) |  | (5) |  |  | 23 |  |  | — |
Cyber ransomware incident recovery costs(7) |  | (13) |  |  | 17 |  |  | — |
Strategic initiatives(8) |  | 48 |  |  | — |  |  | — |
Net income (loss) from continuing operations attributable to NCR Voyix |  | $ | (202) |  |  | $ | (729) |  |  | $ | (369) |
(1) During the three months ended September 30, 2023, it was determined that the transactions underlying the unrealized gains on terminated interest rate swap and cap agreements reported in Accumulated other comprehensive income were probable of not occurring under ASC 815, Derivatives and Hedging. As such, $18 million of unrealized gains were recognized in Interest expense. Refer to Note 15, “Derivatives and Hedging Instruments”. (2) Represents professional fees, retention bonuses, and other costs incurred related to acquisitions, which are considered non-operational in nature. (3) Represents integration, severance, and other exit and disposal costs, which are considered non-operational in nature. (4) Represents costs incurred as a result of the Spin-Off. Professional 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. (5) Represents gains and losses recognized during the year due to changes in valuation of the Lebanese pound and the Egyptian pound. (6) Represents company identified fraudulent ACH disbursements from a company bank account. Additional details regarding this item are discussed in Note 1, “Basis of Presentation and Significant Accounting Policies”. (7) Represents expenses to respond to, remediate and investigate the April 13, 2023 cyber ransomware incident net of insurance recoveries, which is considered a nonrecurring special item. Additional details regarding this cyber ransomware incident are discussed in Note 1, “Basis of Presentation and Significant Accounting Policies”. (8) Represents professional fees related to strategic initiatives which are considered non-operational in nature, as well as certain costs incurred related to the Hardware Business transition. The following table presents recurring revenue and all other products and services that is recognized at a point in time for the Company for the years ended December 31:
In millions |  | 2024 |  | 2023 |  | 2022
Recurring revenue(1) |  | $ | 1,634 |  |  | $ | 1,617 |  |  | $ | 1,579 |
All other products and services |  | 1,192 |  |  | 1,561 |  |  | 1,595 |
Total revenue |  | $ | 2,826 |  |  | $ | 3,178 |  |  | $ | 3,174 |
(1) Recurring revenue includes all revenue streams from contracts where there is a predictable revenue pattern that will occur at regular intervals with a relatively high degree of certainty. This includes hardware and software maintenance revenue, cloud revenue, payment processing revenue, interchange and network revenue, and certain professional services arrangements, as well as term-based software license arrangements that include customer termination rights. Revenue is attributed to the geographic area to which the product is delivered or in which the service is provided. The following table presents revenue by geographic area for the Company for the years ended December 31:
In millions |  | 2024 |  | % |  | 2023 |  | % |  | 2022 |  | %
United States |  | $ | 1,706 |  |  | 60 | % |  | $ | 2,056 |  |  | 65 | % |  | $ | 2,014 |  |  | 63 | %
Americas (excluding United States) |  | 239 |  |  | 9 | % |  | 230 |  |  | 7 | % |  | 225 |  |  | 7 | %
Europe, Middle East and Africa |  | 574 |  |  | 20 | % |  | 543 |  |  | 17 | % |  | 555 |  |  | 18 | %
Asia Pacific |  | 307 |  |  | 11 | % |  | 349 |  |  | 11 | % |  | 380 |  |  | 12 | %
Total revenue |  | $ | 2,826 |  |  | 100 | % |  | $ | 3,178 |  |  | 100 | % |  | $ | 3,174 |  |  | 100 | %
The following table presents property, plant and equipment by geographic area as of December 31:
In millions |  | 2024 |  | 2023
Property, plant and equipment, net |  |  |  |
United States |  | $ | 160 |  |  | $ | 172 |
Americas (excluding United States) |  | 2 |  |  | 2 |
Europe, Middle East and Africa |  | 24 |  |  | 29 |
Asia Pacific |  | 6 |  |  | 4 |
Consolidated property, plant and equipment, net |  | $ | 192 |  |  | $ | 207 |
Concentrations One customer accounted for approximately 13%, 16% and 12% of our consolidated operating revenues during the years ended December 31, 2024, 2023 and 2022 respectively, and is included in our Retail segment. As of December 31, 2024, 2023 and 2022, the Company is not aware of any other significant concentration of business transacted with a particular customer that could, if suddenly eliminated, have a material adverse effect on the Company’s operations. NCR Voyix does not have a concentration of available sources of labor, services, licenses or other rights that could, if suddenly eliminated, have a material adverse effect on its operations. A number of NCR Voyix’s products, systems and solutions rely primarily on specific suppliers for microprocessors and other component products, manufactured assemblies, operating systems, commercial software and other central components. The Company also utilizes contract manufacturers in order to complete manufacturing activities. There can be no assurances that any sudden impact to the availability or cost of these technologies or services would not have a material adverse effect on the Company’s operations.

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