NCR Voyix Corporation 2026 Q2 Earnings Call

Please go ahead. Good morning, and thank you for joining our second quarter 2026 earnings conference call.

This morning, we issued our earnings release, reporting financials for the quarter ended June 30th, 2026. A copy of the earnings release that we will reference during this call is available on the investor relations section of our website, which can be found at www.ncrvoyix.com, and has been filed with the SEC. With me on the call today are James Kelly, our Chief Executive Officer, Nick East, our Chief Product Officer, Darren Wilson, President, Retail and Payments, Benny Tadele, President, Restaurants, and Brian Webb-Walsh, our Chief Financial Officer. This call is being recorded and the webcast is available on the investor relations section of our website. Before we begin, please be advised that remarks today will contain forward-looking statements.

These forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. For additional information on these factors, please refer to our earnings release and our other reports filed with the SEC. We caution you not to place undue reliance on these statements. Forward-looking statements during this call speak only as of the date of this call, and we undertake no obligation to update them. In addition, we will be discussing or providing certain non-GAAP financial measures today, which we believe will provide additional clarity regarding our ongoing performance.

For a full reconciliation of the non-GAAP financial measures discussed in this call to the most comparable GAAP measure in accordance with SEC regulations, please see our press release furnished as an exhibit to our Form 8-K filed this morning and our supplemental materials available on the investor relations section of our website. With that, I would now like to turn the call over to Jim.

Jim? Good morning, and thank you for joining us.

For the second quarter, revenue increased 1%, adjusting for the ODM transaction. Recurring revenue increased 3%, and Adjusted EBITDA increased 5% compared to the prior year. These results reflect continued progress across the business, driven by the commercial actions we took last year to strengthen our installed base, combined with continued growth in software services and payments. We are seeing improved operating performance while building momentum behind our Voyix Commerce Platform. Our product portfolio is now modernized, creating an integrated cloud-native software, payments, and services offering that resonates with customers. We now have 10 of the 25 signed VCP customers live across more than 2,000 lanes and expect another 1,000 lanes live in production by the end of September. Customer engagement continues to strengthen. Increasingly, conversations are centered on enterprise-wide platform transformation rather than individual products.

Customers are looking for solutions that simplify operations, improve security, and provide greater speed and flexibility. We believe our integrated platform is well-positioned to meet those needs. Enterprise technology decisions take time. Customers typically move through phases with demonstrations, customer labs, and finally, commercial agreements. Given the scale of replacing a point-of-sale environment that has often been in place for decades, the timeline of this process can vary based upon the size and complexity of the customer. Execution doesn't end with a signed contract. Accelerating deployments while reducing implementation cost remains another top priority. During the quarter, we completed our first fully remote Voyix POS installation with a large European grocery retailer in roughly half the time of a traditional deployment. We expect to reduce remote installation time to less than one hour per store, lowering cost for our customers while significantly increasing our deployment capacity.

Nick will discuss how automation and AI are helping us scale even further. In summary, we continue to make solid progress across our strategic priorities, increasing customer adoption, expanding recurring revenue, and positioning NCR Voyix for sustainable long-term growth. With that, I will turn the call over to Nick.

Thanks, Jim. Earlier this year, we reached an important milestone with the successful launch of our embedded Voyix Commerce Platform application portfolio. Our focus has shifted from building the core VCP applications for each of our industry verticals to scaling customer adoption through targeted innovation and the rapid delivery of customer-specific capabilities. Since mid-2025, we have signed 25 VCP contracts, reflecting strong demand from both existing and new customers. We also have 16 active customer labs across seven countries, where customers are evaluating our VCP applications as they progress toward commercial agreements. Development of Aloha Next remains on schedule and is expected to begin initial pilots by year-end. Our store-in-a-box solution for small and mid-market restaurants will be available for customer labs by the end of the third quarter, followed by pilots in the first quarter of next year.

These milestones further expand our deployment pipeline and support future recurring software revenue growth. For existing customers, AI agents dramatically simplify software upgrades to the VCP by analyzing existing environments and seamlessly migrating configurations, application settings, and operational data to the platform. The result is faster deployments, lower implementation costs, greater consistency, and a highly scalable migration model. After deployment, those same AI agents continue optimizing customer environments, delivering ongoing operational value. Beyond deployments, our innovation strategy is increasingly centered on intelligent automation and agentic AI. At the next show coming this October, we'll participate in a fireside discussion with one of the industry's largest fuel retailers on how AI and next-generation commerce technologies are reshaping convenience retail and the future of commerce. The event will also showcase the latest innovations across the VCP.

We first introduced these AI features at the NRA show in May, demonstrating how computer vision can monitor inventory in real time and automatically trigger actions across point of sale, digital ordering, and marketing systems. Since then, we've expanded these capabilities into retail while extending AI across inventory management, supply chain operations, merchandising, and back-office workflows. Our industry is evolving beyond systems that simply record transactions. Customers increasingly expect software that understands what's happening across their business, recommends actions, and executes them autonomously. Our role is to help retailers and restaurants automate their operations, make informed decisions, operate more efficiently, and improve performance across the enterprise to delight their customers. With that, I'll turn the call over to Darren.

Thanks, Nick. Our retail business signed more than 40 new customers during the quarter, primarily in the mid-market. Platform and payment sites increased 8% and 13% respectively, while recurring revenue grew 6%, driven by 15% growth in recurring software revenue. In the U.S., we recently signed a Voyix supply chain agreement with LC Foods, extending our grocery and CFR capabilities into food distribution. This win demonstrates the versatility of our VCP applications and further expands our reach into this large adjacent market. As interest from food and beverage distributors continues to build, we are focused on converting that momentum into additional sales. In Europe, we signed a recurring services agreement in Germany with a leading reverse vending provider, further diversifying our service business. In Latin America, we signed a Voyix POS agreement with a large home improvement retailer in Colombia and Chile, further expanding our platform footprint in the region.

In Australia, we secured a large equipment refresh across approximately 350 stores for an existing grocery customer. Following the ODM transaction, we continue to support the hardware needs of our customers. Turning to payments. This quarter, we continued executing our gateway strategy, converting customers in the U.S. and Latin America to Voyix Connect at market pricing. As certifications continue, we expect to expand this strategy across Canada, Europe, and Asia Pacific. Additionally, we signed a new agreement with Voyager to expand fleet card acceptance through Voyix Connect. We now have direct integrations with Voyager, Corpay, and WEX, strengthening our convenience and fuel offering. With that, I turn the call over to Benny.