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SEGMENT INFORMATION AND CONCENTRATIONS
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION AND CONCENTRATIONS
4. SEGMENT INFORMATION AND CONCENTRATIONS

Subsequent to the Digital Banking Sale and the Spin-Off, as described in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies”, the Company manages and reports the following two 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 point-of-sale (“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 along with certain non-strategic businesses that are considered immaterial operating segment(s), 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, loss (gain) on disposal of businesses, loss (gain) on extinguishment of debt, 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), strategic initiative costs and litigation 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 CODM 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 condensed 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 three months ended September 30, 2025:
In millionsRetailRestaurantsTotal
Revenue by Segment$467 $210 $677 
Other7 
Total Revenue$684 
Cost of Revenue321 103 
Other segment items(1)
56 33 
Segment Adjusted EBITDA$90 $74 $164 
The following table presents summarized financial information for the Company’s reportable segments for the three months ended September 30, 2024:
In millionsRetailRestaurantsTotal
Revenue by Segment$487 $211 $698 
Other10 
Total Revenue$708 
Cost of Revenue337 109 
Other segment items(1)
42 36 
Segment Adjusted EBITDA$108 $66 $174 
(1)Other segment items primarily includes selling, general and administrative expenses and research and development expenses.

The following table presents summarized financial information for the Company’s reportable segments for the nine months ended September 30, 2025:
In millionsRetailRestaurantsTotal
Revenue by Segment$1,341 $606 $1,947 
Other20 
Total Revenue$1,967 
Cost of Revenue944 307 
Other segment items(1)
161 98 
Segment Adjusted EBITDA$236 $201 $437 

The following table presents summarized financial information for the Company’s reportable segments for the nine months ended September 30, 2024:
In millionsRetailRestaurantsTotal
Revenue by Segment$1,495 $614 $2,109 
Other31 
Total Revenue$2,140 
Cost of Revenue1,070 321 
Other segment items(1)
144 110 
Segment Adjusted EBITDA$281 $183 $464 
(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 millionsThree months ended September 30Nine months ended September 30
2025202420252024
Segment Adjusted EBITDA$164 $174 $437 $464 
Corporate and other income and expenses not allocated to reportable segments39 79 142 227 
Depreciation and amortization48 53 149 153 
Acquisition-related amortization of intangibles6 7 18 22 
Interest expense15 40 44 120 
Interest income— (2)(7)(5)
Loss (gain) on debt extinguishment— (8)— (8)
Income tax expense (benefit)(6)(1)(17)4 
Stock-based compensation expense8 9 26 32 
Transformation and restructuring costs(1)
47 16 84 90 
Separation costs(2)
— 1 — 9 
Loss (gain) on disposal of businesses(2)— (2)(14)
Foreign currency devaluation(3)
— — — 15 
Fraudulent ACH disbursements(4)
— (2)— (4)
Cyber ransomware incident recovery costs(5)
— (1)— (5)
Strategic initiatives(6)
4 12 14 18 
Litigation costs(7)
22 — 22 — 
Net income (loss) from continuing operations attributable to NCR Voyix$(17)$(29)$(36)$(190)
(1)Represents integration, severance, and other exit and disposal costs which are considered non-operational in nature.
(2)Represents costs incurred as a result of the Spin-Off.
(3)Represents gains and losses recognized during the three months ended March 31, 2024 due to changes in valuation of the Lebanese pound and the Egyptian pound.
(4)Represents Company identified fraudulent ACH disbursements from a Company bank account, net of recoveries. Additional details regarding this item are discussed in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies”.
(5)Represents expenses to respond to, remediate and investigate the April 13, 2023 cyber ransomware incident, net of insurance recoveries. Additional details regarding this cyber ransomware incident are discussed in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies”.
(6)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.
(7)Represents costs related to certain litigation matters, reflecting the costs of the indemnity and associated legal fees, net of expected indemnity recoveries from NCR Atleos, as discussed in Note 10, “Commitments and Contingencies”.

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:
In millionsThree months ended September 30Nine months ended September 30
2025202420252024
United States$424 $440 $1,209 $1,309 
Americas (excluding United States)43 51 131 181 
Europe, Middle East and Africa152 143 437 417 
Asia Pacific65 74 190 233 
Total revenue$684 $708 $1,967 $2,140 
The following table presents the recurring revenue and all other products and services revenue that is recognized at a point in time for the Company:
In millionsThree months ended September 30Nine months ended September 30
2025202420252024
Recurring revenue(1)
$425 $405 $1,254 $1,211 
All other products and services259 303 713 929 
Total revenue$684 $708 $1,967 $2,140 
(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, and certain professional services arrangements, as well as term-based software license arrangements that include customer termination rights.