0000070866-24-000025 | 10-Q | XBRL Viewer

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (41)	$ 8
Currency translation adjustments
Currency translation gains (loss)	(23)	4
Derivatives
Unrealized gains (loss) on derivatives	0	(11)
Loss (gains) on derivatives recognized during the period	0	(19)
Less income tax	0	7
Employee benefit plans
Amortization of prior service cost (benefit)	0	0
Net (loss) gain arising during the period	0	0
Amortization of actuarial loss (gains)	0	(1)
Less income tax	0	0
Other comprehensive income (loss)	(23)	(20)
Total comprehensive income (loss)	(64)	(12)
Less comprehensive income (loss) attributable to noncontrolling interests:
Net income (loss)	(1)	1
Currency translation gains (losses)	(1)	(1)
Amounts attributable to noncontrolling interests	(2)	0
Comprehensive income (loss) attributable to NCR Voyix	$ (62)	$ (12)

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	7. INCOME TAXESIncome tax provisions for interim (quarterly) periods are based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent or unusual items. Income tax benefit from continuing operations was $14 million for the three months ended March 31, 2024 compared to income tax expense of $5 million for the three months ended March 31, 2023. The change was primarily driven by a favorable mix of earnings between our U.S. and non-U.S. jurisdictions in the three months ended March 31, 2024 compared to the prior year. Additionally, the Company did not recognize any material discrete tax expenses or benefits

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Debt Obligations - Additional Information, Senior Notes (Details) - USD ($) $ in Millions	Apr. 15, 2026	Apr. 15, 2025	Apr. 15, 2024	Aug. 20, 2020	Mar. 31, 2024	Dec. 31, 2023	Apr. 06, 2021
Debt Instrument [Line Items]
Long-term debt					$ 2,658	$ 2,563
Debt value of long-term debt					2,500	2,470
5.000% Senior Notes due 2028
Debt Instrument [Line Items]
Long-term debt				$ 650	$ 650	650
Debt stated interest rate				5.00%	5.00%
5.000% Senior Notes due 2028 \| From time to time, prior to October 1, 2023
Debt Instrument [Line Items]
Redemption price, percentage				105.00%
5.000% Senior Notes due 2028 \| Twelve Month Period Commencing October 1, 2023
Debt Instrument [Line Items]
Debt instrument redemption price as percentage of principle amount				102.50%
5.000% Senior Notes due 2028 \| Twelve Month Period Commencing October 1, 2024
Debt Instrument [Line Items]
Debt instrument redemption price as percentage of principle amount				101.25%
5.250% Senior Notes due 2030
Debt Instrument [Line Items]
Long-term debt				$ 450	$ 450	450
Debt stated interest rate				5.25%	5.25%
5.250% Senior Notes due 2030 \| Twelve Month Period Commencing October 1, 2028
Debt Instrument [Line Items]
Debt instrument redemption price as percentage of principle amount				100.00%
5.250% Senior Notes due 2030 \| From time to time, prior to October 1, 2023
Debt Instrument [Line Items]
Redemption price, percentage				105.25%
5.250% Senior Notes due 2030 \| Twelve month period commencing on October 1, 2025
Debt Instrument [Line Items]
Debt instrument redemption price as percentage of principle amount				102.625%
5.250% Senior Notes due 2030 \| Twelve Month Period Commencing October 1, 2026
Debt Instrument [Line Items]
Debt instrument redemption price as percentage of principle amount				101.75%
5.250% Senior Notes due 2030 \| Twelve Month Period Commencing October 1, 2027
Debt Instrument [Line Items]
Debt instrument redemption price as percentage of principle amount				100.875%
5.000% and 5.250% Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount of Notes required to remain outstanding				0.55
Redemption price, period				180 days
5.000% and 5.250% Senior Notes \| From time to time, prior to October 1, 2023
Debt Instrument [Line Items]
Debt instrument redemption price as percentage of principle amount				40.00%
5.000% and 5.250% Senior Notes \| Prior to October 1, 2023
Debt Instrument [Line Items]
Debt instrument redemption price as percentage of principle amount				100.00%
5.125% Senior Notes due 2029
Debt Instrument [Line Items]
Long-term debt, gross							$ 1,200
5.125% Senior Notes due 2029 \| On or after April 15; redeemed in 2024 \| Forecast
Debt Instrument [Line Items]
Debt instrument redemption price as percentage of principle amount			102.563%
5.125% Senior Notes due 2029 \| On or after April 15; redeemed in 2025 \| Forecast
Debt Instrument [Line Items]
Debt instrument redemption price as percentage of principle amount		101.281%
5.125% Senior Notes due 2029 \| On or after April 15; redeemed in 2026 and thereafter \| Forecast
Debt Instrument [Line Items]
Debt instrument redemption price as percentage of principle amount	100.00%
5.125% Senior Notes due 2029
Debt Instrument [Line Items]
Long-term debt					$ 1,200	$ 1,200
Debt stated interest rate					5.125%

Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE

12. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is calculated by dividing net income or loss attributable to NCR Voyix, less any dividends (declared or cumulative undeclared), deemed dividends, accretion or decretion, redemption or induced conversion on our Series A Convertible Preferred Stock, by the weighted average number of shares outstanding during the period.

In computing diluted EPS, we evaluate and reflect the maximum potential dilution, for each issue or series of issues of potential common shares in sequence from the most dilutive to the least dilutive. We adjust the numerator used in the basic EPS computation, subject to anti-dilution requirements, to add back the dividends (declared or cumulative undeclared) applicable to the Series A Convertible Preferred Stock. Such add-back would also include any adjustments to equity in the period to accrete the Series A Convertible Preferred Stock to its redemption price, or recorded upon a redemption or induced conversion. We adjust the denominator used in the basic EPS computation, subject to anti-dilution requirements, to include the dilution from potential shares resulting from the issuance of the Series A Convertible Preferred Stock, restricted stock units, and stock options.

The holders of Series A Convertible Preferred Stock, unvested restricted stock units and stock options do not have non-forfeitable rights to common stock dividends or common stock dividend equivalents. Accordingly, the Series A Convertible Preferred Stock, unvested restricted stock units and stock options do not qualify as participating securities. See Note 8, “Stock Compensation Plans”, for share information on the Company’s stock compensation plans.

The components of basic and diluted earnings (loss) per share are as follows:


In millions, except per share amounts	Three months ended March 31
	2024		2023
Numerator:
Income (loss) from continuing operations	$	(40)	$	(66)
Series A convertible preferred stock dividends	(4)		(4)

Income (loss) from continuing operations attributable to NCR Voyix common stockholders	(44)		(70)
Income (loss) from discontinued operations, net of tax	—		73
Net income (loss) attributable to NCR Voyix common stockholders	$	(44)	$	3

Denominator:
Basic and diluted weighted average number of shares outstanding	143.5		139.6

Basic and diluted earnings (loss) per share:
From continuing operations	$	(0.31)	$	(0.50)
From discontinued operations	—		0.52
Total basic and diluted earnings per share	$	(0.31)	$	0.02

For the three months ended March 31, 2024, due to the net loss from continuing operations attributable to NCR Voyix common stockholders, potential common shares that would have caused dilution, such as the Series A Convertible Preferred Stock, restricted stock units and stock options, have been excluded from the diluted share count because their effect would have been anti-dilutive. The weighted average outstanding shares of common stock were not adjusted by 15.9 million for the as-if converted Series A Preferred Stock because their effect would have been anti-dilutive. Additionally, weighted average restricted stock units and stock options of 11.0 million were excluded from the diluted share count because their effect would have been anti-dilutive.

For the three months ended March 31, 2023, shares related to the as-if converted Series A Convertible Preferred Stock of 9.2 million were excluded from the diluted share count because their effect would have been anti-dilutive. Additionally, weighted average restricted stock units and stock options of 15.0 million were excluded from the diluted share count because their effect would have been anti-dilutive.

Stock Compensation Plans - Valuation Assumptions Used for Restricted Stock Units with a Market Condition (Details) - Restricted Stock Units	Mar. 15, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%
Risk-free interest rate	4.44%
Expected volatility	60.37%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Segment Information and Concentrations - Revenue by Products and Services (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from External Customer [Line Items]
Total revenue	$ 862	$ 916
Recurring revenue
Revenue from External Customer [Line Items]
Total revenue	536	532
All other products and services
Revenue from External Customer [Line Items]
Total revenue	$ 326	$ 384

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Trade Receivables Facility (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Oct. 16, 2023	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Trade receivable facility maturity term	2 years
Accounts receivable sales agreement amount		$ 300
Accounts receivable, sale		300	$ 288
Trade receivables securitization facility, collateral at period end		$ 208	$ 107

Commitments and Contingencies - Loss Contingencies (Details) $ in Millions		3 Months Ended
	Mar. 29, 2018 USD ($) company	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2010 defendant affiliateCorporation	Nov. 30, 2010 company
NCR Atleos Corporation
Loss Contingencies [Line Items]
Environmental contingencies percentage threshold		50.00%
Environmental contingencies annual threshold		$ 15
Fox River
Loss Contingencies [Line Items]
Percentage of obligation under cost sharing agreement		60.00%
Percentage of funding obligation under cost sharing agreement		50.00%
Receivable under funding agreement		$ 54	$ 54
Gross loss contingency accrual		0	0
Net loss contingency accrual		22	22
Total amount received from settlements with insurance carriers		212
Kalamazoo River
Loss Contingencies [Line Items]
Number of additional companies receiving general notice letters \| company					3
Number of additional defendants \| defendant				2
Number of total corporation plaintiffs \| affiliateCorporation				3
Costs incurred in the pasted related to loss contingency	$ 50
Loss contingency, value of damages sought	105
Loss contingency, value of damages sought	$ 55
NCR share of costs related to loss contingency	40.00%
GP share of costs related to loss contingency	40.00%
Number of companies assigned to share costs of loss contingency \| company	2
Loss contingency accrual		142	$ 141
Ebina
Loss Contingencies [Line Items]
Loss contingency accrual		0
Company One \| Kalamazoo River
Loss Contingencies [Line Items]
NCR share of costs related to loss contingency	15.00%
Company Two \| Kalamazoo River
Loss Contingencies [Line Items]
NCR share of costs related to loss contingency	5.00%
Minimum \| Kalamazoo River
Loss Contingencies [Line Items]
Anticipated contribution from co-obligors and indemnitors		70
Maximum \| Kalamazoo River
Loss Contingencies [Line Items]
Anticipated contribution from co-obligors and indemnitors		$ 155

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Reconciliation of Cash, Cash Equivalents, and Restricted Cash

The reconciliation of cash, cash equivalents and restricted cash in the Condensed Consolidated Statements of Cash Flows is as follows:


In millions		March 31
	Balance Sheet Location	2024		2023
Cash and cash equivalents	Cash and cash equivalents	$	246	$	519
Short term restricted cash	Restricted cash, current	—		8
Long term restricted cash	Other assets	1		4

Cash included in settlement processing assets	Restricted cash, current	22		249
Total cash, cash equivalents and restricted cash		$	269	$	780
Cash, cash equivalents and restricted cash of discontinued operations		—		514
Total cash, cash equivalents and restricted cash		$	269	$	266

Schedule of Net Contract Assets and Contract Liabilities Balances

The following table presents the net contract liability balances as of March 31, 2024 and December 31, 2023.


In millions	Location in the Condensed Consolidated Balance Sheet	March 31, 2024		December 31, 2023
Current portion of contract liabilities	Contract liabilities	$	260	$	194
Non-current portion of contract liabilities	Other liabilities	$	17	$	19

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (14)	$ 5

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Components of Earnings Per Share

The components of basic and diluted earnings (loss) per share are as follows:


In millions, except per share amounts	Three months ended March 31
	2024		2023
Numerator:
Income (loss) from continuing operations	$	(40)	$	(66)
Series A convertible preferred stock dividends	(4)		(4)

Income (loss) from continuing operations attributable to NCR Voyix common stockholders	(44)		(70)
Income (loss) from discontinued operations, net of tax	—		73
Net income (loss) attributable to NCR Voyix common stockholders	$	(44)	$	3

Denominator:
Basic and diluted weighted average number of shares outstanding	143.5		139.6

Basic and diluted earnings (loss) per share:
From continuing operations	$	(0.31)	$	(0.50)
From discontinued operations	—		0.52
Total basic and diluted earnings per share	$	(0.31)	$	0.02

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The following table summarizes the Company’s short-term borrowings and long-term debt:


		March 31, 2024			December 31, 2023
In millions, except percentages		Amount		Weighted-Average Interest Rate	Amount		Weighted-Average Interest Rate
Short-Term Borrowings
Current portion of Senior Secured Credit Facility(1)		$	15	8.43%	$	15	8.46%


	Total short-term borrowings	$	15		$	15
Long-Term Debt
Senior Secured Credit Facility:
	Term loan facility(1)	$	181	8.43%	$	185	8.46%
	Revolving credit facility(1)	196		8.42%	98		9.07%
Senior notes:


	5.000% Senior Notes due 2028	650			650
	5.125% Senior Notes due 2029	1,200			1,200

	5.250% Senior Notes due 2030	450			450
Deferred financing fees		(19)			(20)





	Total long-term debt	$	2,658		$	2,563

(1)Interest rates are weighted-average interest rates as of March 31, 2024 and December 31, 2023.

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions		3 Months Ended		12 Months Ended
	Oct. 02, 2023	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Cyber ransomware incident recovery costs		$ 6		$ 36
Proceeds from insurance settlement, investing activities		8		5
Insurance settlements receivable		17		14
Compensation expense			$ 10
Revenue recognized that was included in contract liabilities		102	$ 84
Remaining performance obligations		1,400
Capitalized software development costs for software sold to customers		487		$ 486
Cumulative fraudulent ACH disbursements		34
Fraudulent ACH disbursements		11
Recovered fraudulent ACH disbursements		$ 12
NCR Atleos Corporation \| Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Conversion ratio	0.50
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction		12 months
Remaining performance obligation, percentage		0.75%

Series A Convertible Preferred Stock	3 Months Ended
Series A Convertible Preferred Stock	Mar. 31, 2024
Series A Preferred Stock [Abstract]
SERIES A CONVERTIBLE PREFERRED STOCK	11. SERIES A CONVERTIBLE PREFERRED STOCK Holders of Series A Convertible Preferred Stock are entitled to a cumulative dividend at the rate of 5.5% per annum, payable quarterly in arrears. Beginning in the first quarter of 2020, dividends are payable in cash or in-kind at the option of the Company. If the Company does not declare and pay a dividend, the dividend rate will increase to 8.0% per annum until all accrued but unpaid dividends have been paid in full. During the three months ended March 31, 2024 and 2023, the Company paid cash dividends of $4 million. Prior to the close of business on October 17, 2023, the Series A Convertible Preferred Stock was convertible at the option of the holders at any time into shares of common stock at a conversion price of $30.00 per share, or a conversion rate of 33.333 shares of common stock per share of Series A Convertible Preferred Stock. As a result of the Spin-Off, the conversion rate of the Series A Convertible Preferred Stock was adjusted pursuant to its terms to 57.5601 shares of common stock per share of Series A Convertible Preferred Stock, effective immediately after the close of business on October 17, 2023. As of March 31, 2024 and December 31, 2023, the maximum number of common shares that could be required to be issued upon conversion of the outstanding shares of Series A Convertible Preferred Stock was 15.9 million shares.

Series A Convertible Preferred Stock (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares Rate shares	Dec. 31, 2023 shares
Class of Stock [Line Items]
Preferred stock, convertible, conversion ratio	57.5601
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Dividend rate \| Rate	5.50%
Dividend rate for preferred shares; accrued but unpaid dividend	8.00%
Cash dividends paid \| $	$ 4
Conversion price per share at option of holder (in dollars per share) \| $ / shares	$ 30.00
Conversion rate per preferred share	33.333
Financial instruments subject to redemption, settlement terms, maximum number of shares (in shares) \| shares	15.9	15.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplemental Financial Information - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Supplemental Financial Information [Abstract]
Allowance for credit losses	$ 28		$ 29
Provision for other credit losses	0	$ 4
Allowance for credit loss, recovery	$ 1
Allowance for credit loss, writeoff		$ 1

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 246	$ 262
Accounts receivable, net of allowances of $28 and $29 as of March 31, 2024 and December 31, 2023, respectively	484	477
Inventories	259	251
Restricted cash, current	22	21
Prepaid and other current assets	227	187
Current assets of discontinued operations	0	8
Total current assets	1,238	1,206
Property, plant and equipment, net	208	212
Goodwill	2,039	2,040
Intangibles, net	277	291
Operating lease assets	240	236
Prepaid pension cost	41	43
Deferred income taxes	235	239
Other assets	729	723
Total assets	5,007	4,990
Current liabilities
Short-term borrowings	15	15
Accounts payable	482	505
Payroll and benefits liabilities	100	149
Contract liabilities	260	194
Settlement liabilities	43	39
Other current liabilities	435	426
Current liabilities of discontinued operations	0	5
Total current liabilities	1,335	1,333
Long-term debt	2,658	2,563
Pension and indemnity plan liabilities	162	165
Postretirement and postemployment benefits liabilities	44	43
Income tax accruals	64	64
Operating lease liabilities	259	254
Other liabilities	245	265
Noncurrent liabilities of discontinued operations	0	2
Total liabilities	4,767	4,689
Commitments and Contingencies (Note 10)
Series A convertible preferred stock: par value $0.01 per share, 3.0 shares authorized, 0.3 shares issued and outstanding as of March 31, 2024 and December 31, 2023; redemption amount and liquidation preference of $276 as of March 31, 2024 and December 31, 2023	276	276
NCR Voyix stockholders’ equity (deficit)
Preferred stock: par value $0.01 per share, 100.0 shares authorized, no shares issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Common stock: par value $0.01 per share, 500.0 shares authorized, 144.6 and 142.6 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	1	1
Paid-in capital	879	874
Retained earnings (deficit)	(463)	(421)
Accumulated other comprehensive loss	(451)	(429)
Total NCR Voyix stockholders’ equity (deficit)	(34)	25
Noncontrolling interests in subsidiaries	(2)	0
Total stockholders’ equity (deficit)	(36)	25
Total liabilities and stockholders’ equity (deficit)	$ 5,007	$ 4,990

Basis of Presentation and Summary of Significant Accounting Policies - Cash and Cash equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 246	$ 262	$ 519
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration]	Restricted cash, current		Restricted cash, current
Short term restricted cash	$ 0		$ 8
Long term restricted cash	1		4
Cash included in settlement processing assets	22		249
Total cash, cash equivalents and restricted cash	269	$ 285	780	$ 740
Cash, cash equivalents and restricted cash of discontinued operations	0		514
Total cash, cash equivalents and restricted cash	$ 269		$ 266

Segment Information and Concentrations - Net Income Reconciled to Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Corporate and other income and expenses not allocated to reportable segments	$ 75	$ 52
Depreciation and amortization	66	59
Acquisition-related amortization of intangibles	14	17
Interest expense	39	83
Interest income	(2)	(3)
Income tax expense (benefit)	(14)	5
Stock-based compensation expense	13	25
Transformation and restructuring costs	32	3
Separation costs	5	2
Loss (gain) on disposal of businesses	(7)	(3)
Foreign currency devaluation	15	0
Fraudulent ACH disbursements	(1)	2
Cyber ransomware incident recovery costs	0	0
Income (loss) from continuing operations	(40)	(66)
Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA by segment	$ 195	$ 176

Stock Compensation Plans

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK COMPENSATION PLANS

8. STOCK COMPENSATION PLANS

As of March 31, 2024, the Company’s stock-based compensation consisted of restricted stock units, employee stock purchase plan and stock options. Stock-based compensation expense for the following periods were:


In millions	Three months ended March 31
	2024		2023
Restricted stock units	$	12	$	21
Stock options	—		2
Employee stock purchase plan	1		2
Stock-based compensation expense	13		25
Tax benefit	(1)		—
Stock-based compensation expense (net of tax)	$	12	$	25

Stock-based compensation expense is recognized in the Condensed Consolidated Financial Statements based upon fair value.

On March 15, 2024, the Company granted market-based restricted stock units vesting on March 15, 2027. The fair value of the awards was determined based on the grant date fair value and will be recognized over the requisite service period.

The table below details the significant assumptions used in determining the fair value of the market-based restricted stock units granted on March 15, 2024:


Dividend yield	—	%
Risk-free interest rate	4.44	%
Expected volatility	60.37	%

Expected volatility for these restricted stock units is calculated as the historical volatility of the Company’s stock over a period of approximately three years, as management believes this is the best representation of prospective trends. The risk-free interest rate was determined based on a three year U.S. Treasury yield curve in effect at the time of the grant.

As of March 31, 2024, the total unrecognized compensation cost of $87 million related to unvested restricted stock grants is expected to be recognized over a weighted average period of approximately 1.2 years. As of March 31, 2024, all stock option grants have vested.

Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan (“ESPP”) provides employees a 15% discount on stock purchases using a three-month look-back feature where the discount is applied to the stock price that represents the lower of the Company’s closing stock price on either the first day or the last day of each calendar quarter. Participants can contribute between 1% and 10% of their compensation.

For the three months ended March 31, 2024, employees purchased 0.3 million shares, at a discounted price of $10.74. For the three months ended March 31, 2023, employees purchased 0.3 million shares, at a discounted price of $20.05.

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss) [Abstract]

Schedule of Changes in AOCI by Component

Changes in Accumulated Other Comprehensive Income (“AOCI”) by Component


In millions	Currency Translation Adjustments		Changes in Employee Benefit Plans		Changes in Fair Value of Effective Cash Flow Hedges		Total
Balance as of December 31, 2023	$	(424)	$	(5)	$	—	$	(429)
Other comprehensive income (loss) before reclassifications	(22)		—		—		(22)
Amounts reclassified from AOCI	—		—		—		—
Net current period other comprehensive (loss) income	(22)		—		—		(22)
Balance as of March 31, 2024	$	(446)	$	(5)	$	—	$	(451)

Reclassification Out of AOCI

Reclassifications Out of AOCI


		For the three months ended March 31, 2023
		Employee Benefit Plans
In millions		Amortization of Actuarial Loss (Gain)		Amortization of Prior Service Benefit		Effective Cash Flow Hedge Loss (Gain)		Total
Affected line in Condensed Consolidated Statement of Operations:
	Cost of products	$	—	$	—	$	—	$	—
	Cost of services	(1)		—		(15)		(16)
	Selling, general and administrative expenses	—		—		—		—
	Research and development expenses	—		—		—		—
	Interest expense	—		—		(4)		(4)
	Total before tax	$	(1)	$	—	$	(19)	$	(20)
	Tax expense							5
	Total reclassifications, net of tax							$	(15)

Condensed Consolidated Statements of Changes in Stockholder's Equity (Deficit) (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Total Stockholders Equity	Common Stock	Paid-in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive (Loss) Income	Non-Redeemable Noncontrolling Interests in Subsidiaries
Balance at beginning of period (in shares) at Dec. 31, 2022			138.0
Balance at beginning of period at Dec. 31, 2022		$ 1,479	$ 1	$ 704	$ 1,075	$ (300)	$ (1)
Comprehensive income:
Net income (loss)		8			7		1
Other comprehensive income (loss)	$ (20)	(20)				(19)	(1)
Total comprehensive income (loss)	$ (12)	(12)			7	(19)	0
Employee stock purchase and stock compensation plans (in shares)			2.0
Employee stock purchase and stock compensation plans		23		23
Series A convertible preferred stock dividends		(4)			(4)
Balance at end of period (in shares) at Mar. 31, 2023			140.0
Balance at end of period at Mar. 31, 2023		1,486	$ 1	727	1,078	(319)	(1)
Balance at beginning of period (in shares) at Dec. 31, 2023	142.6		143.0
Balance at beginning of period at Dec. 31, 2023	$ 25	25	$ 1	874	(421)	(429)	0
Comprehensive income:
Net income (loss)		(41)			(40)		(1)
Other comprehensive income (loss)	(23)	(23)				(22)	(1)
Total comprehensive income (loss)	(64)	(64)			(40)	(22)	(2)
Employee stock purchase and stock compensation plans (in shares)			2.0
Employee stock purchase and stock compensation plans		5		5
Series A convertible preferred stock dividends		(4)			(4)
Spin-Off of NCR Atleos	$ 2				2
Balance at end of period (in shares) at Mar. 31, 2024	144.6		145.0
Balance at end of period at Mar. 31, 2024	$ (36)	$ (36)	$ 1	$ 879	$ (463)	$ (451)	$ (2)

Goodwill and Purchased Intangible Assets - Goodwill by Segments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,097
Accumulated Impairment, beginning balance	(57)
Total beginning balance	2,040
Additions	0
Impairment	0
Other	(1)
Goodwill, ending balance	2,096
Accumulated Impairment, ending balance	(57)
Total	2,039
Retail
Goodwill [Roll Forward]
Goodwill, beginning balance	1,081
Accumulated Impairment, beginning balance	(34)
Total beginning balance	1,047
Additions	0
Impairment	0
Other	(1)
Goodwill, ending balance	1,080
Accumulated Impairment, ending balance	(34)
Total	1,046
Hospitality Segment [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	495
Accumulated Impairment, beginning balance	(23)
Total beginning balance	472
Additions	0
Impairment	0
Other	0
Goodwill, ending balance	495
Accumulated Impairment, ending balance	(23)
Total	472
Digital Banking
Goodwill [Roll Forward]
Goodwill, beginning balance	521
Accumulated Impairment, beginning balance	0
Total beginning balance	521
Additions	0
Impairment	0
Other	0
Goodwill, ending balance	521
Accumulated Impairment, ending balance	0
Total	$ 521

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2024

Accumulated Other Comprehensive Income (Loss) [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

15. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

Changes in Accumulated Other Comprehensive Income (“AOCI”) by Component


In millions	Currency Translation Adjustments		Changes in Employee Benefit Plans		Changes in Fair Value of Effective Cash Flow Hedges		Total
Balance as of December 31, 2023	$	(424)	$	(5)	$	—	$	(429)
Other comprehensive income (loss) before reclassifications	(22)		—		—		(22)
Amounts reclassified from AOCI	—		—		—		—
Net current period other comprehensive (loss) income	(22)		—		—		(22)
Balance as of March 31, 2024	$	(446)	$	(5)	$	—	$	(451)

Reclassifications Out of AOCI


		For the three months ended March 31, 2023
		Employee Benefit Plans
In millions		Amortization of Actuarial Loss (Gain)		Amortization of Prior Service Benefit		Effective Cash Flow Hedge Loss (Gain)		Total
Affected line in Condensed Consolidated Statement of Operations:
	Cost of products	$	—	$	—	$	—	$	—
	Cost of services	(1)		—		(15)		(16)
	Selling, general and administrative expenses	—		—		—		—
	Research and development expenses	—		—		—		—
	Interest expense	—		—		(4)		(4)
	Total before tax	$	(1)	$	—	$	(19)	$	(20)
	Tax expense							5
	Total reclassifications, net of tax							$	(15)

Goodwill and Purchased Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

The carrying amounts of goodwill by segment as of March 31, 2024 and December 31, 2023 are included in the table below. Foreign currency fluctuations are included within other adjustments.


	December 31, 2023												March 31, 2024
In millions	Goodwill		Accumulated Impairment		Total		Additions		Impairment		Other		Goodwill		Accumulated Impairment		Total

Retail	$	1,081	$	(34)	$	1,047	$	—	$	—	$	(1)	$	1,080	$	(34)	$	1,046
Restaurants	495		(23)		472		—		—		—		495		(23)		472
Digital Banking	521		—		521		—		—		—		521		—		521



Total goodwill	$	2,097	$	(57)	$	2,040	$	—	$	—	$	(1)	$	2,096	$	(57)	$	2,039

Schedule of Purchased Intangible Assets

The Company’s purchased intangible assets, reported in Intangibles, net in the Condensed Consolidated Balance Sheets, were specifically identified when acquired, and are deemed to have finite lives. The gross carrying amount and accumulated amortization for the Company’s identifiable intangible assets were as set forth in the table below.


	Amortization Period (in Years)	March 31, 2024				December 31, 2023
In millions		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Identifiable intangible assets
Reseller & customer relationships	1 - 20	$	665	$	(448)	$	665	$	(438)
Intellectual property	2 - 8	494		(437)		494		(433)
Customer contracts	8	89		(89)		89		(89)
Tradenames	1 - 10	79		(76)		79		(76)
Total identifiable intangible assets		$	1,327	$	(1,050)	$	1,327	$	(1,036)

Schedule of Aggregate Amortization Expense

Amortization expense related to identifiable intangible assets for the following periods is:


	Three months ended March 31
In millions	2024		2023
Amortization expense	$	14	$	17

The estimated aggregate amortization expense for identifiable intangible assets for the following periods is:


			For the years ended December 31
In millions	Remainder of 2024		2025		2026		2027		2028		2029
Amortization expense	$	41	$	49	$	46	$	40	$	29	$	25

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Derivatives and Hedging Instruments - Derivative Fair Values (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 0	$ 5
Derivative liability, fair value	(1)	(4)
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative asset, notional amount		402
Derivative assets, fair value		5
Derivative liability, notional amount		207
Derivative liability, fair value		(4)
Not Designated as Hedging Instrument \| Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative asset, notional amount	122
Derivative assets, fair value	0	5
Derivative liability, notional amount	211
Derivative liability, fair value	$ (1)	$ (4)

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

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- Definition

Nominal or face amount used to calculate payments on the derivative liability.

+ References + Details

Derivatives and Hedging Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES AND HEDGING INSTRUMENTS

13. DERIVATIVES AND HEDGING INSTRUMENTS

The Company is exposed to certain risks arising from both our business operations and economic conditions. We principally manage exposures to a wide variety of business and operational risk through management of core business activities. We manage interest rate risk associated with our floating rate-debt by managing the amount, sources, and duration of debt funding and the use of derivative financial instruments. The Company has historically used interest rate cap agreements or interest rate swap contracts (“Interest Rate Derivatives”) to manage differences in the amount, timing and duration of known or expected cash payments related to our existing TLA Facility agreements.

Further, a substantial portion of our operations and revenue occur outside the United States and, as such, the Company has exposure to approximately 40 functional currencies. Our results can be significantly impacted, both positively and negatively, by changes in foreign currency exchange rates. The Company seeks to mitigate such impact by hedging its foreign currency transaction exposure using foreign currency forward and option contracts. We do not enter into hedges for speculative purposes.

The Company assesses, both at inception of the hedge and on an ongoing basis, whether derivatives used as hedging instruments are highly effective in offsetting the changes in the fair value or cash flow of the hedged items. If it is determined that a derivative is not highly effective as a hedge or ceases to be highly effective, the Company discontinues hedge accounting prospectively.

Foreign Currency Exchange Risk The accounting guidance for derivatives and hedging requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the Condensed Consolidated Balance Sheets. The Company designates foreign exchange contracts as cash flow hedges of forecasted transactions when they are determined to be highly effective at inception.

Our risk management strategy includes hedging, on behalf of certain subsidiaries, a portion of our forecasted, non-functional currency denominated cash flows for a period of up to 15 months. As a result, some of the impact of currency fluctuations on non-functional currency denominated transactions (and hence on subsidiary operating income, as stated in the functional currency), is mitigated in the near term. In the longer term (greater than 15 months), the subsidiaries are still subject to the effect of translating the functional currency results to United States Dollars. To manage our exposures and mitigate the impact of currency fluctuations on the operations of our foreign subsidiaries, we hedge our main transactional exposures through the use of foreign exchange forward and option contracts. This is primarily done through the hedging of foreign currency denominated inter-company inventory purchases by the Company’s marketing units and the foreign currency denominated inputs to our manufacturing units. If the hedge is designated as a highly effective cash flow hedge, the gains or losses are deferred into accumulated other comprehensive income (“AOCI”). The gains or losses from derivative contracts that are designated as highly effective cash flow hedges related to inventory purchases are recorded in cost of products when the inventory is sold to an unrelated third party. Otherwise, they are recorded in earnings when the exchange rates change. As of March 31, 2024 and December 31, 2023, the balance in AOCI related to foreign exchange derivative transactions was zero.

We also utilize foreign exchange contracts to hedge our exposure of assets and liabilities denominated in non-functional currencies. We recognize the gains and losses on these types of hedges in earnings as exchange rates change.

Interest Rate Risk The Company designates Interest Rate Derivative contracts as cash flow hedges of forecasted transactions when they are determined to be highly effective at inception.

We utilize interest rate swap contracts or interest rate cap agreements to add stability to interest cost and to manage exposure to interest rate movements as part of our interest rate risk management strategy. Payments and receipts related to Interest Rate Derivatives are included in cash flows from operating activities in the Condensed Consolidated Statements of Cash Flows.

The following tables provide information on the location and amounts of derivative fair values in the Condensed Consolidated Balance Sheets:


	Fair Values of Derivative Instruments
	March 31, 2024
In millions	Balance Sheet Location	Notional Amount		Fair Value		Balance Sheet Location	Notional Amount		Fair Value
Derivatives not designated as hedging instruments




Foreign exchange contracts	Prepaid and other current assets			$	—	Other current liabilities			$	(1)
Total foreign exchange contracts		$	122	$	—		$	211	$	(1)
Total derivatives not designated as hedging instruments				$	—				$	(1)


	Fair Values of Derivative Instruments
	December 31, 2023
In millions	Balance Sheet Location	Notional Amount		Fair Value		Balance Sheet Location	Notional Amount		Fair Value




Derivatives not designated as hedging instruments
Foreign exchange contracts	Prepaid and other current assets			$	5	Other current liabilities			$	(4)
Total foreign exchange contracts		$	402	$	5		$	207	$	(4)
Total derivatives not designated as hedging instruments				$	5				$	(4)

The effects of derivative instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 were as follows:


In millions	Amount of Gain (Loss) Recognized in Other Comprehensive Income (OCI) on Derivative Contracts					Amount of (Gain) Loss Reclassified from AOCI into the Condensed Consolidated Statement of Operations
Derivatives in Cash Flow Hedging Relationships	For the three months ended March 31, 2024		For the three months ended March 31, 2023		Location of (Gain) Loss Reclassified from AOCI into the Condensed Consolidated Statement of Operations	For the three months ended March 31, 2024		For the three months ended March 31, 2023
Interest rate contracts	$	—	$	(11)	Cost of services	$	—	$	(15)
Interest rate contracts	$	—	$	—	Interest expense	$	—	$	(4)


		Amount of Gain (Loss) Recognized in the Condensed Consolidated Statement of Operations
In millions		Three months ended March 31
Derivatives not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in the Condensed Consolidated Statement of Operations	2024		2023
Foreign exchange contracts	Other income (expense), net	$	(6)	$	(5)

The following tables show the impact of the Company’s cash flow hedge accounting relationships on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2024 and 2023.


	Location and Amount of (Gain) Loss Recognized in Income on Cash Flow Hedging Relationships for the three months ended March 31:
In millions	Cost of Services				Interest Expense
	2024		2023			2024		2023
Total amount of expense presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$	466	$	417		$	39	$	83

Amount of (gain) loss reclassified from Accumulated other comprehensive loss, net of expense	$	—	$	(15)		$	—	$	(4)

Refer to Note 14, “Fair Value of Assets and Liabilities”, for further information on derivative assets and liabilities recorded at fair value on a recurring basis.

Concentration of Credit Risk

The Company is potentially subject to concentrations of credit risk on accounts receivable and financial instruments such as hedging instruments and cash and cash equivalents. Credit risk includes the risk of nonperformance by counterparties. The maximum potential loss may exceed the amount recognized on the Condensed Consolidated Balance Sheets. Exposure to credit risk is managed through credit approvals, credit limits, selecting major international financial institutions as counterparties to hedging transactions and monitoring procedures. The Company’s business often involves large transactions with customers, and if one or more of those customers were to default on its obligations under applicable contractual arrangements, the Company could be exposed to potentially significant losses. However, management believes that the reserves for potential losses are adequate. As of March 31, 2024 and December 31, 2023, we did not have any major concentration of credit risk related to financial instruments.

Discontinued Operations

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

2. DISCONTINUED OPERATIONS

Spin-Off of NCR Atleos

On October 16, 2023, the Company completed the Spin-Off of NCR Atleos into an independent publicly traded company. Refer to Note 1, “Basis of Presentation and Summary of Significant Accounting Policies” for additional information regarding the Spin-Off. The historical results of NCR Atleos have been presented as discontinued operations. The Company’s presentation of discontinued operations excludes general corporate overhead costs that did not meet the requirements to be presented as discontinued operations. The 2023 presentation of discontinued operations has been updated to reflect the results of operations for the countries that transferred to NCR Atleos in the first quarter of 2024 and excludes the countries that have not yet transferred to NCR Atleos as of March 31, 2024. The results of operations for the countries that have not yet transferred will be presented as part of discontinued operations as of the date of their separation. As of December 31, 2023, there were seven

countries that had not yet transferred to NCR Atleos. During the three months ended March 31, 2024, three of these delayed countries transferred to NCR Atleos, and one additional country transferred during April 2024.

The following table presents the major categories of income (loss) from discontinued operations related to the Spin-Off of NCR Atleos:


In millions	Three months ended March 31
	2024(1)		2023
Product revenue	$	—	$	230
Service revenue	1		745
Total revenue	1		975
Cost of products	—		187
Cost of services	2		552
Selling, general and administrative expenses	—		139
Research and development expenses	—		15
Total operating expenses	2		893
Income from discontinued operations	(1)		82
Interest expense	—		—
Other income (expense), net	—		1
Income (loss) from discontinued operations before income taxes	(1)		83
Income tax expense (benefit)	(1)		9
Net income (loss) from discontinued operations	—		74
Net income (loss) attributable to noncontrolling interests	—		1
Net income (loss) from discontinued operations related to NCR Atleos	$	—	$	73

(1)Represents operations of the three delayed countries that transferred to NCR Atleos during the first quarter of 2024 through date of separation versus full quarter of NCR Atleos operations for 2023.

The following table presents the major classes of assets and liabilities of discontinued operations:


In millions	December 31, 2023
Assets
Current assets

Accounts receivable, net of allowances	$	4
Inventories	3

Prepaid and other current assets	1
Total current assets	8








Total assets of discontinued operations	$	8

Liabilities and stockholder's equity
Current liabilities



Contract liabilities	$	3

Other current liabilities	2
Total current liabilities	5

Pension and indemnity plan liabilities	2




Noncurrent liabilities	2
Total liabilities of discontinued operations	$	7

The following table presents selected financial information related to cash flows from discontinued operations:


In millions	Three months ended March 31
	2024(1)		2023
Net cash provided by (used in) operating activities	$	—	$	195
Net cash provided by (used in) investing activities	—		(25)
Net cash provided by (used in) financing activities	—		—

Environmental Matters

The costs and insurance recoveries relating to certain environmental obligations associated with discontinued operations, including those relating to the Fox River, Kalamazoo River and Ebina matters, are presented in Income (loss) from discontinued operations, net of tax, in the Consolidated Statements of Operations. Income (loss) from discontinued operations, net of tax, related to environmental matters was zero income or loss for each of the three months ended March 31, 2024 and 2023. Net cash used in operating activities of discontinued operations related to environmental obligations was zero and $6 million for the three months ended March 31, 2024 and 2023, respectively. Refer to Note 10, “Commitments and Contingencies” for further information.

Employee Benefit Plans	3 Months Ended
Employee Benefit Plans	Mar. 31, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	9. EMPLOYEE BENEFIT PLANS Employer Contributions Pension For the three months ended March 31, 2024, $3 million was contributed to the Company’s international pension plans. The Company anticipates contributing an additional $10 million to its international pension plans for a total of $13 million in 2024. Following the Spin-Off, NCR Atleos assumed the U.S. and certain international pension plan assets and liabilities, along with the associated deferred costs in accumulated other comprehensive loss, which were previously sponsored by the Company. Pursuant to the terms of the Spin-Off transaction documents, the Company is required to contribute 50% of the annual costs of the U.S. pension plan to NCR Atleos to the extent NCR Atleos contributes more than $40 million on an annual basis beginning with the plan year ending December 31, 2024. Postemployment For the three months ended March 31, 2024, the Company contributed $8 million to its postemployment plan. The Company anticipates contributing an additional $24 million to its postemployment plan for a total of $32 million in 2024.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Supplemental Financial Information

3 Months Ended

Mar. 31, 2024

Supplemental Financial Information [Abstract]

SUPPLEMENTAL FINANCIAL INFORMATION

16. SUPPLEMENTAL FINANCIAL INFORMATION

The components of accounts receivable are summarized as follows:


In millions	March 31, 2024		December 31, 2023
Accounts receivable
Trade	$	398	$	368
Other	114		138
Accounts receivable, gross	512		506
Less: allowance for credit losses	(28)		(29)
Total accounts receivable, net	$	484	$	477

Our allowance for credit losses as of March 31, 2024 and December 31, 2023 was $28 million and $29 million, respectively. We continue to evaluate our reserves in light of the age and quality of our outstanding accounts receivable as well as risks to specific industries or countries and adjust the reserves accordingly. The impact to our allowance for credit losses for the three

months ended March 31, 2024 was an expense of zero. The impact to our allowance for credit losses for the three months ended March 31, 2023 was an expense of $4 million. The Company recorded write-offs against the reserve for the three months ended March 31, 2024 of $1 million. The Company recorded write-offs against the reserve for the three months ended March 31, 2023 of $1 million.

The components of inventory are summarized as follows:


In millions	March 31, 2024		December 31, 2023
Inventories
Work in process and raw materials	$	14	$	14
Finished goods	125		110
Service parts	120		127
Total inventories	$	259	$	251

Debt Obligations - Short-term Borrowings and Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Aug. 20, 2020
Debt Instrument [Line Items]
Short-term borrowings	$ 15	$ 15
Long-term debt	2,658	2,563
Deferred financing fees	(19)	(20)
Term loan facility
Debt Instrument [Line Items]
Long-term debt	$ 181	$ 185
Weighted-average interest rate on long-term debt	8.43%	8.46%
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	$ 196	$ 98
Weighted-average interest rate on long-term debt	8.42%	9.07%
5.000% Senior Notes due 2028
Debt Instrument [Line Items]
Long-term debt	$ 650	$ 650	$ 650
Debt stated interest rate	5.00%		5.00%
5.125% Senior Notes due 2029
Debt Instrument [Line Items]
Long-term debt	$ 1,200	1,200
Debt stated interest rate	5.125%
5.250% Senior Notes due 2030
Debt Instrument [Line Items]
Long-term debt	$ 450	450	$ 450
Debt stated interest rate	5.25%		5.25%
Term loan facility
Debt Instrument [Line Items]
Current portion of Senior Secured Credit Facility	$ 15	$ 15
Weighted-average interest rate on short term debt	8.43%	8.46%

Earnings Per Share - Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Income (loss) from continuing operations	$ (40)	$ (66)
Series A convertible preferred stock dividends	(4)	(4)
Income (loss) from continuing operations attributable to NCR Voyix common stockholders	(44)	(70)
Income (loss) from discontinued operations, net of tax	0	73
Net income (loss) attributable to NCR Voyix common stockholders	$ (44)	$ 3
Denominator:
Basic and diluted weighted average number of shares outstanding, basic (in shares)	143.5	139.6
Basic and diluted weighted average number of shares outstanding, diluted (in shares)	143.5	139.6
Basic and diluted earnings (loss) per share:
From continuing operations, basic (in dollars per share)	$ (0.31)	$ (0.50)
From continuing operations, diluted (in dollars per share)	(0.31)	(0.50)
From discontinued operations, diluted (in dollars per share)	0	0.52
From discontinued operations, basic (in dollars per share)	0	0.52
Total basic and diluted earnings per share, diluted (in dollars per share)	(0.31)	0.02
Total basic and diluted earnings per share, basic (in dollars per share)	$ (0.31)	$ 0.02

Revised 2023 Quarterly Financial Statements (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	$ 862	$ 916
Selling, general and administrative expenses	132	155
Research and Development Expense	60	49
Total operating expenses	858	890
Income (loss) from operations	4	26
Loss on extinguishment of debt		0
Interest expense	(39)	(83)
Other income (expense), net	(20)	(4)
Income (loss) from continuing operations before income taxes	(55)	(61)
Income tax expense (benefit)	(14)	5
Total before tax	(41)	(66)
Income (loss) from discontinued operations, net of tax	0	74
Net income (loss)	(41)	8
Net income (loss)	(1)	0
Net income (loss) attributable to noncontrolling interests of discontinued operations	0	1
Net (loss) income attributable to parent	(40)	7
Income (loss) from continuing operations	(40)	(66)
Series A convertible preferred stock dividends	(4)	(4)
Income (loss) from continuing operations attributable to NCR Voyix	(44)	(70)
Income from discontinued operations, net of tax	0	73
Net income (loss) attributable to NCR Voyix common stockholders	$ (44)	$ 3
From continuing operations, basic (in dollars per share)	$ (0.31)	$ (0.50)
Discontinued Operations, basic (in dollars per share)		0.52
Basic (in dollars per share)	(0.31)	0.02
Diluted (in dollars per share)	(0.31)	(0.50)
Discontinued Operations, diluted (in dollars per share)		0.52
Diluted (in dollars per share)	$ (0.31)	$ 0.02
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Spin-Off of Atleos
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income (loss) from discontinued operations, net of tax	$ 0	$ 74
Net income (loss) attributable to noncontrolling interests of discontinued operations	0	1
Income from discontinued operations, net of tax	0	73
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue		1,891
Selling, general and administrative expenses		292
Research and Development Expense		64
Total operating expenses		1,781
Income (loss) from operations		110
Loss on extinguishment of debt		0
Interest expense		(83)
Other income (expense), net		(3)
Income (loss) from continuing operations before income taxes		24
Income tax expense (benefit)		14
Total before tax		10
Income (loss) from discontinued operations, net of tax		0
Net income (loss)		10
Net income (loss)		1
Net income (loss) attributable to noncontrolling interests of discontinued operations		0
Net (loss) income attributable to parent		9
Income (loss) from continuing operations		9
Series A convertible preferred stock dividends		(4)
Income (loss) from continuing operations attributable to NCR Voyix		5
Income from discontinued operations, net of tax		0
Net income (loss) attributable to NCR Voyix common stockholders		$ 5
From continuing operations, basic (in dollars per share)		$ 0.04
Discontinued Operations, basic (in dollars per share)		0
Basic (in dollars per share)		0.04
Diluted (in dollars per share)		0.04
Discontinued Operations, diluted (in dollars per share)		0
Diluted (in dollars per share)		$ 0.04
Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue		$ 0
Selling, general and administrative expenses		2
Research and Development Expense		0
Total operating expenses		2
Income (loss) from operations		(2)
Loss on extinguishment of debt		0
Interest expense		0
Other income (expense), net		0
Income (loss) from continuing operations before income taxes		(2)
Income tax expense (benefit)		0
Total before tax		(2)
Income (loss) from discontinued operations, net of tax		0
Net income (loss)		(2)
Net income (loss)		0
Net income (loss) attributable to noncontrolling interests of discontinued operations		0
Net (loss) income attributable to parent		(2)
Revision Of Prior Period, Discontinued Operations \| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Spin-Off of Atleos
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue		975
Selling, general and administrative expenses		139
Research and Development Expense		15
Total operating expenses		893
Income (loss) from operations		82
Loss on extinguishment of debt		0
Interest expense		0
Other income (expense), net		1
Income (loss) from continuing operations before income taxes		83
Income tax expense (benefit)		9
Total before tax		74
Income (loss) from discontinued operations, net of tax		(74)
Net income (loss)		0
Net income (loss)		1
Net income (loss) attributable to noncontrolling interests of discontinued operations		(1)
Net (loss) income attributable to parent		0
Product
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	232	291
Cost of revenue	200	269
Product \| Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue		521
Cost of revenue		456
Product \| Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue		0
Cost of revenue		0
Product \| Revision Of Prior Period, Discontinued Operations \| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Spin-Off of Atleos
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue		230
Cost of revenue		187
Cost of services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue	630	625
Cost of revenue	$ 466	417
Cost of services \| Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue		1,370
Cost of revenue		969
Cost of services \| Revision of Prior Period, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue		0
Cost of revenue		0
Cost of services \| Revision Of Prior Period, Discontinued Operations \| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Spin-Off of Atleos
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total revenue		745
Cost of revenue		$ 552

Debt Obligations

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

DEBT OBLIGATIONS

5. DEBT OBLIGATIONS

The following table summarizes the Company’s short-term borrowings and long-term debt:


		March 31, 2024			December 31, 2023
In millions, except percentages		Amount		Weighted-Average Interest Rate	Amount		Weighted-Average Interest Rate
Short-Term Borrowings
Current portion of Senior Secured Credit Facility(1)		$	15	8.43%	$	15	8.46%


	Total short-term borrowings	$	15		$	15
Long-Term Debt
Senior Secured Credit Facility:
	Term loan facility(1)	$	181	8.43%	$	185	8.46%
	Revolving credit facility(1)	196		8.42%	98		9.07%
Senior notes:


	5.000% Senior Notes due 2028	650			650
	5.125% Senior Notes due 2029	1,200			1,200

	5.250% Senior Notes due 2030	450			450
Deferred financing fees		(19)			(20)





	Total long-term debt	$	2,658		$	2,563

(1)Interest rates are weighted-average interest rates as of March 31, 2024 and December 31, 2023.

Senior Secured Credit Facility The Company is party to a senior secured credit agreement with certain subsidiaries of the Company party thereto as foreign borrowers, the lenders party thereto and Bank of America, N.A., as administrative agent (in such capacity, the “Administrative Agent”). This credit agreement provides for new senior secured credit facilities in an aggregate principal amount of $700 million, which are comprised of (i) a five-year multicurrency revolving credit facility in the aggregate principal amount of $500 million (including (a) a letter of credit sub-facility in an aggregate principal amount of up to $75 million and (b) a sub-facility in an aggregate principal amount of up to $200 million for borrowings and letters of credit in certain agreed foreign currencies) (the “Revolving Credit Facility,” and the loans thereunder, the “Revolving Loans”) and (ii) a

five-year term loan “A” facility in the aggregate principal amount of $200 million (the “Term Loan A Facility,” and the loans thereunder, the “Term A Loans” and, the Term Loan A Facility, together with the Revolving Credit Facility, the “Senior Secured Credit Facilities”).

The Term A Loans and the Revolving Loans (collectively, the “Loans”) bear interest based on SOFR (or an alternative reference rate for amounts denominated in a currency other than Dollars), or, at the Company’s option, in the case of amounts denominated in Dollars, at a base reference rate equal to the highest of (a) the federal funds rate plus 0.50%, (b) the rate of interest last quoted by the Administrative Agent as its “prime rate” and (c) the one-month SOFR rate plus 1.00% (the “Base Rate”), plus, as applicable, a margin ranging from 2.25% to 3.25% per annum for SOFR-based Loans and ranging from 1.25% to 2.25% per annum for Base Rate-based Loans, in each case, depending on the Company’s consolidated leverage ratio.

The outstanding principal balance of the Term Loan A Facility is required to be repaid in quarterly installments beginning March 31, 2024 in an amount equal to (i) 1.875% of the original principal amount of the Term A Loans during the first three years and (ii) 2.50% of the original principal amount of the Term A Loans during final two years. Any remaining outstanding balance will be due at maturity on October 16, 2028. The Revolving Credit Facility is not subject to amortization and will mature on October 16, 2028.

The obligations under the Senior Secured Credit Facilities are guaranteed by certain of the Company’s material subsidiaries (the “Guarantors”). The obligations under the Senior Secured Credit Facilities and the above described guarantee are secured by a first priority lien and security interest in certain equity interests owned by the Company and the Guarantors in certain of their respective domestic and foreign subsidiaries, and a first priority lien and security interest in substantially all of the assets of the Company and the Guarantors, subject to certain exclusions.

The Senior Secured Credit Facilities contain customary representations and warranties, affirmative covenants, and negative covenants. The negative covenants limit the Company’s and its subsidiaries’ ability to, among other things, incur indebtedness, create liens on the Company’s or its subsidiaries’ assets, engage in fundamental changes, make investments, sell or otherwise dispose of assets, engage in sale-leaseback transactions, make restricted payments, repay subordinated indebtedness, engage in certain transactions with affiliates and enter into agreements restricting the ability of the Company’s subsidiaries to make distributions to the Company or incur liens on their assets.

The Senior Secured Credit Facilities also contain a financial covenant that does not permit the Company to allow its consolidated leverage ratio to exceed(i) in the case of any fiscal quarter ending on or prior to September 30, 2024, 4.75 to 1.00, (ii) in the case of any fiscal quarter ending on or following September 30, 2024 and prior to September 30, 2025, 4.50 to 1.00 and (iii) in the case of any fiscal quarter ending on or following September 30, 2025, 4.25 to 1.00, in each case subject, to (x) increases of 0.25 in connection with the consummation of any material acquisition and applicable to the fiscal quarter in which such acquisition is consummated and the three consecutive fiscal quarters thereafter, and (y) a maximum cap of 5.00 to 1.00.

The Senior Secured Credit Facilities also include provisions for events of default, which are customary for similar financings. Upon the occurrence of an event of default, the lenders may, among other things, terminate the loan commitments, accelerate all loans and require cash collateral deposits in respect of outstanding letters of credit. If the Company is unable to pay or repay the amounts due, the lenders could, among other things, proceed against the collateral granted to them to secure such indebtedness.

Senior Unsecured Notes On August 20, 2020, the Company issued $650 million aggregate principal amount of 5.000% senior unsecured notes due in 2028 (the “5.000% Notes”) and $450 million aggregate principal amount of 5.250% senior unsecured notes due in 2030 (the “5.250% Notes”). Interest is payable on the 5.000% and 5.250% Notes semi-annually in arrears at interest rates of 5.000% and 5.250%, respectively, on April 1 and October 1. The 5.000% and 5.250% Notes were sold at 100% of the principal amount and mature on October 1, 2028 and October 1, 2030, respectively.

At any time and from time to time, prior to October 1, 2023, the Company may redeem up to a maximum of 40% of the original aggregate principal amount of either the 5.000% Notes or 5.250% Notes with the proceeds of one or more equity offerings, at a redemption price equal to 105.000%, with respect to the 5.000% Notes, and 105.250%, with respect to the 5.250% Notes, of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but not including, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date); provided that: (i) at least 55% of the original aggregate principal amount of the 5.000% Notes or 5.250% Notes remains outstanding; and (ii) such redemption occurs within 180 days of the completion of such equity offering.

Prior to October 1, 2025 with respect to the 5.250% Notes, the Company may redeem some or all of such series of Notes by paying a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus the Applicable Premium, as defined in the indenture governing the applicable series of notes, plus accrued and unpaid interest to, but excluding, the redemption date (subject to the right of holders of record of the Notes on the relevant record date to receive interest due on the relevant interest payment date).

The Company has the option to redeem the 5.000% Notes, in whole or in part, at any time on or after October 1, 2023, at a redemption price of 102.500%, 101.250%, and 100% during the 12-month periods commencing on October 1, 2023, 2024 and 2025 and thereafter, respectively, plus accrued and unpaid interest to the redemption date. The Company has the option to redeem the 5.250% Notes, in whole or in part, at any time on or after October 1, 2025, at a redemption price of 102.625%, 101.750%, 100.875%, and 100% during the 12-month periods commencing on October 1, 2025, 2026, 2027 and 2028 and thereafter, respectively, plus accrued and unpaid interest to the redemption date.

On April 6, 2021, the Company issued $1.2 billion aggregate principal amount of 5.125% senior notes due 2029 (the “5.125%

Notes”). Interest is payable on the 5.125% Notes semi-annually in arrears at annual rates of 5.125% on April 15 and October 15 of each year. The 5.125% Notes will mature on April 15, 2029.

On or after April 15 of the relevant year listed below, the Company may redeem some or all of the 5.125% Notes at the prices listed below, plus accrued and unpaid interest, if any, to, but not including, the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date): 2024 at a redemption price of 102.563%, 2025 at a redemption price of 101.281% and 2026 and thereafter at a redemption price of 100%.

The senior unsecured notes are the Company’s senior unsecured obligations and are jointly and severally unconditionally guaranteed on a senior unsecured basis by the Company’s domestic material subsidiaries, subject to certain limitations, that guarantee the Company’s Senior Secured Credit Facilities pursuant to supplemental indentures governing each applicable series of senior unsecured notes. The indentures governing the senior unsecured notes contain customary events of default, including, among other things, payment default, exchange default, failure to provide certain notices thereunder and certain provisions related to bankruptcy events. The indentures governing the senior unsecured notes also contains customary high yield affirmative and negative covenants, including negative covenants that, among other things, limit the Company and its restricted subsidiaries’ ability to incur additional indebtedness, create liens on, sell or otherwise dispose of assets, engage in certain fundamental corporate changes or changes to lines of business activities, make certain investments or material acquisitions, engage in sale-leaseback or hedging transactions, repurchase common stock, pay dividends or make similar distributions on capital stock, repay certain indebtedness, engage in certain affiliate transactions and enter into agreements that restrict their ability to create liens, pay dividends or make loan repayments. If the senior unsecured notes are assigned an “investment grade” rating by Moody’s or S&P and no default has occurred or is continuing, certain covenants will be terminated.

Fair Value of Debt The Company utilized Level 2 inputs, as defined in the fair value hierarchy, to measure the fair value of the long-term debt, which, as of March 31, 2024 and December 31, 2023 was $2.50 billion and $2.47 billion, respectively. Management’s fair value estimates were based on quoted prices for recent trades of the Company’s long-term debt, quoted prices for similar instruments, and inquiries with certain investment communities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Discontinued Operations - Major Categories of Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax	$ 0	$ 74
Net income (loss) attributable to noncontrolling interests of discontinued operations	0	1
Income from discontinued operations, net of tax	0	73
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Spin-Off of Atleos
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue of business segment sold	1	975
Selling, general and administrative expenses	0	139
Research and development expenses	0	15
Total operating expenses	2	893
Income from discontinued operations	(1)	82
Interest expense	0	0
Other income (expense), net	0	1
Income (loss) from discontinued operations before income taxes	(1)	83
Income tax expense (benefit)	(1)	9
Income (loss) from discontinued operations, net of tax	0	74
Net income (loss) attributable to noncontrolling interests of discontinued operations	0	1
Income from discontinued operations, net of tax	0	73
Product \| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Spin-Off of Atleos
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue of business segment sold	0	230
Costs of products and services sold	0	187
Cost of services \| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Spin-Off of Atleos
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue of business segment sold	1	745
Costs of products and services sold	$ 2	$ 552

Debt Obligations - Additional Information, Credit Facilities (Details) $ in Millions	Oct. 16, 2023 USD ($)
Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Principal amount	$ 700.0
Credit Agreement \| Line of Credit \| Revolving credit facility
Debt Instrument [Line Items]
Debt term	5 years
Maximum borrowing capacity	$ 500.0
Credit Agreement \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	75.0
Term Loan A Facility \| Medium-term Notes
Debt Instrument [Line Items]
Principal amount	$ 200.0
Debt term	5 years
Term Loan A Facility \| Medium-term Notes \| Period One
Debt Instrument [Line Items]
Debt consolidated leverage ratio	4.75
Term Loan A Facility \| Medium-term Notes \| Period Two
Debt Instrument [Line Items]
Debt consolidated leverage ratio	4.50
Term Loan A Facility \| Medium-term Notes \| Period Three
Debt Instrument [Line Items]
Debt consolidated leverage ratio	4.25
Additional consolidated leverage ratio	25.00%
Term Loan A Facility \| Medium-term Notes \| Maximum
Debt Instrument [Line Items]
Debt consolidated leverage ratio	5.00
Term Loan A Facility \| Medium-term Notes \| First Three Years
Debt Instrument [Line Items]
Effective interest rate percentage	1.875%
Repayment term	3 years
Term Loan A Facility \| Medium-term Notes \| Last Two Years
Debt Instrument [Line Items]
Effective interest rate percentage	2.50%
Repayment term	2 years
New Loans \| Term Loans And Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Debt basis spread on variable rate	0.50%
New Loans \| Term Loans And Revolving Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Additional basis spread on variable rate	1.25%
New Loans \| Term Loans And Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Additional basis spread on variable rate	2.25%
New Loans \| Term Loans And Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt basis spread on variable rate	1.00%
New Loans \| Term Loans And Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Debt Instrument [Line Items]
Additional basis spread on variable rate	2.25%
New Loans \| Term Loans And Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Debt Instrument [Line Items]
Additional basis spread on variable rate	3.25%

Earnings Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Stock Units (RSUs) and Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted per share count (in shares)	11.0	15.0
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted per share count (in shares)	15.9	9.2

Supplemental Financial Information (Tables)

3 Months Ended

Mar. 31, 2024

Supplemental Financial Information [Abstract]

Schedule of Components of Accounts Receivable

The components of accounts receivable are summarized as follows:


In millions	March 31, 2024		December 31, 2023
Accounts receivable
Trade	$	398	$	368
Other	114		138
Accounts receivable, gross	512		506
Less: allowance for credit losses	(28)		(29)
Total accounts receivable, net	$	484	$	477

Schedule of Components of Inventory

The components of inventory are summarized as follows:


In millions	March 31, 2024		December 31, 2023
Inventories
Work in process and raw materials	$	14	$	14
Finished goods	125		110
Service parts	120		127
Total inventories	$	259	$	251

Discontinued Operations - Cash Flows from Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by (used in) operating activities of discontinued operations	$ 0	$ (6)
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Spin-Off of Atleos
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash provided by (used in) operating activities of discontinued operations	0	195
Net cash provided by (used in) investing activities	0	(25)
Net cash provided by (used in) financing activities	$ 0	$ 0

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table presents the major categories of income (loss) from discontinued operations related to the Spin-Off of NCR Atleos:


In millions	Three months ended March 31
	2024(1)		2023
Product revenue	$	—	$	230
Service revenue	1		745
Total revenue	1		975
Cost of products	—		187
Cost of services	2		552
Selling, general and administrative expenses	—		139
Research and development expenses	—		15
Total operating expenses	2		893
Income from discontinued operations	(1)		82
Interest expense	—		—
Other income (expense), net	—		1
Income (loss) from discontinued operations before income taxes	(1)		83
Income tax expense (benefit)	(1)		9
Net income (loss) from discontinued operations	—		74
Net income (loss) attributable to noncontrolling interests	—		1
Net income (loss) from discontinued operations related to NCR Atleos	$	—	$	73

The following table presents the major classes of assets and liabilities of discontinued operations:


In millions	December 31, 2023
Assets
Current assets

Accounts receivable, net of allowances	$	4
Inventories	3

Prepaid and other current assets	1
Total current assets	8








Total assets of discontinued operations	$	8

Liabilities and stockholder's equity
Current liabilities



Contract liabilities	$	3

Other current liabilities	2
Total current liabilities	5

Pension and indemnity plan liabilities	2




Noncurrent liabilities	2
Total liabilities of discontinued operations	$	7

The following table presents selected financial information related to cash flows from discontinued operations:


In millions	Three months ended March 31
	2024(1)		2023
Net cash provided by (used in) operating activities	$	—	$	195
Net cash provided by (used in) investing activities	—		(25)
Net cash provided by (used in) financing activities	—		—

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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-Name Accounting Standards Codification
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-SubTopic 10
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+ Details

Revised 2023 Quarterly Financial Statements

3 Months Ended

Mar. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Revised 2023 Quarterly Financial Statements

17. REVISED 2023 QUARTERLY FINANCIAL STATEMENTS

As described in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies”, in February 2024, the Company identified fraudulent ACH disbursements from a Company bank account. The Company evaluated the impact of the errors and concluded they are not material to any previously issued interim consolidated financial statements. The following table sets forth the Company’s results of operations for the three months ended March 31, 2023, which have been retrospectively adjusted to reflect NCR Atleos historical financial results as discontinued operations, including the delayed countries that transferred to NCR Atleos during the three months ended March 31, 2024, as well as the revision impact of the fraudulent ACH disbursements and other immaterial errors.


	Three Months Ended March 31, 2023
In millions, except per share amounts	As reported		Discontinued operations		Adjustment		As recasted and revised
Product revenue	$	521	$	230	$	—	$	291
Service revenue	1,370		745		—		625
Total revenue	1,891		975		—		916
Cost of products	456		187		—		269
Cost of services	969		552		—		417
Selling, general and administrative expenses	292		139		2		155
Research and development expenses	64		15		—		49
Total operating expenses	1,781		893		2		890
Income (loss) from operations	110		82		(2)		26
Loss on extinguishment of debt	—		—		—		—
Interest expense	(83)		—		—		(83)
Other income (expense), net	(3)		1		—		(4)
Income (loss) from continuing operations before income taxes	24		83		(2)		(61)
Income tax expense (benefit)	14		9		—		5
Income from continuing operations	10		74		(2)		(66)
Income (loss) from discontinued operations, net of tax	—		(74)		—		74
Net income (loss)	10		—		(2)		8
Net income (loss) attributable to noncontrolling interests	1		1		—		—
Net income attributable to noncontrolling interests of discontinued operations	—		(1)		—		1
Net income (loss) attributable to NCR Voyix	$	9	$	—	$	(2)	$	7
Amounts attributable to NCR Voyix common stockholders
Income (loss) from continuing operations	$	9					$	(66)
Series A convertible preferred stock dividends	(4)						(4)
Income (loss) from continuing operations attributable to NCR Voyix	5						(70)
Income (loss) from discontinued operations, net of tax	—						73
Net income (loss) attributable to NCR Voyix common stockholders	$	5					$	3
Income (loss) per share attributable to common stockholders:
Basic earnings (loss) per share:
Continuing operations	$	0.04					$	(0.50)
Discontinued operations	—						0.52
Net income attributable to common shareholders	$	0.04					$	0.02
Diluted earnings (loss) per share:
Continuing operations	$	0.04					$	(0.50)
Discontinued operations	—						0.52
Diluted earnings per share attributable to common shareholders	$	0.04					$	0.02

There is no impact to the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2023, other than the impact to Net income (loss) as presented above. There is no impact to the Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the three months ended March 31, 2023 other than the impact to Retained earnings as a result of the changes in Net income (loss) as presented above.

There is no net impact of the adjustments described above to the Condensed Consolidated Statements of Cash Flows to “Net cash provided by operating activities” for the three months ended March 31, 2023, as the impact to Net income (loss) is offset by the changes to operating assets and liabilities, net of effects of business acquired noted above.

Fair Value of Assets and Liabilities

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE OF ASSETS AND LIABILITIES

14. FAIR VALUE OF ASSETS AND LIABILITIES

Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and liabilities recorded at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 are set forth as follows:


	March 31, 2024
In millions	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Deposits held in money market mutual funds(1)	$	35	$	35	$	—	$	—


Total	$	35	$	35	$	—	$	—
Liabilities:

Foreign exchange contracts(3)	$	1	$	—	$	1	$	—
Total	$	1	$	—	$	1	$	—


	December 31, 2023
In millions	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:


Foreign exchange contracts(2)	$	5	$	—	$	5	$	—

Total	$	5	$	—	$	5	$	—
Liabilities:

Foreign exchange contracts(3)	$	4	$	—	$	4	$	—
Total	$	4	$	—	$	4	$	—

(1)Included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets.

(2)Included in Prepaid and other current assets in the Condensed Consolidated Balance Sheets.

(3)Included in Other current liabilities in the Condensed Consolidated Balance Sheets.

Deposits Held in Money Market Mutual Funds A portion of the Company’s excess cash is held in money market mutual funds that generate interest income based on prevailing market rates. Money market mutual fund holdings are measured at fair value using quoted market prices and are classified within Level 1 of the valuation hierarchy.

Foreign Exchange Contracts As a result of our global operating activities, we are exposed to risks from changes in foreign currency exchange rates, which may adversely affect our financial condition. To manage our exposures and mitigate the impact of currency fluctuations on our financial results, we hedge our primary transactional exposures through the use of foreign exchange forward and option contracts. The foreign exchange contracts are valued using the market approach based on observable market transactions of forward rates and are classified within Level 2 of the valuation hierarchy.

We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we consider the impact of netting and any applicable credit enhancements. We measure the credit risk of our derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments utilize Level 3 inputs to evaluate the likelihood of both our own default and counterparty default. As of March 31, 2024, we determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives and therefore, the valuations are classified in Level 2 of the fair value hierarchy.

Assets Measured at Fair Value on a Non-recurring Basis

From time to time, certain assets are measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3). The Company reviews the carrying values of investments when events and circumstances warrant and considers all available evidence in evaluating when declines in fair value are other-than-temporary declines. There were no material impairment charges or non-recurring fair value adjustments recorded during the three months ended March 31, 2024 and 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Employee Benefit Plans (Details) $ in Millions	3 Months Ended
Employee Benefit Plans (Details) $ in Millions	Mar. 31, 2024 USD ($)
Postemployment Retirement Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan assets contributions by employer	$ 8
Expected future benefit payment, remainder of fiscal year	32
Total estimated contributions by employer during fiscal year	24
Total Pension Benefits \| Foreign Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Plan assets contributions by employer	3
Expected future benefit payment, remainder of fiscal year	10
Total estimated contributions by employer during fiscal year	$ 13
Total Pension Benefits \| United States \| NCR Atleos Corporation
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions required, percent of annual costs	50.00%
Contributions by spinoff, threshold	$ 40

Trade Receivables Facility	3 Months Ended
Trade Receivables Facility	Mar. 31, 2024
Receivables [Abstract]
TRADE RECEIVABLES FACILITY	6. TRADE RECEIVABLES FACILITY The Company maintains a trade receivables facility (the “T/R Facility”) pursuant to which the Company’s wholly-owned, bankruptcy-remote subsidiary NCR Receivables LLC (the “U.S. SPE”) may sell certain trade receivables acquired by it from the Company and other affiliates of the Company to PNC Bank, National Association, MUFG Bank, Ltd. and any other unaffiliated purchasers from time to time party to the T/R Facility (the “Purchasers”). The T/R Facility was most recently amended on October 16, 2023 in connection with the Spin-Off in order to, among other things, (i) extend the scheduled maturity by two years, (ii) provide for the repurchase by each of Cardtronics USA, Inc., ATM National, LLC and Cardtronics Canada Holdings Inc. (the “Released Originators”) of its outstanding receivables then subject to the T/R Facility, (iii) assign to the Company and NCR Canada Corp., as applicable, all obligations of the Released Originators under the T/R Facility and release each such Released Originator from all of its obligations thereunder, and (iv) adjust the factors used to determine the availability of capital for investment in the pool of receivables by Purchasers. Under the T/R Facility, the Company and one of its Canadian operating subsidiaries continuously sell their trade receivables as they are originated to the U.S. SPE or a Canadian bankruptcy-remote special purpose entity (collectively with the U.S. SPE, the “SPEs”), as applicable. None of the assets or credit of the SPEs is available to satisfy the debts and obligations owed to the creditors of the Company or any other person until the obligations of the SPEs under the T/R Facility have been satisfied. In addition, the obligations of the SPEs under T/R Facility are solely the obligations of the SPEs and not of any other person, and such obligations are generally payable out of collections on the trade receivables owned by such SPEs. The Company controls and therefore consolidates the SPEs in its consolidated financial statements. As cash is collected on the trade receivables, the U.S. SPE has the ability to continuously transfer ownership and control of new qualifying trade receivables the Purchasers such that the total outstanding balance of trade receivables sold can be up to $300 million at any point in time, which is the maximum purchase commitment of the Purchasers. The future outstanding balance of trade receivables that are sold is expected to vary based on the level of activity and other factors and could be less than the maximum purchase commitment of $300 million. The total outstanding balance of trade receivables that were sold to the Purchasers and derecognized by the U.S. SPE was approximately $300 million and $288 million as of March 31, 2024 and December 31, 2023, respectively. Excluding the trade receivables sold to the Purchasers, the SPEs collectively owned $208 million and $107 million of trade receivables as of March 31, 2024 and December 31, 2023, respectively, and these amounts are included in Accounts receivable, net in the Company’s Condensed Consolidated Balance Sheets. Continuous cash activity related to the T/R Facility is reflected in Net cash provided by operating activities in the Consolidated Statements of Cash Flows. The U.S. SPE incurs fees under the T/R Facility, including fees due and payable to the Purchasers. Those fees, which are immaterial, are recorded within Other income (expense), net in the Condensed Consolidated Statements of Operations. In addition, each of the SPEs has provided a full recourse guarantee in favor of the Purchasers of the full and timely payment of all trade receivables sold to them by the U.S. SPE. The guarantee is secured by all the trade receivables owned by each of the SPEs that have not been sold to the Purchasers. The reserve recognized for this recourse obligation as of March 31, 2024 is not material. The Company, or in the case of any Canadian trade receivables, NCR Canada Corp., continues to be involved with the trade receivables even after they are transferred to the SPEs (or further transferred to the Purchasers) by acting as servicer. In addition to any obligations as servicer, the Company and each of its subsidiaries that may from time to time act as an originator under the T/R Facility provide the SPEs with customary recourse in respect of (i) certain dilutive events with respect to the trade receivables sold to the SPEs that are caused by the Company or other applicable originators and (ii) in the event of certain violations by the Company or other applicable originators of their respective representations and warranties with respect to the trade receivables sold to the SPEs. The Company guarantees that any of its subsidiaries (other than the SPEs) party to the T/R Facility will duly and punctually perform its obligations under the T/R Facility (whether as servicer or as originator). These servicing and originator liabilities of the Company and any such subsidiaries (other than the SPEs) under the T/R Facility are not expected to be material given the high quality of the customers underlying the receivables and the anticipated short collection period. The T/R Facility includes other customary representations and warranties, affirmative and negative covenants and default and termination provisions, which provide for the acceleration of amounts owed to the Purchasers thereunder in circumstances including, but not limited to, failure to pay capital or yield on when due, breach of representation, warranty or covenant, certain insolvency events or failure to maintain the security interest in the trade receivables, and defaults under other material indebtedness.

Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Selling, general and administrative expenses	$ (132)	$ (155)
Research and development expenses	(60)	(49)
Interest expense	(39)	(83)
Total before tax	(41)	(66)
Tax expense	14	(5)
Net income (loss) attributable to NCR Voyix common stockholders	(44)	3
Product
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenue	(200)	(269)
Cost of services
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenue	$ (466)	(417)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Selling, general and administrative expenses		0
Interest expense		(4)
Total before tax		(20)
Tax expense		5
Net income (loss) attributable to NCR Voyix common stockholders		(15)
Reclassification out of Accumulated Other Comprehensive Income \| Product
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenue		0
Research and development expenses		0
Reclassification out of Accumulated Other Comprehensive Income \| Cost of services
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenue		(16)
Amortization of Actuarial Loss (Gain) \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Selling, general and administrative expenses		0
Interest expense		0
Total before tax		(1)
Amortization of Actuarial Loss (Gain) \| Reclassification out of Accumulated Other Comprehensive Income \| Product
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenue		0
Research and development expenses		0
Amortization of Actuarial Loss (Gain) \| Reclassification out of Accumulated Other Comprehensive Income \| Cost of services
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenue		(1)
Amortization of Prior Service Benefit \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Selling, general and administrative expenses		0
Interest expense		0
Total before tax		0
Amortization of Prior Service Benefit \| Reclassification out of Accumulated Other Comprehensive Income \| Product
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenue		0
Research and development expenses		0
Amortization of Prior Service Benefit \| Reclassification out of Accumulated Other Comprehensive Income \| Cost of services
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenue		0
Effective Cash Flow Hedge Loss (Gain) \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Selling, general and administrative expenses		0
Interest expense		(4)
Total before tax		(19)
Effective Cash Flow Hedge Loss (Gain) \| Reclassification out of Accumulated Other Comprehensive Income \| Product
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenue		0
Research and development expenses		0
Effective Cash Flow Hedge Loss (Gain) \| Reclassification out of Accumulated Other Comprehensive Income \| Cost of services
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items]
Cost of revenue		$ (15)

Derivatives and Hedging Instruments - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) currency	Dec. 31, 2023 USD ($)
Derivative [Line Items]
Number of functional currencies \| currency	40
Maximum period for cash flow hedging activity	15 months
Total stockholders’ equity	$ (36)	$ 25
Foreign exchange contracts \| Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
Derivative [Line Items]
Total stockholders’ equity	$ 0	$ 0

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Derivatives and Hedging Instruments - Gain (Loss) on Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Interest expense	$ 39	$ 83
(Gain) loss reclassified from AOCI	0	19
Cost of services
Derivative [Line Items]
Cost of revenue	466	417
Foreign exchange contracts \| Other income (expense), net
Derivative [Line Items]
Derivative instruments not designated as hedging instruments, gain (loss), net	(6)	(5)
Interest rate contracts \| Cost of services \| Cash Flow Hedging
Derivative [Line Items]
(Gain) loss reclassified from AOCI	0	(15)
Interest rate contracts \| Interest expense \| Cash Flow Hedging
Derivative [Line Items]
(Gain) loss reclassified from AOCI	$ 0	$ (4)

Basis of Presentation and Summary of Significant Accounting Policies - Contract Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Current portion of contract liabilities	$ 260	$ 194
Non-current portion of contract liabilities	$ 17	$ 19

Stock Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

Stock-based compensation expense for the following periods were:


In millions	Three months ended March 31
	2024		2023
Restricted stock units	$	12	$	21
Stock options	—		2
Employee stock purchase plan	1		2
Stock-based compensation expense	13		25
Tax benefit	(1)		—
Stock-based compensation expense (net of tax)	$	12	$	25

Schedule of Valuation Assumptions Used To Estimate Fair Value of Stock Options

The table below details the significant assumptions used in determining the fair value of the market-based restricted stock units granted on March 15, 2024:


Dividend yield	—	%
Risk-free interest rate	4.44	%
Expected volatility	60.37	%

Supplemental Financial Information - Components of Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Work in process and raw materials	$ 14	$ 14
Finished goods	125	110
Service parts	120	127
Total inventories	$ 259	$ 251

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying Condensed Consolidated Financial Statements have been prepared by NCR Voyix Corporation (“NCR Voyix”, the “Company”, “we” or “us”) without audit pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all adjustments (consisting of normal, recurring adjustments, unless otherwise disclosed) necessary for a fair statement of the condensed consolidated results of operations, financial position, and cash flows for each period presented. The consolidated results for the interim periods are not necessarily indicative of results to be expected for the full year. The 2023 year-end Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (GAAP). These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Spin-off of NCR Atleos On October 16, 2023, the Company completed its separation of its ATM-focused business, including its self-service banking, payments & network and telecommunications and technology businesses, through the spin-off of its wholly owned subsidiary, NCR Atleos Corporation (“NCR Atleos”), (the “Spin-Off”). The Spin-Off was effected through a pro rata distribution of all outstanding shares of NCR Atleos common stock to holders of NCR Voyix common stock as of the close of business on October 2, 2023 (the “record date”). The Company distributed one share of NCR Atleos common stock for every two common shares of NCR Voyix outstanding as of the record date. Shareholders received cash in lieu of fractional shares of Atleos common stock. The Spin-Off is expected to qualify as a tax-free distribution for U.S. federal income tax purposes. NCR Atleos is an independent, publicly traded company focused on providing self-directed banking solutions to a global customer base, including financial institutions, retailers and consumers, and NCR Voyix retains no ownership interest. The accounting requirements for reporting the Spin-Off of NCR Atleos as a discontinued operation were met when the separation was completed. Accordingly, the financial results for NCR Atleos for the three months ended March 31, 2023 are presented as net income (loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. Refer to Note 2, “Discontinued Operations” for additional information.

In connection with the Spin-Off, the Company and NCR Atleos entered into various agreements to effect the Spin-Off and provide a framework for the relationship between the Company and NCR Atleos after the Spin-Off. Such agreements include the separation and distribution agreement, as well as the following ongoing agreements: a transition services agreement, tax matters agreement, employee matters agreement, patent and technology cross-license agreement, trademark license and use agreement, master services agreement and various other transaction agreements. Under these agreements, the Company will continue to provide certain products and services to NCR Atleos following the Spin-Off and will receive certain products and services from NCR Atleos following the Spin-Off.

Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and revenue and expenses during the period reported.

Although our estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations and financial position. In particular, a number of estimates have been and will continue to be affected by macroeconomic pressures and geopolitical challenges. The ultimate impact on our overall financial condition and operating results will depend on supply chain challenges and cost escalations including materials, interest, labor and freight, and any additional governmental and public actions taken in response. As a result, our accounting estimates and assumptions may change over time as a consequence of the effects of these external factors. Such changes could result in future impairments of goodwill, intangible assets, long-lived assets, incremental credit losses on accounts receivable and decreases in the carrying amount of our tax assets.

Evaluation of Subsequent Events The Company evaluated subsequent events through the date that our Condensed Consolidated Financial Statements were issued. Other than the items discussed within the Notes to Condensed Consolidated Financial Statements, no matters were identified that required adjustment to the Condensed Consolidated Financial Statements or additional disclosure.

Reclassifications Certain prior-period amounts have been reclassified in the accompanying Condensed Consolidated Financial Statements and Notes thereto in order to conform to the current period presentation. Reclassifications had no effect on prior year net income or stockholders’ equity.

Cyber ransomware incident On April 13, 2023, the Company determined that a single data center outage impacting certain of its commerce customers was caused by a cyber ransomware incident. Upon such determination, the Company immediately started contacting customers, enacted its cybersecurity protocol and engaged outside experts to contain the incident and begin the recovery process. We concluded that this incident impacted operations for some customers only with respect to specific Aloha cloud-based services and Counterpoint. Our investigation also concluded no financial reporting systems were impacted. During the year ended December 31, 2023, we recognized $36 million related to this matter in Cost of services and Selling, general and administrative expenses. As of December 31, 2023, we received $5 million of cash and expected to receive an additional $14 million of these costs to be recovered under our insurance policies, which was recorded as an insurance receivable. During the three months ended March 31, 2024, the Company incurred $6 million of additional expenses related to the cyber ransomware incident. To date, we have recovered $8 million under our insurance policies. As of March 31, 2024, we expect to receive $17 million which was recorded as an insurance receivable. We are still pursuing insurance recoveries for the remaining costs. We may incur additional costs relating to this incident in the future, including expenses to respond to this matter, payment of damages or other costs to customers or others. At this time we do not believe additional costs incurred as a result of the incident will ultimately have a material adverse effect on our business, results of operations or financial condition; however, we remain subject to risks and uncertainties as a result of the incident.

Out-of-period adjustments In the first quarter of 2023, the Company recorded a $10 million out-of-period adjustment to increase operating expenses and an employee-related liability in order to correct for an understatement of such same balances during the fourth quarter of 2022.

ACH Disbursements In February 2024, the Company identified fraudulent automated clearing house (“ACH”) disbursements from a Company bank account. The cumulative amount of these disbursements totaled $34 million, with $11 million of the $34 million occurring during the three months ended March 31, 2024. As of March 31, 2024, the Company has recovered approximately $12 million of fraudulent disbursements from the Company’s banks, including amounts related to fraudulent ACH disbursements in prior periods. The Company intends to cooperate with law enforcement and its banks to attempt to recover more of the fraudulent disbursements and to file insurance claims for the remainder.

In preparing the consolidated financial statements for the year ended December 31, 2023, the Company identified incorrectly recorded ACH disbursements for the quarterly periods ending March 31, 2023, June 30, 2023 and September 30, 2023 in an accounts receivable clearing account instead of as operating expenses. The Company evaluated the impact of these errors and concluded that they were not material to any previously issued financial statements. As a result of these errors, the Company has made adjustments to the prior period amounts presented in these financial statements. The impact of the revisions to the quarterly period ended March 31, 2023 is presented in Note 17, “Revised 2023 Quarterly Financial Statements”.

Cash, Cash Equivalents, and Restricted Cash The reconciliation of cash, cash equivalents and restricted cash in the Condensed Consolidated Statements of Cash Flows is as follows:


In millions		March 31
	Balance Sheet Location	2024		2023
Cash and cash equivalents	Cash and cash equivalents	$	246	$	519
Short term restricted cash	Restricted cash, current	—		8
Long term restricted cash	Other assets	1		4

Cash included in settlement processing assets	Restricted cash, current	22		249
Total cash, cash equivalents and restricted cash		$	269	$	780
Cash, cash equivalents and restricted cash of discontinued operations		—		514
Total cash, cash equivalents and restricted cash		$	269	$	266

Contract Assets and Liabilities The following table presents the net contract liability balances as of March 31, 2024 and December 31, 2023.


In millions	Location in the Condensed Consolidated Balance Sheet	March 31, 2024		December 31, 2023
Current portion of contract liabilities	Contract liabilities	$	260	$	194
Non-current portion of contract liabilities	Other liabilities	$	17	$	19

During the three months ended March 31, 2024, the Company recognized $102 million in revenue that was included in contract liabilities as of December 31, 2023. During the three months ended March 31, 2023, the Company recognized $84 million in revenue that was included in contract liabilities as of December 31, 2022.

Remaining Performance Obligations Remaining performance obligations represent the transaction price of orders for which products have not been delivered or services have not been performed. As of March 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $1.4 billion. The Company expects to recognize revenue on approximately three-quarters of the remaining performance obligations over the next 12 months, with the remainder recognized thereafter. The majority of our professional services are expected to be recognized over the next 12 months but this is contingent upon a number of factors, including customers’ needs and schedules.

The Company has made three elections that affect the value of remaining performance obligations described above. We do not disclose remaining performance obligations for contracts where variable consideration is directly allocated based on usage or when the original expected duration is one year or less. Additionally, we do not disclose remaining performance obligations for contracts where we recognize revenue from the satisfaction of the performance obligation in accordance with the ‘right to invoice’ practical expedient.

Capitalized Software Capitalized development costs for internal-use software and software that will be sold, leased or otherwise marketed were $487 million and $486 million as of March 31, 2024 and December 31, 2023, respectively, presented within Other assets on the Condensed Consolidated Balance Sheets.

Recent Accounting Pronouncements

Accounting Pronouncements Issued But Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment enhances disclosures of significant segment expenses by requiring disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”), extend certain annual disclosures to interim periods, and permit more than one measure of segment profit or loss to be reported under certain conditions. The amendment is effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the amendment is permitted, including adoption in any interim periods for which financial statements have not been issued. The Company is currently evaluating the guidance and its impact to the financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance requires disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a specified quantitative threshold. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures.

Although there are other new accounting pronouncements issued by the FASB and not yet adopted by or effective for the Company, the Company does not believe any of these accounting pronouncements will have a material impact on its consolidated financial statements.

Segment Information and Concentrations

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION AND CONCENTRATIONS

4. SEGMENT INFORMATION AND CONCENTRATIONS

Subsequent to the Spin-Off, as described in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies”, the Company manages and reports the following segments:

•Retail - Our Retail segment is focused on serving retailers of all sizes, from local businesses to some of the most recognized brands in the world. Our software and solutions connect to a modern technology platform that allows retailers to run their stores like they run their digital channels, improving the experience for their customers. These solutions are designed to improve operational efficiency, sales productivity, customer satisfaction and purchasing decisions; provide secure checkout processes and payment systems; and increase service levels.

•Restaurants - Our Restaurants segment is focused on serving restaurants and food service establishments of all sizes, ranging from small and medium-sized businesses to some of the world’s top global food service enterprises. Our solution portfolio spans across table-service, quick-service and fast casual industries, providing competitive end-to-end solutions to “run-the-restaurant.” Our solution portfolio offers cloud-based, platform-enabled technology that is designed to improve operational efficiency, increase customer satisfaction, streamline order and transaction processing and reduce operating costs. In addition, we deliver service support, allowing our customers to focus on their core competencies. Our end-to-end services are a strong differentiating factor within the market.

•Digital Banking - Our Digital Banking segment serves financial institutions by delivering software solutions which enable a fully integrated digital experience for consumer and business customers across all channels. We serve banks and credit unions in the United States with our cloud-based software solutions including account opening, account management, transaction processing, imaging, and branch services, among others. We are unique in our ability to offer unified banking solutions across digital (application and browser), in-branch and via interactive teller machines (“ITMs”).

Corporate and Other includes income and expenses related to corporate functions that are not specifically attributable to any of our three individual reportable segments along with certain non-strategic businesses that are considered immaterial operating segment(s) and certain countries which are expected to transfer to NCR Atleos during 2024, 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 in assessing segment performance and in allocating the Company’s resources. Management evaluates the performance of the segments based on revenue and Adjusted EBITDA. 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 other income (expense); plus pension mark-to-market adjustments and other special items, including amortization of acquisition-related intangibles, separation-related costs, cyber ransomware incident recovery costs net of insurance recoveries, fraudulent ACH disbursements costs, net of recoveries, transformation and restructuring charges (which includes integration, severance and other exit and disposal 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 condensed consolidated financial statements as a whole. Intersegment sales and transfers are not material.

The following table presents revenue and Adjusted EBITDA by segment:


In millions	Three months ended March 31
	2024		2023
Revenue by segment
Retail	$	491	$	528
Restaurants	202		211
Digital Banking	147		137
Total segment revenue	$	840	$	876
Other	22		40
Total revenue	$	862	$	916

Adjusted EBITDA by segment
Retail	$	86	$	83
Restaurants	55		44
Digital Banking	54		49
Segment Adjusted EBITDA	$	195	$	176

The following table reconciles Segment Adjusted EBITDA to Net income (loss) from continuing operations attributable to NCR Voyix:


In millions	Three months ended March 31
	2024		2023
Segment Adjusted EBITDA	$	195	$	176
Corporate and other income and expenses not allocated to reportable segments	75		52

Depreciation and amortization	66		59
Acquisition-related amortization of intangibles	14		17
Interest expense	39		83
Interest income	(2)		(3)



Income tax expense (benefit)	(14)		5
Stock-based compensation expense	13		25
Transformation and restructuring costs(1)	32		3
Separation costs(2)	5		2
Loss (gain) on disposal of businesses	(7)		(3)

Foreign currency devaluation(3)	15		—
Fraudulent ACH disbursements(4)	(1)		2

Cyber ransomware incident recovery costs(5)	—		—
Net income (loss) from continuing operations attributable to NCR Voyix	$	(40)	$	(66)

(1)Represents integration, severance, and other exit and disposal costs, as well as professional fees related to strategic initiatives, which are considered non-operational in nature.

(2)Represents costs incurred as a result of the Spin-Off. Professional fees to effect the spin-off of NCR Atleos including separation management, organizational design, and legal fees have been classified within discontinued operations during the three months ended March 31, 2023.

(3)Represents gains and losses recognized during the quarter 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. 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”.

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 millions	Three months ended March 31
	2024		2023
United States	$	605	$	631
Americas (excluding United States)	59		62
Europe, Middle East and Africa	125		139
Asia Pacific	73		84
Total revenue	$	862	$	916

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 millions	Three months ended March 31
	2024		2023
Recurring revenue(1)	$	536	$	532
All other products and services	326		384
Total revenue	$	862	$	916

(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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income (loss)	$ (41)	$ 8
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	81	151
Stock-based compensation expense	13	32
Deferred income taxes	6	6
Loss (gain) on disposal of property, plant and equipment and other assets	0	2
(Gain) loss on divestiture	(7)	(3)
Changes in assets and liabilities, net of effects of business acquired:
Receivables	17	65
Inventories	0	(45)
Current payables and accrued expenses	(61)	20
Contract liabilities	61	95
Employee benefit plans	(3)	(16)
Other assets and liabilities	(101)	(4)
Net cash provided by (used in) operating activities	(35)	311
Investing activities
Expenditures for property, plant and equipment	(8)	(19)
Additions to capitalized software	(53)	(64)
Business acquisitions, net of cash acquired	0	(6)
Proceeds from divestiture	7	3
Net cash provided by (used in) investing activities	(54)	(86)
Financing activities
Payments on term credit facilities	(4)	(26)
Payments on revolving credit facilities	(122)	(448)
Borrowings on revolving credit facilities	220	318
Cash dividend paid for Series A preferred shares dividends	(4)	(4)
Proceeds from employee stock plans	0	6
Tax withholding payments on behalf of employees	(8)	(16)
Principal payments for finance lease obligations	(2)	(5)
Net cash provided by (used in) financing activities	80	(175)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(7)	(10)
Increase (decrease) in cash, cash equivalents, and restricted cash	(16)	40
Cash, cash equivalents and restricted cash at beginning of period	285	740
Cash, cash equivalents and restricted cash at end of period	$ 269	$ 780

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying Condensed Consolidated Financial Statements have been prepared by NCR Voyix Corporation (“NCR Voyix”, the “Company”, “we” or “us”) without audit pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and, in the opinion of management, include all adjustments (consisting of normal, recurring adjustments, unless otherwise disclosed) necessary for a fair statement of the condensed consolidated results of operations, financial position, and cash flows for each period presented. The consolidated results for the interim periods are not necessarily indicative of results to be expected for the full year. The 2023 year-end Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (GAAP). These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and revenue and expenses during the period reported. Although our estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations and financial position. In particular, a number of estimates have been and will continue to be affected by macroeconomic pressures and geopolitical challenges. The ultimate impact on our overall financial condition and operating results will depend on supply chain challenges and cost escalations including materials, interest, labor and freight, and any additional governmental and public actions taken in response. As a result, our accounting estimates and assumptions may change over time as a consequence of the effects of these external factors. Such changes could result in future impairments of goodwill, intangible assets, long-lived assets, incremental credit losses on accounts receivable and decreases in the carrying amount of our tax assets.
Evaluation of Subsequent Events	Evaluation of Subsequent Events The Company evaluated subsequent events through the date that our Condensed Consolidated Financial Statements were issued. Other than the items discussed within the Notes to Condensed Consolidated Financial Statements, no matters were identified that required adjustment to the Condensed Consolidated Financial Statements or additional disclosure.
Reclassifications	Reclassifications Certain prior-period amounts have been reclassified in the accompanying Condensed Consolidated Financial Statements and Notes thereto in order to conform to the current period presentation. Reclassifications had no effect on prior year net income or stockholders’ equity.
Remaining Performance Obligations	Remaining Performance Obligations Remaining performance obligations represent the transaction price of orders for which products have not been delivered or services have not been performed. As of March 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $1.4 billion. The Company expects to recognize revenue on approximately three-quarters of the remaining performance obligations over the next 12 months, with the remainder recognized thereafter. The majority of our professional services are expected to be recognized over the next 12 months but this is contingent upon a number of factors, including customers’ needs and schedules. The Company has made three elections that affect the value of remaining performance obligations described above. We do not disclose remaining performance obligations for contracts where variable consideration is directly allocated based on usage or when the original expected duration is one year or less. Additionally, we do not disclose remaining performance obligations for contracts where we recognize revenue from the satisfaction of the performance obligation in accordance with the ‘right to invoice’ practical expedient.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements Issued But Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment enhances disclosures of significant segment expenses by requiring disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”), extend certain annual disclosures to interim periods, and permit more than one measure of segment profit or loss to be reported under certain conditions. The amendment is effective for the Company in fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption of the amendment is permitted, including adoption in any interim periods for which financial statements have not been issued. The Company is currently evaluating the guidance and its impact to the financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance requires disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a specified quantitative threshold. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is in the process of assessing the impact the adoption of this guidance will have on the Company’s financial statement disclosures. Although there are other new accounting pronouncements issued by the FASB and not yet adopted by or effective for the Company, the Company does not believe any of these accounting pronouncements will have a material impact on its consolidated financial statements.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 18
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 18
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Paragraph 20
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 20
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Fair Value of Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

Assets and liabilities recorded at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 are set forth as follows:


	March 31, 2024
In millions	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Deposits held in money market mutual funds(1)	$	35	$	35	$	—	$	—


Total	$	35	$	35	$	—	$	—
Liabilities:

Foreign exchange contracts(3)	$	1	$	—	$	1	$	—
Total	$	1	$	—	$	1	$	—


	December 31, 2023
In millions	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:


Foreign exchange contracts(2)	$	5	$	—	$	5	$	—

Total	$	5	$	—	$	5	$	—
Liabilities:

Foreign exchange contracts(3)	$	4	$	—	$	4	$	—
Total	$	4	$	—	$	4	$	—

(1)Included in Cash and cash equivalents in the Condensed Consolidated Balance Sheets.

(2)Included in Prepaid and other current assets in the Condensed Consolidated Balance Sheets.

(3)Included in Other current liabilities in the Condensed Consolidated Balance Sheets.

Revised 2023 Quarterly Financial Statements (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Quarterly Financial Information


	Three Months Ended March 31, 2023
In millions, except per share amounts	As reported		Discontinued operations		Adjustment		As recasted and revised
Product revenue	$	521	$	230	$	—	$	291
Service revenue	1,370		745		—		625
Total revenue	1,891		975		—		916
Cost of products	456		187		—		269
Cost of services	969		552		—		417
Selling, general and administrative expenses	292		139		2		155
Research and development expenses	64		15		—		49
Total operating expenses	1,781		893		2		890
Income (loss) from operations	110		82		(2)		26
Loss on extinguishment of debt	—		—		—		—
Interest expense	(83)		—		—		(83)
Other income (expense), net	(3)		1		—		(4)
Income (loss) from continuing operations before income taxes	24		83		(2)		(61)
Income tax expense (benefit)	14		9		—		5
Income from continuing operations	10		74		(2)		(66)
Income (loss) from discontinued operations, net of tax	—		(74)		—		74
Net income (loss)	10		—		(2)		8
Net income (loss) attributable to noncontrolling interests	1		1		—		—
Net income attributable to noncontrolling interests of discontinued operations	—		(1)		—		1
Net income (loss) attributable to NCR Voyix	$	9	$	—	$	(2)	$	7
Amounts attributable to NCR Voyix common stockholders
Income (loss) from continuing operations	$	9					$	(66)
Series A convertible preferred stock dividends	(4)						(4)
Income (loss) from continuing operations attributable to NCR Voyix	5						(70)
Income (loss) from discontinued operations, net of tax	—						73
Net income (loss) attributable to NCR Voyix common stockholders	$	5					$	3
Income (loss) per share attributable to common stockholders:
Basic earnings (loss) per share:
Continuing operations	$	0.04					$	(0.50)
Discontinued operations	—						0.52
Net income attributable to common shareholders	$	0.04					$	0.02
Diluted earnings (loss) per share:
Continuing operations	$	0.04					$	(0.50)
Discontinued operations	—						0.52
Diluted earnings per share attributable to common shareholders	$	0.04					$	0.02

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for credit loss	$ 28	$ 29
Convertible Preferred Stock:
Temporary equity, par value (in dollars per share)	$ 0.01	$ 0.01
Temporary equity, shares authorized (in shares)	3,000,000.0	3,000,000.0
Temporary equity, shares issued (in shares)	300,000	300,000
Temporary equity, shares outstanding (in shares)	300,000	300,000
Temporary equity, aggregate amount of redemption requirement	$ 276	$ 276
Temporary equity, liquidation preference	$ 276	$ 276
Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000.0	100,000,000.0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000.0	500,000,000.0
Common stock, shares issued (in shares)	144,600,000	142,600,000
Common stock, shares outstanding (in shares)	144,600,000	142,600,000

Segment Information and Concentrations (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenue and Operating Income by Segment

The following table presents revenue and Adjusted EBITDA by segment:


In millions	Three months ended March 31
	2024		2023
Revenue by segment
Retail	$	491	$	528
Restaurants	202		211
Digital Banking	147		137
Total segment revenue	$	840	$	876
Other	22		40
Total revenue	$	862	$	916

Adjusted EBITDA by segment
Retail	$	86	$	83
Restaurants	55		44
Digital Banking	54		49
Segment Adjusted EBITDA	$	195	$	176

The following table reconciles Segment Adjusted EBITDA to Net income (loss) from continuing operations attributable to NCR Voyix:


In millions	Three months ended March 31
	2024		2023
Segment Adjusted EBITDA	$	195	$	176
Corporate and other income and expenses not allocated to reportable segments	75		52

Depreciation and amortization	66		59
Acquisition-related amortization of intangibles	14		17
Interest expense	39		83
Interest income	(2)		(3)



Income tax expense (benefit)	(14)		5
Stock-based compensation expense	13		25
Transformation and restructuring costs(1)	32		3
Separation costs(2)	5		2
Loss (gain) on disposal of businesses	(7)		(3)

Foreign currency devaluation(3)	15		—
Fraudulent ACH disbursements(4)	(1)		2

Cyber ransomware incident recovery costs(5)	—		—
Net income (loss) from continuing operations attributable to NCR Voyix	$	(40)	$	(66)

(1)Represents integration, severance, and other exit and disposal costs, as well as professional fees related to strategic initiatives, which are considered non-operational in nature.

(3)Represents gains and losses recognized during the quarter due to changes in valuation of the Lebanese pound and the Egyptian pound.

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area

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 millions	Three months ended March 31
	2024		2023
United States	$	605	$	631
Americas (excluding United States)	59		62
Europe, Middle East and Africa	125		139
Asia Pacific	73		84
Total revenue	$	862	$	916

Schedule of Revenues from Products and Services

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 millions	Three months ended March 31
	2024		2023
Recurring revenue(1)	$	536	$	532
All other products and services	326		384
Total revenue	$	862	$	916

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

10. COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Company is subject to various proceedings, lawsuits, claims and other matters, including, for example, those that relate to the environment and health and safety, labor and employment, employee benefits, import/export compliance, patents or other intellectual property, data privacy and security, product liability, commercial disputes and regulatory compliance, among others. Additionally, the Company is subject to diverse and complex laws and regulations, including those relating to corporate governance, public disclosure and reporting, environmental safety and the discharge of materials into the environment, product safety, import and export compliance, data privacy and security, antitrust and competition, government contracting, anti-corruption, and labor and human resources, which are rapidly changing and subject to many possible changes in the future. Compliance with these laws and regulations, including changes in accounting standards, taxation requirements, and federal securities laws among others, may create a substantial burden on, and substantially increase costs to the Company or could have an impact on the Company’s future operating results. The Company has reflected all liabilities when a loss is considered probable and reasonably estimable in the Condensed Consolidated Financial Statements. We do not believe there is a reasonable possibility that losses exceeding amounts already recognized have been incurred, but there can be no assurances that the amounts required to satisfy alleged liabilities from such matters will not impact future operating results. Other than as stated below, the Company does not currently expect to incur material capital expenditures related to such matters. However, there can be no assurances that the actual amounts required to satisfy alleged liabilities from various lawsuits, claims, legal proceedings and other matters, including, but not limited to the Kalamazoo River environmental matter and other matters discussed above and below, and to comply with applicable laws and regulations, will not exceed the amounts reflected in the Condensed Consolidated Financial Statements or will not have a material adverse effect on its consolidated results of operations, capital expenditures, competitive position, financial condition or cash flows.

Environmental Matters The Company’s facilities and operations are subject to a wide range of environmental protection laws, and the Company has investigatory and remedial activities underway at a number of facilities that it currently owns or operates, or formerly owned or operated, to comply, or to determine compliance, with such laws. Also, the Company has been identified, either by a government agency or by a private party seeking contribution to site clean-up costs, as a potentially responsible party (“PRP”) at a number of sites pursuant to various state and federal laws, including the Federal Water Pollution Control Act, the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and comparable state statutes. Following the Spin-Off, the Company will retain the responsibility to manage the identified environmental liabilities and remediations, subject however to an indemnity obligation by NCR Atleos to contribute 50% of the costs of certain environmental liabilities after an annual $15 million funding threshold is met. Other than the Kalamazoo River matter discussed below, we currently do not anticipate material expenses and liabilities from these environmental matters.

Fox River The Company was one of eight entities that was formally notified by governmental and other entities that it was a PRP for environmental claims (under CERCLA and other statutes) arising out of the presence of polychlorinated biphenyls (“PCBs”) in sediments in the lower Fox River and in the Bay of Green Bay in Wisconsin. The Company was identified as a PRP because of alleged PCB discharges from two carbonless copy paper manufacturing facilities it previously owned, which were located along the Fox River, and carbonless copy paper “broke” the Company allegedly sold to other mills as raw material. In 2017, the Company entered into a Consent Decree with the federal and state governments for the clean-up of the Fox River, which was approved on August 22, 2017 by the federal district court in Wisconsin presiding over this matter. The Consent Decree resolved the Company’s disputes with the enforcement agencies as well as the other PRPs.

All litigation relating to the contribution and enforcement of remediation obligations on the Fox River has been concluded. On October 3, 2022, the Environmental Protection Agency issued the Company a Certificate of Completion certifying that all of the Company’s remedial obligations under the Consent Decree have been completed.

The cost of the Fox River remediation has been shared with three parties (the previously reported API having fully satisfied its obligations in 2016, and is now bankrupt): B.A.T. Industries p.l.c. (“BAT”) as co-obligor, and AT&T Corp. (“AT&T”) and Nokia (as the successor to Lucent Technologies and Alcatel-Lucent USA) as indemnitors. Under a 1998 Cost Sharing Agreement and subsequent 2005 arbitration award (collectively, the “Cost Sharing Agreement”), from 2008 through 2014, BAT paid 60% of the cost of the Fox River clean-up and natural resource damages (“NRD”). Pursuant to a September 30, 2014 Funding Agreement (the “Funding Agreement”) BAT funded 50% of the Company’s Fox River remediation costs from October 1, 2014 forward; the Funding Agreement also provides the Company contractual avenues for a future payment of, via direct and third-party sources, (1) the difference between BAT’s 60% obligation under the Cost Sharing Agreement on the one hand and

their ongoing (since September 2014) 50% payments under the Funding Agreement on the other, and (2) the difference between the amount the Company received under the Funding Agreement and the amount owed to it under the Cost Sharing Agreement for the period from April 2012 through September 2014 (collectively, the “Funding Agreement Receivable”). Pursuant to a 2015 Letter Agreement, the Company’s contractual avenue for direct payment by BAT was effectively stayed pending completion of other unrelated lawsuits by BAT against third-parties. As of March 31, 2024 and December 31, 2023, the Funding Agreement Receivable was approximately $54 million and was included in Other assets in the Condensed Consolidated Balance Sheets. The timing of collection of sums related to the receivable is uncertain, subject and pursuant to the terms of the Funding Agreement and related agreements. This receivable is not taken into account in calculating the Company’s Fox River remaining reserve.

Additionally, under a 1996 Divestiture Agreement, the Company, AT&T and Nokia have mutual several (not joint) responsibility for indemnifying each other for certain environmental matters, including the Fox River and the Kalamazoo River discussed below, after defined dollar expenditures are met. AT&T and Nokia have been reimbursing the Company for certain portions of the amounts paid by the Company for the Fox River matter over the defined threshold for Fox River subject to certain offsets for insurance recoveries and net tax benefits (the “Divestiture Agreement Offsets”). The Divestiture Agreement governs certain aspects of AT&T’s divestiture of the Company and Lucent Technologies. Those companies have generally made the payments requested of them by the Company on an ongoing basis. The Company, AT&T and Nokia are currently discussing a final reconciliation of the Divestiture Agreement Offsets, but the timing for a final resolution is uncertain.

The final reconciliation of the Funding Agreement Receivable and the Divestiture Agreement Offsets could result in additional expenditures and liabilities for the Company that could be material. As of March 31, 2024 and December 31, 2023, we have no remaining liability for environmental remedial obligations for the Fox River matter. As of March 31, 2024 and December 31, 2023, the liability subject to final reconciliation with indemnitors under the Divestiture Agreement was approximately $22 million.

Kalamazoo River In November 2010, The United States Environmental Protection Agency (“USEPA”) issued a “general notice letter” to the Company with respect to the Allied Paper, Inc./Portage Creek/Kalamazoo River Superfund Site (“Kalamazoo River site”) in Michigan. Three other companies - International Paper, Mead Corporation, and Consumers Energy - also received general notice letters at or about the same time. USEPA asserts that the site is contaminated by various substances, primarily PCBs, as a result of discharges by various paper mills located along the river. USEPA does not claim that the Company made direct discharges into the Kalamazoo River, and the Company never had facilities at or near the Kalamazoo River site, but USEPA indicated that “NCR may be liable under Section 107 of CERCLA ... as an arranger, who by contract or agreement, arranged for the disposal, treatment and/or transportation of hazardous substances at the Site.” USEPA stated that it “may issue special notice letters to [NCR] and other PRPs for future RI/FS [remedial investigation / feasibility studies] and RD/RA [remedial design / remedial action] negotiations.”

In connection with the Kalamazoo River site, in December 2010 the Company, along with two other defendants, was sued in federal court by three Georgia Pacific (“GP”) affiliate corporations in a private-party contribution and cost recovery action for alleged pollution. The suit sought to require that the Company and other defendants pay a “fair portion” of these companies’ costs and also alleged that the Company was liable to the GP entities as an “arranger” under CERCLA. The initial phase of the case was tried in a Michigan federal court in February 2013 and in September 2013 the court issued a decision that held the Company was liable as an “arranger” as of at least March 1969 (PCB-containing carbonless copy paper was produced from approximately 1954 to April 1971, and the majority of contamination at the Kalamazoo River site had occurred prior to 1969).

In a ruling issued in March 2018, the court addressed responsibility for the costs that GP had incurred in the past, totaling to approximately $50 million (GP had sought approximately $105 million, but $55 million of those claims were removed by the court upon motions filed by the Company and other parties). The Company and GP were each assigned a 40% share of those costs, and the other two companies were assigned 15% and 5% as their allocations. The court entered a judgment in the case in June 2018, in which it indicated that it would not allocate future costs, but would enter a declaratory judgment that the four companies together had responsibility for future costs, in amounts and shares to be determined. In July 2018, the Company appealed to the United States Court of Appeals for the Sixth Circuit both the 2013 court decision and the 2018 court decision.

During the pendency of the Sixth Circuit appeal, the Company negotiated a settlement of the Kalamazoo River matter with the USEPA and other government agencies. In December 2019, the Company entered into a Consent Decree and in December 2020, the District Court approved the Consent Decree, which resolved the foregoing litigation associated with the Kalamazoo River clean-up, including the Sixth Circuit appeal. The Consent Decree requires the Company to pay GP its 40% share of past costs, to pay the USEPA and state agencies their past and future administrative costs. It also required the Company to dismiss

its Sixth Circuit appeal. The Consent Decree further requires the Company to take responsibility for the remediation of a portion, but not all, of the Kalamazoo River. The Consent Decree provides the Company protection from other PRPs, including GP, seeking contribution for their costs associated with the clean-up anywhere on the river, thereby resolving the allocation of future costs left unresolved by the June 2018 judgment.

The Company believes it has meritorious claims to recover certain Kalamazoo River remediation expenses from BAT under the Cost Sharing Agreement, discussed above, as the river is a “future site” under the agreement. To date, BAT disputes that the Kalamazoo River is a “future site.” In February 2023, the Company filed an action against BAT in the Southern District of New York seeking a declaration that the Kalamazoo River is a “future site” under the Cost Sharing Agreement. In December 2022, the Company met the contractual threshold set forth in the 1996 Divestiture Agreement and as a result also has indemnity or reimbursement claims against AT&T and Nokia.

In November 2023, the USEPA issued a conditional approval for a work plan to remediate one area of the Kalamazoo River (referred to by USEPA as Area 4) for which the Company has remediation responsibility. The conditional approval provided the Company with sufficient information to estimate the cost of the first phase of remediation for this area of the river and necessitated an increase in the Kalamazoo reserve. Subsequently, USEPA provided further clarification about the conditions with respect to completing the second phase of the work plan that could substantially increase the costs of remediation. The Company does not believe the scope of work for this second phase is its responsibility under the Consent Decree or the National Contingency Plan. On March 29, 2024, the Company filed a Notice of Dispute with the USEPA objecting to the scope of work for Area 4 as being inconsistent with the National Contingency Plan and contrary to the requirements of the Consent Decree. The Company is currently working with the USEPA to resolve this dispute. If the Area 4 dispute is not decided in the Company’s favor, the costs to remediate Area 4 could increase substantially.

As of March 31, 2024 and December 31, 2023, the total reserve for Kalamazoo was $142 million and $141 million, respectively. The reserve is reported on a basis that is net of expected contributions from the Company’s co-obligors and indemnitors, subject to when the applicable threshold is reached. While the Company believes its co-obligors’ and indemnitors’ obligations are as previously reported, the reserve reflects changes in positions taken by some of those co-obligors and indemnitors with respect to the Kalamazoo River. The contributions from its co-obligors and indemnitors are expected to range from $70 million to $155 million and the Company will continue to pursue such contribution.

As many aspects of the costs of remediation will not be determined for several years (and thus the high end of a range of possible costs for many areas of the site cannot be quantified at this time), the Company has made what it considers to be reasonable estimates of the low end of a range for such costs where remedies are identified, and/or of the costs of investigations and studies for areas of the river where remedies have not yet been determined, and the reserve is informed by those estimates. The extent of the Company’s potential liability remains subject to many uncertainties, notwithstanding the settlement of this matter and related Consent Decree noted above, particularly in as much as remedy decisions and cost estimates will not be generated until times in the future and as most of the work to be performed will take place through the 2030s. Under other assumptions or estimates for possible costs of remediation, which the Company does not at this point consider to be reasonably estimable or verifiable, it is possible that the reserve the Company has taken to discontinued operations reflected in this paragraph could more than approximately double the reflected reserve.

Ebina The Company has now completed all regulatory compliance activities in connection with certain environmental contaminants generated in its past operations in Japan. The Company once had quantities of PCB and other wastes primarily from its former plant at Oiso, Japan, including capsulated undiluted solutions manufactured in the past, capacitors, light ballasts and PCB-affected soil from the Oiso plant that was excavated and placed in steel drums. These wastes were stored in a facility at Ebina, Japan in accordance with Japanese regulations governing such materials. As of March 31, 2024, the Company has disposed of all wastes at the Ebina facility in accordance with government regulations, and this matter has been concluded.

The reserve as of March 31, 2024 is zero. The Japan environmental waste issue was treated as a compliance matter and not as litigation or enforcement, and the Company has received no threats of litigation or enforcement. Atleos does not have any indemnification obligations to the Company in connection with the Ebina matter.

Environmental-Related Insurance Recoveries In connection with the Fox River, Kalamazoo River and other environmental sites, through March 31, 2024, the Company has received a combined gross total of approximately $212 million in settlements reached with various of its insurance carriers. Portions of many of these settlements agreed in the 2010 through 2013 timeframe are payable to a law firm that litigated the claims on the Company’s behalf. Some of the settlements cover not only the Fox River but also other environmental sites; some are limited to either the Fox River or the Kalamazoo River site. Some of the

settlements are directed to defense costs and some are directed to indemnity; some settlements cover both defense costs and indemnity. The Company does not anticipate that further material insurance recoveries specific to Kalamazoo River remediation costs will be available to it, but it has recovered some amounts as a result of settlement discussions with certain carriers. Claims with respect to Kalamazoo River defense costs have now been settled, with the amounts of those settlements included in the sum reported above.

Environmental Remediation Estimates It is difficult to estimate the future financial impact of environmental laws, including potential liabilities. The Company records environmental provisions when it is probable that a liability has been incurred and the amount or range of the liability is reasonably estimable; in accordance with accounting guidance, where liabilities are not expected to be quantifiable or estimable for a period of years, the estimated costs of investigating those liabilities are recorded as a component of the reserve for that particular site. Provisions for estimated losses from environmental restoration and remediation are, depending on the site, based generally on internal and third-party environmental studies, estimates as to the number and participation level of other PRPs, the extent of contamination, estimated amounts for attorney and other fees, and the nature of required clean-up and restoration actions. Reserves are adjusted as further information develops or circumstances change. Management expects that the amounts reserved from time to time will be paid out over the period of investigation, negotiation, remediation and restoration for the applicable sites. The amounts provided for environmental matters in the Company’s Condensed Consolidated Financial Statements are the estimated gross undiscounted amounts of such liabilities, without deductions for indemnity insurance, third-party indemnity claims or recoveries from other PRPs, except as qualified in the following sentences. In those cases where insurance carriers or third-party indemnitors have agreed to pay any amounts and management believes that collectability of such amounts is probable, the amounts are recorded in the Condensed Consolidated Financial Statements. For the Fox River and Kalamazoo River sites, as described above, assets relating to the AT&T and Nokia indemnities and to the BAT obligations are recorded as payment is supported by contractual agreements, public filings and/or payment history.

Guarantees and Product Warranties In the ordinary course of business, the Company may issue performance guarantees on behalf of its subsidiaries to certain of its customers and other parties. Some of those guarantees may be backed by standby letters of credit, surety bonds, or similar instruments. In general, under the guarantees, the Company would be obligated to perform, or cause performance, over the term of the underlying contract in the event of an unexcused, uncured breach by its subsidiary, or some other specified triggering event, in each case as defined by the applicable guarantee. The Company believes the likelihood of having to perform under any such guarantee is remote. As of March 31, 2024 and December 31, 2023, the Company had no material obligations related to such guarantees, and therefore its Condensed Consolidated Financial Statements do not have any associated liability balance.

The Company provides its customers a standard manufacturer’s warranty and records, at the time of the sale, a corresponding estimated liability for potential warranty costs. Estimated future obligations due to warranty claims are based upon historical factors, such as labor rates, average repair time, travel time, number of service calls per machine and cost of replacement parts. When a sale is consummated, the total customer revenue is recognized, provided that all revenue recognition criteria are otherwise satisfied, and the associated warranty liability is recorded using pre-established warranty percentages for the respective product classes. Warranty reserve liabilities are presented in Other current liabilities and Other liabilities in the Consolidated Balance Sheets.

From time to time, product design or quality corrections are accomplished through modification programs. When identified, associated costs of labor and parts for such programs are estimated and accrued as part of the warranty reserve.

In addition, the Company provides its customers with certain indemnification rights, subject to certain limitations and exceptions. In some cases, the Company agrees to defend and indemnify its customers from third-party lawsuits alleging patent or other infringement of Company solutions based on its customers’ use of them. On limited occasions the Company will undertake to indemnify a customer for business, rather than contractual, reasons. From time to time, the Company also enters into agreements in connection with its acquisition and divestiture activities that include indemnification obligations by the Company. The fair value of these indemnification obligations is not readily determinable due to the conditional nature of the Company’s potential obligations, certain limitations to liability and indemnity exclusions that appear in certain of the Company’s agreements, and the specific facts and circumstances involved with each particular agreement. Historically, the Company has not recorded a liability in connection with these indemnifications. From time to time the Company has provided indemnification under these circumstances, none of which has resulted in material liabilities, and the Company expects these indemnities will continue to arise in the future.

Purchase Commitments The Company has purchase commitments for materials, supplies, services, and property, plant and equipment as part of the normal course of business. This includes a long-term service agreement with Accenture, under which many of the Company’s key transaction processing activities and functions are performed.

Stock Compensation Plans - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Discount stock purchase price percentage	15.00%
Look-back feature period of discount stock purchase price	3 months
Minimum contribution by participant percentage	1.00%
Maximum contribution by participant percentage	10.00%
Stocks purchased by employees during the period (in shares)	0.3	0.3
Discounted price per share of stocks purchased by employees (in dollar per share)	$ 10.74	$ 20.05
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value assumptions, expected term	3 years
Unrecognized compensation cost related to unvested awards	$ 87
Weighted average period to recognized compensation cost related to unvested awards	1 year 2 months 12 days

Stock Compensation Plans - Stock-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Restricted stock units	$ 12	$ 21
Stock options	0	2
Employee stock purchase plan	1	2
Stock-based compensation expense	13	25
Tax benefit	(1)	0
Stock-based compensation expense (net of tax)	$ 12	$ 25

Supplemental Financial Information - Components of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Accounts receivable, gross	$ 512	$ 506
Less: allowance for credit losses	(28)	(29)
Total accounts receivable, net	484	477
Trade
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Accounts receivable, gross	398	368
Other
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Accounts receivable, gross	$ 114	$ 138

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI by Component (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (451)	$ (429)
Other comprehensive income (loss) before reclassifications	(22)
Amounts reclassified from AOCI	0
Net current period other comprehensive (loss) income	(22)
Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(446)	(424)
Other comprehensive income (loss) before reclassifications	(22)
Amounts reclassified from AOCI	0
Net current period other comprehensive (loss) income	(22)
Changes in Employee Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(5)	(5)
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from AOCI	0
Net current period other comprehensive (loss) income	0
Effective Cash Flow Hedge Loss (Gain)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	0	$ 0
Other comprehensive income (loss) before reclassifications	0
Amounts reclassified from AOCI	0
Net current period other comprehensive (loss) income	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Discontinued Operations - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Income (loss) from discontinued operations, net of tax, environmental matters	$ 0	$ 0
Net cash provided by (used in) operating activities of discontinued operations	$ 0	$ (6)

Goodwill and Purchased Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND PURCHASED INTANGIBLE ASSETS

3. GOODWILL AND PURCHASED INTANGIBLE ASSETS

Goodwill by Segment The carrying amounts of goodwill by segment as of March 31, 2024 and December 31, 2023 are included in the table below. Foreign currency fluctuations are included within other adjustments.


	December 31, 2023												March 31, 2024
In millions	Goodwill		Accumulated Impairment		Total		Additions		Impairment		Other		Goodwill		Accumulated Impairment		Total

Retail	$	1,081	$	(34)	$	1,047	$	—	$	—	$	(1)	$	1,080	$	(34)	$	1,046
Restaurants	495		(23)		472		—		—		—		495		(23)		472
Digital Banking	521		—		521		—		—		—		521		—		521



Total goodwill	$	2,097	$	(57)	$	2,040	$	—	$	—	$	(1)	$	2,096	$	(57)	$	2,039

Identifiable Intangible Assets The Company’s purchased intangible assets, reported in Intangibles, net in the Condensed Consolidated Balance Sheets, were specifically identified when acquired, and are deemed to have finite lives. The gross carrying amount and accumulated amortization for the Company’s identifiable intangible assets were as set forth in the table below.


	Amortization Period (in Years)	March 31, 2024				December 31, 2023
In millions		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Identifiable intangible assets
Reseller & customer relationships	1 - 20	$	665	$	(448)	$	665	$	(438)
Intellectual property	2 - 8	494		(437)		494		(433)
Customer contracts	8	89		(89)		89		(89)
Tradenames	1 - 10	79		(76)		79		(76)
Total identifiable intangible assets		$	1,327	$	(1,050)	$	1,327	$	(1,036)

Amortization expense related to identifiable intangible assets for the following periods is:


	Three months ended March 31
In millions	2024		2023
Amortization expense	$	14	$	17

The estimated aggregate amortization expense for identifiable intangible assets for the following periods is:


			For the years ended December 31
In millions	Remainder of 2024		2025		2026		2027		2028		2029
Amortization expense	$	41	$	49	$	46	$	40	$	29	$	25

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net (loss) income attributable to parent	$ (40)	$ 7

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-00395
Entity Registrant Name	NCR VOYIX CORPORATION
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	31-0387920
Entity Address, Address Line One	864 Spring Street NW
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30308
City Area Code	800
Local Phone Number	225-5627
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	VYX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		145,014,989
Entity Central Index Key	0000070866
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Goodwill and Purchased Intangible Assets - Amortization Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 14	$ 17
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024	41
2025	49
2026	46
2027	40
2028	29
2029	$ 25

Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset impairment charges	$ 0	$ 0
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deposits held in money market mutual funds	35
Foreign exchange contracts			$ 0
Total	35		0
Foreign exchange contracts	0		0
Total	0		0
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deposits held in money market mutual funds	0
Foreign exchange contracts			5
Total	0		5
Foreign exchange contracts	1		4
Total	1		4
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deposits held in money market mutual funds	0
Foreign exchange contracts			0
Total	0		0
Foreign exchange contracts	0		0
Total	0		0
Fair Value, Recurring \| Total
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deposits held in money market mutual funds	35
Foreign exchange contracts			5
Total	35		5
Foreign exchange contracts	1		4
Total	$ 1		$ 4

Segment Information and Concentrations - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Segment Information and Concentrations - Revenue by Geography (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 862	$ 916
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	605	631
Americas (excluding United States)
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	59	62
Europe, Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	125	139
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 73	$ 84

- Definition

+ References

+ Details

Goodwill and Purchased Intangible Assets - Purchased Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,327	$ 1,327
Accumulated Amortization	(1,050)	(1,036)
Reseller & customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	665	665
Accumulated Amortization	$ (448)	(438)
Reseller & customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in Years)	1 year
Reseller & customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in Years)	20 years
Intellectual property
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 494	494
Accumulated Amortization	$ (437)	(433)
Intellectual property \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in Years)	2 years
Intellectual property \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in Years)	8 years
Customer contracts
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in Years)	8 years
Gross Carrying Amount	$ 89	89
Accumulated Amortization	(89)	(89)
Tradenames
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	79	79
Accumulated Amortization	$ (76)	$ (76)
Tradenames \| Minimum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in Years)	1 year
Tradenames \| Maximum
Finite-Lived Intangible Assets [Line Items]
Amortization Period (in Years)	10 years

Derivatives and Hedging Instruments - Gain (Loss) on Derivatives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
(Gain) loss reclassified from AOCI	$ 0	$ 19
Interest rate contracts \| Cash Flow Hedging \| Cost of services
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized	0	(11)
(Gain) loss reclassified from AOCI	0	(15)
Interest rate contracts \| Cash Flow Hedging \| Interest expense
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized	0	0
(Gain) loss reclassified from AOCI	$ 0	$ (4)

Discontinued Operations - Major Classes of Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets
Current assets of discontinued operations	$ 0	$ 8
Current liabilities
Current liabilities of discontinued operations	0	5
Noncurrent liabilities of discontinued operations	$ 0	2
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| Spin-Off of Atleos
Current assets
Accounts receivable, net of allowances		4
Inventories		3
Prepaid and other current assets		1
Current assets of discontinued operations		8
Total assets of discontinued operations		8
Current liabilities
Contract liabilities		3
Other current liabilities		2
Current liabilities of discontinued operations		5
Pension and indemnity plan liabilities		2
Noncurrent liabilities of discontinued operations		2
Total liabilities of discontinued operations		$ 7

Derivatives and Hedging Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule Location and Amounts of Derivative Fair Values in the Condensed Consolidated Balance Sheets

The following tables provide information on the location and amounts of derivative fair values in the Condensed Consolidated Balance Sheets:


	Fair Values of Derivative Instruments
	March 31, 2024
In millions	Balance Sheet Location	Notional Amount		Fair Value		Balance Sheet Location	Notional Amount		Fair Value
Derivatives not designated as hedging instruments




Foreign exchange contracts	Prepaid and other current assets			$	—	Other current liabilities			$	(1)
Total foreign exchange contracts		$	122	$	—		$	211	$	(1)
Total derivatives not designated as hedging instruments				$	—				$	(1)


	Fair Values of Derivative Instruments
	December 31, 2023
In millions	Balance Sheet Location	Notional Amount		Fair Value		Balance Sheet Location	Notional Amount		Fair Value




Derivatives not designated as hedging instruments
Foreign exchange contracts	Prepaid and other current assets			$	5	Other current liabilities			$	(4)
Total foreign exchange contracts		$	402	$	5		$	207	$	(4)
Total derivatives not designated as hedging instruments				$	5				$	(4)

Schedule Effects of Derivative Instruments on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income


In millions	Amount of Gain (Loss) Recognized in Other Comprehensive Income (OCI) on Derivative Contracts					Amount of (Gain) Loss Reclassified from AOCI into the Condensed Consolidated Statement of Operations
Derivatives in Cash Flow Hedging Relationships	For the three months ended March 31, 2024		For the three months ended March 31, 2023		Location of (Gain) Loss Reclassified from AOCI into the Condensed Consolidated Statement of Operations	For the three months ended March 31, 2024		For the three months ended March 31, 2023
Interest rate contracts	$	—	$	(11)	Cost of services	$	—	$	(15)
Interest rate contracts	$	—	$	—	Interest expense	$	—	$	(4)

Derivatives Not Designated as Hedging Instruments


		Amount of Gain (Loss) Recognized in the Condensed Consolidated Statement of Operations
In millions		Three months ended March 31
Derivatives not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in the Condensed Consolidated Statement of Operations	2024		2023
Foreign exchange contracts	Other income (expense), net	$	(6)	$	(5)

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location


	Location and Amount of (Gain) Loss Recognized in Income on Cash Flow Hedging Relationships for the three months ended March 31:
In millions	Cost of Services				Interest Expense
	2024		2023			2024		2023
Total amount of expense presented in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$	466	$	417		$	39	$	83

Amount of (gain) loss reclassified from Accumulated other comprehensive loss, net of expense	$	—	$	(15)		$	—	$	(4)

Segment Information and Concentrations - Revenue and Operating Income By Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 862	$ 916
Operating Segments
Segment Reporting Information [Line Items]
Total revenue	840	876
Adjusted EBITDA by segment	195	176
Other
Segment Reporting Information [Line Items]
Total revenue	22	40
Retail \| Operating Segments
Segment Reporting Information [Line Items]
Total revenue	491	528
Adjusted EBITDA by segment	86	83
Restaurants \| Operating Segments
Segment Reporting Information [Line Items]
Total revenue	202	211
Adjusted EBITDA by segment	55	44
Digital Banking \| Operating Segments
Segment Reporting Information [Line Items]
Total revenue	147	137
Adjusted EBITDA by segment	$ 54	$ 49

- Definition

+ References

+ Details

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total revenue	$ 862	$ 916
Selling, general and administrative expenses	132	155
Research and development expenses	60	49
Total operating expenses	858	890
Income (loss) from operations	4	26
Interest expense	(39)	(83)
Other income (expense), net	(20)	(4)
Income (loss) from continuing operations before income taxes	(55)	(61)
Income tax expense (benefit)	(14)	5
Income (loss) from continuing operations	(41)	(66)
Income (loss) from discontinued operations, net of tax	0	74
Net income (loss)	(41)	8
Net income (loss) attributable to noncontrolling interests	(1)	0
Net income (loss) attributable to noncontrolling interests of discontinued operations	0	1
Net income (loss) attributable to NCR Voyix	(40)	7
Amounts attributable to NCR Voyix common stockholders:
Income (loss) from continuing operations	(40)	(66)
Series A convertible preferred stock dividends	(4)	(4)
Income (loss) from continuing operations attributable to NCR Voyix common stockholders	(44)	(70)
Income from discontinued operations, net of tax	0	73
Net income (loss) attributable to NCR Voyix common stockholders	$ (44)	$ 3
Income (loss) per common share from continuing operations
Basic (in dollars per share)	$ (0.31)	$ (0.50)
Diluted (in dollars per share)	(0.31)	(0.50)
Net income (loss) per common share
Basic (in dollars per share)	(0.31)	0.02
Diluted (in dollars per share)	$ (0.31)	$ 0.02
Weighted average common shares outstanding
Basic (in shares)	143.5	139.6
Diluted (in shares)	143.5	139.6
Product
Total revenue	$ 232	$ 291
Cost of revenue	200	269
Services
Total revenue	630	625
Cost of revenue	$ 466	$ 417