NCR Voyix Corporation (VYX) Quarterly 10-Q Report
NCR Voyix Corporation (VYX) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a total revenue of $711 million for the quarter, a decrease from $809 million in the same quarter of the previous year. Product revenue declined by 26% to $219 million, while service revenue decreased by 4% to $492 million.
Gross margin for the quarter was 23.3%, down from 24.1% in the prior year period. This decline was attributed to a decrease in gross margin related to payments processing services following a divestiture.
Selling, general, and administrative expenses decreased to $113 million from $142 million in the previous year, reflecting cost mitigation actions.
Research and development expenses increased to $38 million from $29 million in the prior year, with a focus on continued investment in innovation.
The company reported a net loss from continuing operations of $31 million, compared to a loss of $266 million in the same quarter the previous year.
Adjusted EBITDA for the quarter was $93 million, a decrease from $103 million in the prior year period.
NCR Voyix completed the sale of its Digital Banking business, resulting in a gain of $1.5 billion, which is reflected in discontinued operations.
The company continues to address material weaknesses in its internal controls, specifically related to foreign currency transactions and automated clearing house disbursements.
NCR Voyix's liquidity position includes $795 million in cash and cash equivalents, with total debt reduced to $1.1 billion following the repayment of its Senior Secured Credit Facility.
The report outlines the company's strategic initiatives, including the transition of its hardware business to an outsourced design and manufacturing model, and highlights ongoing challenges in the macroeconomic environment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the NCR Voyix Corporation quarterly 10-Q report dated November 7, 2024. To report an error, please email [email protected].