NCR Voyix Corp

Previous wording

•Overview. This section contains background information on our company, summary of significant themes and events during the quarter as well as strategic initiatives and trends in order to provide context for management’s discussion and analysis of our financial condition and results of operations.

Current wording

•Overview. This section contains background information on the Company, a summary of significant events for the quarter, and information regarding strategic initiatives and trends in order to provide context for management’s discussion and analysis of our financial condition and results of operations.

Previous wording

•Results of operations. This section contains an analysis of our results of operations presented in the accompanying condensed consolidated statements of income by comparing the results for the three months ended March 31, 2026 to the results for the three months ended March 31, 2025.

Current wording

•Results of operations. This section contains an analysis of our results of operations presented in the accompanying condensed consolidated statements of income by comparing the results for the three and six months ended June 30, 2026 to the results for the three and six months ended June 30, 2025.

Previous wording

On September 30, 2024, the Company completed the sale of its Digital Banking segment businesses (the “Digital Banking Sale”) to an affiliate of The Veritas Capital Fund VIII, L.P. (the “Buyer”). The purchase price for the transaction was $2.45 billion in cash, subject to a post-closing adjustment, as well as contingent consideration of up to an additional $100 million in cash upon the achievement of a specified return on the Buyer’s invested capital at the time of any future sale. The historical financial results of the Digital Banking segment businesses are reflected as discontinued operations in the Company’s consolidated financial statements.

Current wording

On September 30, 2024, the Company completed the sale of its Digital Banking segment businesses (the “Digital Banking Sale”) to an affiliate of The Veritas Capital Fund VIII, L.P. (the “Buyer”). The historical financial results of the Digital Banking segment businesses are reflected as discontinued operations in the Company’s consolidated financial statements.

Previous wording

On August 6, 2024, the Company announced its entry into a commercial agreement with Ennoconn Corporation (“Ennoconn”) to transition its self-checkout and point-of-sale hardware businesses to an outsourced design and manufacturing model, including the sale of certain assets relating to these businesses (the “Hardware Business Transition”). Under the terms of the agreement, Ennoconn designs, manufactures, warrants, supplies, and ships self-checkout and point-of sale hardware directly to the Company’s customers and the Company sells hardware to its customers as a sales agent for Ennoconn and continues to provide its point-of sale and self-checkout software as well as key support and maintenance services. During the three months ended March 31, 2026, the Company sold inventory to Ennoconn as part of the Hardware Business Transition, and beginning on April 1, 2026, the Company began recording commission revenue from point-of-sale and self-checkout hardware sales as an agent for Ennoconn on a net basis, excluding the costs paid to Ennoconn.

Current wording

In August 2024, the Company announced its entry into a commercial agreement with Ennoconn Corporation (“Ennoconn”) to transition its self-checkout and point-of-sale hardware businesses to an outsourced design and manufacturing model, including the sale of certain assets relating to these businesses (the “Hardware Business Transition”). Under the terms of the agreement, Ennoconn designs, manufactures, warrants, supplies, and ships self-checkout and point-of-sale hardware directly to the Company’s customers and the Company sells hardware to its customers as a sales agent for Ennoconn and continues to provide its point-of-sale and self-checkout software as well as key support and maintenance services. During the six months ended June 30, 2026, the Company sold inventory to Ennoconn as part of the Hardware Business Transition, and beginning on April 1, 2026, the Company began recording commission revenue from point-of-sale and self-checkout hardware sales as an agent for Ennoconn on a net basis, excluding the costs paid to Ennoconn.

Previous wording

•Retail - Our Retail segment primarily serves enterprise and mid-market retailers in the convenience, fuel & retail; grocery, drug & mass merchandise; and department & specialty retail industries. Our retail solutions provide end-to-end connectivity to a customer’s operations, including, but not limited to the following operational activities, point-of-sale (“POS”), inventory management, fraud and loss prevention, loyalty and consumer engagement. Additionally, these solutions include open application program interface (“API”) connectivity to retail software platforms and applications, hardware terminals, self-service kiosks, including self-checkout (“SCO”), payment processing and merchant acquiring solutions and barcode scanners.

Current wording

•Retail - Our Retail segment serves enterprise and mid-market retailers primarily in the convenience, fuel & retail, grocery, drug & mass merchandise, and department & specialty retail industries. Our retail solutions, including software, services, payments, and hardware offerings, provide end-to-end connectivity within a customer’s operations, including, point-of-sale (“POS”), self-checkout (“SCO”), inventory and supply chain management, fraud and loss prevention, loyalty and consumer engagement.

Previous wording

•Restaurants - Our Restaurants segment is focused on serving restaurants and food service establishments including quick-service, table-service and fast casual restaurants of all sizes. Our restaurant solutions include, among others, POS hardware and software solutions, payment processing and merchant acquiring services, installation, maintenance, and managed and professional services. These solutions are designed to help streamline order and transaction processing, increase consumer engagement, increase kitchen productivity and reduce operating costs.

Current wording

•Restaurants - Our Restaurants segment is focused on serving restaurants and food service establishments, including quick-service, table-service and fast casual restaurants of all sizes. Our restaurant solutions include, software, payments, hardware, installation, maintenance, and managed and professional services. These solutions are designed to help streamline order and transaction processing, increase consumer engagement, manage the supply chain, increase kitchen productivity and reduce operating costs.

Previous wording

Corporate and Other includes income and expenses related to corporate functions that are not specifically attributable to any of our two individual reportable segments, along with certain non-strategic businesses that are considered immaterial operating segment(s), as well as commercial agreements with NCR Atleos in the prior year.

Current wording

Corporate and Other includes income and expenses related to corporate functions that are not specifically attributable to either of our two reportable segments, along with certain non-strategic businesses that are considered immaterial operating segment(s), as well as commercial agreements with NCR Atleos in the prior year.

Previous wording

The following were highlights for the first quarter of 2026:

Current wording

The following were highlights for the second quarter of 2026:

Previous wording

◦Recurring revenue increased 4% as compared to the prior year period and comprised 69% of total consolidated revenue

Current wording

•Recurring revenue increased 3% as compared to the prior year period and comprised 83% of total consolidated revenue

Previous wording

◦Software and services revenue decreased 1% compared to the prior year period and comprised 78% of total consolidated revenue

Current wording

•Software and services revenue increased 1% compared to the prior year period and comprised 95% of total consolidated revenue

Previous wording

Our strategy is to advance our position as the platform-powered leader in unified commerce for shopping and dining at a time when consumer expectations for seamless, personalized and frictionless experiences continue to rise across both retail and restaurant environments. Today’s consumers expect to shop, order, pay and receive service effortlessly, whether online, in store, curbside or through mobile channels. They increasingly favor brands that deliver speed, consistency and convenience at every interaction. These heightened expectations have placed pressure on retailers and restaurants to modernize their operations and adopt technologies that can support real-time engagement and continuous innovation across digital and physical touchpoints. Guided by our mission to make the consumer experience seamless, we focus on delivering integrated, scalable solutions that enable restaurants and retailers to differentiate their brands and operate more efficiently in a rapidly evolving commerce landscape. By combining hardware, software, services and payments into a unified suite of offerings, we can deliver to customers an end-to-end value proposition that we believe is difficult to match. As the adoption of our platform and solutions accelerates, we expect to strengthen customer relationships, enhance recurring revenue streams and broaden monetization opportunities across our Voyix Commerce Platform. To achieve our goals, we are focused on: (i) delivering a modern suite of Software-as-a-Service (“SaaS”) solutions, (ii) expanding adoption of our integrated payment solutions, (iii) scaling our differentiated services offerings and (iv) investing in innovation to further expand our platform capabilities.

Current wording

Our strategy is to advance our position as the platform-powered leader in unified commerce for shopping and dining at a time when consumer expectations for seamless, personalized and frictionless experiences continue to rise across both retail and restaurant environments. Today’s consumers expect to shop, order, pay and receive service effortlessly, whether online, in store, curbside or through mobile channels. They increasingly favor brands that deliver speed, consistency and convenience at every interaction. These heightened expectations have placed pressure on retailers and restaurants to modernize their operations and adopt technologies that can support real-time engagement and continuous innovation across digital and physical touchpoints. Guided by our mission to make the consumer experience seamless, we focus on delivering integrated, scalable solutions that enable restaurants and retailers to differentiate their brands and operate more efficiently in a rapidly evolving commerce landscape. By combining hardware, software, services and payments into a unified suite of offerings, we can deliver to customers an end-to-end value proposition that we believe is difficult to match. As the adoption of our platform and solutions accelerates, we expect to strengthen customer relationships, enhance recurring revenue streams and broaden monetization opportunities across our Voyix Commerce Platform. To achieve our goals, we are focused on: (i) delivering a modern suite of

Previous wording

The U.S. and other global markets currently are experiencing increased volatility due to the effects of, among other things, recent changes in imposed or threatened tariffs and other trade policy changes by the U.S. and other countries, escalating geopolitical and civil conflicts, including, but not limited to, Eastern Europe and the Middle East, inflationary pressures, such as increasing prices for goods and services, changing fiscal and/or monetary policies in the U.S. and elsewhere, and fluctuating currency exchange rates, elevated unemployment rates, global shortages of microchips and other technology components, primarily driven by the adoption of artificial intelligence technologies, and, in some locations around the world, decreased economic conditions that indicate the potential for near-term recessions or slowdowns.

Current wording

The U.S. and other global markets currently are experiencing increased volatility due to the effects of, among other things, recent changes in imposed or threatened tariffs and other trade policy changes by the U.S. and other countries, escalating geopolitical and civil conflicts, including, but not limited to, Eastern Europe and the Middle East, inflationary pressures, such as increasing prices for goods and services (including fuel), changing fiscal and/or monetary policies in the U.S. and elsewhere, and fluctuating currency exchange rates, elevated unemployment rates, global shortages of microchips and other technology components, primarily driven by the adoption of artificial intelligence technologies, and, in some locations around the world, decreased economic conditions that indicate the potential for near-term recessions or slowdowns.

Previous wording

Given our geographic presence and the multinational composition of our customer base, our business and financial performance could be impacted by the evolving global economic landscape. We are subject to a variety of risks posed by the current macroeconomic environment, and we are continuously monitoring the direct and indirect impacts of these circumstances. U.S. foreign trade policy continues to evolve under the current presidential administration, including the announcement of a number of new tariffs in the wake of the U.S. Supreme Court’s February 2026 decision to uphold a ruling that invalidated certain tariffs previously imposed. It is currently unknown if these tariffs will remain in place, be expanded or be removed, and we do not know whether foreign countries will adopt retaliatory trade policies in response to these new tariffs. As a result of these developments, we do not know the full extent of the impact of the recently invalidated tariffs or of the new tariffs recently imposed, and there is much uncertainty surrounding the long-term effects that they will have on economic conditions within the U.S. and elsewhere.

Current wording

Given our geographic presence and the multinational composition of our customer base, our business and financial performance could be impacted by the evolving global economic landscape. We are subject to a variety of risks posed by the current macroeconomic environment, and we are continuously monitoring the direct and indirect impacts of these circumstances. Economic pressures on retail and restaurant businesses and on consumers could negatively affect our revenue and profitability in future periods. In addition, U.S. foreign trade policy continues to evolve under the current presidential administration, including the announcement of a number of new tariffs subsequent to the U.S. Supreme Court’s February 2026 decision to uphold a ruling that invalidated certain tariffs previously imposed. It is currently unknown if these tariffs will remain in place, be expanded or be removed, and we do not know whether foreign countries will adopt retaliatory trade policies in response to these new tariffs. The current trade policy environment is expected to continue to evolve, but we cannot anticipate the impact that these or other changes will have on our business and financial performance. As a result of these uncertainties, we may be impacted in the future within the markets in which we operate.

Previous wording

The following tables show our results for the three months ended March 31, 2026 and 2025, respectively, the relative percentage that those amounts represent to revenue, and the change in those amounts year-over-year.

Current wording

The following tables show our results for the three and six months ended June 30, 2026 and 2025, respectively, the relative percentage that those amounts represent to revenue, and the change in those amounts year-over-year.

Previous wording

The following tables show our key strategic financial metrics for the three months ended March 31, 2026 and 2025, respectively, the relative percentage that those amounts represent to total revenue, and the change in those amounts year-over-year.

Current wording

The following tables show our key strategic financial metrics for the three and six months ended June 30, 2026 and 2025, respectively, the relative percentage that those amounts represent to total revenue, and the change in those amounts year-over-year.

Previous wording

(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, SaaS solutions revenue, payment processing revenue, and certain professional services arrangements as well as term-based software license arrangements that include customer termination rights.

Current wording

(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.

Previous wording

Product revenue includes our hardware and software license revenue streams. Service revenue includes SaaS solutions, software maintenance, professional services, installation services, payment processing and hardware maintenance.

Current wording

Product revenue includes our hardware and software license revenue streams. Service revenue includes SaaS solutions, software maintenance, professional services, installation services, payment processing and hardware maintenance, as well as hardware commission revenue beginning in the second quarter of 2026.

Previous wording

Total revenue decreased 1% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Product revenue for the three months ended March 31, 2026 decreased 2% compared to the three months ended March 31, 2025 due to a decline in SCO and POS hardware revenues. Service revenue for the three months ended March 31, 2026 decreased 1% compared to the three months ended March 31, 2025 mainly due to decreases in non-recurring installation services, SaaS solutions and professional services revenues, offset by increases in hardware maintenance, payments processing and software maintenance revenues. Recurring revenue increased 4% for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 primarily driven by payments processing and hardware maintenance revenues.

Current wording

Total revenue decreased 21% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Product revenue for the three months ended June 30, 2026 decreased 85% compared to the three months ended June 30, 2025 due to the Hardware Business Transition. Effective April 1, 2026, the Company transitioned from recognizing hardware revenue sales on a gross basis within Product revenue to recognizing net hardware commission revenue as an agent for Ennoconn, reported within Service revenue. Accordingly, the decrease in Product revenue primarily reflects the change in presentation resulting from the Hardware Business Transition. Service revenue for the three months ended June 30, 2026 increased 4% compared to the three months ended June 30, 2025 due to the net hardware commission revenue recognized in the second quarter of 2026 from the Hardware Business Transition, as previously discussed, as well as increases in payments processing revenue, hardware maintenance revenue and software maintenance revenue, offset by a decrease in SaaS solutions and non-recurring installation services revenues as compared to the prior year period. Recurring revenue increased 3% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 primarily driven by payments processing, software license and hardware maintenance revenues.

Previous wording

Selling, general, and administrative expenses were $110 million in the three months ended March 31, 2026, compared to $115 million in the three months ended March 31, 2025. As a percentage of revenue, selling, general and administrative expenses were 18.2% and 18.8% in the three months ended March 31, 2026 and 2025, respectively. The decrease in selling, general and administrative expenses for the three months ended March 31, 2026 compared to the prior year is due to the cost reduction initiatives implemented during the period.

Current wording

Selling, general, and administrative expenses were $112 million in the three months ended June 30, 2026, compared to $105 million in the three months ended June 30, 2025. As a percentage of revenue, selling, general and administrative expenses were 21.4% and 15.9% in the three months ended June 30, 2026 and 2025, respectively. The increase in selling, general and administrative expenses for the three months ended June 30, 2026 compared to the prior year period is due to an increase in employee related costs during the current period, as well as the impact of the now terminated transition services agreement related to the Digital Banking Sale.

Previous wording

Research and development expenses were $39 million in the three months ended March 31, 2026, compared to $40 million in the three months ended March 31, 2025. As a percentage of revenue, research and development costs were 6.4% and 6.5% in the three months ended March 31, 2026 and 2025, respectively. Research and development expenses in the three months ended March 31, 2026 have decreased compared to the prior year period due to cost reduction initiatives implemented during the period, including the use of artificial intelligence as a software development tool.

Current wording

Research and development expenses were $30 million in the three months ended June 30, 2026, compared to $32 million in the three months ended June 30, 2025. As a percentage of revenue, research and development costs were 5.7% and 4.8% in the three months ended June 30, 2026 and 2025, respectively. Research and development expenses in the three months ended June 30, 2026 have decreased compared to the prior year period due to cost reduction initiatives implemented during the period, including the use of artificial intelligence as a software development tool.

Previous wording

Interest expense was $15 million for both the three months ended March 31, 2026 and 2025. Interest expense is primarily related to our senior unsecured notes and borrowings under the Senior Secured Credit Facility.

Current wording

Interest expense was $15 million and $14 million for the three months ended June 30, 2026 and 2025, respectively. Interest expense is primarily related to our senior unsecured notes and borrowings under the Senior Secured Credit Facility.

Previous wording

Other income (expense), net was expense of $7 million and income of $8 million for the three months ended March 31, 2026 and 2025, respectively, with the components reflected in the following table:

Current wording

Other income (expense), net was expense of $1 million and $3 million for the three months ended June 30, 2026 and 2025, respectively, and expense of $8 million and income of $5 million for the six months ended June 30, 2026 and 2025, respectively, with the components reflected in the following table:

Previous wording

Included in Other, net for the three months ended March 31, 2026 are strategic initiative costs of $12 million related to the Hardware Business Transition.

Current wording

Included in Other, net for the three and six months ended June 30, 2026 are strategic initiative costs of $3 million and $15 million, respectively, related to the Hardware Business Transition. Additionally, included in Other, net for the three and six months ended June 30, 2026 is income related to the sale of IP addresses of $3 million and $6 million, respectively.

Previous wording

Income 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 $39 million for the three months ended March 31, 2026, compared to income tax benefit of $7 million for the three months ended March 31, 2025. The increase in the income tax benefit was primarily driven by changes to the estimated full-year valuation allowance and withholding taxes, changes in the geographic earnings mix, and a higher loss from continuing operations before taxes for the three months ended March 31, 2026, compared to the prior year.

Current wording

Income 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 $1 million for the three months ended June 30, 2026 compared to an income tax benefit of $4 million for the three months ended June 30, 2025. The decrease in the income tax benefit was primarily driven by an unfavorable change in discrete tax expenses and benefits for the three months ended June 30, 2026 compared to the prior year.

Previous wording

The Company recognized income from discontinued operations, net of tax, of $4 million for the three months ended March 31, 2025, of which $1 million of income related to the sale of the Japan Bank Technology Solutions business and $3 million of income from discontinued operations related to the Company’s environmental remediation matters.

Current wording

The Company recognized income from discontinued operations, net of tax, of $3 million for the three months ended June 30, 2026, consisting of $1 million of income from discontinued operations related to the sale of the Japan Bank Technology Solutions business and $2 million of income from discontinued operations related to the Company’s environmental remediation matters.

Previous wording

The Company recognized a loss from discontinued operations, net of tax, for the three months ended March 31, 2026 of which $2 million of loss from discontinued operations related to the sale of the Japan Bank Technology Solutions business and $1 million of loss from discontinued operations related to the Company’s environmental remediation matters.

Current wording

The Company recognized no income or loss from discontinued operations, net of tax, for the six months ended June 30, 2026, consisting of $1 million of loss from from discontinued operations related to the sale of the Japan Bank Technology Solutions business and $1 million of income from discontinued operations related to the Company’s environmental remediation matters.

Previous wording

The Company manages and reports its businesses in the following two segments: Retail and Restaurants. Segments are measured for profitability by the Company’s chief operating decision maker based on revenue and segment Adjusted EBITDA. Refer to the section above entitled “Non-GAAP Financial Measures and Use of Certain Terms” for our definition of Adjusted

Current wording

The Company manages and reports its businesses in the following two segments: Retail and Restaurants. Segments are measured for profitability by the Company’s chief operating decision maker based on revenue and segment Adjusted EBITDA. Refer to the section above entitled “Non-GAAP Financial Measures and Use of Certain Terms” for our definition of Adjusted EBITDA and the reconciliation of net income (loss) from continuing operations attributable to NCR Voyix (GAAP) to Adjusted EBITDA (non-GAAP).

Previous wording

The following tables show our segment revenue and Adjusted EBITDA for the three months ended March 31, the relative percentage that those amounts represent to segment revenue, and the change in those amounts year-over-year.

Current wording

The following tables show our segment revenue and Adjusted EBITDA for the three and six months ended June 30, the relative percentage that those amounts represent to segment revenue, and the change in those amounts year-over-year.

Previous wording

Retail revenue increased 2% for the three months ended March 31, 2026 compared to the prior year period. The increase in revenue is mainly related to an increase in payment processing, software license, software maintenance, hardware maintenance and hardware revenues, partially offset by a decrease in installation and professional services revenues for non-recurring revenue recognized in the prior year period. Retail recurring revenue grew by 5% when comparing the three months ended March 31, 2026 to the three months ended March 31, 2025.

Current wording

Retail revenue decreased 20% and 9% for the three and six months ended June 30, 2026, respectively, compared to the prior year periods. The decrease in revenue was primarily attributable to the Company’s Hardware Business Transition. As previously disclosed, effective April 1, 2026, the Company transitioned from recognizing hardware sales on a gross basis to recognizing net commission revenue as an agent for Ennoconn. The decrease in revenue was also due to a decline in non-recurring installation service revenues, offset by an increase in payment processing, software license, software maintenance, hardware maintenance and professional services revenues. Retail recurring revenue grew by 6% when comparing both the three and six months ended June 30, 2026 to the three and six months ended June 30, 2025.

Previous wording

Restaurants revenue decreased 6% for the three months ended March 31, 2026 compared to the prior year period. The decrease in revenue is due to a decrease in SaaS solutions, installation services, hardware and software license revenues due to non-recurring revenue recognized in the prior year period. These decreases in revenue were partially offset by an increase in hardware maintenance in the current year period. Restaurants recurring revenue grew by 1% when comparing the three months ended March 31, 2026 to the three months ended March 31, 2025.

Current wording

Restaurants revenue decreased 23% and 15% for the three and six months ended June 30, 2026, respectively, compared to the prior year periods. The decrease in revenue was primarily attributable to the Company’s Hardware Business Transition. As previously disclosed, effective April 1, 2026, the Company transitioned from recognizing hardware sales on a gross basis to recognizing net commission revenue as an agent for Ennoconn. The decrease in revenue was also due to a decline in SaaS solutions, software license, software maintenance and non-recurring installation service revenues. These decreases in revenue were partially offset by an increase in hardware maintenance and payment processing revenues, as well as the new net hardware commission revenue recognized in the second quarter of 2026. Restaurants recurring revenue was flat when comparing the six months ended June 30, 2026 to the six months ended June 30, 2025.

Previous wording

Retail Adjusted EBITDA increased 20% for the three months ended March 31, 2026 compared to the prior year period, mainly due to a favorable software revenue mix, and the Company’s cost reduction initiatives implemented during the year.

Current wording

Retail Adjusted EBITDA increased 20% for both the three and six months ended June 30, 2026 compared to the prior year periods, mainly due to a favorable software revenue mix and the Company’s cost reduction initiatives implemented during the year.

Previous wording

Restaurants Adjusted EBITDA decreased 8% for the three months ended March 31, 2026 compared to the prior year period, due to the decrease in revenue, as discussed above.

Current wording

Restaurants Adjusted EBITDA decreased 15% and 12% for the three and six months ended June 30, 2026, respectively, compared to the prior year periods, due to the decrease in revenue, as discussed above.

Previous wording

As of March 31, 2026, our cash and cash equivalents totaled $232 million and our total debt was $1.1 billion. Our borrowing capacity under our senior secured credit facilities was $475 million as of March 31, 2026. Our ability to generate positive cash flows from operations is dependent on general economic conditions, and the competitive environment in our industry, and is subject to business and other risk factors, including as detailed in our filings with the SEC. If we are unable to generate sufficient cash flows from operations, or otherwise comply with the terms of our credit facilities, we may be required to seek additional financing alternatives.

Current wording

As of June 30, 2026, our cash and cash equivalents totaled $237 million and our total debt was $1.1 billion. Our borrowing capacity under our senior secured credit facilities was $474 million as of June 30, 2026. Our ability to generate positive cash flows from operations is dependent on general economic conditions, and the competitive environment in our industry, and is subject to business and other risk factors, including as detailed in our filings with the SEC. If we are unable to generate sufficient cash flows from operations, or otherwise comply with the terms of our credit facilities, we may be required to seek additional financing alternatives.

Previous wording

The following table summarizes our cash flows from operating activities, investing activities and financing activities for both of the three months ended March 31, 2026 and 2025. The Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Current wording

The following table summarizes our cash flows from operating activities, investing activities and financing activities for both of the six months ended June 30, 2026 and 2025. The Consolidated Statements of Cash Flows include the results of continuing and discontinued operations.

Previous wording

Operating Activities Cash provided by operating activities was $42 million in the three months ended March 31, 2026, compared to cash used in operating activities of $42 million in the three months ended March 31, 2025. The increase in cash provided by operating activities was driven by movement in the net working capital accounts.

Current wording

Operating Activities Cash provided by operating activities was $59 million in the six months ended June 30, 2026, compared to cash used in operating activities of $284 million in the six months ended June 30, 2025. The increase in cash provided by operating activities was driven by the payment of taxes related to the Digital Banking Sale of $284 million during the three months ended June 30, 2025, as well as movement in the net working capital accounts.

Previous wording

Capital Expenditures and Other Investing Activities Our principal capital expenditures are for software (purchased and internally developed) and additions to property and equipment. We invested approximately $36 million and $39 million in capital expenditures during the three months ended March 31, 2026 and 2025, respectively. We expect to continue investing in property and equipment, purchased software and internally developed software to support our business. Additionally, $17 million of cash was collected on the non-operating receivables with Ennoconn from the Hardware Business Transition during the three months ended March 31, 2026.

Current wording

Capital Expenditures and Other Investing Activities Our principal capital expenditures are for software (purchased and internally developed) and additions to property and equipment. We invested approximately $77 million and $81 million in capital expenditures during the six months ended June 30, 2026 and 2025, respectively. We expect to continue investing in property and equipment, purchased software and internally developed software to support our business. Additionally, $67 million of cash was collected on the non-operating receivables with Ennoconn from the Hardware Business Transition during the six months ended June 30, 2026.

Previous wording

Financing Activities Cash used in financing activities was $18 million in the three months ended March 31, 2026, compared to cash used in financing activities of $74 million in the three months ended March 31, 2025. During the three months ended March 31, 2026, the Company repurchased $9 million under our share repurchase program, compared to $62 million in the three months ended March 31, 2025. Additional financing activities included dividends paid on the Series A preferred stock, proceeds from employee stock plans as well as payments made for share repurchases and tax withholding payments on behalf of employees for stock based awards that vested. Financing activities also includes borrowings and repayments under our senior secured credit facilities as well as our unsecured senior notes.

Current wording

Financing Activities Cash used in financing activities was $39 million in the six months ended June 30, 2026, compared to cash used in financing activities of $86 million in the six months ended June 30, 2025. During the six months ended June 30, 2026, the Company repurchased $20 million under our share repurchase program, compared to $69 million in the six months ended June 30, 2025. Additional financing activities included dividends paid on the Series A preferred stock, proceeds from employee stock plans as well as payments made for share repurchases and tax withholding payments on behalf of employees for stock based awards that vested. Financing activities also includes borrowings and repayments under our senior secured credit facilities as well as our unsecured senior notes.

Previous wording

Net cash provided by or used in operating activities of discontinued operations related to the Japan bank technology solutions business was $1 million of cash used in operating activities and $2 million of cash provided by operating activities for the three months ended March 31, 2026 and 2025, respectively. Net cash provided by or used in operating activities of discontinued operations related to environmental obligations was cash used in operating activities of $6 million and $7 million for the three months ended March 31, 2026 and 2025, respectively.

Current wording

Net cash provided by or used in operating activities of discontinued operations related to the Japan bank technology solutions business was cash provided by operating activities of $1 million and $5 million for the six months ended June 30, 2026 and 2025, respectively. Net cash provided by or used in operating activities of discontinued operations related to environmental obligations was cash used in operating activities of $7 million and $11 million for the six months ended June 30, 2026 and 2025, respectively.

Previous wording

Adjusted free cash flow NCR Voyix management uses a non-GAAP measure called “adjusted free cash flow-unrestricted” to assess the financial performance of the Company. We define adjusted free cash flow-unrestricted within the section titled “Non-GAAP Financial Measures and Use of Certain Terms” in Item 2 of this Form 10-Q. The table below reconciles net cash provided by operating activities to NCR Voyix’s non-GAAP measure of adjusted free cash flow-unrestricted for the three months ended March 31, 2026:

Current wording

Adjusted free cash flow NCR Voyix management uses a non-GAAP measure called “adjusted free cash flow-unrestricted” to assess the financial performance of the Company. We define adjusted free cash flow-unrestricted within the section titled “Non-GAAP Financial Measures and Use of Certain Terms” in Item 2 of this Form 10-Q. The table below reconciles net cash provided by operating activities to NCR Voyix’s non-GAAP measure of adjusted free cash flow-unrestricted for the six months ended June 30, 2026:

Previous wording

Long Term Borrowings The senior secured credit facilities include a term loan facility in an initial aggregate principal amount of $200 million, of which the Company repaid in full as of March 31, 2026. Additionally, the senior secured credit facilities include a five-year revolving credit facility with an aggregate principal amount of $500 million, of which zero was outstanding as of March 31, 2026. The revolving credit facility also contains a sub-facility to be used for letters of credit, and as of March 31, 2026, there were $25 million letters of credit outstanding.

Current wording

Long Term Borrowings The senior secured credit facilities include a term loan facility in an initial aggregate principal amount of $200 million, of which the Company repaid in full as of June 30, 2026. Additionally, the senior secured credit facilities include a five-year revolving credit facility with an aggregate principal amount of $500 million, of which zero was outstanding as of June 30, 2026. The revolving credit facility also contains a sub-facility to be used for letters of credit, and as of June 30, 2026, there were $26 million letters of credit outstanding.