NCR Voyix Corp - VYX STOCK NEWS

Veritas Capital has completed the acquisition of NCR Voyix 's Digital Banking business for $2.45 billion, with potential additional contingent consideration of up to $100 million. The acquired business has been rebranded as Candescent and is now a privately held company. Candescent remains the largest independent platform of its kind in the United States, serving over 1,300 financial institutions and 29 million registered users.

As a standalone company under Veritas ownership, Candescent will focus on delivering exceptional customer experiences and developing new products to expand its value proposition. The transaction, originally announced on August 6, 2024, positions Candescent to leverage its modern platforms and continue its growth in the digital banking sector.

NCR Voyix (NYSE: VYX) has announced a significant reduction of $1.84 billion in its outstanding debt and other obligations, utilizing proceeds from the sale of its Digital Banking segment. The company has fully repaid its $192.5 million term loan facility and $200 million revolving credit facility. Additionally, NCR Voyix has conducted a tender offer for senior notes, repurchasing $1.195 billion of notes for $1.206 billion. The company has also terminated its $251.5 million trade receivables facility.

CFO Brian Webb-Walsh stated that this move has strengthened the company's balance sheet, reduced annual interest expenses, and improved its financial position. The anticipated interest expense on remaining bonds is expected to be approximately $55 million annually.

NCR Voyix (NYSE: VYX) has completed the sale of its Digital Banking business to Veritas Capital for $2.45 billion in cash, with potential for an additional $100 million in contingent consideration. This transaction marks a significant step for NCR Voyix as it narrows its focus on core restaurant and retail businesses to enhance long-term shareholder value.

David Wilkinson, CEO of NCR Voyix, emphasized the strategic importance of this move. Brendan Tansill, CEO of the newly branded Candescent (formerly NCR Voyix's Digital Banking business), expressed optimism about the company's future growth as a standalone entity, highlighting its position as a market leader with a fully integrated digital-first platform.

NCR Voyix (NYSE: VYX) has been recognized by RBR Data Services as the world's largest provider of self-checkout technology, maintaining its leadership position for over two decades. As retailers explore various self-checkout options, including mobile applications, smart carts, and hybrid systems, NCR Voyix is at the forefront with innovative software and services.

Eric Schoch, executive vice president and president of NCR Voyix Retail, emphasized the company's commitment to enhancing retail operations through their comprehensive suite of software and services. Their cloud-based commerce platform is designed to evolve, providing seamless integration and management capabilities.

RBR Data Services reported an increasing adoption of self-checkout technology across various retail sectors. NCR Voyix's self-checkout solution helps businesses address challenges in the labor market, analyze consumer trends, and offer customers flexible checkout experiences.

NCR Voyix (NYSE: VYX) has extended its tender offers to purchase up to $1,177,079,565 of its outstanding Senior Notes. The offers, previously set to expire on September 24, 2024, will now extend to September 26, 2024, at 5:00 p.m., New York City time, and continue daily until certain conditions are met, including the closing of the Digital Banking segment sale.

Key points:

• The tender offers were oversubscribed as of September 9, 2024
• No additional Notes tendered after the Early Tender Date will be accepted
• Purchased Notes will be subject to proration
• Payment for accepted Notes will be made promptly following the Expiration Date
• The offers are subject to conditions specified in the Offer to Purchase

The company reserves the right to extend, terminate, or amend the offers. Goldman Sachs & Co. and J.P. Morgan Securities are acting as dealer managers for the tender offers.

NCR Voyix (NYSE: VYX) has announced the early tender results of its cash tender offers for a portion of its outstanding senior notes. The company increased the Maximum Aggregate Cap from $1.1 billion to $1.18 billion. As of the Early Tender Date, 88.42% of the 5.250% Senior Notes due 2030 and 93.76% of the 5.125% Senior Notes due 2029 were tendered. The tender offers will expire on September 24, 2024. Payment for accepted notes is expected on September 26, 2024, subject to the satisfaction of conditions, including the completion of the Digital Banking Sale. The Total Consideration includes an early tender premium of $30.00 per $1,000 principal amount of Notes accepted.

NCR Voyix (NYSE: VYX) has announced cash tender offers for a portion of its outstanding senior notes, aiming to purchase up to $1,100,000,000 in aggregate. The tender offers include three series of notes: 5.250% due 2030, 5.125% due 2029, and 5.000% due 2028. Holders who tender before the Early Tender Date (September 9, 2024) will receive the Total Consideration, including an Early Tender Premium. The offers expire on September 24, 2024. Payment is expected on September 26, 2024, funded by the proceeds from the sale of NCR Voyix's Digital Banking segment businesses. The tender offers are subject to certain conditions, including the completion of the Digital Banking Sale.

NCR Voyix (NYSE: VYX), a leading global provider of digital commerce solutions, has announced its participation in four upcoming investor conferences. These include:

• Oppenheimer & Co. Technology, Internet & Communications Conference (August 12, 2024, Virtual)
• Needham Fintech & Digital Transformation Virtual Conference (August 14, 2024, Virtual)
• Citi Global TMT Conference (September 6, 2024, New York, NY)
• Goldman Sachs Communacopia & Technology Conference (September 10, 2024, San Francisco, CA)

CEO David Wilkinson will present at the Oppenheimer conference. The events will feature fireside chats, 1x1 meetings, and group investor meetings. Live webcasts and replays of the presentations will be available on the NCR Voyix investor relations website.

NCR Voyix (NYSE: VYX) reported Q2 2024 financial results and announced strategic actions:

1. Agreed to sell Digital Banking to Veritas Capital for $2.45 billion plus up to $100 million contingent consideration.

2. Executed outsourced design and manufacturing agreement with Ennoconn Corp. for POS and self-checkout hardware.

3. Implemented cost reduction program targeting $75 million in annualized payroll costs by Q2 2024 end.

Q2 2024 Results:
- GAAP Revenue: $876 million (down from $946 million in Q2 2023)
- Net loss from continuing operations: $(74) million
- Adjusted EBITDA: $144 million (down from $168 million)
- Diluted EPS: $(0.54), non-GAAP diluted EPS: $0.09

The company updated its 2024 guidance, expecting total revenue of $2,805M - $2,860M and Adjusted EBITDA of $355M - $375M.