Total Revenue

Increased dramatically to $1,051 million from –$2,064 million

A remarkable turnaround from a negative revenue figure in Q4 2023 indicates that previous operational challenges and adverse market conditions were addressed. The recovery likely reflects strategic adjustments and improved market performance, reversing issues that led to the severe negative revenue last period. " " " " "

Operating Income

Improved significantly from –$463 million to –$34 million

The vast reduction in operating losses signifies significant operational improvements and cost management strategies that mitigated the prior deep loss. This recovery in core earnings suggests that measures addressing the inefficiencies in Q4 2023 have had a pronounced impact. " " "

Net Income

Loss narrowed from –$328 million to –$11 million with EPS from –$2.35 to –$0.1

A substantial recovery in net income, reflected in the much smaller loss and improved EPS, demonstrates corrective actions in cost control and revenue enhancement that drastically improved the financial outcome compared to the previous period’s severe deficit. " " "

Cash Flow

Net change in cash improved from –$2,728 million to –$67 million

The dramatic improvement in cash flow indicates enhanced cash generation and management, with a shift from massive cash outflows in Q4 2023 to a minimal decline in Q4 2024. This suggests that previous liquidity pressures have been addressed through operational and financial realignment. "

Currency-neutral revenue

FY 2025

no prior guidance

$2.575 billion to $2.65 billion, reflecting a 6% to 9% decline "

no prior guidance

Core Software and Services revenue

FY 2025

no prior guidance

Expected to grow in the low single digits "

no prior guidance

ARR and Platform Sites

FY 2025

no prior guidance

Expected to increase in the mid- to high single digits "

no prior guidance

Adjusted EBITDA

FY 2025

no prior guidance

$420 million to $445 million "

no prior guidance

Adjusted EBITDA margin

FY 2025

no prior guidance

16.3% to 16.8% "

no prior guidance

Non-GAAP Diluted EPS

FY 2025

no prior guidance

$0.75 to $0.80 "

no prior guidance

Adjusted Free Cash Flow Unrestricted

FY 2025

no prior guidance

$170 million to $190 million, excluding $55 million in restructuring, $300 million of taxes related to the digital banking sale, and $20 million of accelerated product investments "

no prior guidance

Pro Forma Net Leverage Ratio

FY 2025

no prior guidance

At or below two turns "

no prior guidance

Q1 2025 Revenue

Q1 2025

no prior guidance

Expected to decline in the mid-teens due to a significant hardware refresh from a large retail customer in the prior year period "

no prior guidance

Q1 2025 Adjusted EBITDA

Q1 2025

no prior guidance

Expected to demonstrate high teens growth versus Q1 2024 reported results "

no prior guidance

Recurring Revenue Model

Emphasized throughout Q1–Q3 as the company transitioned from one‑time revenues (hardware, software licenses, services) to a recurring revenue mix with positive ARR growth and platform conversions " " "

Q4 maintained focus on shifting composition toward recurring revenue—with expected improvements from 60% to 75% (and ultimately 80%)—while noting some delays (ODM model not fully operational until later) " "

Consistent focus on recurring revenue with overall positive sentiment, although Q4 reveals emerging caution due to ODM delays.

Declining Hardware Sales

Consistently highlighted across Q1–Q3 with declines driven by delayed customer refresh cycles, macroeconomic headwinds, and a strategic move toward exiting non‑recurring hardware revenue " " "

Q4 emphasized further declines (15% drop in retail segment and 14% company‑wide) and detailed the exit of onetime software licenses/services, underscoring the strategic transformation to improve recurring revenue mix " " "

Persistent challenge with declining hardware, now accompanied by sharper strategic exits and cost actions; sentiment remains cautious but transformation initiatives are in progress.

Cost‑Cutting Measures

Q1 through Q3 discussed aggressive cost‑cutting programs, including staff reductions, vendor efficiencies, and improvements in EBITDA margins through restructuring savings " " "

Q4 reported approx. $120 million of in‑year cost actions contributing to significant adjusted EBITDA and margin expansion (e.g., retail margin up by 560bps) " " "

Strong and increasingly positive performance; cost‑cutting measures continue to drive margin expansion with enhanced operational efficiency.

Leverage Reduction

Q1 outlined leverage reduction goals; Q2 initiated planned debt paydowns using Digital Banking proceeds; Q3 reported dramatic improvements (net leverage down to 1.6x) " " " "

Q4 reaffirmed low net leverage (1.6x) with continued share repurchase activity and additional cost initiatives optimizing the balance sheet "

Financial health has improved markedly over the periods with successful deleveraging strategies; sentiment is very positive regarding balance sheet strength.

Enterprise Payments

Minimal or indirect mentions in Q1 and Q2; Q3 briefly outlined an integrated payments solution for enterprise clients without strong detail " "

Q4 introduced a significant new development via a 5‑year partnership with Worldpay, highlighting a new revenue opportunity tied to a $500 billion U.S. payments volume and plans for global rollout " " "

Emerging as a new strategic growth area with optimistic sentiment; newly detailed in Q4 with strong potential to impact future revenue streams.

Digital Banking Transformation

Q1 focused on operating model realignment and growth; Q2 detailed the sale/divestiture agreement for $2.45 billion and strategic rationale; Q3 emphasized the completed divestiture and its positive financial impact " " "

Q4 discussed ongoing transition management post‑divestiture with attention to tax adjustments and infrastructure support through 2025, ensuring smooth customer handover " " "

A multi‑period transformation that is now largely complete; Q4 shifts emphasis toward managing transition effects and optimizing tax and operational outcomes, with a generally strategic and measured sentiment.

ODM Transition Execution

Q1 did not mention ODM challenges; Q2 acknowledged a 30% attribution of hardware guidance decline to ODM risks; Q3 did not call out specific execution issues " "

Q4 provided detailed discussion of execution challenges—delays pushing transition into summer 2025, technology integration issues between SAP and Oracle, and wider operational implications " " "

An emerging concern in Q4; previously noted in risks but now detailed as execution challenges, shifting sentiment to caution regarding timeline and integration complexities.

Self‑Checkout Solutions

Q1 highlighted strong consumer demand for self‑checkout driven by unassisted trends and resurfacing projects; Q2 noted equal declines across POS and SCO refresh cycles; Q3 reported that self‑checkout demand remained resilient amid hardware downturn " " "

Q4 less detailed on variability but noted the launch of newest self‑checkout solutions across regions with an expectation of strong demand from both new and existing customers "

While earlier periods provided mixed signals, the current period leans toward product innovation and an optimistic outlook for self‑checkout solutions, suggesting sustained market potential.

Platform Revenue Initiatives

Limited commentary in Q1 and Q2; Q3 explicitly noted that improved platform subscription revenues had a modest impact on overall revenue, representing a small percentage of the mix "

Q4 did not specifically mention a “limited impact,” but overall platform contributions remain a smaller revenue segment (15% of software and services), despite robust site growth " "

Continues to be a modest contributor; the initiatives show steady growth but their overall revenue impact remains limited in the near term, with cautious optimism for margin improvements over time.

Transformation and Restructuring Costs Impacting Free Cash Flow

Q1 acknowledged high transformation and restructuring costs (estimated $80–90 million annually) impacting free cash flow guidance; Q2 reported a quarter‑on‑quarter use of free cash flow due to these initiatives; Q3 noted transaction fees but limited focus on free cash flow impact beyond fees " " "

Q4 reported adjusted free cash flow of $72 million for the quarter before $27 million of restructuring expenditures, with full‑year targets excluding restructuring costs "

Persistent negative free cash flow impact from transformation costs is acknowledged consistently; while these expenses remain a headwind, they are expected to taper over time, indicating a measured outlook.

Macroeconomic Weakness

Q1 did not highlight macroeconomic issues; Q2 explicitly attributed a significant portion (70%) of the hardware guidance decline and delayed refresh cycles in retail and restaurant sectors to broader macroeconomic trends; Q3 referenced hardware market softness without direct macro commentary " "

Q4 did not explicitly emphasize macroeconomic weakness; discussions focused more on strategic shifts and operational metrics rather than broader economic conditions " "

Previously a notable concern in Q2, but less emphasized in Q4—suggesting either improved market sentiment or a strategic shift in focus away from macroeconomic narratives.