VYXNCR Voyix Corporation

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

1. Tier 1 · live

   $207M of preferred becomes putable in March 2027, against $237M of cash

   The Series A convertible preferred — 0.2M shares carried in mezzanine at its $207M redemption amount — pays 5.5% rising to 8.0% if a dividend is missed, votes as-converted, and gives the holders the right to require the company to repurchase all or any portion of it in the three months from 2027-03-16, and again in 2030 and 2033. Against that: $237M of cash at 2026-06-30, $1,101M of notes with the first $650M maturing in 2028, a $500M undrawn revolver and net leverage of 2.1x against a 4.25x covenant. Conversion is closed off at 57.560 shares each, about $17.39 a share against $6.88 now. The company retired $74M of it voluntarily in November 2025.

2. Tier 2 · stable

   Six of thirteen dated promises missed, and the bonus is on the line that excludes the misses

   Across the eight decks read, six of thirteen dated promises were missed, three were partly met, one was dropped and two were kept — and both of the kept ones were transactions rather than operations. FY2024 adjusted EBITDA came in at $347M against a $355-375M guide. FY2025 adjusted free cash flow was $136M on the guided basis against $170-190M, and $27M after $109M of restructuring cash. The "at or below 2.0x" leverage priority set in February 2025 at 1.6x ended the year at 2.1x. Capex guided at about $150M came in at $165M. Management's bonus is paid on adjusted EBITDA, the measure that adds back the $124M of 2025 restructuring the cash miss consists of.

3. Tier 2 · worsening

   Four measures stopped, the leverage denominator moved four times, and the slides have stopped too

   Dollar Software ARR and Total ARR were last shown in Q3 2024 and replaced by one company-wide growth percentage; the normalised presentation and the segment table ended the same quarter; the free-cash-flow conversion percentage left the outlook slide in Q2 2025, one quarter before the FY2025 cash guide was cut. The platform-site count was a number through Q3 2024 (61k, 67k, 70k) and then only a growth rate, as that rate fell from +34% to +8%. The net leverage ratio was reported on four different denominators in eight quarters while drifting from 1.6x to 2.1x. And there are no earnings slides at all for Q1 or Q2 2026 — neither the IR page nor the results 8-Ks carry any. Separately, 44% of the risk-factor sentences were added or removed in a single year.

4. Tier 2 · improving

   A $23M fraud and material weaknesses, disclosed in two late filings

   The only red disclosure rows in three years are a late 10-Q notice on 2023-11-13 and a late 10-K notice on 2024-02-29. The FY2023 late-filing notice gives the reason: about $23M of fraudulent ACH disbursements out of a company bank account, and material weaknesses in internal control over financial reporting. The FY2025 10-K reports those weaknesses remediated during fiscal 2024. No restatement appears in anything read and the auditor has not changed. Both events predate the current chief executive. The present chief accounting officer was promoted internally in September 2025 after fourteen years at the firm that audits the company.

5. Tier 3 · stable

   Every seat up every year, and five of the top eight from the same two companies

   All eight directors stand annually, there are no classes, the chair is independent since February 2025, there is no dual-class stock, and five standing committees run an eight-person board. The highest vote against any 2026 director was 3.8% and say on pay drew 1.3%, down from 8.5%. The observation is who they are: the chief executive ran EVO Payments to its 2023 sale, the retail and payments president was EVO's international president, the general counsel was EVO's general counsel, one director sat on EVO's board and chaired its technology committee, and another was chief executive of Global Payments, which bought EVO and where the chief executive had earlier been president and chief financial officer.