We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
National Interstate Corporation | NYSE:NATL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.85 | -3.00% | 27.48 | 28.515 | 27.25 | 28.35 | 426,390 | 22:30:00 |
NCR Atleos Corporation (NYSE: NATL) (“Atleos”) reported financial results today for the three months ended December 31, 2023. Fourth quarter results and other recent highlights include:
– Revenue of $1.1 billion, up 3% year-over-year; recurring revenue of $777 million, up 10% year-over-year
– Net loss attributable to Atleos of $161 million on a GAAP basis; GAAP basis diluted loss per share attributable to Atleos of $2.28 and Non-GAAP diluted earnings per share of $0.69
“The fourth quarter was a strong start for Atleos as a separate company, and a great finish to the year. Our core businesses performed exceptionally well, with financial results in line with the projections made for the separation transaction. Execution was outstanding, as we simultaneously completed the split from legacy NCR Corporation and achieved our operating objectives,” said Tim Oliver, President and Chief Executive Officer. “Our market leading self-service banking solutions continue to gain appeal with banks, consumers, and other commercial partners, leading to solid top line fundamentals for the fourth quarter that included 10% growth in recurring revenue, which accounted for 71% of total revenue, up from 67% in the prior year period. The shift to recurring revenue and resulting positive underlying profit trends reinforce our confidence that our strategy has the Company on the right path.”
Mr. Oliver continued, “Given the momentum of our businesses, progress on key initiatives, and continued favorable market dynamics for our solutions, we provided 2024 financial targets today that are consistent with the preliminary views from our December 5th investor update call. Looking beyond 2024, we are energized by the opportunity to lead a transformation in self-service banking solutions and the potential to create significant value for shareholders.”
Fourth Quarter 2023 Operating Results
NCR ATLEOS CORPORATION
REVENUE AND ADJUSTED EBITDA SUMMARY
(Unaudited)
(in millions)
For the Periods Ended December 31
Three Months
2023
2022
% Change
Revenue by segment
Self-Service Banking
$
665
$
683
(3)%
Network
323
298
8%
T&T
48
53
(9)%
Total segment revenue
1,036
1,034
—%
Other (1)
62
31
100%
Consolidated revenue
$
1,098
$
1,065
3%
Adjusted EBITDA by segment
Self-Service Banking
$
146
$
159
(8)%
Self-Service Banking Adjusted EBITDA margin %
22.0%
23.3%
Network
100
81
23%
Network Adjusted EBITDA margin %
31.0%
27.2 %
T&T
7
12
(42)%
T&T Adjusted EBITDA margin %
14.6%
22.6%
Other (1)
8
10
(20)%
Corporate (2)
(83)
(75)
11%
Total Adjusted EBITDA
$
178
$
187
(5)%
Total Adjusted EBITDA margin %
16.2%
17.6%
(1)
Other represents certain other immaterial business operations, including commerce-related operations in countries that Voyix exited that are aligned to Atleos, that do not represent a reportable segment. For periods after the separation from Voyix, Other also includes revenues from commercial agreements with Voyix.
(2)Corporate includes income and expenses related to corporate functions and, for periods prior to the separation from Voyix, certain allocations from Voyix that are not specifically attributable to an individual reportable segment.
Notes to Investors
On October 16, 2023, NCR Atleos Corporation (“Atleos”, the “Company”, “we” or “us”) became a standalone publicly traded company, and its financial statements are now presented on a consolidated basis. Prior to the separation from NCR Voyix Corporation (“NCR” or “Voyix”), the Company’s historical combined financial statements were prepared on a standalone carve-out basis and were derived from Voyix’s consolidated financial statements and accounting records. Therefore, financial results for the three and twelve month periods ended December 31, 2023 and 2022 may not be meaningfully comparable. Accordingly, we have not included full-year numbers regarding our non-GAAP measures.
In this release, we use certain non-GAAP measures. These non-GAAP measures include “Adjusted EBITDA,” and others with the words “non-GAAP” in their titles. These non-GAAP measures are listed, described and reconciled to their most directly comparable GAAP measures under the heading “Non-GAAP Financial Measures” later in this release.
With respect to our Adjusted EBITDA, adjusted free cash flow-unrestricted and non-GAAP diluted earnings per share guidance, we do not provide a reconciliation of the respective GAAP measures because we are not able to predict with reasonable certainty the reconciling items that may affect the GAAP net income, GAAP cash flow from operating activities and GAAP diluted earnings per share without unreasonable effort. The reconciling items are primarily the future impact of special tax items, capital structure transactions, restructuring, pension mark-to-market transactions, acquisitions or divestitures, or other events. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, the GAAP measures. Refer to the heading “Non-GAAP Financial Measures” for additional information regarding our use of non-GAAP financial measures.
First Quarter and Full Year 2024 Guidance
Guidance
Q1 2024
FY 2024
Revenue
$1.0 - $1.05 billion
$4.2 - $4.4 billion
Adjusted EBITDA
$150 - $160 million
$770 - $800 million
Non-GAAP Diluted EPS
$0.30 - $0.40
$2.90 - $3.20
Adjusted free cash flow-unrestricted (1)
positive
$170 - $230 million
(1)Beginning in 2024, our calculation of adjusted free cash flow-unrestricted will include an adjustment for financing payments/receipts of owned ATM capital expenditures.
2023 Fourth Quarter Earnings Conference Call
A conference call is scheduled for today at 8:30 a.m. Eastern Time to discuss the fourth quarter 2023 results. Access to the conference call and accompanying slides, as well as a replay of the call, are available on Atleos’ web site at http://investor.ncratleos.com. Additionally, the live call can be accessed by dialing 800-753-0725 (United States/Canada Toll-free) or 786-460-7170 (International Toll) and entering the participant passcode 2395783. References to Atleos’ website and/or other social media sites or platforms in this release do not incorporate by reference the information on such websites, social media sites, or platforms, and Atleos disclaims any such incorporation by reference.
More information on Atleos’ fourth quarter earnings, including additional financial information and analysis, is available on Atleos’ Investor Relations website at https://investor.ncratleos.com/.
About Atleos
Atleos (NYSE: NATL) is a leader in expanding financial access by shifting transactions to the self-service channel and enabling financial institutions and retailers to leverage its ATM network – the largest independently-owned network in the world. Through its digital-first technology and unmatched global services operation, Atleos optimizes the branch, improves operational efficiency and maximizes self-service availability. Atleos is headquartered in Atlanta, Georgia, with 20,000 employees globally.
Web site: https://www.ncratleos.com X (Twitter): https://twitter.com/ncratleos Facebook: https://www.facebook.com/Atleos.NCR/ LinkedIn: https://www.linkedin.com/company/ncratleos YouTube: https://www.youtube.com/@ncratleos Instagram: https://www.instagram.com/ncratleos/
Cautionary Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements use words such as “expect,” “anticipate,” “outlook,” “intend,” “plan,” “confident,” “believe,” “will,” “should,” “would,” “potential,” “positioning,” “proposed,” “planned,” “objective,” “likely,” “could,” “may,” and words of similar meaning, as well as other words or expressions referencing future events, conditions or circumstances. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Act. Statements that describe or relate to Atleos’ plans, goals, intentions, strategies, or financial outlook, and statements that do not relate to historical or current fact, are examples of forward-looking statements. Examples of forward-looking statements in this release include, without limitation, statements regarding: our expectations of demand for our solutions and execution and the impact thereof on our financial results and our intention to focus our resources on meeting our ATM customers' needs and extending our leadership position in digital-to-physical transactions following the spin-off. Forward-looking statements are based on our current beliefs, expectations and assumptions, which may not prove to be accurate, and involve a number of known and unknown risks and uncertainties, many of which are out of Atleos’ control. Forward-looking statements are not guarantees of future performance, and there are a number of important factors that could cause actual outcomes and results to differ materially from the results contemplated by such forward-looking statements, including those factors relating to:
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. Additional information concerning these and other factors can be found in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s Form 10, quarterly reports on Form 10-Q, and current reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Non-GAAP Financial Measures
Non-GAAP Financial Measures. While Atleos reports its results in accordance with Generally Accepted Accounting Principles in the United States, or GAAP, in this release Atleos also uses the non-GAAP measures listed and described below.
Adjusted Gross Profit (Non-GAAP), Adjusted Gross Profit Rate (Non-GAAP), Adjusted Income from Operations (non-GAAP), Non-GAAP Diluted Earnings per Share. Atleos’ Adjusted Gross Profit (non-GAAP), Adjusted Gross Profit Rate (non-GAAP), Adjusted Income from Operations (non-GAAP), and Non-GAAP Diluted Earnings per Share are determined by excluding, as applicable, acquisition-related costs; pension mark-to-market adjustments, pension settlements, pension curtailments and pension special termination benefits; separation-related costs; amortization of acquisition-related intangibles; stock-based compensation expense; transformation and restructuring charges (which includes integration, severance and other exit and disposal costs); and other special (expense) income items from Atleos’ GAAP gross profit, expenses, income from operations, interest and other income (expense), income tax expense, effective income tax rate, net income attributable to Atleos, and earnings per share, respectively. Due to the non-recurring or non-operational nature of these pension and other special items, Atleos’ management uses these non-GAAP measures to evaluate year-over-year operating performance. Atleos believes these measures are useful for investors because they provide a more complete understanding of Atleos’ underlying operational performance, as well as consistency and comparability with Atleos’ past reports of financial results.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA). Atleos’ management uses the non-GAAP measure Adjusted EBITDA because it provides useful information to investors as an indicator of performance of the Company’s ongoing business operations. Atleos determines Adjusted EBITDA based on GAAP Net income attributable to Atleos plus interest expense, net; plus income tax expense (benefit); plus depreciation and amortization; plus acquisition-related costs; plus pension mark-to-market adjustments, pension settlements, pension curtailments and pension special termination benefits; plus separation-related costs; plus transformation and restructuring charges (which includes integration, severance and other exit and disposal costs); plus stock-based compensation expense; plus other special (expense) income items. These adjustments are considered non-operational or non-recurring in nature and are excluded from the Adjusted EBITDA metric utilized by our chief operating decision maker (“CODM”) in evaluating segment performance and are separately delineated to reconcile back to total reported income attributable to Atleos. This format is useful to investors because it allows analysis and comparability of operating trends. It also includes the same information that is used by Atleos management to make decisions regarding our segments and to assess our financial performance. Refer to the table below for the reconciliations of Net income attributable to Atleos (GAAP) to Adjusted EBITDA (non-GAAP).
Adjusted EBITDA margin is calculated based on Adjusted EBITDA as a percentage of total revenue. Adjusted EBITDA margin by segment is calculated based on segment Adjusted EBITDA divided by the related component of revenue. This measure is used by Atleos’ management for the reasons referenced above.
Special Item Related to Russia The war in Eastern Europe and related sanctions imposed on Russia and related actors by the United States and other jurisdictions required us to commence the orderly wind down of our operations in Russia in the first quarter of 2022. As of December 31, 2023, we have ceased operations in Russia and are in the process of dissolving our only subsidiary in Russia. As a result, for the three months ended December 31, 2022, our presentation of segment revenue and Adjusted EBITDA exclude the immaterial impact of our operating results in Russia, as well as the impact of impairments taken to write down the carrying value of assets and liabilities, severance charges, and the assessment of collectability on revenue recognition. We consider this to be a non-recurring special item and management has reviewed the results of its business segments excluding these impacts.
Adjusted free cash flow-unrestricted. Atleos defines Adjusted free cash flow-unrestricted as net cash provided by operating activities less capital expenditures for property, plant and equipment, less additions to capitalized software, plus/minus the change in restricted cash settlement activity, plus/minus net reductions or reinvestment in the trade receivables facility established in the fourth quarter of 2023 due to fluctuations in the outstanding balance of receivables sold, and plus pension contributions and settlements. Restricted cash settlement activity represents the net change in amounts collected on behalf of, but not yet remitted to, certain of the Company’s merchant customers or third-party service providers that are pledged for a particular use or restricted to support these obligations. These amounts can fluctuate significantly period to period based on the number of days for which settlement to the merchant has not yet occurred or day of the week on which a reporting period ends. We believe Adjusted free cash flow-unrestricted information is useful for investors because it indicates the amount of cash available after these adjustments for, among other things, investments in Atleos’ existing businesses, strategic acquisitions, and repayment of debt obligations. Adjusted free cash flow-unrestricted does not represent the residual cash flow available, since there may be other non-discretionary expenditures that are not deducted from the measure. Adjusted free cash flow-unrestricted does not have a uniform definition under GAAP, and therefore Atleos’ definition may differ from other companies’ definitions of this measure. This non-GAAP measure should not be considered a substitute for, or superior to, cash flows from operating activities under GAAP.
Atleos’ definitions and calculations of these non-GAAP measures may differ from similarly-titled measures reported by other companies and cannot, therefore, be compared with similarly-titled measures of other companies. These non-GAAP measures should not be considered as substitutes for, or superior to, results determined in accordance with GAAP.
Use of Certain Terms
Recurring revenue 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, processing revenue, interchange and network revenue, Bitcoin-related revenue, and certain professional services arrangements, as well as term-based software license arrangements that include customer termination rights.
NCR ATLEOS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Periods Ended December 31
Three Months
Twelve Months
($ in millions, except per share amounts)
2023
2022
2023
2022
Revenue
Product revenue
$
282
$
304
$
1,030
$
1,098
Service revenue
816
761
3,161
3,033
Total revenue
1,098
1,065
4,191
4,131
Cost of products
227
253
846
972
Cost of services
673
570
2,412
2,240
Total gross profit
198
242
933
919
% of Revenue
18.0
%
22.7
%
22.3
%
22.2
%
Selling, general and administrative expenses
140
140
585
586
Research and development expenses
23
12
77
64
Income from operations
35
90
271
269
% of Revenue
3.2
%
8.5
%
6.5
%
6.5
%
Interest expense
(69
)
—
(71
)
—
Related party interest expense, net
—
(8
)
(13
)
(31
)
Other income (expense), net
(80
)
(81
)
(74
)
(81
)
Total interest and other expense, net
(149
)
(89
)
(158
)
(112
)
Income before income taxes
(114
)
1
113
157
% of Revenue
(10.4
)%
0.1
%
2.7
%
3.8
%
Income tax expense (benefit)
46
(4
)
241
50
Net income (loss)
(160
)
5
(128
)
107
Net income (loss) attributable to noncontrolling interests
1
(2
)
2
(1
)
Net income (loss) attributable to Atleos
$
(161
)
$
7
$
(130
)
$
108
Net income (loss) per share attributable to Atleos common stockholders - basic and diluted
$
(2.28
)
$
0.10
$
(1.84
)
$
1.53
Number of basic and diluted shares outstanding (1)
70.6
70.6
70.6
70.6
(1)
On October 16, 2023, the date of separation from Voyix (the "Separation"), 70.6 million shares of Atleos' Common Stock, par value $0.01 per share, were distributed to Voyix shareholders of record as of October 2, 2023, the Record Date. This share amount is utilized for the calculation of basic and diluted earnings per share for all periods presented prior to the Separation. For the three and twelve months ended December 31, 2022, these shares are treated as issued and outstanding for purposes of calculating historical earnings per share. For periods prior to the Separation, it is assumed that there are no dilutive equity instruments as there were no equity awards of Atleos outstanding prior to the Separation.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
($ in millions, except per share amounts)
December 31, 2023
December 31, 2022
Assets
Current assets
Cash and cash equivalents
$
375
$
293
Accounts receivable, net of allowances of $14 and $16 as of December 31, 2023 and December 31, 2022, respectively
704
455
Related party receivable, current
—
47
Inventories
333
419
Restricted cash
180
204
Prepaid and other current assets
276
231
Total current assets
1,868
1,649
Property, plant and equipment, net
471
412
Goodwill
1,952
1,949
Intangibles, net
635
729
Operating lease assets
97
85
Prepaid pension cost
218
172
Deferred income taxes
254
317
Related party receivable, non-current
—
336
Other assets
165
123
Total assets
$
5,660
$
5,772
Liabilities and stockholders’ equity
Current liabilities
Short-term borrowings
$
76
$
—
Short-term borrowings from related party
—
108
Accounts payable
382
350
Related party payable, current
—
13
Payroll and benefits liabilities
195
69
Contract liabilities
328
356
Settlement liabilities
160
212
Other current liabilities
364
261
Total current liabilities
1,505
1,369
Long-term debt
2,938
—
Long-term debt from related party
—
717
Pension and indemnity plan liabilities
385
22
Postretirement and postemployment benefits liabilities
46
—
Income tax accruals
36
39
Operating lease liabilities
69
59
Deferred income tax liabilities
34
201
Other liabilities
141
103
Total liabilities
5,154
2,510
Stockholders' equity
Atleos stockholders' equity:
Preferred stock: par value $0.01 per share, 50.0 shares authorized, no shares issued
—
—
Common stock: par value $0.01 per share, 350.0 shares authorized, 70.9 shares issued and outstanding as of December 31, 2023
1
—
Paid-in capital
16
—
Retained earnings
404
—
Net investment from NCR Corporation
—
3,326
Accumulated other comprehensive income (loss)
82
(63
)
Total Atleos stockholders' equity
503
3,263
Noncontrolling interests in subsidiaries
3
(1
)
Total stockholders' equity
506
3,262
Total liabilities and stockholders' equity
$
5,660
$
5,772
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Periods Ended December 31
Three Months
Twelve Months
($ in millions)
2023
2022
2023
2022
Operating activities
Net income (loss)
$
(160
)
$
5
$
(128
)
$
107
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation expense
36
35
126
127
Amortization expense
36
33
129
132
Stock-based compensation expense
23
15
68
66
Deferred income taxes
(17
)
(6
)
76
(28
)
Loss on disposal of property, plan and equipment
3
—
3
—
Changes in assets and liabilities:
Receivables
54
18
93
(78
)
Related party receivables and payables
—
4
(22
)
(26
)
Inventories
97
49
62
(10
)
Settlement Assets
1
(8
)
(7
)
(10
)
Current payables and accrued expenses
42
(91
)
67
(78
)
Contract liabilities
(6
)
25
(6
)
44
Employee benefit plans
(157
)
73
(170
)
62
Other assets and liabilities
5
(119
)
13
(34
)
Net cash (used in) provided by operating activities
$
(43
)
$
33
$
304
$
274
Investing activities
Expenditures for property, plant and equipment
$
(38
)
$
(18
)
$
(108
)
$
(58
)
Additions to capitalized software
(9
)
(9
)
(24
)
(39
)
Business acquisitions, net of cash acquired
—
—
(1
)
(78
)
Amounts advanced for related party notes receivable
—
(17
)
(217
)
(274
)
Repayments received from related party notes receivable
—
2
44
32
Purchase of investments
—
—
(10
)
—
Net cash used in investing activities
$
(47
)
$
(42
)
$
(316
)
$
(417
)
Financing activities
Proceeds from related party borrowings
—
(203
)
159
68
Payments on related party borrowings
—
62
(314
)
(604
)
Proceeds from issuance of senior secured notes
—
—
1,333
—
Proceeds from borrowings on term credit facilities
835
—
1,561
—
Borrowings on revolving credit facilities
330
—
330
—
Payments on revolving credit facilities
(175
)
—
(175
)
—
Debt issuance costs
(51
)
—
(51
)
—
Principal payments for finance lease obligations
(1
)
(1
)
(2
)
(2
)
Net transfers (to) from NCR Corporation
(4
)
98
222
721
Tax withholding payments on behalf of employees
(7
)
—
(7
)
—
Distribution of net assets contributed
(2,996
)
—
(2,996
)
—
Net cash provided by (used in) financing activities
$
(2,069
)
$
(44
)
$
60
$
183
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(7
)
50
17
(11
)
Increase (decrease) in cash, cash equivalents, and restricted cash
$
(2,166
)
$
(3
)
$
65
$
29
Cash, cash equivalents and restricted cash at beginning of period
2,730
502
499
470
Cash, cash equivalents, and restricted cash at end of period
$
564
$
499
$
564
$
499
The following table presents the recurring revenue and all other products and services that is recognized at a point in time:
In millions
Three months ended December 31
2023
2022
Recurring revenue (1)
$
777
$
709
All other products and services
321
356
Total revenue
$
1,098
$
1,065
Recurring revenue as a percent of revenue
71
%
67
%
(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, processing revenue, interchange and network revenue, Bitcoin-related revenue, and certain professional services arrangements, as well as term-based software license arrangements that include customer termination rights.
Reconciliation of Net Income Attributable to Atleos (GAAP) to Adjusted Net Income Attributable to Atleos (Non-GAAP) and Non-GAAP Diluted Earnings Per Share
Three months ended December 31, 2023
$ in millions, except per share amounts
Gross profit
Gross profit rate
Income (loss) from operations
Net Income attributable to Atleos
Diluted Earnings per Share (1)
GAAP Results
$
198
18.0
%
$
35
$
(161
)
$
(2.28
)
Plus: Special Items
Transformation and restructuring
1
0.1
%
3
22
0.30
Stock-based compensation expense
2
0.2
%
23
21
0.29
Acquisition-related amortization of intangibles
20
1.8
%
24
18
0.25
Separation costs
51
4.7
%
65
81
1.10
Valuation allowance and other tax adjustments
—
—
%
—
42
0.57
Pension market-to-market adjustments
—
—
%
—
28
0.38
Non-GAAP Adjusted Results
$
272
24.8
%
$
150
$
51
$
0.69
(1)
For the three months ended December 31, 2023, due to the net loss attributable to Atleos common stockholders, potential common shares that would have caused dilution, such as restricted stock units and stock options, have been excluded from the GAAP diluted share count because their effect would have been anti-dilutive. The dilutive impact of these shares are included in the calculation of non-GAAP diluted EPS. Therefore, GAAP diluted EPS and non-GAAP diluted EPS may not mathematically reconcile.
Reconciliation of Net Income Attributable to Atleos (GAAP) to Adjusted Net Income Attributable to Atleos (Non-GAAP) and Non-GAAP Diluted Earnings Per Share
Three months ended December 31, 2022
$ in millions, except per share amounts
Gross profit
Gross profit rate
Income (loss) from operations
Net Income attributable to Atleos
Diluted Earnings per Share (1)
GAAP Results
$
242
22.7
%
$
90
$
7
$
0.10
Plus: Special Items
Transformation and restructuring
4
0.4
%
15
12
0.17
Stock-based compensation expense
6
0.6
%
15
10
0.14
Acquisition-related amortization of intangibles
15
1.4
%
24
19
0.27
Russia operations
—
—
%
—
(3
)
(0.04
)
Pension market-to-market adjustments
—
—
%
—
63
0.89
Non-GAAP Adjusted Results
$
267
25.1
%
$
144
$
108
$
1.53
(1)
On October 16, 2023, the date of Separation, 70.6 million shares of Atleos' Common Stock, par value $0.01 per share, were distributed to Voyix shareholders of record as of October 2, 2023, the Record Date. This share amount is utilized for the calculation of basic and diluted earnings per share for all periods presented prior to the Separation. For the three months ended December 31, 2022, these shares are treated as issued and outstanding for purposes of calculating historical earnings per share. For periods prior to the Separation, it is assumed that there are no dilutive equity instruments as there were no equity awards of Atleos outstanding prior to the Separation.
Reconciliation of Net Income Attributable to Atleos (GAAP) to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) (Non-GAAP)
$ in millions
Q4 2023
Q4 2022
Net income (loss) attributable to Atleos (GAAP)
$
(161
)
$
7
Interest expense
69
8
Interest income
(5
)
—
Income tax expense
46
(4
)
Depreciation and amortization expense
43
44
Acquisition-related amortization of intangibles
24
24
Stock-based compensation expense
23
15
Separation costs
84
—
Transformation and restructuring
22
15
Pension mark-to-market adjustments
33
78
Adjusted EBITDA (Non-GAAP)
$
178
$
187
Reconciliation of Net Cash Provided by Operating Activities (GAAP) to Adjusted Free Cash Flow-Unrestricted (Non-GAAP)
$ in millions
Q4 2023
Q4 2022
Net cash provided by (used in) operating activities
$
(43
)
$
33
Total capital expenditures
(47
)
(27
)
Restricted cash settlement activity
49
36
Initial sale of trade accounts receivable
(166
)
—
Pension contributions
145
1
Adjusted free cash flow-unrestricted
$
(62
)
$
43
View source version on businesswire.com: https://www.businesswire.com/news/home/20240214938104/en/
News Media Contact Scott Sykes NCR Atleos Corporation scott.sykes@ncratleos.com
Investor Contact Brendan Metrano NCR Atleos Corporation brendan.metrano@ncratleos.com
1 Year National Interstate Chart |
1 Month National Interstate Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions