8-K
NCR Atleos Corp (NATL)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 3, 2025
NCR ATLEOS CORPORATION
(Exact name of registrant as specified in its charter)
Commission File Number 001-41728
| Maryland | 92-3588560 |
|---|---|
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |
864 Spring Street NW
Atlanta, GA 30308
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (832) 308-4999
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.01 per share | NATL | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On March 3, 2025, NCR Atleos Corporation (the “Company”) issued a press release setting forth its fourth quarter and full year 2024 financial results and certain other financial information. A copy of the press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.
Item 7.01. Regulation FD Disclosure.
On March 4, 2025, the Company will hold its previously announced conference call to discuss its fourth quarter 2024 financial results. A copy of supplementary materials that will be referred to in the conference call, and which were posted to the Company's website, is attached hereto as Exhibit 99.2.
The information in this report (including Exhibits 99.1 and 99.2) is being furnished pursuant to Item 2.02 and Item 7.01 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits:
The following exhibits are attached with this current report on Form 8-K:
| Exhibit No. | Description |
|---|---|
| 99.1 | Press release issued by the Company dated March 3, 2025 |
| 99.2 | Supplemental materials, dated March 3, 2025 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| NCR Atleos Corporation | |
|---|---|
| By: | /s/ Andrew Wamser |
| Andrew Wamser | |
| Executive Vice President and Chief Financial Officer |
Date: March 3, 2025
Document
NEWS RELEASE
NCR Atleos Announces Fourth Quarter and Full Year 2024 Results
ATLANTA, March 3, 2025 - NCR Atleos Corporation (NYSE: NATL) (“Atleos”) reported financial results today for the three and twelve months ended December 31, 2024. Fourth quarter and full year results and other recent highlights include:
•Strong fourth quarter drove upside to full year 2024 guidance for cash flow and EPS
•Operating cash flow of $80 million in Q4 and $344 million in fiscal year 2024
•Adjusted free cash flow(1) of $119 million in Q4 and $242 million in fiscal year 2024
•Q4 2024 Revenue of $1.1 billion grew 1%; core business revenue grew 4%
•Q4 2024 GAAP fully diluted earnings per share of $0.61 grew 126%; Non-GAAP fully diluted earnings per share of $1.11 grew 73%
•Full year 2024 revenue of $4.3 billion grew 3%; recurring revenue of $3.1 billion grew 5%
•Full year 2024 GAAP fully diluted earnings per share of $1.23; Non-GAAP fully diluted EPS of $3.22
“The fourth quarter was a strong finish to an outstanding first full year for Atleos. Superior focus and execution across the Company enabled us to achieve key objectives for the year and build positive momentum heading into 2025. We enhanced our ATM solutions platform and strengthened relationships with both customers and partners. We generated higher revenue per device on our leading global installed base of ATMs through higher transaction volumes and higher service capture. We advanced key initiatives that elevated customer service performance, improved profitability, and better aligned resources to support our growth strategy. Our strong operational performance translated to impressive 2024 financial results,” said Tim Oliver, President and Chief Executive Officer. “I appreciate the tremendous effort and dedication of the almost 20,000 Atleos employees around the world that made 2024 a success,” Mr. Oliver continued.
“We begin 2025 with optimism. Market fundamentals remain favorable, with banks and retailers continuing to seek outsourced solutions to manage their cash ecosystem, reduce costs, and improve customer experiences. Accelerating customer adoption of our solutions, coupled with our continuous improvement and innovation efforts should drive cost and capital efficient growth while we continue to reduce our leverage and improve strategic flexibility,” concluded Mr. Oliver.
Fourth Quarter and Full Year 2024 Operating Results
•Fourth quarter revenue was $1.11 billion, including $790 million of recurring revenue, compared to $1.10 billion and $777 million in the prior year period.
•Fourth quarter gross profit was $297 million with a gross margin of 26.8% on a GAAP basis, compared to $198 million and 18.0% in the prior year period. Fourth quarter adjusted gross profit (non-GAAP) was $319 million with an adjusted gross margin of 28.8%, compared to $272 million and 24.8% in the prior year period.
•Fourth quarter income from operations was $151 million on a GAAP basis, compared to $35 million in the prior year period. Fourth quarter adjusted income from operations (non-GAAP) was $187 million compared to $150 million in the prior year period.
•Fourth quarter net income attributable to Atleos was $46 million on a GAAP basis, up 128% compared to net loss attributable to Atleos of $165 million in the prior year period.
•Fourth quarter Adjusted EBITDA was $219 million, up 23%, compared to $178 million in the prior year period.
•Full year revenue was $4.3 billion, up 3%, compared to $4.2 billion in the prior year period.
•Full year net income attributable to Atleos was $91 million on a GAAP basis, up 168% compared to net loss attributable to Atleos of $134 million in the prior year period.
•Full year Adjusted EBITDA was $781 million, up 7%, compared to $732 million in the prior year period.
(1) Adjusted free cash flow-unrestricted, as defined in the section entitled “Non-GAAP Financial Measures.”
| NCR ATLEOS CORPORATION<br>REVENUE AND ADJUSTED EBITDA SUMMARY<br>(Unaudited)<br>(in millions) | | --- || | For the Periods Ended December 31 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Three Months | | | | | Twelve Months | | | | | | | | 2024 | | 2023 | | % Change | | 2024 | | 2023 | | % Change | | Revenue by segment | | | | | | | | | | | | | Self-Service Banking | $ | 718 | $ | 665 | 8% | | $ | 2,696 | $ | 2,581 | 4% | | Network | 317 | | 323 | | (2)% | | 1,285 | | 1,267 | | 1% | | T&T | 46 | | 48 | | (4)% | | 194 | | 196 | | (1)% | | Total segment revenue | 1,081 | | 1,036 | | 4% | | 4,175 | | 4,044 | | 3% | | Other (1) | 27 | | 62 | | (56)% | | 142 | | 147 | | (3)% | | Consolidated revenue | $ | 1,108 | $ | 1,098 | 1% | | $ | 4,317 | $ | 4,191 | 3% | | Adjusted EBITDA by segment | | | | | | | | | | | | | Self-Service Banking | $ | 181 | $ | 146 | 24% | | $ | 640 | $ | 630 | 2% | | Self-Service Banking Adjusted EBITDA margin % | 25.2% | | 22.0% | | | | 23.7% | | 24.4% | | | | Network | 114 | | 100 | | 14% | | 404 | | 379 | | 7% | | Network Adjusted EBITDA margin % | 36.0% | | 31.0% | | | | 31.4% | | 29.9% | | | | T&T | 8 | | 7 | | 14% | | 35 | | 33 | | 6% | | T&T Adjusted EBITDA margin % | 17.4% | | 14.6% | | | | 18.0% | | 16.8% | | | | Other (1) | (2) | | 8 | | (125)% | | 8 | | 34 | | (76)% | | Corporate (2) | (82) | | (83) | | (1)% | | (306) | | (344) | | (11)% | | Total Adjusted EBITDA | $ | 219 | $ | 178 | 23% | | $ | 781 | $ | 732 | 7% | | Total Adjusted EBITDA margin % | 19.8% | | 16.2% | | | | 18.1% | | 17.5% | | |
(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 twelve-month periods ended December 31, 2024 and 2023 may not be meaningfully comparable.
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.
Full Year 2025 Guidance
| FY 2025 Targets | 2024 Base | 2025 Guidance |
|---|---|---|
| Core Revenue (excludes Voyix) | $4,175 billion | 3% to 6% growth constant currency<br><br>(est. FX impact -2%) |
| Total Revenue | $4,317 billion | 1% to 3% growth constant currency<br><br>(est. FX impact -2%; Voyix-related revenue down ~$100M) |
| Total Adjusted EBITDA (1) | $794 million | 7% to 10% growth constant currency<br><br>(est. FX impact -1%) |
| Non-GAAP Diluted EPS (2) | $3.22 | 21% to 27% growth |
| Adjusted free cash flow-unrestricted | $242 million | $260 - $300 million |
(1) Our Adjusted EBITDA calculation previously included certain amounts reported in Other income (expense), net. Beginning in 2025, we will exclude total Other income (expense), net from our Adjusted EBITDA calculation, which in 2024 would have resulted in Adjusted EBITDA of approximately $794 million.
(2) Incorporates consensus average SOFR rates for the year in interest expense.
2024 Fourth Quarter Earnings Conference Call
A conference call is scheduled for March 4, 2025 at 8:30 a.m. Eastern Time to discuss the fourth quarter and full year 2024 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 5828764. 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/.
News Media Contact
Scott Sykes
NCR Atleos Corporation
scott.sykes@ncratleos.com
Investor Contact
Brendan Metrano
NCR Atleos Corporation
brendan.metrano@ncratleos.com
About Atleos
Atleos (NYSE: NATL) is a leader in expanding self-service financial access, with industry-leading ATM expertise and experience, unrivalled operational scale including the largest independently-owned ATM network, always-on global services and constant innovation. Atleos improves operational efficiency for financial institutions, drives footfall for retailers and enables digital-first financial self-service experiences for consumers. Atleos is headquartered in Atlanta, Georgia, with approximately 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 business and financial strategy; our future plans relating to our workforce talent; expectations regarding our cash flow generation and liquidity; our expectations of demand for our solutions and execution and the impact thereof on our financial results; our focus on advancing our strategic growth initiatives and transforming Atleos into a software-led as a service company with a higher mix of recurring revenue streams; and our expectations of Atleos’ ability to deliver increased value to customers and stockholders. 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:
•Strategy and Technology: transforming our business model, development and introduction of new solutions; competition in the technology industry, integration of acquisitions and management of alliance activities; and our multinational operations;
•Business Operations: domestic and global economic and credit conditions; tariffs and other trade measures; risks and uncertainties from the payments-related business and industry; maintenance of a significant amount of vault cash involves risk of loss and is subject to cost fluctuations based on interest rate movements; retention and attraction of key employees; defects, errors, installation difficulties or development delays; failure of third-party suppliers; a major natural disaster or catastrophic event, including the impact of pandemics and geopolitical and macroeconomic challenges; environmental exposures from historical and ongoing manufacturing activities and climate change; and the impact of data protection, cybersecurity and data privacy including any related issues;
•Finance and Accounting: our level of indebtedness; the terms governing our indebtedness; incurrence of additional debt or similar liabilities or obligations; access or renewal of financing sources; our cash flow sufficiency to service our indebtedness; interest rate risks; the terms governing our trade receivables facility; any lowering or withdrawal of the ratings assigned to our debt securities by rating agencies; our pension liabilities; and the write down of the value of certain significant assets;
•Law and Compliance: allegations or claims by third parties that our products or services infringe on intellectual property rights of others, including claims against our customers and claims by our customers to defend and indemnify them with respect to such claims; changes to our tax rates and additional income tax liabilities; uncertainties regarding regulations, lawsuits and other related matters; changes to cryptocurrency regulations;
•Separation: the perceived reliability of Atleos’ financial statements if Atleos is unable to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act; the failure of Voyix to perform under various transaction agreements; that Atleos may incur material costs and expenses as a result of the spin-off; Atleos’ obligation to indemnify NCR Voyix Corporation (“Voyix”) pursuant to the agreements entered into in connection with the spin-off (including with respect to material taxes) and the risk Voyix may not fulfill any obligations to indemnify Atleos under such agreements; that under applicable tax law, Atleos may be liable for certain tax liabilities of Voyix following the spin-off if Voyix were to fail to pay such taxes; that agreements binding on Atleos restrict it from taking certain actions after the distribution that could adversely impact the intended U.S. federal income tax treatment of the distribution and related transactions; potential liabilities arising out of state and federal fraudulent conveyance laws; the fact that Atleos may receive worse commercial terms from third-parties for services it previously received from Voyix; that after the spin-off, certain of Atleos’ executive officers and directors may have actual or potential conflicts of interest because of their previous positions at NCR; and potential difficulties in maintaining relationships with key personnel; and
•Our Common Stock: Atleos’ stock price may fluctuate significantly; substantial sales in the public market may cause the price of Atleos’ common stock to decline; timing, amount or payment of dividends; dilution of ownership percentages; certain provisions in Atleos’ governing documents may prevent or delay an acquisition; the exclusive forum provision in Atleos’ bylaws could limit a stockholder’s ability to bring a claim against Atleos; and actions or proposals from stockholders that do not align with our business strategies or the interests of our other stockholders.
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. Atleos may not be able to realize any of the potential strategic benefits, synergies or opportunities as a result of these actions, nor may stockholders achieve any particular level of stockholder returns. The separation may not enhance value for stockholders, nor may Atleos be
commercially successful in the future, nor achieve any particular credit rating or financial results. 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 annual report on Form 10-K, 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 Margin (Non-GAAP), Adjusted Income from Operations (Non-GAAP), Non-GAAP Diluted Earnings per Share. Atleos’ Adjusted Gross Profit (non-GAAP), Adjusted Gross Margin (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); Voyix legal and environmental indemnification expense, 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 (loss) attributable to Atleos, and earnings per share, respectively. Due to the nature of these 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 (loss) 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 Voyix legal and environmental indemnification 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 reconciliation of Net income (loss) 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.
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, plus/minus financing payments/receipts of owned ATM capital expenditures, plus pension contributions and settlements, and plus legal and environmental indemnification payments made to Voyix. 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<br>CONSOLIDATED STATEMENTS OF OPERATIONS<br>(Unaudited) | | --- || | For the Periods Ended December 31 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Three Months | | | | | | Twelve Months | | | | | | | ($ in millions, except per share amounts) | 2024 | | | 2023 | | | 2024 | | | 2023 | | | | Revenue | | | | | | | | | | | | | | Product revenue | $ | 273 | | $ | 282 | | $ | 995 | | $ | 1,030 | | | Service revenue | 835 | | | 816 | | | 3,322 | | | 3,161 | | | | Total revenue | 1,108 | | | 1,098 | | | 4,317 | | | 4,191 | | | | Cost of products | 216 | | | 227 | | | 839 | | | 846 | | | | Cost of services | 595 | | | 673 | | | 2,445 | | | 2,412 | | | | Total gross profit | 297 | | | 198 | | | 1,033 | | | 933 | | | | % of Revenue | 26.8 | | % | 18.0 | | % | 23.9 | | % | 22.3 | | % | | Selling, general and administrative expenses | 127 | | | 140 | | | 518 | | | 585 | | | | Research and development expenses | 19 | | | 23 | | | 66 | | | 77 | | | | Income from operations | 151 | | | 35 | | | 449 | | | 271 | | | | % of Revenue | 13.6 | | % | 3.2 | | % | 10.4 | | % | 6.5 | | % | | Loss on extinguishment of debt | (20) | | | — | | | (20) | | | — | | | | Interest expense | (72) | | | (75) | | | (309) | | | (77) | | | | Related party interest expense, net | — | | | — | | | — | | | (13) | | | | Other income (expense), net | 15 | | | (80) | | | 19 | | | (74) | | | | Total interest and other expense, net | (77) | | | (155) | | | (310) | | | (164) | | | | Income before income taxes | 74 | | | (120) | | | 139 | | | 107 | | | | % of Revenue | 6.7 | | % | (10.9) | | % | 3.2 | | % | 2.6 | | % | | Income tax expense | 25 | | | 44 | | | 47 | | | 239 | | | | Net income (loss) | 49 | | | (164) | | | 92 | | | (132) | | | | Net income attributable to noncontrolling interests | 3 | | | 1 | | | 1 | | | 2 | | | | Net income (loss) attributable to Atleos | $ | 46 | | $ | (165) | | $ | 91 | | $ | (134) | | | Net income (loss) per share attributable to Atleos common stockholders | | | | | | | | | | | | | | Basic | $ | 0.63 | | $ | (2.34) | | $ | 1.26 | | $ | (1.90) | | | Diluted | $ | 0.61 | | $ | (2.34) | | $ | 1.23 | | $ | (1.90) | | | Weighted average common shares outstanding | | | | | | | | | | | | | | Basic | 72.5 | | | 70.6 | | | 72.2 | | | 70.6 | | | | Diluted | 75.0 | | | 70.6 | | | 74.2 | | | 70.6 | | | | CONSOLIDATED BALANCE SHEETS<br>(Unaudited) | | --- || ($ in millions, except per share amounts) | December 31,<br>2024 | | December 31, 2023 | | | --- | --- | --- | --- | --- | | Assets | | | | | | Current assets | | | | | | Cash and cash equivalents | $ | 419 | $ | 339 | | Accounts receivable, net of allowances of $15 and $14 as of December 31, 2024 and 2023, respectively | 588 | | 710 | | | Inventories | 307 | | 333 | | | Restricted cash | 210 | | 238 | | | Other current assets | 242 | | 254 | | | Total current assets | 1,766 | | 1,874 | | | Property, plant and equipment, net | 474 | | 468 | | | Goodwill | 1,950 | | 1,952 | | | Intangibles, net | 550 | | 635 | | | Operating lease right of use assets | 144 | | 144 | | | Prepaid pension cost | 227 | | 219 | | | Deferred income tax assets | 285 | | 254 | | | Other assets | 156 | | 169 | | | Total assets | $ | 5,552 | $ | 5,715 | | Liabilities and stockholders’ equity | | | | | | Current liabilities | | | | | | Short-term borrowings | $ | 81 | $ | 76 | | Accounts payable | 562 | | 505 | | | Payroll and benefits liabilities | 147 | | 149 | | | Contract liabilities | 315 | | 325 | | | Settlement liabilities | 156 | | 218 | | | Other current liabilities | 441 | | 486 | | | Total current liabilities | 1,702 | | 1,759 | | | Long-term borrowings | 2,855 | | 2,938 | | | Pension and indemnity plan liabilities | 343 | | 389 | | | Postretirement and postemployment benefits liabilities | 81 | | 60 | | | Income tax accruals | 37 | | 36 | | | Operating lease liabilities | 110 | | 109 | | | Deferred income tax liabilities | 40 | | 34 | | | Other liabilities | 120 | | 141 | | | Total liabilities | 5,288 | | 5,466 | | | 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, 72.7 and 70.9 shares issued and outstanding as of December 31, 2024 and 2023, respectively. | 1 | | 1 | | | Paid-in capital | 47 | | 12 | | | Retained earnings | 231 | | 147 | | | Accumulated other comprehensive income (loss) | (19) | | 86 | | | Total Atleos stockholders’ equity | 260 | | 246 | | | Noncontrolling interests in subsidiaries | 4 | | 3 | | | Total stockholders’ equity | 264 | | 249 | | | Total liabilities and stockholders’ equity | $ | 5,552 | $ | 5,715 | | CONSOLIDATED STATEMENTS OF CASH FLOWS<br>(Unaudited) | | --- || | For the Periods Ended December 31 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | Three Months | | | | Twelve Months | | | | | ($ in millions) | 2024 | | 2023 | | 2024 | | 2023 | | | Operating activities | | | | | | | | | | Net income (loss) | $ | 49 | $ | (164) | $ | 92 | $ | (132) | | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | | | | | | Depreciation expense | 35 | | 36 | | 139 | | 126 | | | Amortization expense | 34 | | 35 | | 148 | | 128 | | | Stock-based compensation expense | 10 | | 23 | | 38 | | 68 | | | Deferred income taxes | (10) | | (19) | | (19) | | 74 | | | Loss on disposal of property, plant and equipment and other assets | (3) | | 3 | | 2 | | 3 | | | Bargain purchase gain from acquisition | — | | — | | (5) | | — | | | Loss from equity investments | 1 | | — | | 3 | | — | | | Loss on debt extinguishment | 20 | | — | | 20 | | — | | | Changes in assets and liabilities: | | | | | | | | | | Receivables | 23 | | (91) | | 102 | | (52) | | | Related party receivables and payables | — | | — | | — | | (22) | | | Inventories | — | | 88 | | (77) | | 53 | | | Settlement assets | 13 | | 1 | | 14 | | (7) | | | Current payables and accrued expenses | 23 | | 115 | | 100 | | 140 | | | Contract liabilities | 18 | | — | | (6) | | — | | | Employee benefit plans | (46) | | (157) | | (69) | | (170) | | | Other assets and liabilities | (87) | | 138 | | (138) | | 146 | | | Net cash provided by operating activities | $ | 80 | $ | 8 | $ | 344 | $ | 355 | | Investing activities | | | | | | | | | | Expenditures for property, plant and equipment | $ | (18) | $ | (38) | $ | (87) | $ | (108) | | Additions to capitalized software | (13) | | (9) | | (39) | | (24) | | | Business acquisitions, net of cash acquired | — | | — | | — | | (1) | | | Purchase of investments | — | | — | | (1) | | (10) | | | Proceeds from sale of investments | 5 | | — | | 5 | | — | | | Purchase of intellectual property | — | | — | | (13) | | — | | | Proceeds from divestiture | 1 | | — | | 1 | | — | | | Amounts advanced for related party notes receivable | — | | — | | — | | (217) | | | Repayments received from related party notes receivable | — | | — | | — | | 44 | | | Other investing activities, net | — | | — | | (1) | | — | | | Net cash used in investing activities | $ | (25) | $ | (47) | $ | (135) | $ | (316) | | Financing activities | | | | | | | | | | Proceeds from related party borrowings | — | | 253 | | — | | 412 | | | Payments on related party borrowings | — | | — | | — | | (314) | | | Proceeds from issuance of senior secured notes | — | | — | | — | | 1,333 | | | Proceeds from borrowings on term credit facilities | 300 | | 835 | | 300 | | 1,561 | | | Payments on term credit facilities | (418) | | — | | (473) | | — | | | Borrowings on revolving credit facilities | 185 | | 330 | | 1,104 | | 330 | | | Payments on revolving credit facilities | (140) | | (175) | | (1,034) | | (175) | | | Payments on other financing arrangements | (1) | | (1) | | (3) | | (1) | | | Debt issuance costs | (2) | | (51) | | (2) | | (51) | | | Call premium paid on debt extinguishment | (7) | | — | | (7) | | — | | | Principal payments for finance lease obligations | (3) | | — | | (4) | | (1) | | | Proceeds from employee stock plans | 1 | | — | | 4 | | — | | | Payments on acquisition holdback | — | | — | | (5) | | — | | | Tax withholding payments on behalf of employees | — | | (7) | | (14) | | (7) | | | Net transfers (to) from NCR Corporation | — | | (286) | | — | | (60) | | | Consideration paid to NCR Corporation in connections with the Separation | — | | (2,996) | | — | | (2,996) | | | Net cash provided by (used in) financing activities | $ | (85) | $ | (2,098) | $ | (134) | $ | 31 | | Effect of exchange rate changes on cash, cash equivalents and restricted cash | (13) | | (7) | | (20) | | 17 | | | Increase (decrease) in cash, cash equivalents and restricted cash | $ | (43) | $ | (2,144) | $ | 55 | $ | 87 | | Cash, cash equivalents and restricted cash at beginning of period | 684 | | 2,730 | | 586 | | 499 | | | Cash, cash equivalents and restricted cash at end of period | $ | 641 | $ | 586 | $ | 641 | $ | 586 |
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 | Twelve months ended December 31 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | 2024 | 2023 | |||||||||||||
| Recurring revenue | $ | 790 | $ | 777 | $ | 3,136 | $ | 2,982 | |||||||
| All other products and services | 318 | 321 | 1,181 | 1,209 | |||||||||||
| Total revenue | $ | 1,108 | $ | 1,098 | $ | 4,317 | $ | 4,191 | |||||||
| Recurring revenue as a percent of revenue | 71 | % | 71 | % | 73 | % | 71 | % |
All values are in US Dollars.
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, 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ($ in millions, except per share amounts) | Gross profit | Gross margin | Income (loss) from operations | Net income attributable to Atleos | Diluted earnings (loss) per share (1) | |||||
| GAAP Results | $ | 297 | 26.8 | % | $ | 151 | $ | 46 | $ | 0.61 |
| Plus: Special Items | ||||||||||
| Transformation and restructuring | 2 | 0.2 | % | 4 | 7 | 0.09 | ||||
| Stock-based compensation expense | 2 | 0.2 | % | 10 | 10 | 0.13 | ||||
| Acquisition-related amortization of intangibles | 19 | 1.7 | % | 23 | 20 | 0.27 | ||||
| Separation costs | (1) | (0.1) | % | (1) | — | — | ||||
| Voyix environmental indemnification expense | — | — | % | — | 9 | 0.12 | ||||
| Loss on Debt Extinguishment | — | — | % | — | 20 | 0.27 | ||||
| Pension mark-to-market adjustments | — | — | % | — | (29) | (0.38) | ||||
| Non-GAAP Adjusted Results | $ | 319 | 28.8 | % | $ | 187 | $ | 83 | $ | 1.11 |
(1)Based upon weighted average dilutive shares of 75.0 million for the three months ended December 31, 2024.
Reconciliation of Net Income Attributable to Atleos (GAAP) to Adjusted Net Income Attributable to Atleos (Non-GAAP) and Non-GAAP Diluted Earnings Per Share (Continued)
| Twelve months ended December 31, 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ($ in millions, except per share amounts) | Gross profit | Gross margin | Income (loss) from operations | Net Income (Loss) attributable to Atleos | Diluted Earnings per Share (1) | |||||
| GAAP Results | $ | 1,033 | 23.9 | % | $ | 449 | $ | 91 | $ | 1.23 |
| Plus: Special Items | ||||||||||
| Transformation and restructuring | 7 | 0.2 | % | 18 | 20 | 0.27 | ||||
| Stock-based compensation expense | 5 | 0.1 | % | 38 | 35 | 0.47 | ||||
| Acquisition-related amortization of intangibles | 80 | 1.9 | % | 95 | 74 | 0.99 | ||||
| Acquisition-related costs | — | — | % | 1 | (4) | (0.05) | ||||
| Separation costs | — | — | % | 18 | 16 | 0.21 | ||||
| Voyix environmental indemnification expense | — | — | % | — | 11 | 0.15 | ||||
| Valuation allowance and other tax adjustments | — | — | % | — | 5 | 0.07 | ||||
| Loss on Debt Extinguishment | — | — | % | — | 20 | 0.27 | ||||
| Pension mark-to-market adjustments | — | — | % | — | (29) | (0.39) | ||||
| Non-GAAP Adjusted Results | $ | 1,125 | 26.1 | % | $ | 619 | $ | 239 | $ | 3.22 |
(1)Based upon weighted average dilutive shares of 74.2 million for the twelve months ended December 31, 2024.
Reconciliation of Net Income Attributable to Atleos (GAAP) to Adjusted Net Income Attributable to Atleos (Non-GAAP) and Non-GAAP Diluted Earnings Per Share (Continued)
| Three months ended December 31, 2023 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ($ in millions, except per share amounts) | Gross profit | Gross margin | Income (loss) from operations | Net Income (Loss) attributable to Atleos | Diluted earnings per share (1) | |||||
| GAAP Results | $ | 198 | 18.0 | % | $ | 35 | $ | (165) | $ | (2.34) |
| 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 mark-to-market adjustments | — | — | % | — | 28 | 0.38 | ||||
| Non-GAAP Adjusted Results | $ | 272 | 24.8 | % | $ | 150 | $ | 47 | $ | 0.64 |
(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 is included in the calculation of non-GAAP diluted EPS, which is based upon weighted average dilutive shares of 73.4 million. 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 (Continued)
| Twelve months ended December 31 2023 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| ($ in millions, except per share amounts) | Gross profit | Gross margin | Income (loss) from operations | Net Income (Loss) attributable to Atleos | Diluted Earnings per Share (1) | ||||
| GAAP Results | 22.3 | % | $ | 271 | $ | (134) | $ | (1.90) | |
| Plus: Special Items | |||||||||
| Transformation and restructuring | 1 | — | % | 9 | 27 | 0.37 | |||
| Stock-based compensation expense | 20 | 0.5 | % | 68 | 63 | 0.86 | |||
| Acquisition-related amortization of intangibles | 65 | 1.5 | % | 98 | 74 | 1.01 | |||
| Separation costs | 51 | 1.2 | % | 151 | 268 | 3.65 | |||
| Valuation allowance and other tax adjustments | — | — | % | — | 42 | 0.57 | |||
| Pension mark-to-market adjustments | — | — | % | — | 24 | 0.33 | |||
| Non-GAAP Adjusted Results | 1,070 | 25.5 | % | $ | 597 | $ | 364 | $ | 4.96 |
All values are in US Dollars.
(1)For the twelve 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 is included in the calculation of non-GAAP diluted EPS, which is based upon weighted average dilutive shares of 73.4 million. Therefore, GAAP diluted EPS and non-GAAP diluted EPS may not mathematically reconcile.
Reconciliation of Net Income Attributable to Atleos (GAAP) to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) (Non-GAAP)
| ($ in millions) | Q4 2024 | % of Revenue | Q4 2023 | % of Revenue | FY 2024 | % of Revenue | FY 2023 | % of Revenue | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net income (loss) attributable to Atleos (GAAP) | $ | 46 | 4.2 | % | $ | (165) | (15.0) | % | $ | 91 | 2.1 | % | $ | (134) | (3.2) | % |
| Interest expense, net (1) | 72 | 6.5 | % | 75 | 6.8 | % | 309 | 7.2 | % | 90 | 2.2 | % | ||||
| Interest income | (2) | (0.2) | % | (5) | (0.5) | % | (7) | (0.2) | % | (5) | (0.1) | % | ||||
| Income tax expense | 25 | 2.2 | % | 44 | 4.0 | % | 47 | 1.1 | % | 239 | 5.7 | % | ||||
| Depreciation and amortization expense | 44 | 4.0 | % | 43 | 3.9 | % | 176 | 4.1 | % | 151 | 3.6 | % | ||||
| Acquisition-related amortization of intangibles | 23 | 2.1 | % | 24 | 2.2 | % | 95 | 2.2 | % | 98 | 2.3 | % | ||||
| Stock-based compensation expense | 10 | 0.9 | % | 23 | 2.1 | % | 38 | 0.9 | % | 68 | 1.6 | % | ||||
| Separation costs | (1) | (0.1) | % | 84 | 7.7 | % | 19 | 0.4 | % | 170 | 4.1 | % | ||||
| Acquisition-related costs | — | — | % | — | — | % | (5) | (0.1) | % | — | — | % | ||||
| Transformation and restructuring | 8 | 0.7 | % | 22 | 2.0 | % | 22 | 0.5 | % | 28 | 0.7 | % | ||||
| Loss on debt extinguishment | 20 | 1.8 | % | — | — | % | 20 | 0.5 | % | — | — | % | ||||
| Pension mark-to-market adjustments | (38) | (3.4) | % | 33 | 3.0 | % | (38) | (0.9) | % | 27 | 0.6 | % | ||||
| Voyix environmental indemnification expense | 12 | 1.1 | % | — | — | % | 14 | 0.3 | % | — | — | % | ||||
| Adjusted EBITDA (Non-GAAP) | $ | 219 | 19.8 | % | $ | 178 | 16.2 | % | $ | 781 | 18.1 | % | $ | 732 | 17.5 | % |
(1) Includes Related party interest expense, net, as presented in the Consolidated Statement of Operations in the twelve months ended December 31, 2023.
Reconciliation of Net Cash Provided by Operating Activities (GAAP) to Adjusted Free Cash Flow-Unrestricted (Non-GAAP)
| ($ in millions) | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | ||||
|---|---|---|---|---|---|---|---|---|
| Net cash provided by (used in) operating activities | $ | 80 | $ | 8 | $ | 344 | $ | 355 |
| Total capital expenditures | (31) | (47) | (126) | (132) | ||||
| Change in restricted cash settlement activity | 69 | (8) | 21 | (27) | ||||
| Initial sale of trade accounts receivable | — | (166) | — | (166) | ||||
| Pension contributions | 1 | 145 | 3 | 154 | ||||
| Adjusted free cash flow-unrestricted | $ | 119 | $ | (68) | $ | 242 | $ | 184 |
12
exhibit-992q42024callsli
Fourth Quarter and Full Year 2024 Earnings Call Tim Oliver, President & Chief Executive Officer Andy Wamser, Chief Financial Officer Stuart Mackinnon, Chief Operating Officer 1 Tuesday, March 4th, 2025
FORWARD-LOOKING STATEMENTS 2 This presentation 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 “estimate,” “expect,” “target,” “anticipate,” “outlook,” “intend,” “plan,” “confident,” “believe,” “will,” “would,” “potential,” “positioned,” “may,” and words of similar meaning, as well as other words or expressions referencing future events, conditions or circumstances. We intend for 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 NCR Atleos Corporation’s (“NCR Atleos,” “Atleos” or the “Company”) plans, targets, 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 these materials include, without limitation, statements regarding the future commercial or financial performance of the Company; the expected financial performance of the Company for 2025; the Company's net leverage ratio targets for year-end 2025 and long- term; our expected areas of focus and strategy to drive growth and profitability and create long-term stockholder value, including key performance indicator targets and expectations for 2025; the Company's focus on advancing strategic growth initiatives and transforming the Company into a software-led ATM as a service company with a higher mix of recurring revenue streams, including the Company's focus on driving efficiencies and standardizing cloud-native service offerings; statements regarding redeployment priorities, and future capital allocation priorities and our expected free cash flow for 2025; and our expectations of NCR Atleos' ability to deliver increased value to customers and stockholders. 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 the Company's control, including the failure of NCR Atleos to achieve some or all of the expected strategic benefits or opportunities expected from the spin-off; that NCR Atleos may incur material costs and expenses as a result of the spin-off; NCR Atleos' obligation to indemnify NCR Corporation (“Voyix” or “NCR Voyix”) pursuant to the agreements entered into connection with the spin-off (including with respect to material taxes) and the risk NCR Voyix may not fulfill any obligations to indemnify NCR Atleos under such agreements; that under applicable tax law, NCR Atleos may be liable for certain tax liabilities of NCR Voyix following the spin-off if NCR Voyix were to fail to pay such taxes; that agreements binding on NCR Atleos restrict it from taking certain actions after the distribution that could adversely impact the intended U.S. federal income tax treatment of the distribution and related transactions, potential liabilities arising out of state and federal fraudulent conveyance laws; the fact that NCR Atleos may receive worse commercial terms from third-parties for services it presently receives from NCR Voyix; that after the spin-off, certain of NCR Atleos' executive officers and directors may have actual or potential conflicts of interest because of their previous positions at NCR Voyix; our ability to retain key employees; our ability to protect our systems and data from cybersecurity threats or other technological risks; extensive competition in our markets; risks related to our level of indebtedness; and risks related to evolving global laws and regulations relating to data privacy, data protection and information security. 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. As you read and consider this presentation, you should understand that these statements are not guarantees of performance or results. Although the Company believes that assumptions underlying the forward-looking statements contained herein are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, any of these statements included herein may prove to be inaccurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Additional information concerning these and other factors identified in “Risk Factors,” “Management Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” in the Company's filings with the U.S. Securities and Exchange Commission (“SEC”) are available at https://www.sec.gov. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements.
NOTES TO INVESTORS NON-GAAP MEASURES. While Atleos reports its results in accordance with generally accepted accounting principles in the United States, or GAAP, comments made during this conference call and in these materials will include or make reference to certain "non-GAAP" measures, including: amounts in constant currency, adjusted gross margin rate (non-GAAP); diluted earnings per share (non-GAAP); adjusted free cash flow-unrestricted; adjusted gross margin (non-GAAP); net debt; adjusted EBITDA; adjusted EBITDA growth; adjusted EBITDA margin; the ratio of net debt to adjusted EBITDA or Net Leverage Ratio; adjusted income from operations (non-GAAP); adjusted interest and other expense (non-GAAP); adjusted income tax expense (non-GAAP); effective income tax rate (non-GAAP); and adjusted net income attributable to Atleos (non-GAAP). These measures are included to provide additional useful information regarding Atleos' financial results, and are not a substitute for their comparable GAAP measures. Explanations of these non-GAAP measures, and reconciliations of these non-GAAP measures to their directly comparable GAAP measures, are included in the accompanying "Supplementary Materials" and are available on the Investor Relations page of Atleos' website at www.ncratleos.com. Descriptions of many of these non-GAAP measures are also included in Atleos' SEC reports. TRADEMARKS. All trademarks, service marks and trade names appearing in this presentation are, to our knowledge, the property of their respective owners. We do not intend our use or display of other companies’ trademarks, service marks, copyrights or trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies. USE OF CERTAIN TERMS. As used in these materials: (i) the term "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. (ii) the term "annualized recurring revenue" or "ARR" is recurring revenue, excluding software license sold as a subscription, for the last three months times four, plus the rolling four quarters for term-based software license arrangements that include customer termination rights. (iii) the term "LTM" means last twelve months. (iv) the term "ARPU" means average revenue per unit. (v) the term "ATMaaS" means ATM as a Service, our turnkey, end-to-end ATM platform solution. These presentation materials and the associated remarks made during this conference call are integrally related and are intended to be presented and understood together. Websites referenced in this presentation are not incorporated by reference into the presentation. 3
Business Update Tim Oliver President and Chief Executive Officer 4
5 Industry Leading Self-Service Banking Solutions Platform #1 Independently owned and operated ATM network globally #1 Provider of multi-vendor ATM software applications and middleware ~600K Global installed base of serviced ATMs ~80K Largest independent network of owned and operated ATMs +140 Countries supported by our ATMs #1 ATMaaS and Managed Services Provider~20K Employees globally Largest Independent ATM Network v v Device Design & Production Transaction Processing Software Design & Licensing Full Outsourcing Capabilities Extensive Hardware & Software Services NCR ATLEOS
Strong Finish in Q4 Achieved Full Year 2024 Objectives Carrying Momentum into 2025 Exceeded 2024 Adj. EPS and Free Cash Flow targets Executed tactical objectives, achieved productivity goals and higher customer service metrics Successful strategic execution of services led offering drove top and bottom-line growth Established a strong foundation for Atleos as a stand-alone company. Completed separation activities. Continued to drive growth across key P&L metrics with new highs in Revenue, Adj. EBITDA, Adj. EPS, and Free Cash Flow Increased revenue per device on the leading installed base led by services growth and N.A. transaction volumes Added customers and partners to our bank outsourcing solutions strategy Improved operational performance and customer service levels Service backlogs and pipelines are robust, reflecting the unique value we offer Ongoing hardware replacement cycle is a catalyst for hardware upgrades and adoption of outsourced services Shared self-service banking utilities are gaining traction globally Transaction volumes at our machines continue to grow by expanding new transaction types Outstanding First Year in 2024 with Strong Momentum Into 2025 6
• ATMaaS Progress in 2024 − Strong underlying growth: customers +38% in 2024 including 14 new customers in Q4; Year-end unit backlog , +77% y/y − Solution is now active in 11 countries, offered in 36 countries, with more expansion planned for 2025 − Customer preference for “asset light” solution resulted in enhanced profitability: lower capex, faster payback, higher ROI • Superior service delivery elevated throughout 2024, reinforcing Atleos as the industry leader • Technology & solution innovation fueled strong order volume across all lines of business with strategic wins in all regions • Robust hardware orders and pipeline suggests the industry is in the early stages of a multi-year refresh cycle FY 2024 & Q4 Results Business Developments Self-Service Banking Growth Strategy is Delivering Results 7 • 2024 Revenue above and Adj. EBITDA in-line with full year segment guidance • Outsourcing strategy drove incremental revenue, with FY 2024 growth of 8% in services & software revenue and 9% in recurring revenue • Full year 2024 ATMaaS revenue increased 27%, with Q4 ARR now over $210 million • 2024 direct and indirect productivity initiatives drove over $100 million in gross savings, helping to offset split-related dyssynergies and inflation • Adj. EBITDA margin expanded ~400 bps from Q1 to Q4 with sequential improvement each quarter
• Strengthened the Allpoint network value proposition: added & enhanced relationships with key bank partners and high-quality retail partners • Solidified position as a leading trusted partner in the financial institution outsourcing strategy drove our growth to outpace the market • Deployed capabilities & infrastructure to support a broader set of transactions, including consumer and commercial deposits, cash recycling, tap technology, and ReadyCode • Expanded international operations: Increased network presence in the U.K. and Spain; entered Greece; set up Italy for Q1 2025 launch FY 2024 & Q4 Results Business Developments Network Continues to Efficiently Drive Incremental Transactions 8 • 2024 Revenue was in line with segment guidance; Adj. EBITDA exceeded segment guidance • Double digit y/y growth in surcharge free withdrawals in 2024 led by the Allpoint network • Strong y/y growth in ARPU in Q4 and FY 2024 due to transaction growth and optimization of the hardware base • 2024 deposit transactions grew 191% y/y, including 239% y/y growth in Q4 fueled by increased adoption of Allpoint+ solution • 2024 Adjusted EBITDA margin expanded 150 bps y/y led by transaction mix shift and operating leverage
Effectively Executing and Refining Our Strategy 9 2025 Priorities Grow Efficiently ■ Prioritize growth initiatives with high potential returns and strategic value Service First ■ Our key strength and primary differentiator focused on best-in-class performance and availability Embrace Simplicity ■ Invest in people, systems, and processes to become nimbler and easier for customers to use 2024 Priorities Differentiate & Grow ■ Offer best-in-class solutions & service, and expand markets and transaction sets Optimize Resource Allocation ■ Disciplined approach to capital and expense allocation to best next option Complete Separation ■ Complete the transfer of operations in certain markets that remained after transaction close
Financial Review Andy Wamser Chief Financial Officer 10
Full Year 2024 Financial Results 11 $600 $700 $800 FY 2023 FY 2024 $3,500 $4,000 $4,500 FY 2023 FY 2024 Recurring Non-Recurring $4,191 $2,982 $4,317 $3,136 Revenue Adj. EBITDA $732 $781 • Revenue increased 3% y/y, consistent with guidance - Led by Services and Software businesses - Recurring Revenue mix increased 200 bps to 73% y/y - Core revenue (ex. Other) increased 3% y/y • Adjusted EBITDA increased 7% y/y, in-line with guidance when factoring in Voyix related and Fx headwinds - Adj. EBITDA Margin increased 60 bps • EPS (adj.) of $3.22 exceeded our guidance of $3.12 - Upside to guidance benefitted from lower-than- expected tax rate, interest and share count • Free Cash Flow (adj.) of $242 exceeded guidance of $205 - Adj. EBITDA to Adj. Free cash flow conversion of 31% - Benefitted from lower than expected cash taxes and timing of working capital movements 17.5% 18.1% $ in millions, except per share amounts +3% +7%
Core Segment Revenue Lines of Business FY 2024 Revenue Growth Self-Service Banking Segment Up 4% Services & Software Up 8% Services & Software Recurring Revenues Up 9% Hardware Down 3% (down due to shift outsourced services) Network Segment Up 1% ATM Network Transaction Services (excludes Liberty crypto business) Up 3% T&T Segment Flat Total Core Revenue Up 3% Drove Solid Growth in Right Areas in 2024 12 • In 2024 Atleos had great execution in driving incremental service revenue across our ATM platform • Growth in service business lines was robust in both Self-Service Banking and Network • As services continue to grow and comprise a greater share of overall results, it will help support and accelerate topline growth and drive margin expansion
$100 $150 $200 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 $207 $193 $162 $178 $219 $600 $1,000 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Recurring Non-Recurring Q4 Revenue and EBITDA Exceeded Expectations 13 $ in millions ■ Q4 '24 Revenue of $1,108, +1% y/y ■ Q4 '24 Recurring Revenue of $790, +2% y/y ■ Adjusted EBITDA +23% y/y ■ Strong sequential Adjusted EBITDA improvement driven by continuous improvement initiatives ■ Adjusted EBITDA margin expanded 440 bps from Q1 to Q4 Consolidated Adjusted EBITDAConsolidated Revenue/Recurring $1,081 $793 $790 $1,078 $1,050 $763 19.2% 17.9% 15.4% $1,098 $777 $1,108 $790 16.2% 19.8%
$0 $50 $100 Q1 24 Q2 24 Q3 24 Q4 24 $38 $119 $0.00 $0.50 $1.00 Q1 24 Q2 24 Q3 24 Q4 24 Strong Earnings and Continued Free Cash Flow Generation in Q4 14 $ in millions, except per share amounts ■ Q4 was above the high-end of our guidance range ■ 73% y/y Adj. EPS growth and 25% sequential Adj. EPS growth is consistent with our projections that earnings would build through the year ■ Q4 Free Cash Flow was above our guidance range ■ Stronger than expected Q4 FCF benefitted from effective working capital management and timing of cash tax payments Adjusted Free Cash FlowNon-GAAP Diluted EPS $0.81 $16 $0.89 $0.41 $69 $1.11
$1,500 $1,600 $1,700 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 45% 60% 75% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 $0 $100 $200 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 $550 $625 $700 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 $673 Recurring Revenue Mix % ARR 58% $1,532 $677 $167 $1,685 60% Up 200 bps y/y • 12 consecutive quarters of y/y growth in recurring revenue Up 10% y/y • Led by growth in Software and Services $158 Self-Service Banking Key Financial Metrics and KPIs $ in millions 15 +8% y/y +6% seq +24% y/y +8% seq $628 $134 21.3% 23.5% 24.7% Revenue Adjusted EBITDA Key Strategic Metrics $718 $665 $146 $181 25.2% 22.0%
$140 $180 $220 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 $7.5 $8.3 $9.0 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 $5 $10 $15 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 $13.9 $20 $35 $50 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 $49 LTM ARPU (in thousands)ARR (in millions) Up 5% y/y • Accelerating customer adoption • Emphasizing deals in higher yield regions $8.2 $16.1 $169 $47 $14.4 Up 25% y/y • Customer count increased 50% y/y • Launched 11 new markets in 2024 $212 $46 $52 $42 $13.5 $17.4 Bank Outsourcing Solutions (ATMaaS) Financial Metrics and KPIs $ in millions, except ARPU 16(1) Gross profit includes management’s estimates of certain cost allocations (2) Reflects LTM ARPU pro-forma for late Q4 unit additions. Excluding pro-forma adjustment LTM ARPU would have been $8.3 +24% y/y +6% seq +29% y/y +8% seq Revenue Gross Profit(1) Key Strategic Metrics $8.6(2)
$14.5 $15.5 $16.5 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Up 7% y/y • Continued to expand new and incremental transactions over our asset base • North America withdrawal volumes up 7% y/y and Deposits are up 191% y/y 55 70 85 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 $0 $60 $120 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 $150 $250 $350 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Network Managed Units (in thousands)LTM ARPU (in thousands) 83 $326 $103 $15.1 $16.1 78 Down 6% y/y • Pharmacy partners continue rationalizing low performing stores $332 $101 Network Key Financial Metrics and KPIs $ in millions, except ARPU 17 -2% y/y -5% seq +14% y/y +11% seq$310 $86 27.7% 31.0% 31.0% Revenue Adjusted EBITDA Key Strategic Metrics $323 $317 $100 $114 31.0% 36.0%
Revenue Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2023 FY 2024 Services & Software $514 $540 $542 $557 $2,013 $2,153 Transactional (Network segment) 303 319 324 309 1,243 1,255 Hardware 172 191 189 215 788 767 Total Core Revenues $989 $1,050 $1,055 $1,081 $4,044 $4,175 Other – Voyix 61 31 23 27 147 142 Total Atleos Revenue $1,050 $1,081 $1,078 $1,108 $4,191 $4,317 Gross Profit (Non-GAAP)(1) Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Services & Software $163 $169 $184 $198 $714 Transactional (Network Segment) 83 96 99 107 385 Hardware 29 37 30 44 140 Corporate unallocated (37) (30) (30) (33) (130) Total Core Gross Profit $238 $272 $283 $316 $1,109 Other – Voyix 6 4 3 3 16 Total Atleos Gross Profit $244 $276 $286 $319 $1,125 Services & Software Momentum Drives Topline and Profit Growth 18 $ in millions (1) Refer to definitions in the supplementary section of the presentation. Adjusted gross profit (non-GAAP) for the product lines include management’s estimates of certain cost allocations. Supplementary product information provided on this slide is for modeling purposes only and is not considered by Company management in assessing segment performance.
(1) Reflects management’s assessment for FY 2024 capital expenditures. (2) Cash and cash equivalents as presented in our Consolidated Balance Sheets. (3) Refer to the definitions in the supplementary section of the presentation. Balance Sheet & Liquidity December 31, 2024 December 31, 2023 Liquidity $769 $676 Revolving Credit Availability $350 $337 Cash (unrestricted)(2) $419 $339 Total Debt $2,936 $3,014 Net Debt(3) $2,517 $2,675 Net Leverage Ratio(3) 3.2X 3.7X Free Cash Flow FY 2024 Adjusted EBITDA $781 Capital Expenditures ($126) Inventory Capitalized ($66) Adjusted Capital Expenditures ($192) Maintenance capital expenditures(1) ($76) Growth capital expenditures(1) ($69) ATMaaS capital expenditures(1) ($47) Cash paid for Taxes ($54) Cash paid for Interest ($271) Change in Working Capital ($22) Adj. Free Cash Flow – Unrestricted $242 Strong Financial Position and Significant Free Cash Flow 19 $ in millions *Net Leverage Ratio Decreased 0.5x
FY 2025 Outlook 20 FY 2025 Targets 2024 Base 2025 Guidance Core Revenue (excludes Voyix) $4,175 3% to 6% growth constant currency (est. FX impact -2%) Total Revenue $4,317 1% to 3% growth constant currency (est. FX impact -2%; Voyix related revenue down ~$100M) Total Adjusted EBITDA(1) $794 7% to 10% growth constant currency (est. FX impact -1%) Fully Diluted EPS (non-GAAP) $3.22 21% to 27% growth Adj. Free Cash Flow – Unrestricted $242 $260 - $300 million $ in millions, except per share amounts (1) Our Adjusted EBITDA calculation previously included certain amounts reported in Other income (expense), net. Beginning in 2025, we will exclude total Other income (expense), net from our Adjusted EBITDA calculation, which in 2024 would have resulted in Adjusted EBITDA of approximately $794 million.
FY 2024 Adj. EPS and Free Cash Flow Exceed Guidance Great Progress on Operational & Strategic Objectives Strong Finish to 2024 & Momentum into 2025 Solid Underlying Growth, Profit, and Cash Flow Expected in 2025 Takeaways 21
SUPPLEMENTARY MATERIALS 22
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. Annualized recurring revenue or “ARR”- recurring revenue, excluding software licenses sold as a subscription, for the last three months times four, plus the rolling four quarters for term- based software license arrangements that include customer termination rights. LTM - Last twelve months ARPU - average revenue per unit ATM - Automated teller machine ATM as a Service (“ATMaaS”) - our turnkey, end-to-end ATM platform solution, whereby we provide comprehensive managed services solutions to financial institutions Liquidity - Borrowing capacity under our senior secured Revolving Credit Facility plus unrestricted cash and cash equivalents Hardware revenue - revenue related to ATM and other hardware sales Services revenue - revenue related to hardware and software maintenance, professional services, and ATMaaS Software revenue - revenue related to software license, software maintenance and professional installation services Transactional revenue - revenue related to payment transaction processing services, interchange and other network revenue as well as Bitcoin-related revenue Certain Terms & Key Performance Indicators (KPIs) 23
NON-GAAP MEASURES 24 While Atleos reports its results in accordance with generally accepted accounting principles (GAAP) in the United States, comments made during this conference call and in these materials will include non-GAAP measures. These measures are included to provide additional useful information regarding Atleos’ financial results, and are not a substitute for their comparable GAAP measures. Non-GAAP Diluted Earnings Per Share (EPS), Adjusted Gross Margin (non-GAAP), Adjusted Gross Margin Rate (non-GAAP), Adjusted Operating Expenses (non- GAAP), Adjusted Income from Operations (non-GAAP), Adjusted Operating Margin Rate (non-GAAP), Adjusted Interest and Other (Expense) (non-GAAP), Adjusted Income Tax Expense (non-GAAP), Adjusted Effective Income Tax Rate (non-GAAP), and Adjusted Net Income from Continuing Operations Attributable to Atleos (non-GAAP). Atleos’ non-GAAP diluted EPS, adjusted gross margin (non-GAAP), adjusted gross margin rate (non-GAAP), adjusted operating expenses (non-GAAP), operating income (non-GAAP), operating margin rate (non-GAAP), interest and other (expense) (non-GAAP), income tax expense (non-GAAP), adjusted effective income tax rate (non-GAAP), and adjusted net income from continuing operations attributable to Atleos (non-GAAP) are determined by excluding, as applicable, pension mark-to-market adjustments, pension settlements, pension curtailments and pension special termination benefits, as well as other special items, including separation-related costs, amortization of acquisition related intangibles, stock-based compensation expense, transformation and restructuring activities, and Voyix legal and environmental indemnification expense from Atleos’ GAAP earnings per share, gross margin, gross margin rate, expenses, income from operations, operating margin rate, interest and other income (expense), income tax expense, effective income tax rate and net income from continuing operations attributable to Atleos, respectively. Due to the nature of these 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 Free Cash Flow-Unrestricted (FCF). Atleos defines adjusted free cash flow-unrestricted as net cash provided by (used in) 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, plus/minus financing payments/receipts of owned ATM capital expenditures, plus pension contributions and pension settlements, and plus legal and environmental indemnification payments made to Voyix. 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. Atleos’ management uses adjusted free cash flow-unrestricted to assess the financial performance of the Company and believes it is useful for investors because it relates the operating cash flow of the Company to the capital that is spent to continue and improve business operations. In particular, adjusted free cash flow-unrestricted indicates the amount of cash generated after capital expenditures, which can be used for, among other things, investment in the Company’s existing businesses, strategic acquisitions, strengthening the Company’s balance sheet, repurchase of Company stock and repayment of the Company’s debt obligations. Adjusted free cash flow-unrestricted does not represent the residual cash flow available for discretionary expenditures since there may be other non-discretionary expenditures that are not deducted from the measure. Adjusted free cash flow- unrestricted does not have uniform definitions under GAAP and, therefore, Atleos’ definitions may differ from other companies’ definitions of these measures.
NON-GAAP MEASURES 25 Net Debt. Atleos determines Net Debt based on its total debt less cash and cash equivalents, with total debt being defined as total short-term borrowings plus total long-term debt as presented on the face of the Consolidated Balance Sheets. Atleos believes that Net Debt provides useful information to investors because Atleos’ management reviews Net Debt as part of its management of overall liquidity, financial flexibility, capital structure and leverage. In addition, certain debt rating agencies, creditors and credit analysts monitor Atleos’ Net Debt as part of their assessments of Atleos’ business. Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA). 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 Voyix legal and environmental indemnification 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. Atleos uses Adjusted EBITDA to manage and measure the performance of its business segments. Atleos also uses Adjusted EBITDA to manage and determine the effectiveness of its business managers and as a basis for incentive compensation. Atleos believes that Adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of the Company’s ongoing business operations, including its ability to fund discretionary spending such as capital expenditures, strategic acquisitions and other investments. Adjusted EBITDA margin is calculated based on Adjusted EBITDA as a percentage of total revenue. Net Leverage Ratio. Atleos believes that its ratio of Net Debt to Adjusted EBITDA, or Net Leverage Ratio, provides useful information to investors because it is an indicator of the Company’s ability to meet its future financial obligations. In addition, the Net Debt to Adjusted EBITDA ratio is a measure frequently used by investors and credit rating agencies. The Net Debt to Adjusted EBITDA ratio is calculated by dividing Net Debt by trailing twelve-month Adjusted EBITDA. Constant Currency. Atleos presents certain financial measures, such as period-over-period revenue growth, on a constant currency basis, which excludes the effects of foreign currency translation by translating prior period results at current period monthly average exchange rates. Due to the overall variability of foreign exchange rates from period to period, Atleos’ management uses constant currency measures to evaluate period-over-period operating performance on a more consistent and comparable basis. Atleos’ management believes that presentation of financial measures without these results is more representative of the Company’s period-over-period operating performance, and provides additional insight into historical and/or future performance, which may be helpful for investors.
NON-GAAP MEASURES 26 With respect to our Adjusted EBITDA, adjusted free cash flow-unrestricted and non-GAAP diluted earnings per share forward-looking 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. In 2024, our Adjusted EBITDA calculation previously included certain amounts reported in Other income (expense), net. Beginning in 2025, we will exclude total Other income (expense), net from our Adjusted EBITDA calculation. Atleos management’s 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. These non-GAAP measures are reconciled to their corresponding GAAP measures in the following slides and elsewhere in these materials. These reconciliations and other information regarding these non-GAAP measures are also available on the Investor Relations page of Atleos’ website at www.ncratleos.com.
Q4 2024 Q4 2023 % Change FY 2024 FY 2023 % Change Revenue $1,108 $1,098 1% $4,317 $4,191 3% Gross Margin 297 198 50% 1,033 933 11% Gross Margin Rate 26.8% 18.0% 23.9% 22.3% Operating Expenses 146 163 (10)% 584 662 (12)% % of Revenue 13.2% 14.8% 13.5% 15.8% Operating Income 151 35 331% 449 271 66% % of Revenue 13.6% 3.2% 10.4% 6.5% Interest and other expense, net (77) (155) (50)% (310) (164) 89% Income Tax Expense (Benefit) 25 44 47 239 Effective Income Tax Rate 33.8% (36.7)% 33.8% 223.4% Net Income (Loss) attributable to Atleos $46 $(165) 128% $91 $(134) 168% Diluted EPS attributable to Atleos $0.61 $(2.34) 126% $1.23 $(1.90) 165% $ in millions, except per share amounts Q4 2024 GAAP RESULTS 27
Q4 2024 Q4 2023 % Change FY 2024 FY 2023 % Change Revenue $1,108 $1,098 1% $4,317 $4,191 3% Adjusted Gross Margin (non-GAAP) 319 272 17% 1,125 1,070 5% Adjusted Gross Margin Rate (non-GAAP) 28.8% 24.8% 26.1% 25.5% Adjusted Operating Expenses (non-GAAP) 132 122 8% 506 473 7% % of Revenue 11.9% 11.1% 11.7% 11.3% Adjusted Income from Operations (non-GAAP) 187 150 25% 619 597 4% % of Revenue (Adjusted Operating Margin Rate) 16.9% 13.7% 14.3% 14.2% Adjusted Interest and other expense (non-GAAP) (79) (84) (6)% (315) (99) 218% Adjusted Income Tax Expense (non-GAAP) 22 18 22% 64 132 (52)% Adjusted Effective Income Tax Rate (non-GAAP) 20.4% 27.3% 21.1% 26.5% Adjusted Net Income (Loss) attributable to Atleos (non-GAAP) $83 $47 77% $239 $364 (34)% Diluted EPS attributable to Atleos (non-GAAP) $1.11 $0.64 73% $3.22 $4.96 (35)% $ in millions, except per share amounts Q4 2024 OPERATIONAL RESULTS (Non-GAAP) 28
Q4 2024 % of Revenue Q4 2023 % of Revenue Net income (loss) Attributable to Atleos (GAAP) $46 4.2% $(165) (15.0)% Interest Expense 72 6.5% 75 6.8% Interest Income (2) (0.2)% (5) (0.5)% Income Taxes 25 2.2% 44 4.0% Depreciation and Amortization expense 44 4.0% 43 3.9% Acquisition-related amortization of intangibles 23 2.1% 24 2.2% Stock-based compensation expense 10 0.9% 23 2.1% Separation costs (1) (0.1)% 84 7.7% Transformation and restructuring costs 8 0.7% 22 2.0% Pension mark-to-market adjustments (38) (3.4)% 33 3.0% Voyix environmental indemnification expense 12 1.1% — —% Loss on debt extinguishment 20 1.8% — —% Adjusted EBITDA (Non-GAAP) $219 19.8% $178 16.2% GAAP TO NON-GAAP RECONCILIATION $ in millions 29
Q3 2024 % of Revenue Q2 2024 % of Revenue Q1 2024 % of Revenue Net income (loss) Attributable to Atleos (GAAP) $24 2.2% $29 2.7% $(8) (0.8)% Interest Expense 79 7.3% 79 7.3% 79 7.5% Interest Income (1) (0.1)% (2) (0.2)% (2) (0.2)% Income Taxes 14 1.3% 4 0.4% 4 0.4% Depreciation and Amortization 45 4.2% 43 4.0% 44 4.2% Acquisition-related amortization of intangibles 24 2.2% 23 2.1% 25 2.4% Stock-based compensation expense 9 0.8% 9 0.8% 10 1.0% Separation costs 5 0.5% 6 0.6% 9 0.8% Acquisition-related costs (1) (0.1)% (4) (0.4)% — —% Transformation and restructuring costs 7 0.7% 6 0.6% 1 0.1% Voyix environmental indemnification expense 2 0.2% — —% — —% Adjusted EBITDA (Non-GAAP) $207 19.2% $193 17.9% $162 15.4% GAAP TO NON-GAAP RECONCILIATION $ in millions 30
FY 2024 % of Revenue FY 2023 % of Revenue Net income (loss) Attributable to Atleos (GAAP) $91 2.1% $(134) (3.2)% Interest Expense, net (1) 309 7.2% 90 2.2% Interest Income (7) (0.2)% (5) (0.1)% Income Taxes 47 1.1% 239 5.7% Depreciation and Amortization 176 4.1% 151 3.6% Acquisition-related amortization of intangibles 95 2.2% 98 2.3% Stock-based compensation expense 38 0.9% 68 1.6% Separation costs 19 0.4% 170 4.1% Acquisition-related costs (5) (0.1)% — —% Transformation and restructuring 22 0.5% 28 0.7% Pension mark-to-market adjustments (38) (0.9)% 27 0.6% Voyix environmental indemnification expense 14 0.3% — —% Loss on debt extinguishment 20 0.5% — —% Adjusted EBITDA (Non-GAAP) $781 18.1% $732 17.5% GAAP TO NON-GAAP RECONCILIATION $ in millions 31 (1) Includes Related party interest expense, net, as presented in the Consolidated Statement of Operations in the twelve months ended December 31, 2023.
Q4 2024 Q4 2023 FY 2024 FY 2023 Income from Operations (GAAP) $151 $35 $449 $271 Transformation and restructuring costs 4 3 18 9 Stock-based compensation expense 10 23 38 68 Acquisition-related amortization of intangibles 23 24 95 98 Acquisition-related costs — — 1 — Separation costs (1) 65 18 151 Depreciation and Amortization 44 43 176 151 Other income (expense), net (9) (14) (13) (14) Non-controlling interest (3) (1) (1) (2) Adjusted EBITDA (non-GAAP) $219 $178 $781 $732 GAAP TO NON-GAAP RECONCILIATION $ in millions 32
GAAP TO NON-GAAP RECONCILIATION $ in millions Gross Margin Gross Margin rate Operating Expenses Income (loss) from operations Interest & Other Expenses, Net Income Tax Expense (Benefit) Effective Income Tax Rate Net Income (loss) attributable to Atleos GAAP Results $297 26.8% $146 $151 $(77) $25 33.8% $46 Plus: Special Items Transformation and restructuring costs 2 0.2% (2) 4 4 1 7 Stock-based compensation expense 2 0.2% (8) 10 — — 10 Acquisition-related amortization of intangibles 19 1.7% (4) 23 — 3 20 Separation costs (1) (0.1)% — (1) — (1) — Voyix environmental indemnification expense — —% — — 12 3 9 Loss on Debt Extinguishment — —% — — 20 — 20 Pension mark-to-market adjustments — —% — — (38) (9) (29) Non-GAAP Adjusted Results $319 28.8% $132 $187 $(79) $22 20.4% $83 Q4 2024 33
GAAP TO NON-GAAP RECONCILIATION $ in millions, except per share amounts Gross Margin Gross Margin rate Operating Expenses Income (loss) from operations Interest & Other Expenses, Net Income Tax Expense (Benefit) Effective Income Tax Rate Net Income attributable to Atleos Diluted earnings (loss) per share (1) GAAP Results $1,033 23.9% $584 $449 $(310) $47 33.8% $91 $1.23 Plus: Special Items Transformation and restructuring costs 7 0.2% (11) 18 4 2 20 0.27 Stock-based compensation expense 5 0.1% (33) 38 — 3 35 0.47 Acquisition-related amortization of intangibles 80 1.9% (15) 95 — 21 74 0.99 Acquisition-related costs — —% (1) 1 (6) (1) (4) (0.05) Separation costs — —% (18) 18 1 3 16 0.21 Voyix environmental indemnification expense — —% — — 14 3 11 0.15 Valuation allowance and other tax adjustments — —% — — — (5) 5 0.07 Loss on Debt Extinguishment — —% — — 20 — 20 0.27 Pension mark-to-market adjustments — —% — — (38) (9) (29) (0.39) Non-GAAP Adjusted Results $1,125 26.1% $506 $619 $(315) $64 21.1% $239 $3.22 FY 2024 34 (1) Based upon weighted average dilutive shares of 74.2 million for the twelve months ended December 31, 2024.
GAAP TO NON-GAAP RECONCILIATION Q4 2024(1) Q3 2024(1) Q2 2024(1) Q1 2024(2) GAAP Diluted Earnings per Share $0.61 $0.32 $0.39 $(0.11) Plus: Special Items Transformation and restructuring costs 0.09 0.09 0.07 0.01 Stock-based compensation expense 0.13 0.11 0.11 0.12 Acquisition-related amortization of intangibles 0.27 0.25 0.23 0.25 Acquisition-related costs — (0.01) (0.04) — Separation costs — 0.07 0.05 0.10 Voyix environmental indemnification expense 0.12 0.03 — — Valuation allowance and other tax adjustments — 0.03 — 0.04 Loss on Debt Extinguishment 0.27 — — — Pension mark-to-market adjustments (0.38) — — — Non-GAAP Diluted Earnings per Share $1.11 $0.89 $0.81 $0.41 35 (1) Based upon weighted average dilutive shares of 75.0 million, 74.5 million, and 73.7 million for the three months ended December 31, 2024, September 30, 2024, and June 30, 2024, respectively. (2) For the three months ended March 31, 2024, 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, which is based upon weighted average dilutive shares of 73.1 million. Therefore, GAAP diluted EPS and non-GAAP diluted EPS may not mathematically reconcile.
GAAP TO NON-GAAP RECONCILIATION $ in millions, except per share amounts Gross Margin Gross Margin rate Operating Expenses Income (loss) from operations Interest & Other Expenses, Net Income Tax Expense (Benefit) Effective Income Tax Rate Net Income attributable to Atleos Diluted Earnings per Share(1) GAAP Results $198 18.0% $163 $35 $(155) $44 (36.7)% $(165) $(2.34) Plus: Special Items Transformation and restructuring costs 1 0.1% (2) 3 19 — 22 0.30 Stock-based compensation expense 2 0.2% (21) 23 — 2 21 0.29 Acquisition-related amortization of intangibles 20 1.8% (4) 24 — 6 18 0.25 Separation costs 51 4.7% (14) 65 19 3 81 1.10 Valuation allowance and other tax adjustments — —% — — — (42) 42 0.57 Pension mark-to-market adjustments — —% — — 33 5 28 0.38 Non-GAAP Adjusted Results $272 24.8% $122 $150 $(84) $18 27.3% $47 $0.64 Q4 2023 36 (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, which is based upon weighted average dilutive shares of 73.4 million. Therefore, GAAP diluted EPS and non-GAAP diluted EPS may not mathematically reconcile.
GAAP TO NON-GAAP RECONCILIATION $ in millions Gross Margin Gross Margin rate Operating Expenses Income (loss) from operations Interest & Other Expenses, Net Income Tax Expense (Benefit) Effective Income Tax Rate Net Income attributable to Atleos GAAP Results $933 22.3% $662 $271 $(164) $239 223.4% $(134) Plus: Special Items Transformation and restructuring costs 1 —% (8) 9 19 1 27 Stock-based compensation expense 20 0.5% (48) 68 — 5 63 Acquisition-related amortization of intangibles 65 1.5% (33) 98 — 24 74 Separation costs 51 1.2% (100) 151 19 (98) 268 Valuation allowance and other tax adjustments — —% — — — (42) 42 Pension mark-to-market adjustments — —% — — 27 3 24 Non-GAAP Adjusted Results $1,070 25.5% $473 $597 $(99) $132 26.5% $364 FY 2023 37
Self-Service Banking Network T&T Other(1) Corporate(2) Unallocated Total Product Revenue $242 $15 $3 $13 $— $273 Service Revenue $476 $302 $43 $14 $— $835 Total Revenue $718 $317 $46 $27 $— $1,108 Cost of Products $177 $14 $2 $12 $11 $216 Cost of Services $316 $210 $32 $12 $25 $595 SG&A and R&D Expenses(3) $59 $28 $4 $2 $53 $146 Income from Operations $166 $65 $8 $1 $(89) $151 Q4 2024 SEGMENT RESULTS - GAAP* $ in millions 38 * Figures presented in this table are calculated in accordance with U.S. GAAP. In accordance with ASC 280, Segment Reporting, the Company uses Adjusted EBITDA to assess segment performance and allocate the Company resources. No other measures, including income from operations, are considered by management in assessing performance nor does the chief operating decision maker use income from operations when assessing performance. Therefore, Adjusted EBITDA is considered the Company's GAAP measure of segment profit or loss. The supplementary segment-level information included on this slide is provided for modeling purposes only. (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 that are not specifically attributable to an individual reportable segment. (3) Selling, general and administrative expenses is presented as "SG&A" and research and development expenses is presented as "R&D" above.
Self-Service Banking Network T&T Other(1)(4) Corporate(2)(4) Unallocated Total(4) Product Revenue $242 $15 $3 $13 $— $273 Service Revenue $476 $302 $43 $14 $— $835 Total Revenue $718 $317 $46 $27 $— $1,108 Adjusted Cost of Products (non-GAAP) $177 $14 $2 $12 $10 $215 Adjusted Cost of Services (non-GAAP) $316 $191 $32 $12 $23 $574 Adjusted SG&A and R&D Expenses(3) (non-GAAP) $59 $25 $4 $2 $42 $132 Adjusted Income from Operations (non-GAAP) $166 $87 $8 $1 $(75) $187 Adjusted EBITDA (non- GAAP) $181 $114 $8 $(2) $(82) $219 Q4 2024 SEGMENT RESULTS - NON-GAAP $ in millions 39 (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 that are not specifically attributable to an individual reportable segment. (3) Selling, general and administrative expenses is presented as "SG&A" and research and development expenses is presented as "R&D" above. (4) In accordance with ASC 280, Segment Reporting, the Company uses Adjusted EBITDA to measure segment performance. Therefore, Adjusted EBITDA for the reportable segments is considered its GAAP measure of segment profit and loss. We have provided Adjusted EBITDA for Other, Corporate and Total Company on a supplementary basis in order to facilitate a reconciliation of total Adjusted EBITDA to consolidated net income. Supplementary segment-level information provided on this slide is for modeling purposes only and is not considered by Company management in assessing segment performance.
GAAP* Transformation Costs Stock Based Compensation Acquisition Related Amortization of Intangibles Separation Costs Non-GAAP Self Service Banking $177 $— $— $— $— $177 Network 14 — — — — 14 T&T 2 — — — — 2 Other 12 — — — — 12 Corporate Unallocated 11 — (1) — — 10 Total Cost of Products 216 — (1) — — 215 Self Service Banking 316 — — — — 316 Network 210 — — (19) — 191 T&T 32 — — — — 32 Other 12 — — — — 12 Corporate Unallocated 25 (2) (1) — 1 23 Total Cost of Services 595 (2) (1) (19) 1 574 Self Service Banking 59 — — — — 59 Network 28 — — (3) — 25 T&T 4 — — — — 4 Other 2 — — — — 2 Corporate Unallocated 53 (2) (8) (1) — 42 Total SG&A and R&D Expenses 146 (2) (8) (4) — 132 Self Service Banking 166 — — — — 166 Network 65 — — 22 — 87 T&T 8 — — — — 8 Other 1 — — — — 1 Corporate Unallocated (89) 4 10 1 (1) (75) Total Income from Operations $151 $4 $10 $23 $(1) $187 Q4 2024 GAAP TO NON-GAAP Segment Reconciliation $ in millions 40 *Figures presented in this column are calculated in accordance with U.S. GAAP. This reconciliation is provided to facilitate an understanding of the supplementary segment-level information provided on the preceding slides and the adjustments to arrive at the non-GAAP amounts.
GAAP* Transformation Costs Stock Based Compensation Acquisition Related Amortization of Intangibles Separation Costs Non-GAAP GROSS PROFIT(1) Software and Services $198 $— $— $— $— $198 Transactional 88 — — 19 — 107 Hardware 44 — — — — 44 Corporate unallocated (36) 2 2 — (1) (33) Total Core Gross Profit(1) 294 2 2 19 (1) 316 Other - Voyix 3 — — — — 3 Total Atleos Gross Profit(1) $297 $2 $2 $19 $(1) $319 Q4 2024 GAAP TO NON-GAAP Product Reconciliation $ in millions 41 *Figures presented in this column are calculated in accordance with U.S. GAAP. This reconciliation is provided to facilitate an understanding of the supplementary product-level information provided in this presentation and the adjustments to arrive at the non-GAAP amounts. Supplementary product-level information provided on this slide is for modeling purposes only and is not considered by Company management, including the chief operating decision maker, in assessing segment performance. (1) Product level adjusted gross profit (non-GAAP) includes management's estimates of certain cost allocations among the product categories.
GAAP* Transformation Costs Stock Based Compensation Acquisition Related Amortization of Intangibles Non-GAAP GROSS PROFIT(1) Software and Services $713 $1 $— $— $714 Transactional 305 — — 80 385 Hardware 140 — — — 140 Corporate unallocated (141) 6 5 — (130) Total Core Gross Profit(1) 1,017 7 5 80 1,109 Other - Voyix 16 — — — 16 Total Atleos Gross Profit(1) $1,033 $7 $5 $80 $1,125 FY 2024 GAAP TO NON-GAAP Product Reconciliation $ in millions 42 *Figures presented in this column are calculated in accordance with U.S. GAAP. This reconciliation is provided to facilitate an understanding of the supplementary product-level information provided in this presentation and the adjustments to arrive at the non-GAAP amounts. Supplementary product-level information provided on this slide is for modeling purposes only and is not considered by Company management, including the chief operating decision maker, in assessing segment performance. (1) Product level adjusted gross profit (non-GAAP) includes management's estimates of certain cost allocations among the product categories.
GAAP* Transformation Costs Stock Based Compensation Acquisition Related Amortization of Intangibles Separation Costs Non-GAAP GROSS PROFIT(1) Software and Services $183 $1 $— $— $— $184 Transactional 79 — — 20 — 99 Hardware 30 — — — — 30 Corporate unallocated (33) 1 1 — 1 (30) Total Core Gross Profit(1) 259 2 1 20 1 283 Other - Voyix 3 — — — — 3 Total Atleos Gross Profit(1) $262 $2 $1 $20 $1 $286 Q3 2024 GAAP* TO NON-GAAP Product Reconciliation $ in millions 43 *Figures presented in this column are calculated in accordance with U.S. GAAP. This reconciliation is provided to facilitate an understanding of the supplementary product-level information provided in this presentation and the adjustments to arrive at the non-GAAP amounts. Supplementary product-level information provided on this slide is for modeling purposes only and is not considered by Company management, including the chief operating decision maker, in assessing segment performance. (1) Product level adjusted gross profit (non-GAAP) includes management's estimates of certain cost allocations among the product categories.
GAAP* Transformation Costs Stock Based Compensation Acquisition Related Amortization of Intangibles Non-GAAP GROSS PROFIT(1) Software and Services $170 $— $— $(1) $169 Transactional 76 — — 20 96 Hardware 37 — — — 37 Corporate unallocated (34) 3 1 — (30) Total Core Gross Profit(1) 249 3 1 19 272 Other 4 — — — 4 Total Atleos Gross Profit(1) $253 $3 $1 $19 $276 Q2 2024 GAAP* TO NON-GAAP Product Reconciliation $ in millions 44 *Figures presented in this column are calculated in accordance with U.S. GAAP. This reconciliation is provided to facilitate an understanding of the supplementary product-level information provided in this presentation and the adjustments to arrive at the non-GAAP amounts. Supplementary product-level information provided on this slide is for modeling purposes only and is not considered by Company management, including the chief operating decision maker, in assessing segment performance. (1) Product level adjusted gross profit (non-GAAP) includes management's estimates of certain cost allocations among the product categories.
GAAP* Stock Based Compensation Acquisition Related Amortization of Intangibles Non-GAAP GROSS PROFIT(1) Software and Services $162 $— $1 $163 Transactional 62 — 21 83 Hardware 29 — — 29 Corporate unallocated (38) 1 — (37) Total Core Gross Profit(1) 215 1 22 238 Other 6 — — 6 Total Atleos Gross Profit(1) $221 $1 $22 $244 Q1 2024 GAAP* TO NON-GAAP Product Reconciliation $ in millions 45 *Figures presented in this column are calculated in accordance with U.S. GAAP. This reconciliation is provided to facilitate an understanding of the supplementary product-level information provided in this presentation and the adjustments to arrive at the non-GAAP amounts. Supplementary product-level information provided on this slide is for modeling purposes only and is not considered by Company management, including the chief operating decision maker, in assessing segment performance. (1) Product level adjusted gross profit (non-GAAP) includes management's estimates of certain cost allocations among the product categories.
Q4 2024 Q4 2023 FY 2024 FY 2023 Cash provided by operating activities $80 $8 $344 $355 Total capital expenditures $(31) $(47) $(126) $(132) Restricted cash settlement activity $69 $(8) $21 $(27) Initial sale of accounts receivables $— $(166) $— $(166) Pension contributions $1 $145 $3 $154 Adjusted Free Cash Flow-Unrestricted $119 $(68) $242 $184 $ in millions GAAP TO NON-GAAP RECONCILIATION 46
Q3 2024 Q2 2024 Q1 2024 Cash provided by operating activities $107 $9 $148 Total capital expenditures $(33) $(32) $(30) Restricted cash settlement activity $(37) $7 $(18) Pension contributions $1 $— $1 Transfer of temporary funds back to Voyix (1) $— $32 $(32) Adjusted Free Cash Flow-Unrestricted $38 $16 $69 $ in millions GAAP TO NON-GAAP RECONCILIATION 47 (1) As of March 31, 2024, cash provided by operating activities included approximately $32 million of cash related to a temporary transfer of funds from Voyix in March, which was remitted back to Voyix in April.
THANK YOU 48