NATL - Earnings call transcript Q1 2024

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Operator

Good day, and welcome to the NCR Atleos Q1 FY '24 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Brendan Metrano. Please go ahead.

Brendan Metrano

Good morning, and thank you for joining the NCR Atleos' first quarter earnings call.

call Stuart Tim McKinnon, the Campbell, CEO; on and CFO; Chief me today Oliver, are Paul Joining Operating Officer. this an objectives start quarter will morning overview an Tim of performance and XXXX. update for our on with first

Next, and we Paul will outlook, then Q&A. will financial to and our review results move

could measures, including on performance. remind and to review started, and filings today, presentation to uncertainties actual their our presentation current These cause are we non-GAAP and the that beliefs and SEC, uncertainties These Also, discussions financial materially we uses get expectations. materials today's the and you report. statements. refer measures reflect Before Relations reconciled of will the measure subject to are Investor materials statements our risks to which periodic are These described that company let its me results differ GAAP a those to in and our will include in website. with forward-looking non-GAAP the counterparts annual in results our certain described expectations and from and risks

Note this a accounting modeling. later for we provided and have that website, analysis XXXX in to today call of investor.ncratleos.com. carve-out will XXXX our aid be A basis on results financial replay on and the historical website, on also available

With that, I will turn to Tim. the call over

Timothy Oliver

for on this us to call joining Thank everyone you, you and Brendan, morning. thank this

focused and now successful reiterate pure-play newer launch to think I'm I opportunity makes to I Before Atleos story, as ATM quarter that significant because Atleos it many the of independent discussion very a you company. and the of hopeful an of are into strategy sense

machine across operate machines more cash we to own every transactions retail institution hardware, both efficient and services more their XXX,XXX of will which of in driving network our ATM for our the quality, to for environment outsourcing from customers improve support. business. growth a of of higher a ATMs, ecosystem. In providing from consumer is own volume service desire fleet installed that revenue stable of and their cash-based we global are our our current approximately base come access our comprehensive steady Atleos network XX% for generating more financial financial blue-chip by located customers' or transaction clients that's Whether while by more fueled locations, more and

common as a infrastructure scale, that world-class. unmatched leverageable, And and is service both we is is from

footprint Our customers increasingly and into utilities. are their banking shared reinvesting back financial retail embracing

foot and in strategy this instances, some cost, higher higher lower in experience, quality, them, traffic. will broader For result reach, better consumer

drive For and profitability free and revenue NCR it cash predictable mix, higher Atleos, will higher growth, from richer scale flow. a a revenue

good Slide to pleased X. that for to the off we start Turning I'm a are to report very year.

growth based increasing. transaction led beginning to as strong quarter resulting First costs of above the in spin the at were and through incremental results financial interest expectations, businesses. high and climb services profit we cost from both And by our our transaction our end or rates productivity stopping margins are overcome

granular in traction, about cost a our our year renewals first and year guidance. full Improving will us outlook selling to levels, much full of our quality tactical quarter increasingly confident support Paul The operational all key performance a allows sufficient XXXX. our pipelines of productivity progress few provide service be and our and more contractual view minutes.

a revenue. In initiative, in our $XXX run nearly posted that grew X% year, X ATM-as-a-Service versus of we banking quarter key operating segments. self-service XX% exit year-over-year our has rate revenue for by X our Moving results catalyzed the revenue which software annual by million services and segment, to this almost prior growth Slide our and at

including our XX units. over year active approximately ATM-as-a-Service from XX,XXX finish geographies. closed increases in in with to at Kong X to new We quarter Our the X,XXX first across QX, Hong year-end Service up modestly in grew with ATM-as-a-Service unit to count backlog deals

customers in the generally, strengthened key of markets for globally support illustrating competitive the Mexico, our accompanying for ATM backlog now wins and orders strong We new of technology cash-intensive opportunity and XX expansion. broad our and countries, recycling ATM-as-a-Service growth global appeal More services. Turkey the our significant the deployment included and Egypt offering in like

in technology Bank, agreements with Post. We Bank we will over Garanti will X,XXX for And deploy our now and Yapi Credit recyclers recycling National Turkey. with implement Egypt

markets, in surcharge-free the Our most the robust in record transaction Network the were March. of high by positive addition line first month trends quarter well transaction in volumes Allpoint withdrawals growth, Top with segment the and led performed in grocery including of a XX% profitable withdrawals the growth in transaction in infrastructure against year-over-year, grew transaction the allowed and premier more including Overall, network our business. Scalable withdrawals. cash fixed XX% ASDA, double-digit a surcharge-free cost chain profit growth in U.K. growth mix U.S.

our becoming Execution type. strategy at transaction with of fastest-growing our transactions deposit locations expansion transaction retail continues

large of saw bank network, second can evidencing first all value utility our U.S. deposit network. the a banking the quarter The from the addition banks that to realize

strategy we U.K.-based of in locations partnership deposit-accepting As the to the with Cash launched to export Utility the U.K. first part success our Access Allpoint of other regions,

for U.K. Our access may convenient. retail as be footprint for banks everyday ideal to banking in where the send locations not customers provides their branch

and base. have volumes traffic footprint to retail access transaction the continue neobanks convenient with relationships as extension to FinTech also don't who cash ensuring the while our bank accelerated provide for infrastructure CVS cash to new We safe, Canada, retailers. highs driving strengthen X-Eleven traditional growing access with to convenient of our customer foot their

complete X update an differentiate objectives and and XXXX optimize our with objectives. differentiated for quarter, Turning in three, for to starting from Slide separation two, buckets: highlight few of outlined strategic resource growth. these this allocation; the grow; them I'll each and describe for accomplishments one, Last we on X in our Voyix. quarter, X a

already I've future strategies in of ceded QX, also growth. the described While success growth our we period

in network, secure more with faster, transactions, the ATM the in transactions drive to We multi-issuer across TAP our market. aligning neobank innovation built segment. the enabling U.S. out continue environment fast-growing We

with their bank, expanding economy daily we to retail our drivers across the in leading U.K. with further direct expanded additional the our locations payment gig And a and access partnership U.K. Our major a transaction solution Cash sets activated U.K. set. pay, first partnership deposit retail a providing launched which Access in network, internationally. transaction

of maximizing our Both business by the service our of teams capital. a scarce are engineering solutions customer innovative commitment operations for unit energized deliver and whether resource or selling and that people, every allocation output we Optimizing be input to resource, reorganized capabilities. and cost a renewed QX, In means functions.

redefined quality that constraints. And year. multiple engineering offset off improved both the time separation that alleviate to allow We both and dis-synergies will reduce efforts indirect importantly our joint a exit initiatives kicked has costs already to will agreement and teams we speed. We and introduced vendor by an tool supply AI-driven productivity targeting and our production service this we help direct costs

on separation finally, And from the Voyix our track. former NCR company, is sibling

Atleos During the countries transferred have X countries split. Voyix back by post with they're stranded Voyix to quarter. to the we been transfer that quarter, expected and third immaterial remain X Only with relatively

new between further more I close We want also the efforts provide to will to and flexibility. both cost transition for accelerated enable companies. agreements X separation TSAs strategic or service Full energizing sides our savings These quarter appreciation their through contagious. a is free and my NCR Atleos from disposition. our emanating the dedication, extend team positive hard [indiscernible] company entire to for strong and work delivering

have the compelling bright. the is is do, and lot to We a but future opportunity

With that, over to Paul. you,

Paul Campbell

to excellent were comments Thanks, start we company. with the echo all I the the for of quarter year first businesses independent pleased full We thanks particularly progress Tim's Tim, and had financial that as to momentum joining objectives. our our an results, our today. in us and on an

higher and global our profit installed XXX,XXX per the it to incremental of transaction ATMs strategy and power through Importantly, base unit our revenue further revenue generate service adding around validated of across streams.

comparisons the there results, these on financial to inconsistent. set performed. Where a reference results. favorable certain Normalizing non-GAAP provided are has not have provide meaningful, are variably prefer year-over-year a I how of good I discussion of complicate those the comparison, view business more clearer instances would a but will factors to where In

With of by services the for was XX% of comprised revenue our more generating per Total in of that, results. that Slide led to billion service company success X% I'll which X growth growth for in revenue end at $X.XX review new revenue, X% Strong first a quarter contributed in revenue the high million, a expectations, continued consolidated revenue turn unit. total high reflected to $XXX revenue company. recurring the of

growth $XXX on EBITDA million year-over-year line margin top of XX strong XX.X%. First expansion quarter basis and to points to increased adjusted XX%

X.X%. approximately the interest The we million of Moving expense variable $X.X rate an billion $X.X or billion, approximately debt. including $XX total balance average of weighted average debt P&L, on interest was rate down debt had

of it First $XX.X approximately just diluted quarter Putting fully end high generated million $XXX approximately putting guidance. $XXX quarter adjusted $XX quarter, free count average above share on flow effective $X.XX, the tax rate and the track target cash in of was together, comfortably first the of XX% earnings adjusted our first was was the quarter diluted to us million XXXX for per share We million. million.

installed is XX. and stable primarily attached comprised Slide generate XXX,XXX business units. XXX,XXX software largest approximately global XXX,XXX to Self-service recurring is units. a services to base Moving These our revenue our of of from and banking units of hardware

our to customer deliver segment a business a and more by service the ATM-as-a-Service. comprehensive are to broader infrastructure range model, transforming We network services leveraging outsourced of capabilities our

software $XXX Self-Service of X% was year-over-year. up progress more the XX% down revenue onetime year-over-year in of revenue strength quarter revenue other to strategy. a regions Banking solid was recurring X% financial unit hardware broad-based revenue. with growth respect recurring our slightly The had to strategy revenue segment due growth million, grew new drive Starting revenues. results X% to up than and to with per and which upper high the Asia a with with Pacific, of left, geographically timing service the success our first of revenue with in revenue all line up to X% Top reflects very

down EBITDA year. year-over-year, be the compared to to year from the in dis-synergies XX% primarily in the this prior million the from $XXX corporate EBITDA due to basis $XXX managed Adjusted methodology different business points functions million in Adjusted of cost separation, margin of prior was allocation certain was shift segment. XXX and

to KPIs this at Moving bottom the slide. of

right software the strategy incremental all our on was Starting our combination in in left, are the direction increasing and the of monetization base. quarter, our XX% execution recurring plus revenue to year-over-year metrics first the services revenue. revenue bottom legacy For heading is and indicating up growth of in desired installed ATM-as-a-Service result sequentially, achieving and key of of the

approximately XX,XXX ATM-as-a-Service consistent with $XX units. is million, targets. noted up XX% which behind XXX current was ATM-as-a-Service quarter the The Tim more and XXXX for be we units, to first active earlier, higher asset the mix sales backlog with deals As ATM-as-a-Service financial almost would finished the adding which assumption approximately revenue funnel units, funding. year-on-year, our quarter not than and a X,XXX backlog unit would light, require that CapEx of has increased our mix

the bottom illustrates strategy services Annual customer of drive and increased recurring our compounding year-over-year revenue the revenue to benefit left recurring in X% more our base. to

up performed impact quarter, was revenue the in left, broad-based top to with year-over-year, Network Moving our with a segment transactions. XX% quarter in the X% up by benefiting fourth quarter. XX. on the well agreement North volumes and low-margin from the Slide first growth more which lower-than-expected full in the in than international had transactions signed led LibertyX increased QX. withdrawal America ASDA Withdrawal The offsetting volumes, X% growth Starting XX%, at

the XXX chart margin on year-over-year on XX% increased to growth points growth EBITDA year-over-year of more transactions profitable XX% basis expansion. a Adjusted million $XX in and the and year. Adjusted to cost accounting under combination in carbon EBITDA the top and line difference expanded margin right. allocation higher and Moving from to prior

on focuses transaction business bottom fixed over key growing relatively that. of how metrics this been strategy The on units. has at volume base XX,XXX a the of network Our highlights doing the well approximately ATM slide

XX,XXX locations, finishing unit, you left, the portfolio to the by quarter months the continued with or reducing see revenue right units. last have the the shows that ARPU, The low-performing ATM year-over-year. X% on chart up we average On can XX optimize per

strategy Another increasingly of proof ATMs. execution point our of network existing in monetize the

first and of XX company. services margin and slightly the or a for and Technology presents the new EBITDA quarter. revenue revenue Slide due to segment customers year-over-year summary total up segment results EBITDA adjusted adjusted expanding in Telecom our

flow As here all segment companies business and and of another this will a reduce impact activity uncontrollable the NCR Voyix to core segment the between the and created reminder, the of with is segment. as we activities impact all put by largely will This us not segments.

with some movement decreased difference and being contributors into million the corporate carbo historical methodology between business accounting. of XX% allocation Unallocated segments under departments cost the costs $XX primary to

adjusted cash of end generated On million position the at EBITDA our Slide the top of we quarter walk of of of cash Starting adjusted $XXX XX, snapshot the free we to present a EBITDA of a flow at million. from and first financial for flow the the free significant $XX slide, quarter.

of credit term principal $XX net us the XXXX ratio of leverage well flow below see during company's We position of priorities, million more over Consistent including bottom can of of to finishing XXXX. to debt facility. than stated and our the than below slide, with billion with our million revolving an to on less further way in reduce at of X.Xx to $XX the debt, and was used a goal the being all You strengthened million the of free X.Xx, capital pay little the financial of first by million. below $XXX $XX our liquidity and of our available end half cash allocation putting the of quarter, delighted approximately were $X.X generated loan net Xx

outlook XX, reaffirmed. targets, to full Turning for and we Slide company which start our have year I'll financial year. full total QX with

million total EBITDA million. flow $X.XX, range expect million, to to $XXX $X.XX continue company billion. cash in of adjusted be We diluted the $XXX $X.X billion to to to million $XXX of free to of revenues $XXX EPS and $X.X of Adjusted

We EBITDA performance. inconsistent the deceleration. in this, will historical our improve throughout results expect normal In with by XXXX, line year conversation our sequentially was with influenced

range million to adjusted to $X.XX $X.XX $X.XX of adjusted For expect the the company diluted of second total $XXX quarter, and to to in we billion, billion of $XXX revenues EBITDA be $X.XX. EPS million

second QX down $XXX be $XX increase timing to the to million expect be from that quarter first cash million, million payments. in took $X flow cash by not flow free quarter will to will due in cash expected We interest to an in $XX of the of due payments interest We quarter. the compared free linear

will is and approximately Effective $XX expected average XXXX, XX% rate $XX million be QX For expense is interest to diluted to $XX.X be tax to share million. fully expected be count approximately million.

million, revenue banking $XX revenue margin Other level, adjusted be of XX% to EBITDA EBITDA to margin of to of to Moving adjusted million XX%. we expect XX.X% quarter second in Network At with T&T margin single with million to $XX approximately XX%. digits. to margin adjusted $XXX XX. EBITDA segment $XXX Slide high million revenue the XX.X% to with $XX self-service the of $XXX million $XXX million adjusted EBITDA and $XX with of revenue of million to million

in level total should be change costs we to company that X% XX corporate guidance no revenue. of shared the Unallocated in segment X.X% There's our year full update. March

board, we the issued X.Xx. quarter leverage delivered reduce guidance. improving we and significant across flow, cash results and which free revenue, Including used we my our below to first to full XX, we a on grew We guidance margins -- Slide generated comments sequentially, strong QX year reiterate expanded

With that, Q&A. back it the we'll turn operator for to

Operator

[Operator Summerville go with Davidson. first Instructions] We'll Matt to D.A.

Canyon Hayes

the flattish year? have Canyon for Summerville metrics just I And talked rest through targets. It You I about like sequentially. hit funnel little ATM-as-a-Service curious bit, but the to therein? Maybe backlog it curious deployment was the your was on just morning. be the talk about we cadence a know looks Hayes I'd about about could of unit we cadence annual the this Matt And

Paul Campbell

the on linear here. a -- not Yes, Canyon, it this business for flow a question. That's basis. doesn't that's Paul Thanks is

experienced over noted, This less. we and in over or got year. We what some is year X,XXX similar last in backlog. we to we've last month As did X,XXX a more months

So quarters. strong. than seeing quarters still the other we it'll backlog's funnel feel still just very activity, we're volumes -- And robust less be some

our a expectations what aligned other be. than lighter the And QX will still just we're quarters as So to special bit originally. was

half As first be the through going the to see than back more look half. that year, in do we the we there's

kind then the first it of XX% think XX%, in to second XX% I is in XX% our the and half of target half. like

Canyon Hayes

over Voyix. about where see the low ARPU being double the in Could net to is to I of curious and up footprint rationalization end year. mid-teens. talk to the mean throughout transaction we Great. sustainability be Switching Similarly, here trends, to trends from digits ongoing where I'd going

Brendan Metrano

utility is transactions all continued just standard us retail particularly, any who markets, think but with and of active to neobanks and people branch the don't we in that doing institutions rely financial our I infrastructure into transactions. strategy out customer and migrating Yes, cash transaction is our in both are Cash confident growing remain their support of network the of base. our transactions more resonating stable brick-and-mortar have on

comfortable with the deposit are that the we've transaction. higher-margin about our -- in about talked that highest-growing can significantly that transaction -- those Investor Those sets think outlined transactions continue So we Tim we're second Day. expanded very along transaction And for plan our transactions We to us. growth. our being talked

So ARPU that's drives what our growth.

in still think it question installed today. is to is to installed installed Network largely the base base then the around will And It's segment XX,XXX base. XX,XXX, where a We be flat on the units.

Operator

with Tong go We'll Sachs. next Goldman George to

Keen Fai Tong

number of you units pipeline of quarter? much and to half visibility to ultimately given terms revenue? Can and You lumpy units. the expect in with you year mentioned you elaborate the on And growth most to expect any that how amount terms of this in of backlog happen have in the convert be unit, in some you ATM-as-a-Service in the second could the of growth quarters of

Paul Campbell

Yes.

through in We're backlog today. about the those working rollouts. talked we Just, scaling got X,XXX we've

those the of roll the aspects stack times based out ATM different to upon built where or they So the software different be replaced where at is. have

complexities there's different So there.

in the more rollout they'll roll linear side. our the timing So the funnel come expecting from we're a basis, out. And on of and scheduling to yes, to the down the of funnel it's

Timothy Oliver

either We is somewhat It Tim. a market. or that is win very this deals bifurcated George, small. relatively deals of are large

quarter with X,XXX number for to out machines, deals to typical the so us right very we that XXX there is the to on that are those move and now are And needle causing a X,XXX transactions machines, singular win that or XXX bid up. go rapidly there,

will places difficult to occur larger a transactions call We return, let's more make on a in where those ROI. very that it's good careful often be it, fair

pass We countries. and may intensive in favor much and other the and are have better and less the those North India of sometimes the Crown on some a of ROI in parts at like America capital world deals places that

deals those So they I like smaller, little choices accumulate but little are making. a bit slower, bit that the a we're

Keen Fai Tong

units ATM-as-a-Service helpful. That's it any number normal in given seasonality faster in the of number ATM-as-a-Service, vary with And of increase quarter? the the you given second the to units year? can see Or of year sticking half for of any it in is terms in

Paul Campbell

been X In this, we've a of trend. haven't seen much asked all we years the

So timing I to much would say more singular and this the had seasonality. a with not with do transactions to lot of do

Operator

O'Brien Research. go with to next We Michael Wolfe

Michael O'Brien

want quick I targeting you're second margin to ones Congrats a year? XX,XXX is here. then And quarter. question confirm regarding of my great units the fiscal the the just quickly end that expansion. still by on ATM-as-a-Service Two One,

transformation a are costs provide down. little could driving that? coming more you color what's bit Obviously, If regarding

You're stranded side, flip well. as margin as targeting which But units well. ATM-as-a-Service the higher are have of then online, getting some on costs reducing the we

can provide you the breakdown helpful. That for driving little be extremely the expansion would of margin exactly a quarter. is what So if

Paul Campbell

units. target yes, -- firstly, still we're on Michael, targeting XX,XXX Yes, we're still

in the is As room with you. everyone you question, answer nodding that

that on still we're So path.

to was expansion, margin the from your For QX question QX?

Michael O'Brien

Yes.

Paul Campbell

Yes.

Okay.

Yes. Sorry.

the QX, very cost margin a Incremental it's QX, and the part still QX. than in high business. there. come do The very accretive it than for QX is seasonal network QX network fixed We transactions through So transactions space. in of effectively transaction volumes, the through more because QX

you We go we we also kicked off cost they initiatives through out the compound year. as have separated that as

in increase and into be QX. QX and QX, there'll a get again, it'll from So then good them flow-through into

X buckets they're So have, we largest the Michael. that

Michael O'Brien

Got that. on you. And follow-up X

going Regarding deep stranded costs, you Have obviously, trained done a increase forward? and removed on analysis company. dive you're a cost margins to be what public can guys new

Paul Campbell

you cost Yes. We're when way And working otherwise can some about than that and our you like up each We've currently. might it TSAs you are with voice. folks that be from organization find have. hired somewhat different the through who think outside through than what help today. go separate ends structures look process, larger cost once It our help, is some will do we're for living, us finally should structure this that

X be to Some expensive. areas audit need a little more We bit have firms.

X lot internal So things of do departments when expensive. be can we a that But need less legal you organizations. there's

outside and fourth And so the But I'll don't in rec very organization. working through form. overhead you'll indirect that what much cost with I some we're in return then see third year see and in the service that we'll you'll currently cost start reduction the costs. know quarter work productivity to call this at hard

Operator

[Operator We'll to next Arun Paribas. with Seshadri BNP Instructions] go

Arun Seshadri

to EBITDA Just mean, are see and growth understand, the numbers there's really nice seeing wanted here. that I

grow What of I EBITDA the guess, understand would within and ATM as the Just half you also in adjusted expect? I sort type expect? segment just expect would to wanted online. well? self-service growth revenue to what you more of wanted flow what a Do kind to back growth EBITDA, understand your operating units turn leverage when the of, year kind you of And Service you as to come cash as free of

Paul Campbell

Good Thanks. question. Yes.

on the banking, flow-through margin really Self-Service in revenue depends the type. So

come we're leveraging an strategic incremental about more points as infrastructure. rate So you generally we're somewhere XX the because the ATM a XX% if around margin through. talking Service, through revenue streams, was upfront it incremental that sales, of would see around existing hardware margin flows

existing through incremental flowing have. it's So that rails we

So really depends on the streams. revenue

Arun Seshadri

Understood. Got it.

the like? you it growth back the units year, as the to So should as that as you EBITDA half enter grow sounds segment well to expect return of you

Paul Campbell

to context, the give was We that just segment $XX in million quarter. will be

XX% X% still the segment. the So it's company, of

that scalable if to margins. So make a need we it a to to get total more for segment the to difference meaningful

Arun Seshadri

Got And look Understood. like Was growth high the QX it's it. should a growth? larger that at that high margin assume through said, $X in anything a network margin, onetime Or the the than as like flows revenue, actually XXX% you million it margin. then we margin one-timers? very looks just there made revenue at is like was like or very maybe million $X there and

Paul Campbell

There's bit Yes. no on a with being X of it in basis. timers our as such. noise carve-out little There's a year accounting prior

were Some allocation of methodologies the different. slightly

was it the wouldn't So strong XXX% quarter really flow very But for We're margins. expect we a to margin. pleased to segment. the Network with

the of bit little think really good quarter I a it's segment But Network a margins. performance So the for funniness in compare.

Arun Seshadri

up And just free I it. Great. flow. Got to on the cash finally, follow then wanted adjusted

You cash Is back to anything very flat expect expect the for adjusted about I a -- year? for saw nice to And of you quarter. there? year guess, EBITDA free in there free the or sort grow to the but return of flow onetime flow growth adjusted half you -- was the do do cash

Paul Campbell

to debt. to was company. mother -- the free The adjusted any prior assigned the it cash Yes. find compare to didn't we because We year the hard don't we have flow debt all

cash was the was paid, literally we debt year. the of nothing think $XX That probably for debt million. QX the in you payment prior So

have interest we million the effective year, full on incremental XXX of debt. for cost So the

prior is useful not a flow to measure. year cash So the compared

well guidance, XX% half, first -- in -- so our got conversion cash track the rate. of and announced of we've we flow on kind a When be we'll at conversion at

Operator

D.A. [Operator follow-up with Summerville Instructions] We Matt from a take will Davidson.

Canyon Hayes

term on sort in around versus dividend your to in the of wanted commentary on Any there? Just the thoughts deleveraging. near check

Timothy Oliver

of that's be and the Yes, this the had allow we road to quarters back actually sufficient we that road return us year. company a order out a And to our to half belt at flow under we thought of NCR make on time, shareholders. that, back ultimately the dividend. the capital latter we question. in We a the see We're on to introducing free couple We in went sure wanted to cash to some might people paying Atleos. fair were said to talked that about generating

dividend our our this. path to quickly I'm valuation shareholders. where that valuation right we'll make have on are where second cash we're not might in And about as the where generation. stock free to currently the today. We said, sense return intent I certain for cash the think something is suspect, way more Paul is And reducing to their our indebtedness I more say program is on it the repurchase flow quarter,

that. address we'll but So

have commitment think we did to kind about cash to the in the We confirm second generate we'll more make that. a return the once think some XX say could I shareholders can. of we now, we able to to we were -- cash And that call days from

Operator

questions other this at no There time. are

Timothy Oliver

wrap quickly. up I'll Great.

base joining everyone, thanks, had for and quarter. our a who to today, First, terrific thanks employee really

and covers, I lot with as you the complicated, much about feel to try you not very we the terribly that As a this and show we place quarter. first on, very good going we this too a talk busy all. a is to make underneath

today demographics hear cash-intensive and is you are what regions is intensive. think are relevant, cash I and ATMs still healthy, cash

I for ecosystem. heard outsource who think retailers offerings want comprehensive you cash most have and we the their banks most and to capable

we're You innovating. heard

they're transacting capable often. and Our machines more more are

investors. we're more to We and perform And under transaction new going and that. were from everything picking and our more say we're leverage. predictably, up volumes We're we're still value, we some importantly hopefully, going bank going going customers. lastly, revenue can We're do I'd attract to generating per fix to through service to to revenue ATM reduce our

and days. you thank So very again talk for much XX time, we'll in your

Operator

today's participation. conclude you call. does conference for This Thank your

may now disconnect. You

NCR Atleos (NATL) 14 May 242024 Q1 Earnings call transcript