Earnings call transcript Q4 2022

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Operator

Good morning. My name is Bailey, and I'll be your conference operator today. At this time, I would like to welcome everybody to the Diebold Nixdorf Fourth Quarter 2022 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there'll be a question-and-answer session [Operator Instructions].

Ms. begin now may you your conference. Marchuska,

Christine Marchuska

Web To Hello, and full you. Vice our of Diebold everyone. have remarks, this Investor I'm and release And webcast Web be on the quarter fourth President corporate will section the this of morning, site. Nixdorf. section of for Investor Relations our also press to Later Investor Relations a our Relations our to our year posted presentation Marchuska, site. replay of prepared we welcome Christine Thank accompany XXXX call. available earnings

Before they from that team forward-looking management we you these subject uncertainties and are materially and begin, cause statements. I this hear our but will of at remind to results risks the expectations all will to could the differ beliefs during statements. that participants time These of actual reflect statements call, call, this

be annual may periodic Additional the of SEC. information the be to in on date. should company's that found out these can with filings this be information mindful subsequent and factors Participants render events

release. call. be the We today's measures tables on found and reconciliation today's can between non-GAAP GAAP of earnings financial also discussing non-GAAP in certain measures will A be

And call to now, over I'll Octavio. hand the

Octavio Marquez

thank and Thank you, us joining today. all Christine, you for

been look am Jim company. years next about of announced the his our his thank model. morning, part of Jeff four improving Jim our to our over Tax, he to has few transitions significant and for new I friend, CFO start, instrumental our during excited been Before contributions I debt refinancing planning role as chapter weeks we to operating colleague our and and succession I my him leadership company. past with Head for this our in working forward this with Treasury CFO the Barna, and role, I has over who want as Rutherford, his to working for the

it over some to will Jeff remarks. for I that, turn With

Jeff Rutherford

Octavio. you, Thank

years, taking best. we I'm thank four here wish the support last the are Diebold I the Nixdorf, a in for investment company the lot continued would to the your at success. have company and Over you Octavio accomplished and I confident to path community and the like

Octavio Marquez

Jeff. Thanks,

thanks stepped Board We five service Greenfield, to to down role Gary company. to as for who years' Chair say also the after want his

of point We journey. this in are the and grateful to for leaders bringing contributions our for transformation us these

communicated proxy earlier annual we As to week, statement. in announce this smaller our a intend board upcoming

quarterly our about excited execution team priorities Our operational refreshed unified deleveraging. as behind future From important a discuss customer us, results. With and milestones a focus success. improving strong and be and now the Board refinancing our to leadership that our took a we stronger that will operational in key include wins let's our company rigor, are our for our is company, XXXX are which for a springboard position now to steps that, on

they provided months changing As navigate continued refinancing on CEO prouder for and solutions. to spent improving effort Last the significant employees environment DN year, and I be past of on couldn't transactions. me completing were their Diebold operations and and our I support Nixdorf, on helping for the reflect our our an of XX amount of time customers ever trust a as

also now high finishing EPOS normalize operations, that we composing Converting value closing back SCO of was milestone important XX% our TSA a count $X.X solely retail model. happy and count revenue. and million. ended the $X.X billion our of of backlog with confirmation to positive XX% supplier unit and record Banking on am fully allows our a XX% ATM our meet We I and meeting on both our high with for demand. on the to commitments us backlog. of focus composes with into unit with Support of scheduling the customer the generating to record the need execute year say Closing billion and respectively have we and remainder the our note, us put It $XXX Transaction XXXX provides Agreement capital our backlog an XXXX.

focused to customers the EASY new out As and our family, to installed recycling has customers, us for we financial Series base shareholders. XXXX on new continue allowed solution. out priorities stability checkout including and ATMs our enter Closing backlog our shift and rolled to with and our employees retail DN self clear XXXX ONE

goals. on deleveraging, is based flow straightforward, focus following all three opportunities, strategic the Our free cash evaluating generation and

we our foremost, maintain operational plan to excellence. First our to customers and products deliver and

XX,XXX Let financial we XX plan translates me first is in last committed our delivering in we be primary clear. SCOs to XX. ATMs, and focus and stability. XX,XXX products EPOS operational our it these presented revenue Delivering directly In XXX and call, as into are the

and Next, the the our believe leadership we priorities operational model, base. and our a year core I, talking reinvigorate culture most we deleveraging simple our unit an this for and so quarter performance We change. strong will will stabilize delivering to much foundation and importantly is on economics. and standpoint. from our last effective And and conversion for are with it grow about and These a focus team starting the are revenue, evaluate of process started and our selectively we XXXX contract way recurring committed our we solutions protecting plus unit to building after the growing

self plan mentioned XXX XX,XXX of and revenue to recognize I ATMs, XXXX, previously, in XX,XXX sale devices. As for point checkout solutions we

contract around recurring revenue value. And Stabilizing and the deliver and We also actions have the throughout of units. line execute our around these term sight continue expand pricing our strategy optimize we we of clear year. base will benefit opportunity, creating drive to to to expertise ability will our growth longer our business and finally, see our to our core manufacture these

XXXX. quarter-over-quarter As variability the multiple chain will of continue supply through pieces our we see global stabilize, some to

our for the are XXXX, manufacturing contract we setting significant market, operations. resiliency However, operational our in done India work Ohio getting and the facility building with up such fully as in manufacturing

our liquidity. we our implement in don't to As make plan, capital we business that be solutions retail in for as working Demand to into I And look is and sure more with our quarters. and and deliver. will in future company banking will back costs our look forward continue market we you the diligent sharing efficiencies. priorities creep additional information high we for these wide managing on

QX turn like XXXX would it Jim cover Now, performance. I financial to our to over to

Jim Barna

spend Thank XXXX in operating such our results last quarter as included remarks full you, discussing time certain include to I to Octavio. report the model, references November earnings year Xth. fourth metrics, prepared EBITDA, Today, will My will the my on non-GAAP adjusted relative

plan with million sequential EBITDA. was the summary quarter the sequential operating return approximately included driven continued marks operating a improvement full The EPOS. conversion and Total QX relative For our savings of revenue units our along discussion revenue also $XXX periods, the over We million or our to risk Adjusted to in quarter. $XX quarterly of approximately SCOs EBITDA performance third line our ATMs, of XX,XXX the with in adjusted and approximately of of $XXX our improvement and execution QX on of QX; million revenue $XXX see was release. with was adjusted earnings following XX,XXX cost approximately please XX% in year by units largely model. model million line higher approximately exceeding fourth approximately prior represents and in financial a X,XXX of

year EPOS. QX. and For the on full recognize considering We of year the revenue in approximately ATMs, for 'XX,XXX in revenue full units model with revenue total EBITDA we previously revenue Adjusted approximately following the XXX,XXX total $XXX approximately SCOs XX,XXX XXXX; was line approximately of risk year million full $X.XXX and the our communicated billion. approximately

million net vigilantly respect operational our positive have a manage than debt ended The of to with We adequate With QX to are in million throughout moment. to for to targeting $XXX our execute liquidity to is in XXXX. of of anticipated to and and as $XXX the we are run liquidity plan, through increased increase XXXX paydowns and XXXX result on XXXX our liquidity. free liquidity, liquidity cash greater rigor. be for modeled approximately Turning flow XXXX generation business with end of modeling we’ll model

retail banking Now, and Octavia through our will financial business highlights. and walk you

Octavio Marquez

We cash recyclers Series wins shift during the customer legacy America banking, quarter. new new of of quarter. approximately our the number from a In XX% DN the as comprised total in strong ATM in had fourth devices North orders continued banking

the -- profit performance, the came and terms at was SCO market $XXX including vast service contract banking In in growth shipments based and Retail to new the Coming these In of self to saw have in up grow placements and attachment represent due up in metrics retail, checkout at the market, of unit a delivery in operating and difference National NRF are business DN faster in have solutions major experience especially better stores. known the high retailers started our New continues City checkout than remained the of retail US Increasingly, SCO grocer January, in rate. self largely generally segment Both sequentially million. in efficiencies US. driving the business. continued were our as York as we seeing of majority as a strong Federation strong self financial rollout $XXX focus demand the increased million in service more and solutions, in revenue based we show

because excited about very new of preferences. self NRF stay traditional economically Series received is product, launch great move our to attended over the this believe during checkout EASY addition, which game easily the product changer, XXX are DN In retailer also ahead consumer We to from and who feedback a customers to we ONE checkout from the a allows it show.

Operating largely profit the fiscal a rebound divestitures Retail due checkout third XXXX. to challenges, quarter, chain higher segment was which volumes currency Sequentially, and mix. of largely of revenue in in the result solution and digits, managed party million. function was while low single improvement supply $XXX improvement a product $XX driven, grow and volume fourth significant retail excluding to business. was million operating margin in gross growth revenue improved year approximately Despite profit was self was

run rate million. like expect year provide Now, year. to you to plan the close and run of I we savings the executed update implemented XXXX last savings an cost rate a on cost entered $XXX of $XXX with with million would We

XXXX by of restructuring midpoint annual target We our to and the completion half of the cost expect merit the year, for reinstatement in benefits the continue savings first of some incentive and increases. compensation see to of pay the offset

and like we making and efforts In their are dedication, to customers considerable focus, into market look our products strong a revenue. work, real to converting services make our position. look especially backlog we our well We commitment our competitive of business pipeline and banking sustaining retail difference of strengthen as for our recognize world meet and class closing, while work ahead a to change, I'd hard positioned to with order year important are hard unwavering strides during our that the for our discipline our incredible in success their XXXX, to demands to forward and a deliver competitiveness. in straightforward employees a and customers, continuing

We industry. to transforming global a are excited and opportunities capitalize leadership building forward team. in move on position our and committed momentum success we'll strong clear XXXX plan to and I with leverage to a am in transforming a --

now Q&A. operator turn the for will over the I that, to call With

Operator

comes [Operator Matt of D.A. Instructions] today The Davidson. the first Summerville line from from question

Matt Summerville

‘XX your ‘XX? let's look total that, your price about input Couple do was And how What will maybe much with to and questions, incremental capture intend like? first of in in pricing talk price price what ratio capture versus you cost costs.

Jeff Rutherford

and to multiple for thanks with ways question one answer this Matt, you. So for the

inflationary inflationary bit curve And the we would I ratio. the improve needed supply significant was, pricing priced to price start worked priced as start through Clearly, a We of confident pressures. will me and cost backlogs XXXX, pricing little seeing. through always we I with incorrectly the extended chain with not know, say, were take considering made lead to the velocity, changes our So we of that most pressures, which or action. let some supply question. accelerated you to am chain And times, that behind we've

get stated in to can year. plan, of end we our margins historical walkthrough as So to see operating you go expect the by we the our to and the

profitability compensate of of to work doing changes. teams or frequency, to a you based many the sales I compensated so input things that's is -- in of bring. monitoring around that is that's heavily this done So important needs environment that changed almost be pricing. that we're in on It tell the the daily on basis one changing aspect. note that We've we've the more changed they are The costs the our would deal compensation sales set

can you very call at these through back are through and So will in pricing margins. get play. that we probably elements we -- that confident all all feel help different I us am confident to historical a actions walk the our But

question, your trend would and of examples. do see that the have -- to part I give other have you in around Matt, started costs. The direction. positive clearer input input to starting are actually the stabilized costs We

One of we around -- and We cost cost. the in improves biggest had headwinds the components, has both availability significantly. and that improved microelectronic normalize was starting see to availability

that pricing favorably. now the Another where favorably beginning logistics, input cost trending we the to trending It and see big at see of we quarter, container favorably. trending has started been global continue

the that actions still that component I taken, go least pricing it's say at think to call right to in the we So has year. stabilized early direction, through beneficial I now too But it significant be stabilization a new a discipline, plus reduction. the starting on the see step as will pricing new the we trend clearly and we've it's that would that both input,

Matt Summerville

drive maybe means CEO, now And differently as strategic on wondering do think company about it I'm a Chairman, role And think this the Chairman, a business. a to the to the you as as taking at follow-up, then deleveraging? look the just makes Octavio, strategically for company formally sense process to if accelerated as allows

Octavio Marquez

the the has itself, company structured way thing first that of a part it's So the about Matt, of I plan think very Directors excited Board I'm has. broader the

very creating the refreshing decision are our is to clear. The CEO Board, We a Board. smaller Chairman combine and positions

to being, very, for aligned be time priorities have the on the For very we the company.

is I them to of want very that clear be One deleveraging, about.

operational very and options do that about, deleverage. asked, is clearly all something at will we that possibilities. is will things evaluate we is and we the all can we conscious So that Board look There to

that every use trajectory look to will that the company disposal change tool company the has. really has, the at debt how the our We we burden at debt the of

our and would look all priorities you I at will we that of board. of is the tell one this So alternatives

Operator

Paul The next question P. of Chung comes today from J. from the line Morgan.

Paul Chung

So year. recognized on I think just XX shipments, the ATM for you

I think XQ the guide was XX. around

shortages this for this normal year the 'XX. And delivering there? this higher on of those drove XXk component early year? So How is And orders kind some kind the I then what last confirmed the shortfall the orders given have of than a Is units confirmed of confident year? hitting in the firm on on follow-up.

Jeff Rutherford

Let with our today and confirm with stand manufacturing customer. one start around do to deliveries and the we where me backlog

customer deliver time are complete those scheduled that we of we build that, have in to units. suppliers those manufacturing, commitment saw, XX% have to are ATM, SCOs. components These our on we in or our in those means north components As that you have components plus to the to need XX% us build are now either orders And clear we we clear from needed in to the all based schedule. the

view I tell our those So confident units. we extremely would you delivering about is that are on

we past far year, as to over two of the about to a in history, XX% has again, the past I'm backlog this if as at how does with historically, over compare position. But much because little have so So that started more look the the changed our history least year reluctant we world and always talk than years. never

position before. clearly we are operational a than now our on right in deliver ever have better So to we been plan much

our that. is receive to the significant about And continue from we clients. other orders I'm So side confident

revenue were our as had though, as we even expecting be, didn't again, backlog, order strong to group entry, that, reduce we expectations. much that because our Our surpassed

So that on building backlog. us continue that helped

to we Paul, we feel will with that on backlog, So And to very rescheduling goals we get to stated the delivering on plan. make a our confident those long short, the story and units. confident demand align very feel that

Paul Chung

units. the then XXk, of plan revenue XX% would suggest on And increase that unit in

‘XX, So talk revenue the software? FX projection unit you seeing, to that and services how you're attached translate ASP for does about that results rate can banking overall XXk mix,

Octavio Marquez

units we neither nor So revenue remember, order. a as start manufacture -- we don't will EPOS And a or go ATM the Paul, customer disclosing we the QX, we firm manufacture. device into SCO without

start we'll many how disclosing and So we during many how revenue into devices the turned manufactured quarter. of those

ATMs ideal for deliver me flow world, of will we XX,XXX see manufacture great you QX will then see. than of give example that XX,XXX you probably revenue will ATMs would seeing Let quarter to QX, revenue we and XX,XXX In our is What and you half a you'll the our ATMs and forward, a cash of ATMs second globe. portion and reasons be we the if linearity, across every manufacturing But our shipping QX could the it exceed every hypothetical we're plan quarter. doing units lower revenue. starting start start us manufacturing as what be the

start you'll So will flow share we seeing that you. and with that

As color and on being whether dispenser, consolidated. US the but ASPs it around the or to bank a have keep far Asian Remember, cash ASPs the a start rate a that into the the depending credit global that, or or we in sold of variations, or giving large customer, unit, recycler union type a national will future. whether it's a will we as small you bank more it's

in fairly the based product should there given on geographic a any overall it can mix. quarter, -- be variation mix calculation. some now year straightforward and because be For But

Paul Chung

of how But and do your interest how on the I cash cap an we see outlook for provided think initial Have through builds flow. expectations lastly, you year? cash CapEx free kind cash about dynamics, it. didn't working And expense, ‘XX? for

Octavio Marquez

he as colleague from so answer as will question a to turn comes his have question first Jim, I'll special incoming you… Paul, CFO, my so he in heart it So place first can the always his over

Jim Barna

we ‘XX. kind and couched liquidity, context ‘XX right? where I about end we of to we of then Paul, it we've mean, in where there ended talked the expect

in can from appreciate we that's absent we Octavia's amount capital throughout efficiency. that the within items working your efficiencies improvement of positive point, you how to so that cash sequencing And and one to year, is year. going mark to And the come those free as all in have where fair layer of that time there a generation, work is flow to the as continue kind mean, it of through to see relates that we I we point, throughout the something XXXX, themselves

Operator

The next question comes from line Research. Mehta of today Kartik from the Northcoast

Kartik Mehta

has in has the in all? seems of customers the might And any have maybe But issues resulted a because everything Diebold if refinanced in? competitive company it's its that was backed off that's changed as Octavio, like so, where happened liquidity position. debt, better has situation kind of at

Octavio Marquez

So slides and that, customers. the customers or company, the that amount. a is Kartik, Clearly, was our for their our and annual presentation the little with delivery conducted we future extremely financial for proof maintain probably high the promising we minds. and always with expand tell will our and is to plan you a delays business an business survey year in customer during That relationships customers’ and XX% should I the to I I statistic Nixdorf. bit relationship because have But think uncertainty Diebold of have it's on of in it's banking touched around very situation of

I the doing don't our as continue any We to their remarks, support, and say customers to based quality we the when see devices. significant the very I we that us. for on wholeheartedly, And committed is cancellations and there, I our we see solutions demand didn't remain delivery is really business of for to customers any our orders our I any. think there, -- So or checkout both receive my see with continuing recyclers, didn't for times, expect I that again, thank because self mean started

in us we think I customer to enviable operational enter year retail -- financial and the we're base, better that better both be is banking for position and successful. rooting rigor, with So

Kartik Mehta

I would valid flow. free on thoughts talked -- about you little XXXX And cash a cash maybe Are that know flow. changed free those gave then previously or some still bit your you thoughts to has think you I anything on change But that? think

Jeff Rutherford

generally we're I Yes, in would say line. that

where put previously, out are we EBITDA mentioned when terms think we we it I think we we're that largely quarter at or at out as to our the we line working as in in that there ‘XX And modeling about quarter There I well But obviously intact land we're how third unlevered now. we're that through in the say talked things, some got related in third of over would year. that capital materially with we as there currently is I growth and terms, say the the efficiencies. for about talked in value and that about year model we working ultimately I expect this that you've how still would think put ‘XX.

Octavio Marquez

the The driving conversion that these predicated put that unit that's talking the for. and model that our That's so support model units, forward, units forward on that put we the focused is we unit on we're post. that because we're economics forward about guiding we why these model put and that's

So little model to as are and are but be executing that will said, movements, there Jim a end. there's we committed always to still our year

Operator

from The line Matt comes next Securities. question today of Wedbush the Bryson from

Matt Bryson

versus your XXXX you've guide, prior in unit bit I side higher. Octavio, being With driving than the a in ATM revenue QX, orders shipments expected and about backlog the think, on better shortfall talked

of stream some both how shouldn’t give about or your conviction in you Just terms are of those somewhat buffer guide? you thinking of XXXX wondering

Octavio Marquez

say priority. that is what my that's we priority -- what to the we first still with numbers We delivering, very that first we I say feel I have. Matt, comfortable committed the So is would deliver would

we’ll remains quarters. if working second, know we’re So is deliver what first what work -- first if fourth we we rotate yes, third have -- hard let's if and promised our change, we And over deliver our we in demand we’re hard would, there our is now, right quarter, think our do. then to clearly the I to quarter, on of can deliver the But we possibility. middle focus markets not strong, and

plan have and that's what we we So aiming now. a are solid right for

Matt Bryson

you follow-up high given does how a the that, perspective we that think know year to more manufacturing, even revenue so shift normal I you year. are trying But first in throughout is out produce backlog my half. from guess the levels, second bit a half, manufacturing should linearity the a in it about sense all I your to And a bit more be the the in seem would

now flow order half the oriented into second whole in lot are coming tend just Your to hand. be would year of more you terms in also more a orders with where

ramp? be side or year, where something guess you should QX ramp normal linearity So more so there QX the of manufacturing revenue like a different get is I more through looks on it through the

Octavio Marquez

And think at on ends balance. within the build guidance start we remember, shipment move by as in those will ATMs. the is, math the plan, as it the on you we first We whatever the -- be very that ship, discuss we year, as the and of because way. that the to see as based we we our stable and we are manufacture, that invoice throughout ship you based less probably year, up Clearly, perfect And do revenue -- be will in be XX,XXX year. that the the units being, manufacturing much times, will we where match build manufacturing In it QX would on things I would capacity, don't will start we than kind X,XXX, world, X,XXX we perfect. trying latter where seeing that lower I can't than encourage then exceeding as that so the up. and through Our looking in year. the to as are that revenue you divided would revenue SCO, said, of I of we close half half can to quarters. Matt right and will based move manufacturing you we starts QX But math into we on the

would banking ATMs So as disclosing clearly much next be us, quarter, significant plus, will very, it almost the very it's high to same we is us it say will economics became how -- and becomes unit how side. but much much didn't it'll about service why very question able attach and earlier XX% and both And I clear that SCO said, track so with rate. as this we I carrying in the you that manufacture, a being Paul think and asked unit Every how you every carries you is how SCO. then is how see because I be to manufactured, in will I revenue -- in also model, see manufacture, our we being much revenued. that carries ATM answer, revenue much quarter, software over And and that I'll. attach that's I'm unit we passionate manufacture very

we to And forward. modeling so again, you clearly will very things those as start move be able

Operator

comes today from CreditSights. the Peter line question from of Sakon next The

Peter Sakon

seeing impact about guidance? I'm some talk of the assuming, currency tailwinds and have XXXX? you Could also then you're on in you the come the some transportation on maybe impact down. quantify costs Could

Octavio Marquez

to for prices. us the go any for up couldn't very significant in What suppliers to So see some deliver means, and reductions We open that us. that reason of mentioned spot like usually component into see critical were headwinds avoid I That we see to be able that we still we having higher component is as us will pricing. the don't pricing earlier, do buys market at stabilizing.

of that Asia. both be routes largely are dynamic type from in We behind feel trending Transportation that we clearly that Europe that from that see or affected true. So increased will our buys container downward, cost us. with is costs spot

looking better the are real, factors the as again, And currencies basket that from to peso. I pound, euro, the a throughout the those the said, monitor try Brazilian the also So year. Mexican we currency, we of have --

why now, Right we're there. I will would aiming there takes be we Probably. forward tailwind plan for. you might The we put If and on our there what it as and we focused happens, as puts we're then talking company, the headwinds? that always Can units, us there's That's happens. So because thing. Can be that's for same bit, fluctuate will deal accordingly. currency? adjust that a tell just little get with but so the to about units the currencies a plans

Peter Sakon

for believe of And there these reaffirming, of usually like through Is plan, specified calls. [XXX] is I your read goal a year? EBITDA for this speaking any lack during a sort of

Jeff Rutherford

I So to would XXX remember, in -- into tell plan. I you, is call XXX situation And it. operating nothing what our wouldn't where there strange a is we're read

we plan We put went on is that operating that the put and in that against, QX, didn't team out As out we're committed QX plan operating plan, that our the hitting. we is through is refinancing guidance. our

If to operating But So read were shared into what the anything that that we to, we already We is that you plan, it. is to should and plan. that that our our and that. our feel than lower we've plan, driving key put units is are higher number. guidance, since provide operating could we're

our if operating should we So hitting hit our think will how you that's units, plan we about business. those be and

Peter Sakon

the some that equity something other looked leverage. that currently reduce to publicly companies traded to have Lastly, market evaluating? Is you're

Jeff Rutherford

and options future focus, seriously, during look take looking That all to we And myself, the looking an at to of Directors some at we kind our area we're that But options. that -- as that and the Board all. the evaluating we of of forward will are are Peter, company plan our company very we're options of that talk we all that tools crystallize is is Deleveraging and during disposal So deleverage actions those communicating evaluating something clearly we're about quarters. -- at. all evaluate.

Operator

[Operator Instructions] question a The from Davidson. Matt follow next D.A. up Summerville is from today question

Matt Summerville

was I ATM the business. just Octavio, wondering, with

there. can of and If EMEA color, regional specifically demand in look you touch little bit on to more about add And ahead? of the environment terms North could we you as the Asia-Pacific LATAM, what you're America, a maybe sort talk seeing extent

Octavio Marquez

Matt. footprint to quote, brief in that branches be America, a better. say is But change embracing I as the you would the I'll way as So very market of and recycling efficiency branch the know, to a it’s good and technology service cash improve kind the try North customers to

cycle strong refresh in North to America. we see continue So a happening

it this know continue being -- special see we fleet our year heart, technology market. in Latin and new in a us very but us a but to America, cash cycle will my America age has recycling that have having world. plus allow will success is that that a to you allow the As continues multi in of technology place the North

So Latin we almost in see America. from strong every demand still market

XX% very in have some We a strong say leadership some share plus with markets in those I would cases. and of those position all markets,

that continues work to continue there we clearly accepted and dispenser to market. America, with strong. points the still be they're market for but They’re key demand maintain just So hard a cash point recycling Latin to leadership well in that more is being of access

important. very Asia us Pacific is to

optimistic will Indian exited Europe, of stable had the Through in model. the in ATM perfect would we manufacturing we I one recall, world. the And looks reentering India largest you like feel the entering the that Europe a And this for market. once we contract we Indian volume say that manufacturing, is markets are lastly, that create additional market, -- As market. contract again which some us as

those that refresh the older to does institutions. machines. of see allow the ATMs continue pooling across it banking countries and happens, across We pooling to the But again, and consolidation as opportunity

I good we markets. a we dynamics a different to stable are our see those it's structure market, importantly, opportunity, but with going so cost very the align as working also And more market hard in to And as described forward. that

to cost that opportunities where something needs the structure team that's our and very working are on. opportunity the the reflect So is diligently

Matt Summerville

of And ports initiative. chargers [Technical business? and as in under term been on or sort just contract, [Technical that lastly of Difficulty] XXXX sort may a your curious number infrastructure on longer of updates and ended quarterly XXXX for your terms to progress were you be Difficulty] you seeing and of what basis the goal talking providing in I'm where

Octavio Marquez

we units met goals for initiative. that had contract under Matt, charging the So we all AV for

also a in that Remember growth retail that our We integrated integrated tremendous more initiative, see kind as retail portfolio, large world convenience be We to run operators. synergies. are Our going goal large our deployers. of that largest we we in the the sell the of some operators charge serve point have was portfolio -- that into fuel separately. some separate tightly, we of and charge point

help we So us and a we a it's a because -- to in position can different have of see that synergies verticals. retail, that have we integrated service large organization that into and lot that

are optimistic. we So very

XX,XXX. opportunity. the an exceeded to We of again, XX,XXX. to close it interesting target And we be ended continues So

a As industry, a look point, there is where that as on be and still like. those vertical lot defining I opportunity that the to starting is evolve. want term closely, continues before, you as we And models to need adapt know, conforming what to of longer said this and market really follow the you very

Matt Summerville

put at fully whether a you the ramp manufacturing can respect contract point with lastly, bit just exactly then manufacturing, on to and are a finer and you Indian are partner? up of little where with Ohio your running And you with of

Octavio Marquez

is fully Matt. Ohio So operational,

You resi year India, as first our is anytime walk Ohio through -- you resident, want. we being started now up time as and units am the far you happy me facility December. I last couple early setting And and long of shipped to in hundred that we me manufacturing Ohio

each the on both have throughout have factories plans cases, for we what these feel us fully we will and are year. deliver met So in operational and now of

Operator

Nixdorf. time, your at No open. back turn so the over Octavio line now is this additional one ahead, Please Marquez, go of CEO have I'll questions to Diebold waiting call

Octavio Marquez

you conferences who seeing call. at upcoming call. And Thank in our thank again. forward investor Thank everyone look operator. and listened you, during next you and We to today's earnings participated

Operator

you all for concludes today's Thank call. conference This your participation.

You may disconnect now your lines.

Diebold Nixdorf (DBD) 9 Feb 232022 Q4 Earnings call transcript