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Mar 31, 2023
NCR Q1 2023 Earnings Report
NCR's first quarter results for 2023 were announced, revealing a 1% increase in revenue and significant progress in the separation into two public companies.
Key Takeaways
NCR Corporation reported a solid start to 2023 with a 1% increase in revenue to $1.9 billion and a 127% increase in net income from continuing operations attributable to NCR, reaching $9 million. The company is progressing towards its separation into two public companies and generated over $400 million in combined free cash flow during the past two quarters.
Revenue increased by 1% to $1.9 billion, or 4% on a constant currency basis.
Recurring revenue grew by 4%, or 7% on a constant currency basis, reaching $1.2 billion.
Net income from continuing operations attributable to NCR increased by 127% to $9 million.
Adjusted EBITDA increased by 11% to $302 million, or 19% on a constant currency basis.
Revenue by Segment
Forward Guidance
NCR affirmed its full year 2023 guidance communicated on February 7, 2023.
Positive Outlook
- Revenue - $7.8 billion to $8.0 billion
- Adjusted EBITDA - $1.45 billion to $1.55 billion
- Non-GAAP diluted EPS - $3.30 - $3.50
- Free cash flow - $400 million to $500 million
- Revenue - $1.9 billion to $2.0 billion for the second quarter of 2023
Challenges Ahead
- Adjusted EBITDA - $340 million to $360 million for the second quarter of 2023
- Non-GAAP diluted EPS - $0.70 - $0.76 for the second quarter of 2023
- Free cash flow - approximately $50 million for the second quarter of 2023
- 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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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