NCR Corporation reported financial results today for the full year and three months ended December 31, 2022. Full year and fourth quarter results and other recent highlights include:

Delivered strong full year and fourth quarter 2022 results

Full year revenue of $7.8 billion, up 10%; up 13% on a constant currency basis

Full year recurring revenue of $4.8 billion, up 16% and up 20% on a constant currency basis

Full year net income from continuing operations attributable to NCR of $64 million, down 34%

Full year Adjusted EBITDA of $1,370 million, up 10% and up 16% on a constant currency basis

Full year GAAP diluted EPS from continuing operations of $0.34, down 41%

Full year Non-GAAP diluted EPS of $2.62, up 2%

Expect 2023 to be another strong year executing strategic initiatives, with improved profitability

Company continues to move forward with previously announced plan to separate into two companies

"Our fourth quarter results represented a good finish to a year where we executed extremely well even with the challenging macroeconomic environment throughout 2022," said Michael Hayford, Chief Executive Officer. "We delivered solid financial performance, made progress on our strategy to NCR becoming a software-led as-a-service company with higher recurring revenue streams, and demonstrated our unwavering commitment to our customers with further increases in our customer satisfaction metrics. We enter 2023 with products winning in the market and positive momentum."

Hayford continued, "We are making good progress on our plans to separate NCR into two public companies. We continue to believe the separation will unlock significant value for our customers and stockholders."

In this release, we use certain non-GAAP measures, including presenting certain measures on a constant currency basis. These non-GAAP measures include "free cash flow," "Adjusted EBITDA," and others with the words "non-GAAP" or "constant currency" 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.