NCR Corporation (NYSE: NCR) reported financial results today for the three months ended September 30, 2022. Third quarter and other recent highlights include:

Revenue of $1.97 billion, up 4%; up 8% on a constant currency basis

GAAP diluted EPS from continuing operations of $0.46, up 667%

Non-GAAP diluted EPS of $0.80, up 16% and up 40% on a constant currency basis

Net income from continuing operations attributable to NCR of $69 million, up 475%

Adjusted EBITDA of $380 million, up 8% and up 15% on a constant currency basis

Strong execution across strategic growth initiatives

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

"We are pleased with our third quarter results, which represent strong execution with solid revenue growth and significant margin expansion, despite ongoing macroeconomic and geopolitical volatility," said Michael Hayford, Chief Executive Officer. "Our third quarter results demonstrate the power of our strategy that is transforming NCR into a software-led as-a-service company with a higher mix of recurring revenue streams."

Hayford continued, "We are working towards separating NCR into two public companies, which is the right next step in NCR’s transformation. We believe the separation will unlock significant value for 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.

Third Quarter 2022 Operating Results

Effective January 1, 2022, the Company realigned its reportable segments to correspond with changes to its operating model, management structure and organizational responsibilities. Prior periods have been reclassified in order to conform to current period presentation.