NCR Atleos Corporation (NYSE: NATL) ("Atleos") reported financial results today for the three months ended March 31, 2024. First quarter results and other recent highlights include:

• Strong start to 2024 with financial results at or above the high-end of first quarter guidance

• Revenue grew 6% year-over-year to $1.05 billion; Recurring revenue grew 7% to a record $763 million

• Adjusted EBITDA grew 11% year-over-year to $162 million; Adjusted free cash flow¹ of $69 million

• GAAP net loss of $8 million; Operating cash flow of $148 million

• GAAP fully diluted loss per share of $0.11; Non-GAAP fully diluted earnings per share of $0.41

• Company reaffirms full year 2024 guidance; Issues second quarter guidance

"The first quarter of 2024 marked our first full quarter as a separate company and an excellent start to 2024. Financial results were ahead of our projections and our operational execution was outstanding. Our market leading solutions for self-service banking continue to gain appeal with banks, retailers, and their customers, and drove solid top line growth in the quarter. First quarter growth was paced by double digit growth in global withdrawal transactions and strong growth in services revenue," said Tim Oliver, President and Chief Executive Officer.

Mr. Oliver continued, "Considering the momentum in our businesses, progress on key strategic initiatives, and continued favorable market dynamics for our solutions, we reaffirm our previously published 2024 financial targets. Going forward, Atleos stands ready with its leading position in self-service banking and the largest and most efficient ATM network in the world to advance the transformation of retail banking and facilitate digital to physical transactions for everyone, everywhere."

First Quarter 2024 Operating Results

The core business segments continue to deliver strong results:

• First quarter revenue was $1.05 billion, including $763 million of recurring revenue, compared to $986 million and $710 million, respectively, in the prior year period.

• First quarter gross profit was $221 million with a gross profit rate of 21.0% on a GAAP basis, compared to $220 million and 22.3%, respectively, in the prior year period. First quarter adjusted gross profit (non-GAAP) was $244 million with an adjusted gross profit rate of 23.2%, compared to $240 million and 24.3%, respectively, in the prior year period.

• First quarter income from operations was $72 million on a GAAP basis, compared to $66 million in the prior year period. First quarter adjusted income from operations (non-GAAP) was $116 million compared to $112 million in the prior year period.

• First quarter net loss attributable to Atleos was $8 million on a GAAP basis, compared to net income attributable to Atleos of $36 million in the prior year period.

• First quarter Adjusted EBITDA was $162 million compared to $146 million in the prior year period.