NCR Atleos Announces Fourth Quarter and Full Year 2024 Results

NCR Atleos Corporation (NYSE: NATL) (“Atleos”) reported financial results today for the three and twelve months ended December 31, 2024. Fourth quarter and full year results and other recent highlights include:

• Strong fourth quarter drove upside to full year 2024 guidance for cash flow and EPS
• Operating cash flow of $80 million in Q4 and $344 million in fiscal year 2024
• Adjusted free cash flow⁽¹⁾ of $119 million in Q4 and $242 million in fiscal year 2024
• Q4 2024 Revenue of $1.1 billion grew 1%; core business revenue grew 4%
• Q4 2024 GAAP fully diluted earnings per share of $0.61 grew 126%; Non-GAAP fully diluted earnings per share of $1.11 grew 73%
• Full year 2024 revenue of $4.3 billion grew 3%; recurring revenue of $3.1 billion grew 5%
• Full year 2024 GAAP fully diluted earnings per share of $1.23; Non-GAAP fully diluted EPS of $3.22

“The fourth quarter was a strong finish to an outstanding first full year for Atleos. Superior focus and execution across the Company enabled us to achieve key objectives for the year and build positive momentum heading into 2025. We enhanced our ATM solutions platform and strengthened relationships with both customers and partners. We generated higher revenue per device on our leading global installed base of ATMs through higher transaction volumes and higher service capture. We advanced key initiatives that elevated customer service performance, improved profitability, and better aligned resources to support our growth strategy. Our strong operational performance translated to impressive 2024 financial results,” said Tim Oliver, President and Chief Executive Officer. “I appreciate the tremendous effort and dedication of the almost 20,000 Atleos employees around the world that made 2024 a success,” Mr. Oliver continued. “We begin 2025 with optimism. Market fundamentals remain favorable, with banks and retailers continuing to seek outsourced solutions to manage their cash ecosystem, reduce costs, and improve customer experiences. Accelerating customer adoption of our solutions, coupled with our continuous improvement and innovation efforts should drive cost and capital efficient growth while we continue to reduce our leverage and improve strategic flexibility,” concluded Mr. Oliver. Fourth Quarter and Full Year 2024 Operating Results

• Fourth quarter revenue was $1.11 billion, including $790 million of recurring revenue, compared to $1.10 billion and $777 million in the prior year period.
• Fourth quarter gross profit was $297 million with a gross margin of 26.8% on a GAAP basis, compared to $198 million and 18.0% in the prior year period. Fourth quarter adjusted gross profit (non-GAAP) was $319 million with an adjusted gross margin of 28.8%, compared to $272 million and 24.8% in the prior year period.
• Fourth quarter income from operations was $151 million on a GAAP basis, compared to $35 million in the prior year period. Fourth quarter adjusted income from operations (non-GAAP) was $187 million compared to $150 million in the prior year period.
• Fourth quarter net income attributable to Atleos was $46 million on a GAAP basis, up 128% compared to net loss attributable to Atleos of $165 million in the prior year period.
• Fourth quarter Adjusted EBITDA was $219 million, up 23%, compared to $178 million in the prior year period.
• Full year revenue was $4.3 billion, up 3%, compared to $4.2 billion in the prior year period.
• Full year net income attributable to Atleos was $91 million on a GAAP basis, up 168% compared to net loss attributable to Atleos of $134 million in the prior year period.
• Full year Adjusted EBITDA was $781 million, up 7%, compared to $732 million in the prior year period.

^{(1) Adjusted free cash flow-unrestricted, as defined in the section entitled “Non-GAAP Financial Measures.”}