NCR Atleos Corporation (NYSE: NATL) (“Atleos”) reported financial results today for the three months ended December 31, 2023. Fourth quarter results and other recent highlights include:
– Revenue of $1.1 billion, up 3% year-over-year; recurring revenue of $777 million, up 10% year-over-year
– Net loss attributable to Atleos of $161 million on a GAAP basis; GAAP basis diluted loss per share attributable to Atleos of $2.28 and Non-GAAP diluted earnings per share of $0.69
“The fourth quarter was a strong start for Atleos as a separate company, and a great finish to the year. Our core businesses performed exceptionally well, with financial results in line with the projections made for the separation transaction. Execution was outstanding, as we simultaneously completed the split from legacy NCR Corporation and achieved our operating objectives,” said Tim Oliver, President and Chief Executive Officer. “Our market leading self-service banking solutions continue to gain appeal with banks, consumers, and other commercial partners, leading to solid top line fundamentals for the fourth quarter that included 10% growth in recurring revenue, which accounted for 71% of total revenue, up from 67% in the prior year period. The shift to recurring revenue and resulting positive underlying profit trends reinforce our confidence that our strategy has the Company on the right path.”
Mr. Oliver continued, “Given the momentum of our businesses, progress on key initiatives, and continued favorable market dynamics for our solutions, we provided 2024 financial targets today that are consistent with the preliminary views from our December 5th investor update call. Looking beyond 2024, we are energized by the opportunity to lead a transformation in self-service banking solutions and the potential to create significant value for shareholders.”
Fourth Quarter 2023 Operating Results
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Fourth quarter revenue was $1.098 billion, including $777 million of recurring revenue,…
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