NCR Corporation (NYSE:NCR) Q2 2023 Earnings Conference Call August 2, 2023 4:30 PM ET

Company Participants

Michael Nelson - Treasurer and VP-IR

Mike Hayford - CEO

Tim Oliver - CFO

Owen Sullivan - President and COO

David Wilkinson - President, Commerce Business and CEO, NCR Voyix

Conference Call Participants

Charles Nabhan - Stephens

Matt Summerville - D.A. Davidson

Kartik Mehta - North Coast Research

Erik Woodring - Morgan Stanley

Isaac Sellhausen - Oppenheimer

Operator

Good day and welcome to the NCR Corporation Second Quarter Fiscal Year 2023 Earnings Conference Call. Today's conference is being recorded.

At this time. I'd like to turn the conference over to Mr. Michael Nelson, Treasurer and Vice President of Investor Relations. Please go ahead.

Michael Nelson

Good afternoon and thank you for joining our second quarter 2023 earnings call. Joining me on the call today are Mike Hayford. CEO, Owen Sullivan, President and COO, Tim Oliver, CFO and CEO Designate of NCR Atleos; and David Wilkinson, President of our Commerce Business and CEO Designate of NCR Voyix.

Before we get started, let me remind you that our presentation and discussions will include forward-looking statements. These statements reflect our current expectations and beliefs, but they're subject to risks and uncertainties that could cause actual results to differ materially from those expectations. These risks and uncertainties are described in our earnings released in our periodic filings with the SEC, including our annual report.

On today's call, we'll also be discussing certain non-GAAP financial measures. These non-GAAP measures are described and reconciled to their GAAP counterparts in the presentation materials. The press release dated August 2, 2023 and on the Investor Relations' Page of our website. A replay of this call will be available later today on our website ncr.com.

With that, I would now like to turn the call over to Mike.

Mike Hayford

Thanks, Michael. I will begin with some of my views on the business. And I'll also provide an update on our previously announced intention to separate NCR into two publicly traded companies. Tim will then review our financial performance and then Owen, Tim and I will take your questions.

Let's begin on Slide 5 with some of the highlights from the first quarter. First, NCR delivered strong performance that included solid recurring revenue growth and significant margin expansion and delivered over $150 million of free cash flow, which has allowed us to delever prior to the spin. Back end, we are on track to separate NCR into two public companies in the fourth quarter of 2023. Following Tim's comment on our financial results, I will provide an update on those separation activities.