NCR Corporation (NYSE:NCR) Q1 2023 Earnings Conference Call May 4, 2023 4:30 PM ET

Company Participants

Michael Nelson - Treasurer & Investor Relations

Mike Hayford - Chief Executive Officer

Tim Oliver - Chief Financial Officer

Owen Sullivan - President & Chief Operating Officer

Conference Call Participants

Paul Chung - JPMorgan

Charles Nabhan - Stephens

Matt Summerville - D.A. Davidson

Ian Zaffino - Oppenheimer

Matthew Roswell - RBC Capital Markets

Operator

Good day and welcome to the NCR Corporation First 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 Investor Relations. Please go ahead.

Michael Nelson

Good afternoon and thank you for joining our first quarter 2023 earnings call. Joining me on the call today are Mike Hayford, CEO; Owen Sullivan, President and COO; and Tim Oliver, CFO.

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 are 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 release and our periodic filings with the SEC, including our annual report.

On today’s call, we will 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 May 4, 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 will also provide an update on our previously announced intention to separate NCR into two public companies, including our recent announcement of our leadership team. Tim will then review our financial performance and then Owen, Tim and I will take your questions.

Let's begin on slide five with some highlights from the first quarter. First, NCR delivered strong performance that included solid top line revenue growth and significant margin expansion and delivered over $200 million of free cash flow which puts us on track to delever prior to the spin. Second, 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.