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NCR enjoys increased revenue, net income in Q1

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May 5, 2023

NCR Corp. announced revenue of $1.9 billion for the first quarter of 2023, up by 1% year-over-year and 4% on a constant currency basis. It also reported an adjusted EBITDA of $302 million, up 11% and 19% on a constant currency basis, according to a press release.

"Our first quarter results represent a good start to the year as we delivered strong recurring revenue growth, margin expansion and increased cash flow generation," Michael Hayford, CEO, NCR, said in the release. "We have positive momentum heading toward the separation into two public companies. During the past two quarters, NCR generated over $400 million in combined free cash flow, allowing us to reduce financial leverage in anticipation of the separation transaction."

NCR is also working on separating into two public companies by the fourth quarter of 2023, one focusing on ATMs and the other on digital commerce.

Additional Q1 highlights included:

• First quarter gross margin increased from $411 million to $466 million with a gross margin rate of 24.6% compared to 22.0% last year.
• First quarter gross margin non-GAAP increased from $453 million to $496 million.
• First quarter net income from continuing operations increased to $9 million, up 127% from last year.
• First quarter cash from operating activities increased from $38 million to $317 million.
• Free cash flow increased from $10 million to $209 million.