NCR Atleos Corp Files 2023 Annual Report

TL;DR

<b>NCR Atleos Corp. has filed its 2023 10-K annual report, detailing financial performance and corporate history.</b>

AI Summary

NCR Atleos Corp (NATL) filed a Annual Report (10-K) with the SEC on March 26, 2024. NCR Atleos Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company was formerly known as NCR Atleos, LLC and NCR ATMCo, LLC, with name changes occurring in August 2023 and April 2023, respectively. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement items such as Property, Plant and Equipment Net, and various current and noncurrent liabilities and assets are referenced. The report details financial activities related to product and service segments, as well as nonrelated and related party transactions over the past three fiscal years.

Why It Matters

For investors and stakeholders tracking NCR Atleos Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of NCR Atleos Corp.'s financial health and operational structure for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The report's detailed financial data, including segment performance and historical comparisons, allows stakeholders to understand the company's revenue streams, asset base, and liabilities, informing investment decisions.

Risk Assessment

Risk Level: medium — NCR Atleos Corp shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not highlight any immediate or severe risks beyond those typically associated with a company of this nature and industry.

Analyst Insight

Review the detailed financial statements and segment performance data within the 10-K to understand revenue drivers and cost structures for fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K)
• 2024-03-26 — Filing Date (Date the 10-K was filed)
• 2023-08-02 — Name Change Date (Date NCR Atleos, LLC became NCR Atleos Corp.)
• 2023-04-18 — Name Change Date (Date NCR ATMCo, LLC became NCR Atleos, LLC)

Key Players & Entities

• NCR Atleos Corp (company) — Filer of the 10-K report
• NCR Atleos, LLC (company) — Former company name
• NCR ATMCo, LLC (company) — Former company name
• Atlanta, GA (location) — Business and mailing address

FAQ

Industry Context

NCR Atleos Corp. operates in the calculating and accounting machines industry, specifically focusing on ATM and payment solutions.

Regulatory Implications

The filing is a standard 10-K under the Securities Exchange Act of 1934, requiring public companies to report annual financial information to the SEC.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key metrics for FY2023.
2. Examine segment reporting to understand performance across product and service lines.
3. Review historical financial data for trends and year-over-year comparisons.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-26: 10-K Filing Date — Date the annual report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the first 10-K filing for NCR Atleos Corp. under its current name, following previous filings under related entities like NCR Atleos, LLC and NCR ATMCo, LLC.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share NATL New York Stock Exchange

Filing Documents

• ncr-20231231.htm (10-K) — 3620KB
• exhibit43descriptionofcapi.htm (EX-4.3) — 50KB
• exhibit10131nunezricardo-m.htm (EX-10.13 1) — 54KB
• exhibit10132meriwetherlash.htm (EX-10.13 2) — 3KB
• exhibit10133mackinnonstuar.htm (EX-10.13 3) — 3KB
• exhibit10134stuartmackinno.htm (EX-10.13 4) — 6KB
• exhibit1024managementincen.htm (EX-10.24) — 37KB
• exhibit1025amendedandresta.htm (EX-10.25) — 123KB
• exhibit1026atleoschangeinc.htm (EX-10.26) — 116KB
• exhibit1027directorcompens.htm (EX-10.27) — 55KB
• exhibit10271-ncratleos2023.htm (EX-10.27 1) — 25KB
• exhibit21subsidiariesofncr.htm (EX-21) — 79KB
• exhibit231consentofindepen.htm (EX-23.1) — 2KB
• exhibit311sec302ceocert-12.htm (EX-31.1) — 8KB
• exhibit312sec302cfocert-12.htm (EX-31.2) — 8KB
• exhibit32sec906ceoandcfoce.htm (EX-32) — 8KB
• exhibit971-clawbackpolicy.htm (EX-97.1) — 36KB
• image_0.jpg (GRAPHIC) — 279KB
• image_05.jpg (GRAPHIC) — 71KB
• image_0a.jpg (GRAPHIC) — 23KB
• image_1.jpg (GRAPHIC) — 17134KB
• image_15.jpg (GRAPHIC) — 2868KB
• image_1a.jpg (GRAPHIC) — 0KB
• image_2.jpg (GRAPHIC) — 490KB
• image_24.jpg (GRAPHIC) — 185KB
• image_3.jpg (GRAPHIC) — 565KB
• image_32.jpg (GRAPHIC) — 180KB
• image_4.jpg (GRAPHIC) — 406KB
• image_42.jpg (GRAPHIC) — 111KB
• image_5.jpg (GRAPHIC) — 331KB
• image_52.jpg (GRAPHIC) — 133KB
• image_6.jpg (GRAPHIC) — 572KB
• image_62.jpg (GRAPHIC) — 120KB
• ncr-20231231_g1.jpg (GRAPHIC) — 198KB
• 0001974138-24-000022.txt (&nbsp;) — 52654KB
• ncr-20231231.xsd (EX-101.SCH) — 100KB
• ncr-20231231_cal.xml (EX-101.CAL) — 154KB
• ncr-20231231_def.xml (EX-101.DEF) — 700KB
• ncr-20231231_lab.xml (EX-101.LAB) — 1264KB
• ncr-20231231_pre.xml (EX-101.PRE) — 987KB
• ncr-20231231_htm.xml (XML) — 3898KB

Forward-Looking Statements

Forward-Looking Statements i PART I 1 Business 1 1A. Risk Factors 13 1B. Unresolved Staff Comments 36 1C. Cybersecurity 36 2 Properties 38 3 Legal Proceedings 38 4 Mine Safety Disclosures 38 PART II 5 Market for the Registrant ' s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 6 [ Reserved ] 40 7 Management ' s Discussion and Analysis of Financial Condition and Results of Operations 41 7A. Quantitative and Qualitative Disclosures about Market Risk 59 8 Financial Statements and Supplementary Data 61 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 125 9A. Controls and Procedures 125 9B. Other Information 125 9C. Disclosure Regarding Foreign Jurisdiction That Prevent Inspections 125 PART III 10 Directors, Executive Officers and Corporate Governance 126 11 Executive Compensation 126 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 126 13 Certain Relationships and Related Transactions and Director Independence 126 14 Principal Accountant Fees and Services 126 PART IV 15 Exhibits and Financial Statement Schedule 127 16 Form 10-K Summary 130 This Report contains trademarks, service marks and registered marks of NCR Atleos Corporation and its subsidiaries, and of other companies, as indicated. Unless otherwise indicated, the terms "Atleos," the "Company," "we," "us," and "our" refer to NCR Atleos Corporation and its subsidiaries. Table of Contents

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K and other materials Atleos has filed or will file with the SEC contain, or will contain, "forward-looking statements". Forward-looking statements use words such as "expect," "anticipate," "outlook," "intend," "plan," "confident," "believe," "will," "should," "would," "potential," "positioning," "proposed," "planned," "objective," "likely," "could," "may," and words of similar meaning, as well as other words or expressions referencing future events, conditions or circumstances. Statements that describe or relate to Atleos' plans, goals, intentions, strategies, or financial outlook, and statements that do not relate to historical or current fact, are examples of forward-looking statements. The forward-looking statements in this Annual Report on Form 10-K include statements regarding: Atleos' business and financial strategy; Atleos' future plans relating to its workforce talent and diversity, equity and inclusion initiatives; expectations regarding Atleos' cash flow generation and liquidity; our expectations of demand for our solutions and execution and the impact thereof on our financial results; Atleos' focus on advancing our strategic growth initiatives and transforming Atleos into a software-led as a service company with a higher mix of recurring revenue streams; and our expectations of Atleos' ability to deliver increased value to customers and stockholders. Forward-looking statements are based on Atleos' current beliefs, expectations and assumptions, which may not prove to be accurate, and involve a number of known and unknown risks and uncertainties, many of which are out of Atleos' control. Forward-looking statements are not guarantees of future performance, and there are a number of important factors that could cause actual outcomes and results to differ materially from the results contemplated by such forward-looking statements, including those factors listed under the sections entitled "Risk Factors

BUSINESS

Item 1. BUSINESS General General Development of the Business NCR Atleos Corporation ("Atleos," the "Company," "we," "us," and "our") is an industry-leading financial technology company providing self-directed banking solutions to a global customer base including financial institutions, retailers and consumers. Self-directed banking is a growing, secular trend that allows banking customers to complete transactions seamlessly between various channels. Our comprehensive solutions enable the acceleration of self-directed banking through automated teller machine ("ATM") and interactive teller machine ("ITM") technology, including software, services, hardware and our proprietary Allpoint network. While we provide all our solutions on a modular basis, we have also assembled these capabilities into a turnkey, end-to-end platform which we have branded "ATM as a Service." On October 16, 2023, we completed our Separation from NCR Corporation (now known as NCR Voyix Corporation or "Voyix" and referred to as "NCR" prior to the Separation) and launched as an independent publicly-traded company. Additional information about the Separation can be found in Note 1, "Basis of Presentation and Significant Accounting Policies", in Part II, Item 8 of this Annual Report on Form 10-K. As ATM technology has evolved in recent years, the substantial majority of banking transactions can now be completed at the ATM, including cash deposits, withdrawals and other account services, as well as the origination of payments transactions such as bill payments and money transfer. In addition, the development of ITMs, that utilize remote bank employees to provide customer support and servicing via interactive video, enable customers to complete more complex transactions such as account opening, card issuance and replacement and loan applications. We believe that ATMs and ITMs are increasingly the delivery channel of choice where transactions cannot be completed digitally, and for this reason, are c

View Full Filing

View this 10-K filing on SEC EDGAR