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ATLANTA(BUSINESS WIRE)NCR Corporation (NYSE: NCR) reported financial results today for the three months ended December 31, 2020. Fourth quarter, full year and other recent highlights include:

Our fourth quarter results marked a solid finish to an unprecedented challenging year, said Michael Hayford, President and Chief Executive Officer. We achieved sequential operating performance improvement as we steadily adapted to conducting business in the current environment. We generated strong cash flow, increased recurring revenue and improved our cost structure. I am extremely proud of the NCR team as we continue to execute our strategy and expect to emerge from the pandemic a much stronger company. We enter 2021 with a strong financial position and are excited about the opportunity that the proposed transaction with Cardtronics is expected to bring. The proposed transaction accelerates our NCR-as-a-Service strategy and expands opportunities in payments, while further shifting NCRs revenue mix to software, services and recurring revenue. We are positioning NCR to deliver increased value to customers and sustainable long-term value creation for stockholders.

In this release, we use certain non-GAAP measures, including presenting certain measures on a constant currency basis. These non-GAAP measures include free cash flow and others with the words non-GAAP, or constant currency in their titles. These non-GAAP measures are listed, described and reconciled to their most directly comparable GAAP measures under the heading Non-GAAP Financial Measures later in this release.

Fourth Quarter 2020 Operating Results

Revenue

Fourth quarter revenue of $1,631 million was down 14% year over year. Foreign currency fluctuations did not have an impact on the revenue comparison. The COVID-19 pandemic had a significant impact to revenue and the shift from selling perpetual software licenses to recurring revenue lowered revenue by $32 million. The following table shows revenue for the fourth quarter:

$ in millions

Q4 2020

Q4 2019

% Increase

(Decrease)

% Increase

(Decrease)Constant

Currency

Banking

$

795

$

944

(16

%)

(16

%)

Retail

569

609

(7

%)

(8

%)

Hospitality

182

232

(22

%)

(21

%)

Other

85

101

(16

%)

(17

%)

Total Revenue

$

1,631

$

1,886

(14

%)

(14

%)

Software

$

483

$

533

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NCR Announces Fourth Quarter and Full Year 2020 Results - Web Hosting | Cloud Computing | Datacenter | Domain News - Daily Host News