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 NCR Announces Fourth Quarter and Full Year 2016 Results
   Thursday, February 09, 2017 4:15:03 PM ET

NCR Corporation (NCR ) reported financial results today for the three months and twelve months ended December 31, 2016. Fourth quarter and full year highlights include:

-- Fourth quarter revenue of $1.80 billion, up 7% as reported and up 14% excluding FX and the IPS divestiture; Unfavorable FX impact was $25 million higher than expected

-- Fourth quarter software revenue up 9%, software license growth of 21% and cloud growth of 10%; Full year net annual contract value for cloud, a leading indicator of future cloud revenue, of $70 million, up 79% from $39 million in the prior year

-- Fourth quarter GAAP diluted EPS of $0.43, up from $0.27 in the prior year, an increase of 59%; Fourth quarter non-GAAP diluted EPS of $1.07, up from $0.89 in the prior year, an increase of 30% constant currency; Unfavorable FX impact was $0.07 higher than expected

-- Full year cash flow from operations of $894 million, and free cash flow of $628 million versus free cash flow guidance of $425 to $475 million

-- $300 million share repurchase planned for 2017; approximately $70 million completed year-to-date

-- 2017 guidance announced; Revenue growth of 1% to 3% as reported and 5% to 7% excluding FX and the IPS divestiture; GAAP diluted EPS growth of 42% to 49%; Non-GAAP diluted EPS growth of 9% to 12% constant currency; free cash flow conversion rate of 95% to 100%

"Continued fourth-quarter momentum led to a highly successful 2016 and ability to exceed revenue, earnings, and free cash flow expectations," said Chairman and CEO Bill Nuti. "We were pleased with our top-line growth in every business, but especially in Software, where revenues continue to expand, particularly for our cloud and software license offerings. Hardware experienced another very strong quarter from ongoing demand for our Self-Checkout and A/ITM edge platforms that deliver channel transformation solutions. Overall, our global omni-channel leadership resulted in strong financial results throughout 2016, and our consistent performance speaks to the value we provide customers as they transform their businesses to effectively compete in the rapidly developing digital economy. We enter 2017 with a focus on maintaining our high level of execution, continuing to enable customer success, and further expanding our omni-channel leadership via investment in innovation. Also, based on our confidence in free cash flow generation, we are pleased to announce our intention to repurchase $300 million of shares in 2017."

In this release, we use certain performance metrics as well as certain non-GAAP measures, including presenting certain measures on a constant currency and adjusted constant currency basis. The performance metrics include net annual contract value, and the non-GAAP measures include free cash flow and others with the words "non-GAAP" or "adjusted" in their titles. The performance metrics are listed and described, and the non-GAAP measures are listed, described and reconciled to their most directly comparable GAAP measures, under the heading "Performance Metrics and Non-GAAP Financial Measures" later in this release. Additionally, effective January 1, 2016, NCR began management of its business on a solution basis, changing from the previous model of management on a line of business basis, which resulted in a corresponding change to our reportable segments. Prior results have been recast under the new segment model for comparison purposes.

Fourth Quarter 2016 Operating Results

Revenue

Fourth quarter revenue of $1.80 billion was up 7% year-over-year. On an adjusted constant currency basis, fourth quarter revenue was up 14%. Foreign currency fluctuations and the IPS divestiture had an unfavorable impact on the revenue comparison of 1% and 6%, respectively.

The following table shows the revenue by segment for the fourth quarter:

                           
                                                                                                                               Fourth Quarter
                                               -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
$ in millions                                                 2016                                 2015                   % Change               % Change
                                                                                                                                                                                                          Adjusted
                                                                                                                                                                                                          Constant
                                                                                                                                                                                                          Currency
                                               --------------------------------                        --------------------------------                        --------                       ------------------------------
    Software License                                $    103                                                $     85                                             21 %                                 22 %
    Software Maintenance                                  96                                                      91                                              5 %                                  6 %
    Cloud                                                147                                                     134                                             10 %                                  9 %
    Professional Services                                156                                  149                           5 %                                  5 %
                                               ----------------------------------                      ----------------------------------
Software Revenue                                    $    502                             $    459                           9 %                                 10 %
                                               ------ ------ --------------------                      ------ ------ --------------------
                                                                                                                                                                                               
Services Revenue                                    $    598                                                $    590                                              1 %                                  3 %
                                                                                                                                                                                               
    ATM                                             $    385                                                $    307                                             25 %                                 29 %
    SCO                                                  132                                                      55                                            140 %                                140 %
    POS                                                  177                                                     179                                             (1 %)                                (1 %)
    IPS                                                    8                                   90                         (91 %)                                (5 %)
                                               ----------------------------------                      ----------------------------------
Hardware Revenue                                    $    702                             $    631                          11 %                                 30 %
                                               ------ ------ --------------------                      ------ ------ --------------------
                                                                                     
                                               -----------------------------------                     -----------------------------------
Total Revenue                                       $  1,802                             $  1,680                           7 %                                 14 %
                                               ====== ====== ====================                      ====== ====== ====================
                                                                                                                                                                                                          

Gross Margin

Fourth quarter gross margin of $479 million increased 1% from $476 million. Fourth quarter gross margin (non-GAAP) of $530 million increased 4% from $512 million. The increases were primarily due to higher revenue.

Expenses

Fourth quarter operating expenses of $333 million decreased from $338 million. Fourth quarter operating expenses (non-GAAP) of $266 million increased from $252 million. Operating expenses decreased as a percentage of revenue.

Operating Income

Fourth quarter operating income of $146 million increased 6% from $138 million. Fourth quarter operating income (non-GAAP) of $264 million increased 2% from $260 million. During the fourth quarter of 2016, we recorded the annual pension mark-to-market adjustment which was $85 million compared to $29 million in the prior year.

Other (Expense)

Fourth quarter other (expense) of $57 million decreased (33)% from $85 million, primarily due to the $34 million loss on the sale of the IPS business recorded in the fourth quarter of 2015. Fourth quarter other (expense) (non-GAAP) of $56 million increased 10% from $51 million, primarily due to foreign currency losses from a devaluation of the Egyptian pound recorded in the fourth quarter of 2016.

Income Tax Expense

Fourth quarter income tax expense of $17 million increased from $5 million due to a less favorable mix of earnings partially offset by an increase in discrete tax benefits. Fourth quarter income tax expense (non-GAAP) of $36 million decreased from $53 million due to an increase in discrete tax benefits.

Net Income from Continuing Operations Attributable to NCR

Fourth quarter net income from continuing operations attributable to NCR of $68 million increased from $48 million. Fourth quarter net income from continuing operations attributable to NCR (non-GAAP) of $168 million increased from $156 million.

Cash Flow

Fourth quarter cash provided by operating activities of $525 million increased from $265 million. Free cash flow was $449 million in the fourth quarter of 2016 as compared to $184 million in the fourth quarter of 2015. The increases were driven by higher operating income and working capital improvements.

Full Year 2016 Operating Results

Full year 2016 revenue of $6.54 billion was up 3% from 2015. On an adjusted constant currency basis, full year 2016 revenue was up 7%. Foreign currency fluctuations and the IPS divestiture had an unfavorable impact on the full year revenue comparison of 1% and 3%, respectively.

Full year 2016 GAAP diluted EPS of $1.80 was up from $(0.94) in 2015. Full year 2016 diluted EPS (non-GAAP) of $3.02 was up from $2.76, or an increase of 15%, on a constant currency basis. Foreign currency fluctuations had an unfavorable impact on the full year diluted EPS comparison of $0.14.

Full year 2016 cash provided by operating activities of $894 million increased from $681 million. Full year 2016 free cash flow was $628 million in 2016 up from $409 million. The increases were driven by higher operating income and working capital improvements.

Share Repurchase Programs

During 2017, NCR plans to repurchase approximately $300 million of its common stock under its previously authorized share repurchase programs. NCR has repurchased shares of its common stock for approximately $70 million through the date of this release. Any share repurchases will be made by NCR in compliance with, and at such times as permitted by, federal securities laws and may be suspended or discontinued at any time.

2017 Outlook

In 2017, our revenue is expected to be $6.60 billion to $6.72 billion, up 1% to 3% as reported and 5% to 7% adjusted constant currency. Our GAAP diluted earnings per share is expected to be $2.56 to $2.69, up 42% to 49%, and our non-GAAP diluted earnings per share is expected to be $3.25 to $3.35, up 9% to 12% constant currency. Net cash provided by operating activities is expected to be $805 million to $830 million and free cash flow is expected to be $500 million to $525 million, or approximately 95% to 100% of non-GAAP net income. The 2017 guidance includes expected foreign currency headwinds of $95 million in revenue and $0.03 in diluted earnings per share. The 2017 guidance also excludes approximately $143 million of IPS revenue from 2016.

For the first quarter of 2017, revenue is expected to be $1.45 billion to $1.47 billion, GAAP diluted earnings per share is expected to be $0.17 to $0.25, and non-GAAP diluted earnings per share is expected to be $0.43 to $0.48. The first quarter 2017 guidance includes expected foreign currency headwinds of $17 million in revenue and $0.03 in diluted earnings per share.

NCR will provide additional information regarding its 2017 guidance during its fourth quarter earnings conference call and webcast.

2016 Fourth Quarter Earnings Conference Call

A conference call is scheduled for today at 4:30 p.m. (EDT) to discuss the fourth quarter 2016 results and guidance for first quarter and full-year 2017. Access to the conference call and accompanying slides, as well as a replay of the call, are available on NCR’s web site at http://investor.ncr.com/ . Additionally, the live call can be accessed by dialing 888-820-9413 and entering the participant passcode 5508697.

More information on NCR’s Q4 2016 earnings, including additional financial information and analysis, is available on NCR’s Investor Relations website at http://investor.ncr.com/ .

About NCR Corporation

NCR Corporation (NCR ) is the global leader in omni-channel solutions, turning everyday interactions with businesses into exceptional experiences. With its software, hardware, and portfolio of services, NCR enables nearly 550 million transactions daily across the financial, retail, hospitality, travel, telecom and technology industries. NCR solutions run the everyday transactions that make your life easier.

NCR is headquartered in Duluth, Georgia with over 32,000 employees and does business in 180 countries. NCR is a trademark of NCR Corporation in the United States and other countries. NCR encourages investors to visit its web site which is updated regularly with financial and other important information about NCR.

Web site: www.ncr.com Twitter: @NCRCorporation Facebook: www.facebook.com/ncrcorp LinkedIn: http://linkd.in/ncrgroup YouTube: www.youtube.com/user/ncrcorporation

Note to Investors This release contains forward-looking statements. Forward-looking statements use words such as "expect," "anticipate," "outlook," "intend," "plan" "believe," "will," "should," "would," "could" and words of similar meaning. Statements that describe or relate to NCR’s 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 release include statements about NCR’s future cloud revenue and indicators of future cloud revenue; NCR’s plans for additional share repurchases in 2017; continued expansion of Software revenue, including for cloud and software license offerings; NCR’s momentum entering 2017 and NCR’s areas of strategic focus for 2017; and NCR’s full-year and first quarter financial guidance and outlook (including the section entitled "2017 Outlook") and the expected type and magnitude of the non-operational adjustments included in any forward-looking non-GAAP measures. Forward-looking statements are based on our 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 NCR’s 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 relating to: domestic and global economic and credit conditions including, in particular, those resulting from uncertainty in the Chinese economy, economic sanctions against Russia, the determination by Britain to exit the European Union and further potential changes in Eurozone participation, the potential for changes to global or regional trade agreements or the imposition of protectionist trade policies, and the imposition of import or export tariffs or border adjustments; the impact of our indebtedness and its terms on our financial and operating activities; the impact of the terms of our strategic relationship with Blackstone and our Series A Convertible Preferred Stock; the transformation of our business model and our ability to sell higher-margin software and services; the possibility of disruptions in or problems with our data center hosting facilities; cybersecurity risks and compliance with data privacy and protection requirements; foreign currency fluctuations; our ability to successfully introduce new solutions and compete in the information technology industry; our ability to improve execution in our sales and services organizations; defects or errors in our products; manufacturing disruptions; collectability difficulties in subcontracting relationships in Emerging Industries; the historical seasonality of our sales; the availability and success of acquisitions, divestitures and alliances, including the divestiture of our Interactive Printer Solutions business; our pension strategy and underfunded pension obligation; the success of our restructuring plans and cost reduction initiatives; tax rates; reliance on third party suppliers; development and protection of intellectual property; workforce turnover and the ability to attract and retain skilled employees; environmental exposures from our historical and ongoing manufacturing activities; and uncertainties with regard to regulations, lawsuits, claims and other matters across various jurisdictions. Additional information concerning these and other factors can be found in the Company’s filings with the U.S. Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Performance Metrics and Non-GAAP Financial Measures

Performance Metrics. The term "net annual contract value" or "net ACV" for any particular period means NCR’s net bookings for cloud revenue during the period, and is calculated as twelve months of expected subscription revenues under new cloud contracts during such period less twelve months of subscription revenues under cloud contracts that expired or were terminated during such period.

Non-GAAP Financial Measures. While NCR reports its results in accordance with Generally Accepted Accounting Principles in the United States, or GAAP, in this release NCR also uses the non-GAAP measures listed and described below.

Diluted EPS (non-GAAP), Gross Margin (non-GAAP), Operating Expenses (non-GAAP), Operating Income (non-GAAP), Other (Expense) (non-GAAP), Income Tax Expense (non-GAAP), and Net Income Attributable to Continuing Operations (non-GAAP). NCR’s diluted earnings per share (non-GAAP), gross margin (non-GAAP), operating expenses (non-GAAP), operating income (non-GAAP), other (expense) (non-GAAP), income tax expense (non-GAAP), and net income attributable to continuing operations (non-GAAP) are determined by excluding pension mark-to-market adjustments, pension settlements, pension curtailments and pension special termination benefits and other special items, including amortization of acquisition related intangibles, from NCR’s GAAP earnings per share, gross margin, expenses, income (loss) from operations, other (expense), income tax expense and net income attributable to continuing operations, respectively.

Due to the non-operational nature of these pension and other special items, NCR’s management uses these non-GAAP measures to evaluate year-over-year operating performance. NCR also uses operating income (non-GAAP) and diluted EPS (non-GAAP), to manage and determine the effectiveness of its business managers and as a basis for incentive compensation. NCR believes these measures are useful for investors because they provide a more complete understanding of NCR’s underlying operational performance, as well as consistency and comparability with NCR’s past reports of financial results.

Free Cash Flow and Free Cash Flow Conversion Rate. NCR defines free cash flow as net cash provided by/used in operating activities and cash flow provided by/used in discontinued operations less capital expenditures for property, plant and equipment, additions to capitalized software, discretionary pension contributions and pension settlements. NCR’s management uses free cash flow to assess the financial performance of the Company and believes it is useful for investors because it relates the operating cash flow of the Company to the capital that is spent to continue and improve business operations. In particular, free cash flow indicates the amount of cash generated after capital expenditures which can be used for, among other things, investment in the Company’s existing businesses, strategic acquisitions, strengthening the Company’s balance sheet, repurchase of Company stock and repayment of the Company’s debt obligations. Free cash flow does not represent the residual cash flow available for discretionary expenditures since there may be other nondiscretionary expenditures that are not deducted from the measure. NCR also describes the measure free cash flow conversion rate, which is calculated as free cash flow divided by non-GAAP net income. NCR’s management targets an annual free cash flow conversion rate at or above the range described in this release because management believes that a conversion rate at or above that range represents the efficient conversion of non-GAAP net income to free cash flow for its business. Free cash flow and free cash flow conversion do not have uniform definitions under GAAP and, therefore, NCR’s definitions may differ from other companies’ definitions of these measures.

Constant Currency, IPS Divestiture and Adjusted Constant Currency. NCR presents certain financial measures, such as period-over-period revenue growth, on a constant currency basis, which excludes the effects of foreign currency translation by translating prior period results at current period monthly average exchange rates. Due to the overall variability of foreign exchange rates from period to period, NCR’s management uses constant currency measures to evaluate period-over-period operating performance on a more consistent and comparable basis. NCR also presents certain financial measures on an adjusted constant currency basis, which excludes both the effects of foreign currency translation, as described above, and the results of NCR’s Interactive Printer Solutions (IPS) business for the comparable prior period after completion of the sale of the business (which results were previously included in NCR’s Hardware segment). NCR completed the sale of all but the Middle East and Africa assets of its Interactive Printer Solutions (IPS) division to Atlas Holdings LLC on May 27, 2016. NCR’s management believes that presentation of financial measures without these results is more representative of the company’s period-over-period operating performance, and provides additional insight into historical and/or future performance, which may be helpful for investors.

NCR’s definitions and calculations of these non-GAAP measures may differ from similarly-titled measures reported by other companies and cannot, therefore, be compared with similarly-titled measures of other companies. These non-GAAP measures should not be considered as substitutes for, or superior to, results determined in accordance with GAAP. These non-GAAP measures are reconciled to their most directly comparable GAAP measures in the tables below or, in the case of quarterly free cash flow, in the body of this release.

                                                                                          
                                                Reconciliation of Gross Margin (GAAP) to Gross Margin (non-GAAP)
                                                                                                                                  
$ in millions                                                                        Q4 2016                                                  Q4 2015
                                                                     ---------------------------------------                     --------------------------------
Gross Margin (GAAP)                                                         $      479                                                    $                  476
Restructuring/Transformation Costs                                      --                                                                         9
Acquisition-related amortization of intangibles                                     13                                                                        16
Pension mark-to-market adjustments                                                  38                                                     11
                                                                     --------------------------------------                      --------------------------------
Operating Gross Margin (Non-GAAP)                                           $      530                                 $                  512
                                                                     ======== ======== ====================                      ========== ====================
                                                                                                                                             
                                                                                        
                                                     Reconciliation of Operating Expenses (GAAP) to Operating
                                                                        Expenses (non-GAAP)
                                                                                                                                
$ in millions                                                                       Q4 2016                                                  Q4 2015
                                                                     -------------------------------------                     -----------------------------------
Operating Expenses (GAAP)                                                  $     333                                                $    338
Restructuring/Transformation Costs                                                (3 )                                                   (29 )
Acquisition-related amortization of intangibles                                  (15 )                                                   (15 )
Acquisition-related costs                                                         (2 )                                                    (4 )
Loss on terminated contract receivable                                --                                                     (20 )
Pension mark-to-market adjustments                                               (47 )                                                   (18 )
                                                                     ------------------------------------                      ----------------------------------
Operating Expenses (Non-GAAP)                                              $     266                             $    252  
                                                                     ======= ======= ====================                      ====== ====== ====================
                                                                                                                                              
                                                                                        
                                                 Reconciliation of Income from Operations (GAAP) to Operating
                                                                       Income (non-GAAP)
                                                                                                                                
$ in millions                                                                       Q4 2016                                                 Q4 2015
                                                                     -------------------------------------                     --------------------------------
Income from Operations (GAAP)                                              $     146                                                    $                  138
Restructuring/Transformation Costs                                                 3                                                                        38
Acquisition-related costs                                                          2                                                                         4
Acquisition-related amortization of intangibles                                   28                                                                        31
Loss on terminated contract receivable                                --                                                                        20
Pension mark-to-market adjustments                                                85                                                     29
                                                                     ------------------------------------                      --------------------------------
Operating Income (Non-GAAP)                                                $     264                                 $                  260
                                                                     ======= ======= ====================                      ========== ====================
                                                                                                                                           
                                                                         
                                            Reconciliation of Other (Expense) (GAAP) to Other (Expense)
                                                                    (non-GAAP)
                                                                                                                 
$ in millions                                                         Q4 2016                                                 Q4 2015
                                                        -----------------------------------                     -----------------------------------
Other (Expense) (GAAP)                                       $    (57 )                                              $    (85 )
Divestiture and liquidation losses                                  1                                   34  
                                                        ----------------------------------                      ----------------------------------
Other (Expense) (Non-GAAP)                                   $    (56 )                                              $    (51 )
                                                        ====== ====== ====================                      ====== ====== ====================
                                                                                                                               
                                                                                        
                                                   Reconciliation of Income Tax Expense (GAAP) to Income Tax
                                                                      Expense (non-GAAP)
                                                                                                                                
$ in millions                                                                       Q4 2016                                                 Q4 2015
                                                                     -------------------------------------                     --------------------------------
Income Tax Expense (GAAP)                                                  $      17                                                    $                    5
Restructuring/Transformation Costs                                                 2                                                                        14
Acquisition-related costs                                             --                                                                         1
Acquisition-related amortization of intangibles                                    9                                                                        10
Loss on terminated contract receivable                                --                                                                         7
Divestiture and liquidation losses                                                 1                                                                         5
Pension mark-to-market adjustments                                                 7                                                     11
                                                                     ------------------------------------                      --------------------------------
Income Tax Expense (Non-GAAP)                                              $      36                                 $                   53
                                                                     ======= ======= ====================                      ========== ====================
                                                                                                                                           
                                                                                                       
                                                  Reconciliation of Net Income from Continuing Operations
                                                               Attributable to NCR (GAAP) to
                                                                      Net Income from
                                                   Continuing Operations Attributable to NCR (non-GAAP)
                                                                                                                            
$ in millions                                                                   Q4 2016                                                 Q4 2015
                                                                 -------------------------------------                     --------------------------------
Net Income from Continuing Operations Attributable to NCR (GAAP)       $      68                                                    $                   48
Restructuring/Transformation Costs                                             1                                                                        24
Acquisition-related costs                                                      2                                                                         3
Acquisition-related amortization of intangibles                               19                                                                        21
Divestiture and liquidation losses                                --                                                                        29
Loss on terminated contract receivable                            --                                                                        13
Pension mark-to-market adjustments                                     $      78                                 $                   18
                                                                 ------- ------- --------------------                      ---------- --------------------
Net Income from Continuing Operations Attributable to NCR              $     168                                 $                  156
(Non-GAAP)
                                                                 ======= ======= ====================                      ========== ====================
                                                                                                                                       
                                                                                                                                                                                                                 
                                                                                                                                             Reconciliation of Diluted Earnings Per Share (GAAP) to Non-GAAP
                                                                                                                                                          Diluted Earnings Per Share (non-GAAP)
                                                                                                                                                                                                                                                                                                                                     
                                                                                    Q4 2016                                                Q4 2015                                                2016                                                   2015                                       Q1 2017                                 2017
                                                                                    Actual                                                 Actual                                                Actual                                                 Actual                                   Guidance (2)                           Guidance (2)
                                                                     ----------------------------------                        ---------------------------                        ----------------------------------                        ----------------------------                        --------------                      --------------------
Diluted Earnings Per Share (GAAP) (1)                                      $    0.43                                             $ 0.27                                                 $    1.80                                             $ (0.94 )                                          $0.17 - $0.25                             $2.56 - $2.69
Restructuring/Transformation Costs                                              0.01                                               0.14                                                      0.13                                                0.29                                            $0.10 - $0.13                             $0.15 - $0.18
Acquisition-related amortization of intangibles                                 0.12                                               0.12                                                      0.53                                                0.49                                                     0.12                                      0.48
Acquisition-related costs                                                       0.01                                               0.02                                                      0.03                                                0.05                                                     0.01                                      0.03
Loss on terminated contract receivable                                --                                               0.07                                            --                                                0.08                                           --                            --
Divestiture and liquidation losses                                    --                                               0.17                                                      0.03                                                0.17                                           --                            --
Pension mark-to-market adjustments                                              0.50                            0.10                                   0.50                             2.58                        --                            --
                                                                     ------------------------------------                      -----------------------------                      ------------------------------------                      ------------------------------                      --------------                      --------------------
Diluted Earnings Per Share (non-GAAP) (1)                                  $    1.07                          $ 0.89                              $    3.02                          $  2.76                         $0.43 - $0.48                             $3.25 - $3.35
                                                                     ======= ======= ====================                      === ==== ====================                      ======= ======= ====================                      === ===== ====================                      ==============                      ====================
                                                                                                                                                                                                                                                                                                                                     
(1)  GAAP and non-GAAP diluted EPS are determined using the most dilutive
     measure, either including the impact of dividends on the Company’s
     Series A Convertible Preferred Stock in the calculation of net
     income or loss available to common stockholders or including the
     impact of the conversion of the Series A Convertible Preferred Stock
     into common stock in the calculation of the weighted average diluted
     shares outstanding. Therefore, GAAP diluted EPS and non-GAAP diluted
     EPS may be calculated using different methods, and may not
     mathematically reconcile.
(2)  Except for the adjustments noted herein, this guidance does not
     include the effects of any future acquisitions/divestitures,
     restructuring activities, pension mark-to-market adjustments, taxes
     or other events, which are difficult to predict and which may or may
     not be significant. The diluted earnings per share (GAAP) guidance
     has been updated to include the expected impact of divestitures and
     liquidation losses.
     
                                                                                                                                                                       
                                                                                                                 Reconciliation of Net Cash Provided by Operating Activities
                                                                                                                             (GAAP) to Free Cash Flow (non-GAAP)
                                                                                                                                                                                                                                                                        
$ in millions                                                             Q4 2016                                           Q4 2015                                            2016                                              2015                                          2017
                                                                          Actual                                            Actual                                            Actual                                            Actual                                       Guidance
                                                               --------------------------                        --------------------------                        --------------------------                        --------------------------                        --------------------
Net cash provided by operating activities                        $ 525                                             $ 265                                             $ 894                                             $ 681                                                    $805 - $830
Total capital expenditures                                         (67 )                                             (65 )                                            (227 )                                            (229 )                                                (285)*
Net cash used in discontinued operations                            (9 )                                             (16 )                                             (39 )                                             (43 )                                                 (20)
                                                               ----------------------------                      ----------------------------                      ----------------------------                      ----------------------------                      --------------------
Free cash flow                                                   $ 449                          $ 184                          $ 628                          $ 409                                 $500 - $525
                                                               === === ====================                      === === ====================                      === === ====================                      === === ====================                      ====================
                                                                                                                                                                                                                                                                        
* Note: The total capital expenditures of $285 million in 2017
includes $70 million related to the new world headquarters in
Atlanta, Georgia. This $70 million is offset by $45 million of
expected reimbursements by the lessor included in net cash provided
by operating activities.
                          
                                                                     Reconciliation of Revenue Growth % (GAAP) to
                                                                Revenue Growth Adjusted Constant Currency % (non-GAAP)
                                               
                                                                                                Three months ended December 31, 2016
                                              -----------------------------------------------------------------------------------------------------------------------------------------
                                              Revenue Growth %       Favorable      Divestiture impact      Revenue Growth
                                                   (GAAP)                           (unfavorable) FX                                                                Adjusted Constant
                                                                                         impact                                                                        Currency %
                                                                                                                                                                       (non-GAAP)
                                              ---------------- -------------------- ---------------- -------------------- ------------------ -------------------- --------------------
   Software License                                  21%               (1)%           --%             22%
   Software Maintenance                              5%                                   (1)%                              --%                                6%
   Cloud                                             10%                                   1%                               --%                                9%
   Professional Services                             5%                              --%                        --%                                5%
Software                                             9%                                   (1)%                              --%                                10%
Services                                             1%                                   (2)%                              --%                                3%
   ATMs                                              25%                                  (4)%                              --%                                29%
   SCO                                              140%                             --%                        --%                               140%
   POS                                              (1)%                             --%                        --%                               (1)%
   IPS                                              (91)%                            --%                             (86)%                                    (5)%
Hardware                                             11%                                  (2)%                                   (17)%                                     30%
Total Revenue                                        7%                                   (1)%                                   (6)%                                      14%
                                                                                                                                                                   
 
                                                                                                                                                                                                                                     Schedule A
                                                                                                                                     NCR CORPORATION
                                                                                                                          CONSOLIDATED STATEMENTS OF OPERATIONS
                                                                                                                                       (Unaudited)
                                                                                                                                           (in
                                                                                                                           millions, except per share amounts)
 
                                                                                                                                                       For the Periods Ended December 31
                                                                                            ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                 Three Months                                                                          Twelve Months
                                                                                            ---------------------------------------------------------------------------------------                     ---------------------------------------------------------------------------------
                                                                                                        2016                               2015                                                   2016                            2015
                                                                                            -----------------------------                     -------------------------------------                     ------------------------------                     ------------------------------
Revenue
Products                                                                                     $  805                                                 $     716                                            $ 2,737                                            $ 2,711
Services                                                                                        997                                    964                           3,806                           3,662  
                                                                                            ----------------------------                      ------------------------------------                      -----------------------------                      -----------------------------
Total Revenue                                                                                 1,802                                                     1,680                                              6,543                                              6,373
Cost of products                                                                                615                                                       533                                              2,102                                              2,072
Cost of services                                                                                708                                    671                           2,659                           2,832  
                                                                                            ----------------------------                      ------------------------------------                      -----------------------------                      -----------------------------
Total gross margin                                                                              479                                                       476                                              1,782                                              1,469
% of Revenue                                                                                   26.6                    %                                 28.3 %                                             27.2                    %                          23.1 %
Selling, general and administrative expenses                                                    248                                                       254                                                926                                              1,042
Research and development expenses                                                                83                                                        55                                                242                                                230
Restructuring-related charges                                                                     2                                     29                              15                              62  
                                                                                            ----------------------------                      ------------------------------------                      -----------------------------                      -----------------------------
Income (loss) from operations                                                                   146                                                       138                                                599                                                135
% of Revenue                                                                                    8.1                    %                                  8.2 %                                              9.2                    %                           2.1 %
Interest expense                                                                                (40 )                                                     (42 )                                             (170 )                                             (173 )
Other (expense), net                                                                            (17 )                                                     (43 )                                              (50 )                                              (57 )
                                                                                            ----------------------------                      ------------------------------------                      -----------------------------                      -----------------------------
Total other (expense), net                                                                      (57 )                                                     (85 )                                             (220 )                                             (230 )
Income (loss) before income taxes and discontinued operations                                    89                                                        53                                                379                                                (95 )
% of Revenue                                                                                    4.9                    %                                  3.2 %                                              5.8                    %                          (1.5 )%
Income tax expense                                                                               17                                      5                              92                              55  
                                                                                            ----------------------------                      ------------------------------------                      -----------------------------                      -----------------------------
Income (loss) from continuing operations                                                         72                                                        48                                                287                                               (150 )
Loss from discontinued operations, net of tax                                                   (11 )                                                     (20 )                                              (13 )                                              (24 )
                                                                                            ----------------------------                      ------------------------------------                      -----------------------------                      -----------------------------
Net income (loss)                                                                                61                                                        28                                                274                                               (174 )
Net income attributable to noncontrolling interests                                               4                         --                               4                               4  
                                                                                            ----------------------------                      ------------------------------------                      -----------------------------                      -----------------------------
Net income (loss) attributable to NCR                                                        $   57                              $      28                         $   270                         $  (178 )
                                                                                            == ==== ====================                      ======= ======= ====================                      == ===== ====================                      == ===== ====================
Amounts attributable to NCR common stockholders:
   Income (loss) from continuing operations                                                  $   68                                                 $      48                                            $   283                                            $  (154 )
   Dividends on convertible preferred stock                                                     (12 )                                                      (4 )                                              (49 )                                               (4 )
                                                                                            ----------------------------                      ------------------------------------                      -----------------------------                      -----------------------------
      Net income (loss) from continuing operations attributable to NCR                           56                                                        44                                                234                                            $  (158 )
      common stockholders
   Loss from discontinued operations, net of tax                                                (11 )                                                     (20 )                                              (13 )                                              (24 )
                                                                                            ----------------------------                      ------------------------------------                      -----------------------------                      -----------------------------
      Net income (loss) attributable to NCR common stockholders                              $   45                                                 $      24                                            $   221                                            $  (182 )
Net income (loss) per share attributable to NCR common
stockholders:
Net income (loss) per common share from continuing operations
Basic                                                                                        $ 0.45                              $    0.27                         $  1.86                         $ (0.94 )
                                                                                            == ==== ====================                      ======= ======= ====================                      == ===== ====================                      == ===== ====================
Diluted                                                                                      $ 0.43                              $    0.27                         $  1.80                         $ (0.94 )
                                                                                            == ==== ====================                      ======= ======= ====================                      == ===== ====================                      == ===== ====================
Net income (loss) per common share
Basic                                                                                        $ 0.36                              $    0.15                         $  1.76                         $ (1.09 )
                                                                                            == ==== ====================                      ======= ======= ====================                      == ===== ====================                      == ===== ====================
Diluted                                                                                      $ 0.35                              $    0.15                         $  1.71                         $ (1.09 )
                                                                                            == ==== ====================                      ======= ======= ====================                      == ===== ====================                      == ===== ====================
Weighted average common shares outstanding
Basic                                                                                         124.5                                                     162.1                                              125.6                                              167.6
Diluted (continuing operations)                                                               157.4                                                     164.6                                              157.4                                              167.6
Diluted (net income)                                                                          128.6                                                     164.6                                              129.2                                              167.6
                                                                                                                                                                                                                                                                     
(1)  Diluted EPS is determined using the most dilutive measure, either
     including the impact of the dividends on NCR’s Series A Convertible
     Preferred Shares in the calculation of net income or loss per common
     share from continuing operations and net income or loss per common
     share or including the impact of the conversion of such preferred
     stock into common stock in the calculation of the weighted average
     diluted shares outstanding.
                                                                                                                                                                                                                                     Schedule B
                                                                                                                                                                                     NCR CORPORATION
                                                                                                                                                                          REVENUE AND OPERATING INCOME SUMMARY
                                                                                                                                                                                       (Unaudited)
                                                                                                                                                                                      (in millions)
                                                                                                                                                                                   
 
                                                                                                                                                                                      For the Periods Ended December 31
                                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                        Three Months                                                                                                                                            Twelve Months
                                                         -------------------------------------------------------------------------------------------------------------------------------------------                     ----------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                      2016                            2015                  %     % Change                                   2016                            2015                       %               % Change
                                                                                                                                                               Change                      Adjusted                                                                                                                                 Change                                Adjusted
                                                                                                                                                                                           Constant                                                                                                                                                                       Constant
                                                                                                                                                                                           Currency                                                                                                                                                                       Currency
                                                         ---------------------------                        ---------------------------                        ------                      --------                      ---------------------------                        ---------------------------                        ---------------                      --------------------
Revenue by segment
   Software                                               $   502                                            $   459                                               9%                           10%                       $ 1,841                                            $ 1,747                                                        5%                                        6%
      Software Gross Margin Rate                             53.8                    %                          53.2                    %                                                                                    51.8                    %                          51.9                    %
   Services                                                   598                                                590                                               1%                            3%                         2,306                                              2,218                                                        4%                                        6%
      Services Gross Margin Rate                             22.2                    %                          22.7                    %                                                                                    21.6                    %                          21.8                    %
   Hardware                                                   702                                                631                                              11%                           30%                         2,396                                              2,408                                           --%                                        9%
      Hardware Gross Margin Rate                             18.1                    %                          21.2                    %                                                                                    18.0                    %                          19.4                    %
                                                         -----------------------------                      -----------------------------                                                                                -----------------------------                      -----------------------------
Total Revenue                                             $ 1,802                         $ 1,680                            7%                           14%                       $ 6,543                         $ 6,373                                     3%                                        7%
                                                         -- ----- --------------------                      -- ----- --------------------                                                                                -- ----- --------------------                      -- ----- --------------------
      Gross Margin Rate                                      29.4                    %                          30.5                    %                                                                                    28.8                    %                          29.1                    %
Operating income by segment
   Software                                               $   172                                            $   157                                                                                                      $   577                                            $   539
      % of Revenue                                           34.3                    %                          34.2                    %                                                                                    31.3                    %                          30.9                    %
   Services                                                    62                                                 61                                                                                                          201                                                194
      % of Revenue                                           10.4                    %                          10.3                    %                                                                                     8.7                    %                           8.7                    %
   Hardware                                                    30                                                 42                                                                                                           62                                                 87
      % of Revenue                                            4.3                    %                           6.7                    %                                                                                     2.6                    %                           3.6                    %
                                                         -----------------------------                      -----------------------------                                                                                -----------------------------                      -----------------------------
Subtotal-segment operating income                         $   264                         $   260                                                                                   $   840                         $   820  
                                                         -- ----- --------------------                      -- ----- --------------------                                                                                -- ----- --------------------                      -- ----- --------------------
      % of Revenue                                           14.7                    %                          15.5                    %                                                                                    12.8                    %                          12.9                    %
Other adjustments (1)                                         118                             122                                                                                       241                             685  
                                                         -----------------------------                      -----------------------------                                                                                -----------------------------                      -----------------------------
Total income (loss) from operations                       $   146                         $   138                                                                                   $   599                         $   135  
                                                         == ===== ====================                      == ===== ====================                                                                                == ===== ====================                      == ===== ====================
                                                                                                                                                                                                                                                                                                                                                                     
                                                       
      (1) The following table presents the other adjustments
      for NCR:
                                                                            
                                                                                                                                                              For the Periods Ended December 31
                                                                           -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    Three Months                                                                               Twelve Months
                                                                           -----------------------------------------------------------------------------------------------                     -----------------------------------------------------------------------------------
In millions                                                                                2016                                   2015                                                      2016                             2015
                                                                           -------------------------------------                     -------------------------------------                     -------------------------------------                     -------------------------
Restructuring / transformation costs                                             $       3                                                 $      38                                                 $      26                                             $                   74
Acquisition-related amortization of intangible assets                                   28                                                        31                                                       123                                                                125
Acquisition-related costs                                                                2                                                         4                                                         7                                                                 11
OFAC and FCPA investigations                                                --                                            --                                            --                                                                  1
Loss on terminated contract receivable                                      --                                                        20                                            --                                                                 20
Pension mark-to-market adjustments                                                      85                                     29                                     85                                             454
                                                                           ------------------------------------                      ------------------------------------                      ------------------------------------                      -------------------------
Total other adjustments                                                          $     118                              $     122                              $     241                          $                  685
                                                                           ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      === ====================
                                                                                                                                                                                                                                                              
 
                                                                                                                                                                                                                                     Schedule C
                                                                                                                    NCR CORPORATION
                                                                                                              CONSOLIDATED BALANCE SHEETS
                                                                                                                      (Unaudited)
                                                                                                                          (in
                                                                                                          millions, except per share amounts)
                                                                                                                                                                                             
                                                                                      December 31,                           September 30,                          December 31,
                                                                                                             2016                                                      2016                                                      2015
                                                                                             ----------------------------------                        ----------------------------------                        ----------------------------------
Assets
   Current assets
      Cash and cash equivalents                                                                    $     498                                                 $     318                                                 $     328
      Accounts receivable, net                                                                         1,282                                                     1,387                                                     1,251
      Inventories                                                                                        699                                                       776                                                       643
      Other current assets                                                                               278                                    270                                    327  
                                                                                             ------------------------------------                      ------------------------------------                      ------------------------------------
   Total current assets                                                                                2,757                                  2,751                                  2,549  
                                                                                             ------------------------------------                      ------------------------------------                      ------------------------------------
   Property, plant and equipment, net                                                                    287                                                       289                                                       322
   Goodwill                                                                                            2,727                                                     2,737                                                     2,733
   Intangibles, net                                                                                      672                                                       704                                                       798
   Prepaid pension cost                                                                                   94                                                       132                                                       130
   Deferred income taxes                                                                                 575                                                       546                                                       582
   Other assets                                                                                          561                                    552                                    521  
                                                                                             ------------------------------------                      ------------------------------------                      ------------------------------------
Total assets                                                                                       $   7,673                              $   7,711                              $   7,635  
                                                                                             ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
Liabilities and stockholders’ equity
   Current liabilities
      Short-term borrowings                                                                        $      50                                                 $     256                                                 $      13
      Accounts payable                                                                                   781                                                       718                                                       657
      Payroll and benefits liabilities                                                                   234                                                       212                                                       189
      Deferred service revenue and customer deposits                                                     468                                                       471                                                       476
      Other current liabilities                                                                          432                                    345                                    446  
                                                                                             ------------------------------------                      ------------------------------------                      ------------------------------------
   Total current liabilities                                                                           1,965                                  2,002                                  1,781  
                                                                                             ------------------------------------                      ------------------------------------                      ------------------------------------
   Long-term debt                                                                                      3,001                                                     3,033                                                     3,239
   Pension and indemnity plan liabilities                                                                739                                                       709                                                       696
   Postretirement and postemployment benefits liabilities                                                127                                                       127                                                       133
   Income tax accruals                                                                                   142                                                       169                                                       167
   Other liabilities                                                                                     138                                    151                                     79  
                                                                                             ------------------------------------                      ------------------------------------                      ------------------------------------
Total liabilities                                                                                      6,112                                  6,191                                  6,095  
                                                                                             ------------------------------------                      ------------------------------------                      ------------------------------------
Redeemable noncontrolling interests                                                                       15                                                        10                                                        16
Series A convertible preferred stock: par value $0.01 per share, 3.0                                     847                                                       835                                                       798
shares authorized, 0.9 shares issued and outstanding as of December
31, 2016 and September 30, 2016 and 0.8 shares issued and
outstanding as of December 31, 2015
Stockholders’ equity
NCR stockholders’ equity:
   Preferred stock: par value $0.01 per share, 100.0 shares authorized,                       --                                            --                                            --
   no shares issued and outstanding as of December 31, 2016, September
   30, 2016 and December 31, 2015, respectively
   Common stock: par value $0.01 per share, 500.0 shares authorized,                                       1                                                         1                                                         1
   124.6, 124.0 and 133.0 shares issued and outstanding as of December
   31, 2016, September 30, 2016, and December 31, 2015, respectively
   Paid-in capital                                                                                        32                                                        21                                            --
   Retained earnings                                                                                     867                                                       822                                                       869
   Accumulated other comprehensive loss                                                                 (205 )                                                    (172 )                                                    (150 )
                                                                                             ------------------------------------                      ------------------------------------                      ------------------------------------
Total NCR stockholders’ equity                                                                           695                                                       672                                                       720
Noncontrolling interests in subsidiaries                                                                   4                                      3                                      6  
                                                                                             ------------------------------------                      ------------------------------------                      ------------------------------------
Total stockholders’ equity                                                                               699                                    675                                    726  
                                                                                             ------------------------------------                      ------------------------------------                      ------------------------------------
Total liabilities and stockholders’ equity                                                         $   7,673                              $   7,711                              $   7,635  
                                                                                             ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                  
                   
                                                                                                                                                                                                                                     Schedule D
                                                                                                                                                 NCR CORPORATION
                                                                                                                                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                                                                   (Unaudited)
                                                                                                                                                  (in millions)
                                                                                                                                               
                                                                                                                                                                     For the Periods Ended December 31
                                                                                               ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                        Three Months                                                                                     Twelve Months
                                                                                               -----------------------------------------------------------------------------------------------                     ----------------------------------------------------------------------------------------------
                                                                                                               2016                                   2015                                                      2016                                  2015
                                                                                               -------------------------------------                     -------------------------------------                     ------------------------------------                     -------------------------------------
Operating activities
   Net income (loss)                                                                                        61                                                 $      28                                              $       274                                                 $    (174 )
      Adjustments to reconcile net income (loss) to net cash provided by
      operating activities:
          Loss from discontinued operations                                                                 11                                                        20                                                       13                                                        24
          Depreciation and amortization                                                                     85                                                        79                                                      344                                                       308
          Stock-based compensation expense                                                                  16                                                        10                                                       61                                                        42
          Deferred income taxes                                                                            (29 )                                                      (2 )                                                     10                                                        24
          Gain on sale of property, plant and equipment and other assets                        --                                                        (1 )                                         --                                                        (2 )
          Loss on divestiture                                                                                1                                            --                                                        2                                            --
          Impairment of long-lived and other assets                                             --                                                        47                                                        2                                                        63
          Changes in assets and liabilities:
              Receivables                                                                                   49                                                       108                                                      (89 )                                                      28
              Inventories                                                                                   42                                                        40                                                      (86 )                                                     (46 )
              Current payables and accrued expenses                                                        148                                                        (9 )                                                    216                                                         8
              Deferred service revenue and customer deposits                                                10                                                       (53 )                                                     88                                                        19
              Employee benefit plans                                                                        71                                                        17                                                       33                                                       384
              Other assets and liabilities                                                                  60                                    (19 )                                                     26                                      3  
                                                                                               ------------------------------------                      ------------------------------------                      -----------------------------------                      ------------------------------------
Net cash provided by operating activities                                                                  525                                    265                                   894                                    681  
                                                                                               ------------------------------------                      ------------------------------------                      -----------------------------------                      ------------------------------------
Investing activities
   Expenditures for property, plant and equipment                                                          (28 )                                                     (32 )                                                    (73 )                                                     (79 )
   Proceeds from sales of property, plant and equipment                                         --                                                        19                                           --                                                        19
   Additions to capitalized software                                                                       (39 )                                                     (33 )                                                   (154 )                                                    (150 )
   Proceeds from divestiture                                                                    --                                            --                                                       47                                            --
   Other investing activities, net                                                                          (1 )                                                       1                                    (9 )                                                       1  
                                                                                               ------------------------------------                      ------------------------------------                      -----------------------------------                      ------------------------------------
Net cash used in investing activities                                                                      (68 )                                                     (45 )                                                   (189 )                                                    (209 )
                                                                                               ------------------------------------                      ------------------------------------                      -----------------------------------                      ------------------------------------
Financing activities
   Short term borrowings, net                                                                               (6 )                                                       8                                                       (8 )                                                       8
   Payments on term credit facilities                                                                      (13 )                                                     (71 )                                                    (97 )                                                    (383 )
   Payments on revolving credit facilities                                                                (695 )                                                    (717 )                                                 (1,431 )                                                  (1,694 )
   Borrowings on revolving credit facilities                                                               475                                                       817                                                    1,331                                                     1,698
   Debt issuance costs                                                                                      (1 )                                          --                                                       (9 )                                          --
   Series A preferred stock issuance, net of issuance costs of $0                               --                                                       794                                           --                                                       794
   million, $26 million, $0 million, and $26 million, respectively
   Tender offer share repurchase, including repurchase costs of $0                              --                                                    (1,005 )                                         --                                                    (1,005 )
   million, $5 million, $0 million, and $5 million, respectively
   Repurchases of Company common stock                                                          --                                            --                                                     (250 )                                          --
   Proceeds from employee stock plans                                                                        5                                                         3                                                       15                                                        15
   Tax withholding payments on behalf of employees                                                          (9 )                                                      (6 )                                                    (16 )                                                     (16 )
   Other financing activities                                                                   --                         --                                    (2 )                                          --  
                                                                                               ------------------------------------                      ------------------------------------                      -----------------------------------                      ------------------------------------
Net cash used in financing activities                                                                     (244 )                                                    (177 )                                                   (467 )                                                    (583 )
                                                                                               ------------------------------------                      ------------------------------------                      -----------------------------------                      ------------------------------------
Cash flows from discontinued operations
      Net cash used in discontinued operations                                                              (9 )                                                     (16 )                                                    (39 )                                                     (43 )
Effect of exchange rate changes on cash and cash equivalents                                               (24 )                                                      (2 )                                                    (29 )                                                     (29 )
                                                                                               ------------------------------------                      ------------------------------------                      -----------------------------------                      ------------------------------------
Decrease in cash and cash equivalents                                                                      180                                                        25                                                      170                                                      (183 )
Cash and cash equivalents at beginning of period                                                           318                                    303                                   328                                    511  
                                                                                               ------------------------------------                      ------------------------------------                      -----------------------------------                      ------------------------------------
Cash and cash equivalents at end of period                                                           $     498                              $     328                           $       498                              $     328  
                                                                                               ======= ======= ====================                      ======= ======= ====================                      ==== ==============================                      ======= ======= ====================

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20170209006226r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20170209006226/en/

SOURCE: NCR Corporation

News Media Contact 
NCR Corporation 
Scott Sykes, 212-589-8428 
scott.sykes@ncr.com 
or 
Investor Contact 
NCR Corporation 
Michael Nelson, 678-808-6995 
michael.nelson@ncr.com


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