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Segment Information and Concentrations (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Revenue and Operating Income by Segment

The following table presents revenue and Adjusted EBITDA by segment:


In millions	Three months ended March 31
	2023		2022
Revenue by segment
Retail	$	552	$	546
Hospitality	223		211
Digital Banking	136		136
Payments & Network	323		299
Self-Service Banking	613		611
Other	54		68
Eliminations	(10)		(8)
Total segment revenue	$	1,891	$	1,863
Other adjustment (1)	—		3
Consolidated revenue	$	1,891	$	1,866

Adjusted EBITDA by segment
Retail	$	97	$	67
Hospitality	53		41
Digital Banking	49		56
Payments & Network	83		98
Self-Service Banking	138		112
Corporate and Other	(110)		(97)
Eliminations	(8)		(6)
Total Adjusted EBITDA	$	302	$	271

(1) Other adjustment reflects the revenue attributable to the Company's operations in Russia for the three months ended March 31, 2022 that were excluded from management's measure of revenue due to our previous announcement to suspend sales to Russia and orderly wind down of our operations in Russia beginning in the first quarter of 2022.

The following table reconciles net income (loss) from continuing operations attributable to NCR to Adjusted EBITDA:


In millions	Three months ended March 31
	2023		2022
Net income (loss) from continuing operations attributable to NCR	$	9	$	(33)
Transformation and restructuring costs	—		27
Acquisition-related amortization of intangibles	42		41
Acquisition-related costs	—		5

Interest expense	83		63
Interest income	(3)		(1)
Depreciation and amortization (excluding acquisition-related amortization of intangibles)	106		103
Income tax expense (benefit)	14		13
Stock-based compensation expense	32		34
Separation costs	19		—
Russia	—		19
Total Adjusted EBITDA	$	302	$	271

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area

The following table presents revenue by geography for NCR:


In millions	Three months ended March 31
	2023		2022
United States	$	1,093	$	997
Americas (excluding United States)	182		184
Europe, Middle East and Africa	412		466
Asia Pacific	204		219
Total revenue	$	1,891	$	1,866

Schedule of Revenues from Products and Services

The following table presents the recurring revenue for NCR:


In millions	Three months ended March 31
	2023		2022
Recurring revenue (1)	$	1,229	$	1,179
All other products and services	662		687
Total revenue	$	1,891	$	1,866

(1) Recurring revenue includes all revenue streams from contracts where there is a predictable revenue pattern that will occur at regular intervals with a relatively high degree of certainty. This includes hardware and software maintenance revenue, cloud revenue, payment processing revenue, interchange and network revenue, cryptocurrency-related revenue, and certain professional services arrangements, as well as term-based software license arrangements that include customer termination rights.