Revised 2023 Quarterly Financial Statements

9 Months Ended

Sep. 30, 2024

Accounting Changes and Error Corrections [Abstract]

Revised 2023 Quarterly Financial Statements

17. REVISED 2023 QUARTERLY FINANCIAL STATEMENTS

As described in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies”, in February 2024, the Company identified fraudulent ACH disbursements from a Company bank account. The Company evaluated the impact of the errors and concluded they are not material to any previously issued interim consolidated financial statements. The following table sets forth the Company’s results of operations for the three and nine months ended September 30, 2023, which have been retrospectively adjusted to reflect the Digital Banking businesses and NCR Atleos historical financial results as discontinued operations, including the delayed countries that transferred to NCR Atleos during the three and nine months ended September 30, 2024, as well as the revision impact of the fraudulent ACH disbursements and other immaterial errors.

	Three months ended September 30, 2023								Nine months ended September 30, 2023
In millions, except per share amounts	As reported		Discontinued operations		Adjustment		As recasted and revised		As reported		Discontinued operations		Adjustment		As recasted and revised
Product revenue	$	560	$	264	$	—	$	296	$	1,657	$	782	$	—	$	875
Service revenue	1,457		944		—		513		4,237		2,730		—		1,507
Total revenue	2,017		1,208		—		809		5,894		3,512		—		2,382
Cost of products	465		212		—		253		1,399		628		—		771
Cost of services	925		565		1		361		2,864		1,812		1		1,053
Selling, general and administrative expenses	331		195		6		142		956		540		11		427
Research and development expenses	54		25		—		29		175		77		—		98
Total operating expenses	1,775		997		7		785		5,394		3,057		12		2,349
Income (loss) from operations	242		211		(7)		24		500		455		(12)		33
Loss on extinguishment of debt	—		—		—		—		—		—		—		—
Interest expense	(85)		(2)		—		(83)		(259)		(2)		—		(257)
Other income (expense), net	(44)		(24)		—		(20)		(55)		(22)		—		(33)
Income (loss) from continuing operations before income taxes	113		185		(7)		(79)		186		431		(12)		(257)
Income tax expense (benefit)	236		47		(2)		187		280		77		(3)		200
Income from continuing operations	(123)		138		(5)		(266)		(94)		354		(9)		(457)
Income (loss) from discontinued operations, net of tax	—		(138)		—		138		(1)		(354)		—		353
Net income (loss)	(123)		—		(5)		(128)		(95)		—		(9)		(104)
Net income (loss) attributable to noncontrolling interests	1		1		—		—		1		1		—		—
Net income attributable to noncontrolling interests of discontinued operations	—		(1)		—		1		—		(1)		—		1
Net income (loss) attributable to NCR Voyix	$	(124)	$	—	$	(5)	$	(129)	$	(96)	$	—	$	(9)	$	(105)
Amounts attributable to NCR Voyix common stockholders
Income (loss) from continuing operations	$	(124)					$	(266)	$	(95)					$	(457)
Series A convertible preferred stock dividends	(4)						(4)		(12)						(12)
Income (loss) from continuing operations attributable to NCR Voyix	(128)						(270)		(107)						(469)
Income (loss) from discontinued operations, net of tax	—						137		(1)						352
Net income (loss) attributable to NCR Voyix common stockholders	$	(128)					$	(133)	$	(108)					$	(117)
Income (loss) per share attributable to common stockholders:
Basic earnings (loss) per share:
Continuing operations	$	(0.91)					$	(1.92)	$	(0.76)					$	(3.34)
Discontinued operations	—						0.98		(0.01)						2.51
Net income attributable to common shareholders	$	(0.91)					$	(0.94)	$	(0.77)					$	(0.83)
Diluted earnings (loss) per share:
Continuing operations	$	(0.91)					$	(1.92)	$	(0.76)					$	(3.34)
Discontinued operations	—						0.98		(0.01)						2.51
Diluted earnings per share attributable to common shareholders	$	(0.91)					$	(0.94)	$	(0.77)					$	(0.83)

There is no impact to the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2023, other than the impact to Net income (loss) as presented above. There is no impact to the Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the three and nine months ended September 30, 2023 other than the impact to Retained earnings as a result of the changes in Net income (loss) as presented above.

There is no net impact of the adjustments described above to the Condensed Consolidated Statements of Cash Flows to “Net cash provided by operating activities” for the nine months ended September 30, 2023, as the impact to Net income (loss) is offset by the changes to operating assets and liabilities, net of effects of business acquired noted above.