Hello, everyone. On behalf of the entire NCR management team, I want to welcome you to NCR's 2021 Investor Day. My name is Michael Nelson, and I'm the Vice President of Investor Relations and Treasurer at NCR. Before we begin, I want to cover a few housekeeping items. The runtime for today's event will be approximately three hours, with a little over two hours of prepared remarks, followed by a question and answer session. We have a full agenda today with presentations from each member of our C-suite, the general managers for each of our industries, as well as from several of our functional leaders. We will provide a comprehensive update of our business and our strategy and why we believe NCR is a compelling investment opportunity. You will hear how NCR has transformed itself into a software platform and payments company. You will hear how we are competing and winning in each of our industry segments, and you will hear directly from our customers and why they partner with NCR to run their bank, run their store, and run their restaurant. Throughout today's presentation, we will be providing many forward-looking statements which are intended to help our investors understand our growth strategy and overall business strategy. The forward-looking statements include, among other things, that effective as of January 1st, 2022, we plan to manage our business in a manner that is expected to result in changing our reportable segments from four to five segments: Retail, Hospitality, Digital Banking, Self-Service Banking, and Payments and Network. Our presentation illustrates our business and preliminary estimated results for 2021 and all years presented on the basis of those five segments, which also includes the historical results of Cardtronics prior to our acquisition in June 2021. The forward-looking statements in today's presentation reflect our current expectations and beliefs, but they're subject to risks and uncertainties that could cause actual results to differ materially from those expectations. These risks and uncertainties are described in our periodic filings with the SEC, including our annual report, quarterly reports, and our other SEC reports. Today, we will also be discussing certain non-GAAP financial measures. These non-GAAP measures are described and reconciled to their GAAP counterparts in the presentation materials and on the investor relations page of our website. A replay of this call will be available later today on our website, ncr.com. Three years ago, we began the journey to transform NCR into a software and services-led company. We set some simple goals, 80, 60, 20. It wasn't the numbers, it was the business strategy. A shift from selling hardware to software. A shift from selling transactions to selling suites of products, subscriptions, and the focus on driving financial results. We wanted to run. We wanted to run the store, run the restaurant, and run self-directed banking. That meant we had to cross-sell, upsell, sell additional products to our clients. We needed clients who were happy. We needed clients who would buy more from NCR. We focused on our customers, redesigned our business, aligned our functions, aligned our teams, and put NPS, Net Promoter Score, in everyone's incentive, everyone's compensation tied to customer satisfaction. That first year, we were at 14. Not so good. Second year, we went to an 18. Getting better, moving in the right direction. 2020, something happened we did not anticipate. We ran into a pandemic. We sent everybody home. We said, "Even though you're home and you can't go to your customer, call your customer, take care of your customer. Make sure we're there when they need us. They'll remember that when it's all done with." We went to 36 in 2020. In 2021, we got our score back two weeks ago, 48. Happy customers. If we can't satisfy our customers, we can't execute our strategy. The most important thing we needed to do to turn our company around as a service. Secondly, our employees, our culture. We needed a culture of performance. We needed a culture of innovation. We needed a culture focused on software. You're gonna see more of that today from our employees. You can see right now the employees are here. They're in our building. We came back in May and we reopened the building for everybody on November first. We're back in our offices around the globe. We set some specific goals. We said 80% software and services. We said 60% recurring revenue. We set 20% EBITDA. We set that as a goal, but we got there. We got there early. We got there two years early. We haven't hit all the goals yet, but at this point, we're at 62% on recurring revenue. We're 76% on our software and services as of third quarter, and we're 18.5% EBITDA margin. We're gonna talk about some new goals as we look forward in the next five years. Tim is going to give you some detailed numbers as we walk through our business. Tim's gonna give you a five-year financial model. Let me just give you a few data points. Where we are today, where we're focused, we're back to growth as a company. We think over the next five years, we can drive between 6%-9% top-line growth. We'll continue to improve our margins 50-60 basis points each year. We'll generate cash flow. We'll take that cash flow, continue to buy products, continue to buy companies, or we'll buy back shares. We're gonna drive a return on investment. We're gonna drive 15% EPS growth per year CAGR. As we go forward, our new goals will be moving to 80% on our recurring revenue. We think 60 going up to 80 will drive more sustainable growth, will drive a better predictable revenue model, long-term earnings. If we do that, software and services rev is gonna go up. 80% recurring is gonna drive higher software and services rev. Our earnings, our margins are gonna continue to go up. We're gonna focus on 80% recurring revenue, 15% EPS growth. Lastly, let's make sure we're driving free cash flow. We think by 2026 we will be $1 billion a year in free cash flow. Today, you're gonna see how we do that, how do we drive that in the segments, how do How are our business getting back to where we can compete and win in the marketplace, where are we investing, what are we doing with our software, what are we doing with our platforms, and we're gonna give you visibility into five different segments of our business. We're gonna give you a little bit more visibility into five different segments. Tim's gonna talk about the KPIs and how we are going to measure and report every quarter for you. What it boils down to as at NCR, the thesis to invest in NCR is pretty simple. We have a strategy in place. We have a team in place. We have customers and products in place. We execute. We're gonna drive a solid mid-teen return. We execute the strategy with the team, with the customers, with the products. We're gonna deliver a solid mid-teen return. If the market looks at that and says, "Wow, you've shifted. You're now 80% recurring. You're predominantly software-driven business. You're predominantly subscription business, and your margin's higher." What if we get rerated from the ADX? What if we get rerated into a company that is a software SaaS company? That's what you're gonna see today. I'm going to head back to the studio. I'm gonna kick it over to Tim Vanderham, our CTO. He's up in the Tech Talk Center with his team, and he's gonna talk about the software culture that we've created at NCR. He's gonna talk about the platforms you're gonna hear about today. He's gonna talk about how we deliver products and technology for our clients each and every day. With that, I'll throw it over to Tim. Thanks, Michael. It's awesome to be here today to talk about NCR's software strategy with our investors and be joined by so many of our software colleagues that have helped make our NCR Commerce Platform a reality today for our clients. We build software capabilities as microservices. We deploy them in the cloud, we expose them via APIs, and we expose them via APIs that run inside of Google and Microsoft. We leverage Google and Microsoft in a dual cloud strategy to ensure that we're using the right foundational services like Internet of Things, blockchain, Kubernetes, and a big data platform to ensure that we can meet our customers' demands and have speed of innovation and speed of business value for our customers. That dual cloud strategy is a hybrid cloud strategy. We have to be hybrid because our customers expect transactions to flow 24/7/365 from physical and digital endpoints whenever consumers want to transact. That hybrid approach is running our microservices in the cloud and running them on-premise. On-prem or the edge for us is at a restaurant, a retail store, or a bank. It's extremely important as we think about our platform to always be on. Those transactions are always being processed, and we start thinking about one of the most important aspects of our platform. Our customers need data. They need data, so they leverage our transaction data management service, our consumer data management service, bring those together so they can take line item detail for every transaction that flows through our platform, and they can analyze, visualize, and predict what their business needs so they can run a more efficient shop, all because they're using NCR's platform. Those transactions that are flowing, many of them are happening online. They leverage our menu service and our online ordering service so that you can take your mobile device. Think about Buffalo Wild Wings. You can order your wings. That order from that mobile device goes straight to our cloud services and then straight down, injected into the local store, the local Buffalo Wild Wings for food preparation. We then use our platform to notify when it can be delivered or when you can stop in the store and get those delicious wings. It's not just about ordering. If you're gonna order, you're gonna buy something in a store or restaurant, you gotta be able to pay. You leverage our platform and the services in our platform, our processing services, our gateway services around payments. You pay at a device, we encrypt at that device, we send that message up to the cloud, we vault it, we store it, we pass it off for processing, and we facilitate the process coming back on settling to the merchant. All the power of our platform through those reusable components and capabilities that we have for our retailers and our restaurants. A few stats about our NCR Commerce Platform. We're running over 10 billion API calls a month and rapidly growing through our platform. We're storing hundreds of millions of transactions in that data lake every day. We're processing tens of millions of payments through our platform every day, and we are facilitating millions of online orders to our retailers and our restaurants every day. Fundamentally, today, our platform is at the heart of our customers' business, and we allow them to run their business because they're using the NCR Commerce Platform. Over the last thhree years, the question might come, "How did you go through this transformation?" For me, it's really straightforward. It's people and it's culture. The software colleagues I have that join me here today in our tech talk area and the 4,000+ software engineers and colleagues of theirs across the globe are the reason why we've been able to build this platform and facilitate these transactions. We've built a culture of innovation here at NCR, a culture of curiosity. It's now in our DNA that we build software as those services, we expose them, and we allow our clients to run their business. We focus on building this modern software architecture. We focused on recruiting, retaining, and educating some of the best software engineers in the world, and we leverage that talent into a thriving software ecosystem here at NCR that ultimately builds this platform. It's this platform that I've talked about that gives us speed and agility with our customers. I think a great example of that speed and agility is not only what we're building in the services I just described, but let's look at our two most recent acquisitions. Our two most recent acquisitions are very strategic to our payments and network business moving forward. Cardtronics, our acquisition that we did this summer around the Cardtronics ATMs and financial services kiosks, and then most recently, the acquisition we're gonna close here in December on LibertyX and our crypto services. We're able to leverage our platform, leverage the APIs from those two acquisitions into our platform to create and facilitate a way that we can not only serve our customers what they need today, but where they're gonna need in the future. 'Cause the growth on cryptocurrency, the growth of Bitcoin usage is happening. Our merchants see it, and those two acquisitions being plumbed into our platform is going to create a powerful set of services they'll be able to use today and for the next 20 years. Let's look at our platform come to life through a demonstration of Cardtronics, LibertyX, and the NCR wallet that's gonna store my Bitcoin. Here I am at the Cardtronics Allpoint ATM with my LibertyX app open. You can see my balance is $176 in my NCR wallet. I'm going to put some more Bitcoin in here today. Prior to this, I have staged a transaction, so I've got my code right here that allows me to get my Bitcoin. Let me put in that code. I'm gonna put in $100 today. I'm gonna buy Bitcoin. I'm gonna put in my debit card. It's processing through the Allpoint Network. Put in my PIN. Let's make sure no one sees that online. Out of my checking account. As it's being processed, there we go. I take my card, I go back to my LibertyX app, and voilà, you can already see $100 in my NCR wallet. Instantaneous, all because of our APIs and the power of the platform. There you have it, NCR's software and platform strategy for all of you to see. That platform is at the heart of enabling our customers to run their bank, run their restaurant, and run their retail store. Before we go back to Michael in the studio, we want you to see a little bit about NCR's culture through the eyes of our employees and colleagues across the globe. Let's roll the video. Hey, Michael. All right, it's great to be back live for our Investor Day this year. I've got with me Tim Oliver, our CFO, Owen Sullivan, President and COO of NCR. And Patrice Graves, our Chief Human Resources Officer. Again, welcome. It was a great opening, Tim. Tim did a phenomenal job of helping to share with you how we've changed, quite frankly, the culture and the company over the last few years to be software-oriented. We're gonna talk about our plans this year. We're gonna talk about our products. We're gonna talk about where we're winning, and we're gonna talk about some numbers. This Tim Oliver is gonna lay out a plan for the next five years that will describe an accelerating growth trajectory from where we've been the last three. Some of you will ask, why do you think that's gonna happen? I'm just gonna point out some of the reasons why. I'm gonna point, starting with, where I opened this morning, which is customer sat. If we're going to go back and sell to customers, they better be happy, they better be satisfied, or we're not gonna get another sale. We've dramatically improved that from a 14 to 48 in the last three years. Products that work, products that get out on time, products that we innovate, software that we build, companies that we acquire, that we integrate. It's a dramatically different company today poised for the kind of growth that we're going to have going forward. Part of that culture is our culture around ESG, and we're just gonna spend a few minutes on this. I'll talk about the environment a little bit, starting with the building we're in. You saw a little bit. I started in the lobby. Tim was in the Tech Talk center. We're in our studio. Our building here is LEED certified platinum. The buildings that we built, we just built a new building in Belgrade, LEED certified platinum. We're working on how do we transition our fleet of vehicles to be EV, to be electric vehicles, as we go out and service our customers around the globe. We're working on how do we get a plan in place to get to carbon neutral by 2050. I'm gonna ask Patrice just to share a little bit about what we've done on the social aspect. We've done a lot of work around our employees, around our customers, and around the communities that we have served. Michael, we have so many good things to share regarding the social aspects of ESG. For example, in 2021, we gave $4 million and impacted over 70,000 globally. We've made a pledge to increase annual giving to 1% of our net income by 2026. Really great progress there. From an employee perspective, we are focusing on the inclusion part of DEI. In fact, I have hired recently a vice president of employee experience and culture. She will be setting up things like a global inclusion council as well as business resource groups. We're really excited about all the work that we're doing around bringing our employees together and creating a great place to work. Finally, I'd like to talk about what we're doing with our partners, specifically one specific partner. Michael, did you know that one in four people don't have access to banking resources? I am so excited to introduce a gentleman who is the CEO, Wole Coaxum, who is going to talk about how we're partnering with him to grow his business. Thee was a famous saying, someone said it, "We do well while we do good things in the community." I think that was you, Owen. This is one example of where we're doing that. We actually enable individuals to go to retailers, and they can put cash into their account for free real time. We have mobile check cashing on our platform. We take payment reports from the credit bureaus. We can take foreign IDs and open up bank accounts, and we can provide bank accounts to young people 13-18. That is sort of the first step in our promise in terms of closing the racial wealth gap, get people banked. We then can take payments and report those to the credit bureaus. Having the Allpoint Network has been almost just table stakes for us in terms of an ability to offer a competitive product. You're gonna learn more about the Allpoint Network and what it does for NCR as a business. The fact that we can help a whole segment of the population who doesn't get served with financial services that most of us have is a great part of our charter and our strategy. On the governance side, it's interesting as we engage. We've got a very diverse board. We've had three females, a person of color. We have three committees that are chaired by females. We added a risk committee for governance of the board over the top of our risk strategy at NCR. We've done a lot to improve our board and to improve our governance over the last three years. Today, what we're going to do is you're going to see three things. We're going to give you an update on our strategy. We're going to give you an update on our strategy vis-à-vis adding Cardtronics. A year ago, we did not have Cardtronics. We got involved in that transaction in January of this year, end of last year, early this year, and completed that mid-year. We're going to share that. We're going to give you, as I mentioned before, we're going to talk about five business segments. We're going to give you financial data on five business segments. We're going to give you transparency and visibility into those businesses, so you can then look at how they compare to our peers. You can look at how they compare to other companies and help to form value of the sub-pieces of NCR. Then lastly, Tim is going to walk through an updated strategic financial plan. What does our next five years look like? How do we get to the 15% EPS growth? How do we get to higher single-digit revenue growth? He's gonna walk through the details, walk through some KPIs as we go through it. We are not going to give you 2022 guidance today. Just like last year or in 2018, we use Investor Day to talk about our long-term strategy, where we're gonna go, where we're investing, how we expect to drive results. As you've seen from the chart I started with, 2018 to 2021, we've ticked off all those things we said we're gonna do. As we talk about the next five, we'll give you the detail around why we have some optimism for executing on that. The agenda for today is, again, walk through the five business units. We're gonna do that through the eyes of a customer. Each business unit, the business unit executive's going to introduce and have a customer talk about how we deliver our services to help them run their store, run their restaurant, or run self-directing banking. Owen's gonna do a roundtable of the units within NCR that help deliver that each and every day, the shared infrastructure. I think that'll be exciting. We've asked Don Layden to give a short update on Cardtronics integration, and then Tim's gonna walk through numbers. That's the agenda as we lay it out today. I talked about five segments. Here are the five segments. Retail, hospitality, you've seen those before. We're gonna continue to report on those. Self-service banking, think about that as we look at our ATM footprint and where we transition that to an as a service model. Those are as you see lower growth, but generate higher margins per se. Then we get into the higher growth segments. We've pulled out a banking, digital banking, so it's a digital footprint around our digital banking assets, and where those are going in the future and the growth rate, which is going to be higher CAGR than Hospitality, Retail, and Self-Service Banking. Then Payment Network. Payment Network is a new business unit. It's a combination of what we acquired with Cardtronics, along with what we were doing on the merchant payment side at NCR, and we will go through the detail around that business. I'm gonna start with Retail, and just give a short overview of our Retail segment. It's roughly $2.2 billion in annual revenue. 60% of that is focused on POS, so $1.2 billion, and the rest of that is Self-Checkout. You can see the logos on there. We are very strong. We're very focused on the enterprise side, going downmarket to some of the mid-tier ones where we can provide a whole turnkey solution. I'm gonna turn it over to David and have him describe our strategy in retail, where we're going, the investments we made in our retail commerce platform. We sent David and the rest of the executives out in the field to meet with customers and recorded these clips. Let's run the clip of David at Northgate. Hi, I'm David Wilkinson, President of NCR Retail, and I'm standing here today in Southern California with one of our great customers, Northgate González. Northgate González is a family-owned Hispanic food and grocery chain that's been serving Southern California since 1980. Not only are they a great local food and grocery chain, but they have so many other services for their community. Outside of the great work they do for the community and their employees, they're also a shining example of NCR's retail strategy at work. If you recall at our investor day last year, I outlined a strategy for NCR Retail. Our strategy was straightforward: retain our customers, make them happy. Happy customers buy more stuff. When we retain the customers, then we can migrate them. There's an upgrade imperative in the market today. We have about 1.5 million lanes running our core point-of-sale software. When we connect those core point-of-sale lanes to our platform, we have one, the upgrade imperative. Once we connect them, we start to add on more services. We can add on things like payments. We can add on self-checkout. We can add on consumer engagement. We can add on financial services. We can add on loyalty, cloud point of sale, software-defined store. All of these additional services are sold as a subscription per lane, per month, as add-ons to the core subscription. It allows us to grow our share of wallet with our customers and continuously add more value. I'm here with Oscar Gonzalez, Co-CEO of Northgate González Market, and we're here to have a conversation about NCR and why our partnership has lasted for so many years and why we're gonna continue to build and grow. Oscar, like I said, we've had a great partnership for a lot of years. Why NCR? What makes us your partner of choice? Yeah, look, I mean, for us, it starts with trust. I think the years that we've, you know, worked together and partnered in many ways have given us the confidence that we have, you know, we have the right partner in an area that is of utmost importance for us. I think when you think about our customer, when you think about our community engagement, we really see NCR as that vendor that's gonna come in and partner with us and really focus on helping us run our business. I think, you know, as we look at, you know, our future and see your platform and the many, you know, services that you provide, whether it's financial services or, you know, or e-commerce or self-checkout, that really gives us confidence that, you know, we have a trusted partner that will help us execute on our strategy going forward. You talked about customer engagement. How can we help? I think, for us, our primary focus and energy needs to be how can we provide our customer with a better experience, better product? I think to have a technology partner like NCR really allows us to focus on what we do best. Secondly, I think that everything you promise, you've delivered on. Perfect. Oscar, thank you for your time. Thank you. It's a pleasure. Thank you. Thank you. That was a great clip of David really outlining our strategy and then obviously doing it through the eyes not only of the CEO, but the owner of Northgate González, Oscar Gonzalez. Simple strategy, make sure our customers are happy, make sure a customer like Northgate is happy with NCR as a partner. You heard Oscar talk about a partnership that we have. Win the upgrade imperative to move to the next gen cloud product, the Emerald platform product that David described. Lastly, maintain our self-checkout leadership, continue to grow in a market that we believe has a lot of growth opportunities the next five years as companies struggle with not only the cost of labor, but also finding labor to operate their stores, their convenience stores, their restaurants around the globe. I'm gonna throw it back to David. He's back at Northgate with Tom and John really talking about how they looked at adding products, getting on the pathway to the platform, the NCR Commerce Platform, and what that does to run their business. Let's queue up that second clip with David. We're here talking a little bit about our partnership and this great store environment that you have and this great company that you all have built. Let's talk a little bit about technology and why it was so important for you to upgrade your technology in the stores. Yeah, that's a great question. I think the biggest thing was going on one platform that can be integrated with a lot of different technologies. When you think about the store, we have queuing technologies. We have buy online and pickup in store. We even wanna integrate our scales with our front end as well. So I think NCR gave us the ability through their software to really have an open architecture so that we could integrate all things together. So our customer journey is really one seamless journey rather than different software providers. We've had a partnership for a number of years. When you hear NCR, what do you think of? You know, I'd say in the old days, maybe I thought about it as a register, but today I think about it more as an open platform that allows us to really, like I said before, have a really seamless integration with different technologies, whether it's queuing, whether it's even scale management, cash management. You know, we went with cash recyclers, and we were able to really leverage those cash recyclers through NCR and eliminate a lot of hours in our store. Tell me a little bit about the imperative to upgrade your point of sale? I've been with Northgate Gonzalez for about a year now, and when I got here, we were struggling on the point of sale. Our older point of sale was outdated, it didn't meet our customer needs, and integration to it was horrible. The mandate was to switch to another point of sale. There's been a desert in the point of sale industry for a while on a good point of sale, and I feel like NCR has stepped up to the plate with Emerald. The new platform is very open. It has a lot of ease of integration to it, and that's what we went with. It's been a good rollout. It's really met our customer needs, and we've integrated several platforms into it with ease. Tell me a little bit about how it's simplified your life in terms of the number of companies you have to deal with to provide a solution. Yeah, that's been a blessing. We've had companies to do installations, companies to do integration, companies that will come in and work on the payment side of things. With partnering with NCR, we're moving towards their Run the Store capability. Now I've got basically one throat to choke for anything, whether it's hardware, monitoring, systems, software, it doesn't matter. I call NCR, they take care of us. John, you completed the rollout of the point of sale. You added SCO, you added Freshop. Consumers are adopting it. Your employees are loving it. What's next? What's the next expansion on the platform? There's several places we wanna go. I think the first is to expand self-checkouts company-wide. In fact, in some of our smaller footprints, we wanna go 100% self-checkout. Also we have an entity called Prospera, which is basically financial services for our customers. We wanna partner with NCR to look at integrating that into Emerald. Looking at payments, any kind of financial transactions and going to a centralized bank of customer help through the banking technology. There's a huge opportunity there. You and I have worked together for a long time, and you've had an experience with NCR that spanned multiple companies over your career. What do you think about NCR now versus previous years? How are we transforming? It's a great question. You know, I've worked with NCR for over 30 years, and NCR in the past has been very customer-focused, but customer-focused in that everybody had their own piece of software, and everybody was focused on what they wanted to do. Now NCR is more of a global company, a cloud-based company that's making integration a lot easier into their systems and basically has the ability to take over the store for you to where, like I said earlier, you know, I have one person I go to no matter what my store needs are, and they can take care of it. Yeah, I love it when we can have our customers actually do our pitch for us. That was a great example of what we're doing in the retail space. This is just the platform. Tim Vanderham covered the technology around the platform, microservices, the shared services that we use, the way we integrate data with the TDM, the way we integrate the payments with Connected Payments. This kinda highlights on the top end the products and services that David and his team are going out and selling into the retail market. We illustrate a grocery store, we illustrate a mid-size grocery store chain of grocery stores, you know, 100-200 grocery stores, because that allows us to go down market with a single source line in our platform that we can get leverage and deliver to those customers, you know, with the flexibility of the platform. If you look at where Northgate is between Tom and John, they both talked about the migration. They talked about the components. They've talked about having a single provider deliver and execute what it takes to run their store. I thought they did a great job of illustrating effectively this picture, and the products that they have migrated. If you start with a product, maybe a legacy product, you get somebody on the platform, then you start to add products. You can see how the growth for each customer really shows what it takes to run a restaurant, what it takes to run a retailer, what it takes to run self-directed banking. In this case, running a store and adding components on, adding products on, increasing that ARPU. I'm gonna let Tim talk about the metrics that we are going to be using in retail as we report our quarterly numbers. Yeah. Thanks, Michael. Notice the ticker at the top. This is the first time you all have seen these segments. We've got a little bit of data on these segments going across the top 'cause it's a little out of order. I'll get to the details on these segments a little bit later when I get to the financial review. It's important that we have metrics in each of these five segments that help you understand whether or not we're making strategic progress against our goals and help you understand whether or not our financial results will follow that strategic progress. The first column's defining that first platform lane. Those are subscription-based lanes that are connected to our commerce platform. 17,000 lanes approximately when we exit this year. If we're successful in converting 25% of our installed base to the platform, of that 1.5 million lanes, about 375,000 lanes, the ARPU on that is probably $500 a lane currently, is 4x that once they're on the platform. Starts at about 1.5x, that scales up to 4x that. You can imagine that $1,500 extra per lane across those 375,000 lanes represent about 60% of the growth this business will see over this period. Self-checkout in the middle, we've talked about self-checkout revenue quite frequently over the last couple of years. It's still good. It's still a very good business. We're still a leader around the world, and we will grow faster than the underlying market that we serve. We don't serve China, we don't serve Brazil, we don't serve Russia, and so you include those in the growth around the world, it's north of 10% growth. We think the market we're in is growing in the 4% range, and we'll outperform that. We'll outperform that 'cause our technology's better, and we'll outperform that because we're gonna get penetration into non-traditional markets like convenience and fuel. This represents about 20% of the growth. Lastly, in every business, we're gonna talk about ARR. We're gonna define ARR as the recurring revenue that we experienced in the last quarter multiplied by four, so that the forward-looking recurring revenue streams. In this business, it's gonna grow twice as fast as the underlying revenue, which means that their percentage of recurring revenue is gonna increase pretty dramatically. Importantly, the mix of that ARR is gonna shift. Right now, it's 60% hardware, or 60% hardware maintenance and 40% software and services. That's gonna flip to exactly the opposite over the next several years. Those are the retail KPIs. Thanks, Tim. Now, I actually really appreciate your ticker, and I'm a little surprised that you didn't get a better response from the studio audience. Maybe on the next one. Took a lot of time. You'll get a little bit better response. Hospitality. NCR Hospitality. NCR Hospitality is a roughly $800 million revenue business for us. It's three-quarters, a little over three-quarters on the enterprise. Enterprise is restaurants that have greater than 50 sites, QSRs, quick service restaurants, and then also some table service restaurants like a Buffalo Wild Wings that's actually sit-down, but it's a chain of restaurants. That's the enterprise, marketplace restaurant. Then SMB, small restaurants or maybe it's a group of restaurants in a community, but it's more table service, sit-down, smaller restaurant groupings, in the SMB market. You serve those a little differently. We're gonna talk about that. I'm gonna have Dirk. Dirk is just gonna start with in a restaurant, just talking about the markets we serve and then the technology and the products that we've been building at NCR. I'll throw it over to Dirk. We service two unique segments in hospitality, the enterprise segment, which is made up of more restaurants with more than 50 sites, and the SMB or small segment, which is made up of less than 50 sites. NCR has been lucky enough to be a leader in these two segments for many years now, leveraging our cloud-based capabilities, our on-prem capabilities, and our restaurant management solutions. All this focused on helping our customers run their restaurant. We've recently invested a lot in re-architecting Aloha and integrating it in with our NCR Commerce Platform. It's driven cloud enablement, and it's driven innovation for us and for them. We've also aggressively invested in Silver, our full cloud-based solution. We've done this to upskill Silver and also to drive kitchen capabilities, analytic capabilities, and order payment capabilities. Let me dive into and share with you a couple of these capabilities that we've made to date. The first is consumer-based order pay. If you remember last year, I mentioned you could order from your phone. The consumer can actually go into a restaurant, scan a QR code, they get a dynamic menu, and from that menu, they can order food. It goes directly to the kitchen. They can also order drinks, and it goes directly to the bar. The runners run it out to your table. When you're completed with your meal, you simply pay from your device and walk out. It's efficient for the restaurant, it's efficient for the consumer, and the best part about it for us is it's one service on our platform we turn on to drive a higher ARPU for NCR. The second example is server-based. Server-based order pay comes with a mobile point of sale in the hands of the server. Restaurants want this for a key reason. They wanna control that guest experience. Here in this scenario, I can still have a conversation with the customer. I can order the food, it goes to the kitchen, I can order the drinks, it goes to the bar, and at the end, I can take a payment right on this device. Servers love this because they can cover more tables, which is critical with the labor issues that are out there. More importantly, they get higher tips on this device. We're really excited about what this device is bringing to the customers and to our servers because this is yet another service that as we turn it on, we drive our ARPU up for that customer. As we brought together the best of Silver and Aloha on one platform, it allows us to really accelerate our growth in the marketplace. In fact, we're seeing massive sales acceleration. As we announced this solution in October, already 50% of our sales in the marketplace are based upon this new solution and platform, which is fantastic. That was a great summary by Dirk, the strategy in our hospitality business. I'll just summarize for SMB, so the small restaurant segment, we have a different set of competitors in that market. Fairly straightforward strategy Dirk's undertaking. He's been doing this for the last 2.5 years. Bundle a solution. The simplicity, ease of use for smaller restaurants is very paramount. They don't wanna have a number of vendors. They want a single vendor who can bring everything to the table. We call that Aloha Essentials. We've been reporting on that for the last year. Secondly, we've been shifting the distribution model instead of using third parties to go out into the marketplace. As we've changed our strategy, as we bundle, as we attach payments, it became important for us to control the distribution channel. We've been building out channel, and we've been acquiring some of the local offices. We've been going to a direct model for distribution to the SMB market. Dirk hit on this, in the SMB market, having a simple product, easy to use, cloud-based is very important. We've taken the best of our cloud-based architecture under Silver. We've combined it with our Aloha product capabilities in Aloha, like the kitchen capabilities, like abilities with Pulse to do reporting, and the ability to do transactions through the front-end into the back-end. We've combined those together. He's rolled it out to market and starting to have really good success with that capability. The attach rate for payments going out leading and integrating, again, those restaurants or smaller restaurateurs, they don't really wanna know who's doing the payment in the back-end. They just want it to work. Being able to integrate payments into the processing, going into the market, as we sign up a new customer, those attach rates are starting to approach north of 80%. We're going back into legacy customers, existing customers and adding payments to that relationship as well. This strategy has started to work to a level that we've got some larger players who are also in the market competing as an ISV or as a merchant processor who we have shifted from competitor product and are signing up for our suite of solutions here in the Aloha Cloud SMB marketplace. We're excited about where we're going and the investments we've made. I'm gonna go back to Dirk in the field. He's at Wendy's talking with their CIO and really talking about enterprise. For enterprise restaurants, large restaurants, large chains, it's a very different set of buyer values, and you're gonna hear that from the CIO at Wendy's with Dirk. Hi, I'm Dirk Izzo, the President of NCR's Hospitality Division. I'm joined today by Kevin Vasconi, the CIO of Wendy's. So, we've got a great partnership with Wendy's of over 12 years, and you've been working with our software as of late. You've been a big Aloha platform user. So can you tell me a little bit about that? I think as you know, I'm a huge fan of software as a platform. The benefits it gives to an enterprise company, a global enterprise company like Wendy's, I think are often underrated. The fact that we have a single common global platform for our point of sale around the world is fantastic. A lot of our competitors don't have that. What it allows us to do is speed of integration for our e-commerce platform, our loyalty programs. It's just really a strength for us, Dirk. That's great. We've launched some new capabilities. What's your favorite part about the new capabilities? Yeah. Well, kind of along the same vector, if you will, how you guys have embraced APIs to allow us to get in and out of the NCR stack is outstanding. You know, for CIOs and CTOs like myself who have a lot of other applications we need to integrate in with a common platform, it just makes it so much easier. It's reliable, it's resilient. That's literally, you know, features and functions are great, but in my world, the ability to connect to an application is outstanding. One of the things we pride ourselves in is taking care of our customers. We put a lot of focus into that for 2021. You and I talked early on when you joined the company here, and, have you seen a difference in the way we focused on you from a customer service, customer satisfaction perspective? Yeah. In fact, to me, that's probably one of the biggest changes I've seen. I think, again, as one of our previous conversations, you know, when I took the job as the CIO, you always wanna know who your strategic partners are, who your strategic vendors are. I literally remember the day I asked my leadership team, you know, who do I talk to at NCR? Literally, nobody knew. Today, I have weekly conversations with senior executives. We have our QBR, our quarterly business review with you. You've got a relationship with our CEO. I literally don't think in my career, which spanned many, many decades, I don't think I've seen a relationship change that fast. We literally went from not knowing each other to being partners and really understanding each other's business. I can tell you, it's helped a lot. Good. Good. I'm glad to hear that. You mentioned global before. Global is a big deal obviously for us and for you as you think about growing. How has NCR done in supporting you with your global efforts? Yes. I think that, you know, when you look at global is a whole another level of difficulty. You know, it ratchets it up one level. We leveraged our partnership with NCR to open our U.K. market, which has been highly successful. You know, not only do you have all the normal challenges of technology in a market, but when you go into a new market, you've got supplier issues, and you've got customs issues, and you've got regulatory issues. Even though all those issues weren't yours, NCR's, you guys helped us through those. We are wildly successful in the U.K. right now. You know, we have plans to continue to build our global base and to continue to build them with you guys. Now, again, it was, it's always better to have one of your best customers, one of your good customers, talk about your strategy. As you listen to Kevin talk about what it means to him as an enterprise player with thousands of restaurants around the globe, not just across the country, and what's important for a partner for a provider to take care of his restaurants. At the top, he talked about API's ability to integrate. He talked about the openness of the platform. He talked about software as a service. Very important that we have that solution to support Wendy's. Leveraging global, he talked about opening up the restaurants in the U.K. It's not just about the technology, it's about the ability to put feet on the streets to install all the equipment, install all the technology, all the software, but also to help him with all the differences in different countries like the U.K. compared to the U.S. We talk about Restaurant as a Service. Restaurant as a Service is a simple way of saying when we sat down with Kevin and Todd Penegor, the CEO down at Wendy's, it was around, as you open a franchise, have NCR take care of everything soup to nuts. Drop ship, turnkey install all the hardware, install all the software, do level one, level two support. As they look at that, they go, "That would be so much better for us to have a single provider, a single integrator, a single source to deliver that." We call that NCR Restaurant as a Service, is really going up the food chain to do more than just the technology, just the POS software. Just like in retail and hospitality, take our existing base, retain the base, put them on the journey for the platform, add the technology, and then get the ARPU to grow. I will just as an aside, the video there was shot at Wendy's test kitchen in Ohio, and it's true. Their fries are really good. Similar NCR Commerce Platform, the underlying infrastructure of the technology that Tim Vanderham started with. We use the same platform in hospitality that we used in retail. There's different functions, there's different capabilities on the top. You can see how we do that slightly differently. The underlying capability to integrate data, to manage data, to integrate the payments infrastructure, to have shared services and microservices. We do that in all those functions. Commerce has a lot of commonality. We use the same platform. You can see in the Wendy's journey where they've added components, we still have some opportunity there. I'll just point at Dirk and say, "Look it, you got some white space here to grow with Wendy's, and obviously to grow with their franchises." This is one great example. We've got other examples that we have where customers like Firehouse Subs who have virtually done all the technology with us for POS. We do their online ordering application, their online app that they're building out on top of iOS on mobile. Then we also do their web-based ordering app. We do all their POS. We do all their integrations back to the kitchen. We support level one, level two, and we really turnkey all their restaurants. It's really a story the same as we talk about retail, get in, get the products, get them on the platform, and then move up and add more products. With that, I'm gonna turn it over to Tim just to cover some of the KPIs in hospitality. Thanks, Michael. Yeah, very similar to retail. The hospitality metrics start with platform sites. Platform sites will tell the story of how quickly the strategy gets taken up by our customers and will be a precursor to our financial results. We've broadened this metric out. We've used this one a little bit for our hospitality business in the last year or so. We've broadened this out to include all products that tie back to the platform. Previously, it was just Aloha Essentials. We broadened that out to make it a bigger, more appropriate to cross everything we tie to the platform. So right now, about 20,000 sites, growing over this period of time to 65,000 sites or up 40,000 sites across the period. Most of that growth will come in the SMB space. About 75% of that growth we expect to be in the SMB space. When that happens, it'll be a payments-led strategy that allows that to occur. That payments-led strategy is reflected in the middle of the page. When we are successful in the SMB space, you'll see about 40,000 new sites come online for us in payments. That's a huge increase from where we are today. Admittedly, it's a growth rate that's going to be tough to execute against. Remember, our payments-led strategy is really relatively new, and so we expect the growth rate to accelerate across the next several quarters and across this period of time. When those happen, you're gonna see a 2x overall growth rate in ARR. More and more of the revenue of this business will become recurring, and in fact, by the time we get to the end of this, fully 70% of the revenue will be recurring. I wanna go back to platform sites for a second and talk about ARPU, because I did in the previous slide, and I wanna do the same here. If you think about the average revenue per site in an SMB space, right now about $4,000 a year. We connect them to the platform, that gets us to $5,500 right out of the gate, and that grows over time to close to $9,000 by taking the functionality that Michael showed as the blocks turned green on the previous page. Last thing, we connect that site onto payments, we get another $4,000. We get that average up to about $13,000. A 3x plus multiplier in our annual revenue per site. These are the hospitality KPIs. Thanks, Tim. Moving on to digital banking. I'm gonna share a few speeds and feeds of digital banking. Digital banking is about a $500 million revenue stream. Highly recurring. It's a pure SaaS-based business. You can see some of the key metrics. Number of users, 26 million. Customer retention, very important in this business. I'll talk about the strategy. Customer retention is where you really start when you're signing multiyear contracts, hold onto your existing customers, add new products to that. To add new products, you need customer sat, you need happy customers, so that NPS score might be our highest score for a business unit at 75+, very important. You see the logos. These are... You can see some of the larger banks, the Zions Bank, the First Horizon, the Synovus, Associated, Wintrust. We have very strong success rate in larger banks for digital banking. Digital banking is banking for retailers or retail banking today. Retail banking starts with your mobile device. It goes to your online device. It may lead you to an ATM, may lead you to an ITM, and eventually it may get you to a branch. Everything to do with retail banking starts on digital banking. Our strategy is very straightforward, keep and retain existing customers. We've worked really hard over the last three years, the team we put in place in 2018 to solidify the base, solidify our customers, and then invest in new products. Invest in new products. I'll talk about some of those when I go through the platform in digital banking. Then also take those products and upsell into your existing base. Add new customers. Go out and add new customers. We actually think there's a market there in existing customers between the accounts that we have on online banking but not active. We only get paid for the active ones. There's about a 30% spread there. Then also in community banking and regional banking, the penetration for your transaction accounts, for your DDA accounts that are actually using digital banking is about 10-20 points lower than it is in the national players like a Wells or JP Morgan or B of A. There's some space there to just get accounts activated onto our digital banking, drives revenue for NCR. That's our simple growth strategy. We've been doing that. Last year when we talked to you, we said we're gonna get back to growth in 2021. We did that. We delivered 9% growth last quarter. We're gonna end the year pretty solid growth for the full year. We said last year that in 2022 we'd start to get low double digits. We will be low double digits in 2022. We've got that business back starting to grow. We're not done there. We're not satisfied with those numbers. We think there's still room to grow on top of that. I'm gonna throw it over to Erica Pilon, who heads up the product, executive in charge of product for digital banking. She's talking with Doug Peacock at Associated Bank. Associated Bank's about a $40 billion bank, about why they chose NCR Digital Banking for them to deliver to their retail bank customers. Let's run that clip from Erica and Doug. I'm excited today to be joined by Doug Peacock, Head of Digital Transformation at Associated Bank. Doug will share with us how NCR is a transformative partner for this $40 billion asset bank. Thanks for joining us today, Doug. Thank you. Doug, can you tell us a little bit about your overall digital-first vision? Sure. Our vision is to really provide services where our customers want to use the bank, they wanna access the bank. Our part of that was understanding that while we've got an incredible branch network with incredible colleagues that serve the needs of our customers, that customers increasingly are relying on mobile, web, and ATM technologies to do business with the bank. That is just bringing the bank to the customer via digital is really what digital first means to us. When we think about the evolution of your relationship with NCR, you've recently decided to transform your digital solutions and sign up for D3. What industry pressures are really driving that change on the digital side? Sure. Digital is everybody's business. As you said in your introduction, we compete with not just traditional banks, but we're also competing against the large national money centers as well as neobanks like and Robinhood. We have customers who are interested in crypto, and so competition is everywhere. There's a lot of competitors that are trying to take little pieces of the pie and disintermediate the overall relationship that we wanna provide to our customers. What we understood is that we needed a technology partner that would move with us rapidly intentionally towards our digital-first vision. That was, as we looked across the industry, NCR D3 was a really obvious choice for us, and it was a clear leader. We were really pleased because other banks in our space that are similar and have similar objectives made the same decision. It's always nice to be in good company. With the help of NCR, we're really transforming from that product orientation to a platform company. We're platform first, platform everywhere, and really looking at unlocking the power of the platforms you're providing as well as frankly the innate value of our customer data for the benefit of the business going forward. Yeah. You have a lot of choices when you're making this big, transformative decision. Why did you choose NCR? We do. We very intentionally but also very new, a new process for the bank is we actually welcomed NCR as well as competitors into the Associated Bank, into our innovation lab. We actually sat down and we asked to see real software, to see real results, to talk to real customers. As we went through that process, it was obvious that the NCR D3 solution was not just a fancy PowerPoint presentation. It was actually delivering the value that you talked about. The references we talked to all had amazing things to say about the execution. At the end of the day, that's what's the most important for us. It's not just the strategy, but it's how do you execute, how do you keep executing, and NCR just was head and shoulders above the competitors in that regard. All right. Great, a great clip there from Doug Peacock, Associated Bank. As he talks about a couple of key things, one is retail banking is digital banking. Retail banking, we are all retail banking customers, consumers ourselves, and we all do banking on our mobile device, on our laptop device. It's very critical to every bank today, large, small, how they deliver to the retail customer. Then he talked at the end there about execution, about having a partner that has a product that brings to market, that actually executes and delivers the capability that you need. Over the last three years, we've done a number of things. We started with opening up the APIs to our products so that we had a more open platform with our Digital Insight platform. We've talked about adding business banking. We've added some things through acquisition. We added the Terafina product, which is the ability to do account opening, whether it's on a mobile device or a laptop, and to do selling cross-channel. You'll see on the next page here as we illustrate the channel services platform, the NCR CSP. CSP is really focused on the banking market. On the lower left, I'll draw your attention. What makes NCR different than other players, we have the mobile, we have the online banking, but that's not what banks need to deliver a retail experience. They need that to be integrated into the next step, which is always gonna be an ATM or an ITM. Once I have to do a physical transaction, they'll send you to an ATM first. If you have to go to a branch, you want that transaction to have some continuity. That underlying architecture, that Channel Services Platform that we've delivered, that banks like Associated Bank is using, help them do that. That's what makes NCR different if you look at the capabilities of those combined. On this next chart is just showing you where we are with Associated Bank, what components that they've signed up for. Some of these are still in the works of being implemented, but as you look at it, again, it's the same story as we talked about at retail and hospitality. Get the platform, get a customer moving down that path with NCR, and then add more capability, add more products. So Tim, KPIs for digital banking. We've used some already under our existing segment reporting structure through 2021, which is a banking business unto itself. This business is so important to us that we, in fact, called it out and called its revenue out. The most important metric isn't even on this page, it's wins. We're starting to win again. We're starting to win back customers that left us, and we're starting to win competitively the product sets ready to compete both at DI and D3. Keep asking us and we'll be happy to tell you about the wins in any given quarter. Registered and active users drive about 60% of this business. 60% is driven by fees associated with how many users are on the platform. The delta between registered and active, we get paid on active, represents an opportunity for us to go help our bank customers close. If you've been on the system and used it in 90 days, you become an active user. About getting to 50 million registered users is a big climb. About two-thirds of those will come from DI in the smaller bank customers and about a third from D3. That'll have a little bit of effect on our overall average ARPU for the entity. I'll talk about that when we get to margins later. Incredible growth that drives $300 million of this $500 million business. On the other side, ARR, this business is all recurring revenue. There's a tiny sliver that's not, but you should expect that as revenue grows, so should ARPU. Seth? Thanks. Thanks, Tim. Let's move on to self-service banking. Self-service banking, $2.6 billion. A big piece of our business anchored around the ATM business, the hardware and the software and services. In the ATM business, it is, we sell a device and then we sell a subscription of software, and we sell a subscription contract to provide break fix services. That's been our traditional ATM business. We've been very successful. Last two years, we've been the leading ship share provider in full function ATMs. We have no reason to believe that we won't do that again in 2021. We believe the products we're delivering to the market are continuing to lead the market on capabilities. This is really a market and a strategy where we're going to move that from a business where we sell the piece of equipment up front, attach some services, attach some software, to at some point, you don't buy an ATM from NCR, you buy a subscription to have us deliver ATM transactions for your state. The strategy here is fairly straightforward, shift our ATM business into ATM as a Service business. We're gonna run a clip here from ATB Financial, which is gonna be Frank Hauck and Sean Phillips from our team. They decided not to travel up to Alberta, Canada, so they just did a video conference. I'm gonna run that clip with ATB Financial. We're here with ATB Financial out of Alberta, Canada today to really talk about the relationship that they have with NCR and their ATM as a Service model. ATB for 80 years has delivered an exceptional customer experience for their communities. We are delighted to have Ryan Rabin with us today. Ryan is Vice President of Payment Solutions at ATB Financial. Ryan, welcome. Nice to see you, Frank. Thanks for having me today. ATB Financial is headquartered in Edmonton, Alberta. We have assets under management in excess of CAD 55 billion. We think of ourselves as the catalyst for economic growth here in Alberta. With that, we service multiple market segments from wealth to business to the retail portfolios. We have a collective of about 800,000 types of clients within our realm. I no longer wanted us to have multiple vendors in the realm, one servicing hardware, one servicing software, one servicing connectivity, and one servicing the ATMs themselves. What we were looking for was a complete and utter outsourcing of this. It's not our core competency to be managing ABMs. We looked at our business model, we looked at our operating model, and with that, it formed part of the strategy. We continue to find the right partnership, which in our case is NCR for what we've got here. We've been with NCR and by nature of that, a few of the groups of companies, for more than a decade, and it only made sense to us to go with the most innovative, the partner that has the latest technology and the partner that was committed to us and committed to our customers, and that's why we went with NCR. Perfect. I'm fortunate here to be joined by Shawn Phillips. Indeed. Ryan, first of all, thank you for your business and joining us today. When NCR launched our ATM as a Service business, we knew we were uniquely positioned to offer the hardware, the services, the expertise, and the complete portfolio that you need to run your organization, especially your ATM channel. One of the things that we made sure we focused on was, again, availability, security, and compliance, some of the components that you mentioned before. Can you maybe share with us again how we've been able to deliver on those promises? You bet. Nice to see you, Shawn. Look, what we were looking for was this long-term strategic partner, this partner that was committed to ATB. It's not just servicing the machines, but it's ensuring that the hardware is the latest, the software is the latest, the operations of the ATMs themselves are the latest, but also to bring us more and innovative optionality for us. We consider the ATM to be that future and potentially singular point of presence for our clients. When you look at our landscape, branches are becoming advisory centers. Everything is becoming digitized. That point of presence in the future state is an ABM, it's a mobile channel, and they have to work together. We look to NCR to say, "Can you bring us these innovative, call it video tellers or tap transactions through the ABM or other features and functions with it? I love the way, Ryan, I don't know if you caught it, Ryan describes an ATM. He calls it an ABM, automated banking machine. I think that's a great way to describe where ATMs are going in the next 10 years. They're not about cash out transactions for bank. They're about doing financial transactions for the bank. As we talked about with Varo Bank and MoCaFi, Chime, and others who are customers of our Allpoint network, it really is their bank. That physical presence really is their bank. Our strategy here very straightforward. If you combine best-in-class ATM provider, hardware provider, best-in-class ATM software provider, our best service. We believe we have the best service in the industry around break-fix of those devices. Then you start adding the capabilities. Ryan did a great job, transaction processing, the security and compliance, managing the cash, managing the software that goes on top of the ATM, doing the operations, doing all the back room, all the other things you have to do. When we combined with Cardtronics, we ran zero ATMs before we had NCR. Now we run 270,000 ATMs. We operate 270,000 ATMs, 55,000 which we own. So from a vertical provider of these capabilities, we think we have a very, very strong offering in the market. Our strategy, very straightforward. If you look at 30%-40% of the stack is what we traditionally took advantage of as we sold components. Now we're gonna sell a full stack solution, call it ATM outsourcing. We call it ATM as a Service, and that TAM or that addressable market goes up 2x-3x. We think that'll be a strong market that we can maintain and even grow in. Long-term contracts shifts it to a subscription business. That's our strategy. We anticipated this to be predominantly community banks, credit unions, building societies, maybe the lower banks, maybe regional banks. We've had a number of regional banks. I think we're a little surprised at the number of large banks, even top 10, top 25 banks around the globe that have engaged in conversations around NCR. "Could you look at this footprint? Could you look at doing something with us?" I think we are excited about the start that we've undertaken with the Cardtronics capability. I'm gonna turn it over to Tim and have him talk about some of the KPIs for this business segment. These are all meant to capture the pace and cadence of that shift. The financial results in this business will be entirely dependent upon how quickly we move to ATM as a Service. As we move quickly to ATM as a Service, we'll see less revenue but higher profitability as we defer revenues for one-time hardware that will become software and services revenues over time. I'm gonna start in the middle of the page. We make about 80,000 ATMs a year. Therefore, over the five-year period, we'd make 400,000 ATMs. We presume that's reasonably flat with where we are today. This 120,000 units that we'll convert to ATM as a Service represents 30% of what we do. That said, it'll be a little higher as we exit, right? The growth rate here would suggest that as time goes by, we'll get to 2026 and about half of the 80,000 machines that we sell will be sold as a service, which means our revenue on the hardware side drops by half or drops by $400 or $500 million. When you look at the results or you look at the model here on the ARR side, with the ARR going up $900 million. You can imagine that $900 million represents the revenue, the future period revenue associated with those machines that we didn't sell as one time. Think about replacing $500 million of hardware revenue with a recurring revenue stream of $900 million annually that will occur for the next five to seven years. A very powerful transition, one that's gonna be hard to time out. It may be lumpy, Michael, as we get some larger customers on board, but these metrics will help you understand how we're getting traction or whether that traction is profitable or not. When we do that, 85% of our revenue in this segment will be software and services related. We had an 80% goal for our whole company. This is the most hardware-intensive part of our company. When we get this right, hardware will be a very, very small percentage of the total overall revenue of the company. ARR will then represent almost 85% of the total revenue of this business. This will be a terrific model when we get there. As you look at it, you say the total revenue growth isn't stunning, it's not dramatic, but the underlying composition is so much stronger than- Which is so true of our company, entire company today, right? Its revenue is not that different than it was three years ago, but the composition of it is entirely different. I think this is a GDP plus grower, with a lot going on underneath that growth rate. All right. Thanks, Tim. Before we get to the next business segment, I'm gonna ask Owen, you've got a roundtable down in the Marche, so it's gonna take you a bit of time to get there. Why don't you head over to the Marche? We're looking forward to that. Good luck. Watch my seat. We'll move forward with the payments and network. Payments and network, obviously a new segment at NCR. We've had payments and we've talked about Connected Payments. We talked about how Connected Payments, the gateway capability that we use today to attach a physical card reader into the network. Today, we do that by taking that information, we grab it off the physical device, we encrypt it, we take it up to the cloud, we vault it, and we give it to a merchant processor. We hope over time that that merchant processor is NCR. Today, it's other parties in a lot of cases. That's our merchant processing, merchant acquiring side of our business. We've embedded the gateway, moving the gateway into the platform, as Tim Vanderham discussed right up front. Then when we go out and sell retail POS on our platform, on the commerce platform, when we sell hospitality, we want to continue to push attaching an NCR payment to complete that payment transaction. That's the portion of the business. The new piece is the Allpoint, I call it, proprietary network. It's an Allpoint network of 55,000 endpoints. I'll kinda cover what makes up that network. We looked at that, and quite frankly, I looked at that, I looked at it on the cover, and having been CFO prior at a large company that has a big payment business, I looked at the composition of the revenue at Cardtronics, and I said, "This isn't anything to do about cash. Cash is a vehicle we deploy. We get paid transaction fees. We get paid interchange fees. We get paid network fees. We get paid surcharge fees. Those are all payment transactions. This is really a payment business." That's why we call this out as a payment network business. We do anticipate the merchant side, as we talked about last year, is gonna grow 20%+. We've seen that in 2021. We believe this segment in total will continue to grow at a much higher rate than the rest of our company. The Allpoint Network, that's at 55,000 endpoints that we picked up. The network is simple. It's the endpoints we have. Right now, 55,000 devices. Some people call them ATMs. I like to call them financial kiosks. I'll talk about the products and what we're doing, what else you can do at a device other than just cash out. The users, there's 60 million users who have the Allpoint badge. If I'm an Allpoint badge user, say Tim's an Allpoint badge user, he goes to an Allpoint device, he gets a surcharge-free transaction. That's how we advertise the Allpoint surcharge-free network. It's free to Tim. It's not free to NCR. We get paid for that transaction. In this case, the issuer, the issuers who don't have access to devices, like we talked about with MoCaFi, even a company like Capital One or a company like USAA, if they wanna extend their network, they'll pay us a transaction fee to allow Tim, if he's a customer, to do it surcharge-free. When you hear surcharge-free as a network, it's a money maker for NCR. It's a great product. It's a great tool. It's a product that we have that's, I don't know, the largest. I think some of the people talked today about being the largest, but certainly one of the largest surcharge-free networks out there. Then the products, Pay360. What products do we deliver via that network? I'm just gonna hit the products. You go to the device, again, I'll call it a kiosk, and you wanna do a transaction. Historically, at Cardtronics, they predominantly did cash disbursements, started to do cash deposits. We look at that network as a vehicle to distribute tech transactions. Transactions, predominantly payment transactions, but banking transactions of all types. Tim, in the downstairs tech talk center, he demoed using that Allpoint network to buy crypto. You can take the crypto, you can transfer it across the country, you can transfer it across borders to certain countries. You can deposit checks, you can deposit money, you can pay bills, you can pay utility bills, you can do things like sports betting, emergency cash. If you lose your card, say you lose your Visa card, and Visa can't get a card to you for three days, you need cash, you can get a code sent to your mobile device, you can go to an Allpoint Network, you can extract cash. The kind of products, kind of capabilities we can create on that network, we believe are very strong, payment and transaction revenue. Don went and talked to one of our clients at Varo about how they use Varo, one of the larger brick-and-mortar-free virtual banks, what they do with Allpoint, and how that helps them execute on their strategy. Let's run that video. I'm Don Layden, President of NCR's Payment and Network group, and I'm joined by Wesley Wright, Chief Commercial and Product Officer at Varo. We were founded about six years ago to be a digital-only bank, recognizing that there was an opportunity to serve about 180 million Americans who are not well-served by mainstream banks today. When we were starting out then, you know, we were looking for the right set of partners to build our checking account, which is kind of the core product that we offer customers along with the debit card. You know, fee-free ATM access was a key part of the value proposition. Got 55,000 locations, including, you know, 10,000 locations outside the U.S., but also 45,000 inside the U.S., which is the largest network of its kind available. The locations are in really convenient places. They're in the places that people go to shop anyway, like a CVS or a Walgreens or similar types of stores. Even though we're an all-digital player, you know, customers have needs for payments that intersect with the physical world, most importantly, the need for cash. Despite, you know, all the growth of digital payments, cash is very, very important to the economy and important to the types of customers that we serve. So what's been great about our partnership is that we've kind of looked to say, "Well, let's take this footprint of these physical devices out there across the country and how can they be used to serve customers?" The Cardtronics Allpoint team, they were absolutely stellar, right? When we came and we said, you know, "Well, hey, are you able to keep these ATMs stocked with cash?" You know, they were way ahead of us. They had a whole plan laid out, to make sure that they were getting people into the stores, keeping the ATM stocked with cash, which means that our customers, you know, who are folks that live paycheck to paycheck, like when they get paid, they need access to their money. They can't wait. They don't have something to fall back on. The fact that Allpoint was such a strong partner with us in helping us fulfill our mission of helping our customers, like, we really value that partnership. All right, that, you know, it's a great clip. Wesley talking about Varo Bank. Again, a virtual bank. Brick-and-mortar for Varo is the Allpoint device. The physical products that they deliver to the customer are gonna go through an Allpoint device. He talks about a marketplace. His numbers are 180 million. 180 million people in America that don't have access to traditional banking capabilities that we have. They don't go into bank branch. They don't have the kind of products. Willie with MoCaFi talked about allowing the segment of population to build. He talked about when we talked to him about graduating into a bank account, but the need to be able to access and create products where people can build a financial history. Allpoint Network really serves a segment of the population, a segment of the market, whether it's virtual banks, whether it's people who don't have access to a traditional bank account, or quite frankly, whether it's maybe a traditional bank that wants to extend access to their customers outside of their footprint. Allpoint, you're gonna see and hear more about that. Tim's gonna talk about the metrics that we're using to track progress in Allpoint and in payments in general. Yeah, great. The new Payments and Network segment has three KPIs: endpoints. We've got about 104,000 endpoints today. When you think about the 55,000 networked ATMs, you think about the ATMs that Cardtronics or now NCR owns outright, and then think about all of the terminal devices that are resident in our retailers and restaurateurs, add up to about 104,000. We wanna double that over the next five years. A lot of that will come from our restaurateurs and our retailers. About a third of that will come from us taking what Cardtronics has done for a very long time to the legacy NCR footprint and expanding that model. When we double the number of endpoints, we'll quadruple the number of transactions. Michael just talked about all the different transactions we currently do or expect to be able to do across these kiosks. Whether it's digital to physical back to digital, or across two different digital channels, we wanna own those transactions. When we double the number of transactions that can occur on each device, and we double the devices, you can see we hope to get to $8 billion transactions by 2026. Lastly, ARR. ARR will grow rapidly in this business. I think the important thing here is to say that we expect nearly all of the revenue in this business to be recurring. We classify those things that are driven by transaction volumes as recurring. Admittedly, as the economy changes and we go through a pandemic or other things, those transactions may change a bit, but we do consider those recurring in that we do not have to sell that revenue stream every year. It should be an exciting time for the payments business. Endpoints, Allpoint ATM terminals and merchant acquiring POS devices that we've attached. Yep. All the points where we're getting the transaction. Yep. The middle of the eight billion transactions that we are collecting, whether it's an Allpoint transaction or whether it's a POS transaction, yields our rev number. Yeah. Not all transactions are created the same. Some drive more revenue than others, right? A cryptocurrency transaction drives a lot more revenue than perhaps checking your balance, for instance. In aggregate, eight billion transactions. Granted it's a new segment for us, giving transparency and visibility and showing the incremental growth every quarter is gonna be important. That's what we're going to be doing. We're gonna go now to our roundtable. You just saw the five business segments. Again, those are the five business segments we're gonna start reporting on in 2022. You saw the KPIs we're gonna use. We'll report those every quarter. You'll see the progress we're making, the success we're making around our products, around our go-to-market strategy, around our business strategy. Behind the scenes to the business leaders that you saw are individuals who are actually making it all work, if you will. Tim, you saw Tim earlier. He's gonna join the roundtable, Tim Vanderham, building software, the team building the hardware, the team delivering professional services, and then Kate Mandrell really pulling it all together in terms of execution and process behind the scenes. We're gonna throw it over to, I hope Owen made it there, but Owen's down in the atrium. Not the atrium, sorry, the Marche, with the team to do a functional roundtable. Owen? Thanks, Michael. I'm out here in the market with four of the ELT members, Tim Vanderham, who you have all met earlier, Kate Mandrell, who runs our commercial strategy, Ismail, who runs our professional services organization, and then Adrian, who runs our hardware products and services business. You'll hear from each of them in just a minute or so. As I sit and listen to our customers and our general managers talk about the business and where it has evolved to and the enthusiasm that we're hearing from our customers to be partners, and to really bring us in to help run their operation, I can't help but think back to three years ago in New York in 2018 when we talked about the vision and the story about really servicing our customers differently, bringing products to market that meet and exceed expectations, really making sure that we drove the economics of the business and put in front the 80/60/20, goals and objectives. How much progress has been made? 48 on the NPS score, which is a great starting point. As we have all talked about, we need to keep raising the bar. The 80/60/20 performance has been really something energizing for all of us, and I think for our investor community, something they could hold us accountable to. I really feel like we're on the right track. I feel like we're doing the right things, but it takes a village. What we wanna talk about today are what are all the pieces in the business that have really been focused and prioritized on? What have we done to really institutionalize our knowledge and expertise to transform the company? How have we industrially strengthened those processes and capabilities, and how have we built them for scale? Because the one thing I think we're all confident of is that we're gonna continue to grow the business. We're gonna continue to embrace the challenges our customers have and grow through share of wallet. I'd like to spend a few minutes have each of you talk about what you've done within your respective areas of the business to really position us for sustainable growth. If I think back, Adrian, back to 2018, we were really challenged with some hardware issues, the quality, the getting the product out the door, and you took on the mantle to really think about the manufacturing ecosystem and what we need to do differently. Maybe you could just update everybody as to where you are in the evolution of the manufacturing environment, and including some recent news. Sure. If you remember back in 2018, Owen, we had great products, great hardware products, but very customized. We had a large manufacturing footprint. We had a pretty complex supply chain. All of these contributed to really not great performance as far as delivering for our customers. We've been on this transformation journey for the last three years, and today we're really seeing the benefits of that. We've got a much smaller footprint. We've rationalized our product significantly. Our on-time delivery has improved significantly as well as our quality, and our lead times have significantly reduced as well. We get asked multiple times, "NCR in the past outsourced product, but it wasn't really successful. What allows you to continue to do this in your transformation? It's really around the rationalization of our product mix. Last week, we announced exciting news that we are partnering with Ennoconn- Right Who's one of the world's largest EMS providers, to take over our manufacturing facility in Budapest. Budapest is our largest manufacturing facility. Today, we manufacture ATMs, self-checkouts and POS. Ennoconn has an existing footprint in Budapest. They're looking to expand the site, secure the jobs, so it's really a win-win for both businesses. The other exciting part about Ennoconn is they're part of the Foxconn group. Foxconn manufactures the majority of the products for Apple, and we're gonna leverage a lot of their methodology and really move to the Apple model when it comes to our manufacturing footprint. When we close the transition early next year, 90% of the products that we used to manufacture in 2018 will be outsourced. Boy, that's tremendous. We get asked that a lot. Why are you enamored with holding onto the manufacturing elements of the business? I think what you've said is, "Let's get our house in order and then find great partners," and you've done that. 90% is a great number to be able to say is now outsourced to really good quality partners around the globe. That obviously frees up focus, resources, and time. What are you and the team going to prioritize your direct involvement around improving? Yeah. It really allows us to focus on you know, our key priorities, which is designing world-class innovative products for our customers. We've got over 500 engineers globally. We've got over 1,300 design patents. You know, the team have really established themselves, I think, as world leaders when it comes to the hardware business. We wanna continue to be innovative, develop with the customer in mind, but also thinking about products that are easy to manufacture, easy to deploy, and then most importantly, easy to service. The three GMs today have talked about ATM as a Service, Running the Store, Running the Restaurant. Having our service capability really allows us to have those discussions. I don't think anybody has the service capability that we have at scale. You know, we have 15,000 field engineers. We have a large team focused on the customer, working through our managed services portfolio. Earlier this year, we realigned that team to be focused, BU-focused, and we're seeing better alignment and accountability through that team. We're actually seeing that reflected in our NPS results. We're nearly 15% up on our services scores as we think about our performance and what we're doing, which has resulted in a total shift in mindset, really focused on our customer, driving more connections to our platform through connected devices and able to resolve service incidents before they really happen and impact our customer. Yeah, I mean, I think about the three years, the progress. It's not just the 90%, it's the standards of quality around the hardware and the delivery of services. It's the focus on the user and what designs matter, what differentiate our products in the marketplace, and what really, at the end of the day, help our customers create a consumer experience that allows them to win. That design and usability is absolutely critical. Great for you and your team. Thank you. Throughout all this and all the supply chain issues, you guys have done a phenomenal job moving the business forward. Thanks, Owen. Ishmael, as we talk about the customer and we talk about running the store, the opportunity to have a collaboration around architecture solutions, trends within the industry, standing up our product, I mean, really the professional services organization, I refer to you all as the glue that holds all of the pieces, all of the capabilities of NCR together. Yeah. In service to our customers. Maybe you can talk a bit about how you look at that business and where you see it going. When we talk about professional services, we're talking about a 4,000-strong practice globally, which is focused on industry and software to guide our clients through the business and technology challenges of implementing the software. Our focus, the focus of our teams is very much on unlocking the power of the software that we've been talking about. As you say, we've very much become the glue that brings together industry experience, technology experience, and the ability to drive business change. We've also been going through some transformation ourselves. Traditionally in professional services, you would associate us with implementing NCR software and technology. But what's happened over the last couple of years in response to our clients, really, is we have built global practices again around deep domain industry skills. You think about hospitality or financial services or retail, we've got global practices around them. Also, around the key technology areas that our clients think are really important. You'd think about data and cloud, customer experience, AI, and digital transformation. With a view being that with those sorts of skills, we could guide our clients into innovating on top of the software platform that Tim and his team have built to be able to deliver much better data experiences and world-class customer experiences. Maybe I can just finish with one example where some of this is coming together. We have a retailer in the U.K., one of the largest retailers in the U.K., who are rolling out our new software platform, R10. What we're doing with them is getting some of the really granular level SKU data from the retail platform and using it to provide very customized loyalty programs and very customized financial services offerings. We're bringing together the power of financial service and retail based on data using the platform that Tim and his team have built. Yeah. I love the idea that this is not a drop it at the door. Mm-hmm. This is becoming a part of the conversation with our customers on the front end during the standing up, and then most importantly, as they leverage and utilize the technologies and capabilities of NCR to their benefit. Kate, we've talked probably more than you want, you and I, but it's in response to the question that I get, Michael gets, Tim gets all the time from our investor community. This sounds great, but are you making the changes that are truly transformative within the business? What about the process, the mindset that the infrastructure of the company is changing to be an as-a-service business, to really deliver on Run the Store? Maybe you can just talk about some of the priorities and pull back the curtain a little bit to help people understand really what's happened to the business, what's happening to the business that creates sustainability. Great question, Owen. There's a lot of things that we've had to do to make sure we have the right discipline in our go-to-market approach so that we can support our Run the X strategy. The first thing I'll mention was really around simplifying our offerings, right? In the past, we had too much granularity in the way we went to market, so we would sell a product and a service and a, you know, piece of software, and it was the burden on the customers to say what they needed to deliver their end desired outcome. We've simplified that holistically. So we have offers, we say, "Here's everything you need to run your business end to end." So it makes the engagement process with NCR a lot easier. We're having conversations around value we can drive rather than component pieces. The other benefit in doing that is we've been able to drive simplified, and more innovative commercial models in terms of the way that we price and go to market. One of the things we wanted to do was take off some of the upfront CapEx investment burden that customers had to make with us to reduce barriers to doing business. A perfect example of that is in the restaurant space, we have a payments first offer, where the customer can pay their entire solution through payments processing. Another great example is in the retail space, we have a transaction-based self-checkout offer so that customers pay us as they begin to see the benefit of cost savings from shifting transactions from manned lanes to self-checkout lanes. Importantly, beyond the pricing and the packaging, it's really been important that we've distilled a new level of discipline and rigor in our internal processes. We wanna make sure from the point of onboarding, our customers have a great experience with us in terms of how we get them hooked up to the platform with our capabilities. We also have a solutions assurance process and an ops review process in place to make sure that we can deliver on our commitments. Ultimately, we have a deals desk team that's reviewing deal quality. We're actually each deal, scoring our sales team, how good is this deal relative to other deals, to make sure we have the right rigor in place, we can deliver on our commitments, we're taking input from the field, we're iterating, and we can be nimble in market. There's no competitor out there that has the scale, the expertise that we have, and we're now able to capture that in market and be nimble in the way that we interact with our customers to drive win-wins. I think it's that level of discipline around the processes that need to span the various functions of the business that have really taken hold and are allowing us to be as efficient as possible, as effective in delivering those. Exactly. Tim, I'm gonna come right back to you. You started the morning off talking about software platform. It is one of the areas that we talked about incessantly about the need to have great software offerings. We needed to build a platform, we needed to bring functionality. Maybe you can just summarize again for us where we've come in that three-year journey and why we're well-positioned to then take advantage of all this work inside the shop to really drive the business in a different direction. Yeah. When we spent a lot of time this morning talking about the platform and the tenets of the platform, but three years ago, when we had that vision, it was a vision. It's today reality, right? The things that Ismail is talking about is a reality of the capabilities that we have in the platform. Our software runs on the hardware, the great hardware that Adrian's team designs, and that we're gonna manufacture and ship out. It actually enables the easy onboarding that Kate was just talking about as well. To be a software and platform company, it has to be at the center of everything that our customers are doing. If I think about that, and then it came down to quality, what's the quality of our software? What's the reliability of our software? What's the availability of our software, right? How can we maintain availability so our customers can run their business 24/7/365 and take advantage of all of our capabilities and the capabilities that integrate around our platform as well. I'll give a couple quick examples. I'll start in hospitality. When you think about hospitality, we've got a very rich set of functionality in Aloha. It helps drive our restaurants day in and day out. Little known secret, for over eight years, we've had a lot of cloud technology that goes around Aloha. This morning, I talked about hybrid cloud. That's really important because we have cloud capabilities around data. Again, back to Ismael's point, we have cloud capabilities around labor management, around online ordering, and that all communicates to an in-store point of sale as well. We're doing a best of breed modern architecture to bring that capability together, combining common capabilities from Aloha and then Silver, our SMB restaurant product, to make one restaurant hospitality solution set. That's kinda what we're doing in hospitality. We've been doing it for a while, and it's real today. You heard that from Wendy's. Mm-hmm. If you go to retail, we think about Emerald. We've talked about the upgrade imperative. David talks about that. When we talk about Emerald and our Emerald solution, it's bringing all of our legacy point of sale products to the Emerald vision, which again, all use the same common capabilities from our NCR Commerce platform that I talked about this morning. Then finally, around banking and digital banking. We've got two platforms, Digital Insight and D3. But we're able to build common capabilities within our data platform running in Google, so we can build one solution for data analytics, data solutions, advanced AI ML around customer retention, and use that data platform for both DI and D3 customers. At the end of the day, it comes back to we've got high quality, we've got reliability, we've got availability. We use this modern architecture to deliver our solutions to our customers so they can run their bank, run their retail store, or run their restaurant. Great. Thanks, everyone. You know, the one thing, Tim, you just said it. three years ago, we were putting forth a story and a vision. I think where we are today and where my confidence goes to is that we have taken products, and we have delivered them to the marketplace. They've been accepted, embraced. The backlog, the order activity reflects that. The infrastructure sometimes doesn't get all of the visibility, but the infrastructure around processes, capabilities, simplification of the offerings, et cetera, is in place, and it is scalable, and we're ready to go. We have moved from a storytelling to an execution story, and I feel very confident that the execution that the team's gonna deliver will continue to drive the expectations of growth that we all have for the business. Thanks for your time. I'm gonna join Michael and Tim back in the studio. All right, Owen, that was awesome. While Owen's making his way back, we're gonna introduce Don Layden and have him give us a Cardtronics integration update. Let me just a few words about Don's. I'd say relatively new, but not really new. Don joined us full-time in October to lead up our new payments and network segment. Don's got a history in the background of running payments companies, running fintech companies. Prior to that, prior to joining us full-time, Don's been working with us over a year, leading our strategy and our M&A. Don, you actually drove the Cardtronics transaction strategy behind it and the execution. I'll say welcome, but not really a newcomer, but new to running a business at NCR. Thanks, Michael. The Cardtronics integration so far is going exactly as we thought it would when we did the transaction. Organizationally and culturally, the fit between the two companies has been outstanding. We're working well together, putting together good go-to-market plans, and everything is on track. In fact, Tim, it looks like the expense synergy number that we had targeted about $120 million, the accretion, everything's on track. Everything's right on track. Yep, right on track. Yeah. It's going well. All right. Thanks, Don. We will move over to Tim. You're gonna do five-year outlook, kinda strategic financial plans that tie into the business strategy, and then give, you know, give some data that the people can look and expect where we go the next five years at NCR. Yeah. There's some heavy lifting to do here in the numbers. It's the first time we've showed the financial impact of adding Cardtronics to our organization. Welcome back, Owen. Hey. That was fast. Good work. Fast. The first time we're gonna show you what 2021 and even the prior two years would look like under had we owned Cardtronics for that whole period of time, so recasting our results as we will report them going forward. We also have put estimates out there for 2021 on a new reporting basis. Don't try to reverse engineer our fourth quarter from those numbers. You won't be able to get there. Just don't even bother to try. If you did, the answer would come back is the quarter's playing out about the way we would have thought. When we get the recasting done for Cardtronics, we also have the new segmentation. As Michael described earlier, most of the Cardtronics business is now resident in the payments and network business. There's also a double reporting in our new segments. Our merchant acquiring business, which is resident both in our retail and hospitality businesses currently, is also going to be reported in the payments business, which is because it's crucial to the growth of all three of those entities. We wanna incentivize all those entities to grow their merchant acquiring business equally. We also wanna make sure that when you compare our segments to outside pure play folks who do what we do, who include payments revenue into their results, that you're able to do so on an apples to apples basis. We will exclude that. By adding a corporate segment, we'll back out about 5% or 6% of our corporate cost that is layered over the top of those businesses. It's truly corporate overhead cost. Many organizations pull that forward, again, to make that sum of the parts analysis or to value the pieces more accurately and not have them burdened by the five or so points of cost from the corporate side. We're also. We've got two different thoughts on modeling going forward. We've got a base case, and that base case thinks about our company as it's constructed currently and as it's invested in currently, meaning continuing to invest CapEx at or around depreciation and with the types of acquisitions we've done as of late. We will generate a lot of cash over this period of time. My upside case, which is depicted in green in almost every chart, is really what we do with that $1.5 billion that we will reinvest back into the company. About $1 billion of that I'm presuming is in acquisitions. About $500 million would be into organic growth over and above our rate of depreciation to drive further revenue growth. When that happens, profit will fall through from it. We show both concepts. As Michael talked earlier today, we think that base case of 6% compound annual growth in revenue for this company delivers a very nice return in EPS, and I'll show, I'll prove that out. We also believe that there's upside in the businesses, and I'll walk you through those. On the first page then, revenue by source. As you walk across from $7.7 billion over to $10.3 billion at the top of the white bar or $11.8 billion at the top of the green bar, the hardware business is shrinking. It's down about $300 million over that five-year period of time.$400 million of that, more than all of it, is in ATM hardware coming down. A little bit of growth in SCO and a little bit of decline in POS. POS is down slightly in both hospitality and retail, but SCO more than makes up for it on the retail side. The software and services businesses then will grow over $2 billion across this period of time. The payments business, which is really if you take the payments and the LibertyX acquisition that hasn't yet closed, but we expect to close very shortly, those two numbers, $600 million in payments, $450 million in LibertyX, represent all of the growth that's resident below in the payments and networks new segment. Down below, looking at it by segment, first of all businesses are contributing. The businesses in the retail and hospitality side are growing slightly faster than the average of the company, fueled by the merchant acquiring business. Digital banking, the payments network are growing in the low teens%, almost double what the underlying growth rate is. You'd expect that of businesses that are as poised as well as these. Self-service banking, as we talked earlier, that's a GDP plus grower, decent business growing nicely. More important than the growth rate is the composition of that revenue as it comes. 6% in our base case and two-three points of upside from there. On the EBITDA side, again, walking across 9%-10% growth in the base case, somewhere between $2.2 billion and $2.5 billion when you include an extra couple points of growth from the redeployment of capital. Volume here, $2.7 billion of incremental revenue at 18% margin rate, which is our current rate, delivers about $500 million of lift in EBITDA just from the volume increase. I've calculated inflation here to be about $900 million. It's a little more than 2.5%, it's a little heavier in the front end for obvious reasons, and it abates a bit as we go out. Compare that then to the productivity and price bar that's about $1 billion-$1.1 billion. I expect this to generate productivity. As we've talked about during the discussions on our supply chain challenges, we expect our pricing capability and more importantly, our effort to generate productivity to allow us to overcome that inflation. That overcome allows us to expand margin by about one point. About three points of margin growth you see down at the bottom comes from good old-fashioned productivity and price. The mix bar then is all of that revenue moving to software and services at a higher profit margin in aggregate shifts the overall company margin up by 2 points or $200 million. Moving to the bottom of the page, much like the previous page on revenue, these are the organizations that are gonna deliver that profit because everybody, again, participating nicely, moving from an 18% margin rate today to something closer to 21% at the end of the five years. The commerce businesses, both Retail and Hospitality, are gonna expand more than three points. Their mix is good. When you have more payments, your mix is good, and they're getting nice leverage off some under-absorbed cost structure. They're growing, finally growing and growing again, and they're gonna get nice leverage on their cost structure. Digital banking and self-service banking are just under the company average. For different reasons, digital banking's margin rates are already pretty good, and we're gonna dig into what allows them to keep their margin rates where they are. Self-service banking, really it's the shift of revenue mix, and importantly, you heard Adrian talk earlier about how we're approaching manufacturing. That's gonna drive some nice savings for us going forward. Lastly, payments and networks. We're not presuming much in the way of margin expansion in this business, just good contribution from an already high margin rate. You're gonna see this chart five times over, once each for the five segments. I'm gonna talk about where I think they are relative to the history here at 2019. I'll walk you through what the base growth on revenue looks like, why their margins are going to expand over this period of time, and then highlight when we're successful redeploying cash to capture the bright green on this page and the potential upsides where those investments might be. For clarity purposes on this page, I put a dotted line around the revenue and profitability associated with the merchant acquiring business. Since we're going to eliminate that later in each retail and hospitality, I'll put a little box around it so you can adjust your models as you see fit. Firstly, the platform lane conversion, we talked a lot about this earlier. The ARPU that pulls through will generate about 60% of the revenue growth in this business. It's crucial that we be successful in getting our customers onto the platform and pulling through more product set once they're on the platform. The merchant acquiring business will drive about another 20% of that revenue growth, and then self-checkout will be the remaining 20%. It will grow faster than its underlying market. Think about a 6% growth rate in self-checkout overall drives about 20% of this revenue growth. On the margin expansion side, as I said before, this business is growing again, and it's growing from base that probably wasn't high enough, and so they're gonna get fixed cost leverage. There's also three different flavors of mix in this business. There's less POS and more SCO. There's more software and services and less hardware, and there's more merchant acquiring. When those things happen, margin rates go up. Then lastly, we ought to be investing back into this business. It's a good business. If we can pull NCR Emerald capability forward and accelerate the adoption of that, if we can close the cash loop with inside the store, we should invest in that. If we can find a way to replace the service desk with a financial kiosk, we should also think about doing that. We can do that organically, or we can do more acquisitions like the Freshop acquisition. Yeah, I think, Tim, that last bullet, you know, the strategy starting to work around the platform, the strategy working around the customers. You've seen the customers today talk about the partnership, about having fewer providers, fewer vendors, one entity that can deliver more to them. I think to the extent that we've got capital to allocate or cash to use, whether it's here in retail or we look at the same thing in hospitality, the ability to add some more products into that platform and then to upsell is a strategy. You know, based on what we've seen with Freshop, where that's done extremely well after the acquisition, I think that would be a good place to go. Yeah. Hospitality. You can see the history here. We're back above where we were in 2019, much like we were in the retail side, and profitability has grown 14%. Revenue back to flat, profitability up, it means that we're being more cost efficient. In the prior business, the very same story was true. Good leverage, good cost discipline, and getting back to growth again is the story. Hospitality is gonna grow about $300 million. About half of that's going to be from platform site conversion and the upsell that comes with it. About half of that will be merchant acquiring business that comes as we take some share in the SMB space and get those folks attached to our payments platform. You think about the 45,000 sites we talked about before, if we get just $4,000 of improvement in the ARPU from the $4,000 it is today, so we only double it, and I think it can be better than that. That describes $180 million of revenue across this period all by itself. On the EBITDA side, most of the margin expansion here comes from payments, which is not surprising, and that is a payments-led growth strategy. Because of the way you price in that environment, payments will represent most of the upside and margin rate. Obviously, all the businesses continue to contribute. I think there's less investment to be done here. I think there's less upside only in that this business already has a lot on its plate. To execute against all that we just described is gonna take all the attention of this business. I think that we've stretched them pretty hard in this model. That said, information, back office functionality, the digital kitchen, all things that can give us more boxes on the platform chart. It can turn more of those green. It can flow through once they're on the platform. If we were to do some acquisitions or make some investments, I think they'd be in those three businesses. Yeah. You know, so Hospitality, you look at the base case, and this is probably the area that gets me the most excited in terms of the potential. I know Owen would share that too. You look at where we've been. You know, we've had some work to do. We're not saying we're perfect and we're there, but we're starting to turn the customer sat. We've got a great product strategy that's getting close. We're excited about what we're doing with SMB. We're excited about the enterprise segment with the platform that we've rolled out. This, you know, this is an area that could actually perform quite well, even without adding and investing into more of the capabilities. It's just that it's had some, a couple tough years. It's got a good bounce back this year, and I think it's poised for pretty good success. Good traction. Digital banking business. We've broken this one out. It's a valuable part of our company. It had been resident inside the total banking segment for too long, and we wanted to make sure that you all could see how powerful it is. It's also the right time for this business to be under the microscope. It's better. It's winning again. Our product set is better and richer. Our customers are happier, and we're ready to keep winning. I think that's the story really in from 2019 to today. We're back above where we were in 2019. There's an acquisition there, but importantly, we're winning again, and you should see that start to go up. As you know, there's a lag, right? When you start to win, there's a nine or 12-month lag to when we get those new users converted, and we start to see the lift in revenue. Drivers of growth, we just gotta keep winning. We'll also have to upsell the Channel Services Platform and Terafina, which is an account opening software. About $300 million of the revenue growth here comes from growth in users. The other $150 million-$200 million has to come from new product sales through this footprint to drive a greater share of wallet. On the EBITDA side, this is a tough dance on ARPU because you've got two things going on. First, there's modest price compression in this industry over time. Then secondly, we've got a mix of two different products in here. We've got a DI business, which is probably going to represent two-thirds of the growth here that actually has a slightly higher ARPU than the D3 business will represent a third of it. Taken all together, I think there's probably over a five-year period only a 15% degradation in ARPU. That then has to be offset by nice growth in the other things that we pull through. When we pull through CSP and we pull through Terafina, you're gonna see that account for probably $150 million of this growth. EBITDA margin rate is up slightly, but importantly, it's not, we're not allowing it to go down. We're not allowing price compression to take profit away from this business. Aside, there's a lot of opportunity here. The whole world likes this business. We like this business. The valuation in these businesses are very high. I've had to let the EBITDA, the profitability grow a little less quickly, Michael, than the upside on revenue because I think we have to. It's expensive to get into this space. In the short run, it might not be quite as high profit as it currently is. Taken all together, an international offering here would be terrific for us. A business consulting practice around digital banking could be really helpful, could help us pull content ultimately and adding functionality like Terafina. You know, it really is, as we heard from Doug and we talked about before, it is retail banking. For a bank of any size focused on their retail customers or consumers or small biz customers, this is where they go. They don't worry about the accounting engines on the back end. Those are commoditized. They worry about what they do on digital banking. The capability that we have, the scale, the mass that we have, and you talked about EBITDA, and I think this is an opportunity to grow a business in a market that we're positioned extremely well in with a product perspective and a market perspective. I'm excited to see what we can do internationally. I'm excited to see what Ishmael is gonna do with the business offering because there is not a player out there that can go in and help you redo your strategy around retail, can help you go in and tie. You know, now it's tying the back end, tying the ATMs and tying the branch into what you do in the retail. I think we've got a great position. Self-service banking still down versus 2019. 2019 was a really good year from a hardware sales perspective. There's an upgrade cycle underway. We're still down $500 million from 2019, and all of that and more is hardware decline. That is just pure ATM hardware. Most of that was with some of our big North American customers. It was profitable as well. That said, our profitability has returned, and in fact, the margin rate in this business is up two full points from 2019 in 2021. They've done all of the right things in an environment where revenue is down. In fact, it's really hard to grow margin when your revenue is falling, right? It's a pretty neat trick. This story is all about ATM as a Service traction. When this happens, ARPU triples. At least two and a half times the revenue over the life cycle, the seven-year life cycle of that ATM. When that happens, then by the way, that's recurring revenue as well. We need to get the traction. We talked about 120,000 units, or 30% of our total production of ATMs over the next five years. I think that's a good goal, and I think that as it accelerates, it could be even half of our total production as we get to 2026. Yeah, I think there are two big factors here. One is what we heard Adrian talk about in terms of dealing with products, simplification, which has allowed him to bring costs down. His outsourcing strategy has worked exceptionally well. When you look at the overall profile of the revenue mix that we have, this is a team that got out ahead of moving everything from perpetual to recurring licenses. We're seeing the benefit of the software services mix as well as the improvement on the manufacturing and the simplicity of product. Yeah. I think that's why you see a, you know, the revenue down, but margin continues to expand. As we move to the ATM as a Service, both the TAM on revenue and the margin expansion opportunity is significant. I talked about productivity adding a full point of margin rate for the total company over the five-year span. Most of that has to occur in this business. Mm-hmm. Adrian needs to keep executing against that. Potential upsides, this is not an obvious place for us to go invest that $1.5 billion I talked about. This business has a lot to get done in this transition. I don't think it needs an awful lot from us. I think there are some services we don't do today that we could insource that would augment the offering that we have and bring more revenue in-house. I think there's some acquisitions that could be done in that space that would be reasonably inexpensive at 1x revenue or something. I also think we could see a fleet upgrade acceleration. We've seen it in the past. We saw it in 2019. We'd call it out. It's not repeatable. It would feel good for a few minutes, but I think that could drive revenue here. Also, I didn't say, Michael, earlier on the base gross driver side, but our product set's about as fresh as it's been in a long time, and it's ready to compete very well. Our product's in really good shape, right? We've got, you know, the leading ATM. I think the recycler we're rolling out to market is getting extremely good reaction. You know, as you said, this is all about the transition to as a service. At some point, we'd like to be in the business of selling subscriptions for this. I think we're very. I don't know if I'd call it uniquely positioned, but we're very well positioned to be the provider that has that vertical integration to do this actually globally. This is gonna be an interesting business to watch. It's gonna continue to generate cash flow, and it's gonna be a solid business for us. Yeah. Payments and Network, a lot of growth. Over $1 billion of growth in this business. $450 million of that I have in my model from LibertyX. I actually think that could be conservative. Now, that revenue, a lot of that revenue, about 75% of that revenue, is gross. It doesn't carry as much profit with it as otherwise would. That said, over time, we continue to grow the net revenue reasonably quickly. $450 million of the growth we expect in the next five years is from LibertyX. The remaining, say, $700 million of growth is evenly split between growth in the network and growth in our merchant acquiring business. the $350 million of revenue that I've eliminated from the other two segments. Very good growth. On the profitability side, the margin rate doesn't move much here, but the mix is moving. So underneath the raw results, I talked about the LibertyX revenue being somewhat empty revenue or less profitable revenue because it's on gross basis. It's a buy/sell transaction. We would recognize it on a gross basis, at least for some period of time and at least for one of their three product sets. When that happens, obviously, your margin rate comes down. That said, when you also mix in some good merchant acquiring business that has very high margins, in fact, higher than the average of this business, they offset one another, and the rest of the business sustains its pretty good margin rate. Taken all together, not much movement, but within the pieces, Don, some movement. On the upside, look, this is a great business, and I think there's lots of opportunities for us to go redeploy cash to grow this business. Whether it's to and really to broaden the types of transactions we can put through this network and across our devices, it's all about more transactions. It's all about more devices. Michael? You know, it's interesting because we get the question all the time, what surprised us the most on the Cardtronics transaction. I think this is it. The Allpoint network and having our own proprietary distribution points, 55,000 units and growing as Don looks at what else he can attach to the network, whether it's existing SCO that we have in our footprint, whether it's POS, whether it's additional devices in the field. The ability to have a proprietary network that's serving a segment of the market that doesn't have somewhere else to go and to start pushing products over that network, this was not something I think we expected as positive and as much opportunity. It's gonna be fun to watch this grow and see what else we can deliver. It clearly just coming out of the chute and having conversations with, like with MoCaFi, with Wole, and with the team at Varo and talking to other entities who are trying to deliver to a segment of the population where they don't wanna build brick-and-mortar, we have a very unique asset here. This chart is hard. I'm gonna start with the answer, and then we'll work back from the answer. This is the Corporate and Other segment that we created for three reasons. One, it's to hold the technology, the telecom and technology business that is about a $300 million business for us today and doesn't necessarily fit in the other segments. Two, to move our corporate costs into a corporate bucket so that it is not burdening businesses unfairly for comparative purposes externally. Three, the elimination of the double count of merchant acquiring that we purposefully counted both in our commerce businesses and in the payments business. On the revenue side, I think in 2021, this is about a $275 million adjustment to revenue to the good, meaning all of the revenue from T&T comes through, and only a minor offset from our very small merchant acquiring business. In 2026, I don't expect a lot of growth in T&T. I do expect a lot of growth in merchant acquiring, and so that swings from a positive number to a negative $100 million in that period of time. Shift over to the EBITDA side, it's just taking that change in revenue and cost and moving it over to EBITDA. Currently then, in 2021, I think it's a $450 million adjustment down for EBITDA. Most all of that associated with the cost of our corporate structure, offset a little bit by the profitability in the T&T business. For 2026, I expect some growth in our overhead structure as a company. As we grow at 6%, I've grown our cost structure a bit. But I also expect the profitability on the merchant acquiring business to be substantial. Taken all together, that $450 million cost today becomes an $800 million adjustment to EBITDA in the future, with about most of that $350 million coming from the profitability associated with or the delta coming from profitability in the merchant acquiring business. This is out there so Michael Nelson can help you do this math, because I'm sure I botched it there. I mean, it is important. You're literally doing this so that when you look at our retail segment and you look at our hospitality segment, you can compare it to other companies in the marketplace that do embed their payments. You can see that, you can compare apples to apples. We have a payment segment, you want to be able to see that, so you're just using this as a way to be able to do that. They both want to be incentivized to grow, and it's crucial to both, all three units' growth strategies. We wanna incentivize all of them to grow. We wanna make the comparables easy, and we hope we'll make this adjustment easy as well. After that chart. All that said, we walk down through EBITDA. Let's get to EPS. On this page, more than all of the upside in EPS is described by the walk I had on the previous page back on 58 on EBITDA. That's our operational performance. We've walked through all of that. I've added about a 70% cost associated with D&A. I think depreciation and amortization is likely to be a little higher in the future. This is $140 million higher than it is now, which suggests we have outpaced depreciation with that investment I talked about earlier. I assume the 30% tax rate, that costs about $0.20 in this model. I've also assumed we will redeploy some cash. Now, whether we spend all that cash I just described to go grow organically or to grow through acquisition, or we go buy back shares, all of those would be accretive to this model. In this case, with the cash I've not yet used to fund growth, I've repurchased shares. I've assumed that our share count goes from about 154 million shares today down to 149, and it accretes to EPS. When all that is said, it's a 15% compound growth in EPS on the bottom end of the range and up to 19% if we are able to execute against those upsides. Free cash flow, as Michael said earlier, we think we can get to $1 billion of free cash flow by the time we get to 2026, which is a big, powerful number for this company. We think we can do it on a relatively linear basis as well, which is important. I've assumed $506 million of capital in 2026. That's $50 million higher than our depreciation at that point in time. I think that's the right place to be. Cash tax is about $275 million. A use of working capital to support growth of about $100 million. Right now, we're running at about $0.10-$0.11 per dollar of incremental revenue that we need to invest working capital back into. I think we can do better. I think we can drive that number lower than that, particularly when it comes to inventories. For now, I think the right assumption is 10-11 cents for every dollar of incremental revenue. Our interest expense is $260 million, about like it is today. I've assumed less debt, higher rates, comes out to about the same answer. All together, $1 billion of free cash flow, really nice round number. When we generate all that cash, what are we gonna do with it? You've asked for conversion goals on our cash flow, and I think it's important that we lay those out. Right now we're generating about 35% of EBITDA is converting to free cash flow. That's gonna go higher because our operating income as a percentage of EBITDA is gonna go higher. About 40%-45% of EBITDA will fall through to free cash flow. From a net income perspective, we've been running hot. Over time, these two numbers have to equal each other. Net income and free cash flow have to equal one another for the most part. We've been above that. As we've been really efficient in our use of working capital to be able to drive excess cash flow for the last several quarters, I'm presuming that comes back in line at 100%. There'll be periods of time it perturbs around that 100%, but fundamentally over this period, you should expect 100%. We'll keep driving working capital lower. I think there's still room in receivables, maybe not as much as we've already achieved. We're down about 12 or 14 days already in our days outstanding. I think we have some room in inventories, particularly when it comes to our spare parts inventories and some of our finished goods inventories. I think we can continue to underrun the statutory tax rates with our cash tax rates or cash tax payments. When we generate $1 billion of cash, what are we gonna do with it? First, we will reduce our leverage. We made a commitment to our new debt holders and to our shareholders. We would not stay at 4.5x. Neither the CEO or the CFO or the COO are comfortable with 4.5x. We're getting down to 3.5x at least. I don't want to get below 2.5x. I think that's underlevered. We can continue to reduce our leverage into the 3s and just into the high 2s, if we got the cash to do it. We then go invest in organic growth. It's the cheapest form of growth. We have a lot of good ideas. We never would wanna under-invest in our organic growth opportunities, especially those that are accretive and accretive quickly. Talking acquisitions, we've done about $200 million-$250 million a year of acquisitions. About half of those have been technology-rich transactions that bring very little revenue, but a lot of capability. The other half have been what I'll call services acquisitions that add revenue and profitability right away and are a little bit less expensive to get done. I think that mix will continue. If we run out of good growth ideas, stock repurchase makes some sense. Yes, I said before, buying back a little bit more than the dilution due to compensation has been our practice. I think we'd want to continue that. We'd probably start with our convertible debt. We've got some, about $270 million converts. It behooves both our debt holders and our equity holders to buy those back first. Lastly, Michael, if we run out of shares to repurchase, we could consider a dividend. Into that order would be the way we play our cash. Next page is our debt stack. The good news is we don't have much to do from a debt perspective for a long time. Our preferred shares do have a put date in 2024. I'd be happy to take those back 'cause they're way in the money. If people wanna put them, we'll take them. Our revolver right now is about $1 billion available against it. I've got $400 million in cash, so think about net. We really haven't borrowed against that revolver. Importantly, when we talked a year ago, we thought we had more of an issue with pension that we'd have to be addressing now. We don't have to for some time. Changes in the way the government causes us to have to value the pension, our ability to generate more return in that pension plan and put risk back on it in some areas that make more sense, particularly buying duration in our investment portfolio. And then making modest contributions in the last couple of years have caused us to be able to reduce our required U.S. pension contributions to be in the $30-$40 million range and to not have to make them until 2028. We put those bars on there to remind people that we do have that, but we're managing it well, and it's starting to become less of an issue. Michael, lastly, you showed this chart earlier. I love this chart. This is why we put the new segments together. Some of these segments are growing much more rapidly than the others. They have much better profitability than the others. Despite the fact that not everybody loved the old ATM business that we now call self-service banking, it's a good business, and it's growing, and it's got decent profitability. In fact, when we hit the plan I just described, those all get bigger, and they move up. Pretty cool, huh? Very nice. Michael, those are my charts. Very nice. Let me just before we get to Q&A kinda wrap on this slide. You hear this kinda talk and you may be thinking we're a little more optimistic. If you think that, then you're correct. We look at a window from 2018 to 2021. We laid out some plans three years ago, and quite frankly, we hit those plans. We delivered. We hit our 80, 60, 20 goal early. We aren't at all those numbers yet, but we're getting there early to the point that we're gonna accelerate those goals and come up with some new targets. In the meantime, in all those quarters, we hit our numbers every quarter. We hit our numbers every quarter. We said what we were gonna do on a financial execution. I think more importantly, the business we have today is very different than the business we had three years ago. The underlying composition of the revenue streams, the underlying composition of the products and the execution, the underlying business of where we stand with our strategy and our team ready to execute. Yes, I think we're more confident today in the opportunity to grow. You're seeing that with our expectation for our numbers going forward. I'll just point to three simple things. We talked about this right up front. We have a strategy to go out and grow our business. We're gonna grow our business by grabbing share of wallet. We're gonna grow our business by adding products on our platform for every customer we serve. We want 100% share of wallet for each customer on the technology that we can deliver to them. You can't do that if you don't have customers that view you as a partner. You don't have customers that view you as a strategic provider. You don't have customers that are happy. When you look at a success metric for NCR the last three years, you don't have to look any further than our NPS score. If we don't get our NPS moving up over the last three years, we don't have any chance of success. To move from a 14 to a 48 in a three-year window, I think this team here is pretty excited about what. It's not us. It's 35,000 of our colleagues do each and every day to go out and take care of our customers. 35,000 people every day get up and take care of our customers. That's one metric you look at and say NCR has a chance of executing going forward. I think our products, our software, our platforms, where we're positioned, the journey we've started our customers on to get them on that platform, get them on a journey, start to add products. We're not all there yet. We don't have all customers there. But you saw examples of how it's going to work. I think we're very excited about where the products are today. Then lastly, we think we have the right strategy. The strategy we have in place, the team we have in place, we simply have to execute. When we execute over the next five years, we believe we have a plan to drive, quite frankly, 6% growth isn't crazy growth. Six percent growth, we believe, we can execute. Margin expansion, 50-60 basis points. We've been doing that. We've been doing more than that the last three years, so executing that the next five. Then you have all that cash, Tim. You either buy more products, invest more products, drive more revenue, drive more profit, or you can buy back shares. You'll take advantage of the cash- Yeah. To make sure we drive a 15% return for our investors. We look at that, we think that's a pretty good strategy, pretty good execution, as you look at NCR as an investment. If we actually execute on all those things and we ratchet up our level of subscription revenue, we ratchet up our percent of software and services, I don't think the market looks at us as a hardware provider and values us at 8x EBITDA like they do today. If we start to tick up closer to other companies, I don't know that we re-rate to SaaS, but will we rate to a business services company that trades maybe as a multiple in the mid-teens? I think we have a shot at that. I think if we keep executing what we have, we have a shot at that. We've established new goals. Again, 80/60/20. The 60 of the 80/60/20, recurring revenue, we think that's the most important thing to ratchet up. We're gonna shoot for 80. We're gonna try to get to 80% recurring revenue, subscription-based revenue. Shifting ATM to a service is gonna be a big chunk of that. Shifting and growing all our platforms, whether it's the Emerald platform, whether it's Hospitality, whether it's digital banking, we're going to continue to move that number. When we move that number, software and services is gonna naturally go up. We're gonna focus on moving our recurring revenue north of 80%. We are, when we do that, gonna end up with higher profitability. We think driving EPS growth of 15% is a good goal to have. Then lastly, at a company our size and scale, to start generating free cash flow of $1 billion a year by the time we get to 2026 creates the flexibility for us to keep reinventing, re-innovating, reinvesting in our business, in our people, in our products, in our team, in our markets. That gives us a lot of flexibility going forward. Those are our new goals, 80/50/1, to move forward the next five years. Again, I think we're excited about where we got to. We don't think we're done. We have challenges. We have work to do, but we are excited about where we're positioned, and we're very confident that we're gonna get there over the next five years. We appreciate you all joining us today. Again, I think it was a nice checkpoint to see where we are, particularly given all the activities we've done in the last year. We're gonna go to Q&A and give you a chance to kinda ask questions, and we've got a lot of material on the table. We will start up the line and allow you to ask your questions. Operator, if you wanna open up the line for questions. Hey, Michael, before we start into the questions coming from the phone, I wanted to answer two that are obvious. The first is what's gonna happen for your full year 2021 or your fourth quarter from a guidance perspective. As we said earlier, we're not gonna update our guidance today, but I would say that the quarter's playing out very much like we thought that it would last time we talked to you and adjusted our outlook at the end of last quarter. Lastly or secondly, you'd ask about 2022 guidance. Like last year, we're gonna wait until we report our fourth quarter results to give the 2022 guidance. Our planning cycle is well underway. Much like last year, in this meeting in December 3rd, we said we expect 2021 to be a year in which makes good progress against the goals we just laid out, meaning this is not a hockey stick of a plan. In fact, if you look at our 2021 results, they will be actually better than linear progress against that, what that plan would have been. I think you'd see the same thing about 2022. We expect 2022 to be every bit as good in a single year as we just described the totality of our next five years. We will make very good progress against that plan as well. Neither year was a hockey stick. Very good points, Tim. Operator, if you wanna go ahead and have the first question. Thank you. Our first question will come from Dan Perlin with RBC Capital Markets. Thanks, and good afternoon. Thanks for sharing all this data. It's, you know, it's pretty enlightening to see how the business has kind of evolved over the past couple of years. Because there's so much data, I was hoping maybe, Tim, at a very high level, when we think about, you know, your future growth, and how that's being, you know, driven, how much of that is predicated off of, you know, your ability to drive this ARPU expansion versus net new wins and, you know, just how much is actually coming from your existing book as opposed to having to go out there and constantly, you know, sign new logos? Thanks. Yeah. The ARPU expansion represents most of the growth. Most of what we described today is about expanding share of wallet with the customers that we currently have. All those platform charts were meant to describe that. As we light up more capability in green on those charts, our wallet share grows, and it's the easiest way for us to grow. As Michael started out, those customers are happier, they wanna buy more. And as David said, happy customers buy more stuff. That is central to our strategy. There is some investment in new product set built in here, most of it around the integration of Cardtronics, and Legacy NCR. You'll notice in that green bar that the upside is really meant to say, what do we invest in from here? I've got $1.5 billion of investment back into new growth strategies, things that are beyond our current construct of this company to drive that future period of growth. Yeah. I guess, Michael. Got it. Dan, I'd just comment that you heard quite a bit about the platform, the investment that we made in each of the various lines of business into the platform. That's critical to provide the ARPU growth opportunities. Behind the scenes, we've also very much focused, as Michael commented that the entire organization has been bonused, if you will, on customer retention, customer satisfaction. Likewise, our entire sales organization has really been built in each of the businesses to think about taking care of the customer and growing our customers. As we look at the business, whether it's in the banking side of the house and the ATM as a Service opportunity or digital banking, clearly in the retail side of the house and on enterprise within the hospitality- I think, Owen, your mic broke when you came running back from the march. Thank you, Oliver. So if you look at each of the industry groups, it is all about taking care of that customer base. You know, one of the great assets we have is a premier customer base in each of the segments. Taking care of them, making sure that we're doing the right things, bringing the platform to the conversation and filling out those platforms really provides that growth. I would say in the hospitality SMB space, that is gonna be about new logos. Our focus has been get the product right, get it out there, we are there with it, and now it's about feet on the street. I think to Tim's point, a lot of this growth is predicated on the ARPU growth in the existing customer base. We've got to take care of our customers, and I think we're well on the path to do that. Yep. Tim, I just want to follow up on what you just said. The upside, the two-three points of upside, can you just. You said it earlier in the presentation. I think I missed it. How much of that is predicated off of being inorganic or acquisitions? How much is organic? The inorganic piece, when we think about what would be aspirational pieces of your business that you'd like to have, where do you want us to be thinking about you putting those dollars in the future? Thank you. Yeah. Think about cash generation over the period being between $3.5 billion and $4 billion that we need to put back to work. I presumed in my model we put $1.5 billion back to drive growth in our existing segments. Those are more inside the four walls what we currently do. About two-thirds of that, $1 billion or so I presumed is acquisitions, $200 million a year. Small-ish bolt-on, either technology-rich, but half of them technology-rich deals that don't bring much revenue or profit, but take our product set forward pretty rapidly and have a nice growth rate associated with them. The other half being more services like acquisitions as we've done and folded them in. Those bring about one times revenue with them. About $1 billion of those. I don't think it's any one acquisition. It's more a series of them over the five years. About $500 million of investment back into our business, so spending over and above our current capital spend to drive better traction in some new technologies, some of the applications that the business units described. That leaves a lot of cash, right? That leaves about another $3 billion or so of cash, or $2.5 billion to go put to work. I think $1 billion-$1.5 billion can be used for stock buyback. We have in the past tried to reduce our share count modestly as we offset compensation programs. I think we'd like to do that, and that still leaves some cash from there. A little bit of delevering could take place and ultimately you can't predict exactly where we'll spend it. Dollars are fungible, but that's my model. Okay. Thank you. Dan. Our next question will come from Kathryn Huberty with Morgan Stanley. Yes. Thank you. I've two questions. The first is, there's clearly a lot of growth factors here that you highlighted today that clearly need to get priced into the stock. However, from an investor standpoint, it's just hard to get excited about the long term without some assurance on the near to medium term expectations. I think why the stock is down today is that if you apply your midpoint of EPS growth guidance 17% to the $2.75 from this year, you land $0.30 below consensus for next year. Maybe Tim, if you can talk about the factors that we should think about, knowing that you don't wanna provide formal guidance, but what are the factors that we should think about in 2022 that might land you outside of current consensus EBITDA of $1.55 billion and consensus EPS of about $3.50? Yeah. I'd hate for that misconception to be the thing to cause our stock to go down because we should not presume that that's a linear path to EPS growth. We're coming out of a pandemic, and we've grown faster this year than that, and I would expect when we do next year, you all would expect us to grow a little bit faster than that. I think our growth rate in revenue is a little front-end loaded and then gets better back out in 2026 with a little bit of a trough in the middle as we make the transition to an as-a-service company. You push forward some hardware revenue into the future as software and services revenue. There's no reason to presume that our growth rate in 2022 would be any lower than the average we expect over the next five years. Secondly, our margin rate has been improving nicely. While I think that the 50-60 basis points a year over five years makes some sense, Adrian spoke about some pretty dramatic things we're doing in our cost structure that I think can be more accretive on the front end of this model than the back end. Now, next year's margin rate will be really dependent upon our ability to get traction on pricing against the significant cost inflation we've seen this year. As we said, about 90 days ago or so, we think we're gonna make good traction against that. We can cover that excess inflation with our price increases. I think if that was the conclusion people drew that they thought next year's EPS growth could only be 15%, they'd be very wrong. Okay. Thank you. Then maybe a follow-up for Michael. I've watched a number of tech companies attempt a valuation transformation, and one of the reasons that it sometimes does not work is that even though you get accelerating growth in margins in these new segments, the market applies a hefty consolidation discount when they think about some of the parts. VMware within Dell was a great example of this. Ultimately, the only way to ensure a full value unlock is by separating these growth businesses in the form of a spin or a sale. I guess the question is: Is there a scenario in which that is on the table, those actions are on the table, something like looking at the digital banking business or looking at the NCR Hospitality business and saying, "We're not getting full credit for it, and we're willing to take action"? Or should we look at some of the parts through the lens of really a consolidated portfolio where there would naturally be some consolidation discount applied to some of the parts? Thanks. Yeah. Kathryn, before I answer, let me just make sure. Tim laid out, and we said it right up front, we're gonna talk about strategically our five-year outlook. We talk about 15% EPS growth per year. As you look at 2022, as Tim mentioned, don't use that as forward guidance for 2022. The other thing to keep in mind is we've talked about the accretion from Cardtronics, which will start to come in 2022. I think the math you were doing might have been a little understated. We are not gonna give 2022 guidance, but I would not support the math you did. On your other question, yeah. First of all, as a conglomerate, you know, if you look at the five segments we have, each one of those segments underneath the NCR brand goes to market, and the brand, and the brand works. The brand works in retail, works in hospitality, works in digital banking, clearly works in the ATM business and works what we're doing in the payment business. We think there is some synergy under the brand, under the umbrella. We do hope that by doing transparency, giving more detail, not only numbers, but business strategy, execution and KPIs to track our progress, that investors can see that, yes, we are doing better than just a 15% return, that there is upside. Tim went through the rev upside. We talked about the upside expectations drive the business. If you think about the shift under the covers to be software centric, to be SaaS centric, to be subscription centric, will the market re-rate us into a higher level? We actually think the market over time will start to recognize that and will start to give us a higher multiple because they understand the value. Again, we apply the term conglomerate. It's, you know, it's an integrated company that goes to market with a brand that works for all five of our segments. Having said all that, this management team and our board has that dialogue that you referred to. We have the dialogue, at least every quarter during a board meeting and sometimes more. What if the market doesn't understand or can't bring together the five components we've now outlined and do the comps to companies in the marketplace and say, "Here's the total value of NCR." One of the important distinctions to make, three years ago when we started this, we couldn't even give you the detailed data under each of the segments, and we talked about why. We talked about why in digital banking we had to repair that business, bring a team on, focus on retention, focus on adding products, focus on growing customers, planting new flags and growing digital banking. We said we're gonna get digital banking to high single digits in 2021. We're gonna do that. We said we're gonna get it to low double digits in 2022. We said that last year, and we're gonna do that in 2022. We've brought that business back. We talked about the success we're having in hospitality. We talked about the upgrade imperative in retail. We sit here today with five segments that are back, and we're not saying they're perfect. We still think we can do more and better. But I emphasized at the start and at the finish, our strategy is dependent on customers buying more products from us. Our strategy is dependent on our customers going out and telling other customers that NCR is back and NCR is the best place to buy their products from. We've gotten to that point which says to your question, if we needed to do something to unlock value, we can do that today. We could not do that two years ago. We couldn't do that three years ago. We now have products that we believe can stand alone and demonstrate success, not only in the marketplace but also the financial market with their growth, with their profitability. That's why you're seeing us give more transparency around the segments, going forward. Thank you. Our next question will come from Kartik Mehta with Northcoast Research. Hey, good morning or good afternoon. I apologize. You talked about the payments business and network endpoint and that growth coming in, and I'm wondering how much of that is related to growing your ATM base for Allpoint and how much of it is related to growing the JetPay business or just the merchant acquiring business to get to your goals. I'll give the overall thoughts, and maybe Don, I'll pass off to you. There's about $1.01 billion of growth in the model. $450 million of that is the LibertyX transaction, LibertyX acquisition, that'll come into us with about $80 million of revenue and should grow to something higher than that. About the remainder, $350 million two times, is in the so-called Legacy Cardtronics business and about $350 million in our merchant acquiring business. In both hospitality and retail, we've got $150 million in hospitality and $200 million in retail coming and being reported twice, Don, in the business as merchant acquiring revenue. As we outlined the KPIs for growth in endpoints, we start with 100,000. 55,000 of them are in the Allpoint network. Another 20,000 or so are owned ATMs from the legacy Cardtronics business. And then there's another 30,000 roughly of POS devices that are accepting payments today. We expect that number to grow to double by continuing to expand the ATM network, but the ATM network is probably going to be the smallest piece of that growth. The much larger piece of the growth is going to be to extend the Allpoint network, not on additional ATMs, but on other POS, other kiosks, SCO devices, so that the availability of the network becomes broader. You also saw Michael talk about Pay360. NCR Pay360, we think, is gonna dramatically improve the number of transactions. If you look just at crypto, we're allocating, we think, in the growth over the next five years, $400 million of growth to crypto, and we're gonna expand that number of the transaction types dramatically through the NCR Pay360 product. Consumers are gonna have more opportunities to engage with our network to participate in the network to do transaction payment types where we can get a fee. The other piece is that, after acquiring the legacy JetPay business, we had some work to do to convert that largely card-not-present platform into a card-present platform that aligns better with our positioning in retail and hospitality. We've done that work. We are finding a good uptake now with Aloha Essentials as we go to market in the SMB hospitality space. We believe that's gonna dramatically improve over the next five years. All of those components drive that growth that we're looking at. Just to follow up, Tim, you know, you talked about LibertyX going from $80 million to close to $450 million. That's a significant increase over the next few years. I'm wondering, you know, why so much confidence that you can get there? I know you've talked about gross revenue. Maybe you can provide a little bit more about why you believe you can get there and what the gross revenue could apply. Yeah. Firstly, because right now there's only 2,800 machines in the system, in the network that can transact in crypto. We broaden that out to be most of the machines. You can see a tenfold increase in the number of machines that are able to transact, and therefore you would expect that transactions would go up. Secondly, transactions in aggregate in the crypto space are going up. We think that our acquisition of LibertyX is actually really good timing. It is reported on gross revenue for now. A piece of that, there's three different revenue streams inside of LibertyX. The one that's largest right now is a gross reported revenue base. Obviously, then it just dilutes margin rate. The other two are not. They'll be reported on a net basis. As that mix shifts a little bit over time, we expect margin rate in that business to get a little bit better and perhaps the growth rate in aggregate to slow. We'll call out those gross revenues every time we report them, so you can do the math yourself and understand what the profitability, the true profitability of those transactions are. You know, Tim, the use of crypto is becoming ubiquitous. Just this morning, Michael did a crypto transaction on one of our ATMs in the Marche. Are you saying ubiquitous or so easy to do that even Michael can do it? I think that's. You can take that any way you want. That was even Michael. That was it. Yeah. All right. Well, thank you very much. I really appreciate it. Thank you. Our next question will come from Matt Summerville with D.A. Davidson. Thanks. A couple of questions. First, going back to the ATM as a Service, moving from roughly 4,000 units, I believe the number was in 2021 to 120,000 in 2026. You know, you mentioned that's roughly a third of your production over that period. I'm curious, how supportive is your funnel today of this model? And how does the conversion cycle look from the time you have a conversation to the time you can actually, you know, begin to execute this as a Service strategy? And then, as a follow-up, I want to revisit, you know, how the ARPU here can triple by simply migrating to that model. I just want to make sure I have a good feel for that math. Thank you. Yeah, let me take the second part of the question first. How does the total addressable market double or triple? It a little bit depends on the size of the institution and how much of that business we have today. The chart I had in the deck earlier this morning was layered up on what does it take to do a transaction on an ATM? We at NCR, historically, we obviously build a lot of ATMs. We deliver an ATM. We build software, put software on the ATM to run the ATM, and then we do a service call, we call break-fix, but support that ATM in the field. We estimate that to be about 30%-40% of the spend. If I'm a bank, I buy an ATM, I put software. And again, the software that we do historically is not all the software it takes to run that ATM. Then we'll fix the machine in the field. But you also, as a bank, then you have to put your own security software on that ATM. You have to manage the cash on the ATM. You have to have cash in transit, so you have to have a car, an armored car go out and put the cash in that device. You have to manage the devices, you have to manage the infrastructure. You have to drive, we call it terminal handling. You have to drive that interaction. There's a network connection and interaction on that ATM to drive the ATM. Then you take the transaction on the back, and you have to switch and route it back through the networks and get it to the issuer that issued the ATM card. There's a lot more to that stack. The picture I put in there is trying to show we do, again, 30%-40% of it today. ATM as a Service, we want to do 100% of it. We'll go from, say, 35% to 100% of the spend over a period of time. That's where you get that increase in addressable market. As Tim did his modeling and said, "How many entities, how many ATMs over the next five years will we go out and sell a subscription instead of selling componentry?" He made some estimates. That's what that's how the growth. The pipeline, again, we've been talking about this internally for a couple years now, ATM as a Service. A big part of why we ended up going out and reaching out for the Cardtronics acquisition was they are doing it today. They're driving 270,000 ATMs today. They have a network, the Allpoint Network. They route and switch on the back end, but they're driving, handling, they're managing. They're general contractor for all those functions, if they're not actually doing them themselves. Dramatically improves our capability at NCR to be able to do that full stack. We've been involved, and I know Owen's been involved in this. Just we anticipated community banks, regional banks, credit union, building societies, smaller entities saying, "This is too complicated." It's not always a question of, all the, you know, getting all the functions. It's being able to get the resources and the staff to be able to do these things if you're a smaller entity, hiring all the technology staff. We've seen them start to outsource in some regions. India would be a region. Australia, we've seen it go very quickly over the last three years. We've seen it in parts of Europe start to move to as a service or as a subscription. But that's where we had had the conversations, and that's what we were hearing. We've been a little surprised that some of the bigger, institutions, both domestically and internationally. When I say bigger, think top ten institutions in the U.S., top ten global institutions have come to us and said, "Wow, you have the capability to do this. You can execute this. You can probably do it at a better cost point than we can do it, and you can keep up with the changes in technology over the next five-10 years." I guess, Owen, you've had these conversations. It's surprising the level of dialogue that we've had. Yeah. There's no question that the middle market has been having this conversation with us, and we've seen some traction. We've certainly seen a pipeline grow. To Michael's point, the conversations with our largest customers, and in fact, yesterday we had a top five or six bank in the U.S. doing a planning session, and the top executive said, "Look at it. Our mission right now is about optimization and efficiency." It starts with, we got way too much complexity in that whole delivery of the ATM capability, the stack that Michael described. There are way too many vendors involved. It's inefficient. It is not core. This was the comment that Ryan from ATB said was it is not core to their business. They wanna take capital, they wanna take resources, and they wanna deploy it elsewhere within that whole ecosystem of the retail self-directed bank. We're one of few vendors that can really come in cradle to grave and deliver that capability. Very significant set of conversations, and to Michael's point, actually has surprised us with the velocity and the veracity of the conversations with the top 10 banks. Great. Thank you, guys. Our next question will come from Paul Chung with JP Morgan. Hi. Thanks for taking my questions, and thanks for all the additional, you know, KPIs provided today. On the digital banking, you mentioned, you know, 50 million kind of registered users by 2026 or, around, you know, kind of low teens CAGR. Is this driven by, you know, more new customers taking share from competition or kind of adding from your existing partnerships? And then you mentioned some slight degradation in ARPU. Does that mean that you're, you know, winning on price competition or, you know, is there more a function of mix between D3, Terafina and DI? Yeah, those are great questions. So the first part, we tried to share some of the lines around, we get paid for active. We get paid for active users, and we have active, and then we have other users, end users, retail consumers, of the financial institutions that we have them in the system, but they haven't actively used it for the last 90 days, so we don't get paid for that. We'd like to activate them, so there's a gap there that gives an upside to grow accounts. Then we do believe in the community bank environment, the credit unions, smaller regional banks. The number of accounts, typically the banks use the DDA, the checking account as the anchor account. The number of customers they have that have a DDA that also have digital banking is lower, maybe 15%-20% lower than the larger banks like a B of A or Wells, JP Morgan, that really aggressively go after and move people to a digital bank account. Those are just account growth within the existing install base. We're adding products like business banking. We rolled it out two years ago. I think we're about 20% penetrated with our install base, so that will add account. The ARPU question, as we go upstream, you looked at, you saw we had Associated Bank. We had Doug Peacock on earlier this morning, that clip from him. Associated Bank is a $40 billion bank. We talked about Wintrust as another new one. Both of those are larger banks. They come on a larger scale. Their rev per unit's gonna be lower just because the size and scale of those entities. That's what's gonna push the ARPU down a little bit. It's still gonna drive growth just because the large number of accounts we're gonna bring on with the larger banks. Just to follow up on that gap between, you know, registered and active, you know, what are strategies to kind of tighten that gap over time and kind of ultimately monetize those, you know, registered users? Yeah, I mean, it literally is marketing, and I'll tell you, Digital Insight years ago, I'm gonna go back 15, 20 years ago when they first started, they were the preeminent, they were the best in the market about doing that, best in the industry. You have to establish campaigns, and generally, I'm just gonna use a community bank. A $2 billion community bank is not gonna be sophisticated enough to go after their customers, whether they're converting them from a DDA to a digital banking or an inactive digital banking, an active digital banking. We go in there with a program, with a marketing program. For example, if somebody walks into a branch and they do a branch transaction, either platform transaction or a teller transaction, we literally ping them with an email and say, "You could have done this online," or, "You could have done this at an ATM connected to the NCR platform." We actively promote. We go to the FI and we say, "We're gonna help you." It benefits them to move customers to digital. It benefits them to move them out of the branch to the ATM channel. We'll put programs together with our customers in conjunction with our customers, and we'll literally go market to their install base. Gotcha. Just to follow up on, you know, ATM as a Service, can you kinda help us understand what key factors for reasons, you know, banks choose not to kind of move to this evolution that you're trying to push here from the conversations you're having? From your existing install base of ATMs, are banks just, you know, kind of waiting for more innovative features on ATMs and kind of sweating these assets longer to make that switch? Thanks. Yeah. I think in the community banking, it's just getting out and marketing. I think, you know, Owen made the point. It's hard. The complexity is hard to get resources. Just to get resources to do the upgrade to Windows 10 was a challenge for a lot of these banks. As technology keeps changing, it's just too difficult. They look at it as this is a way they can do that. It's turnkey. They have a provider they trust that they can turn over to, and quite frankly, gonna save money. In the community bank space, our other hook is we go in with the Allpoint Network, and we say, "You own 100 ATMs. Your customers travel. Your customers want access to a surcharge-free network broader than 100. We have 55,000 ATMs they can access." For community banking, the way we do that's a little different. The bigger makes the conversation, quite frankly, is what Owen said, "Eliminate complexity and save me some money. You can do this better than I can do it. You can take this off." I'll say it's just getting to the decision-makers, articulating our story, and then getting that done. We've been out knocking on doors for four months now. Somebody asked, you know, about the pipeline, the top of the funnel is very, very full. We gotta work it down and get some of these deals signed and implemented. Yeah. I'll just say back to the conversation of yesterday, which has been consistent with other conversations. The market has been telling us with their wallet that our products are state-of-the-art. We've now put the recycler, which has been being awaited in the marketplace. It's gotten through certification in the large banks. So we're product ready, and we feel very good about the product. It's beyond that. It's about the simplification that this executive from the bank talked about yesterday and having a partner who could really minimize the number of participants in that whole ecosystem, if you will. The Cardtronics acquisition, again, I'll go back to the top of the chart that Michael put up, really allows us to bring a fully integrated top-to-bottom solution to the table, and I think that's what the market's been looking for, is in that simplification, less vendors. Somebody used the term today, I think in the re-retail video, one throat to choke. I think that's the real differentiator for us in the market. Great. I think that was our last question this morning. I'm gonna actually ask, you know, so you have the five of us up on stage. I saw a lot of others this morning doing presentations. There's 35,000 people, 35,000 employees that behind us make it work each and every day. I'm gonna ask the ELT members just to come up on stage. You'll see the executive team that is out in the field making this happen. Come up on stage and wave. While we're doing that, I want to thank the people that made this happen, starting with Maria and her team, Maria, Ariana, Jennifer. The studio production team. I know we make this look really easy, but I know it's due to the team back there. Jason, Lee, Linton, Gary, Duval, Cameron, thank you so much for all the work you've done over the last week or really the last month. John Lloyd for the presentation. The finance team, I know that you guys had to crank a lot of numbers, so thank you so much for all the work in the finance. Shawna and Michael, Shawn. Shawn, come up here. Wait, where's Michael? Michael's back there. I know there's a lot I forgot to thank, but again, appreciate you joining us today. We had a busy year last year. We made a lot of progress in the last year, in the last three years. We're excited about where we're going. I think we have the right strategy, we have the right team, and we are excited about the future. Now to the team presenting, Patrice, thanks for joining us today. It's exciting. Don, are you guys new to this adventure? Thank you everybody for joining us today. Thanks, everyone. Congrats, Steve.