Washington, D.C. 20549
(Amendment No. 1)
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 13, 2022
(Exact name of registrant as specified in its charter)
Commission File Number 001-00395  
Maryland 31-0387920
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
864 Spring Street NW
Atlanta, GA 30308
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (937) 445-1936
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).        Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Explanatory Note
On April 13, 2022, NCR Corporation (the “Company”) filed a Current Report on Form 8-K (the “Original Report”) with the Securities and Exchange Commission. This Amendment No. 1 to Current Report on Form 8-K/A amends Item 9.01 of the Original Report to correct Digital Banking and Self-Service Banking segments’ numeric disclosures for the year ended December 31, 2020 and interim periods in 2020 included in Exhibit 99.1 of the Original Report.

Item 2.02.     Results of Operations and Financial Condition.
On April 13, 2022, the Company released additional information regarding the realignment of its reportable segments and certain other historical segment information (unaudited). A copy of the information, as corrected, is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

Item 7.01.     Regulation FD Disclosure.
Effective January 1, 2022, the Company realigned its reportable segments to correspond with changes to its operating model, management structure and organizational responsibilities. The reportable segments effective January 1, 2022 include: Payments & Network, Digital Banking, Self-Service Banking, Retail, and Hospitality. Additionally, effective January 1, 2022, the expenses related to corporate functions that are not specifically attributable to an individual reportable segment along with any immaterial operating segment(s) are included in Corporate & Other.

For informational purposes only, the Company is providing supplemental unaudited historical financial information under the new segment presentation for the years ended December 31, 2021 and 2020, and for each quarter of the years ended December 31, 2021 and 2020. The Company did not operate under this new segment structure for any of these prior periods and will begin to report results under the new segment structure with its Quarterly Report on Form 10-Q for the three months ended March 31, 2022. This supplemental information, as corrected, which is incorporated by reference herein, is being furnished as Exhibit 99.1 to allow investors an opportunity to review prior period performance on a comparable basis in advance of the Form 10-Q filing.

The information in this report (including Exhibit 99.1, as corrected) is being furnished pursuant to Item 2.02 and Item 7.01 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.

Item 9.01.        Financial Statements and Exhibits.

(d)    Exhibits:

The following exhibits are attached with this current report on Form 8-K/A:

Exhibit No.        Description            
99.1    Supplemental unaudited historical financial information for the years ended December 31, 2021 and 2020, and for each quarter of the years ended December 31, 2021 and 2020, recast under new segment presentation (as corrected)
104            Cover Page Interactive Data File (embedded within the Inline XBRL document)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NCR Corporation
By:/s/ Timothy C. Oliver
Timothy C. Oliver
Senior Executive Vice President and Chief Financial Officer
Date: April 13, 2022

Exhibit 99.1

April 13, 2022         

NCR Updates Reportable Segments

Effective January 1, 2022, NCR Corporation (NYSE: NCR) realigned its reportable segments to correspond with changes to its operating model, management structure and organizational responsibilities. The reportable segments effective January 1, 2022 include: Payments & Network, Digital Banking, Self-Service Banking, Retail, and Hospitality.

Payments & Network - We provide a cost-effective way for financial institutions, fintechs, and neobanks to reach and serve their customers through our network of automated teller machines ("ATMs") and multi-functioning financial services kiosks. We offer credit unions, banks, digital banks, fintechs, stored-value debit card issuers, and other consumer financial services providers access to our Allpoint retail-based ATM network, providing convenient and fee-free cash withdrawal and deposit access to their customers and cardholders as well as the ability to convert a digital value to cash, or vice versa, via NCRPay360. We also provide ATM branding, management and services to financial institutions and businesses.

Digital Banking - NCR Digital Banking helps financial institutions implement their digital-first platform strategy by providing solutions for account opening, account management, transaction processing, imaging, and branch services to enable financial institutions to offer a compelling customer experience.

Self-Service Banking - We offer solutions to enable customers in the financial services industry to reduce costs, generate new revenue streams and enhance customer loyalty. These solutions include a comprehensive line of ATM hardware and software, and related installation, maintenance, and managed and professional services.

Retail - We offer software-led solutions to customers in the retail industry, leading with digital to connect retail operations end to end to integrate all aspects of a customer’s operations in indoor and outdoor settings from POS, to payments, inventory management, fraud and loss prevention applications, loyalty and consumer engagement. These solutions include retail-oriented technologies such as comprehensive API-point of sale retail software platforms and applications, hardware terminals, self-service kiosks including self-checkout ("SCO"), payment processing solutions, and bar-code scanners.

Hospitality - We offer technology solutions to customers in the hospitality industry, including table-service, quick-service and fast casual restaurants of all sizes, that are designed to improve operational efficiency, increase customer satisfaction, streamline order and transaction processing and reduce operating costs. Our solutions include POS hardware and software solutions, installation, maintenance, managed and professional services as well as payment processing solutions.

Corporate & Other - This includes income and expenses related to corporate functions that are not specifically attributable to an individual reportable segment along with any immaterial operating segment(s).

Eliminations includes revenues from contracts with customers and the related costs that are reported in the Payments & Network segment as well as in the Retail or Hospitality segments, including merchant acquiring services that are monetized via payments.

In this exhibit, we use certain non-GAAP measures, including “adjusted EBITDA”. These non-GAAP measures are listed, described and reconciled to their most directly comparable GAAP measures under the heading “Non-GAAP Financial Measures” later in this exhibit.

Historical Segment Information (Unaudited)

The following is selected, recast segment financial data reflecting our new segment structure for the years ended December 31, 2021 and 2020 and for interim periods of 2021 and 2020.

(in millions)First QuarterSecond QuarterThird QuarterFourth QuarterFull YearFirst QuarterSecond QuarterThird QuarterFourth QuarterFull Year
Revenue by segment
Payments & Network$22 $54 $304 $295 $675 $20 $20 $23 $22 $85 
Digital Banking123 129 128 133 513 116 120 118 118 472 
Self-Service Banking628 645 637 707 2,617 641 637 653 671 2,602 
Retail520 562 541 608 2,231 461 470 542 557 2,030 
Hospitality179 215 224 231 849 170 160 173 183 686 
Corporate and Other77 77 75 68 297 99 79 83 85 346 
Consolidated Revenue$1,544 $1,677 $1,901 $2,034 $7,156 $1,503 $1,484 $1,589 $1,631 $6,207 
Adjusted EBITDA by segment
Payments & Network$3 $19 $111 $105 $238 $2 $1 $6 $6 $15 
Digital Banking54 55 52 52 213 58 53 60 55 226 
Self-Service Banking137 140 155 148 580 117 111 154 141 523 
Retail98 121 104 119 442 61 73 129 127 390 
Hospitality36 39 44 39 158 10 25 37 43 115 
Corporate and Other(67)(89)(109)(104)(369)(59)(61)(135)(111)(366)
Total Adjusted EBITDA$258 $281 $352 $353 $1,244 $188 $201 $249 $258 $896 


About NCR Corporation

NCR Corporation (NYSE: NCR) is a leading enterprise technology provider that runs stores, restaurants and self-directed banking. NCR is headquartered in Atlanta, Ga., with 38,000 employees globally. NCR is a trademark of NCR Corporation in the United States and other countries.

Twitter: @NCRCorporation

News Media Contact
Scott Sykes
NCR Corporation

Investor Contact
Michael Nelson
NCR Corporation

Non-GAAP Financial Measures

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

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA). NCR determines Adjusted EBITDA for a given period based on its GAAP net income from continuing operations attributable to NCR plus interest expense, net; plus income tax expense (benefit); plus depreciation and amortization; plus stock-based compensation expense; plus other income (expense); plus pension mark-to-market adjustments, pension settlements, pension curtailments and pension special termination benefits and other special items, including amortization of acquisition related intangibles and restructuring charges, among others. NCR uses Adjusted EBITDA to manage and measure the performance of its business segments. NCR also uses Adjusted EBITDA to manage and determine the effectiveness of its business managers and as a basis for incentive compensation. NCR believes that Adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of the Company's ongoing business operations, including its ability to fund discretionary spending such as capital expenditures, strategic acquisitions and other investments.

NCR's definitions and calculations of these non-GAAP measures may differ from similarly-titled measures reported by other companies and cannot, therefore, be compared with similarly-titled measures of other companies. These non-GAAP measures should not be considered as substitutes for, or superior to, results determined in accordance with GAAP.

Reconciliation of Net Income from Continuing Operations Attributable to NCR (GAAP) to Earnings Before Interest, Depreciation, Taxes and Amortization (Adjusted EBITDA) (Unaudited)

$ in millionsFirst
Full YearFirst
Full Year
Net Income (Loss) from Continuing Operations Attributable to NCR (GAAP)$30 $(9)$12 $64 $97 $23 $64 $31 $(125)$(7)
Pension mark-to-market adjustment   (118)(118)   34 34 
Transformation and restructuring costs8 7 5 46 66 5 8 19 202 234 
Acquisition-related amortization of intangibles20 23 45 44 132 22 19 21 19 81 
Acquisition-related costs 27 56 9 6 98    (6)(6)
Depreciation and amortization (excluding acquisition-related amortization of intangibles)70 76 104 107 357 63 68 70 74 275 
Loss on Debt Extinguishment  42  42   20  20 
Interest expense45 61 68 64 238 50 57 60 51 218 
Interest income(3)(1) (4)(8)(1)(1)(3)(3)(8)
Income tax expense (benefit)17 31 29 109 186 1 (34) (20)(53)
Stock-based compensation expense44 37 38 35 154 25 20 31 32 108 
Adjusted EBITDA (Non-GAAP) $258 $281 $352 $353 $1,244 $188 $201 $249 $258 $896