Diebold Nixdorf Incorporated · NYSE:DBD
Diebold Nixdorf — Investor Day (February 2025)
86 slides from Diebold Nixdorf's investor day presentation, Feb 26, 2025
Slide 1: 2025 Investor Day
2025 Investor Day February 26, 2025 dieboldnixdorf.com
Slide 2: Forward-looking Statements
Forward-looking Statements 2 This presentation may contain statements that are not historical information and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements give current expectations or forecasts of future even
Slide 3: Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information 3 To supplement our condensed consolidated financial information presented in accordance with GAAP, the Company considers certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP results, Non-GAAP operating profit margin, adju
Slide 4: Agenda
Agenda SECTION SPEAKER Diebold Nixdorf Overview and Strategy Octavio Marquez Global Banking Growth Strategy Joe Myers Global Retail Growth Strategy Ilhami Cantadurucu Break Continuous Improvement Journey Frank Baur Financial Overview Tom Timko Strategic Value Creation Octavio Marquez Question and An
Slide 5: Diebold Nixdorf Overview and Strategy
Diebold Nixdorf Overview and Strategy Octavio Marquez President & Chief Executive Officer
Slide 6: Diebold Nixdorf Overview
Diebold Nixdorf Overview
Slide 7: Diebold Nixdorf Investment Thesis
Diebold Nixdorf Investment Thesis 7 Delivering value creation across three key drivers Well positioned to capitalize on growing TAMs, AI integration trends and shifting consumer preference to self-service in Banking and Retail Capturing Secular Tailwinds We are in the initial stages of our LEAN jour
Slide 8: Our Strengthened Management Team
Our Strengthened Management Team 8 Strong team with a track record of success to take the business to the next level Teresa Ostapower Sr Vice President and Chief Information Officer, Digital / IT Lisa Radigan Executive Vice President, Chief Legal Officer and Corporate Secretary Octavio Marquez Presi
Slide 9: Diebold Nixdorf at a Glance
Diebold Nixdorf at a Glance 9 800k+ ATM Installed Base2 $452M FY2024 Adj. EBITDA1 25.3% FY2024 Gross Margin1 ~70% of Service Revenue is Recurring $3.75B FY2024 Revenue Global market leader providing mission-critical hardware, software, and services to global blue-chip banking and retail clients A gl
Slide 10: Global Banking and Retail Leader in 100+ Markets
Global Banking and Retail Leader in 100+ Markets 10 RETAIL SCO Installed Base4~110k in the Global Market for Self-ordering Kiosks4#2 in EPOS & Self-Checkout shipments in Europe3#1 BANKING ATM Units Installed Base1~800k in Total ATM Application and Monitoring Software2#1 in ATMs Installed Globally1#1
Slide 11: Transforming How People Bank and Shop
Transforming How People Bank and Shop 11 Complementary businesses deliver automation and self-service to improve operational efficiency for banks and retailers DN SOLUTIONS: Industry-leading Technology BANKING SMB Transactions Digital Integration Cardless Authentication Deposit Automation Advanced T
Slide 12: Critical Partner to Leading Global Blue-Chip Customers
Critical Partner to Leading Global Blue-Chip Customers 12 • Top 100 Financial Institutions in the World • Top 25 Retailers in Europe • 8 Out of 10 Global Fortune 500 Petroleum Companies Our long-standing customers continue to invest in innovative technology BANKING RETAIL
Slide 13: Strongest In-House Service Organization in the Industry
Strongest In-House Service Organization in the Industry 13 Our technology leadership in services drives a >90% service attach rate and renewal rate Service manages a majority of the network for the customer Managed Services Utilizing AI-based predictive analytics (AllConnect Data Engine) to diagnose
Slide 14: Two Large and Growing Global TAMs
Two Large and Growing Global TAMs 14 Unlocking additional growth opportunities via Banking branch automation and Retail AI-driven checkout TAM based on available market data and internal management estimates; Banking TAM contemplates traditional ATM market + additional TAM from Branch Automation Sol
Slide 15: ATM Industry Usage Facts
ATM Industry Usage Facts 15 Stable installed base and ATM usage drives our growth via predictable and consistent ATM refresh demand 2024E 2025E 2026E 2027E 2,071 2,073 Stable Banking secular growth drivers • End-to-end branch cash ecosystem optimization • Bank transformation with self-service and au
Slide 16: Large ATM Refresh Opportunity
~200 ~800 ~600 Installed base Upgraded to date with DN Series Portfolio Yet to be upgraded DN’s Reality: Large ATM Refresh Opportunity 16 DN ATM INSTALLED UNITS (000)(1) Higher Penetration of Recycling Technology Service & Software Attach Rate Installed ATM & Recurring Service 1RBR Data Services 202
Slide 17: Customers Prefer Retail Self-Checkout
Customers Prefer Retail Self-Checkout 17 0 10,000 20,000 30,000 2024E 2025E 2026E 2027E 2028E 2029E Self-checkout solutions offer attractive, long-term growth opportunity as retailers adopt solution Retail Secular Growth Drivers • Consumer demand for automation • Store digitalization to enhance cons
Slide 18: Well-Positioned for Retail Market Share Gains
Well-Positioned for Retail Market Share Gains 18 0 20 40 60 80 EMEA N. America Diebold Nixdorf Total Other Shipments #1 with ~40% market share #3 with 9% market share 50 55 60 65 70 75 2024E 2025E 2026E 2027E 2028E 2029E ~2.5% CAGR TOTAL SELF CHECKOUT SHIPMENTS (2023 IN 000) (1) NORTH AMERICA SELF-C
Slide 19: Diebold Nixdorf Strategy
Diebold Nixdorf Strategy
Slide 20: Positioning the Company for Long-Term Success
Driving consistent, profitable growth with greater free cash flow visibility and conversion3 Embedded operational excellence and Continuous Improvement mindset2 Accelerating recurring, higher-margin services growth4 Improved capital structure and maintain a fortress balance sheet1 Positioning the
Slide 21: Strategic Changes Set New Path Forward
Strategic Changes Set New Path Forward 21 PAST PRESENT Complex Simple, focusedOrganization One-time cost reduction Continuous Improvement & LEAN PrinciplesOperations Variable, cyclical Balanced, recurringGrowth Low, minimal Strong, improvingFree Cash Flow Short-term focus Performance driven / Say-do
Slide 22: Executing Clearly Defined Strategy for Profitable Growth
Executing Clearly Defined Strategy for Profitable Growth 22 Unlock New Growth opportunities – business & geography Accelerate Continuous Improvement Expand core business with best-in-class solutions Deliver Adj. EBITDA margin expansion and FCF generation
Slide 23: Our Growth Acceleration Plan – Year Targets
23 Our Growth Acceleration Plan – 3 Year Targets 1Non-GAAP 2With respect to the company’s adjusted EBITDA, free cash flow and free cash flow conversion, it is not providing a reconciliation to the most directly comparable GAAP financial measures because it is unable to predict with reasonable certai
Slide 24: Global Banking Growth Strategy
Global Banking Growth Strategy Joe Myers Executive Vice President, Global Banking
Slide 25: Leading Market Position and Solutions Breadth
Leading Market Position and Solutions Breadth with Opportunity to Expand Services 25 $2.76B 2024 Revenue PRODUCT 43%SERVICE 57% LATIN AMERICA 20%NORTH AMERICA 37% APMEA & OTHER 17%EUROPE 26% REVENUE BY TYPE REVENUE BY REGION
Slide 26: Secular Growth Trends Driving Banking Investment
Secular Growth Trends Driving Banking Investment Shifts 26 Consumer Expectations Consumers demanding more self-service with many routine transactions shifting to digital channels • Self-service consumer • ATM is a strategic point of engagement for FIs FI1 Footprint Transformation Branch footprints a
Slide 27: Why Do Banks Need DN?
Why Do Banks Need DN? 27 DN IS FUTURE READY ATMs & Recyclers Branch Design & Development Managed Services & Branch Automation Solutions (BAS) Vynamic Software AllConnect Data DN is a trusted advisor with comprehensive solutions that enable financial institutions to drive cost optimization in the phy
Slide 28: Global Leadership is a Core Competitive Advantage
Global Leadership is a Core Competitive Advantage 28 #2 L. AMERICA w/o Brazil #1 59% share EUROPE w/o Russia #1 47% share N. AMERICA #3 21% share BRAZIL #1 60% share WORLD w/o Ch/J/SK #1 37% share APMEA w/o Ch/J/SK #2 35% share #1 in ATMs Installed Globally1 #1 in Total ATM Application and Monitorin
Slide 29: Banking Strategy Driving Growth and Margin Expansion
Banking Strategy Driving Growth and Margin Expansion 29 Branch Automation Solutions Increase Recurring Revenue Streams in Emerging Markets Optimize Branch Efficiency in Developed Markets Pursuing dual paths to drive profitable Banking growth MSD top-line growth by 2027 and higher segment margins Fit
Slide 30: Increasing TAM by $8B with Branch Automation Solutions
Increasing TAM by $8B with Branch Automation Solutions $12 $20 ~$2.0 ~$3.0 ~$3.0 Traditional TAM Hardware Services Software Expanded TAM TOTAL ADDRESSABLE MARKET ($B)(1) MARKET DRIVERS End-to-end branch automation solutions across hardware, software and service increase DN’s addressable market – DN
Slide 31: Branch Automation Solutions Drives Banking Efficiency
* RBR 2024 Study w/o China, South Korea, Japan, Russia Branch Automation Solutions (BAS) Drives Banking Efficiency 31 Monitoring Security Cash Mgmt DN BRANCH AUTOMATION SOLUTIONS (BAS) FUNCTION CURRENT FUTURE Teller line 3 lines 1-2 lines Staff focus Transactions Sales Transaction Availability 96% 9
Slide 32: Emerging Market Framework – Fit for Purpose Hardware
Emerging Market Framework – Fit for Purpose Hardware DESCRIPTION RATIONALEDEVICE Differentiated right to win combined with a comprehensive go-to-market approach • Expect high-single digit CAGR unit growth • Over 90% service attach rate with average 5-year contract • Target market: Asia Pacific • Loc
Slide 33: Partnering to Meet Next Generation Needs
Partnering to Meet Next Generation Needs 33 DN BANKING PARTNERS | CUSTOMERS
Slide 34: TD Bank's View on the Current Cash Ecosystem
TD Bank’s View on the Current Cash Ecosystem
Slide 35: Growth Strategy Focused on Modernization, Attach & Efficiency
MSD top-line growth by 2027 and higher segment margins Emerging Markets Developed Markets Growth Strategy Focused on Modernization, Attach & Efficiency 35 Acceleration of branch automation Upgrade existing install base with DN Series and cash recycling Consolidate bank software platforms to DN ecosy
Slide 36: Global Retail Growth Strategy
Global Retail Growth Strategy Ilhami Cantadurucu Executive Vice President, Global Retail
Slide 37: Retail Is Enhancing Consumer Checkout Journeys
$988M 2024 Revenue Retail Is Enhancing Consumer Checkout Journeys and Store Productivity with Self-Service and Automation 37 REVENUE BY REGION PRODUCT 43%SERVICE 57% APAC 8%EMEA 85% AMERICAS 7% REVENUE BY TYPE
Slide 38: Secular Growth Trends Driving Growth in Retail Checkout
Secular Growth Trends Driving Growth in Retail Checkout 38 Consumer Expectations Creating enhanced, personalized, friction-free shopping environments and experiences • Self-service consumer • Mobile-based staff journeys Store Digitalization Looking to complement physical shopping journeys by acceler
Slide 39: Retail Strategy is Driving Growth and Margin Expansion
Retail Strategy is Driving Growth and Margin Expansion 39 Enhance Value with AI Checkout Solutions Unlock Growth Potential in Underpenetrated Markets with Self Service (North America) Expand Offerings in our Core Markets (Europe) Pursuing multiple paths to drive profitable Retail growth MSD top-line
Slide 40: Holistic Retail Solutions Across the Value Chain
Holistic Retail Solutions Across the Value Chain 40 Software Services Hardware Solutions Automate Digitize Transform Growth drivers • In-store tech/device proliferation • Lower cost of ownership / operation for the retailer DN Solutions • DN AllConnect Service • Monitored / Managed Services • Mobili
Slide 41: Smart, Secure and Sustainable Touchpoints
Smart, Secure and Sustainable Touchpoints 41 Capitalize on technology replacement wave with open, modular and sustainable offering MORE AVAILABLE MORE SUSTAINABLE MORE INNOVATIVE MORE MODULAR MORE OPEN Remote monitoring of hardware and software underpins higher uptime and reduced cost Computer-visio
Slide 42: Software Modernization Brings Opportunity in Retail
Software Modernization Brings Opportunity in Retail 42 Enable new and future consumer shopping journeys with modular, API-driven architecture VYNAMIC® FCx POS Software for Fuel and Convenience VYNAMIC® ENGAGE A solution for managing and delivering mass and personalized rewards and cross-channel exec
Slide 43: DN Services Enable Efficiency and Lower Ownership Cost
DN Services Enable Efficiency and Lower Ownership Cost 43 • Efficient field operations and improved first-time-fix through advanced call diagnostics • Preventive maintenance for risk reduction based on AI prediction • Incident resolution through proactive detection (we know before you know) • Single
Slide 44: Global Retail Automation Market Overview
#3 21% share #2 Global Retail Automation Market Overview 44 WORLD #2 16% share #1 in Self-Checkout shipments in Europe1 #2 in the Global Market for Self-ordering Kiosks2 ~110k SCO Installed Base1 RETAIL AMERICAs #3 9% share EMEA #1 40% share Focused on expanding our core self-service solutions in Eu
Slide 45: North American Retail Market Share Opportunity
OPPORTUNITY FOR NEW NORTH AMERICA RETAIL WINS North American Retail Market Share Opportunity 45 Retailers are replacing closed legacy bundled self checkout with our open self-service solutions 1 RBR Data Services 2024, Global EPOS and Self-Checkout 2024 • >100k Retail locations in North America • Re
Slide 46: Artificial Intelligence and the Evolution of Checkout
Artificial Intelligence and the Evolution of Checkout 46 Augmenting self-service checkout solutions to reduce friction and minimize shrink loss – unlocking value for existing customers and creating entry point to new logos Vynamic® Smart Vision Shrink Reduction Addresses the leading cause of loss in
Slide 47: French Retailer Intermarche Deploys Vynamic Smart Vision
French Retailer Intermarche Deploys Vynamic Smart Vision 47 “We have designed an innovation that revolutionizes self-service checkout management. It benefits everyone: customers, staff members and our retailer groups. The ability to reduce losses, make transactions more fluid and remove friction for
Slide 48: Slide 48
Slide 49: Retail Strategy Driving Growth and Margin Expansion
Lead with SCO adoption MSD top-line growth by 2027 and higher segment margins Unlock Growth (North America) Expand Core (Europe) Retail Strategy Driving Growth and Margin Expansion 49 Leverage AI, computer vision to harvest value of installed base Upgrade existing, large self-checkout and electronic
Slide 50: Break
Break
Slide 51: Continuous Improvement Journey
Continuous Improvement Journey Frank Baur Executive Vice President, Operational Excellence
Slide 52: Continuous Improvement Journey Driving Consistent Execution
In 2024, we drove measurable results with LEAN and Continuous Improvement in manufacturing, supply chain and logistics environment Driving a cultural transformation, built on LEAN competency and a strong commitment across the entire organization Continuous Improvement Journey Driving Consistent Exec
Slide 53: Accelerating Our Continuous Improvement Journey
Accelerating Our Continuous Improvement Journey 53 Have a plan, execute to plan, check and adjust to deviations against the plan The DN Accelerator is our LEAN operating system enabled by culture, competency and commitment to drive operational excellence and transformation. Adjust
Slide 54: Foundation for Operational Excellence and Transformation
Foundation for Operational Excellence and Transformation 54 The Diebold Nixdorf approach focuses on the “3 C’s” as the foundation of our transformation CompetencyCulture Developing LEAN thinking knowledge and practical skills in the workplace. Training and learning LEAN principles and tools. A compa
Slide 55: Deep Focus on Safety, Quality, Delivery & Cost
Deep Focus on Safety, Quality, Delivery & Cost 55 Significant impact from 45 kaizens across our manufacturing, supply chain & logistics network +30% Increased product build quality +30% Reduction in lost employee time +20% Improvement in on-time delivery ~$50M Achieved 2024 full-year gross annualize
Slide 56: Journey Continues – Supply Chain Remains Paramount
Journey Continues – Supply Chain Remains Paramount 56 Applying our LEAN operating system to three primary areas of manufacturing and supply chain to improve customer satisfaction, mitigate cost inflation and drive product gross margin expansion • Increase flexibility with better processes and elimin
Slide 57: Expanding Focus to Service is Key Driver of Future Success
Expanding Focus to Service is Key Driver of Future Success 57 Focused on KPIs that will drive higher customer satisfaction and expand service gross margin Deploy Tools to Drive Efficiency Daily Management of Core Service Operations Customer Focus • Reduce call rates • Increase first-time fix rate •
Slide 58: Driving Strong Early Results in Services
Driving Strong Early Results in Services 58 PROBLEMS BEING ADDRESSED IMPROVEMENT ACTIONS Conducting initial Service-focused Kaizen events to strengthen operations 15% increase in productivity 40% reduction in average days of inventory on hand Leader standard work successfully implemented Improved re
Slide 59: The 'C's Implemented Across All Areas and Functions
The 3 ‘C’s Implemented Across All Areas and Functions 59 Commitment The company has bought in to the Continuous Improvement journey and our momentum accelerates as we demonstrate its value Culture Continuous Improvement in all that we do – LEAN is in our DNA Competency Applying LEAN tools and techni
Slide 60: Financial Overview
Financial Overview Tom Timko Executive Vice President and Chief Financial Officer
Slide 61: Delivering Improved Results with Clear Roadmap Ahead
Delivering Improved Results with Clear Roadmap Ahead 61 Disciplined capital allocation framework to maintain fortress balance sheet, while growing the business and returning capital to shareholders Targeting to strengthen free cash flow conversion to 60%+ Our transformation journey is delivering str
Slide 62: Positioning the Company for Long-Term Success
Positioning the Company for Long-Term Success 62 Employing the right structure, culture and goals to drive value creation Driving consistent, profitable growth with greater free cash flow visibility and conversion3 Embedded operational excellence and Continuous Improvement mindset2 Accelerating r
Slide 63: Fortress Balance Sheet and Liquidity
Fortress Balance Sheet and Liquidity 63 $10 $15 $20 $25 $30 $35 $40 $45 $50 $55 Aug-23 Dec-23 Apr-24 Aug-24 Dec-24 D ie b o ld N ix d o rf s h a re p ri c e ( $ ) >$600M Cash & Revolving Credit Facility Total Liquidity Cash Balance $328M Cash & Short-Term Investment Net Leverage(1) 1.4x Net Debt / T
Slide 64: Financial Growth Framework to Deliver Long-Term Value
Financial Growth Framework to Deliver Long-Term Value 64 Deliver long term growth in Adj. EBITDA and FCF generation • Targeting mid- single digit revenue growth by 2027: • 2% to 3% core business growth • 2% to 3% growth initiatives Accelerate Revenue Growth • Grow higher margin revenue streams • Ach
Slide 65: Our Growth Acceleration Plan – Year Targets
65 Our Growth Acceleration Plan – 3 Year Targets $3.75 to $3.80B Flat to LSD Growth $3.75BProfitable Revenue Growth 2027E2025E2024 Strong Adjusted EBITDA Growth1,2 $470 to $490M MSD Growth $452M Improving Free Cash Flow1,2 $190 to $210M 40%+ Conversion $109M 2026E $3.82 to $3.92B LSD Growth $3.98 to
Slide 66: Revenue: Multiple Long-Term Profitable Growth Opportunities
Revenue: Multiple Long-Term Profitable Growth Opportunities 66 2027E2024 Targeting MSD total revenue growth by 2027 DRIVERS $XXX Retail Growth Initiatives Pricing $XXX Banking Growth InitiativesMarket GrowthFlat MSD Growth • Core business in Banking and Retail grows at a 2% to 3% CAGR • Targeting an
Slide 67: Adjusted EBITDA: Continued Growth and Margin Expansion
Adjusted EBITDA: Continued Growth and Margin Expansion 67 2024 2027E • Profitable revenue growth with mix shift towards higher value product and service • Product and service operational excellence drives margin improvement • Disciplined operating expenses DRIVERS Operational excellence + flow throu
Slide 68: Building Blocks to Adjusted EBITDA Improvement
Building Blocks to Adjusted EBITDA Improvement 68 Multiple levers to pull over the 3-year period to strengthen profitability LEVER FOCUS AREA FOR IMPACT Incremental Margin • Banking and Retail growth initiatives based on higher-margin product and service revenues ‒ Banking: Branch Automation Solutio
Slide 69: FCF Conversion: Clear Path to 60%+ by Year-End 2027
FCF Conversion: Clear Path to 60%+ by Year-End 2027 69 2027E2024 • Debt refinancing completed in December 2024 driving $70M annual interest expense savings • Increased net working capital efficiency relative to history • Reduced professional fees related to corporate restructuring and severance paym
Slide 70: Building Blocks to Free Cash Flow Improvement
METRIC FOCUS AREA FOR IMPACT Interest Expense • Latest debt refinancing secured $950M of 7.75% Secured Notes and resulted in $70M annual interest expense savings • Comparable peers average ~6.5% - potential improvement in 2027 following 2-year no call period Working Capital • Drive sustainable impro
Slide 71: Capital Allocation Framework
Capital Allocation Framework 71 Following a returns-based approach to capital allocation – ROIC is primary metric Strongest return on excess cash from share repurchase Accelerating growth and unlocking shareholder value – with potential to generate ~$800M of FCF from 2025 to 2027 Business Investment
Slide 72: Returning Capital to Shareholders
Returning Capital to Shareholders 72 Initiated first share repurchase program to return capital to shareholders SHARE REPURCHASE PROGRAM HIGHLIGHTS • Healthy cash balance and growing free cash flow in the near-term • Program represents ~6% of current market cap • Executing an open market repurchase
Slide 73: Disciplined Capital Allocation Approach to Inorganic Growth
Target Company Profile Key Evaluation Metrics Accretive to DN Strong ROIC Not dependent on large synergies Ability to execute 73 Disciplined Capital Allocation Approach to Inorganic Growth Small, bolt-on opportunities primarily in the service area accretive to growth and margin profile Strengthen so
Slide 74: Under Appreciated Free Cash Flow
Under Appreciated Free Cash Flow 74 Generating shareholder value via free cash flow Maintaining fortress balance sheet, while growing the business and returning capital to shareholders Strengthening free cash flow conversion to 60%+ Achieving our 3-year targets would imply FCF equivalent to nearly h
Slide 75: Strategic Value Creation
Strategic Value Creation Octavio Marquez President and Chief Executive Officer
Slide 76: Diebold Nixdorf Investment Thesis
Diebold Nixdorf Investment Thesis 76 Delivering value creation across three key drivers Well positioned to capitalize on growing TAMs, AI integration trends and shifting consumer preference to self-service in Banking and Retail Capturing Secular Tailwinds We are in the initial stages of our LEAN jou
Slide 77: Putting DBD Valuation Potential in Perspective
Putting DBD Valuation Potential in Perspective 77 0% 25% 50% 75% 100% 0.0x 5.0x 10.0x 15.0x 20.0x F C F C o n v e rs io n – L a s t 1 2 M o n th s Enterprise Valuation / Next Twelve Months EBITDA Cash Ecosystem Lower-Growth Financial Services Strong Free Cash Flow Generators MSDProfitable Revenue Gr
Slide 78: Key Messages - Positioning the Company for Long-Term Success
Significant positive impact from LEAN and Continuous Improvement Key Messages - Positioning the Company for Long-Term Success 78 Improving operational execution and maintaining fortress balance sheet Banking and Retail expanding TAM through tailored, compelling solutions ~15% adjusted EBITDA margin
Slide 79: Question and Answer Session
Question and Answer Session Octavio Marquez President and Chief Executive Officer Joe Myers Executive Vice President, Global Banking Ilhami Cantadurucu Executive Vice President, Global Retail Frank Baur Executive Vice President, Operational Excellence Tom Timko Executive Vice President and Chief Fin
Slide 80: Thank You
Diebold Nixdorf Thank You
Slide 81: Supplemental Slides
Supplemental Slides
Slide 82: Reconciliation of GAAP results to Non-GAAP results – FY24
Reconciliation of GAAP results to Non-GAAP results – FY24 ($M) 82 Notes for Non-GAAP Measures To supplement our consolidated financial statements presented in accordance with GAAP, the company utilizes certain financial measures that are not prepared in accordance with GAAP, including Non-GAAP resul
Slide 83: Reconciliation of GAAP net income to EBITDA and Adjusted EBITDA – FY24
Reconciliation of GAAP net income to EBITDA and Adjusted EBITDA – FY24 ($M) 83 The company defines EBITDA as net income (loss) excluding income tax benefit (expense), net interest expense, and depreciation and amortization expense. Adjusted EBITDA is EBITDA excluding the effects of the following ite
Slide 84: Financial Results of Segments – FY24
Financial Results of Segments – FY24 ($M) 84
Slide 85: Reconciliation of free cash flow – FY24
Reconciliation of free cash flow – FY24 ($M) 85 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 FY-24 Net cash provided (used) by operating activities 162.8$ (23.5)$ (8.0)$ (15.5)$ 196.2$ 149.2$ Capital expenditures (6.3) (6.7) (1.7) (3.8) (5.2) (17.4) Capitalized software development (6.1) (6.2) (6.4) (5.6) (4.8) (2
Slide 86: Net Debt Summary and Net Leverage
Net Debt Summary ($M) and Net Leverage 86 We believe that cash, cash equivalents, restricted cash, and short-term investments on the balance sheet that net cash against outstanding debt, presented as net debt above, is a meaningful measure. Q4-24 Cash, cash equivalents, restricted cash and short-ter