Diebold Nixdorf Incorporated Common stock

session. In order to ask a question, simply press star, then the number one on your telephone keypad. To withdraw your question, press star one again. I'd now like to turn the call over to our host, Chris Ikora, Vice President of Investor Relations. Chris, please go ahead.

Hello, everyone, and welcome to our fourth quarter and full year 2024 earnings call. To accompany our prepared remarks, we posted our slide presentation to the investor relations section of our website. Before we start, I will remind all participants that you will hear forward-looking statements during this call. These statements reflect the expectations and beliefs of our management team at the time of the call, but they are subject to certain risks that can cause actual results to differ materially from these statements. You can find additional information on these factors in the company's periodic and annual filings with the SEC. Participants should be mindful that subsequent events may render this information to be out of date. We will also be discussing certain non-GAAP financial measures on today's call. As noted on slide three, a reconciliation between GAAP and non-GAAP measures can be found in the supplemental schedules of the presentation. With that, I'll turn the call over to Octavio.

Thank you, Chris, and thank you all for joining us today. Beginning on slide four, our focus on execution, accountability, and exceeding customer expectations resulted in a strong performance in 2024. Throughout the year, our teams were executing to drive higher profitability and stronger free cash flows. We were successful on both fronts, delivering $452 million of adjusted EBITDA above the high end of our guidance range and $109 million of free cash flow, which is the company's best performance since the formation of Diebold Nixdorf in 2016. Additionally, implementing lean operations has created a solid foundation for gross margin expansion in 2025. We are targeting another year of significant improvement with low single-digit revenue growth, adjusted EBITDA in the range of $470 to $490 million, and nearly doubling our pre-cash flow. I am extremely proud of our global Diebold and Xtort team. We delivered on our commitments in 2024 and show consistent progress towards our long-term goals. We remain focused on accelerating our growth leader. Moving to slide five. It is an exciting time at Diebold Nixdorf. We have taken numerous steps to position the company for long-term success and create value for our customers and shareholders. Activity across our banking and retail end markets remains healthy, and we entered the year with approximately $800 million of product backlogs. This normalized level represents roughly six months of product revenue for the year. We closed the year strong in banking, securing major deals, including a large agreement with the top three U.S. banks for new DN series ATMs and three years of attached services. We continue expanding globally in emerging markets. winning major contracts in Asia Pacific, Brazil, and the Middle East, as customers around the world enhance and grow their self-service channels. We are delivering the innovation our customers demand to increase self-service adoption and drive higher operational efficiency. Last week, we proudly announced a major milestone, shipping 200,000 of our DN series APMs. we are very excited to lead the accelerating ATM refresh cycle with our DM series solutions as cash recycling gains traction with financial institutions around the world. Importantly, cash recycling technology is beginning to move beyond the ATM and into the branch cash management ecosystem. In 2024, we introduced our advanced teller recycling units, which will expand This is a key differentiator for us. In retail, we reinforced our leadership position in self-checkout technology and service with large wins in Europe. We also strengthened our presence in the North American market with leading quick-serve restaurant brands. In January, we attended the National Retail Federation Big Show in New York. where we showcased our AI capabilities to combat shrink-related loss throughout the store, as well as innovation to speed up the checkout process. While there, I had the opportunity to meet with many of the world's largest retailers who expressed the need for exactly the kind of technology we excel at delivering. During the show, we announced a new agreement with Group Musketeers, a French retailer with major brands like Intermarché, checkout, and help reduce shrink. We are also excited to continue building our retail market presence in North America, which represents an attractive growth opportunity for our solutions. Our strong performance in 2024 has enabled us to start returning capital to shareholders. In 2024, we paid down $338 million of debt. And today, we announced a new $100 million share repurchase authorization. This represents a major milestone for our company and underscores our commitment to delivering significant long-term shareholder value. Tom will spend more time on our capital allocation framework later in the presentation. Moving to slide six, we are improving our operational performance by implementing better processes and eliminating waste. In 2024, we started our lean and continuous improvement journey by driving excellence in our manufacturing, supply chain, and logistics environment. Throughout the year, we conducted approximately 45 kites and events that positively impacted safety, quality, delivery, and cost. For safety, our team members are our most valuable asset. We achieved a reduction of greater than 30% in lost employee time, ensuring our team members remain safe conducting their daily routine. Looking at quality, our teams realized approximately a 33% reduction in manufacturing defects, saving time and money on our production lines. For delivery, we achieved a 20% increase in on-time delivery, improving customer satisfaction and reducing lead times. And finally, looking at cost. Our focus on safety, quality, and delivery helped our teams achieve targeted cost reduction expectations for the year, supporting our expanded product gross margin in 2024. As we move into 2025, we are accelerating our lean and continuous improvement journey on the service side of operations. The example you see on the page is a facility in Toronto, Canada, crucial to our North America service operations, where we completed a successful Kaizen event in which we identified several opportunities to address storage inefficiencies and implement a more efficient flow of materials. I anticipate we will see continued measurable improvement in our service operations throughout the year. With that, I will turn the call over to Tom to go through our financial results. Thank you, Octavio.