Author: Admin

 

CHRIS 180, a nonprofit dedicated to supporting and healing Atlanta’s children, youth, and families, has named Rick Aranson, J.D. as its new Chief Operating Officer.  

With more than 20 years of experience in mission-driven leadership, Aranson brings a strong record of driving operational excellence and program development. His extensive background spans enterprise-wide administration, developing and scaling community-based programs, strategic planning and technology.  His expertise will drive impact and support CHRIS 180’s vision of building stronger families and resilient communities. 

“Rick’s impressive history in nonprofit leadership, his dedication to operational excellence, and his unwavering commitment to community impact make him a perfect fit for our team,” shared Cati Diamond Stone, J.D., President and CEO of CHRIS 180. “Having worked closely with Rick, I can personally attest that the combination of his expertise and heart for the mission will play an important role in our work to reach and support those in need of trauma-informed care.” 

Aranson joins CHRIS 180 following more than five years at Susan G. Komen^®, the world’s leading breast cancer organization, where he served as Senior Director of Mission Operations. In this role, he managed all operational initiatives for Komen’s mission department, covering finance, legal, information technology, and business process improvement. Aranson also led multiple strategic planning efforts and was instrumental in developing Komen’s Patient Care Center, which provides integrated health-equity based community health services. 

Aranson previously served as the CEO of Jewish Family & Career Services of Atlanta, where he applied business principles to enhance the organization’s impact and operational efficiency while more than doubling its operating budget. A recognized figure in the nonprofit sector, he developed an innovative program planning and evaluation methodology utilized across the United States, was featured in the Atlanta Business Chronicle’s “Who’s Who in Nonprofits” and has contributed to the American Review of Public Administration. 

Aranson, an alumnus of Leadership Atlanta, has served on various local and national boards and acted as a grantee liaison for the United Way of Greater Atlanta. He holds a Juris Doctorate from The University of Miami School of Law and a bachelor’s degree in Sociology from Emory University. 

NCR Atleos Corporation (NYSE: NATL) (“Atleos”) reported financial results today for the three months ended September 30, 2024. Third quarter results and other recent highlights include:

• Strong third quarter results exceeded revenue and profit guidance

• Revenue of $1.08 billion, Service revenue reached a new high of $843 million

• GAAP net income of $24 million; Adjusted EBITDA of $207 million

• GAAP fully diluted earnings per share of $0.32; Non-GAAP fully diluted earnings per share of $0.89

• Reaffirmed 2024 Guidance, Non-GAAP EPS guidance moved to high end of range

• Operating cash flow of $107 million in Q3 and $264 million year-to-date

• Adjusted free cash flow⁽¹⁾ of $38 million in Q3 and $123 million year-to-date

“NCR Atleos delivered another excellent quarter. We made significant strategic progress and expanded revenue per machine through rapidly growing new transaction types, adding new customers, and capturing more service revenue from our financial institution clients. We operated exceptionally well and improved customer performance metrics, while simultaneously working to eliminate inefficiencies associated with our separation transaction. And, importantly, we reported financial results that were better than anticipated and that allow us to again affirm our full year 2024 guidance,” said Tim Oliver, President and Chief Executive Officer. “I am grateful to the 20,000 Atleos employees around the world that enabled this performance,” Mr. Oliver continued.

“As we plan for 2025, our outlook is positive. We expect to see higher demand for hardware driven by both a typical replacement calendar and a desire for more capable ATMs with recycling, tap and other technologies. The outsourcing of non-core, ATM-centric services by our financial institution clients is accelerating as they transform their branch infrastructure to both manage costs and improve their customer’s experience. The model of a shared financial utility of networked ATM’s is getting increasing attention from banks and consumers are conducting more of their regular banking at our blue-chip retail locations. Our strategy to generate more revenue from each of the 600,000 ATMs that Atleos serves is working,” Mr. Oliver concluded.

Third Quarter 2024 Operating Results

The core business segments continue to deliver strong results.

• Third quarter revenue was $1.08 billion, including $790 million of recurring revenue, compared to $1.07 billion and $765 million, respectively, in the prior year period.
• Third quarter gross profit was $262 million with a gross profit rate of 24.3% on a GAAP basis, compared to $268 million and 25.1%, respectively, in the prior year period. Third quarter adjusted gross profit (non-GAAP) was $286 million with an adjusted gross profit rate of 26.5%, compared to $288 million and 27.0%, respectively, in the prior year period.
• Third quarter income from operations was $119 million on a GAAP basis, compared to $91 million in the prior year period. Third quarter adjusted income from operations (non-GAAP) was $164 million compared to $174 million in the prior year period.
• Third quarter net income attributable to Atleos was $24 million on a GAAP basis, compared to net loss attributable to Atleos of $58 million in the prior year period.
• Third quarter Adjusted EBITDA was $207 million compared to $210 million in the prior year period.

October 2024 Debt Refinancing

On October 17, 2024, the Company completed several transactions for its variable rate credit facilities enabled by improvements in its credit profile over the past year and market conditions. The effect of the transactions reduced the weighted average spread to SOFR by approximately 100 basis points on the Company’s outstanding variable rate debt of approximately $1.7 billion. The transactions did not materially affect the outstanding principal of $1.7 billion and maturity dates of the credit facilities were unchanged.

The transactions were effectuated via a First Amendment dated as of October 17, 2024 (the “First Amendment”) to the Credit Agreement dated as of September 27, 2023 (the “Credit Agreement”). The First Amendment provided for (a) an increase in the aggregate principal amount of the Company’s revolving credit commitments equal to $100 million and (b) a new class of incremental term loan commitments (the “Term A-2 Commitments” and, the loans made pursuant thereto, the “Term A-2 Loans”) in an aggregate principal amount equal to $300 million. The proceeds of the Term A-2 Loans were used to, among other things, prepay approximately $300 million of the Term B Loans outstanding under the Credit Agreement (the “Existing Term B Loans”). Immediately following the prepayment described above, the Existing Term B Loans were refinanced and replaced in their entirety with a new tranche of term loans under the Credit Agreement in an aggregate principal amount equal to $445 million.

The Company expects the resulting reduction in spread to SOFR in conjunction with market expectations for lower variable rates over the next year may result in meaningful incremental earnings and free cash flow in 2025.

Notes to Investors

On October 16, 2023, NCR Atleos Corporation (“Atleos”, the “Company”, “we” or “us”) became a standalone publicly traded company, and its financial statements are now presented on a consolidated basis. Prior to the separation from NCR Voyix Corporation (“NCR” or “Voyix”), the Company’s historical combined financial statements were prepared on a standalone carve-out basis and were derived from Voyix’s consolidated financial statements and accounting records. Therefore, financial results for the three and nine months ended September 30, 2024 and 2023 may not be meaningfully comparable.

In this release, we use certain non-GAAP measures. These non-GAAP measures include “Adjusted EBITDA,” and others with the words “non-GAAP” or “adjusted” in their titles. 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 release.

With respect to our Adjusted EBITDA, adjusted free cash flow-unrestricted and non-GAAP diluted earnings per share guidance, we do not provide a reconciliation of the respective GAAP measures because we are not able to predict with reasonable certainty the reconciling items that may affect the GAAP net income, GAAP cash flow from operating activities and GAAP diluted earnings per share without unreasonable effort. The reconciling items are primarily the future impact of special tax items, capital structure transactions, restructuring, pension mark-to-market transactions, acquisitions or divestitures, or other events. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, the GAAP measures. Refer to the heading “Non-GAAP Financial Measures” for additional information regarding our use of non-GAAP financial measures.

Full Year 2024 Guidance

2024 Third Quarter Earnings Conference Call

A conference call is scheduled for November 13, 2024 at 8:30 a.m. Eastern Time to discuss the third quarter 2024 results. Access to the conference call and accompanying slides, as well as a replay of the call, are available on Atleos’ web site at http://investor.ncratleos.com. Additionally, the live call can be accessed by dialing 800-753-0725 (United States/Canada Toll-free) or 786-460-7170 (International Toll) and entering the participant passcode 9522236. References to Atleos’ website and/or other social media sites or platforms in this release do not incorporate by reference the information on such websites, social media sites, or platforms, and Atleos disclaims any such incorporation by reference.

More information on Atleos’ third quarter earnings, including additional financial information and analysis, is available on Atleos’ Investor Relations website at https://investor.ncratleos.com/.

About Atleos

Atleos (NYSE: NATL) is a leader in expanding self-service financial access, with industry-leading ATM expertise and experience, unrivalled operational scale including the largest independently-owned ATM network, always-on global services and constant innovation. Atleos improves operational efficiency for financial institutions, drives footfall for retailers and enables digital-first financial self-service experiences for consumers. Atleos is headquartered in Atlanta, Georgia, with approximately 20,000 employees globally.

Web site: https://www.ncratleos.com
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Georgia Labor Commissioner Bruce Thompson announced today that Georgia’s October unemployment rate was 3.6 percent, unchanged from a revised 3.6 percent in September. The unemployment rate was five-tenths lower than the national unemployment rate.

“For the third month in a row, Georgia’s unemployment rate held steady at 3.6% – a testament to commonsense, pro-business policies that make Georgia the best place to live, work, and raise a family,” said Commissioner Bruce Thompson. “While job growth has slowed nationwide, Georgia continues to drive job creation and workforce participation. This stability shows what’s possible with a state government that puts hardworking Georgians first.” 

Jobs were up by 1,500 over the month and up by 64,900 over the year to 4,985,500.

The sectors with the most over-the-month job gains included Accommodation and Food Services, 4,300; Health Care and Social Assistance, 2,200; Local Government, 1,400; Retail Trade, 1,000; and Durable Goods Manufacturing, 700. Jobs were down in Administrative and Support Services, -3,700; Transportation and Warehousing, -1,400; Information which includes Motion Picture and Sound Recording Industries, -1,300; Arts, Entertainment, and Recreation, -1,200; and Non-Durable Goods Manufacturing, -700.

Over the month, jobs were at an all-time high in Private Education and Health Services, 696,500, and Leisure and Hospitality, 536,900.

The sectors with the most over-the-year job gains included Health Care and Social Assistance, 20,200; Accommodation and Food Services, 17,100; Local Government, 12,100; Professional, Scientific, and Technical Services, 7,500; and State Government, 4,500. 

Jobs were down over-the-year in Administrative and Support Services, -11,600; Information, which includes Motion Picture and Sound Recording Industries, -3,700; Wholesale Trade, -2,700; and Transportation and Warehousing, -1,800.

The labor force was up by 1,370 to 5,416,696, an all-time high, and was up by 85,853 over the past 12 months. The labor force participation rate went down from 61.8 to 61.7 percent.

The number of employed was up by 774 to 5,220,494, an all-time high, and was up by 61,395 over the past 12 months.

The number of unemployed was up by 596 to 196,202, the highest level since July 2021, and was up by 24,458 over the past 12 months.

Initial claims were up by 9,042 over the month to 28,642 in October.  Initial claims were up by 6,973 over the year.

It wasn’t so close after all. Despite the insistence of many professional pundits and most major media outlets, the 2024 elections for President and control of Congress were called relatively early. By Wednesday morning, the word “mandate” was being used frequently as part of the instant analysis.

Six days later, California has managed to count only 72% of the state’s total votes, so the overall numbers could still tighten a bit. There aren’t enough votes outstanding that will change the fact that Donald Trump won not only the electoral college in a landslide, but the popular vote total as well. As of this writing, he also had a majority of the total votes cast, leaving Vice President Harris and all other candidates combined below 50%. Republicans have flipped the Senate convincingly. Some Democrats are getting dangerously close to “election denier” territory by refusing to concede the Pennsylvania race picked up by Republicans.

They’re joined by some much more comfortable with denying results in Arizona. Republican Kari Lake came amazingly close to flipping that seat despite spending most of her time in South Florida at Mar-A-Lago and upsetting much of the traditional Arizona GOP power structure at the beginning of her failed campaign.

With the White House and the Senate come judges. Republicans may continue to thank former Senate Majority Leader Harry Reid for setting the precedent here. Note you’ll now hear scarce talk from Democrats about expanding the Supreme Court or ending the filibuster.

With Republicans taking most of the top offices in Puerto Rico, you have to wonder if both parties’ positions on Puerto Rican statehood will now flip. You can also see from the results nationwide and in Puerto Rico that the media’s late fixation on a comedian’s poorly timed joke about Puerto Rico didn’t seem to matter much anywhere except where Democrats were grasping at last straws.

Exit polls trashed many other narratives and beliefs of partisan leanings. Republicans have made huge gains with Hispanic voters over the last few election cycles. Members of national media should spend more time differentiating between legal immigrants and those who chose to break in front of the line. It appears those who have achieved citizenship and vote don’t appreciate their tax dollars being used to open the borders either.

The support of Native Americans swung heavily in Republicans favor as well. Perhaps all the “land acknowledgements” popularized among the left to begin meetings are only sending virtue signals to their own insular groups, where the signals that should be sent should include policies to make improvements on modern day quality of life? Per usual, the losing side is working through their stages of grief. Circular firing squads were formed before the votes were counted. The blame game is now in full force. Clearly, Republicans have a lot to be happy about. And they are. For those who perpetually look ahead, there are concerns that should temper this enthusiasm.

The MAGA base of the GOP will now expect everything they want, and nothing they don’t. They will look at the electoral and Senate maps and repeat the word “mandate” as often as possible. They will not want to focus on the apparent narrow majority in the U.S. House, which has been a constant problem of leadership and execution for any GOP led agenda for the past two years – To be honest, a lot longer than that.

Republicans will walk a fine line between appeasing that base, while holding together the collation of swing voters who flipped from supporting Biden in 2020 to Trump in 2024. Too many ultra-partisans refuse to acknowledge that swing voters more often are trying to stopwho is in power because they want rational policy, not overreach.

In Georgia, there are specific warning signs that will matter in 2026. All statewide constitutional officers will be on the ballot, as well as a U.S. Senate seat. If the courts will get out of the way, a majority of the Public Service Commission should be as well.

There was a map going around in the early hours of vote counting showing the tilt toward Republicans or Democrats from 2020. Much of the country was red, showing a decided shift toward the GOP. Georgia, specifically among the Atlanta suburbs, had a recognizable concentration of blue.

Republicans have earned the right to celebrate after a successful 2024 campaign. Those interested in keeping Georgia red need to contain their gloating as much as possible.

Voters are more fickle than the partisans would have you believe. There’s also usually a bit of a course correction in the mid-terms after a Presidential election.

It’s easy to pretend that the future will be a trend line upward from the present. The reality, especially here in Georgia, is that the 2026 campaigns will face a very different environment from today. Candidates need to be very aware from the beginning that there is a lot of work required from both parties to be acceptable in any form to swing voters.

Southeast Regional Cooperative, Inc., (SERC), an Atlanta-based organization connecting the agribusiness industry in the southeast with food banks and nonprofits in their fight against food insecurity, has been selected by the U.S. Department of Agriculture (USDA) to receive a Regional Food System Partnerships (RFSP) grant. SERC will use the funds to develop plans for a regional service center enabling improved sourcing, logistics, production and data management for food banks and other agribusiness partners across the region.

The USDA will provide funding of $250,000. Feeding America partner state associations including Feeding Georgia, Feeding the Carolinas, and Feeding Florida, as well as the Georgia Department of Agriculture and Georgia State University, will provide additional matching funds and in-kind donations.

“The Southeast Regional Cooperative has grown from shipping 8.5 million lbs. of produce when we began in 2017, to shipping 152 million lbs. in our fiscal year ending June 2024,” said Chris Flint, executive director of the Southeast Regional Cooperative, Inc. (SERC). “We are honored to be a recipient of a USDA Regional Food System Partnerships grant and look forward to strengthening collaboration across the region with the agriculture industry, our Feeding America food banking partners and other industry parties across the region.”

Thanks to the Regional Food System Partnerships (RFSP) grant:

• SERC will engage a wide range of community partners including growers, producers, partner organizations to explore and analyze scope of work, location, value added processing, aggregation, distribution, and 3PL partnerships.

• For profit organizations and institutes of higher education will be engaged to conduct research, integrate diverse data platforms and operating systems, and optimize planning for sourcing and distribution.

• Partners will plan and design a regional service center offering freight supplier development and management, freight brokerage, weekend and evening support, and billing services, including programmatic grant administration.

• SERC will plan and develop strategies to enhance efficiencies and provide more cost-effective collaboration in critical areas including transportation management, middle supply chain logistics, value added processing and integrated data management.

• Attention will be given to developing strategies that create access for socially disadvantaged agrifood businesses, such as growers and freight carriers, with a focus on market access as well as securing funding for long term stability.

Through its Regional Food System Partnerships (RFSP), the USDA is awarding $5.2 million to 10 partnerships across 10 states. The $250,000 grant to SERC is the only one being given to a Georgia-based organization.