Please stand-by, we’re about to begin. Good day and welcome to the NCR Corporation First Quarter Fiscal Year 2015 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Gavin Bell, Vice President of Investor Relations. Please go ahead, sir.

Good afternoon and thank you for joining our First Quarter 2015 Earnings Call. Joining me on the call today and offering opening remarks are Bill Nuti, Chairman and Chief Executive Officer; and Bob Fishman, Chief Financial Officer. Additionally, available on the call today for Q&A are Andy Heyman, Senior Vice President and President, Financial Services; Michael Bayer, Senior Vice President and President, Retail Solutions; and Paul Langenbahn, Senior Vice President and President of Hospitality. Our presentations and discussions today include forecasts and statements that are considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. While these statements reflect our current outlook, expectations and beliefs, they are subject to a number of risks and uncertainties that could cause actual results to vary materially. These risks and uncertainties are described in our earnings release and in our periodic filings with the SEC, including our annual report to stockholders. On today’s call, we will be referring to presentation materials posted on our website. We will also be discussing certain non-GAAP financial information such as free cash flow and results excluding the impact of pension and other items. Reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures and other information concerning such measures are included in the presentation materials and in our earnings release. These are also available on the Investor Relations section of NCR’s website. A replay of the call will be available later today on our website, ncr.com. With that, I’d like to turn the call over to Bill Nuti.

Thanks, Gavin. Good afternoon, everyone, and thank you for joining us today. NCR got off to a good start in 2015. Our total company Q1 financial results were in line with our expectations. We faced increasing foreign currency headwinds as the quarter progressed which negatively impacted revenue by an additional 1% and NPOI by an additional $8 million versus the guidance we provided on our Q4 call. I’m on Slide #3, which shows our financial results for the quarter. Revenues were down 3% year-over-year due to the impact of FX and were up 3% on a constant currency basis. Recurring revenues were 45% of our total revenues in Q1, which were down 2% from last year and up 4% on a constant currency basis. Operational gross margin was 27.6% in Q1, which was a 100 basis points decrease or 75 basis points decrease on a constant currency basis. Although, product gross margins was negatively impacted by mix and FX headwinds, our services gross margin improved significantly in the quarter. We generated NPOI of $146 million, which is down 6% as reported and up 6% on a constant currency basis. Non-GAAP EPS came in at $0.43 in Q1, which was down 14% as reported and up 2% on the constant currency basis. And lastly, free cash flow improved by $75 million in Q1 to a positive $24 million, which represented an encouraging start to the year. The increase was due to improvements in cash flows from operations as well as lower capital expenditures and discontinued operations. I’m now on Slide #4, which gives some details on software. We grew software related revenues 5% in Q1 as reported, which were up 9% on the constant currency basis, this includes a strong expansion of our cloud revenues which were up 19% year-on-year. So…

Thank you, Bill. I’ll start on Slide 7, which shows our Q1 operational results on an as reported and constant currency basis which Bill previously discussed. We experienced unfavorable foreign currency fluctuations during Q1 with impacts of approximately $95 million in revenue, $18 million in NPOI and $0.08 in EPS, all higher than previously expected. Revenue was higher by 3%, NPOI was higher by 6% and non-GAAP EPS was higher by 2%, all on a constant currency basis. The next slide shows our Q1 GAAP results. The decrease in GAAP results is primarily related to the restructuring plan and FX. The restructuring plan charge included income from operations was $16 million in Q1 2015 as expected. On Slide 9, you will see our financial services Q1 results. On a constant currency basis, revenues were up 9% due to improvements in the Americas, Europe and Middle East/Africa. Operating margin was up 20 basis points at 13.2% and up by 70 basis points on a constant currency basis. The improvement was due to an improved mix of higher-margin omni-channel solutions. Key market developments in financial services include solid performance across our major global markets. This includes wins in North America and Asia-Pacific as well as outperforming the overall market in Europe. This was offset in part by continued challenging conditions in China and Russia. Bill highlighted for you the recent launch of Kalpana, our cloud-based ATM software platform. We are excited about the potential for Kalpana and are pleased of the market reaction thus far. Next slide shows our retail solutions Q1 results. Revenue was down 9% and down 4% on a constant currency basis, due to reduced spending by retailers. Operating margin was 3.6% which decreased 300 basis points on a constant currency basis. Retail operating income was lower than the…

Thank you. [Operator Instructions] We’ll take our first question from Katy Huberty with Morgan Stanley.

Yes, thank you. What are the operational offsets to the one point of additional revenue headwind and $0.10 of additional EPS headwind from currency this year? What’s allowing you to offset that additional headwind and keep guidance as you’ve reported three months ago? And then I have a follow-up.

Okay, Katy, what we gave this year as we gave a wider range of guidance on the top line and NPOI to allow for some additional volatility in FX. So if you look at prior year’s guidance, the range is a bit more tight, so that would be the point one. We have a wider range and we still feel comfortable with within the range. Point number two would be, we did have a good Q1 in order volume - solution order volume across all of NCR, financial and retail in particular. And that gave us some confidence here going into the back-half.

Okay. And does - your comment about the wider range, does that imply you’re more likely to be in the lower half, given the currency headwind, or is that not the case?

No, it is not the case right now. I think that where the consensus is right now, we’re quite comfortable with that and it’s very balanced.

Okay. And then just as a follow-up, operational gross margin down 75 basis points ex-currency, why is that not moving in the other direction, given makeshift higher value solutions and software investments?

Yes, what we saw in Q1 with a 75 basis point, down constant currency was, services margins were strong, they were up significantly in the quarter. Our product margins were down and offset that increase. Product margins were really based on hardware margin rates and that business can be lumpy. It can be based on country mix, influenced by country mix, it can be influenced by large customers versus smaller customers. So that’s what we saw in Q1 from a product and hardware perspective.

The other point I’d make would be that, we did see in Q1 an unusually higher percentage of our software sales in both retail and financial being with third-party software. It’s more one-time in nature and that kind of expected to repeat itself.

Okay. Thank you very much.

You’re welcome.

We’ll go next to Dan Perlin with RBC Capital Markets.

Thanks. I had a question on retail for the moment. The business continues to be pretty challenged, and I know you mentioned the dynamics that you think that work in the second-half for improvement. But I wonder if you could talk maybe more directly about how those order growth opportunity - talk about priority shipping back, and then the service contract? How does that breakdown when we think about self-checkout versus legacy register which I suspect is declining? And then Retalix, which sounds like software that’s driving business through third-party and not actually where we want to be, if you could highlight that a bit, I appreciate it.

Hey, Michael Bayer, you may want to just jump in here and give your perspective?

Yes, I’m Michael Bayer speaking. Coming back to your first point, I really looked at the order performance as an indication for further shift back to the core platforms, back to strong omni-channel demand. We also have seen now that all of the major of waves and investments for PCI and for the readiness of EMV are done, and we are seeing the discussions really going back to omni-channel and how omni-channel can drive commerce. That was one of the major activities around the order performance and the order performance has also fell to a very highly appreciated backlog. We talk about Retalix, and we talk about third-party software the common bill made, that has nothing to do with our Retalix business. We had closed two very strong deals, which implemented third-party software through us on a broader solution scale. It is not in our traditional Retalix area. For Retalix, we see strong commitments after existing customers to the platform and we are on-boarding new on to those platform elements as we speak. That’s it from my side, any further clarification.

Well, the other question I have is in the services contract that it sounds like it’s going to be a big part of the recovery in the back-half, what is an example of that? Is this a multi-year service contract, is it tied to software or is this a typical...?

It’s a full in services contract touching all of the different businesses we provide to this particular customer. And it’s rolling out as we speak and so as you on-board those customers, you see the full benefit after you’ve on boarded all of their estates and we will be done with the on-boarding throughout Q3 and we’ll see the benefit then of the full contract implement - impacting our second-half. I have to say that due to the strong performance we deliver with our services organization, especially during the peak performance [Technical Difficulty] Q4 last year we’re seeing revitalization of our services business in the [indiscernible].

Okay. And can I just ask one other quick question? One of your competitors in the ATM business in Europe clearly had some lot of the problems in the quarter. You guys outperformed their numbers for sure. I’m just wondering what is it that you think was the differentiation between yourself and them? Thanks.

I think one of our differentiations especially when it comes to Eastern Europe, you are asking for, right, and Central Europe?

Yes and this was more on the ATM side.

Oh, sorry.

Okay. Yes, so I think what I will do is I’ll give you some perspective, and Andy, you can jump in. But for a long time we have been working hard to help the investors in our company as well as the sell-side understand the fundamental differences in our strategic plans for the financial services business. And I think for the first time. We are beginning to see how different our company strategically and tactically we have set up versus that of what I would consider more of the older world point product providers. Andy, you may want to give some more color on that.

Yes, I mean, I think when you go back 2013, and which was only two years ago, but in many ways it seems like more than a decade ago, the need to financial institutions were - there were ways to address. And one was just keep doing what you’re doing around physical channels i.e., ATMs and self-service. And other one was they have a much more software-driven transformative approach in terms of how impact our customers’ P&Ls. And we very publically made big investments towards revamping our solution portfolio to help them, our customers to be more successful. I think you fast-forward the first quarter and really we started to show up in the fourth quarter, and there were some demonstrable significant differences between our competitors and us, whether that be in the developing market or even the mature markets like Western Europe. And so the results speak for themselves in terms of - we are well into double-digit growth in Western Europe while in an industry that’s growing at small single-digits. So the result of that of course is competitors are flat to declining in these markets while we are increasing significantly both on the top line and the margin dollars. So we are pleased and most importantly our customers are pleased with that as well.

Okay. And I’ll just ask one more, and then I’ll jump off. Bob, could you just clarify for purposes of everyone on the call, the AR facility that you entered into in 2014, how are you flowing that through your cash flow statement? Thanks.

The AR facility - that was really a better way to finance then our revolver. So we’re using our AR base to effectively borrow and that’s treated similar to the revolver as part of the financing cash flows. So that’s part of financing.

Thank you.

We will take our next question from Gil Luria with Wedbush Securities.

Yes, thanks for taking my question. First of all, would you mind, I’m sorry if I missed this, would you mind quantifying how much of the revenue in the quarter was attributed to third-party software, and which part of the business was that, and how much do you think you are going to get for the rest of the year?

Yes, I think Gil, again I want to be very clear here that the - we had one significant transaction in retail with U.S. Government that contains a high proportion of low margin software, and that will not repeat itself in Q2 or beyond it was a good win. We are happy to have the footprint in that space as well but, we’re going to expect that. And we have an unusual couple of deals in the financial, again not significant but enough to retard the margin a bit for us. Again, we don’t expect those to repeat in Q2 and beyond. So again, I don’t have exact numbers, but they were enough to impact margin rate along with what Bob mentioned in Q1, which was unfavorable mix on the hardware side.

Got it. And then on the drop-down of the impact of foreign exchange, the previous guidance was 5% top line, $0.20 bottom line. That’s a little less than 2 to 1 drop-down to the bottom line. You are adding 1 point to the top line and $0.10 to the bottom line. That’s more like a 5 to 1 drop-down to the bottom line, at least 3 to 4 times. Why is currency flowing down more to the bottom line? Should we expect that going forward if we see the US dollar strengthening more?

Yes, I would say, what we’re seeing, Gil, or the way I think about it is on the revenue we’re seeing an impact of around 20% of NPOI impact on FX, before we had it at closer to 16%, 17%. So in the kind of latest view we looked at the mix of the countries whether it’s Brazil or Europe and the flow-through as around 20% of the revenue impact from a NPOI perspective. So I think that would be a good proxy to use going forward, Gil, now that we have a better sense of what the country mix is going to be.

Got it. Thank you very much.

We’ll go next to Ian Zaffino with Oppenheimer.

Hi. Great. Thank you very much. You know, as far as your guidance for the retail business, I guess you’re expecting like you said a big, big ramp, and you have the contracts in place or at least the orders in place. Can you just help us understand what the nature of the orders are? Is it basically, to use slang, is it money in the bank, or is it something that we might see like last year where you saw some delays in the orders and just help us understand how confident you are in those numbers?

Yes, I think unlike last year and we are not really betting the form [ph] on the current quarter orders as much, and by the way with three weeks in we are still feeling good about that. So for me I feel really good about the over-performance in orders in Q1. It was quite significant, I mean, it was a big order for retail, so a big order quarter for retail. And beyond that we have the large services win that we’ll begin rolling out in Q3 and Q4. And would also say, to be very candid with you, Ian, we’re lapping some easy comps in the back-half, particularly Q3. So the ramp for retail really is in the - it’s a back-half ramp, but it’s really a Q3 story, because if you look at their Q4 forecast right now it looks kind of more normal run rate growth. But for Q3 looks outsized as a result of that lapping that easy comp.

Okay. Thanks. And I just wanted to step back, maybe ask more of a philosophical question here, but if you look at the business, three different businesses, explain to us or where is sort of your head and the way you’re looking at the businesses right now? Do they need to be together? Does it make sense maybe to not be together? Are there large dis-synergies if you think take them apart? Is it more value creating if you take them apart? Just what are you thinking here and just give us a little insight into the value of being together versus the value of not being together?

Sure, I’ll give you the short answer but I can spend four hours on the topic on this one with some bad jokes mixed in. First, I’d say that every industry we’re in is moving towards omni-channel software platforms. And what we provide, whether you’re a bank or a retailer or a restaurant is a common platform to deliver on the promise of omni-channel. And so there is a lot of synergy from a technology point-of-view. There would be, if you pull the business apart, significant dis-synergy. For example, all of my divisions share a common services delivery infrastructure around the world. I don’t have a separate services business for retail and financial and hospitality. All of them share a common supply chain infrastructure, plants, distribution centers, and of course, we get lots of value from that scale, and they all share a common G&A infrastructure as well. So it would be very difficult if not value destructive to get to pull that apart.

Okay. Thank you very much.

Yes. Thank you.

We’ll go next to SK Prasad Borra with Goldman Sachs.

Thanks for taking my questions. A couple if I may. Probably starting off with the service margins, they’re definitely much better than expected. What major changes have you made in the services segment to achieve those margins?

We’ve been working hard the last two years. If you go back two years ago, you’ll remember me talking about services and investments. That did impact negatively our profit in late 2012, in Q4 of 2012 and all of 2013 and to a lesser extent began to improve in 2014 and the late part of 2014. Those investments were meant to drive higher productivity and more efficiency of delivery. And all of those programs are now beginning to kick in and beyond that there are positive impacts of those investments as not just we can expect higher margins in services, but also better customer loyalty. Our customer set has improved significantly in the last few years and I’m really proud of the team overall because that’s driving customer orders and more revenue as a result.

When you compare say Q3 of 2014 to now, is it just a case of timing of lot of these investments actually seeing some tangible improvement or delivering some value or you would say it’s largely execution on lot of the projects that are undertaken then?

Almost exclusively execution on the projects we began to undertake in 2012 and the tangential good news is that I also expect our services revenue to begin growing at a faster rate in the back-half of the year and into 2016.

Okay. That’s clear. Just on the retail segment, can you probably describe what the competitive landscape is in the retail segment across various segments whether it’s self-checkout or Retalix? And with regards to your own investments you have talked about a lot more focus on software. Can you talk about 1900 personnel which you’re recruiting, how much of that or how many of those personnel would go into retail and specifically focused on software?

Yes, I think that the transformation of retail has been probably for us the most choppy in the last few years, but of course made more challenging by very challenging end-market and set of conditions there, particularly last year going into Q3. I’m feeling a lot better about the current state of the retail business internally. And I’d say that one of the major external factors that impacted us negatively was our customers pricing off more of their capital for data privacy, for PCI compliance which has to be done by October, and all of the terminals they needed to buy at the front-end, which we don’t sell, to accomplish both PCI compliance and as well as EMV upgrades. In Q1 and I kind of pointed to this in Q4 as well, we began to see a shift of time and attention, and now business coming to us and a focus on omni-channel and software and services. That’s a good sign. My client meetings have all been far better than they were in July and August and mainly September of last year. They’re going to be more positive and certainly there’s lot more focus on what we do at NCR. Retalix is actually doing quite well internally. We have - there’d be more to talk about there on the July call relative to some announcements coming out about new solutions. But Retalix has not been a significant challenge for us in the market or on the top line for our profitability-wise. Hardware slowed down significantly for us as a result of the data privacy focus and move towards PCI. That really impacted us quite negatively and so that’s beginning to come back, as did self-checkout was also is looking quite promising on the year right now. Michael, any other comments from you?

Hey, Bill, I’d like to add to your comments in self-checkout. What we are seeing now is that we are not only defending our leadership position, we are also on the forefront of opening new markets. A couple of announcements yet to come where we still need to wait for the final customer approvals, but you’re going to see us with significant rollouts in markets, where self-checkout has been introduced so far, which gives me a high confidence that we will be able to establish our market leadership there. And in the whole European market, where we see a trend now back into Convenience, our new product which we launched end of last year, a small version that card-only only self-checkout which you put into a normal checkout lane is picking up nicely and gets real interest from a lot of the customers we have and also prospects who have not been our customers so far in continental Europe. As there is almost - the UK remains a bit challenging. Those of you who follow the market and have seen the recent announcements and the quarterly results of the big retailers in the UK can draw your own conclusions. But overall the market is going into the right direction for us.

So in that do you guys feel confident about achieving a high single-digit growth rate in retail in second-half based on your order book?

Yes, I do. Michael, you may want to comment on your end.

Yes, as I said before, I think we touched those points, but let me reconfirm them. Our Q3 is, “easy comparison,” as it was a bad quarter for us last year. Order book looks good, the order velocity looks good. The backlog has dedicated rollout schemes associated to it. We’re talking about rollout schemes which have been signed off to deliver revenue this year. So overall, we keep the guidance.

That’s all from my end. Thank you.

We’ll take our next question from Meghna Ladha with Susquehanna.

Yes, hi. Thanks for taking my questions. Despite the weakness that one of your competitors has seen in Europe, I see that you’re raising your constant currency guidance for financial services today. What changed since your prior guidance? Are you picking up market share?

Yes, Meghna, there’s no question, we did pick up share in the last quarter as well. But by the way just to put some numbers to this, for all of NCR EMEA, Europe Middle East and Africa, for us grew constant currency 6% in Q1. It was a really good quarter despite the FX headwinds and when I take Russia out of the equation, we grew 9% as a corporation in all of EMEA in Q1. Western Europe, as Andy said, is doing really well. Andy, you may want to give more color on NCR versus the competition and why we’re gaining share?

Yes, we talked about it a little bit earlier, but just to expand on it in Western Europe, the market conditions has been tough for customers in terms of them really trying to eke out profit growth through pretty flat or declining revenues, given their situations. So they need technology, increasingly software driven technology that helps them with things like lowering cost per transaction. And a lot of our investments that we have made in the last couple of years from a software perspective both organically and with some acquisitions have played very well into them now having tools to take out costs through moving transactions from higher costs channels to lower cost channels, while at the same time having a seamless consumer experience. That message lowered our track record for delivering results to those customers, has led to fairly material double-digit growth for us in Western Europe offset, of course, by the geopolitical situation with Russia, which gets you to Bill’s comments on 9% constant currency growth.

Thank you, Andy. And then also moving onto branch transformation, do you still expect to generate an incremental $100 million in revenue this year, or could we see an upside to this number?

I think Meghna that…

Yes, sorry, Bill. Yes, so for branch transformation for us, first of all this year is going to be a great year. The question is how good and frankly, it comes down to customer adoption speed. There is not a customer we talked to that is not convicted around their desire to move as fast as they possibly can within their environments to transform your branches. It’s helpful as they build out new branches, where they can lower their square footprint and reduce operating costs that way, as well as take out operating costs from a labor perspective and keep their branches open longer. Those are the drivers for our customers. And then when it comes to our solutions, we’re considered by our customers globally to be the leader to help them to do that. So the nine-figure kind of growth we’re expecting that you mentioned, we feel very solidly on track for. Could there be upside? I would say, where I say right now this is a long-term play from a serious sustainable growth perspective. I wouldn’t see a tremendous amount of revenue upside this year. There could be significant order and backlog upside this year, where it would give us even more confidence in our - in exceeding our models in 20016 and beyond.

And Meghna on that point in Q1 order growth for branch transformation and financial was up 58% year-on-year.

Thank you. That’s very helpful. And just last question on my side, what’s the number one priority for the company today to enhance shareholder value? And could we see a potential announcement of a share buyback or dividend once we - once you reach your target leverage ratio?

The number one priority for us is to continue to execute do what we said we’re going to do. We’re coming off of Q3 last year. We were not happy about that myth to be very candid with you. And our goal right now is to continue to execute and not surprise our investors negatively at all. We feel really good about Q1 - I’m sorry confident in Q2 and the full-year, and we’ll continue on that track. Now, of course, there are number of priorities vis-à-vis strategic execution and tactical execution beyond that, but I think that’s point one. Could you see something from us vis-à-vis a share buyback or dividends? We’re currently undergoing as I’ve said on previous calls an entire review of all of our strategic alternatives. And right now, we’re deep into that process and the answer would be, of course, you could, but until we’re ready to report something, we’ll hold off on giving any particular guidance on that.

Thank you very much.

Thank you.

We’ll go next to Kartik Mehta with Northcoast Research.

Good afternoon, Bill. Bill, I wanted to ask you about ATM pricing and what kind of pressure you’re seeing, and if this year is any different than years past?

This is my 10th year here, and it’s a great question, because especially in light of some of the challenges of our traditional hardware competition. The answer to your question would be not really the environment still is quite competitive in the emerging markets, it always has been. So we tend to see lower margins in the emerging and developing countries, that’s not change. And by the way when we have a higher mix of those countries in our revenue, you see it in our gross margins, not unlike what you saw in Q1. In a developed markets because we’re so differentiated today, and our hardware is attached to an end-to-end software solution with somewhat more protected a bit from the hardware, the hardware degradation you might see in an RFP. We’re not completely insulated by the way, but we are able to protect our hardware margins now, as a result of packaging hardware in a larger end-to-end solution play, including software, digital banking, and services. So in the developed markets, it’s less of an impact. I think, we need to give this issue a quarter or two more and see how the competition reacts before I can give you more feedback on that.

So Bill, when you model or when you’re giving out guidance, what type of degradation do you assume on an annual basis for the ATM hardware and then service business?

We tend to look at price erosion of 5% to 7% in that range. And our job is to outrun that and to reduce our costs on a BOM basis, bill of materials by more than that to maintain margin. But we see typically 5% to 7%.

And then just one last question, Bill. You talked about the common service platform, which you are able to leverage across all of your platforms. When you mentioned that, is it just that the person servicing either the ATM business or retail business is the same, or is there more to it than just that infrastructure, and does it get more complex and deeper when you look at the service business and your ability to leverage it across your platforms?

All right. It’s a lot deeper than that, Kartik. For example, all of customer engineers we have about 11,500 people who are badged NCR employees, who repair our equipment. All of them use common systems for dispatch common logistical infrastructure for delivery of parts, common systems like the tools that are provided to do their jobs, and reduce share on calls. So a CE, who fix this in ATM can also fix a self-checkout device. And by the way, they’re not that different from each other. They both have similar cash dispensers and so on, they are not quite that different.

Well, thank you very much. I appreciate it.

Yes. Thank you.

And we’ll go now to Paul Coster with JPMorgan.

Thanks. This is Paul Chung on for Coster. Thanks for taking my questions. A question on Kalpana, does the introduction of Kalpana disrupt sales of prior generation ATMs, and does it reduce visibility into second-half as customers evaluate the software?

Andy, do you want to take that one?

Hey, Paul, Kalpana, we burst Kalpana two years ago or conceived Kalpana two years ago and just came to market with it this month. And the design of it was because there is many markets around the world, despite our leadership position globally, where we wanted to be even more competitive to grow our available market many places in India, in China, even in core Western markets, where we were not cost competitive from a TCO perspective. So we launched Kalpana with a focus on significantly reduced total cost of ownership for our customers with significantly improved security with the goal being to expand our available market. So fast-forward to now, we signed our first contract and we’re in the midst of many more right now. And there with companies that traditionally, the only way we could do business with them was for, call it a negative 20% to 50 margin kind of business, which, of course, meant that we walked away from that business. So fast-forward to right now, and we’ve got a fast growing fund around Kalpana that in most places is net new for us. So that’s kind of where we look at things. To the extent that their situations where it would be a replacement cycle for current customers, we would look at that is additive from a margin dollar perspective. So we feel quite good about our position right now with Kalpana.

Gotcha. Thank you very much. And then on Digital Insight, can you guys confirm revenue, operating income, monthly average users, and where do you see growth trending there? Thanks.

Yes, we’re not giving specific guidance any longer on DI. However, I can tell you that DI is performing above our internal plans and expectations and really has been really important add-on and inorganic investment in the omni-channel space for us, and really is making a difference for NCR. I can tell you also that, I think, it’s in the prepared presentation. We have a great year in terms of growth of digital banking users. So it was a really super year in terms of growth there.

Okay. Thanks, guys.

Thank you.

This concludes today’s question-and-answer session. At this time, I’d like to turn the conference back to management for any additional or closing remarks.

Well, we’re looking to schedule an Analyst Day, you should all be aware of that sometime in Q3. Gavin will be talking to all of you about that. We look forward to that and I also wanted to thank you for attending today’s call. Have a great night.

This concludes today’s conference. Thank you for your participation.