Good morning. My name is Glenn, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Diebold Nixdorf First Quarter of 2023 Conference Call. All lines have been placed on mute to prevent any background noise. The call will conclude after the speakers prepared remarks today. Chris, you may begin your conference.

Hello, everyone, and welcome to our first quarter 2023 earnings call. I'm Chris Sikora, Investor Relations. To accompany our prepared remarks, we have posted our press release and slide presentation to the Investor Relations section of our corporate website. Later this morning, a replay of this webcast will also be available there. Before we begin, I will remind all participants that during this call you will hear forward-looking statements. These statements reflect the expectations and beliefs of our management team at the time of this call. But they are subject to risks and uncertainties that could cause actual results to differ materially from these statements. Additional information on these factors can be found 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 Participants should be mindful that subsequent events may render this information to be out of date.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 tables of today's earnings release and supplemental slides in the presentation. With that, we'll turn the call over to Octavio.

Thank you, Chris, and thank you all for joining us today. Our first quarter results reflect consistent market demand for our solutions, as well as positive outcomes from operational improvements we've implemented over the past several months. We continue to see our robust demand environment for our banking and retail products driven by long-term growth drivers around self-service and automation. Consumer preferences for efficiency and ease of use together with the lower cost of operations for our banking and retail customers are generating ongoing demand for our market leading solutions. Our execution and operating momentum are improving as evidenced by our strong year-over-year improvements in revenue and profitability, as well as higher production levels in our factories. In our operations, we continue to take steps to improve our business by becoming more agile and efficient to better navigate the macroeconomic impact. We are starting to see proof of hard progress in the first quarter and it will be important for us to sustain this momentum for the balance of the year to achieve our objectives. We continue to move forward with constructive conversations with our banking and lending partners to develop a long-term solution to our capital structure. Earlier today, I sent to our employees a memo reinforcing our focus while we continue these conversations. We are dedicated to making our company healthier and stronger for the long-term, including continued investment in our people and products and seamless operations to meet our commitments to our customers, our vendors and our partners. Turning to slide five. We entered 2023 clearly focused on cash generation and implementing key priorities that will put us in a stronger position to deleverage. Since our last earnings call, we have further refined our priorities and aligned the company around achieving these objectives. Our first priority is…

Thank you, Octavio. Starting on slide eight, banking revenue of $593 million was up approximately 5% versus the prior year period, and was up 9% after adjusting for a foreign currency impact of $13 million and a $6 million impact from the Russia-Ukraine war. Higher revenue was driven primarily by the product business, which benefited from the improving supply chain and logistics environment resulting in a more normal first quarter compared to the prior year. ATM revenue units in the quarter of 12,500 were up approximately 2,800 units, compared to the prior year with DN Series units accounting for approximately 90% of the unit mix. Service revenue on a constant currency basis was also up in the first quarter, driven by stronger build work and installation activity. Thanking gross profit in the first quarter increased by $15 million year-over-year to $141 million with improved profitability and products driven mostly by lower product related inflation costs. This resulted in banking gross margin of 23.7% in the quarter, which is an expansion of 130 basis points year-over-year with product improving by 600 basis points and service improving 10 basis points. Turning to slide nine. In the retail business, revenue of $260 million was relatively flat versus the prior year period, but was up 8% after adjusting for a foreign currency impact of $13 million and a $6 million impact from the Russia-Ukraine war. Higher revenue was driven primarily by the product business. Retail gross profit in the first quarter increased by $9 million year-over-year to $69 million with improved profitability across both products and services. Retail gross margin of 26.3% was up 330 basis points, compared to the prior year period with product improving by 490 basis points and service improving 240 basis points. Looking at the next slide, as we have…

Thank you, Jim. In closing, we had a good start to the year from an operational perspective, and I am encouraged by the positive momentum we've created in the company. I am proud of the work of our global team and we all know we have important work ahead of us. Given the ongoing conversations with our banking and lending partner, we will not be taking Q&A today. As we progress further with those discussions, we will share any additional details when appropriate. At this time, we will close the call and thank you for listening today. We look forward to speaking to all of you soon.

Thank you. This concludes today's conference call. You may now disconnect. End of Q&A: