Financial Data and Key Metrics Changes - The company reported a 36% year-over-year growth in product orders, with gross margin expanding by 20 basis points year-over-year and 140 basis points sequentially [5][20] - Free cash flow generation reached €6,000,000 in Q1, marking the best first quarter in the company's history [6][21] - The product backlog increased to approximately $900,000,000, up from $800,000,000 at year-end [19] Business Line Data and Key Metrics Changes - Banking segment saw order entry up approximately 50% year-over-year, with revenue increasing by $9,000,000 year-over-year, excluding FX impacts [23] - Retail segment experienced a 10% increase in order entry, indicating signs of stabilization and potential recovery in the second half of the year [25][26] Market Data and Key Metrics Changes - The company noted strong demand across all major geographies, particularly in Europe and Latin America, with significant orders from Brazil [62] - In the Asia Pacific region, the company is seeing strong order entry and success with high-capacity recyclers [63] Company Strategy and Development Direction - The company is focused on a three-year growth acceleration plan aimed at delivering mid-single-digit annual revenue growth and double-digit adjusted EBITDA growth by 2027 [11] - Emphasis on local manufacturing and lean operations to mitigate tariff impacts and improve profitability [7][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining the 2025 financial guidance despite tariff challenges, estimating a gross impact of approximately $20,000,000 from tariffs [28][30] - The company is prepared for potential supply chain impacts and is actively implementing mitigation strategies [27][29] Other Important Information - The company has a strong liquidity position with over $635,000,000 available, including $328,000,000 in cash and short-term investments [34] - A share repurchase program was initiated, with €100,000,000 authorized for repurchase, and €8,000,000 executed in March [6][34] Q&A Session Summary Question: Can you talk about the drivers behind the impressive backlog growth? - Management highlighted healthy banking cash recycling adoption and improved retail self-service activity as key drivers supporting revenue growth [45][46] Question: Have customers accelerated their order rates due to tariff uncertainties? - Management indicated that there was no significant impact from tariffs during Q1, and customer investment plans remain unchanged [48][49] Question: Can you provide details on the foreign exchange expense? - The foreign exchange expense was primarily a non-cash impact tied to intercompany loans, with expectations of reversal in the second quarter [50][51] Question: Can you provide granularity on banking orders across regions? - Management reported strong order activity in North America, Europe, Latin America, and Asia Pacific, with significant growth opportunities in each region [60][62][63] Question: What are the capital allocation priorities moving forward? - The company plans to return excess cash to shareholders through share repurchases while continuing to invest in growth strategies [86][88]