What happened 

Shares of connected banking company Diebold Nixdorf (NYSE:DBD) jumped as much as 35.4% in early trading Thursday after management announced guidance for 2020 and 2021. At 3:20 p.m. EST, shares were still up 22.9% for the day and holding steady. 

So what

Management said that revenue for 2019 would be $4.4 billion with free cash flow of $70 million to $100 million, as it has previously guided. But in 2020, it expects $4.2 billion to $4.3 billion in revenue, including about $100 million lost from divestitures, and free cash flow of $100 million to $130 million. 

Person using an ATM.

Image source: Getty Images.

In 2021, management said it expects revenue growth to be 2% to 4%, which is at the low end of previously announced growth targets. But free cash flow is expected to be over $200 million, and that's what investors are excited about today.  

Now what

Losing revenue isn't a great trend, but Diebold Nixdorf is clearly making big strides in growing cash flow. For a company with a $730 million market cap, even after today's pop, a $200 million free cash flow target is extremely strong. With financial leverage coming down, the company has more flexibility to grow, and investors are really enthused.