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19.07.2017 23:28:26
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DGAP-Kapitalmarktinformation: Diebold Nixdorf Inc.
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DGAP Post-admission Duties announcement: Diebold Nixdorf, Incorporated / Third country release according to Article 30e Para. 1, No. 2 of the WpHG [the German Securities Trading Act] UNITED STATES (Exact name of registrant as specified in its charter) Ohio 1-4879 34-0183970 (State or other jurisdiction 5995 Mayfair Road, P.O. Box 3077, (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (330) 490-4000 Not Applicable Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
Item 2.02 Results of Operations and Financial Condition On July 19, 2017, Diebold Nixdorf, Incorporated (the 'Company') issued a
news release announcing its results for the second quarter of 2017. The
news release is attached hereto as Exhibit 99.1 and is incorporated herein
by reference. Item 9.01 Financial Statements and Exhibits (d) Exhibits. Exhibit
SIGNATURES Diebold Nixdorf, Incorporated
EXHIBIT INDEX Exhibit
Exhibit 99.1 pressrelease FOR IMMEDIATE RELEASE: DIEBOLD NIXDORF REPORTS 2017 SECOND QUARTER FINANCIAL RESULTS * GAAP revenue of $1.1 billion * GAAP EPS from continuing operations was a loss of $0.41, or earnings of $0.08 on a non-GAAP basis * GAAP operating profit was a loss of $30.1 million, or (2.7)% operating margin; non-GAAP operating profit was $40.5 million, or 3.5% operating margin * Net cash used by continuing operating activities was $119.4 million, an increase in use of $29.5 million from the prior year period; free cash use was $133.7 million, an increase in use of $37.2 million from the prior year period NORTH CANTON, Ohio - Diebold Nixdorf today reported its second quarter 2017 financial results. 'Certainly, the financial projections for 2017 are very disappointing. While the sales trend has been improving, the timing and volume of orders to date, combined with near-term pressures on our service margins, led us to revise our full-year guidance on July 5,' said Andy W. Mattes, president and chief executive officer, Diebold Nixdorf. 'During the second quarter, we delivered sequential growth in orders and backlog. This demonstrates the market acceptance of our new solution portfolio and the competitive advantage we bring to our customers. As planned, our operating expenses have improved from the prior year as a result of our integration efforts. We are taking additional steps to increase and accelerate our cost reductions, strengthen our sales efforts and further enhance our offerings. As we near the first anniversary of the combination of our two companies, I am more confident than ever that we are uniquely positioned to deliver innovative solutions to our customers and long-term value to our stakeholders.' 2017 Second Quarter Business Highlights * Won a $75 million contract for a global refresh of more than 6,000 ATMs and a complete software suite with a major international financial institution in the Americas * Announced a contract and eight-year service agreement with PostFinance, a leading Swiss bank, to upgrade its self-service network with contactless transactions and recycling technology. * Awarded a $20 million contract from a leading financial institution in Mexico to upgrade its ATM network * Won new agreements with numerous regional and global financial institutions for managed services, monitoring and ATM-as-a-service contracts covering nearly 4,000 ATMs * Secured an $11 million systems contract with a leading retailer in Spain to upgrade its installed base of terminals and peripherals * Announced strategic partnership with Kony, Inc., accelerating mobile transformation in financial services and retail Financial Results of Operations and Lines of Business On Aug. 15, 2016, the company completed the acquisition of Wincor Nixdorf and, as a result, comparisons to prior periods are materially affected. Financial results for the first half and the next several reporting periods include acquisition-related items that will significantly impact GAAP results. 1 of 11
Revenue Summary by Reportable Segments, Geographic Regions and Solutions - Unaudited Three months ended June 30, 2017 compared to June 30, 2016 (Dollars in millions) Three Months Ended
June 30, Software 107.7 Systems 446.0 Net Sales $ 1,133.9 Geographic Regions AP 156.1 Net Sales $ 1,133.9 Solutions Retail 290.0 Net Sales $ 1,133.9 (1) - The Company calculates constant currency by translating the prior-year period results at the current year exchange rate. N/M = Not Meaningful Three months ended June 30, 2017 compared to pro forma June 30, 2016 (Dollars in millions) Three Months Ended
June 30, Geographic Regions Solutions Net Sales $ 1,133.9 2 of 11
Six months ended June 30, 2017 compared to June 30, 2016 (Dollars in millions) Six Months Ended
June 30, Geographic Regions Solutions Six months ended June 30, 2017 compared to pro forma June 30, 2016 (Dollars in millions) Six Months Ended
June 30, Geographic Regions Solutions Net Sales $ 2,236.7 3 of 11
Full-year 2017 outlook(1) Guidance (1) - 2017 full-year outlook is unchanged from guidance provided on July 5,
2017. The company expects a non-GAAP effective tax rate of approximately
30% for the full year. The company's year-to-date non-GAAP effective tax
rate is approximately 20%. However, the items impacting the company's
non-GAAP earnings arise in a number of different taxing jurisdictions. The
timing and final amounts incurred can result in variability in the non-GAAP
tax rate. With respect to the company's non-GAAP tax rate outlook for 2017,
the company is not providing the most directly comparable GAAP financial
measure and, with respect to the company's non-GAAP tax rate and adjusted
EBITDA outlook for 2017, the company is not providing corresponding
reconciliations because it is unable to predict with reasonable certainty
those items that may affect such measures calculated and presented in
accordance with GAAP without unreasonable effort. These measures exclude
the future impact of restructuring actions, net non-routine items,
acquisition, divestiture and integration related expenses and purchase
accounting fair value adjustments. These reconciling items are uncertain,
depend on various factors and could significantly impact, either
individually or in the aggregate, our future period tax rate calculated and
presented in accordance with GAAP. Please see 'Use of Non-GAAP Financial
Measures' for additional information regarding our use of non-GAAP
financial measures. About Diebold Nixdorf Diebold Nixdorf has a presence in more than 130 countries with approximately 24,000 employees worldwide. The organization maintains corporate offices in North Canton, Ohio, USA and Paderborn, Germany. Shares are traded on the New York and Frankfurt Stock Exchanges under the symbol 'DBD'. Visit www.DieboldNixdorf.com for more information. Non-GAAP Financial Measures and Other Information To supplement our condensed consolidated financial statements presented in accordance with GAAP, the company considers certain financial measures that are not prepared in accordance with GAAP, including non-GAAP results, adjusted diluted earnings per share, free cash flow/(use), net investment/(debt), EBITDA, adjusted EBITDA, non-GAAP effective tax rate and constant currency results. The company calculates constant currency by translating the prior year results at the current year exchange rate. The company uses these non-GAAP financial measures, in addition to GAAP financial measures, to evaluate our operating and financial performance and to compare such performance to that of prior periods and to the performance of our competitors. Also, the company uses these non-GAAP financial measures in making operational and financial decisions and in establishing operational goals. The company also believes providing 4 of 11
these non-GAAP financial measures to investors, as a supplement to GAAP financial measures, helps investors evaluate our operating and financial performance and trends in our business, consistent with how management evaluates such performance and trends. The company also believes these non-GAAP financial measures may be useful to investors in comparing its performance to the performance of other companies, although its non-GAAP financial measures are specific to the company and the non-GAAP financial measures of other companies may not be calculated in the same manner. We provide EBITDA and Adjusted EBITDA because we believe that investors and securities analysts will find EBITDA and adjusted EBITDA to be useful measures for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. We are also providing EBITDA and adjusted EBITDA in light of issuance of our credit agreement and 8.5% senior notes due 2024. For more information, please refer to the section, 'Notes for Non-GAAP Measures'. Forward-Looking Statements 5 of 11
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED (IN MILLIONS, EXCEPT EARNINGS PER SHARE) Q2 2017 Q2 2016 YTD 6/30/2017 YTD 6/30/2016
Net sales Systems 446.0 Total 1,133.9 Cost of sales Systems 359.7 Total 896.1 Gross profit 237.8 Gross margin 21.0 % 26.7 % 21.5 % 27.0 % Operating expenses Selling and administrative expense 236.8
127.3 Research, development and engineering expense 38.8
17.6 Impairment of assets - (Gain) loss on sale of assets, net (7.7 ) (0.1 ) (8.1 ) 0.3 Total 267.9 Percent of net sales 23.6 % 25.0 % 25.0 % 26.6 % Operating profit (loss) (30.1 ) 10.3 (78.7 ) 4.6 Operating margin (2.7 )% 1.8 % (3.5 )% 0.4 %
Other income (expense) Interest expense (32.2 ) (24.3 ) (63.0 ) (35.8 )
Foreign exchange gain (loss), net (4.6 ) (1.2 ) (7.7 ) (3.6 )
Miscellaneous, net 1.9 Total other income (expense) (29.8 ) (46.0 ) (56.0 ) (20.4 )
Income (loss) from continuing operations before taxes (59.9 ) (35.7 )
(134.7 ) (15.8 ) Net income (loss) (23.6 ) (20.3 ) (75.8 ) 148.2 Net income attributable to noncontrolling interests 7.0
0.8 Net income (loss) attributable to Diebold Nixdorf, Incorporated $ (30.6 ) $ (21.1 ) $ (89.4 ) $ 147.1 Basic weighted-average shares outstanding 75.5
65.2 Diluted weighted-average shares outstanding 75.5
65.2 Amounts attributable to Diebold Nixdorf, Incorporated
Income (loss) before discontinued operations, net of tax $ (30.6 ) $
(21.6 ) $ (89.4 ) $ (1.2 ) Net income (loss) attributable to Diebold Nixdorf, Incorporated $ (30.6 ) $ (21.1 ) $ (89.4 ) $ 147.1 Basic earnings (loss) per share
Income (loss) from continuing operations, net of tax $ (0.41 ) $ (0.33
) $ (1.19 ) $ (0.02 ) Net income (loss) attributable to Diebold Nixdorf, Incorporated $ (0.41 ) $ (0.32 ) $ (1.19 ) $ 2.26 Diluted earnings (loss) per share
Income (loss) from continuing operations, net of tax $ (0.41 ) $ (0.33
) $ (1.19 ) $ (0.02 ) Net income (loss) attributable to Diebold Nixdorf, Incorporated $ (0.41 ) $ (0.32 ) $ (1.19 ) $ 2.24 Common dividends declared and paid per share $ 0.1000
$ 0.2875 6 of 11
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (IN MILLIONS) 6/30/2017 12/31/2016 ASSETS Short-term investments 76.9 Trade receivables, less allowances for doubtful accounts 930.7 835.9 Inventories 779.3 Other current assets 403.4 Total current assets 2,641.6 Securities and other investments 93.7 94.7 Property, plant and equipment, net 391.9 387.0 Goodwill 1,082.4 Intangible assets, net 778.1 Other assets 467.8 Total assets $ 5,455.5 LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities Accounts payable 602.4 Deferred revenue 426.1 Other current liabilities 741.4 Total current liabilities 1,882.4 Long-term debt 1,787.5 Long-term liabilities 711.9 Redeemable noncontrolling interests 449.0 44.1 Total Diebold Nixdorf, Incorporated shareholders' equity 587.2 591.4 Noncontrolling interests 37.5 Total equity 624.7 Total liabilities, redeemable noncontrolling interests and equity $
5,455.5 7 of 11
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED (IN MILLIONS) YTD 6/30/2017 YTD 6/30/2016 Income (loss) from discontinued operations, net of tax - 148.3 Income (loss) from continuing operations, net of tax (75.8 ) (0.1 )
Adjustments to reconcile net income (loss) to cash flow used by operating
activities: Impairment of assets 3.1 Deferred financing costs write-off 2.7 - Gain on foreign currency option contracts, net -
(12.9 ) Changes in certain assets and liabilities, net of the effects of
acquisition Certain other assets and liabilities (64.5 ) (37.0 )
Net cash used by operating activities - continuing operations (185.8 )
(199.8 ) Net investment activity (28.7 ) 63.8 Capital expenditures (26.4 ) (11.3 )
Restricted cash, net - Net cash used by investing activities (63.7 ) (1,359.4 )
Cash flow from financing activities
Dividends paid (15.3 ) (38.0 ) Repurchase of common shares (4.5 ) (2.0 )
Other (16.0 ) (2.0 ) Effect of exchange rate changes on cash and cash equivalents 12.1 4.1 (Decrease) increase in cash and cash equivalents (201.4 ) 23.4 Add: Cash overdraft included in assets held for sale at beginning of period
- Cash and cash equivalents at the end of the period $ 451.3 $ 335.5 8 of 11
Notes for Non-GAAP Measures 1. Profit/loss summary (Dollars in millions): Q2 2017 Q2 2016 Impairment - Legal / Acquisition and divestiture expense
- Acquisition integration - Wincor Nixdorf purchase accounting adjustments 10.3
22.6 Other - Non-routine expenses, net 10.3 Non-GAAP Results $ 1,144.2 YTD 2017 YTD 2016 Impairment - Legal / Acquisition and divestiture expense
- Acquisition integration - Wincor Nixdorf purchase accounting adjustments 20.8
45.8 Other - Non-routine expenses, net 20.8 Non-GAAP Results $ 2,257.5 Restructuring expenses relate to the DN2020 business transformation plan focused on driving connected commerce, finance, sales and operational excellence, business integration, culture and talent, and include the company's legacy multi-year realignment program. Non-routine income/expense relate to non-cash impairments primarily associated with legacy Diebold software, legal, acquisition and divestiture expenses primarily related to the mark-to-mark impact on Wincor stock options and fees paid by the company in connection with ongoing obligations related to prior regulatory settlements, including the cost of the independent monitor, acquisition, integration and divestiture expenses. The Wincor Nixdorf purchase accounting adjustments relate to the valuation of deferred revenue, inventory and intangible asset charges as management believes that this is useful information to investors by highlighting the impact of the acquisition of Wincor Nixdorf on the company's operations. Other includes the gains from divestitures and ongoing interest charges related to the Brazil indirect tax matter. 9 of 11
2. Reconciliation of GAAP net income (loss) to EBITDA and Adjusted EBITDA measures (Dollars in millions): Q2 2017 Q2 2016 YTD 6/30/2017 YTD 6/30/2016 Net income (loss) $ (23.6 ) $ (20.3 ) $ (75.8 ) $ 148.2 Income tax benefit (36.3 ) (14.9 ) (58.9 ) (15.7 )
Interest income (5.1 ) (6.3 ) (11.5 ) (11.2 )
Interest expense 32.2 Depreciation and amortization 58.0
15.9 EBITDA 25.2 Income from discontinued operations, net of tax -
(0.5 ) - Foreign exchange loss, net 4.6 Miscellaneous, net (1.9 ) 26.8 Non-routine expenses, net 23.3 Adjusted EBITDA $ 73.8 Adjusted EBITDA % revenue 6.5 % 9.3 % 6.7 % 7.6 % We define EBITDA as net income (loss) excluding income tax benefit, net interest, and depreciation and amortization expense. We define Adjusted EBITDA as EBITDA before the effect of the following items: income from discontinued operations, net of tax, share-based compensation, foreign exchange loss, net, other income (expense) miscellaneous, net, restructuring expense, and non-routine expenses, net as outlined in Note 1 of the non-GAAP measures. These are non-GAAP financial measurements used by management to enhance the understanding of our operating results. EBITDA and Adjusted EBITDA are key measures we use to evaluate our operational performance. We provide EBITDA and Adjusted EBITDA because we believe that investors and securities analysts will find EBITDA and Adjusted EBITDA to be useful measures for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, EBITDA and Adjusted EBITDA should not be considered as alternatives to net income as a measure of operating results or as alternatives to cash flows from operating activities as a measure of liquidity in accordance with GAAP. 3. Reconciliation of diluted GAAP EPS to non-GAAP EPS: Q2 2017 Q2 2016 YTD 6/30/2017 YTD 6/30/2016
Total diluted EPS from the income (loss) from continuing operations, net of
tax (GAAP measure) $ (0.41 ) $ (0.33 ) $ (1.19 ) $ (0.02 )
Restructuring 0.19 Non-routine (income)/expense: Impairment - Legal / Acquisition and divestiture expense 0.02
0.64 Acquisition integration 0.29 Acquisition related hedging (income)/expense -
0.36 Other (0.09 ) - Total non-routine (income)/expense 0.78
1.01 Tax impact (inclusive of allocation of discrete tax items) (0.48 )
(0.33 ) (0.82 ) (0.39 ) EPS (non-GAAP) - discontinued operations $ -
$ - Restructuring expenses relate to the DN2020 business transformation plan focused on driving connected commerce, finance, sales and operational excellence, business integration, culture and talent, and include the company's legacy multi-year realignment program. Non-routine income/expense relate to non-cash impairments primarily associated with legacy Diebold software, legal, acquisition and divestiture expenses primarily related to the mark-to-mark impact on Wincor stock options and fees paid by the company in connection with ongoing obligations related to prior regulatory settlements, including the cost of the independent monitor, acquisition, integration and divestiture expenses, including incremental interest related to the debt incurred and fair value of foreign currency option contracts prior to closing the acquisition of Wincor Nixdorf. The Wincor Nixdorf purchase accounting adjustments relate to the valuation of deferred revenue, inventory and intangible asset charges as management believes that this is useful information to investors by highlighting the impact of the acquisition of Wincor Nixdorf on the company's operations. Other includes the gains from divestitures and ongoing interest charges related to the Brazil indirect tax matter. 4. Free cash flow use from continuing operations is calculated as follows (Dollars in millions): Q2 2017 Q2 2016 YTD 6/30/2017 YTD 6/30/2016
Net cash used by operating activities (GAAP measure) $ (119.4 ) $ (89.9
) $ (185.8 ) $ (199.8 ) We define free cash flow use as net cash used by operating activities less capital expenditures. We consider free cash flow use to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after the purchase of property and equipment, can be used for debt servicing, strategic opportunities, including investing in the business, making strategic acquisitions, strengthening the balance sheet, and paying dividends. 5. Net debt is calculated as follows (Dollars in millions): 6/30/2017 12/31/2016 6/30/2016 Debt Instruments (1,900.0 ) (1,798.3 ) (2,313.0 ) Net debt (non-GAAP measure) $ (1,371.8 ) $ (1,081.5 ) $ (127.9 ) The company's management believes that given the significant cash, cash equivalents and other investments on its balance sheet that net cash against outstanding debt is a meaningful net debt calculation. More than 95% of the company's cash, cash equivalents and short-term investments reside in international tax jurisdictions for the current period. ### 10 of 11
19.07.2017 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| Language: | English |
| Company: | Diebold Nixdorf, Incorporated |
| 5995 Mayfair Road | |
| 44720 North Canton, OH | |
| United States | |
| Internet: | www.diebold.com |
| End of News | DGAP News Service |
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594149 19.07.2017
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