Revenue up 19% and Strong Momentum in
Strategic Growth Initiatives
NCR Corporation (NYSE: NCR) reported financial results today for
the three months ended June 30, 2022. Second quarter and other
recent highlights include:
- Revenue of $2.0 billion, up 19%; Recurring revenue growth of
31%
- GAAP diluted EPS from continuing operations of $0.22;
Non-GAAP diluted EPS of $0.71
- Strong execution across strategic growth
initiatives
- Previously announced board-led strategic review to enhance
shareholder value continues
“We delivered solid results in the second quarter with strong
revenue growth and higher profitability, despite the difficult
macroeconomic environment. Strong demand for our solutions and
diligent execution position NCR to drive solid financial results in
2022,” said Michael Hayford, Chief Executive Officer. “We made
significant progress in the strategic growth initiatives that are
transforming NCR into a software-led as-a-service company with a
higher mix of recurring revenue streams. NCR is well positioned to
deliver increased value to customers and to stockholders.”
In this release, we use certain non-GAAP measures, including
presenting certain measures on a constant currency basis. These
non-GAAP measures include “free cash flow,” “Adjusted EBITDA,” and
others with the words “non-GAAP” or "constant currency" in their
titles. These non-GAAP measures are listed, described and
reconciled to their most directly comparable GAAP measures under
the heading “Non-GAAP Financial Measures” later in this
release.
Second Quarter 2022
Operating Results
Effective January 1, 2022, the Company realigned its reportable
segments to correspond with changes to its operating model,
management structure and organizational responsibilities. Prior
periods have been reclassified in order to conform to current
period presentation.
Revenue
Second quarter revenue of $1,997 million increased 19% year over
year. Foreign currency fluctuations had an unfavorable impact on
the revenue comparison of 4%. The following table shows revenue for
the second quarter:
$ in millions
Q2 2022
Q2 2021
% Increase (Decrease)
% Increase (Decrease)
Constant Currency
Payments & Network (1)
$
332
$
54
515
%
526
%
Digital Banking
131
129
2
%
2
%
Self-Service Banking
679
645
5
%
9
%
Retail
562
562
—
%
4
%
Hospitality
238
215
11
%
11
%
Other
61
77
(21
) %
(19
) %
Eliminations (2)
(12
)
(5
)
140
%
140
%
Total segment revenue
$
1,991
$
1,677
19
%
22
%
Other adjustment (3)
6
—
Total revenue
$
1,997
$
1,677
19
%
23
%
Recurring revenue
$
1,217
$
929
31
%
35
%
Recurring revenue %
61
%
55
%
(1)
Second quarter 2022 revenue includes the
results of the Cardtronics business, which was acquired on June 21,
2021, and the results of the LibertyX business, which was acquired
on January 5, 2022. The second quarter 2021 results include the
operations of Cardtronics from June 21, 2021 to June 30, 2021 in
the Payments & Network and Self-Service Banking segment results
which include $29 million and $3 million of revenue and $10 million
and $1 million of Adjusted EBITDA, respectively.
(2)
Eliminations include revenues from
contracts with customers and the related costs that are reported in
the Payments & Network segment as well as in the Retail or
Hospitality segments, including merchant acquiring services that
are monetized via payments.
(3)
Other adjustment reflects the revenue
attributable to the Company's operations in Russia for the three
months ending June 30, 2022 that were excluded from management's
measure of revenue due to our announcement to suspend sales to
Russia and anticipated orderly wind down of our operations in
Russia. The revenue attributable to the Russian operations for the
prior period of $11 million is included in the respective segments.
Refer to the section entitled “Non-GAAP Financial Measures” for
additional information.
- Second quarter gross margin of $471 million increased from $456
million in the prior year period. Gross margin rate was 23.6%,
compared to 27.2% in the prior period. Second quarter gross margin
(non-GAAP) of $511 million increased from $472 million in the prior
year period. Gross margin rate (non-GAAP) was 25.7%, compared to
28.1% in the prior period.
- Second quarter income from operations of $103 million increased
from $84 million in the prior year period. Second quarter operating
income (non-GAAP) of $198 million increased from $173 million in
the prior year period.
- Second quarter net income from continuing operations
attributable to NCR of $35 million increased from net loss from
continuing operations attributable to NCR of $9 million in the
prior year period.
- Second quarter Adjusted EBITDA of $339 million increased from
$281 million in the prior year period. Adjusted EBITDA margin rate
was 17.0%, compared to 16.8% in the prior year period.
- Second quarter cash provided by operating activities of $80
million decreased from cash provided by operating activities of
$155 million in the prior year period. Second quarter free cash
flow was break-even, compared to free cash flow of $142 million in
the prior year period.
Strategic
Review
The NCR Board of Directors continues to pursue its previously
announced strategic review process to evaluate strategic
alternatives available to NCR to enhance value for all
shareholders. BofA Securities, Inc., Goldman Sachs & Co. LLC,
and Evercore Group L.L.C. are serving as financial advisors to
NCR.
The Board has not set a timeline for the conclusion of its
review of strategic alternatives. NCR does not intend to comment
further on the strategic review process unless and until NCR has
determined that further disclosure is beneficial or required by
law.
Shareholders are advised that there can be no certainty that the
strategic review will result in a transaction, or if a transaction
is pursued that such a transaction will be completed.
2022 Second Quarter
Earnings Conference Call
A conference call is scheduled for today at 4:30 p.m. Eastern
Time to discuss the second quarter 2022 results. Access to the
conference call and accompanying slides, as well as a replay of the
call, are available on NCR's web site at http://investor.ncr.com.
Additionally, the live call can be accessed by dialing 888-820-9413
(United States/Canada Toll-free) or 786-460-7169 (International
Toll) and entering the participant passcode 6606102.
More information on NCR’s second quarter earnings, including
additional financial information and analysis, is available on
NCR’s Investor Relations website at http://investor.ncr.com/.
About NCR Corporation
NCR Corporation (NYSE: NCR) is a leading enterprise technology
provider that runs stores, restaurants and self-directed banking.
NCR is headquartered in Atlanta, Ga., with 38,000 employees
globally. NCR is a trademark of NCR Corporation in the United
States and other countries.
Website: www.ncr.com Twitter: @NCRCorporation Facebook:
www.facebook.com/ncrcorp LinkedIn:
https://www.linkedin.com/company/ncr-corporation YouTube:
www.youtube.com/user/ncrcorporation
Cautionary Statements
This release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 (the “Act”). Forward-looking
statements use words such as “expect,” “anticipate,” “outlook,”
“intend,” “plan,” “confident,” “believe,” “will,” “should,”
“would,” “potential,” “positioning,” “proposed,” “objective,”
“could,” “may,” and words of similar meaning, as well as other
words or expressions referencing future events, conditions or
circumstances. We intend these forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements contained in the Act. Statements that describe or relate
to NCR’s plans, goals, intentions, strategies, or financial
outlook, and statements that do not relate to historical or current
fact, are examples of forward-looking statements. Examples of
forward-looking statements in this release include, without
limitation, statements regarding: our expectations of demand for
our solutions and execution, and the impact thereof on our
financial results in 2022; NCR’s focus on advancing our strategic
growth initiatives and transforming NCR into a software-led
as-a-service company with a higher mix of recurring revenue
streams; our expectations of NCR's ability to deliver increased
value to customers and stockholders; and our strategic review to
evaluate strategic alternatives to enhance shareholder value and
the possible outcomes of such strategic review. Forward-looking
statements are based on our current beliefs, expectations and
assumptions, which may not prove to be accurate, and involve a
number of known and unknown risks and uncertainties, many of which
are out of NCR’s control. Forward-looking statements are not
guarantees of future performance, and there are a number of
important factors that could cause actual outcomes and results to
differ materially from the results contemplated by such
forward-looking statements, including those factors relating
to:
- Strategy and Technology: transforming our business model;
development and introduction of new solutions; competition in the
technology industry; integration of acquisitions and management of
alliance activities; our multinational operations; and our
strategic review announced on February 8, 2022
- Business Operations: domestic and global economic and credit
conditions; risks and uncertainties from the payments-related
business and industry; disruptions in our data center hosting and
public cloud facilities; retention and attraction of key employees;
defects, errors, installation difficulties or development delays;
failure of third-party suppliers; the impact of the coronavirus
(COVID-19) pandemic and geopolitical and macroeconomic challenges;
environmental exposures from historical and ongoing manufacturing
activities; and climate change
- Data Privacy & Security: impact of data protection,
cybersecurity and data privacy including any related issues
- Finance and Accounting: our level of indebtedness; the terms
governing our indebtedness; incurrence of additional debt or
similar liabilities or obligations; access or renewal of financing
sources; our cash flow sufficiency to service our indebtedness;
interest rate risks; the terms governing our trade receivables
facility; the impact of certain changes in control relating to
acceleration of our indebtedness, our obligations under other
financing arrangements, or required repurchase of our senior
unsecured notes; and any lowering or withdrawal of the ratings
assigned to our debt securities by rating agencies; our pension
liabilities; and write down of the value of certain significant
assets
- Law and Compliance: protection of our intellectual property;
changes to our tax rates and additional income tax liabilities;
uncertainties regarding regulations, lawsuits and other related
matters; and changes to cryptocurrency regulations
- Governance: impact of the terms of our Series A Convertible
Preferred (“Series A”) Stock relating to voting power, share
dilution and market price of our common stock; rights, preferences
and privileges of Series A stockholders compared to the rights of
our common stockholders; and actions or proposals from stockholders
that do not align with our business strategies or the interests of
our other stockholders
Additional information concerning these and other factors can be
found in the Company’s filings with the U.S. Securities and
Exchange Commission, including the Company’s most recent annual
report on Form 10-K, quarterly reports on Form 10-Q and current
reports on Form 8-K. Any forward-looking statement speaks only as
of the date on which it is made. The Company does not undertake any
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
Non-GAAP Financial Measures
Non-GAAP Financial Measures. While NCR reports its results in
accordance with Generally Accepted Accounting Principles in the
United States, or GAAP, in this release NCR also uses the non-GAAP
measures listed and described below.
Non-GAAP Diluted Earnings Per Share (EPS), Gross Margin
(non-GAAP), Gross Margin Rate (non-GAAP), Operating Income
(non-GAAP), and Net Income from Continuing Operations Attributable
to NCR (non-GAAP). NCR’s non-GAAP diluted EPS, gross margin
(non-GAAP), gross margin rate (non-GAAP), operating income
(non-GAAP), and net income from continuing operations attributable
to NCR (non-GAAP) are determined by excluding, as applicable,
pension mark-to-market adjustments, pension settlements, pension
curtailments and pension special termination benefits, as well as
other special items, including amortization of acquisition related
intangibles and transformation and restructuring activities, from
NCR’s GAAP earnings per share, gross margin, gross margin rate,
expenses, income from operations, operating margin rate, other
(expense), income tax expense, effective income tax rate and net
income from continuing operations attributable to NCR,
respectively. Due to the non-operational nature of these pension
and other special items, NCR's management uses these non-GAAP
measures to evaluate year-over-year operating performance. NCR
believes these measures are useful for investors because they
provide a more complete understanding of NCR's underlying
operational performance, as well as consistency and comparability
with NCR's past reports of financial results.
Adjusted Earnings Before Interest, Taxes, Depreciation and
Amortization (Adjusted EBITDA). NCR determines Adjusted EBITDA for
a given period based on its GAAP net income from continuing
operations attributable to NCR plus interest expense, net; plus
income tax expense (benefit); plus depreciation and amortization;
plus stock-based compensation expense; plus other income (expense);
plus pension mark-to-market adjustments, pension settlements,
pension curtailments and pension special termination benefits and
other special items, including amortization of acquisition related
intangibles and restructuring charges, among others. NCR uses
Adjusted EBITDA to manage and measure the performance of its
business segments. NCR also uses Adjusted EBITDA to manage and
determine the effectiveness of its business managers and as a basis
for incentive compensation. NCR believes that Adjusted EBITDA
provides useful information to investors because it is an indicator
of the strength and performance of the Company's ongoing business
operations, including its ability to fund discretionary spending
such as capital expenditures, strategic acquisitions and other
investments.
Adjusted EBITDA margin is calculated based on Adjusted EBITDA as
a percentage of total revenue.
Special Item Related to Russia The war in Eastern Europe and
related sanctions imposed on Russia and related actors by the
United States and other jurisdictions required us to commence the
orderly wind down of our operations in Russia beginning in the
first quarter of 2022. As of June 30, 2022, we have substantially
ceased operations in Russia and are in process of dissolving our
only subsidiary in Russia. As a result, for the three and six
months ending June 30, 2022, our non-GAAP presentation of the
measures described above exclude the immaterial impact of our
operating results in Russia, as well as the impact of impairments
taken to write down the carrying value of assets and liabilities,
severance charges, and the assessment of collectability on revenue
recognition. We consider this to be a non-recurring special item
and management has reviewed the results of its business segments
excluding these impacts. We have not adjusted the presentation of
the prior year periods due to the immaterial impact of Russia to
revenue and income from continuing operations for the three and six
months ended June 30, 2021.
Free Cash Flow. NCR defines free cash flow as net cash provided
by (used in) operating activities less capital expenditures for
property, plant and equipment, less additions to capitalized
software, plus/minus restricted cash settlement activity, plus
acquisition-related items, less the impact from the initial sale of
trade accounts receivables under the agreement entered into during
the 3rd quarter of 2021, and plus pension contributions and pension
settlements. NCR's management uses free cash flow to assess the
financial performance of the Company and believes it is useful for
investors because it relates the operating cash flow of the Company
to the capital that is spent to continue and improve business
operations. In particular, free cash flow indicates the amount of
cash generated after capital expenditures, which can be used for,
among other things, investment in the Company's existing
businesses, strategic acquisitions, strengthening the Company's
balance sheet, repurchase of Company stock and repayment of the
Company's debt obligations. Free cash flow does not represent the
residual cash flow available for discretionary expenditures since
there may be other nondiscretionary expenditures that are not
deducted from the measure. Free cash flow does not have uniform
definitions under GAAP and, therefore, NCR's definitions may differ
from other companies' definitions of these measures.
Constant Currency. NCR presents certain financial measures, such
as period-over-period revenue growth, on a constant currency basis,
which excludes the effects of foreign currency translation by
translating prior period results at current period monthly average
exchange rates. Due to the overall variability of foreign exchange
rates from period to period, NCR’s management uses constant
currency measures to evaluate period-over-period operating
performance on a more consistent and comparable basis. NCR’s
management believes that presentation of financial measures without
this result is more representative of the Company's
period-over-period operating performance and provides additional
insight into historical and/or future performance, which may be
helpful for investors.
NCR's definitions and calculations of these non-GAAP measures
may differ from similarly-titled measures reported by other
companies and cannot, therefore, be compared with similarly-titled
measures of other companies. These non-GAAP measures should not be
considered as substitutes for, or superior to, results determined
in accordance with GAAP.
Use of Certain Terms
Recurring revenue includes all revenue streams from contracts
where there is a predictable revenue pattern that will occur at
regular intervals with a relatively high degree of certainty. This
includes hardware and software maintenance revenue, cloud revenue,
payment processing revenue, interchange and network revenue, and
certain professional services arrangements, as well as term-based
software license arrangements that include customer termination
rights.
Reconciliation of Gross Margin
(GAAP) to Gross Margin (Non-GAAP)
$ in millions
Q2 2022
Q2 2021
Gross Margin (GAAP)
$
471
$
456
Transformation and restructuring costs
16
7
Acquisition-related amortization of
intangibles
27
9
Acquisition-related costs
1
—
Russia
(4
)
—
Gross Margin (Non-GAAP)
$
511
$
472
Reconciliation of Gross Margin
Rate (GAAP) to Gross Margin Rate (Non-GAAP)
Q2 2022
Q2 2021
Gross Margin Rate (GAAP)
23.6
%
27.2
%
Transformation and restructuring costs
0.8
%
0.4
%
Acquisition-related amortization of
intangibles
1.4
%
0.5
%
Acquisition-related costs
0.1
%
—
%
Russia
(0.2
) %
—
%
Gross Margin Rate (Non-GAAP)
25.7
%
28.1
%
Reconciliation of Income from
Operations (GAAP) to Operating Income (Non-GAAP)
$ in millions
Q2 2022
Q2 2021
Income (Loss) from Operations
(GAAP)
$
103
$
84
Transformation and restructuring costs
49
7
Acquisition-related amortization of
intangibles
45
23
Acquisition-related costs
3
59
Russia
(2
)
—
Operating Income (Non-GAAP)
$
198
$
173
Reconciliation of Net Income
from Continuing Operations Attributable to NCR (GAAP) to Earnings
Before Interest, Depreciation, Taxes and Amortization (Adjusted
EBITDA)
$ in millions
Q2 2022
Q2 2021
Net Income (Loss) from Continuing
Operations Attributable to NCR (GAAP)
$
35
$
(9
)
Transformation and restructuring costs
49
7
Acquisition-related amortization of
intangibles
45
23
Acquisition-related costs
3
56
Depreciation and amortization (excluding
acquisition-related amortization of intangibles)
104
76
Interest expense
67
61
Interest income
(2
)
(1
)
Income tax expense (benefit)
—
31
Stock-based compensation expense
35
37
Russia
3
—
Adjusted EBITDA (Non-GAAP)
$
339
$
281
Reconciliation of Diluted
Earnings Per Share from Continuing Operations (GAAP) to Non-GAAP
Diluted Earnings Per Share from Continuing Operations
(Non-GAAP)
Q2 2022
Q2 2021
Diluted Earnings Per Share from
Continuing Operations (GAAP) (1)
$
0.22
$
(0.10
)
Transformation and restructuring costs
0.25
0.04
Acquisition-related amortization of
intangibles
0.21
0.12
Acquisition-related costs
0.01
0.38
Valuation allowance release & other
tax adjustments
—
0.14
Diluted Earnings Per Share from
Continuing Operations (Non-GAAP) (1)
$
0.71
$
0.62
(1)
Non-GAAP diluted EPS is determined using
the conversion of the Series A Convertible Preferred Stock into
common stock in the calculation of weighted average diluted shares
outstanding. GAAP EPS is determined using the most dilutive
measure, either including the impact of dividends or deemed
dividends on the Company's Series A Convertible Preferred Stock in
the calculation of net income or loss available to common
stockholders or including the impact of the conversion of the
Series A Convertible Preferred Stock into common stock in the
calculation of the weighted average diluted shares outstanding.
Therefore, GAAP diluted EPS and non-GAAP diluted EPS may not
mathematically reconcile.
Reconciliation of Net Cash
Provided by Operating Activities (GAAP) to Free Cash Flow
(Non-GAAP)
$ in millions
Q2 2022
Q2 2021
Net cash provided by (used in)
operating activities
$
80
$
155
Total capital expenditures
(94
)
(79
)
Restricted cash settlement activity
9
6
Acquisition related items
—
55
Pension contributions
5
5
Free cash flow
$
—
$
142
Reconciliation of Revenue
Growth % (GAAP) to Revenue Growth Constant Currency %
(Non-GAAP)
Three months ended June 30,
2022
Six months ended June 30,
2022
$ in millions
Revenue Growth %
(GAAP)
Favorable (Unfavorable) FX
Impact
Revenue Growth %
Constant Currency (non-GAAP)
Revenue Growth %
(GAAP)
Favorable (Unfavorable) FX
Impact
Revenue Growth %
Constant Currency (non-GAAP)
Payments & Network
515
%
(11
) %
526
%
730
%
(11
) %
741
%
Digital Banking
2
%
—
%
2
%
6
%
—
%
6
%
Self-Service Banking
5
%
(4
) %
9
%
1
%
(3
) %
4
%
Retail
—
%
(4
) %
4
%
2
%
(4
) %
6
%
Hospitality
11
%
—
%
11
%
14
%
(1
) %
15
%
Other
(21
) %
(2
) %
(19
) %
(16
) %
(3
) %
(13
) %
Eliminations
140
%
—
%
140
%
100
%
—
%
100
%
Total segment revenue
19
%
(3
) %
22
%
20
%
(3
) %
23
%
Total revenue
19
%
(4
) %
23
%
20
%
(3
) %
23
%
Recurring Revenue
31
%
(4
) %
35
%
33
%
(3
) %
36
%
NCR CORPORATION
CONSOLIDATED STATEMENTS OF
OPERATIONS
Schedule A
(Unaudited)
(in millions, except per share
amounts)
For the Periods Ended June
30
Three Months
Six Months
2022
2021
2022
2021
Revenue
Product
$
614
$
551
$
1,130
$
1,033
Service
1,383
1,126
2,733
2,188
Total Revenue
1,997
1,677
3,863
3,221
Cost of products
544
453
1,036
861
Cost of services
982
768
1,945
1,490
Total gross margin
471
456
882
870
% of Revenue
23.6
%
27.2
%
22.8
%
27.0
%
Selling, general and administrative
expenses
309
303
622
541
Research and development expenses
59
69
124
135
Income (loss) from operations
103
84
136
194
% of Revenue
5.2
%
5.0
%
3.5
%
6.0
%
Interest expense
(67
)
(61
)
(130
)
(106
)
Other income (expense), net
1
(1
)
10
(18
)
Total interest and other expense, net
(66
)
(62
)
(120
)
(124
)
Income (loss) from continuing
operations before income taxes
37
22
16
70
% of Revenue
1.9
%
1.3
%
0.4
%
2.2
%
Income tax expense (benefit)
—
31
13
48
Income (loss) from continuing
operations
37
(9
)
3
22
Income (loss) from discontinued
operations, net of tax
6
—
5
—
Net income (loss)
43
(9
)
8
22
Net income (loss) attributable to
noncontrolling interests
2
—
1
1
Net income (loss) attributable to
NCR
$
41
$
(9
)
$
7
$
21
Amounts attributable to NCR common
stockholders:
Income (loss) from continuing
operations
$
35
$
(9
)
$
2
$
21
Dividends on convertible preferred
stock
(4
)
(4
)
(8
)
(8
)
Income (loss) from continuing operations
attributable to NCR common stockholders
31
(13
)
(6
)
13
Income (loss) from discontinued
operations, net of tax
6
—
5
—
Net income (loss) attributable to NCR
common stockholders
$
37
$
(13
)
$
(1
)
$
13
Income (loss) per share attributable to
NCR common stockholders:
Income (loss) per common share from
continuing operations
Basic
$
0.23
$
(0.10
)
$
(0.04
)
$
0.10
Diluted (1)
$
0.22
$
(0.10
)
$
(0.04
)
$
0.10
Net income (loss) per common
share
Basic
$
0.27
$
(0.10
)
$
(0.01
)
$
0.10
Diluted (1)
$
0.26
$
(0.10
)
$
(0.01
)
$
0.10
Weighted average common shares
outstanding
Basic
136.6
131.0
136.2
130.5
Diluted (1)
140.8
131.0
136.2
136.1
(1)
Diluted EPS is determined using the most
dilutive measure, either including the impact of the dividends and
deemed dividends on NCR's Series A Convertible Preferred Shares in
the calculation of net income or loss per common share from
continuing operations and net income or loss per common share or
including the impact of the conversion of such preferred stock into
common stock in the calculation of the weighted average diluted
shares outstanding.
NCR CORPORATION
REVENUE AND ADJUSTED EBITDA
SUMMARY
Schedule B
(Unaudited)
(in millions)
For the Periods Ended June
30
Three Months
Six Months
2022
2021
% Change
% Change Constant
Currency
2022
2021
% Change
% Change Constant
Currency
Revenue by segment
Payments & Network
$
332
$
54
515
%
526
%
$
631
$
76
730
%
741
%
Digital Banking
131
129
2
%
2
%
267
252
6
%
6
%
Self-Service Banking
679
645
5
%
9
%
1,290
1,273
1
%
4
%
Retail
562
562
—
%
4
%
1,108
1,082
2
%
6
%
Hospitality
238
215
11
%
11
%
449
394
14
%
15
%
Other
61
77
(21
) %
(19
) %
129
154
(16
) %
(13
) %
Eliminations
(12
)
(5
)
140
%
140
%
(20
)
(10
)
100
%
100
%
Total segment revenue
$
1,991
$
1,677
19
%
22
%
$
3,854
$
3,221
20
%
23
%
Other adjustment
6
—
9
—
Total revenue
$
1,997
$
1,677
19
%
23
%
$
3,863
$
3,221
20
%
23
%
Adjusted EBITDA by segment
Payments & Network
$
97
$
19
411
%
$
195
$
22
786
%
Payments & Network Adjusted EBITDA
margin %
29.2
%
35.2
%
30.9
%
28.9
%
Digital Banking
56
55
2
%
112
109
3
%
Digital Banking Adjusted EBITDA margin
%
42.7
%
42.6
%
41.9
%
43.3
%
Self-Service Banking
142
140
1
%
254
277
(8
) %
Self-Service Banking Adjusted EBITDA
margin %
20.9
%
21.7
%
19.7
%
21.8
%
Retail
104
121
(14
) %
171
219
(22
) %
Retail Adjusted EBITDA margin %
18.5
%
21.5
%
15.4
%
20.2
%
Hospitality
46
39
18
%
87
75
16
%
Hospitality Adjusted EBITDA margin %
19.3
%
18.1
%
19.4
%
19.0
%
Corporate and Other (1)
(98
)
(89
)
10
%
(195
)
(156
)
25
%
Eliminations
(8
)
(4
)
100
%
(14
)
(7
)
100
%
Total Adjusted EBITDA
$
339
$
281
21
%
$
610
$
539
13
%
Total Adjusted EBITDA margin %
17.0
%
16.8
%
15.8
%
16.7
%
(1)
Corporate and Other includes income and
expenses related to corporate functions that are not specifically
attributable to an individual reportable segment along with any
immaterial operating segment(s).
NCR CORPORATION
CONSOLIDATED BALANCE
SHEETS
Schedule C
(Unaudited)
(in millions, except per share
amounts)
June 30,2022
December 31, 2021
Assets
Current assets
Cash and cash equivalents
$
398
$
447
Accounts receivable, net of allowances of
$26 and $24 as of June 30, 2022 and December 31, 2021,
respectively
1,085
959
Inventories
858
754
Restricted cash
255
295
Other current assets
458
421
Total current assets
3,054
2,876
Property, plant and equipment, net
640
703
Goodwill
4,575
4,519
Intangibles, net
1,250
1,316
Operating lease assets
399
419
Prepaid pension cost
283
300
Deferred income taxes
734
732
Other assets
821
776
Total assets
$
11,756
$
11,641
Liabilities and stockholders’
equity
Current liabilities
Short-term borrowings
$
108
$
57
Accounts payable
949
826
Payroll and benefits liabilities
273
389
Contract liabilities
556
516
Settlement liabilities
242
263
Other current liabilities
705
757
Total current liabilities
2,833
2,808
Long-term debt
5,497
5,505
Pension and indemnity plan liabilities
753
789
Postretirement and postemployment benefits
liabilities
119
119
Income tax accruals
108
116
Operating lease liabilities
378
388
Other liabilities
420
383
Total liabilities
10,108
10,108
Series A convertible preferred stock: par
value $0.01 per share, 3.0 shares authorized, 0.3 issued and
outstanding as of June 30, 2022 and December 31, 2021,
respectively; redemption amount and liquidation preference of $276
as of June 30, 2022 and December 31, 2021, respectively
275
274
Stockholders' equity
NCR stockholders' equity:
Preferred stock: par value $0.01 per
share, 100.0 shares authorized, no shares issued and outstanding as
of June 30, 2022 and December 31, 2021, respectively
—
—
Common stock: par value $0.01 per share,
500.0 shares authorized, 136.7 and 132.2 shares issued and
outstanding as of June 30, 2022 and December 31, 2021,
respectively
1
1
Paid-in capital
644
515
Retained earnings
1,030
1,031
Accumulated other comprehensive loss
(305
)
(291
)
Total NCR stockholders' equity
1,370
1,256
Noncontrolling interests in
subsidiaries
3
3
Total stockholders' equity
1,373
1,259
Total liabilities and stockholders'
equity
$
11,756
$
11,641
NCR CORPORATION CONSOLIDATED
STATEMENTS OF CASH FLOWS
Schedule D
(Unaudited)
(in millions)
For the Periods Ended June
30
Three Months
Six Months
2022
2021
2022
2021
Operating activities
Net income (loss)
$
43
$
(9)
$
8
$
22
Adjustments to reconcile net
income (loss) to net cash provided by operating activities:
Income from discontinued
operations
(6)
—
(5)
—
Depreciation and amortization
152
120
299
212
Stock-based compensation
expense
35
37
69
81
Deferred income taxes
2
19
6
26
Loss (gain) on disposal of
property, plant and equipment and other assets
—
—
2
—
Changes in assets and
liabilities:
Receivables
(80)
13
(209)
(78)
Inventories
(125)
(64)
(202)
(81)
Current payables and accrued
expenses
121
100
58
134
Contract liabilities
(71)
(31)
34
43
Employee benefit plans
14
(11)
6
(21)
Other assets and liabilities
(5)
(19)
52
(28)
Net cash provided by operating
activities
$
80
$
155
$
118
$
310
Investing activities
Expenditures for property, plant
and equipment
$
(17)
$
(20)
$
(32)
$
(30)
Proceeds from sale of property,
plant and equipment and other assets
3
—
3
—
Additions to capitalized
software
(77)
(59)
(142)
(110)
Business acquisitions, net of
cash acquired
—
(2,307)
(1)
(2,464)
Purchases of short-term
investments
—
(8)
—
(13)
Proceeds from sales of short-term
investments
—
9
—
14
Other investing activities,
net
—
(6)
(5)
(6)
Net cash used in investing
activities
$
(91)
$
(2,391)
$
(177)
$
(2,609)
Financing activities
Short term borrowings, net
$
—
$
—
$
2
$
—
Payments on term credit
facilities
(2)
(97)
(4)
(105)
Payments on revolving credit
facilities
(320)
(367)
(599)
(685)
Borrowings on term credit
facilities
—
1,505
—
1,505
Borrowings on revolving credit
facilities
325
361
637
809
Proceeds from issuance of senior
unsecured notes
—
1,200
—
1,200
Debt issuance costs and bridge
commitment fees
—
(50)
—
(51)
Cash dividend paid for Series A
preferred shares dividends
(4)
(4)
(8)
(8)
Proceeds from employee stock
plans
8
10
14
18
Tax withholding payments on
behalf of employees
—
(3)
(36)
(25)
Net change in client funds
obligations
(9)
(8)
(3)
(8)
Principal payments for finance
lease obligations
(4)
(4)
(8)
(8)
Other financing activities
(2)
—
(2)
(1)
Net cash provided by (used in)
financing activities
$
(8)
$
2,543
$
(7)
$
2,641
Cash flows from discontinued
operations
Net cash provided by (used in)
discontinued operations
4
(3)
—
(47)
Effect of exchange rate changes
on cash, cash equivalents and restricted cash
(13)
2
(19)
(4)
Increase (decrease) in cash,
cash equivalents, and restricted cash
$
(28)
$
306
$
(85)
$
291
Cash, cash equivalents and
restricted cash at beginning of period
692
391
749
406
Cash, cash equivalents, and
restricted cash at end of period
$
664
$
697
$
664
$
697
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220727005793/en/
News Media Contact Scott Sykes NCR Corporation
212.589.8428 scott.sykes@ncr.com Investor Contact Michael
Nelson NCR Corporation 678.808.6995 michael.nelson@ncr.com
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