(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
NCR Corporation | ||||||||
By: | /s/ Timothy C. Oliver | |||||||
Timothy C. Oliver | ||||||||
Executive Vice President and Chief Financial Officer |
NEWS RELEASE |
$ in millions | Q1 2021 | Q1 2020 | % Increase (Decrease) | |||||||||||||||||
Banking | $ | 756 | $ | 763 | (1 | %) | ||||||||||||||
Retail | 532 | 472 | 13 | % | ||||||||||||||||
Hospitality | 179 | 169 | 6 | % | ||||||||||||||||
Other | 77 | 99 | (22 | %) | ||||||||||||||||
Total Revenue | $ | 1,544 | $ | 1,503 | 3 | % | ||||||||||||||
Software & Services Revenue | $ | 1,110 | $ | 1,110 | — | % | ||||||||||||||
Software & Services Revenue % | 72 | % | 74 | % | ||||||||||||||||
Recurring Revenue | $ | 874 | $ | 802 | 9 | % | ||||||||||||||
Recurring Revenue % | 57 | % | 53 | % |
$ in millions | Q1 2021 | Q1 2020 | |||||||||
Gross Margin (GAAP) | $ | 414 | $ | 397 | |||||||
Transformation and restructuring costs | 4 | — | |||||||||
Acquisition-related amortization of intangibles | 7 | 7 | |||||||||
Gross Margin (Non-GAAP) | $ | 425 | $ | 404 |
Q1 2021 | Q1 2020 | ||||||||||
Gross Margin Rate (GAAP) | 26.8 | % | 26.4 | % | |||||||
Transformation and restructuring costs | 0.3 | % | — | % | |||||||
Acquisition-related amortization of intangibles | 0.4 | % | 0.5 | % | |||||||
Gross Margin Rate (Non-GAAP) | 27.5 | % | 26.9 | % |
$ in millions | Q1 2021 | Q1 2020 | |||||||||
Operating Expenses (GAAP) | $ | 304 | $ | 320 | |||||||
Transformation and restructuring costs | (4) | (5) | |||||||||
Acquisition-related amortization of intangibles | (13) | (15) | |||||||||
Acquisition-related costs | (10) | — | |||||||||
Operating Expenses (Non-GAAP) | $ | 277 | $ | 300 |
$ in millions | Q1 2021 | Q1 2020 | |||||||||
Income (Loss) from Operations (GAAP) | $ | 110 | $ | 77 | |||||||
Transformation and restructuring costs | 8 | 5 | |||||||||
Acquisition-related amortization of intangibles | 20 | 22 | |||||||||
Acquisition-related costs | 10 | — | |||||||||
Operating Income (Non-GAAP) | $ | 148 | $ | 104 |
$ in millions | Q1 2021 | Q1 2020 | |||||||||
Other Income (Expense) (GAAP) | $ | (62) | $ | (52) | |||||||
Acquisition-related cost | 17 | — | |||||||||
Other Income (Expense) (Non-GAAP) | $ | (45) | $ | (52) |
$ in millions | Q1 2021 | Q1 2020 | |||||||||
Income Tax (Benefit) Expense (GAAP) | $ | 17 | $ | 1 | |||||||
Transformation and restructuring costs | 2 | 1 | |||||||||
Acquisition-related amortization of intangibles | 4 | 5 | |||||||||
Acquisition-related costs | 6 | — | |||||||||
Income Tax Expense (Non-GAAP) | $ | 29 | $ | 7 |
$ in millions | Q1 2021 | Q1 2020 | |||||||||
Net Income (Loss) from Continuing Operations Attributable to NCR (GAAP) | $ | 30 | $ | 23 | |||||||
Transformation and restructuring costs | 8 | 5 | |||||||||
Acquisition-related amortization of intangibles | 20 | 22 | |||||||||
Acquisition-related costs | 27 | — | |||||||||
Depreciation and amortization (excluding acquisition-related amortization of intangibles) | 70 | 63 | |||||||||
Interest expense | 45 | 50 | |||||||||
Interest income | (3) | (1) | |||||||||
Income tax expense (benefit) | 17 | 1 | |||||||||
Stock-based compensation expense | 44 | 25 | |||||||||
Adjusted EBITDA (Non-GAAP) | $ | 258 | $ | 188 |
Q1 2021 | Q1 2020 | ||||||||||
Diluted Earnings Per Share (GAAP) (1) | $ | 0.19 | $ | 0.13 | |||||||
Transformation and restructuring costs | 0.04 | 0.03 | |||||||||
Acquisition-related amortization of intangibles | 0.11 | 0.12 | |||||||||
Acquisition-related costs | 0.15 | — | |||||||||
Diluted Earnings Per Share (Non-GAAP) (1) | $ | 0.51 | $ | 0.31 |
$ in millions | Q1 2021 | Q1 2020 | |||||||||
Net cash provided by (used in) operating activities | $ | 155 | $ | 54 | |||||||
Total capital expenditures | (61) | (79) | |||||||||
Pension contributions | 4 | 5 | |||||||||
Free cash flow | $ | 98 | $ | (20) | |||||||
NCR CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in millions, except per share amounts) | Schedule A |
For the Periods Ended March 31 | |||||||||||
Three Months | |||||||||||
2021 | 2020 | ||||||||||
Revenue | |||||||||||
Product | $ | 482 | $ | 474 | |||||||
Service | 1,062 | 1,029 | |||||||||
Total Revenue | 1,544 | 1,503 | |||||||||
Cost of products | 408 | 391 | |||||||||
Cost of services | 722 | 715 | |||||||||
Total gross margin | 414 | 397 | |||||||||
% of Revenue | 26.8 | % | 26.4 | % | |||||||
Selling, general and administrative expenses | 238 | 255 | |||||||||
Research and development expenses | 66 | 65 | |||||||||
Income (loss) from operations | 110 | 77 | |||||||||
% of Revenue | 7.1 | % | 5.1 | % | |||||||
Interest expense | (45) | (50) | |||||||||
Other expense, net | (17) | (2) | |||||||||
Total other expense, net | (62) | (52) | |||||||||
Income (loss) from continuing operations before income taxes | 48 | 25 | |||||||||
% of Revenue | 3.1 | % | 1.7 | % | |||||||
Income tax expense (benefit) | 17 | 1 | |||||||||
Income (loss) from continuing operations | 31 | 24 | |||||||||
Loss from discontinued operations, net of tax | — | — | |||||||||
Net income (loss) | 31 | 24 | |||||||||
Net income (loss) attributable to noncontrolling interests | 1 | 1 | |||||||||
Net income (loss) attributable to NCR | $ | 30 | $ | 23 | |||||||
Amounts attributable to NCR common stockholders: | |||||||||||
Income (loss) from continuing operations | $ | 30 | $ | 23 | |||||||
Dividends on convertible preferred stock | (4) | (6) | |||||||||
Income (loss) from continuing operations attributable to NCR common stockholders | 26 | 17 | |||||||||
Loss from discontinued operations, net of tax | — | — | |||||||||
Net income (loss) attributable to NCR common stockholders | $ | 26 | $ | 17 | |||||||
Income (loss) per share attributable to NCR common stockholders: | |||||||||||
Income (loss) per common share from continuing operations | |||||||||||
Basic | $ | 0.20 | $ | 0.13 | |||||||
Diluted (1) | $ | 0.19 | $ | 0.13 | |||||||
Net income (loss) per common share | |||||||||||
Basic | $ | 0.20 | $ | 0.13 | |||||||
Diluted (1) | $ | 0.19 | $ | 0.13 | |||||||
Weighted average common shares outstanding | |||||||||||
Basic | 130.0 | 128.0 | |||||||||
Diluted (1) | 134.7 | 130.5 | |||||||||
NCR CORPORATION REVENUE AND OPERATING INCOME SUMMARY (Unaudited) (in millions) | Schedule B |
For the Periods Ended March 31 | |||||||||||||||||
2021 | 2020 | % Change | |||||||||||||||
Revenue by segment | |||||||||||||||||
Banking | $ | 756 | $ | 763 | (1) | % | |||||||||||
Retail | 532 | 472 | 13 | % | |||||||||||||
Hospitality | 179 | 169 | 6 | % | |||||||||||||
Other | 77 | 99 | (22) | % | |||||||||||||
Total Revenue | $ | 1,544 | $ | 1,503 | 3 | % | |||||||||||
Adjusted EBITDA by segment | |||||||||||||||||
Banking | $ | 154 | $ | 140 | |||||||||||||
Banking adjusted EBITDA margin % | 20.4 | % | 18.3 | % | |||||||||||||
Retail | 73 | 37 | |||||||||||||||
Retail adjusted EBITDA margin % | 13.7 | % | 7.8 | % | |||||||||||||
Hospitality | 25 | 7 | |||||||||||||||
Hospitality adjusted EBITDA margin % | 14.0 | % | 4.1 | % | |||||||||||||
Other | 10 | 8 | |||||||||||||||
Other adjusted EBITDA margin % | 13.0 | % | 8.1 | % | |||||||||||||
Total adjusted EBITDA by segment | 262 | 192 | |||||||||||||||
Other income (expense) | (3) | (3) | |||||||||||||||
Non-controlling interest in subsidiaries | (1) | (1) | |||||||||||||||
Total adjusted EBITDA | $ | 258 | $ | 188 | |||||||||||||
Total adjusted EBITDA margin % | 16.7 | % | 12.5 | % |
NCR CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except per share amounts) | Schedule C |
March 31, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 319 | $ | 338 | |||||||
Accounts receivable, net of allowances of $39 and $51 as of March 31, 2021 and December 31, 2020, respectively | 1,212 | 1,117 | |||||||||
Inventories | 634 | 601 | |||||||||
Other current assets | 447 | 422 | |||||||||
Total current assets | 2,612 | 2,478 | |||||||||
Property, plant and equipment, net | 364 | 373 | |||||||||
Goodwill | 2,924 | 2,837 | |||||||||
Intangibles, net | 565 | 532 | |||||||||
Operating lease assets | 396 | 344 | |||||||||
Prepaid pension cost | 202 | 199 | |||||||||
Deferred income taxes | 946 | 965 | |||||||||
Other assets | 693 | 686 | |||||||||
Total assets | $ | 8,702 | $ | 8,414 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities | |||||||||||
Short-term borrowings | $ | 52 | $ | 8 | |||||||
Accounts payable | 707 | 632 | |||||||||
Payroll and benefits liabilities | 227 | 268 | |||||||||
Contract liabilities | 594 | 507 | |||||||||
Other current liabilities | 638 | 673 | |||||||||
Total current liabilities | 2,218 | 2,088 | |||||||||
Long-term debt | 3,349 | 3,270 | |||||||||
Pension and indemnity plan liabilities | 839 | 851 | |||||||||
Postretirement and postemployment benefits liabilities | 117 | 120 | |||||||||
Income tax accruals | 101 | 102 | |||||||||
Operating lease liabilities | 377 | 325 | |||||||||
Other liabilities | 328 | 334 | |||||||||
Total liabilities | 7,329 | 7,090 | |||||||||
Series A convertible preferred stock: par value $0.01 per share, 3.0 shares authorized, 0.3 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively; redemption amount and liquidation preference of $276 as of March 31, 2021 and December 31, 2020, respectively | 273 | 273 | |||||||||
Stockholders' equity | |||||||||||
NCR stockholders' equity: | |||||||||||
Preferred stock: par value $0.01 per share, 100.0 shares authorized, no shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | — | — | |||||||||
Common stock: par value $0.01 per share, 500.0 shares authorized, 130.6 and 129.1 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 1 | 1 | |||||||||
Paid-in capital | 398 | 368 | |||||||||
Retained earnings | 976 | 950 | |||||||||
Accumulated other comprehensive loss | (279) | (271) | |||||||||
Total NCR stockholders' equity | 1,096 | 1,048 | |||||||||
Noncontrolling interests in subsidiaries | 4 | 3 | |||||||||
Total stockholders' equity | 1,100 | 1,051 | |||||||||
Total liabilities and stockholders' equity | $ | 8,702 | $ | 8,414 |
NCR CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in millions) | Schedule D |
For the Periods Ended March 31 | |||||||||||
Three Months | |||||||||||
2021 | 2020 As Revised(1) | ||||||||||
Operating activities | |||||||||||
Net income (loss) | $ | 31 | $ | 24 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 92 | 87 | |||||||||
Stock-based compensation expense | 44 | 25 | |||||||||
Deferred income taxes | 7 | 5 | |||||||||
Impairment of other assets | — | 1 | |||||||||
Gain (loss) on disposal of property, plant and equipment | — | (2) | |||||||||
Changes in assets and liabilities: | |||||||||||
Receivables | (91) | 137 | |||||||||
Inventories | (17) | (48) | |||||||||
Current payables and accrued expenses | 34 | (183) | |||||||||
Contract liabilities | 74 | 108 | |||||||||
Employee benefit plans | (10) | (3) | |||||||||
Other assets and liabilities | (9) | (97) | |||||||||
Net cash provided by operating activities | 155 | 54 | |||||||||
Investing activities | |||||||||||
Expenditures for property, plant and equipment | (10) | (10) | |||||||||
Proceeds from sale of property, plant and equipment | — | 7 | |||||||||
Additions to capitalized software | (51) | (69) | |||||||||
Business acquisitions, net of cash acquired | (157) | (26) | |||||||||
Purchases of short-term investments | (5) | — | |||||||||
Proceeds from sales of short-term investments | 5 | — | |||||||||
Net cash used in investing activities | (218) | (98) | |||||||||
Financing activities | |||||||||||
Short term borrowings, net | — | 3 | |||||||||
Payments on term credit facilities | (8) | (2) | |||||||||
Payments on revolving credit facilities | (318) | (573) | |||||||||
Borrowings on revolving credit facilities | 448 | 1,397 | |||||||||
Debt issuance costs | (1) | (1) | |||||||||
Cash dividend paid for Series A preferred shares dividends | (4) | (6) | |||||||||
Repurchases of common stock | — | (41) | |||||||||
Proceeds from employee stock plans | 8 | 3 | |||||||||
Tax withholding payments on behalf of employees | (22) | (24) | |||||||||
Net change in client funds obligations | — | 12 | |||||||||
Principal payments for finance lease obligations | (4) | — | |||||||||
Other financing activities | (1) | (3) | |||||||||
Net cash provided by (used in) financing activities | 98 | 765 | |||||||||
Cash flows from discontinued operations | |||||||||||
Net cash provided by (used in) discontinued operations | (44) | 3 | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (6) | (14) | |||||||||
Increase (decrease) in cash, cash equivalents, and restricted cash | (15) | 710 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 406 | 563 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 391 | $ | 1,273 |
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