08/07/2024 | Press release | Distributed by Public on 08/07/2024 05:08
Previous guidance | Current guidance | |
Total Revenue
|
Low single-digit growth
|
Flat |
Adjusted EBITDA 1,2
|
$410M - $435M
|
$435M - $450M |
Free Cash Flow Conversion
|
+25%
|
+25% |
Three months ended | ||||||||||
Successor | Predecessor | |||||||||
June 30, 2024 | June 30, 2023 | % Change | ||||||||
($ in millions, except per share data)
|
GAAP |
Non-GAAP1
|
GAAP |
Non-GAAP1
|
GAAP | Non-GAAP | ||||
Total net sales | $ | 939.7 | $ | 939.7 | $ | 922.2 | $ | 917.3 | 1.9 | 2.4 |
Gross profit | $ | 243.2 | $ | 260.9 | $ | 225.2 | $ | 227.9 | 8.0 | 14.5 |
Gross margin | 25.9 | % | 27.8 | % | 24.4 | % | 24.8 | % | 150 bps | 300 bps |
Selling and administrative expense | $ | 152.2 | $ | 135.8 | $ | 201.0 | $ | 135.4 | (24.3) | 0.3 |
Research, development and engineering expense | $ | 22.1 | $ | 22.4 | $ | 25.4 | $ | 22.1 | (13.0) | 1.4 |
Operating profit (loss) | $ | 70.7 | $ | 102.8 | $ | (3.9) | $ | 69.9 | N/M | 47.1 |
Operating margin | 7.5 | % | 10.9 | % | (0.4) | % | 7.6 | % | 790 bps | 330 bps |
Net income (loss) | $ | 14.8 | $ | 43.4 | $ | (677.3) | $ | 20.8 | 102.2 | 108.7 |
Adjusted EBITDA | $ | 118.8 | $ | 84.3 | 40.9 |
Three months ended | |||||
Successor | Predecessor | ||||
($ in millions) | June 30, 2024 | June 30, 2023 | % Change | ||
Net cash used by operating activities | $ | (8.0) | $ | (241.7) | 96.7 |
Excluding the impact of changes in cash of assets held for sale | - | (0.7) | 100.0 | ||
Capital expenditures | (1.7) | (5.5) | 69.1 | ||
Capitalized software development | (6.4) | (5.4) | (18.5) | ||
Free cash flow (use) (Non-GAAP measure) | $ | (16.1) | $ | (253.3) | 93.6 |
Six months ended | |||||
Successor | Predecessor | ||||
($ in millions) | June 30, 2024 | June 30, 2023 | % Change | ||
Net cash used by operating activities | $ | (31.5) | $ | (337.6) | 90.7 |
Excluding the impact of changes in cash of assets held for sale | - | 5.8 | (100.0) | ||
Capital expenditures | (8.4) | (11.2) | 25.0 | ||
Capitalized software development | (12.6) | (10.8) | (16.7) | ||
Free cash flow (use) (Non-GAAP measure) | $ | (52.5) | $ | (353.8) | 85.2 |
Revenue Summary by Reportable Segment & Business Line - Unaudited | ||||||||||
Three months ended June 30, | ||||||||||
2024 | 2023 |
2023 in CC3
|
||||||||
($ in millions) | Successor | Predecessor | Predecessor | % Change | % Change in CC | |||||
Banking | ||||||||||
Services | $ | 401.5 | $ | 400.2 | $ | 396.9 | 0.3 | % | 1.2 | % |
Products | 305.9 | 264.7 | 261.7 | 15.6 | % | 16.9 | % | |||
Total Banking Revenue | $ | 707.4 | $ | 664.9 | $ | 658.6 | 6.4 | % | 7.4 | % |
Retail | ||||||||||
Services | $ | 139.2 | $ | 137.8 | $ | 136.7 | 1.0 | % | 1.8 | % |
Products | 93.1 | 119.5 | 118.7 | (22.1) | % | (21.6) | % | |||
Total Retail Revenue | $ | 232.3 | $ | 257.3 | $ | 255.4 | (9.7) | % | (9.0) | % |
Total by Business Line | ||||||||||
Services | $ | 540.7 | $ | 538.0 | $ | 533.6 | 0.5 | % | 1.3 | % |
Products | 399.0 | 384.2 | 380.4 | 3.9 | % | 4.9 | % | |||
Total Revenue | $ | 939.7 | $ | 922.2 | $ | 914.0 | 1.9 | % | 2.8 | % |
3 - The company calculates constant currency (CC) by translating the prior-year period results at current year exchange rates.
|
Revenue Summary by Reportable Segment & Business Line - Unaudited | ||||||||||
Six months ended June 30, | ||||||||||
2024 | 2023 |
2023 in CC3
|
||||||||
($ in millions) | Successor | Predecessor | Predecessor | % Change | % Change in CC | |||||
Banking | ||||||||||
Services | $ | 788.1 | $ | 781.3 | $ | 781.9 | 0.9 | % | 0.8 | % |
Products | 568.1 | 476.5 | 475.1 | 19.2 | % | 19.6 | % | |||
Total Banking Revenue | $ | 1,356.2 | $ | 1,257.8 | $ | 1,257.0 | 7.8 | % | 7.9 | % |
Retail | ||||||||||
Services | $ | 277.4 | $ | 273.1 | $ | 274.1 | 1.6 | % | 1.2 | % |
Products | 201.5 | 249.4 | 251.0 | (19.2) | % | (19.7) | % | |||
Total Retail Revenue | $ | 478.9 | $ | 522.5 | $ | 525.1 | (8.3) | % | (8.8) | % |
Total by Business Line | ||||||||||
Services | 1,065.5 | $ | 1,054.4 | $ | 1,056.0 | 1.1 | % | 0.9 | % | |
Products | 769.6 | 725.9 | 726.1 | 6.0 | % | 6.0 | % | |||
Total Revenue | $ | 1,835.1 | $ | 1,780.3 | $ | 1,782.1 | 3.1 | % | 3.0 | % |
3 - The company calculates constant currency (CC) by translating the prior-year period results at current year exchange rates.
|
Operating Profit Summary - Unaudited
|
||||||||||||
Three months ended | ||||||||||||
Successor | Predecessor | |||||||||||
June 30, 2024 | June 30, 2023 | Change | ||||||||||
($ in millions) | GAAP |
Non-GAAP4,5 Results
|
GAAP |
Non-GAAP4,5 Results
|
GAAP | Non-GAAP Results | ||||||
Services | $ | 540.7 | $ | 540.7 | $ | 538.0 | $ | 535.5 | $ | 2.7 | $ | 5.2 |
Products | 399.0 | 399.0 | 384.2 | 381.8 | 14.8 | 17.2 | ||||||
Total net sales | $ | 939.7 | $ | 939.7 | $ | 922.2 | $ | 917.3 | $ | 17.5 | $ | 22.4 |
Services | $ | 142.7 | $ | 155.5 | $ | 149.9 | $ | 153.8 | $ | (7.2) | $ | 1.7 |
Products | 100.5 | 105.4 | 75.3 | 74.1 | 25.2 | 31.3 | ||||||
Total gross profit | $ | 243.2 | $ | 260.9 | $ | 225.2 | $ | 227.9 | $ | 18.0 | $ | 33.0 |
Services | 26.4 | % | 28.8 | % | 27.9 | % | 28.7 | % | (150) | bps | 10 | bps |
Products | 25.2 | % | 26.4 | % | 19.6 | % | 19.4 | % | 560 | bps | 700 | bps |
Total gross margin | 25.9 | % | 27.8 | % | 24.4 | % | 24.8 | % | 150 | bps | 300 | bps |
Selling and administrative expense | 152.2 | 135.8 | 201.0 | $ | 135.4 | (48.8) | 0.4 | |||||
Research, development and engineering expense | 22.1 | 22.4 | 25.4 | $ | 22.1 | (3.3) | 0.3 | |||||
Other operating expenses | (1.8) | (0.1) | 2.7 | 0.5 | (4.5) | (0.6) | ||||||
Operating expenses | $ | 172.5 | $ | 158.1 | $ | 229.1 | $ | 158.0 | $ | (56.6) | $ | 0.1 |
Operating profit | $ | 70.7 | $ | 102.8 | $ | (3.9) | $ | 69.9 | $ | 74.6 | $ | 32.9 |
Operating margin | 7.5 | % | 10.9 | % | (0.4) | % | 7.6 | % | 790 | bps | 330 | bps |
Adjusted EBITDA | $ | 118.8 | $ | 84.3 | $ | 34.5 | ||||||
Adjusted EBITDA margin | 12.6 | % | 9.2 | % | 340 | bps | ||||||
4 - See Note 1 below for GAAP to Non-GAAP adjustments to net sales, gross profit and operating expenses, which include selling and administrative expense, research, development and engineering expense, gain/loss on sales of assets, net, and impairment of assets.
|
||||||||||||
5- Refer to Note 1 below for further information regarding adjustments for Non-GAAP which excludes the results of the non-core business that was sold in September 2023.
|
Six months ended | ||||||||||||
June 30, 2024 | June 30, 2023 | Change | ||||||||||
($ in millions) | GAAP |
Non-GAAP 4,5 Results
|
GAAP |
Non-GAAP 4,5 Results
|
GAAP | Non-GAAP Results | ||||||
Services | $ | 1,065.5 | $ | 1,065.5 | $ | 1,054.4 | $ | 1,049.8 | $ | 11.1 | $ | 15.7 |
Products | 769.6 | 771.3 | 725.9 | 720.8 | 43.7 | 50.5 | ||||||
Total net sales | $ | 1,835.1 | $ | 1,836.8 | $ | 1,780.3 | $ | 1,770.6 | $ | 54.8 | $ | 66.2 |
Services | $ | 258.8 | $ | 302.5 | $ | 303.3 | $ | 308.4 | $ | (44.5) | $ | (5.9) |
Products | 193.0 | 203.9 | 131.2 | 128.9 | 61.8 | 75.0 | ||||||
Total gross profit | $ | 451.8 | $ | 506.4 | $ | 434.5 | $ | 437.3 | $ | 17.3 | $ | 69.1 |
Services | 24.3 | % | 28.4 | % | 28.8 | % | 29.4 | % | (450) | bps | (100) | bps |
Products | 25.1 | % | 26.4 | % | 18.1 | % | 17.9 | % | 700 | bps | 860 | bps |
Total gross margin | 24.6 | % | 27.6 | % | 24.4 | % | 24.7 | % | 20 | bps | 290 | bps |
Selling and administrative expense | 313.8 | 270.8 | 384.8 | $ | 271.2 | (71.0) | (0.4) | |||||
Research, development and engineering expense | 46.3 | 43.5 | 51.8 | $ | 45.7 | (5.5) | (2.2) | |||||
Other operating expenses | (2.8) | (0.1) | 3.9 | $ | 0.5 | (6.7) | (0.6) | |||||
Operating expenses | $ | 357.3 | $ | 314.2 | $ | 440.5 | $ | 317.4 | $ | (83.2) | $ | (3.2) |
Operating profit (loss) | $ | 94.5 | $ | 192.2 | $ | (6.0) | $ | 119.9 | $ | 100.5 | $ | 72.3 |
Operating margin | 5.1 | % | 10.5 | % | (0.3) | % | 6.8 | % | 550 | bps | 370 | bps |
Adjusted EBITDA | $ | 222.1 | $ | 148.1 | $ | 74.0 | ||||||
Adjusted EBITDA margin | 12.1 | % | 8.4 | % | 370 | bps | ||||||
4 - See Note 1 below for GAAP to Non-GAAP adjustments to net sales, gross profit and operating expenses, which include selling and administrative expense, research, development and engineering expense, gain/loss on sales of assets, net, and impairment of assets.
|
||||||||||||
5- Refer to Note 1 below for further information regarding adjustments for Non-GAAP which excludes the results of the non-core business that was sold in September 2023.
|
Operating Profit by Segment - Unaudited | ||||||||
Three months ended | ||||||||
June 30, 2024 | June 30, 2023 | |||||||
($ in millions) | Banking |
Retail6
|
Banking |
Retail6
|
||||
Services | $ | 401.5 | $ | 139.2 | $ | 400.2 | $ | 135.3 |
Products | 305.9 | 93.1 | 264.7 | 117.1 | ||||
Total net sales | $ | 707.4 | $ | 232.3 | $ | 664.9 | $ | 252.4 |
Services | $ | 112.8 | $ | 42.6 | $ | 111.8 | $ | 41.9 |
Products | 84.8 | 20.7 | 52.9 | 21.3 | ||||
Total gross profit | $ | 197.6 | $ | 63.3 | $ | 164.7 | $ | 63.2 |
Services | 28.1 | % | 30.6 | % | 27.9 | % | 31.0 | % |
Products | 27.7 | % | 22.2 | % | 20.0 | % | 18.2 | % |
Total gross margin | 27.9 | % | 27.2 | % | 24.8 | % | 25.0 | % |
Selling and administrative expense | $ | 47.2 | $ | 22.0 | $ | 45.8 | $ | 24.5 |
Research, development and engineering expense | 16.0 | 6.6 | 16.5 | 6.6 | ||||
Segment operating expenses
|
$ | 63.2 | $ | 28.6 | $ | 62.3 | $ | 31.1 |
Operating profit | $ | 134.4 | $ | 34.7 | $ | 102.4 | $ | 32.1 |
Operating margin | 19.0 | % | 14.9 | % | 15.4 | % | 12.7 | % |
Segment operating profit | $ | 169.1 | $ | 134.5 | ||||
Corporate charges7
|
66.3 | 64.6 | ||||||
Consolidated Non-GAAP operating profit | $ | 102.8 | $ | 69.9 | ||||
6 - Excludes the results of the non-core business that was sold during September 2023, and certain other non-recurring, non-operational charges detailed in the notes for Non-GAAP measures. Refer to Note 1 for further information.
|
||||||||
7- Corporate charges are not reflected in the segment operating results, as these expenses are managed separately and not included in the segment results used to manage the business and assess performance. The unassigned corporate charges consist primarily of finance, IT, HR and legal expenditures.
|
Operating Profit by Segment - Unaudited | ||||||||
Six months ended | ||||||||
June 30, 2024 | June 30, 2023 | |||||||
($ in millions) | Banking |
Retail6
|
Banking |
Retail6
|
||||
Services | $ | 788.1 | $ | 277.4 | $ | 781.3 | $ | 268.5 |
Products | 568.1 | 201.5 | 476.5 | 244.3 | ||||
Total net sales | $ | 1,356.2 | $ | 478.9 | $ | 1,257.8 | $ | 512.8 |
Services | $ | 218.8 | $ | 83.7 | $ | 224.3 | $ | 84.0 |
Products | 159.3 | 44.6 | 81.2 | 47.7 | ||||
Total gross profit | $ | 378.1 | $ | 128.3 | $ | 305.5 | $ | 131.7 |
Services | 27.8 | % | 30.2 | % | 28.7 | % | 31.3 | % |
Products | 28.0 | % | 22.1 | % | 17.0 | % | 19.5 | % |
Total gross margin | 27.9 | % | 26.8 | % | 24.3 | % | 25.7 | % |
Selling and administrative expense | $ | 96.1 | $ | 45.3 | $ | 90.0 | $ | 47.1 |
Research, development and engineering expense | 31.1 | 12.6 | 33.2 | 13.5 | ||||
Segment operating expenses
|
$ | 127.2 | $ | 57.9 | $ | 123.2 | $ | 60.6 |
Operating profit | $ | 250.9 | $ | 70.4 | $ | 182.3 | $ | 71.1 |
Operating margin | 18.5 | % | 14.7 | % | 14.5 | % | 13.9 | % |
Segment operating profit | $ | 321.3 | $ | 253.4 | ||||
Corporate charges7
|
129.1 | 133.5 | ||||||
Consolidated Non-GAAP operating profit | $ | 192.2 | $ | 119.9 | ||||
6 - Excludes the results of the non-core business that was sold during September 2023, and certain other non-recurring, non-operational charges detailed in the notes for Non-GAAP measures. Refer to Note 1 for further information.
|
||||||||
7- Corporate charges are not reflected in the segment operating results, as these expenses are managed separately and not included in the segment results used to manage the business and assess performance. The unassigned corporate charges consist primarily of finance, IT, HR and legal expenditures.
|
Successor | ||||
6/30/2024 | 12/31/2023 | |||
ASSETS | ||||
Current assets | ||||
Cash, cash equivalents, and restricted cash | $ | 360.1 | $ | 592.3 |
Short-term investments | 8.7 | 13.4 | ||
Trade receivables, less allowances for doubtful accounts | 650.0 | 721.8 | ||
Inventories | 632.7 | 589.8 | ||
Other current assets | 254.0 | 236.6 | ||
Total current assets | 1,905.5 | 2,153.9 | ||
Securities and other investments | 6.7 | 6.5 | ||
Property, plant and equipment, net | 147.1 | 159.0 | ||
Deferred income taxes | 63.7 | 71.4 | ||
Goodwill | 602.4 | 616.7 | ||
Customer relationships, net | 511.5 | 543.0 | ||
Other intangible assets, net | 321.3 | 348.3 | ||
Other assets | 291.4 | 263.2 | ||
Total assets | $ | 3,849.6 | $ | 4,162.0 |
LIABILITIES AND EQUITY | ||||
Current liabilities | ||||
Notes payable | $ | 0.5 | $ | 0.3 |
Accounts payable | 489.8 | 529.0 | ||
Deferred revenue | 356.6 | 376.2 | ||
Other current liabilities | 494.9 | 515.5 | ||
Total current liabilities | 1,341.8 | 1,421.0 | ||
Long-term debt | 1,099.8 | 1,252.4 | ||
Other liabilities | 399.0 | 409.4 | ||
Total Diebold Nixdorf, Incorporated shareholders' equity | 996.7 | 1,063.8 | ||
Noncontrolling interests | 12.3 | 15.4 | ||
Total equity | 1,009.0 | 1,079.2 | ||
Total liabilities and equity | $ | 3,849.6 | $ | 4,162.0 |
Three months ended | ||||
Successor | Predecessor | |||
June 30, 2024 | June 30, 2023 | |||
Net sales | ||||
Services | $ | 540.7 | $ | 538.0 |
Products | 399.0 | 384.2 | ||
Total | 939.7 | 922.2 | ||
Cost of sales | ||||
Services | 398.0 | 388.1 | ||
Products | 298.5 | 308.9 | ||
Total | 696.5 | 697.0 | ||
Gross profit | 243.2 | 225.2 | ||
Gross margin | 25.9 | % | 24.4 | % |
Operating expenses | ||||
Selling and administrative expense | 152.2 | 201.0 | ||
Research, development and engineering expense | 22.1 | 25.4 | ||
Loss (gain) on sale of assets, net | (1.8) | 0.9 | ||
Impairment of assets | - | 1.8 | ||
Total | 172.5 | 229.1 | ||
Percent of net sales | 18.4 | % | 24.8 | % |
Operating profit (loss) | 70.7 | (3.9) | ||
Operating margin | 7.5 | % | (0.4) | % |
Other income (expense) | ||||
Interest income | 3.0 | 3.3 | ||
Interest expense | (38.6) | (69.7) | ||
Foreign exchange gain (loss), net | 7.6 | 1.5 | ||
Reorganization items, net | - | (636.2) | ||
Miscellaneous gain, net | 2.6 | 3.5 | ||
Total other income (expense) | (25.4) | (697.6) | ||
Profit (loss) before taxes | 45.3 | (701.5) | ||
Income tax expense (benefit) | 32.0 | (24.8) | ||
Equity in earnings (loss) of unconsolidated subsidiaries, net | 1.5 | (0.6) | ||
Net income (loss) | 14.8 | (677.3) | ||
Net income (loss) attributable to noncontrolling interests | (0.1) | (0.2) | ||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | 14.9 | $ | (677.1) |
Basic weighted-average shares outstanding | 37.6 | 80.0 | ||
Diluted weighted-average shares outstanding | 37.7 | 80.0 | ||
Basic weighted-average shares outstanding | $ | 0.40 | $ | (8.46) |
Diluted weighted-average shares outstanding | $ | 0.40 | $ | (8.46) |
Six months ended | ||||
Successor | Predecessor | |||
June 30, 2024 | June 30, 2023 | |||
Net sales | ||||
Services | $ | 1,065.5 | $ | 1,054.4 |
Products | 769.6 | 725.9 | ||
Total | 1,835.1 | 1,780.3 | ||
Cost of sales | ||||
Services | 806.7 | 751.1 | ||
Products | 576.6 | 594.7 | ||
Total | 1,383.3 | 1,345.8 | ||
Gross profit | 451.8 | 434.5 | ||
Gross margin | 24.6 | % | 24.4 | % |
Operating expenses | ||||
Selling and administrative expense | 313.8 | 384.8 | ||
Research, development and engineering expense | 46.3 | 51.8 | ||
Loss (gain) on sale of assets, net | (2.8) | 1.2 | ||
Impairment of assets | - | 2.7 | ||
Total | 357.3 | 440.5 | ||
Percent of net sales | 19.5 | % | 24.7 | % |
Operating profit (loss) | 94.5 | (6.0) | ||
Operating margin | 5.1 | % | (0.3) | % |
Other income (expense) | ||||
Interest income | 7.2 | 5.0 | ||
Interest expense | (82.2) | (151.6) | ||
Foreign exchange gain (loss), net | 8.0 | (9.1) | ||
Reorganization items, net | - | (636.2) | ||
Miscellaneous gain, net | 3.6 | 6.1 | ||
Total other income (expense) | (63.4) | (785.8) | ||
Profit (loss) before taxes | 31.1 | (791.8) | ||
Income tax expense (benefit) | 28.9 | (3.7) | ||
Equity in earnings (loss) of unconsolidated subsidiaries, net | (1.4) | (0.7) | ||
Net income (loss) | 0.8 | (788.8) | ||
Net income (loss) attributable to noncontrolling interests | 0.5 | (0.6) | ||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | 0.3 | $ | (788.2) |
Basic weighted-average shares outstanding | 37.6 | 79.7 | ||
Diluted weighted-average shares outstanding | 37.6 | 79.7 | ||
Basic weighted-average shares outstanding | $ | 0.01 | $ | (9.89) |
Diluted weighted-average shares outstanding | $ | 0.01 | $ | (9.89) |
Successor | Predecessor | |||
Six months ended | Six months ended | |||
June 30, 2024 | June 30, 2023 | |||
Cash flow from operating activities | ||||
Net income (loss) | $ | 0.8 | $ | (788.8) |
Adjustments to reconcile net loss to cash flow used by operating activities: | ||||
Depreciation and amortization | 15.2 | 24.8 | ||
Amortization of fair valued assets | 48.3 | 35.7 | ||
Amortization of deferred financing costs into interest expense | 0.8 | 21.8 | ||
Reorganization items (non-cash) | - | 541.6 | ||
Reorganization items (debt make whole premium) | - | 91.0 | ||
Share-based compensation | 4.5 | 2.1 | ||
Debt prepayment costs | 2.0 | - | ||
(Gain) loss on sale of assets, net | (2.4) | 1.2 | ||
Deferred income taxes | 7.9 | (29.5) | ||
Impairment of assets | - | 2.7 | ||
Other | - | 1.5 | ||
Changes in certain assets and liabilities: | ||||
Trade receivables | 51.6 | (30.4) | ||
Inventories | (66.3) | (43.2) | ||
Accounts payable | (24.8) | (118.1) | ||
Income taxes | (14.2) | (7.7) | ||
Deferred revenue | (6.5) | (50.1) | ||
Certain other assets and liabilities | (48.4) | 7.8 | ||
Net cash used by operating activities | (31.5) | (337.6) | ||
Cash flow from investing activities | ||||
Capital expenditures | (8.4) | (11.2) | ||
Capitalized software development | (12.6) | (10.8) | ||
Net short-term investment activity | 4.0 | 15.4 | ||
Proceeds from sale of assets | 1.2 | - | ||
Net cash used by investing activities | (15.8) | (6.6) |
Cash flow from financing activities | ||||
Revolving credit facility borrowings, net | 39.3 | - | ||
Repayment of ABL credit agreement, net | - | (188.3) | ||
Debt issuance costs | (4.6) | (3.8) | ||
Receipt of DIP financing | - | 1,250.0 | ||
Borrowings - FILO | - | 58.9 | ||
Repayments - FILO | - | (58.9) | ||
Repayment Exit facility | (200.0) | - | ||
Repayment of superpriority term loan | - | (400.6) | ||
Other debt borrowings | 0.3 | 2.1 | ||
Other debt repayments | (0.1) | (2.1) | ||
Debt prepayment costs | (2.0) | - | ||
Debt make whole premium | - | (91.0) | ||
Other | (2.8) | (2.9) | ||
Net cash (used), provided by financing activities | (169.9) | 563.4 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (15.0) | 0.9 | ||
Change in cash, cash equivalents and restricted cash | (232.2) | 220.1 | ||
Add: Cash included in assets held for sale at beginning of period | - | 2.8 | ||
Less: Cash included in assets held for sale at end of period | - | 0.2 | ||
Cash, cash equivalents and restricted cash at the beginning of the period | 592.3 | 319.1 | ||
Cash, cash equivalents and restricted cash at the end of the period | $ | 360.1 | $ | 541.8 |
Three months ended June 30, 2024 | ||||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||
Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | Gross Profit | % of Sales | SG&A | R&D | Other OPEX | OP | % of Sales | ||||||||||||||
GAAP | $ | 540.7 | $ | 399.0 | $ | 939.7 | $ | 398.0 | $ | 298.5 | $ | 696.5 | $ | 243.2 | 25.9 | % | $ | 152.2 | $ | 22.1 | $ | (1.8) | $ | 70.7 | 7.5 | % |
Restructuring and transition - personnel | - | - | - | 1.4 | (1.1) | 0.3 | (0.3) | 1.9 | 0.4 | - | (2.6) | |||||||||||||||
Transformation - other | - | - | - | (1.0) | - | (1.0) | 1.0 | (12.2) | - | - | 13.2 | |||||||||||||||
Financial restructuring costs | - | - | - | - | - | - | - | (5.0) | - | 5.0 | ||||||||||||||||
Amortization of fair valued assets | - | - | - | (13.2) | (3.5) | (16.7) | 16.7 | (0.9) | (0.1) | - | 17.7 | |||||||||||||||
Non-routine (income) expense: | ||||||||||||||||||||||||||
Divestitures and asset sales | - | - | - | - | - | - | - | - | - | 1.7 | (1.7) | |||||||||||||||
Legal deal matters | - | - | - | - | (0.3) | (0.3) | 0.3 | (0.2) | - | - | 0.5 | |||||||||||||||
Non-routine (income) expenses, net | - | - | - | - | (0.3) | (0.3) | 0.3 | (0.2) | - | 1.7 | (1.2) | |||||||||||||||
Non-GAAP Adjusted results | $ | 540.7 | $ | 399.0 | $ | 939.7 | $ | 385.2 | $ | 293.6 | $ | 678.8 | $ | 260.9 | 27.8 | % | $ | 135.8 | $ | 22.4 | $ | (0.1) | $ | 102.8 | 10.9 | % |
Three months ended June 30, 2023 | ||||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||
Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | Gross Profit | % of Sales | Selling, G&A | R, D & E | Other OPEX | OP | % of Sales | ||||||||||||||
GAAP | $ | 538.0 | $ | 384.2 | $ | 922.2 | $ | 388.1 | $ | 308.9 | $ | 697.0 | $ | 225.2 | 24.4 | % | $ | 201.0 | $ | 25.4 | $ | 2.7 | $ | (3.9) | (0.4) | % |
Restructuring and transition - personnel | - | - | - | (3.6) | - | (3.6) | 3.6 | - | (0.4) | - | 4.0 | |||||||||||||||
Transformation - other | - | - | - | (0.3) | (0.3) | 0.3 | (13.4) | (0.9) | 14.6 | |||||||||||||||||
Refinancing related costs | - | - | - | - | - | - | - | (30.5) | - | - | 30.5 | |||||||||||||||
Held for sale non-core business | (2.5) | (2.4) | (4.9) | (2.9) | (0.8) | (3.7) | (1.2) | (2.1) | (2.0) | - | 2.9 | |||||||||||||||
Amortization of fair valued assets | - | - | - | - | - | - | - | (18.0) | - | - | 18.0 | |||||||||||||||
Non-routine (income) expense: | - | |||||||||||||||||||||||||
Legal deal matters | - | - | - | - | - | - | - | (2.8) | - | - | 2.8 | |||||||||||||||
Other | - | - | - | 0.1 | (0.1) | - | - | 1.2 | - | (0.4) | (0.8) | |||||||||||||||
Other impairment | - | - | - | - | - | - | - | - | - | (1.8) | 1.8 | |||||||||||||||
Non-routine (income) expenses, net | - | - | - | 0.1 | (0.1) | - | - | (1.6) | - | (2.2) | 3.8 | |||||||||||||||
Non-GAAP Adjusted results | $ | 535.5 | $ | 381.8 | $ | 917.3 | $ | 381.7 | $ | 307.7 | $ | 689.4 | $ | 227.9 | 24.8 | % | $ | 135.4 | $ | 22.1 | $ | 0.5 | $ | 69.9 | 7.6 | % |
Three months ended | ||||||||||||
June 30, 2024 | June 30, 2023 | |||||||||||
Successor | Predecessor | |||||||||||
Services | Products | Total | Services | Products | Total | |||||||
Gross Profit | $ | 142.7 | $ | 100.5 | $ | 243.2 | $ | 149.9 | $ | 75.3 | $ | 225.2 |
Restructuring and transition - personnel | (1.4) | 1.1 | (0.3) | 3.6 | - | 3.6 | ||||||
Transformation - other | 1.0 | - | 1.0 | - | 0.3 | 0.3 | ||||||
Held for sale non-core business | - | - | - | 0.4 | (1.6) | (1.2) | ||||||
Amortization of fair valued assets | 13.2 | 3.5 | 16.7 | - | - | - | ||||||
Non-routine (income) expense: | - | |||||||||||
Legal deal matters | - | 0.3 | 0.3 | - | - | - | ||||||
Other | - | - | - | (0.1) | 0.1 | - | ||||||
Non-routine (income) expenses, net | - | 0.3 | 0.3 | (0.1) | 0.1 | - | ||||||
Non-GAAP Adjusted Gross Profit | $ | 155.5 | $ | 105.4 | $ | 260.9 | $ | 153.8 | $ | 74.1 | $ | 227.9 |
Six months ended June 30, 2024 | ||||||||||||||||||||||||||
Successor | ||||||||||||||||||||||||||
Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | Gross Profit | % of Sales | SG&A | R&D | Other OPEX | OP | % of Sales | ||||||||||||||
GAAP | $ | 1,065.5 | $ | 769.6 | $ | 1,835.1 | $ | 806.7 | $ | 576.6 | $ | 1,383.3 | $ | 451.8 | 24.6 | % | $ | 313.8 | $ | 46.3 | $ | (2.8) | $ | 94.5 | 5.1 | % |
Restructuring and transition - personnel | - | - | - | (14.9) | (1.7) | (16.6) | 16.6 | (9.1) | (2.6) | - | 28.3 | |||||||||||||||
Transformation - other | - | - | - | (1.0) | - | (1.0) | 1.0 | (18.0) | - | - | 19.0 | |||||||||||||||
Financial restructuring costs | - | - | - | - | - | - | - | (12.0) | - | 0.1 | 11.9 | |||||||||||||||
Amortization of fair valued assets | - | - | - | (27.8) | (9.3) | (37.1) | 37.1 | (3.5) | (0.2) | - | 40.8 | |||||||||||||||
Non-routine (income) expense: | ||||||||||||||||||||||||||
Divestitures and asset sales | - | - | - | - | - | - | - | - | - | 2.6 | (2.6) | |||||||||||||||
Legal deal matters | - | 1.7 | 1.7 | - | 0.7 | 0.7 | 1.0 | (0.4) | - | - | 1.4 | |||||||||||||||
Other | - | - | - | - | 1.1 | 1.1 | (1.1) | - | - | - | (1.1) | |||||||||||||||
Non-routine (income) expenses, net | - | 1.7 | 1.7 | - | 1.8 | 1.8 | (0.1) | (0.4) | - | 2.6 | (2.3) | |||||||||||||||
Non-GAAP Adjusted results | $ | 1,065.5 | $ | 771.3 | $ | 1,836.8 | $ | 763.0 | $ | 567.4 | $ | 1,330.4 | $ | 506.4 | 27.6 | % | $ | 270.8 | $ | 43.5 | $ | (0.1) | $ | 192.2 | 10.5 | % |
Six months ended June 30, 2023 | ||||||||||||||||||||||||||
Predecessor | ||||||||||||||||||||||||||
Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | Gross Profit | % of Sales | Selling, G&A | R, D & E | Other OPEX | OP | % of Sales | ||||||||||||||
GAAP | $ | 1,054.4 | $ | 725.9 | $ | 1,780.3 | $ | 751.1 | $ | 594.7 | $ | 1,345.8 | $ | 434.5 | 24.4 | % | $ | 384.8 | $ | 51.8 | $ | 3.9 | $ | (6.0) | (0.3) | % |
Restructuring and transition - personnel | - | - | - | (4.2) | - | (4.2) | 4.2 | (6.6) | (1.0) | - | 11.8 | |||||||||||||||
Transformation - other | - | - | - | (0.6) | (0.6) | 0.6 | (19.8) | (0.9) | (0.5) | 21.8 | ||||||||||||||||
Refinancing related costs | - | - | - | - | - | - | - | (44.6) | - | - | 44.6 | |||||||||||||||
Held for sale non-core business | (4.6) | (5.1) | (9.7) | (5.8) | (2.1) | (7.9) | (1.8) | (4.2) | (4.2) | - | 6.6 | |||||||||||||||
Amortization of fair valued assets | - | - | - | - | - | - | - | (35.7) | - | - | 35.7 | |||||||||||||||
Non-routine (income) expense: | - | |||||||||||||||||||||||||
Legal deal matters | - | - | - | - | - | - | - | (3.0) | - | - | 3.0 | |||||||||||||||
Other | - | - | - | 0.3 | (0.1) | 0.2 | (0.2) | 0.3 | - | (0.2) | (0.3) | |||||||||||||||
Other impairment | - | - | - | - | - | - | - | - | - | (2.7) | 2.7 | |||||||||||||||
Non-routine (income) expenses, net | - | - | - | 0.3 | (0.1) | 0.2 | (0.2) | (2.7) | - | (2.9) | 5.4 | |||||||||||||||
Non-GAAP Adjusted results | $ | 1,049.8 | $ | 720.8 | $ | 1,770.6 | $ | 741.4 | $ | 591.9 | $ | 1,333.3 | $ | 437.3 | 24.7 | % | $ | 271.2 | $ | 45.7 | $ | 0.5 | $ | 119.9 | 6.8 | % |
Six months ended | ||||||||||||
June 30, 2024 | June 30, 2023 | |||||||||||
Successor | Predecessor | |||||||||||
Services | Products | Total | Services | Products | Total | |||||||
Gross Profit | $ | 258.8 | $ | 193.0 | $ | 451.8 | $ | 303.3 | $ | 131.2 | $ | 434.5 |
Restructuring and transition - personnel | 14.9 | 1.7 | 16.6 | 4.2 | - | 4.2 | ||||||
Transformation - other | 1.0 | - | 1.0 | - | 0.6 | 0.6 | ||||||
Held for sale non-core business | - | - | - | 1.2 | (3.0) | (1.8) | ||||||
Amortization of fair valued assets | 27.8 | 9.3 | 37.1 | - | - | - | ||||||
Non-routine (income) expense: | - | |||||||||||
Legal deal matters | - | 1.0 | 1.0 | - | - | - | ||||||
Other | - | (1.1) | (1.1) | (0.3) | 0.1 | (0.2) | ||||||
Non-routine (income) expenses, net | - | (0.1) | (0.1) | (0.3) | 0.1 | (0.2) | ||||||
Non-GAAP Adjusted Gross Profit | $ | 302.5 | $ | 203.9 | $ | 506.4 | $ | 308.4 | $ | 128.9 | $ | 437.3 |
Successor | Predecessor | |||
Three months ended | Three months ended | |||
June 30, 2024 | June 30, 2023 | |||
Net income (loss) | $ | 14.8 | $ | (677.3) |
Income tax expense | 32.0 | (24.8) | ||
Interest income | (3.0) | (3.3) | ||
Interest expense | 38.6 | 69.7 | ||
Depreciation and amortization | 30.2 | 31.1 | ||
EBITDA | 112.6 | (604.6) | ||
Share-based compensation | 2.6 | 0.8 | ||
Amortization of cloud-based software implementation costs | 1.0 | 0.8 | ||
Foreign exchange loss (gain), net | (7.6) | (1.5) | ||
Miscellaneous gain, net | (2.6) | (3.5) | ||
Equity in earnings (loss) of unconsolidated subsidiaries, net | (1.5) | 0.6 | ||
Restructuring and transformation expenses | 10.5 | 18.6 | ||
Refinancing related costs | 5.0 | 30.5 | ||
Non-routine (income) expense, net | (1.2) | 3.8 | ||
Held for sale non-core business | - | 2.6 | ||
Reorganization items, net | - | 636.2 | ||
Adjusted EBITDA | $ | 118.8 | $ | 84.3 |
Adjusted EBITDA as a % of revenue | 12.6 | % | 9.2 | % |
Successor | Predecessor | |||
Six months ended | Six months ended | |||
June 30, 2024 | June 30, 2023 | |||
Net income (loss) | $ | 0.8 | $ | (788.8) |
Income tax expense | 28.9 | (3.7) | ||
Interest income | (7.2) | (5.0) | ||
Interest expense | 82.2 | 151.6 | ||
Depreciation and amortization | 63.5 | 60.5 | ||
EBITDA | 168.2 | (585.4) | ||
Share-based compensation | 4.5 | 2.1 | ||
Amortization of cloud-based software implementation costs | 2.8 | 1.7 | ||
Foreign exchange loss (gain), net | (8.0) | 9.1 | ||
Miscellaneous gain, net | (3.6) | (6.1) | ||
Equity in earnings (loss) of unconsolidated subsidiaries, net | 1.4 | 0.7 | ||
Restructuring and transformation expenses | 47.2 | 33.6 | ||
Refinancing related costs | 11.9 | 44.6 | ||
Non-routine (income) expense, net | (2.3) | 5.4 | ||
Held for sale non-core business | - | 6.2 | ||
Reorganization items, net | - | 636.2 | ||
Adjusted EBITDA | $ | 222.1 | $ | 148.1 |
Adjusted EBITDA as a % of revenue | 12.1 | % | 8.4 | % |
June 30, 2024 | December 31, 2023 | June 30, 2023 | ||||
Successor | Successor | Predecessor | ||||
Cash, cash equivalents, restricted cash and short-term investments (GAAP measure) | $ | 368.8 | $ | 605.7 | $ | 552.8 |
Cash included in assets held for sale | - | - | 0.2 | |||
Debt instruments | (1,100.3) | (1,252.7) | (1,256.3) | |||
Debt instruments subject to compromise | - | - | (2,160.3) | |||
Net debt (Non-GAAP measure) | $ | (731.5) | $ | (647.0) | $ | (2,863.6) |
Three months ended | ||||||||
June 30, 2024 | June 30, 2023 | |||||||
($ in millions, except per share data) | Successor | per share | Predecessor | per share | ||||
Net income (loss) | $ | 14.8 | $ | 0.39 | $ | (677.3) | $ | (8.47) |
Net income (loss) attributable to noncontrolling interests | (0.1) | (0.01) | (0.2) | (0.01) | ||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | 14.9 | $ | 0.40 | $ | (677.1) | $ | (8.46) |
Restructuring and transformation expenses | 10.6 | 0.28 | 18.6 | 0.23 | ||||
Refinancing related costs | 5.0 | 0.13 | 30.5 | 0.38 | ||||
Held for sale non-core business | - | - | 2.9 | 0.04 | ||||
Amortization of fair valued assets | 17.7 | 0.47 | 18.0 | 0.23 | ||||
Non-routine (income) expense: | ||||||||
Divestitures and asset sales | (1.7) | (0.05) | - | - | ||||
Legal deal matters | 0.5 | 0.01 | 2.8 | 0.04 | ||||
Other | - | - | (0.8) | (0.01) | ||||
Other Impairment | - | - | 1.8 | 0.02 | ||||
Non-routine (income) expense, net | (1.2) | (0.04) | 3.8 | 0.05 | ||||
Reorganization items, net | - | - | 636.2 | 7.95 | ||||
Tax impact (inclusive of allocation of discrete tax items) | (3.5) | (0.09) | (12.1) | (0.15) | ||||
Net income (loss) (Non-GAAP) | $ | 43.4 | $ | 1.15 | $ | 20.8 | $ | 0.26 |
Net income (loss) attributable to noncontrolling interests | (0.1) | (0.01) | (0.2) | - | ||||
Total adjusted net income (loss) attributable to Diebold Nixdorf, Incorporated (Non-GAAP measure) | $ | 43.5 | $ | 1.16 | $ | 21.0 | $ | 0.26 |
Six months ended | ||||||||
June 30, 2024 | June 30, 2023 | |||||||
($ in millions, except per share data) | Successor | per share | Predecessor | per share | ||||
Net income (loss) | $ | 0.8 | $ | 0.02 | $ | (788.8) | $ | (9.90) |
Net income (loss) attributable to noncontrolling interests | 0.5 | 0.01 | (0.6) | (0.01) | ||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | 0.3 | $ | 0.01 | $ | (788.2) | $ | (9.89) |
Restructuring and transformation expenses | 47.3 | 1.26 | 33.6 | 0.42 | ||||
Refinancing related costs | 11.9 | 0.32 | 44.6 | 0.56 | ||||
Held for sale non-core business | - | - | 6.6 | 0.08 | ||||
Amortization of fair valued assets | 40.8 | 1.09 | 35.7 | 0.45 | ||||
Non-routine (income) expense: | ||||||||
Divestitures and asset sales | (2.6) | (0.07) | - | - | ||||
Legal deal matters | 1.4 | 0.04 | 3.0 | 0.04 | ||||
Other | (1.1) | (0.03) | (0.3) | - | ||||
Other Impairment | - | - | 2.7 | 0.03 | ||||
Non-routine (income) expense, net | (2.3) | (0.06) | 5.4 | 0.08 | ||||
Reorganization items, net | - | - | 636.2 | 7.98 | ||||
Tax impact (inclusive of allocation of discrete tax items) | (23.6) | (0.63) | (20.3) | (0.26) | ||||
Net income (loss) (Non-GAAP) | $ | 74.4 | $ | 1.99 | $ | (46.4) | $ | (0.58) |
Net income (loss) attributable to noncontrolling interests | 0.5 | 0.01 | (0.6) | (0.01) | ||||
Total adjusted net income (loss) attributable to Diebold Nixdorf, Incorporated (Non-GAAP measure) | $ | 73.9 | $ | 1.97 | $ | (45.8) | $ | (0.57) |