Ohio | 1-4879 | 34-0183970 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
5995 Mayfair Road, P.O. Box 3077, North Canton, Ohio | 44720-8077 | |||
(Address of principal executive offices) | (Zip Code) |
Item 2.02 Results of Operations and Financial Condition |
Item 9.01 Financial Statements and Exhibits |
(d) Exhibits. | ||||
Exhibit | ||||
Number | Description | |||
99.1 | News release of Diebold, Incorporated dated February 12, 2015 |
Diebold, Incorporated | ||||
February 12, 2015 | By: | /s/ Christopher A. Chapman | ||
Name: | Christopher A. Chapman | |||
Title: | Senior Vice President and Chief Financial Officer |
Exhibit | ||
Number | Description | |
99.1 | News release of Diebold, Incorporated dated February 12, 2015 |
![]() | press release | |
Media contact: | Investor contact: | |
Mike Jacobsen, APR | Christopher Sikora | |
+1 330 490 3796 | +1 330 490 6870 | |
michael.jacobsen@diebold.com | christopher.sikora@diebold.com |
• | Q4 GAAP EPS attributable to Diebold was $0.46, or $0.48 per share on a non-GAAP* basis; full-year GAAP EPS attributable to Diebold was $1.76, or $1.73 on a non-GAAP* basis. |
• | Total revenue for Q4 2014 increased 6.1% compared with the prior-year period, or 9.7% on a constant currency basis; full-year revenue increased 6.8%, or 9.1% on a constant currency basis. |
• | Free cash flow* for Q4 2014 was $269.7 million compared with $173.5 million in Q4 2013; full-year free cash flow* was $125.5 million |
• | Net debt* at December 31, 2014 was $46.8 million, a $4.0 million decrease from December 31, 2013 |
Previous Guidance | Current Guidance | |
Total Revenue | ~ (3%) to (4%) | ~ (5%) to (6%) |
2015 EPS (GAAP) | $1.75 - $2.05 | $1.60 - $1.85 |
Restructuring charges & non-routine expense | 0.15 - 0.05 | 0.20 - 0.15 |
Total EPS (non-GAAP* measure) | $1.90 - $2.10 | $1.80 - $2.00 |
Revenue Summary by Service and Product Solutions | |||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Q4 2014 | Q4 2013 | % Change | YTD 12/31/2014 | YTD 12/31/2013 | % Change | ||||||||||||||||
Financial Self-Service | |||||||||||||||||||||
Services | $ | 318,686 | $ | 313,954 | 1.5 | % | $ | 1,220,514 | $ | 1,188,937 | 2.7 | % | |||||||||
Products | 319,397 | 296,066 | 7.9 | % | 977,340 | 977,632 | 0.0 | % | |||||||||||||
Total Financial Self-Service | 638,083 | 610,020 | 4.6 | % | 2,197,854 | 2,166,569 | 1.4 | % | |||||||||||||
Security Solutions | |||||||||||||||||||||
Services | 109,209 | 122,428 | (10.8 | )% | 417,112 | 448,123 | (6.9 | )% | |||||||||||||
Products | 65,326 | 55,402 | 17.9 | % | 210,931 | 170,766 | 23.5 | % | |||||||||||||
Total Security Solutions | 174,535 | 177,830 | (1.9 | )% | 628,043 | 618,889 | 1.5 | % | |||||||||||||
Total Financial Self-Service & Security | 812,618 | 787,850 | 3.1 | % | 2,825,897 | 2,785,458 | 1.5 | % | |||||||||||||
Brazil other | 48,654 | 23,593 | 106.2 | % | 225,156 | 72,033 | 212.6 | % | |||||||||||||
Total revenue | $ | 861,272 | $ | 811,443 | 6.1 | % | $ | 3,051,053 | $ | 2,857,491 | 6.8 | % | |||||||||
Revenue Summary by Segment | |||||||||||||||||||||
Q4 2014 | Q4 2013 | % Change | YTD 12/31/2014 | YTD 12/31/2013 | % Change | ||||||||||||||||
North America | $ | 382,814 | $ | 358,866 | 6.7 | % | $ | 1,407,707 | $ | 1,415,050 | (0.5 | )% | |||||||||
Asia Pacific | 138,758 | 132,469 | 4.7 | % | 500,285 | 479,129 | 4.4 | % | |||||||||||||
Europe, Middle East, Africa | 118,804 | 129,696 | (8.4 | )% | 421,141 | 362,167 | 16.3 | % | |||||||||||||
Latin America | 92,880 | 80,588 | 15.3 | % | 239,409 | 241,770 | (1.0 | )% | |||||||||||||
Brazil | 128,016 | 109,824 | 16.6 | % | 482,511 | 359,375 | 34.3 | % | |||||||||||||
Total customer revenue | $ | 861,272 | $ | 811,443 | 6.1 | % | $ | 3,051,053 | $ | 2,857,491 | 6.8 | % |
1. | Profit/loss summary - 4th quarter comparison (Dollars in millions) |
Q4 2014 | Q4 2013 | |||||||||||||||||||||||||
Rev | Gross Profit | % of Sales | OPEX | OP | % of Sales | Rev | Gross Profit | % of Sales | OPEX | OP | % of Sales | |||||||||||||||
GAAP results | $861.3 | $227.8 | 26.5 | % | $174.1 | $53.7 | 6.2 | % | $811.4 | $180.1 | 22.2 | % | $230.6 | $(50.5) | (6.2 | )% | ||||||||||
Restructuring | — | 0.6 | (4.5 | ) | 5.1 | 19.0 | (16.7 | ) | 35.7 | |||||||||||||||||
Non-routine income/expense: | ||||||||||||||||||||||||||
Legal, indemnification and professional fees | — | — | (3.0 | ) | 3.0 | — | — | (1.1 | ) | 1.1 | ||||||||||||||||
Pension | — | — | — | — | — | — | (67.6 | ) | 67.6 | |||||||||||||||||
Brazil indirect tax | — | (5.8 | ) | — | (5.8 | ) | — | 0.8 | — | 0.8 | ||||||||||||||||
Other | — | — | — | — | — | 0.3 | (1.8 | ) | 2.1 | |||||||||||||||||
Total non-routine income/expense | — | (5.8 | ) | (3.0 | ) | (2.8 | ) | — | 1.1 | (70.5 | ) | 71.6 | ||||||||||||||
Non-GAAP results | $861.3 | $222.6 | 25.8 | % | $166.6 | $56.0 | 6.5 | % | $811.4 | $200.1 | 24.7 | % | $143.4 | $56.8 | 7.0 | % |
YTD 12/31/2014 | YTD 12/31/2013 | |||||||||||||||||||||||||
Rev | Gross Profit | % of Sales | OPEX | OP | % of Sales | Rev | Gross Profit | % of Sales | OPEX | OP | % of Sales | |||||||||||||||
GAAP results | $3,051.1 | $779.4 | 25.5 | % | $598.4 | $180.9 | 5.9 | % | $2,857.5 | $640.4 | 22.4 | % | $758.6 | $(118.3) | (4.1 | )% | ||||||||||
Restructuring | 2.0 | (9.9 | ) | 11.9 | 28.4 | (28.7 | ) | 57.1 | ||||||||||||||||||
Non-routine income/expense: | ||||||||||||||||||||||||||
FCPA settlement | — | — | — | — | — | — | (28.0 | ) | 28.0 | |||||||||||||||||
Securities class action settlement | — | — | — | — | — | — | (17.2 | ) | 17.2 | |||||||||||||||||
Legal, indemnification and professional fees | — | — | (9.2 | ) | 9.2 | — | — | (5.1 | ) | 5.1 | ||||||||||||||||
Gain on sale of Eras | — | — | 13.7 | (13.7 | ) | — | — | — | — | |||||||||||||||||
Executive severance | — | — | — | — | — | — | (9.3 | ) | 9.3 | |||||||||||||||||
Brazil impairment | — | — | — | — | — | — | (70.0 | ) | 70.0 | |||||||||||||||||
Pension | — | — | — | — | — | — | (67.6 | ) | 67.6 | |||||||||||||||||
Brazil indirect tax | — | (5.8 | ) | — | (5.8 | ) | — | 0.8 | — | 0.8 | ||||||||||||||||
Other | — | — | — | — | — | 1.1 | (0.8 | ) | 1.9 | |||||||||||||||||
Total non-routine income/expense | — | (5.8 | ) | 4.5 | (10.3 | ) | — | 1.9 | (198.0 | ) | 199.9 | |||||||||||||||
Non-GAAP results | $3,051.1 | $775.5 | 25.4 | % | $593.1 | $182.5 | 6.0 | % | $2,857.5 | $670.6 | 23.5 | % | $531.9 | $138.7 | 4.9 | % |
Q4 2014 | Q4 2013 | YTD 12/31/2014 | YTD 12/31/2013 | ||||||||||||
Total diluted EPS attributable to Diebold, Incorporated (GAAP measure) | $ | 0.46 | $ | (0.65 | ) | $ | 1.76 | $ | (2.85 | ) | |||||
Restructuring | 0.05 | 0.36 | 0.12 | 0.59 | |||||||||||
Non-routine (income)/expense: | |||||||||||||||
FCPA settlement | — | — | — | 0.36 | |||||||||||
Securities class action settlement | — | — | — | 0.17 | |||||||||||
Legal, indemnification and professional fees | 0.03 | 0.01 | 0.09 | 0.05 | |||||||||||
Gain on sale of Eras | — | — | (0.19 | ) | — | ||||||||||
Executive severance | — | — | — | 0.09 | |||||||||||
Brazil impairment | — | 0.01 | — | 0.85 | |||||||||||
Pension | — | 0.67 | — | 0.67 | |||||||||||
Brazil indirect tax | (0.06 | ) | 0.01 | (0.06 | ) | 0.01 | |||||||||
Other | — | 0.04 | — | 0.05 | |||||||||||
Total non-routine (income)/expense | (0.03 | ) | 0.74 | (0.16 | ) | 2.25 | |||||||||
Tax expense (benefit) on foreign cash repatriation | — | 0.12 | 0.01 | 0.76 | |||||||||||
Total adjusted EPS (non-GAAP measure) | $ | 0.48 | $ | 0.57 | $ | 1.73 | $ | 0.75 | |||||||
Valuation allowance on Brazil deferred tax assets | — | — | — | 0.61 | |||||||||||
Total adjusted EPS (non-GAAP measure) excluding valuation allowance on Brazil deferred tax assets | $ | 0.48 | $ | 0.57 | $ | 1.73 | $ | 1.36 |
3. | Free cash flow/(use) is calculated as follows: |
Q4 2014 | Q4 2013 | YTD 12/31/2014 | YTD 12/31/2013 | ||||||||||||
Net cash provided by/(used in) operating activities (GAAP measure) | $ | 297,641 | $ | 183,266 | $ | 186,906 | $ | 124,224 | |||||||
Capital expenditures | (27,899 | ) | (9,799 | ) | (61,453 | ) | (35,447 | ) | |||||||
Free cash flow/(use) (non-GAAP measure) | $ | 269,742 | $ | 173,467 | $ | 125,453 | $ | 88,777 |
4. | Net investment/(debt) is calculated as follows: |
12/31/2014 | 12/31/2013 | ||||||
Cash, cash equivalents and short-term investments (GAAP measure) | $ | 458,670 | $ | 473,697 | |||
Debt instruments | (505,430 | ) | (524,459 | ) | |||
Net investment/(debt) (non-GAAP measure) | $ | (46,760 | ) | $ | (50,762 | ) |
• | competitive pressures, including pricing pressures and technological developments; |
• | changes in the company's relationships with customers, suppliers, distributors and/or partners in its business ventures; |
• | changes in political, economic or other factors such as currency exchange rates, inflation rates, recessionary or expansive trends, taxes and regulations and laws affecting the worldwide business in each of the company's operations; |
• | global economic conditions, including any additional deterioration and disruption in the financial markets, including the bankruptcies, restructurings or consolidations of financial institutions, which could reduce our customer base and/or adversely affect our customers' ability to make capital expenditures, as well as adversely impact the availability and cost of credit; |
• | acceptance of the company's product and technology introductions in the marketplace; |
• | the finalization of the company's financial statements for the periods discussed in this release; |
• | the company's ability to maintain effective internal controls; |
• | changes in the company's intention to further repatriate cash and cash equivalents and short-term investments residing in international tax jurisdictions, which could negatively impact foreign and domestic taxes; |
• | unanticipated litigation, claims or assessments, as well as the outcome/impact of any current/pending litigation, claims or assessments, including with respect to the company's Brazil tax or Thailand customs disputes; |
• | variations in consumer demand for financial self-service technologies, products and services; |
• | potential security violations to the company's information technology systems; |
• | the investment performance of our pension plan assets, which could require us to increase our pension contributions, and significant changes in healthcare costs, including those that may result from government action; |
• | the amount and timing of repurchases of the company's common shares, if any; and |
• | the company's ability to achieve benefits from its cost-reduction initiatives and other strategic changes, including its multi-year realignment plan and other restructuring actions, as well as its business process outsourcing initiative with Accenture. |
Three Months Ended | Year Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net Sales | ||||||||||||||||
Services | $ | 427,891 | $ | 436,384 | $ | 1,637,622 | $ | 1,637,056 | ||||||||
Products | 433,381 | 375,059 | 1,413,431 | 1,220,435 | ||||||||||||
Total | 861,272 | 811,443 | 3,051,053 | 2,857,491 | ||||||||||||
Cost of sales | ||||||||||||||||
Services | 298,167 | 318,508 | 1,147,363 | 1,222,675 | ||||||||||||
Products | 335,266 | 312,814 | 1,124,340 | 994,460 | ||||||||||||
Total | 633,433 | 631,322 | 2,271,703 | 2,217,135 | ||||||||||||
Gross Profit | 227,839 | 180,121 | 779,350 | 640,356 | ||||||||||||
Percent of net sales | 26.5 | % | 22.2 | % | 25.5 | % | 22.4 | % | ||||||||
Operating expenses | ||||||||||||||||
Selling and administrative expense | 144,315 | 202,293 | 515,551 | 596,694 | ||||||||||||
Research, development and engineering expense | 27,444 | 25,911 | 93,617 | 92,315 | ||||||||||||
Impairment of assets | 2,123 | 1,375 | 2,123 | 72,017 | ||||||||||||
(Gain) loss on sale of assets, net | 210 | 1,011 | (12,888 | ) | (2,410 | ) | ||||||||||
Total | 174,092 | 230,590 | 598,403 | 758,616 | ||||||||||||
Percent of net sales | 20.2 | % | 28.4 | % | 19.6 | % | 26.5 | % | ||||||||
Operating profit (loss) | 53,747 | (50,469 | ) | 180,947 | (118,260 | ) | ||||||||||
Percent of net sales | 6.2 | % | (6.2 | )% | 5.9 | % | (4.1 | )% | ||||||||
Other income (expense) | ||||||||||||||||
Investment income | 7,887 | 6,543 | 34,501 | 27,603 | ||||||||||||
Interest expense | (8,278 | ) | (7,207 | ) | (31,420 | ) | (29,234 | ) | ||||||||
Foreign exchange (loss) gain, net | (1,418 | ) | 1,625 | (11,791 | ) | 172 | ||||||||||
Miscellaneous, net | (2,092 | ) | 346 | (1,648 | ) | (88 | ) | |||||||||
Other income (expense), net | (3,901 | ) | 1,307 | (10,358 | ) | (1,547 | ) | |||||||||
Income (loss) before taxes | 49,846 | (49,162 | ) | 170,589 | (119,807 | ) | ||||||||||
Income tax (expense) benefit | (15,789 | ) | 10,578 | (53,570 | ) | (56,715 | ) | |||||||||
Net income (loss) | 34,057 | (38,584 | ) | 117,019 | (176,522 | ) | ||||||||||
Less: net (income) loss attributable to noncontrolling interests | (4,101 | ) | (2,850 | ) | (2,602 | ) | (5,083 | ) | ||||||||
Net income (loss) attributable to Diebold, Incorporated | $ | 29,956 | $ | (41,434 | ) | $ | 114,417 | $ | (181,605 | ) | ||||||
Basic weighted-average shares outstanding | 64,631 | 63,928 | 64,530 | 63,659 | ||||||||||||
Diluted weighted-average shares outstanding | 65,380 | 63,928 | 65,154 | 63,659 | ||||||||||||
Net income (loss) attributable to Diebold, Incorporated | ||||||||||||||||
Basic earnings (loss) per share | $ | 0.46 | $ | (0.65 | ) | $ | 1.77 | $ | (2.85 | ) | ||||||
Diluted earnings (loss) per share | $ | 0.46 | $ | (0.65 | ) | $ | 1.76 | $ | (2.85 | ) | ||||||
December 31, 2014 | December 31, 2013 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 322,017 | $ | 230,709 | |||
Short-term investments | 136,653 | 242,988 | |||||
Trade receivables, net | 477,937 | 447,239 | |||||
Inventories | 405,173 | 376,462 | |||||
Other current assets | 313,750 | 257,952 | |||||
Total current assets | 1,655,530 | 1,555,350 | |||||
Securities and other investments | 83,625 | 82,591 | |||||
Property, plant and equipment, net | 169,506 | 160,895 | |||||
Goodwill | 171,974 | 179,828 | |||||
Other assets | 261,501 | 204,827 | |||||
Total assets | $ | 2,342,136 | $ | 2,183,491 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities | |||||||
Notes payable | $ | 25,575 | $ | 43,791 | |||
Accounts payable | 261,708 | 210,399 | |||||
Other current liabilities | 740,440 | 639,546 | |||||
Total current liabilities | 1,027,723 | 893,736 | |||||
Long-term debt | 479,794 | 480,242 | |||||
Long-term liabilities | 279,730 | 188,698 | |||||
Total Diebold, Incorporated shareholders' equity | 531,604 | 596,764 | |||||
Noncontrolling interests | 23,285 | 24,051 | |||||
Total equity | 554,889 | 620,815 | |||||
Total liabilities and equity | $ | 2,342,136 | $ | 2,183,491 |
Year Ended | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Cash flow from operating activities: | ||||||||
Net income (loss) | $ | 117,019 | $ | (176,522 | ) | |||
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | ||||||||
Depreciation and amortization | 74,072 | 82,594 | ||||||
Devaluation of Venezuelan balance sheet | 12,101 | 1,584 | ||||||
Pension curtailment, settlement and special termination | — | 69,561 | ||||||
Other | 10,326 | 84,568 | ||||||
Cash flow from changes in certain assets and liabilities: | ||||||||
Trade receivables | (58,588 | ) | 23,983 | |||||
Inventories | (53,241 | ) | 21,337 | |||||
Accounts payable | 59,278 | (9,659 | ) | |||||
Prepaid income taxes | 9,589 | (4,889 | ) | |||||
Deferred revenue | 51,554 | 16,522 | ||||||
Deferred income tax | (11,305 | ) | (15,125 | ) | ||||
Pension and other post-retirement benefits | (5,034 | ) | 11,026 | |||||
Certain other assets and liabilities | (18,865 | ) | 19,244 | |||||
Net cash provided by operating activities | 186,906 | 124,224 | ||||||
Cash flow from investing activities: | ||||||||
Payments for acquisitions, net of cash acquired | (11,749 | ) | — | |||||
Net investment activity | 88,355 | (17,364 | ) | |||||
Capital expenditures | (61,453 | ) | (35,447 | ) | ||||
Increase in certain other assets & other | (1,354 | ) | 92 | |||||
Net cash provided by (used in) investing activities | 13,799 | (52,719 | ) | |||||
Cash flow from financing activities: | ||||||||
Dividends paid | (74,946 | ) | (73,997 | ) | ||||
Net debt borrowings | (15,825 | ) | (126,670 | ) | ||||
Repurchase of common shares | (1,918 | ) | (4,063 | ) | ||||
Other | 11,535 | 281 | ||||||
Net cash used in financing activities | (81,154 | ) | (204,449 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents | (28,243 | ) | (5,139 | ) | ||||
Increase (decrease) in cash and cash equivalents | 91,308 | (138,083 | ) | |||||
Cash and cash equivalents at the beginning of the period | 230,709 | 368,792 | ||||||
Cash and cash equivalents at the end of the period | $ | 322,017 | $ | 230,709 |
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