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 July 30, 2015 |
Diebold, Incorporated | ||||
July 30, 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 July 30, 2015 |
![]() | pressrelease | |
Media contact: | Investor contact: | |
Mike Jacobsen, APR | Steve Virostek | |
+1 330 490 3796 | +1 330 490 6319 | |
michael.jacobsen@diebold.com | stephen.virostek@diebold.com |
• | GAAP EPS attributable to Diebold was $0.34; non-GAAP EPS was $0.44 |
• | Financial self-service revenue grew 4.6%, or 13.1% in constant currency |
• | Security revenue grew 6.9%, or 8.2% in constant currency |
• | GAAP gross margin improvement of 10 basis points; non-GAAP gross margin up 50 basis points |
• | Company maintaining revenue and non-GAAP earnings guidance for 2015 |
• | Signed multi-vendor service agreements with a large U.S.-based financial institution, and two other large European banks -- representing an increase of more than 5,000 competitors' automated teller machines (ATMs) to Diebold's global service contract base |
• | Won two significant multi-vendor software projects -- with Banorte in Mexico (the first Phoenix software deployment in Latin America) and a major bank in Australia |
• | Expanded relationship with Al Rajhi Bank in Saudi Arabia for a branch automation solution that is expected to reduce its ATM operating expenses by more than half |
• | Entered into a product and service agreement for 2,200 ATMs with the world's largest independent ATM deployer -- a major competitive win in the U.S. retail market |
• | Secured an order for more than 2,000 ATMs in Mexico by a large Canada-based bank, which includes the company's largest to-date order for its ActivEdgeTM anti-skimming technology |
Previous Guidance | Current Guidance | |
Total Revenue | ~ (5%) to (6%) | ~ (5%) to (6%) |
2015 EPS (GAAP) | $1.24 - $1.49 | $1.09 - $1.33 |
Restructuring charges & non-routine expense | $0.46 - $0.41 | $0.61 - $0.57 |
Total EPS (non-GAAP measure) | $1.70 - $1.90 | $1.70 - $1.90 |
(Dollars In Millions) | % Change | % Change Constant Currency | ||||||||||||
Q2 2015 | Q2 2014 | |||||||||||||
Financial self-service | ||||||||||||||
Services | $ | 299.2 | $ | 306.1 | (2.3 | )% | 5.2 | % | ||||||
Products | 268.9 | 236.8 | 13.6 | % | 23.6 | % | ||||||||
Total financial self-service | 568.1 | 542.9 | 4.6 | % | 13.1 | % | ||||||||
Security | ||||||||||||||
Services | 110.9 | 103.7 | 6.9 | % | 8.8 | % | ||||||||
Products | 52.7 | 49.4 | 6.7 | % | 7.0 | % | ||||||||
Total security | 163.6 | 153.1 | 6.9 | % | 8.2 | % | ||||||||
Total financial self-service and security | 731.7 | 696.0 | 5.1 | % | 12.0 | % | ||||||||
Brazil other | 1.7 | 37.5 | (95.5 | )% | (93.6 | )% | ||||||||
Total revenue | $ | 733.4 | $ | 733.5 | 0.0 | % | 7.8 | % | ||||||
Revenue summary by segment | % Change | % Change Constant Currency | ||||||||||||
Q2 2015 | Q2 2014 | |||||||||||||
NA | $ | 391.4 | $ | 346.0 | 13.1 | % | 13.5 | % | ||||||
AP | 109.4 | 119.4 | (8.4 | )% | (6.1 | )% | ||||||||
EMEA | 106.1 | 118.4 | (10.4 | )% | 7.5 | % | ||||||||
LA | 126.5 | 149.7 | (15.5 | )% | 5.0 | % | ||||||||
Total revenue | $ | 733.4 | $ | 733.5 | 0.0 | % | 7.8 | % |
(Dollars In Millions) | % Change | % Change Constant Currency | ||||||||||||
YTD 6/30/2015 | YTD 6/30/2014 | |||||||||||||
Financial self-service | ||||||||||||||
Services | $ | 590.6 | $ | 591.1 | (0.1 | )% | 6.2 | % | ||||||
Products | 472.7 | 418.3 | 13.0 | % | 21.7 | % | ||||||||
Total financial self-service | 1,063.3 | 1,009.4 | 5.3 | % | 12.6 | % | ||||||||
Security | ||||||||||||||
Services | 213.5 | 202.1 | 5.6 | % | 7.0 | % | ||||||||
Products | 100.1 | 93.4 | 7.2 | % | 7.6 | % | ||||||||
Total security | 313.6 | 295.5 | 6.1 | % | 7.2 | % | ||||||||
Total financial self-service and security | 1,376.9 | 1,304.9 | 5.5 | % | 11.3 | % | ||||||||
Brazil other | 12.0 | 116.9 | (89.7 | )% | (86.9 | )% | ||||||||
Total revenue | $ | 1,388.9 | $ | 1,421.8 | (2.3 | )% | 4.5 | % | ||||||
Revenue summary by segment | % Change | % Change Constant Currency | ||||||||||||
YTD 6/30/2015 | YTD 6/30/2014 | |||||||||||||
NA | $ | 731.3 | 663.5 | 10.2 | % | 10.6 | % | |||||||
AP | 219.9 | 226.5 | (2.9 | )% | (1.0 | )% | ||||||||
EMEA | 192.9 | 202.5 | (4.7 | )% | 14.5 | % | ||||||||
LA | 244.8 | 329.3 | (25.7 | )% | (11.7 | )% | ||||||||
Total revenue | $ | 1,388.9 | $ | 1,421.8 | (2.3 | )% | 4.5 | % |
Q2 2015 | Q2 2014 | YTD 6/30/2015 | YTD 6/30/2014 | ||||||||||||
Net sales | |||||||||||||||
Services | $ | 410.1 | $ | 409.8 | $ | 804.1 | $ | 793.2 | |||||||
Products | 323.3 | 323.7 | 584.8 | 628.6 | |||||||||||
Total | 733.4 | 733.5 | 1,388.9 | 1,421.8 | |||||||||||
Cost of sales | |||||||||||||||
Services | 280.8 | 283.6 | 553.7 | 558.9 | |||||||||||
Products | 265.1 | 263.1 | 472.4 | 512.0 | |||||||||||
Total | 545.9 | 546.7 | 1,026.1 | 1,070.9 | |||||||||||
Gross profit | 187.5 | 186.8 | 362.8 | 350.9 | |||||||||||
Gross margin | 25.6 | % | 25.5 | % | 26.1 | % | 24.7 | % | |||||||
Operating expenses | |||||||||||||||
Selling and administrative expense | 135.0 | 121.0 | 264.9 | 241.3 | |||||||||||
Research, development and engineering expense | 23.9 | 21.7 | 46.2 | 41.7 | |||||||||||
Impairment of assets | (0.5 | ) | — | 18.9 | — | ||||||||||
Gain on sale of assets, net | (1.6 | ) | (13.1 | ) | (1.5 | ) | (12.6 | ) | |||||||
Total | 156.8 | 129.6 | 328.5 | 270.4 | |||||||||||
Percent of net sales | 21.4 | % | 17.7 | % | 23.7 | % | 19.0 | % | |||||||
Operating profit | 30.7 | 57.2 | 34.3 | 80.5 | |||||||||||
Operating margin | 4.2 | % | 7.8 | % | 2.5 | % | 5.7 | % | |||||||
Other income (expense) | |||||||||||||||
Investment income | 6.8 | 10.0 | 14.7 | 18.7 | |||||||||||
Interest expense | (7.6 | ) | (7.9 | ) | (15.6 | ) | (14.8 | ) | |||||||
Foreign exchange (loss) gain, net | (1.2 | ) | 0.6 | (10.5 | ) | (11.4 | ) | ||||||||
Miscellaneous, net | 0.8 | 1.3 | (0.4 | ) | (0.1 | ) | |||||||||
Other income (expense), net | (1.2 | ) | 4.0 | (11.8 | ) | (7.6 | ) | ||||||||
Income before taxes | 29.5 | 61.2 | 22.5 | 72.9 | |||||||||||
Income tax expense | 5.6 | 18.1 | 4.2 | 24.9 | |||||||||||
Net income | 23.9 | 43.1 | 18.3 | 48.0 | |||||||||||
Net income (loss) attributable to noncontrolling interests | 1.7 | 1.5 | (1.1 | ) | (3.4 | ) | |||||||||
Net income attributable to Diebold, Incorporated | $ | 22.2 | $ | 41.6 | $ | 19.4 | $ | 51.4 | |||||||
Basic weighted-average shares outstanding | 64.9 | 64.6 | 64.8 | 64.4 | |||||||||||
Diluted weighted-average shares outstanding | 65.6 | 65.2 | 65.5 | 65.0 | |||||||||||
Basic earnings per share | 0.34 | 0.64 | 0.30 | 0.80 | |||||||||||
Diluted earnings per share | 0.34 | 0.64 | 0.30 | 0.79 | |||||||||||
Common dividends declared and paid per share | $ | 0.2875 | $ | 0.2875 | $ | 0.575 | $ | 0.575 |
YTD 6/30/2015 | YTD 12/31/2014 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 244.4 | $ | 322.0 | |||
Short-term investments | 119.5 | 136.7 | |||||
Trade receivables, less allowances for doubtful accounts | 562.3 | 477.9 | |||||
Inventories | 425.5 | 405.2 | |||||
Other current assets | 345.3 | 313.7 | |||||
Total current assets | 1,697.0 | 1,655.5 | |||||
Securities and other investments | 83.8 | 83.6 | |||||
Property, plant and equipment, net | 176.2 | 169.5 | |||||
Goodwill | 208.1 | 172.0 | |||||
Other assets | 230.6 | 261.5 | |||||
Total assets | $ | 2,395.7 | $ | 2,342.1 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities | |||||||
Notes payable | $ | 35.1 | $ | 25.6 | |||
Accounts payable | 306.5 | 261.7 | |||||
Other current liabilities | 662.6 | 740.4 | |||||
Total current liabilities | 1,004.2 | 1,027.7 | |||||
Long-term debt | 634.8 | 479.8 | |||||
Long-term liabilities | 266.5 | 279.7 | |||||
Total Diebold, Incorporated shareholders' equity | 465.6 | 531.6 | |||||
Noncontrolling interests | 24.6 | 23.3 | |||||
Total equity | 490.2 | 554.9 | |||||
Total liabilities and equity | $ | 2,395.7 | $ | 2,342.1 |
YTD 6/30/2015 | YTD 6/30/2014 | |||||||
Cash flow from operating activities | ||||||||
Net income | $ | 18.3 | $ | 48.0 | ||||
Adjustments to reconcile net income to cash flow used in operating activities: | ||||||||
Depreciation and amortization | 33.2 | 36.7 | ||||||
Devaluation of Venezuela balance sheet | 7.5 | 12.1 | ||||||
Impairment of assets | 18.9 | — | ||||||
Other | 7.4 | (2.5 | ) | |||||
Cash flow from changes in certain assets and liabilities | ||||||||
Trade receivables | (104.8 | ) | (100.6 | ) | ||||
Inventories | (46.3 | ) | (101.2 | ) | ||||
Accounts payable | 52.0 | 87.0 | ||||||
Prepaid income taxes | (14.3 | ) | 3.7 | |||||
Deferred revenue | (4.4 | ) | 42.8 | |||||
Deferred income taxes | 4.4 | (18.5 | ) | |||||
Certain other assets and liabilities | (71.1 | ) | (99.3 | ) | ||||
Net cash used in operating activities | (99.2 | ) | (91.8 | ) | ||||
Cash flow from investing activities | ||||||||
Payments for acquisitions, net of cash acquired | (59.4 | ) | — | |||||
Net investment activity | (1.3 | ) | 101.0 | |||||
Capital expenditures | (25.4 | ) | (18.4 | ) | ||||
Increase in certain other assets | 2.9 | 9.7 | ||||||
Net cash (used in) provided by investing activities | (83.2 | ) | 92.3 | |||||
Cash flow from financing activities | ||||||||
Dividends paid | (37.8 | ) | (37.4 | ) | ||||
Net debt borrowings | 160.2 | 29.5 | ||||||
Repurchase of common shares | (2.8 | ) | (1.6 | ) | ||||
Other | 3.0 | 12.3 | ||||||
Net cash provided by financing activities | 122.6 | 2.8 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (17.8 | ) | (11.1 | ) | ||||
Decrease in cash and cash equivalents | (77.6 | ) | (7.8 | ) | ||||
Cash and cash equivalents at the beginning of the period | 322.0 | 230.7 | ||||||
Cash and cash equivalents at the end of the period | $ | 244.4 | $ | 222.9 |
1. | Profit/loss summary (Dollars in millions): |
Q2 2015 | Q2 2014 | |||||||||||||||||||||||||
Rev | Gross Profit | % of Sales | OPEX | OP | % of Sales | Rev | Gross Profit | % of Sales | OPEX | OP | % of Sales | |||||||||||||||
GAAP results | $733.4 | $187.5 | 25.6 | % | $156.8 | $30.7 | 4.2 | % | $733.5 | $186.8 | 25.5 | % | $129.6 | $57.2 | 7.8 | % | ||||||||||
Restructuring | 2.4 | (4.7 | ) | 7.2 | 0.2 | (0.5 | ) | 0.7 | ||||||||||||||||||
Non-routine income/expense: | ||||||||||||||||||||||||||
Venezuela divestiture | — | 0.1 | (0.1 | ) | — | — | — | |||||||||||||||||||
Legal, indemnification and professional fees | — | (4.1 | ) | 4.1 | — | (1.6 | ) | 1.6 | ||||||||||||||||||
Gain on sale of Eras | — | — | — | — | 13.7 | (13.7 | ) | |||||||||||||||||||
Brazil indirect tax | 0.5 | — | 0.5 | — | — | — | ||||||||||||||||||||
Other | — | (0.5 | ) | 0.5 | — | — | — | |||||||||||||||||||
Total non-routine income/expense | — | 0.5 | (4.5 | ) | 5.0 | — | — | 12.1 | (12.1 | ) | ||||||||||||||||
Non-GAAP results | $733.4 | $190.5 | 26.0 | % | $147.7 | $42.8 | 5.8 | % | $733.5 | $187.0 | 25.5 | % | $141.2 | $45.7 | 6.2 | % |
YTD 6/30/2015 | YTD 6/30/2014 | |||||||||||||||||||||||||
Rev | Gross Profit | % of Sales | OPEX | OP | % of Sales | Rev | Gross Profit | % of Sales | OPEX | OP | % of Sales | |||||||||||||||
GAAP results | $1,388.9 | $362.8 | 26.1 | % | $328.5 | $34.3 | 2.5 | % | $1,421.8 | $350.9 | 24.7 | % | $270.4 | $80.5 | 5.7 | % | ||||||||||
Restructuring | 2.4 | (7.8 | ) | 10.3 | 0.9 | (4.9 | ) | 5.8 | ||||||||||||||||||
Non-routine income/expense: | ||||||||||||||||||||||||||
Software impairment | — | (9.1 | ) | 9.1 | — | — | — | |||||||||||||||||||
Venezuela divestiture | — | (10.1 | ) | 10.1 | — | — | — | |||||||||||||||||||
Legal, indemnification and professional fees | — | (8.7 | ) | 8.7 | — | (2.6 | ) | 2.6 | ||||||||||||||||||
Gain on sale of Eras | — | — | — | — | 13.7 | (13.7 | ) | |||||||||||||||||||
Brazil indirect tax | 0.5 | — | 0.5 | — | — | — | ||||||||||||||||||||
Other | — | (0.5 | ) | 0.5 | — | — | — | |||||||||||||||||||
Total non-routine income/expense | — | 0.5 | (28.4 | ) | 28.9 | — | — | 11.1 | (11.1 | ) | ||||||||||||||||
Non-GAAP results | $1,388.9 | $365.7 | 26.3 | % | $292.3 | $73.5 | 5.3 | % | $1,421.8 | $351.8 | 24.7 | % | $276.6 | $75.2 | 5.3 | % |
Q2 2015 | Q2 2014 | YTD 6/30/2015 | YTD 6/30/2014 | ||||||||||||
Total diluted EPS attributable to Diebold, Incorporated (GAAP measure) | $ | 0.34 | $ | 0.64 | $ | 0.30 | $ | 0.79 | |||||||
Restructuring | 0.08 | 0.01 | 0.13 | 0.06 | |||||||||||
Non-routine (income)/expense: | |||||||||||||||
Software impairment | — | — | 0.09 | — | |||||||||||
Venezuela divestiture | — | — | 0.08 | — | |||||||||||
Venezuela devaluation | — | — | 0.07 | — | |||||||||||
Legal, indemnification and professional fees | 0.04 | 0.02 | 0.08 | 0.03 | |||||||||||
Gain on sale of Eras | — | (0.20 | ) | — | (0.20 | ) | |||||||||
Brazil indirect tax | 0.01 | — | 0.01 | — | |||||||||||
Other (inclusive of allocation of discrete tax items) | (0.03 | ) | — | (0.03 | ) | — | |||||||||
Total non-routine (income)/expense | 0.02 | (0.18 | ) | 0.30 | (0.17 | ) | |||||||||
Tax expense (benefit) on foreign cash repatriation | — | — | — | 0.03 | |||||||||||
Total adjusted EPS (non-GAAP measure) | $ | 0.44 | $ | 0.47 | $ | 0.73 | $ | 0.71 |
3. | Free cash flow/(use) is calculated as follows (Dollars in millions): |
Q2 2015 | Q2 2014 | YTD 6/30/2015 | YTD 6/30/2014 | ||||||||||||
Net cash provided by/(used in) operating activities (GAAP measure) | $ | (37.0 | ) | $ | (60.2 | ) | $ | (99.2 | ) | $ | (91.8 | ) | |||
Capital expenditures | (14.6 | ) | (11.1 | ) | (25.4 | ) | (18.4 | ) | |||||||
Free cash flow/(use) (non-GAAP measure) | $ | (51.6 | ) | $ | (71.3 | ) | $ | (124.6 | ) | $ | (110.2 | ) |
4. | Net investment/(debt) is calculated as follows (Dollars in millions): |
6/30/2015 | 12/31/2014 | 6/30/2014 | |||||||||
Cash, cash equivalents and short-term investments (GAAP measure) | $ | 363.9 | $ | 458.7 | $ | 375.8 | |||||
Debt instruments | (670.0 | ) | (505.5 | ) | (553.6 | ) | |||||
Net investment/(debt) (non-GAAP measure) | $ | (306.1 | ) | $ | (46.8 | ) | $ | (177.8 | ) |
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