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 October 29, 2015 |
Diebold, Incorporated | ||||
October 29, 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 October 29, 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 $0.33; non-GAAP EPS was $0.36 |
• | Financial self-service revenue decreased 7.4%, or increased 0.8% in constant currency |
• | Security revenue grew 4.9%, or 6.8% in constant currency |
• | Company narrows 2015 non-GAAP earnings per share guidance to $1.75 to $1.85 |
• | Won a five-year multi-vendor service agreement with a top-three U.S.-based bank to service more than 6,000 non-Diebold ATMs in North America. Diebold will provide device-agnostic services and related hardware support. |
• | Signed a contract with Banco Internacional de Ecuador to modernize its fleet with 400 ATMs, software and related maintenance services. As part of the agreement, Diebold will provide advisory and installation services. |
• | Entered into a product agreement with Riyad Bank in Saudi Arabia to deliver 100 of the company's new 5500 series ATMs. |
• | Achieved a five-year managed services contract with a major multi-national bank in Mexico, covering their entire fleet of approximately 2,200 ATMs in that country. |
Previous Guidance | Current Guidance | |
Total Revenue | ~ (5%) to (6%) | ~ (7%) to (8%) |
2015 EPS (GAAP) | $1.09 - $1.33 | $1.03 - $1.16 |
Restructuring charges & non-routine expense | $0.61 - $0.57 | $0.72 - $0.69 |
Total EPS (non-GAAP measure) | $1.70 - $1.90 | $1.75 - $1.85 |
(Dollars In Millions) | % Change | % Change Constant Currency | ||||||||||||
Q3 2015 | Q3 2014 | |||||||||||||
Financial self-service | ||||||||||||||
Services | $ | 293.3 | $ | 310.7 | (5.6 | )% | 2.4 | % | ||||||
Products | 216.6 | 239.7 | (9.6 | )% | (1.4 | )% | ||||||||
Total financial self-service | 509.9 | 550.4 | (7.4 | )% | 0.8 | % | ||||||||
Security | ||||||||||||||
Services | 111.1 | 105.8 | 5.0 | % | 7.0 | % | ||||||||
Products | 54.7 | 52.2 | 4.8 | % | 6.5 | % | ||||||||
Total security | 165.8 | 158.0 | 4.9 | % | 6.8 | % | ||||||||
Total financial self-service and security | 675.7 | 708.4 | (4.6 | )% | 2.2 | % | ||||||||
Brazil other | 5.2 | 59.6 | (91.3 | )% | (86.5 | )% | ||||||||
Total revenue | $ | 680.9 | $ | 768.0 | (11.3 | )% | (2.6 | )% | ||||||
Revenue summary by segment | % Change | % Change Constant Currency | ||||||||||||
Q3 2015 | Q3 2014 | |||||||||||||
NA | $ | 361.4 | $ | 361.5 | — | % | 0.8 | % | ||||||
AP | 107.6 | 135.0 | (20.3 | )% | (15.7 | )% | ||||||||
EMEA | 89.5 | 99.8 | (10.3 | )% | 7.3 | % | ||||||||
LA | 122.4 | 171.7 | (28.7 | )% | (5.6 | )% | ||||||||
Total revenue | $ | 680.9 | $ | 768.0 | (11.3 | )% | (2.6 | )% |
(Dollars In Millions) | % Change | % Change Constant Currency | ||||||||||||
YTD 9/30/2015 | YTD 9/30/2014 | |||||||||||||
Financial self-service | ||||||||||||||
Services | $ | 883.9 | $ | 901.8 | (2.0 | )% | 4.9 | % | ||||||
Products | 689.3 | 658.0 | 4.8 | % | 13.4 | % | ||||||||
Total financial self-service | 1,573.2 | 1,559.8 | 0.9 | % | 8.5 | % | ||||||||
Security | ||||||||||||||
Services | 324.6 | 307.9 | 5.4 | % | 7.0 | % | ||||||||
Products | 154.8 | 145.6 | 6.3 | % | 7.2 | % | ||||||||
Total security | 479.4 | 453.5 | 5.7 | % | 7.1 | % | ||||||||
Total financial self-service and security | 2,052.6 | 2,013.3 | 2.0 | % | 8.1 | % | ||||||||
Brazil other | 17.2 | 176.5 | (90.3 | )% | (86.8 | )% | ||||||||
Total revenue | $ | 2,069.8 | $ | 2,189.8 | (5.5 | )% | 2.1 | % | ||||||
Revenue summary by segment | % Change | % Change Constant Currency | ||||||||||||
YTD 9/30/2015 | YTD 9/30/2014 | |||||||||||||
NA | $ | 1,092.7 | $ | 1,025.0 | 6.6 | % | 7.1 | % | ||||||
AP | 327.5 | 361.5 | (9.4 | )% | (6.3 | )% | ||||||||
EMEA | 282.4 | 302.3 | (6.6 | )% | 12.1 | % | ||||||||
LA | 367.2 | 501.0 | (26.7 | )% | (9.7 | )% | ||||||||
Total revenue | $ | 2,069.8 | $ | 2,189.8 | (5.5 | )% | 2.1 | % |
Q3 2015 | Q3 2014 | YTD 9/30/2015 | YTD 9/30/2014 | |||||||||||||
Net sales | ||||||||||||||||
Services | $ | 404.4 | $ | 416.5 | $ | 1,208.5 | $ | 1,209.7 | ||||||||
Products | 276.5 | 351.5 | 861.3 | 980.1 | ||||||||||||
Total | 680.9 | 768.0 | 2,069.8 | 2,189.8 | ||||||||||||
Cost of sales | ||||||||||||||||
Services | 282.5 | 290.3 | 836.2 | 849.2 | ||||||||||||
Products | 231.1 | 277.1 | 703.5 | 789.1 | ||||||||||||
Total | 513.6 | 567.4 | 1,539.7 | 1,638.3 | ||||||||||||
Gross profit | 167.3 | 200.6 | 530.1 | 551.5 | ||||||||||||
Gross margin | 24.6 | % | 26.1 | % | 25.6 | % | 25.2 | % | ||||||||
Operating expenses | ||||||||||||||||
Selling and administrative expense | 127.6 | 129.9 | 392.5 | 371.2 | ||||||||||||
Research, development and engineering expense | 20.0 | 24.5 | 66.2 | 66.2 | ||||||||||||
Loss (gain) on sale of assets, net | 0.1 | (0.5 | ) | (1.4 | ) | (13.1 | ) | |||||||||
Impairment of assets | — | — | 18.9 | — | ||||||||||||
Total | 147.7 | 153.9 | 476.2 | 424.3 | ||||||||||||
Percent of net sales | 21.7 | % | 20.0 | % | 23.0 | % | 19.4 | % | ||||||||
Operating profit | 19.6 | 46.7 | 53.9 | 127.2 | ||||||||||||
Operating margin | 2.9 | % | 6.1 | % | 2.6 | % | 5.8 | % | ||||||||
Other income (expense) | ||||||||||||||||
Investment income | 5.9 | 7.9 | 20.6 | 26.6 | ||||||||||||
Interest expense | (8.5 | ) | (8.3 | ) | (24.1 | ) | (23.1 | ) | ||||||||
Foreign exchange gain (loss), net | 1.3 | 1.0 | (9.2 | ) | (10.4 | ) | ||||||||||
Miscellaneous, net | (1.3 | ) | 0.5 | (1.7 | ) | 0.4 | ||||||||||
Other income (expense), net | (2.6 | ) | 1.1 | (14.4 | ) | (6.5 | ) | |||||||||
Income before taxes | 17.0 | 47.8 | 39.5 | 120.7 | ||||||||||||
Income tax (benefit) expense | (5.9 | ) | 12.8 | (1.7 | ) | 37.7 | ||||||||||
Net income | 22.9 | 35.0 | 41.2 | 83.0 | ||||||||||||
Net income (loss) attributable to noncontrolling interests | 1.2 | 1.9 | 0.1 | (1.5 | ) | |||||||||||
Net income attributable to Diebold, Incorporated | $ | 21.7 | $ | 33.1 | $ | 41.1 | $ | 84.5 | ||||||||
Basic weighted-average shares outstanding | 65.0 | 64.6 | 64.9 | 64.5 | ||||||||||||
Diluted weighted-average shares outstanding | 65.6 | 65.3 | 65.5 | 65.1 | ||||||||||||
Basic earnings per share | $ | 0.33 | $ | 0.51 | $ | 0.63 | $ | 1.31 | ||||||||
Diluted earnings per share | $ | 0.33 | $ | 0.51 | $ | 0.63 | $ | 1.30 | ||||||||
Cash dividends paid per share | $ | 0.2875 | $ | 0.2875 | $ | 0.8625 | $ | 0.8625 |
YTD 9/30/2015 | YTD 12/31/2014 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 198.5 | $ | 322.0 | |||
Short-term investments | 99.2 | 136.7 | |||||
Trade receivables, less allowances for doubtful accounts | 565.6 | 477.9 | |||||
Inventories | 420.6 | 405.2 | |||||
Other current assets | 324.3 | 313.7 | |||||
Total current assets | 1,608.2 | 1,655.5 | |||||
Securities and other investments | 82.2 | 83.6 | |||||
Property, plant and equipment, net | 177.0 | 169.5 | |||||
Goodwill | 197.4 | 172.0 | |||||
Other assets | 210.3 | 261.5 | |||||
Total assets | $ | 2,275.1 | $ | 2,342.1 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities | |||||||
Notes payable | $ | 80.9 | $ | 25.6 | |||
Accounts payable | 283.9 | 261.7 | |||||
Other current liabilities | 601.7 | 740.4 | |||||
Total current liabilities | 966.5 | 1,027.7 | |||||
Long-term debt | 618.3 | 479.8 | |||||
Long-term liabilities | 263.8 | 279.7 | |||||
Total Diebold, Incorporated shareholders' equity | 401.4 | 531.6 | |||||
Noncontrolling interests | 25.1 | 23.3 | |||||
Total equity | 426.5 | 554.9 | |||||
Total liabilities and equity | $ | 2,275.1 | $ | 2,342.1 |
YTD 9/30/2015 | YTD 9/30/2014 | |||||||
Cash flow from operating activities | ||||||||
Net income | $ | 41.2 | $ | 83.0 | ||||
Adjustments to reconcile net income to cash flow used in operating activities: | ||||||||
Depreciation and amortization | 49.2 | 55.4 | ||||||
Devaluation of Venezuela balance sheet | 7.5 | 12.1 | ||||||
Impairment of assets | 18.9 | — | ||||||
Other | 9.2 | 2.6 | ||||||
Cash flow from changes in certain assets and liabilities | ||||||||
Trade receivables | (133.3 | ) | (164.7 | ) | ||||
Inventories | (66.4 | ) | (156.3 | ) | ||||
Accounts payable | 39.3 | 87.6 | ||||||
Prepaid income taxes | (30.5 | ) | 7.5 | |||||
Deferred revenue | (29.7 | ) | 30.4 | |||||
Deferred income taxes | 9.0 | (6.5 | ) | |||||
Certain other assets and liabilities | (34.5 | ) | (61.8 | ) | ||||
Net cash used in operating activities | (120.1 | ) | (110.7 | ) | ||||
Cash flow from investing activities | ||||||||
Payments for acquisitions, net of cash acquired | (59.4 | ) | (11.7 | ) | ||||
Net investment activity | (6.1 | ) | 106.4 | |||||
Capital expenditures | (42.9 | ) | (33.6 | ) | ||||
Increase in certain other assets | 2.6 | 3.9 | ||||||
Net cash (used in) provided by investing activities | (105.8 | ) | 65.0 | |||||
Cash flow from financing activities | ||||||||
Dividends paid | (56.5 | ) | (56.2 | ) | ||||
Net debt borrowings | 189.4 | 114.9 | ||||||
Repurchase of common shares | (3.0 | ) | (1.8 | ) | ||||
Other | 3.5 | 12.5 | ||||||
Net cash provided by financing activities | 133.4 | 69.4 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (31.0 | ) | (14.0 | ) | ||||
(Decrease) increase in cash and cash equivalents | (123.5 | ) | 9.7 | |||||
Cash and cash equivalents at the beginning of the period | 322.0 | 230.7 | ||||||
Cash and cash equivalents at the end of the period | $ | 198.5 | $ | 240.4 |
1. | Profit/loss summary (Dollars in millions): |
Q3 2015 | Q3 2014 | |||||||||||||||||||||||||
Rev | Gross Profit | % of Sales | OPEX | OP | % of Sales | Rev | Gross Profit | % of Sales | OPEX | OP | % of Sales | |||||||||||||||
GAAP results | $680.9 | $167.3 | 24.6 | % | $147.7 | $19.6 | 2.9 | % | $768.0 | $200.6 | 26.1 | % | $153.9 | $46.7 | 6.1 | % | ||||||||||
Restructuring | 1.8 | (5.8 | ) | 7.6 | 0.5 | (0.5 | ) | 1.0 | ||||||||||||||||||
Non-routine income/expense: | ||||||||||||||||||||||||||
Venezuela divestiture | — | 0.4 | (0.4 | ) | — | — | — | |||||||||||||||||||
Legal, indemnification and professional fees | — | (1.9 | ) | 1.9 | — | (3.6 | ) | 3.6 | ||||||||||||||||||
Acquisition/divestiture fees | — | (2.6 | ) | 2.6 | — | — | — | |||||||||||||||||||
Brazil indirect tax | 0.3 | — | 0.3 | — | — | — | ||||||||||||||||||||
Total non-routine income/expense | — | 0.3 | (4.1 | ) | 4.4 | — | — | (3.6 | ) | 3.6 | ||||||||||||||||
Non-GAAP results | $680.9 | $169.4 | 24.9 | % | $137.8 | $31.6 | 4.6 | % | $768.0 | $201.1 | 26.2 | % | $149.8 | $51.3 | 6.7 | % |
YTD 9/30/2015 | YTD 9/30/2014 | |||||||||||||||||||||||||
Rev | Gross Profit | % of Sales | OPEX | OP | % of Sales | Rev | Gross Profit | % of Sales | OPEX | OP | % of Sales | |||||||||||||||
GAAP results | $2,069.8 | $530.1 | 25.6 | % | $476.2 | $53.9 | 2.6 | % | $2,189.8 | $551.5 | 25.2 | % | $424.3 | $127.2 | 5.8 | % | ||||||||||
Restructuring | 4.2 | (13.7 | ) | 17.9 | 1.4 | (5.4 | ) | 6.8 | ||||||||||||||||||
Non-routine income/expense: | ||||||||||||||||||||||||||
Software impairment | — | (9.1 | ) | 9.1 | — | — | — | |||||||||||||||||||
Venezuela divestiture | — | (9.7 | ) | 9.7 | — | — | — | |||||||||||||||||||
Legal, indemnification and professional fees | — | (10.6 | ) | 10.6 | — | (6.2 | ) | 6.2 | ||||||||||||||||||
Acquisition/divestiture fees | — | (2.6 | ) | 2.6 | — | — | — | |||||||||||||||||||
Gain on sale of Eras | — | — | — | — | 13.7 | (13.7 | ) | |||||||||||||||||||
Brazil indirect tax | 0.8 | — | 0.8 | — | — | — | ||||||||||||||||||||
Other | — | (0.5 | ) | 0.5 | — | — | — | |||||||||||||||||||
Total non-routine income/expense | — | 0.8 | (32.5 | ) | 33.3 | — | — | 7.5 | (7.5 | ) | ||||||||||||||||
Non-GAAP results | $2,069.8 | $535.1 | 25.9 | % | $430.0 | $105.1 | 5.1 | % | $2,189.8 | $552.9 | 25.3 | % | $426.4 | $126.5 | 5.8 | % |
Q3 2015 | Q3 2014 | YTD 9/30/2015 | YTD 9/30/2014 | ||||||||||||
Total diluted EPS attributable to Diebold, Incorporated (GAAP measure) | $ | 0.33 | $ | 0.51 | $ | 0.63 | $ | 1.30 | |||||||
Restructuring | 0.08 | 0.01 | 0.21 | 0.07 | |||||||||||
Non-routine (income)/expense: | |||||||||||||||
Software impairment | — | — | 0.09 | — | |||||||||||
Venezuela divestiture | — | — | 0.07 | — | |||||||||||
Venezuela devaluation | — | — | 0.07 | — | |||||||||||
Legal, indemnification and professional fees | 0.02 | 0.03 | 0.10 | 0.05 | |||||||||||
Gain on sale of Eras | — | — | — | (0.19 | ) | ||||||||||
Acquisition/divestiture fees | 0.03 | — | 0.03 | — | |||||||||||
Brazil indirect tax | — | — | 0.01 | — | |||||||||||
Other (inclusive of allocation of discrete tax items) | (0.10 | ) | (0.01 | ) | (0.12 | ) | 0.02 | ||||||||
Total non-routine (income)/expense | (0.05 | ) | 0.02 | 0.25 | (0.12 | ) | |||||||||
Total adjusted EPS (non-GAAP measure) | $ | 0.36 | $ | 0.54 | $ | 1.09 | $ | 1.25 |
3. | Free cash use is calculated as follows (Dollars in millions): |
Q3 2015 | Q3 2014 | YTD 9/30/2015 | YTD 9/30/2014 | ||||||||||||
Net cash used in operating activities (GAAP measure) | $ | (20.9 | ) | $ | (19.0 | ) | $ | (120.1 | ) | $ | (110.7 | ) | |||
Capital expenditures | (17.5 | ) | (15.2 | ) | (42.9 | ) | (33.6 | ) | |||||||
Free cash use (non-GAAP measure) | $ | (38.4 | ) | $ | (34.2 | ) | $ | (163.0 | ) | $ | (144.3 | ) |
4. | Net debt is calculated as follows (Dollars in millions): |
9/30/2015 | 12/31/2014 | 9/30/2014 | |||||||||
Cash, cash equivalents and short-term investments (GAAP measure) | $ | 297.7 | $ | 458.7 | $ | 374.2 | |||||
Debt instruments | (699.2 | ) | (505.4 | ) | (638.7 | ) | |||||
Net debt (non-GAAP measure) | $ | (401.5 | ) | $ | (46.7 | ) | $ | (264.5 | ) |
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