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 April 28, 2016 |
Diebold, Incorporated | |||
April 28, 2016 | 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 April 28, 2016 |
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, including a gain from sale of North America electronic security business, was $2.56; non-GAAP EPS was $(0.05) |
• | GAAP EPS from continuing operations was $0.31, or $(0.03) on a non-GAAP basis |
• | Adjusted EBITDA was $29.4 million, or 5.8% of total revenue |
• | Total financial self-service (FSS) revenue decreased 4.4% in constant currency |
• | Company revises outlook for 2016 |
• | Sold more than 700 Diebold ATMs with service support to BBVA Bancomer for new branches and to replace existing branch terminals throughout Mexico. |
• | Won several software agreements in the Americas for multi-vendor ATM and security applications. |
• | Signed a contract with a top-5 bank in France for more than 200 ATMs, related services and software. |
• | Secured a multi-million dollar ATM order with Al Rajhi Bank in Saudi Arabia. |
• | Regions Bank chose Diebold's leading-edge anti-skimming solution, ActivEdge™, as its standard card reader and are retrofitting 400 ATMs with this technology. |
Previous Guidance | Current Guidance | |
Total Revenue | Relatively flat (up 2%-4% in CC) | Down 2% to flat (flat to up 2% in CC) |
Adjusted EBITDA | -- | $220 million - $235 million |
2016 EPS (GAAP) | $1.15 - $1.35 | $0.70 - $0.95 |
Restructuring | ~$0.10 - $0.05 | ~$0.10 - $0.05 |
Non-routine (income)/expense: | ||
Legal, professional fees and other | ~$0.10 | ~$0.10 |
Acquisition/divestiture fees | ~$0.20 | ~$1.10 - $1.05** |
Acquisition related hedging (income)/ expense | — | ~($0.55) |
Total non-routine (income)/expense | ~$0.30 - $0.25 | ~$0.65 - $0.60 |
Total EPS (non-GAAP measure) | $1.55 - $1.70 | $1.45 - $1.60 |
(Dollars In Millions) | % Change | % Change Constant Currency | ||||||||||||
Q1 2016 | Q1 2015 | |||||||||||||
Financial self-service | ||||||||||||||
Services | $ | 289.3 | $ | 291.2 | (0.7 | )% | 4.9 | % | ||||||
Products | 157.2 | 203.8 | (22.9 | )% | (17.8 | )% | ||||||||
Total financial self-service | 446.5 | 495.0 | (9.8 | )% | (4.4 | )% | ||||||||
Security | ||||||||||||||
Services | 47.4 | 50.4 | (6.0 | )% | (4.1 | )% | ||||||||
Products | 13.7 | 19.1 | (28.3 | )% | (27.7 | )% | ||||||||
Total security | 61.1 | 69.5 | (12.1 | )% | (10.6 | )% | ||||||||
Total financial self-service and security | 507.6 | 564.5 | (10.1 | )% | (5.2 | )% | ||||||||
Brazil other | 2.0 | 10.3 | (80.6 | )% | (72.8 | )% | ||||||||
Total revenue | $ | 509.6 | $ | 574.8 | (11.3 | )% | (6.1 | )% | ||||||
% Change | % Change Constant Currency | |||||||||||||
Revenue summary by segment | Q1 2016 | Q1 2015 | ||||||||||||
NA | $ | 251.7 | $ | 259.2 | (2.9 | )% | (2.0 | )% | ||||||
AP | 80.5 | 110.5 | (27.1 | )% | (22.4 | )% | ||||||||
EMEA | 85.6 | 86.8 | (1.4 | )% | 5.3 | % | ||||||||
LA | 91.8 | 118.3 | (22.4 | )% | (8.9 | )% | ||||||||
Total revenue | $ | 509.6 | $ | 574.8 | (11.3 | )% | (6.1 | )% |
Q1 2016 | Q1 2015 | |||||||
Net sales | ||||||||
Services | $ | 336.7 | $ | 341.6 | ||||
Products | 172.9 | 233.2 | ||||||
Total | 509.6 | 574.8 | ||||||
Cost of sales | ||||||||
Services | 228.5 | 229.9 | ||||||
Products | 142.3 | 185.6 | ||||||
Total | 370.8 | 415.5 | ||||||
Gross profit | 138.8 | 159.3 | ||||||
Gross margin | 27.2 | % | 27.7 | % | ||||
Operating expenses | ||||||||
Selling and administrative expense | 125.6 | 120.5 | ||||||
Research, development and engineering expense | 18.5 | 22.3 | ||||||
Loss on sale of assets, net | 0.4 | 0.1 | ||||||
Impairment of assets | — | 19.4 | ||||||
Total | 144.5 | 162.3 | ||||||
Percent of net sales | 28.4 | % | 28.2 | % | ||||
Operating loss | (5.7 | ) | (3.0 | ) | ||||
Operating margin | (1.1 | )% | (0.5 | )% | ||||
Other income (expense) | ||||||||
Investment income | 4.9 | 7.9 | ||||||
Interest expense | (11.5 | ) | (8.0 | ) | ||||
Foreign exchange (loss) gain, net | (2.4 | ) | (9.2 | ) | ||||
Miscellaneous, net | 34.6 | (1.2 | ) | |||||
Total other income (expense) | 25.6 | (10.5 | ) | |||||
Income (loss) from continuing operations before taxes | 19.9 | (13.5 | ) | |||||
Income tax (benefit) expense | (0.8 | ) | (3.4 | ) | ||||
Income (loss) from continuing operations, net of tax | 20.7 | (10.1 | ) | |||||
Income from discontinued operations, net of tax | 147.8 | 4.5 | ||||||
Net income (loss) | 168.5 | (5.6 | ) | |||||
Net income (loss) attributable to noncontrolling interests | 0.3 | (2.8 | ) | |||||
Net income (loss) attributable to Diebold, Incorporated | $ | 168.2 | $ | (2.8 | ) | |||
Basic weighted-average shares outstanding | 65.1 | 64.7 | ||||||
Diluted weighted-average shares outstanding | 65.7 | 64.7 | ||||||
Amounts attributable to Diebold, Incorporated | ||||||||
Income (loss) before discontinued operations, net of tax | $ | 20.4 | $ | (7.3 | ) | |||
Income from discontinued operations, net of tax | 147.8 | 4.5 | ||||||
Net income (loss) attributable to Diebold, Incorporated | $ | 168.2 | $ | (2.8 | ) | |||
Basic earnings (loss) per share | ||||||||
Income (loss) from continuing operations, net of tax | $ | 0.31 | $ | (0.11 | ) | |||
Income from discontinued operations, net of tax | 2.27 | 0.07 | ||||||
Net income (loss) attributable to Diebold, Incorporated | $ | 2.58 | $ | (0.04 | ) | |||
Diluted earnings (loss) per share | ||||||||
Income (loss) from continuing operations, net of tax | $ | 0.31 | $ | (0.11 | ) | |||
Income from discontinued operations, net of tax | 2.25 | 0.07 | ||||||
Net income (loss) attributable to Diebold, Incorporated | $ | 2.56 | $ | (0.04 | ) | |||
Cash dividends paid per share | $ | 0.2875 | $ | 0.2875 |
YTD 3/31/2016 | YTD 12/31/2015 | ||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 304.6 | $ | 313.6 | |||
Restricted cash | 116.1 | — | |||||
Short-term investments | 49.7 | 39.9 | |||||
Trade receivables, less allowances for doubtful accounts | 459.3 | 413.9 | |||||
Inventories | 412.2 | 369.3 | |||||
Current assets held for sale | — | 148.2 | |||||
Other current assets | 345.7 | 358.7 | |||||
Total current assets | 1,687.6 | 1,643.6 | |||||
Securities and other investments | 83.0 | 85.2 | |||||
Property, plant and equipment, net | 169.7 | 175.3 | |||||
Goodwill | 167.0 | 161.5 | |||||
Other assets | 170.7 | 176.8 | |||||
Total assets | $ | 2,278.0 | $ | 2,242.4 | |||
LIABILITIES AND EQUITY | |||||||
Current liabilities | |||||||
Notes payable | $ | 103.7 | $ | 32.0 | |||
Accounts payable | 248.9 | 281.7 | |||||
Current liabilities held for sale | — | 49.4 | |||||
Other current liabilities | 637.5 | 592.7 | |||||
Total current liabilities | 990.1 | 955.8 | |||||
Long-term debt | 428.9 | 606.2 | |||||
Long-term liabilities | 239.9 | 244.9 | |||||
Total Diebold, Incorporated shareholders' equity | 595.6 | 412.4 | |||||
Noncontrolling interests | 23.5 | 23.1 | |||||
Total equity | 619.1 | 435.5 | |||||
Total liabilities and equity | $ | 2,278.0 | $ | 2,242.4 |
YTD 3/31/2016 | YTD 3/31/2015 | |||||||
Cash flow from operating activities | ||||||||
Net income (loss) | $ | 168.5 | $ | (5.6 | ) | |||
Income from discontinued operations, net of tax | 147.8 | 4.5 | ||||||
Income (loss) from continuing operations, net of tax | 20.7 | (10.1 | ) | |||||
Adjustments to reconcile net income to cash flow used by operating activities: | ||||||||
Depreciation and amortization | 15.0 | 16.2 | ||||||
Devaluation of Venezuela balance sheet | — | 7.5 | ||||||
Impairment of assets | — | 19.4 | ||||||
Gain on foreign currency option contracts | (36.5 | ) | — | |||||
Other | 6.0 | 4.3 | ||||||
Cash flow from changes in certain assets and liabilities | ||||||||
Trade receivables | (36.6 | ) | (76.0 | ) | ||||
Inventories | (31.9 | ) | (38.5 | ) | ||||
Accounts payable | (37.3 | ) | 7.2 | |||||
Prepaid income taxes | (13.3 | ) | (7.5 | ) | ||||
Deferred revenue | 3.8 | 41.5 | ||||||
Certain other assets and liabilities | 0.2 | (28.6 | ) | |||||
Net cash used by operating activities - continuing operations | (109.9 | ) | (64.6 | ) | ||||
Net cash (used) provided by operating activities - discontinued operations | (5.3 | ) | 2.4 | |||||
Net cash used by operating activities | (115.2 | ) | (62.2 | ) | ||||
Cash flow from investing activities | ||||||||
Payments for acquisitions, net of cash acquired | — | (59.4 | ) | |||||
Net investment activity | (4.4 | ) | 1.8 | |||||
Capital expenditures | (4.7 | ) | (10.5 | ) | ||||
Increase in certain other assets | (4.7 | ) | (1.7 | ) | ||||
Net cash used by investing activities - continuing operations | (13.8 | ) | (69.8 | ) | ||||
Net cash provided (used) by investing activities - discontinued operations | 365.1 | (0.3 | ) | |||||
Net cash provided (used) by investing activities | 351.3 | (70.1 | ) | |||||
Cash flow from financing activities | ||||||||
Dividends paid | (18.8 | ) | (18.9 | ) | ||||
Restricted cash, net | (116.1 | ) | — | |||||
Net debt borrowings | (108.4 | ) | 72.6 | |||||
Repurchase of common shares | (1.7 | ) | (2.6 | ) | ||||
Other | (2.0 | ) | 1.1 | |||||
Net cash (used) provided by financing activities - continuing operations | (247.0 | ) | 52.2 | |||||
Net cash provided (used) by financing activities - discontinued operations | — | — | ||||||
Net cash (used) provided by financing activities | (247.0 | ) | 52.2 | |||||
Effect of exchange rate changes on cash and cash equivalents | 3.4 | (14.8 | ) | |||||
Decrease in cash and cash equivalents | (7.5 | ) | (94.9 | ) | ||||
Add: Cash overdraft included in assets held for sale at beginning of period | (1.5 | ) | (4.1 | ) | ||||
Less: Cash overdraft included in assets held for sale at end of period | — | (1.9 | ) | |||||
Cash and cash equivalents at the beginning of the period | 313.6 | 326.1 | ||||||
Cash and cash equivalents at the end of the period | $ | 304.6 | $ | 229.0 |
1. | Profit/loss summary (Dollars in millions): |
Q1 2016 | Q1 2015 | |||||||||||||||||||||||||
Net Sales | Gross Profit | % of Sales | OPEX | OP | % of Sales | Net Sales | Gross Profit | % of Sales | OPEX | OP | % of Sales | |||||||||||||||
GAAP results | $509.6 | $138.8 | 27.2 | % | $144.5 | $(5.7) | (1.1 | )% | $574.8 | $159.3 | 27.7 | % | $162.3 | $(3.0) | (0.5 | )% | ||||||||||
Restructuring | 0.3 | (0.1 | ) | 0.4 | — | (3.1 | ) | 3.1 | ||||||||||||||||||
Non-routine income/expense: | ||||||||||||||||||||||||||
Software impairment | — | — | — | — | (9.1 | ) | 9.1 | |||||||||||||||||||
Venezuela divestiture | — | — | — | — | (10.3 | ) | 10.3 | |||||||||||||||||||
Legal, indemnification and professional fees | — | (2.8 | ) | 2.8 | — | (4.6 | ) | 4.6 | ||||||||||||||||||
Acquisition/divestiture fees | — | (11.0 | ) | 11.0 | — | — | — | |||||||||||||||||||
Brazil indirect tax | 0.3 | — | 0.3 | — | — | — | ||||||||||||||||||||
Total non-routine income/expense | — | 0.3 | (13.8 | ) | 14.1 | — | — | (24.0 | ) | 24.0 | ||||||||||||||||
Non-GAAP results | $509.6 | $139.4 | 27.4 | % | $130.6 | $8.8 | 1.7 | % | $574.8 | $159.3 | 27.7 | % | $135.2 | $24.1 | 4.2 | % |
2. | Reconciliation of GAAP income from continuing operations to EBITDA and Adjusted EBITDA measures: |
Q1 2016 | Q1 2015 | ||||||
Income (loss) from continuing operations, net of tax | $ | 20.7 | $ | (10.1 | ) | ||
Income tax (benefit) expense | (0.8 | ) | (3.4 | ) | |||
Interest expense | 11.5 | 8.0 | |||||
Investment income | (4.9 | ) | (7.9 | ) | |||
Depreciation and amortization | 15.0 | 16.2 | |||||
EBITDA | $ | 41.5 | $ | 2.8 | |||
Share-based compensation | 5.6 | 4.3 | |||||
Foreign exchange loss / (gain), net | 2.4 | 9.2 | |||||
Miscellaneous, net | (34.6 | ) | 1.2 | ||||
Restructuring expenses | 0.4 | 3.1 | |||||
Non-routine expenses | 14.1 | 24.0 | |||||
Adjusted EBITDA | $ | 29.4 | $ | 44.6 | |||
Adjusted EBITDA % revenue | 5.8 | % | 7.8 | % |
3. | Reconciliation of diluted GAAP EPS to non-GAAP EPS from continuing operations measures: |
Q1 2016 | Q1 2015 | ||||||
Total diluted EPS before discontinued operations, net of tax (GAAP measure) | $ | 0.31 | $ | (0.11 | ) | ||
Restructuring | — | 0.05 | |||||
Non-routine (income)/expense: | |||||||
Software impairment | — | 0.09 | |||||
Venezuela divestiture | — | 0.08 | |||||
Venezuela devaluation | — | 0.07 | |||||
Legal, indemnification and professional fees | 0.03 | 0.04 | |||||
Acquisition/divestiture fees | 0.14 | — | |||||
Acquisition related hedging (income)/expense | (0.56 | ) | — | ||||
Other (inclusive of allocation of discrete tax items) | 0.05 | — | |||||
Total non-routine (income)/expense | (0.34 | ) | 0.28 | ||||
Total adjusted EPS (non-GAAP measure) | $ | (0.03 | ) | $ | 0.22 | ||
EPS (non-GAAP) - discontinued operations | $ | (0.02 | ) | $ | 0.07 | ||
EPS (non-GAAP) - including discontinued operations | $ | (0.05 | ) | $ | 0.29 |
4. | Free cash use from continuing operations is calculated as follows (Dollars in millions): |
Q1 2016 | Q1 2015 | ||||||
Net cash used in operating activities (GAAP measure) | $ | (109.9 | ) | $ | (64.6 | ) | |
Capital expenditures | (4.7 | ) | (10.5 | ) | |||
Free cash use (non-GAAP measure) | $ | (114.6 | ) | $ | (75.1 | ) |
5. | Net debt is calculated as follows (Dollars in millions): |
3/31/2016 | 12/31/2015 | ||||||
Cash, cash equivalents and short-term investments (GAAP measure) | $ | 470.4 | $ | 353.5 | |||
Debt instruments | (532.6 | ) | (638.2 | ) | |||
Net debt (non-GAAP measure) | $ | (62.2 | ) | $ | (284.7 | ) |
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