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 Nixdorf, Incorporated dated July 19, 2017 |
Diebold Nixdorf, Incorporated | |||
July 19, 2017 | 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 Nixdorf, Incorporated dated July 19, 2017 |
![]() | pressrelease | |
Media contact: | Investor contact: | |
Mike Jacobsen, APR | Steve Virostek | |
+1 330 490 3796 | +1 330 490 6319 | |
michael.jacobsen@dieboldnixdorf.com | steve.virostek@dieboldnixdorf.com |
• | GAAP revenue of $1.1 billion |
• | GAAP EPS from continuing operations was a loss of $0.41, or earnings of $0.08 on a non-GAAP basis |
• | GAAP operating profit was a loss of $30.1 million, or (2.7)% operating margin; non-GAAP operating profit was $40.5 million, or 3.5% operating margin |
• | Net cash used by continuing operating activities was $119.4 million, an increase in use of $29.5 million from the prior year period; free cash use was $133.7 million, an increase in use of $37.2 million from the prior year period |
• | Won a $75 million contract for a global refresh of more than 6,000 ATMs and a complete software suite with a major international financial institution in the Americas |
• | Announced a contract and eight-year service agreement with PostFinance, a leading Swiss bank, to upgrade its self-service network with contactless transactions and recycling technology. |
• | Awarded a $20 million contract from a leading financial institution in Mexico to upgrade its ATM network |
• | Won new agreements with numerous regional and global financial institutions for managed services, monitoring and ATM-as-a-service contracts covering nearly 4,000 ATMs |
• | Secured an $11 million systems contract with a leading retailer in Spain to upgrade its installed base of terminals and peripherals |
• | Announced strategic partnership with Kony, Inc., accelerating mobile transformation in financial services and retail |
(Dollars in millions) | Three Months Ended | ||||||||||||
June 30, | |||||||||||||
2017 | 2016 | % Change | % Change in CC(1) | ||||||||||
Segments | |||||||||||||
Services | $ | 580.2 | $ | 329.6 | 76.0 | 75.4 | |||||||
Software | 107.7 | 30.6 | 252.0 | 248.5 | |||||||||
Systems | 446.0 | 219.8 | 102.9 | 102.9 | |||||||||
Net Sales | $ | 1,133.9 | $ | 580.0 | 95.5 | 95.0 | |||||||
Geographic Regions | |||||||||||||
Americas | $ | 390.3 | $ | 388.0 | 0.6 | (0.2 | ) | ||||||
EMEA | 587.5 | 106.5 | 451.6 | 457.9 | |||||||||
AP | 156.1 | 85.5 | 82.6 | 83.4 | |||||||||
Net Sales | $ | 1,133.9 | $ | 580.0 | 95.5 | 95.0 | |||||||
Solutions | |||||||||||||
Banking | $ | 843.9 | $ | 564.3 | 49.5 | 49.3 | |||||||
Retail | 290.0 | 15.7 | N/M | N/M | |||||||||
Net Sales | $ | 1,133.9 | $ | 580.0 | 95.5 | 95.0 |
(Dollars in millions) | Three Months Ended | |||||||||||||
June 30, | ||||||||||||||
2017 | 2016 (2) | % Change | % Change in CC (1) | |||||||||||
Segments | ||||||||||||||
Services | $ | 580.2 | $ | 633.6 | (8.4 | ) | (7.3 | ) | ||||||
Software | 107.7 | 121.0 | (11.0 | ) | (10.2 | ) | ||||||||
Systems | 446.0 | 535.0 | (16.6 | ) | (16.2 | ) | ||||||||
Net Sales | $ | 1,133.9 | $ | 1,289.6 | (12.1 | ) | (11.3 | ) | ||||||
Geographic Regions | ||||||||||||||
Americas | $ | 390.3 | $ | 472.1 | (17.3 | ) | (17.8 | ) | ||||||
EMEA | 587.5 | 648.5 | (9.4 | ) | (7.6 | ) | ||||||||
AP | 156.1 | 169.0 | (7.6 | ) | (7.2 | ) | ||||||||
Net Sales | $ | 1,133.9 | $ | 1,289.6 | (12.1 | ) | (11.3 | ) | ||||||
Solutions | ||||||||||||||
Banking | $ | 843.9 | $ | 998.6 | (15.5 | ) | (15.1 | ) | ||||||
Retail | 290.0 | 291.0 | (0.3 | ) | 2.0 | |||||||||
Net Sales | $ | 1,133.9 | $ | 1,289.6 | (12.1 | ) | (11.3 | ) |
(Dollars in millions) | Six Months Ended | |||||||||||
June 30, | ||||||||||||
2017 | 2016 | % Change | % Change in CC (1) | |||||||||
Segments | ||||||||||||
Services | $ | 1,153.4 | $ | 646.5 | 78.4 | 77.0 | ||||||
Software | 218.1 | 53.0 | 311.5 | 303.9 | ||||||||
Systems | 865.2 | 390.1 | 121.8 | 120.7 | ||||||||
Net Sales | $ | 2,236.7 | $ | 1,089.6 | 105.3 | 103.8 | ||||||
Geographic Regions | ||||||||||||
Americas | $ | 786.5 | $ | 731.5 | 7.5 | 5.8 | ||||||
EMEA | 1,149.5 | 192.1 | 498.4 | 504.7 | ||||||||
AP | 300.7 | 166.0 | 81.1 | 83.2 | ||||||||
Net Sales | $ | 2,236.7 | $ | 1,089.6 | 105.3 | 103.8 | ||||||
Solutions | ||||||||||||
Banking | $ | 1,663.5 | $ | 1,071.9 | 55.2 | 54.2 | ||||||
Retail | 573.2 | 17.7 | N/M | N/M | ||||||||
Net Sales | $ | 2,236.7 | $ | 1,089.6 | 105.3 | 103.8 |
(Dollars in millions) | Six Months Ended | |||||||||||||
June 30, | ||||||||||||||
2017 | 2016 (2) | % Change | % Change in CC (1) | |||||||||||
Segments | ||||||||||||||
Services | $ | 1,153.4 | $ | 1,236.7 | (6.7 | ) | (5.7 | ) | ||||||
Software | 218.1 | 226.1 | (3.5 | ) | (2.5 | ) | ||||||||
Systems | 865.2 | 981.2 | (11.8 | ) | (11.2 | ) | ||||||||
Net Sales | $ | 2,236.7 | $ | 2,444.0 | (8.5 | ) | (7.6 | ) | ||||||
Geographic Regions | ||||||||||||||
Americas | $ | 786.5 | $ | 896.7 | (12.3 | ) | (13.4 | ) | ||||||
EMEA | 1,149.5 | 1,217.7 | (5.6 | ) | (3.1 | ) | ||||||||
AP | 300.7 | 329.6 | (8.8 | ) | (7.8 | ) | ||||||||
Net Sales | $ | 2,236.7 | $ | 2,444.0 | (8.5 | ) | (7.6 | ) | ||||||
Solutions | ||||||||||||||
Banking | $ | 1,663.5 | $ | 1,884.7 | (11.7 | ) | (11.4 | ) | ||||||
Retail | 573.2 | 559.3 | 2.5 | 5.5 | ||||||||||
Net Sales | $ | 2,236.7 | $ | 2,444.0 | (8.5 | ) | (7.6 | ) |
Guidance | |
Total Revenue | ~$4.7B - $4.8B |
Net Income (Loss) attributable to Diebold Nixdorf, Inc. | $ (125 million) - $ (110 million) |
Adjusted EBITDA | $360 million - $380 million |
2017 EPS (GAAP) | $(1.65) - $(1.45) |
Restructuring | ~0.85 |
Non-routine (income)/expense: | |
Integration expense | ~0.70 |
Legal, Acquisition and Divestiture expense | ~0.30 |
Impairment & Other Non-routine | ~0.05 |
Wincor Nixdorf purchase price accounting | ~1.90 |
Total non-routine (income)/expense | ~2.95 |
Tax impact of restructuring and non-routine (income)/expense items | ~(1.20) |
Total Adjusted EPS (non-GAAP measure) | $0.95 - $1.15 |
Q2 2017 | Q2 2016 | YTD 6/30/2017 | YTD 6/30/2016 | |||||||||||||
Net sales | ||||||||||||||||
Services and software | $ | 687.9 | $ | 360.2 | $ | 1,371.5 | $ | 699.5 | ||||||||
Systems | 446.0 | 219.8 | 865.2 | 390.1 | ||||||||||||
Total | 1,133.9 | 580.0 | 2,236.7 | 1,089.6 | ||||||||||||
Cost of sales | ||||||||||||||||
Services and software | 536.4 | 236.8 | 1,041.9 | 467.7 | ||||||||||||
Systems | 359.7 | 188.1 | 714.5 | 328.0 | ||||||||||||
Total | 896.1 | 424.9 | 1,756.4 | 795.7 | ||||||||||||
Gross profit | 237.8 | 155.1 | 480.3 | 293.9 | ||||||||||||
Gross margin | 21.0 | % | 26.7 | % | 21.5 | % | 27.0 | % | ||||||||
Operating expenses | ||||||||||||||||
Selling and administrative expense | 236.8 | 127.3 | 483.8 | 252.9 | ||||||||||||
Research, development and engineering expense | 38.8 | 17.6 | 80.2 | 36.1 | ||||||||||||
Impairment of assets | — | — | 3.1 | — | ||||||||||||
(Gain) loss on sale of assets, net | (7.7 | ) | (0.1 | ) | (8.1 | ) | 0.3 | |||||||||
Total | 267.9 | 144.8 | 559.0 | 289.3 | ||||||||||||
Percent of net sales | 23.6 | % | 25.0 | % | 25.0 | % | 26.6 | % | ||||||||
Operating profit (loss) | (30.1 | ) | 10.3 | (78.7 | ) | 4.6 | ||||||||||
Operating margin | (2.7 | )% | 1.8 | % | (3.5 | )% | 0.4 | % | ||||||||
Other income (expense) | ||||||||||||||||
Interest income | 5.1 | 6.3 | 11.5 | 11.2 | ||||||||||||
Interest expense | (32.2 | ) | (24.3 | ) | (63.0 | ) | (35.8 | ) | ||||||||
Foreign exchange gain (loss), net | (4.6 | ) | (1.2 | ) | (7.7 | ) | (3.6 | ) | ||||||||
Miscellaneous, net | 1.9 | (26.8 | ) | 3.2 | 7.8 | |||||||||||
Total other income (expense) | (29.8 | ) | (46.0 | ) | (56.0 | ) | (20.4 | ) | ||||||||
Income (loss) from continuing operations before taxes | (59.9 | ) | (35.7 | ) | (134.7 | ) | (15.8 | ) | ||||||||
Income tax (benefit) expense | (36.3 | ) | (14.9 | ) | (58.9 | ) | (15.7 | ) | ||||||||
Income (loss) from continuing operations, net of tax | (23.6 | ) | (20.8 | ) | (75.8 | ) | (0.1 | ) | ||||||||
Income (loss) from discontinued operations, net of tax | — | 0.5 | — | 148.3 | ||||||||||||
Net income (loss) | (23.6 | ) | (20.3 | ) | (75.8 | ) | 148.2 | |||||||||
Net income attributable to noncontrolling interests | 7.0 | 0.8 | 13.6 | 1.1 | ||||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | (30.6 | ) | $ | (21.1 | ) | $ | (89.4 | ) | $ | 147.1 | |||||
Basic weighted-average shares outstanding | 75.5 | 65.2 | 75.4 | 65.1 | ||||||||||||
Diluted weighted-average shares outstanding | 75.5 | 65.2 | 75.4 | 65.7 | ||||||||||||
Amounts attributable to Diebold Nixdorf, Incorporated | ||||||||||||||||
Income (loss) before discontinued operations, net of tax | $ | (30.6 | ) | $ | (21.6 | ) | $ | (89.4 | ) | $ | (1.2 | ) | ||||
Income (loss) from discontinued operations, net of tax | — | 0.5 | — | 148.3 | ||||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | (30.6 | ) | $ | (21.1 | ) | $ | (89.4 | ) | $ | 147.1 | |||||
Basic earnings (loss) per share | ||||||||||||||||
Income (loss) from continuing operations, net of tax | $ | (0.41 | ) | $ | (0.33 | ) | $ | (1.19 | ) | $ | (0.02 | ) | ||||
Income (loss) from discontinued operations, net of tax | — | 0.01 | — | 2.28 | ||||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | (0.41 | ) | $ | (0.32 | ) | $ | (1.19 | ) | $ | 2.26 | |||||
Diluted earnings (loss) per share | ||||||||||||||||
Income (loss) from continuing operations, net of tax | $ | (0.41 | ) | $ | (0.33 | ) | $ | (1.19 | ) | $ | (0.02 | ) | ||||
Income (loss) from discontinued operations, net of tax | — | 0.01 | — | 2.26 | ||||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | (0.41 | ) | $ | (0.32 | ) | $ | (1.19 | ) | $ | 2.24 | |||||
Common dividends declared and paid per share | $ | 0.1000 | $ | 0.2875 | $ | 0.2000 | $ | 0.5750 |
6/30/2017 | 12/31/2016 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 451.3 | $ | 652.7 | ||||
Short-term investments | 76.9 | 64.1 | ||||||
Trade receivables, less allowances for doubtful accounts | 930.7 | 835.9 | ||||||
Inventories | 779.3 | 737.7 | ||||||
Other current assets | 403.4 | 329.2 | ||||||
Total current assets | 2,641.6 | 2,619.6 | ||||||
Securities and other investments | 93.7 | 94.7 | ||||||
Property, plant and equipment, net | 391.9 | 387.0 | ||||||
Goodwill | 1,082.4 | 998.3 | ||||||
Intangible assets, net | 778.1 | 772.9 | ||||||
Other assets | 467.8 | 397.8 | ||||||
Total assets | $ | 5,455.5 | $ | 5,270.3 | ||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||
Current liabilities | ||||||||
Notes payable | $ | 112.5 | $ | 106.9 | ||||
Accounts payable | 602.4 | 560.5 | ||||||
Deferred revenue | 426.1 | 404.2 | ||||||
Other current liabilities | 741.4 | 752.9 | ||||||
Total current liabilities | 1,882.4 | 1,824.5 | ||||||
Long-term debt | 1,787.5 | 1,691.4 | ||||||
Long-term liabilities | 711.9 | 685.5 | ||||||
Redeemable noncontrolling interests | 449.0 | 44.1 | ||||||
Total Diebold Nixdorf, Incorporated shareholders' equity | 587.2 | 591.4 | ||||||
Noncontrolling interests | 37.5 | 433.4 | ||||||
Total equity | 624.7 | 1,024.8 | ||||||
Total liabilities, redeemable noncontrolling interests and equity | $ | 5,455.5 | $ | 5,270.3 |
YTD 6/30/2017 | YTD 6/30/2016 | |||||||
Cash flow from operating activities | ||||||||
Net income (loss) | $ | (75.8 | ) | $ | 148.2 | |||
Income (loss) from discontinued operations, net of tax | — | 148.3 | ||||||
Income (loss) from continuing operations, net of tax | (75.8 | ) | (0.1 | ) | ||||
Adjustments to reconcile net income (loss) to cash flow used by operating activities: | ||||||||
Depreciation and amortization | 116.6 | 30.9 | ||||||
Impairment of assets | 3.1 | — | ||||||
Deferred financing costs write-off | 2.7 | — | ||||||
Gain on foreign currency option contracts, net | — | (12.9 | ) | |||||
Other | 6.9 | 10.4 | ||||||
Changes in certain assets and liabilities, net of the effects of acquisition | ||||||||
Trade receivables | (85.6 | ) | (94.4 | ) | ||||
Inventories | (32.0 | ) | (46.4 | ) | ||||
Prepaid income taxes | (46.1 | ) | (16.7 | ) | ||||
Accounts payable | 36.4 | (26.6 | ) | |||||
Deferred revenue | 15.9 | (13.0 | ) | |||||
Deferred income taxes | (63.4 | ) | 6.0 | |||||
Certain other assets and liabilities | (64.5 | ) | (37.0 | ) | ||||
Net cash used by operating activities - continuing operations | (185.8 | ) | (199.8 | ) | ||||
Net cash used by operating activities - discontinued operations | — | (6.2 | ) | |||||
Net cash used by operating activities | (185.8 | ) | (206.0 | ) | ||||
Cash flow from investing activities | ||||||||
Payment for acquisition | (2.4 | ) | — | |||||
Net investment activity | (28.7 | ) | 63.8 | |||||
Capital expenditures | (26.4 | ) | (11.3 | ) | ||||
Restricted cash, net | — | (1,768.1 | ) | |||||
Increase in certain other assets | (6.2 | ) | (8.9 | ) | ||||
Net cash used by investing activities - continuing operations | (63.7 | ) | (1,724.5 | ) | ||||
Net cash provided by investing activities - discontinued operations | — | 365.1 | ||||||
Net cash used by investing activities | (63.7 | ) | (1,359.4 | ) | ||||
Cash flow from financing activities | ||||||||
Dividends paid | (15.3 | ) | (38.0 | ) | ||||
Restricted cash, net | — | (54.9 | ) | |||||
Net debt borrowings | 71.8 | 1,681.6 | ||||||
Repurchase of common shares | (4.5 | ) | (2.0 | ) | ||||
Other | (16.0 | ) | (2.0 | ) | ||||
Net cash provided by financing activities | 36.0 | 1,584.7 | ||||||
Effect of exchange rate changes on cash and cash equivalents | 12.1 | 4.1 | ||||||
(Decrease) increase in cash and cash equivalents | (201.4 | ) | 23.4 | |||||
Add: Cash overdraft included in assets held for sale at beginning of period | — | (1.5 | ) | |||||
Cash and cash equivalents at the beginning of the period | 652.7 | 313.6 | ||||||
Cash and cash equivalents at the end of the period | $ | 451.3 | $ | 335.5 |
1. | Profit/loss summary (Dollars in millions): |
Q2 2017 | Q2 2016 | |||||||||||||||||||||||||||||||||
Net Sales | Gross Profit | % of Sales | OPEX | OP | % of Sales | Net Sales | Gross Profit | % of Sales | OPEX | OP | % of Sales | |||||||||||||||||||||||
GAAP Results | $ | 1,133.9 | $ | 237.8 | 21.0 | % | $ | 267.9 | $ | (30.1 | ) | (2.7 | )% | $ | 580.0 | $ | 155.1 | 26.7 | % | $ | 144.8 | $ | 10.3 | 1.8 | % | |||||||||
Restructuring | — | 13.6 | (0.8 | ) | 14.4 | — | 1.4 | (3.6 | ) | 5.0 | ||||||||||||||||||||||||
Impairment | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Legal / Acquisition and divestiture expense | — | — | 1.5 | (1.5 | ) | — | — | (17.4 | ) | 17.4 | ||||||||||||||||||||||||
Acquisition integration | — | 1.1 | (21.0 | ) | 22.1 | — | — | (0.5 | ) | 0.5 | ||||||||||||||||||||||||
Wincor Nixdorf purchase accounting adjustments | 10.3 | 22.6 | (20.2 | ) | 42.8 | — | — | — | — | |||||||||||||||||||||||||
Other | — | 0.3 | 7.5 | (7.2 | ) | — | 0.3 | — | 0.3 | |||||||||||||||||||||||||
Non-routine expenses, net | 10.3 | 24.0 | (32.2 | ) | 56.2 | — | 0.3 | (17.9 | ) | 18.2 | ||||||||||||||||||||||||
Non-GAAP Results | $ | 1,144.2 | $ | 275.4 | 24.1 | % | $ | 234.9 | $ | 40.5 | 3.5 | % | $ | 580.0 | $ | 156.8 | 27.0 | % | $ | 123.3 | $ | 33.5 | 5.8 | % |
YTD 2017 | YTD 2016 | |||||||||||||||||||||||||||||||||
Net Sales | Gross Profit | % of Sales | OPEX | OP | % of Sales | Net Sales | Gross Profit | % of Sales | OPEX | OP | % of Sales | |||||||||||||||||||||||
GAAP Results | $ | 2,236.7 | $ | 480.3 | 21.5 | % | $ | 559.0 | $ | (78.7 | ) | (3.5 | )% | $ | 1,089.6 | $ | 293.9 | 27.0 | % | $ | 289.3 | $ | 4.6 | 0.4 | % | |||||||||
Restructuring | — | 17.2 | (10.2 | ) | 27.4 | — | 1.7 | (3.7 | ) | 5.4 | ||||||||||||||||||||||||
Impairment | — | — | (3.1 | ) | 3.1 | — | — | — | — | |||||||||||||||||||||||||
Legal / Acquisition and divestiture expense | — | 0.6 | (16.8 | ) | 17.4 | — | — | (31.2 | ) | 31.2 | ||||||||||||||||||||||||
Acquisition integration | — | 1.7 | (33.2 | ) | 34.9 | — | — | (0.5 | ) | 0.5 | ||||||||||||||||||||||||
Wincor Nixdorf purchase accounting adjustments | 20.8 | 45.8 | (39.2 | ) | 85.0 | — | — | — | — | |||||||||||||||||||||||||
Other | — | 0.5 | 7.4 | (6.9 | ) | — | 0.6 | — | 0.6 | |||||||||||||||||||||||||
Non-routine expenses, net | 20.8 | 48.6 | (84.9 | ) | 133.5 | — | 0.6 | (31.7 | ) | 32.3 | ||||||||||||||||||||||||
Non-GAAP Results | $ | 2,257.5 | $ | 546.1 | 24.2 | % | $ | 463.9 | $ | 82.2 | 3.6 | % | $ | 1,089.6 | $ | 296.2 | 27.2 | % | $ | 253.9 | $ | 42.3 | 3.9 | % |
2. | Reconciliation of GAAP net income (loss) to EBITDA and Adjusted EBITDA measures (Dollars in millions): |
Q2 2017 | Q2 2016 | YTD 6/30/2017 | YTD 6/30/2016 | |||||||||||||
Net income (loss) | $ | (23.6 | ) | $ | (20.3 | ) | $ | (75.8 | ) | $ | 148.2 | |||||
Income tax benefit | (36.3 | ) | (14.9 | ) | (58.9 | ) | (15.7 | ) | ||||||||
Interest income | (5.1 | ) | (6.3 | ) | (11.5 | ) | (11.2 | ) | ||||||||
Interest expense | 32.2 | 24.3 | 63.0 | 35.8 | ||||||||||||
Depreciation and amortization | 58.0 | 15.9 | 116.6 | 30.9 | ||||||||||||
EBITDA | 25.2 | (1.3 | ) | 33.4 | 188.0 | |||||||||||
Income from discontinued operations, net of tax | — | (0.5 | ) | — | (148.3 | ) | ||||||||||
Share-based compensation | 8.2 | 4.5 | 15.0 | 10.1 | ||||||||||||
Foreign exchange loss, net | 4.6 | 1.2 | 7.7 | 3.6 | ||||||||||||
Miscellaneous, net | (1.9 | ) | 26.8 | (3.2 | ) | (7.8 | ) | |||||||||
Restructuring expenses | 14.4 | 5.0 | 27.3 | 5.4 | ||||||||||||
Non-routine expenses, net | 23.3 | 18.2 | 68.9 | 32.3 | ||||||||||||
Adjusted EBITDA | $ | 73.8 | $ | 53.9 | $ | 149.1 | $ | 83.3 | ||||||||
Adjusted EBITDA % revenue | 6.5 | % | 9.3 | % | 6.7 | % | 7.6 | % |
3. | Reconciliation of diluted GAAP EPS to non-GAAP EPS: |
Q2 2017 | Q2 2016 | YTD 6/30/2017 | YTD 6/30/2016 | |||||||||||||
Total diluted EPS from the income (loss) from continuing operations, net of tax (GAAP measure) | $ | (0.41 | ) | $ | (0.33 | ) | $ | (1.19 | ) | $ | (0.02 | ) | ||||
Restructuring | 0.19 | 0.08 | 0.36 | 0.08 | ||||||||||||
Non-routine (income)/expense: | ||||||||||||||||
Impairment | — | — | 0.04 | — | ||||||||||||
Legal / Acquisition and divestiture expense | 0.02 | 0.64 | 0.26 | 0.91 | ||||||||||||
Acquisition integration | 0.29 | 0.01 | 0.46 | 0.01 | ||||||||||||
Acquisition related hedging (income)/expense | — | 0.36 | — | (0.20 | ) | |||||||||||
Wincor Nixdorf purchase accounting adjustments | 0.56 | — | 1.11 | — | ||||||||||||
Other | (0.09 | ) | — | (0.06 | ) | 0.02 | ||||||||||
Total non-routine (income)/expense | 0.78 | 1.01 | 1.81 | 0.74 | ||||||||||||
Tax impact (inclusive of allocation of discrete tax items) | (0.48 | ) | (0.33 | ) | (0.82 | ) | (0.39 | ) | ||||||||
Total adjusted EPS (non-GAAP measure) | $ | 0.08 | $ | 0.43 | $ | 0.16 | $ | 0.41 | ||||||||
EPS (non-GAAP) - discontinued operations | $ | — | $ | — | $ | — | $ | (0.02 | ) | |||||||
EPS (non-GAAP) - including discontinued operations | $ | 0.08 | $ | 0.43 | $ | 0.16 | $ | 0.39 |
4. | Free cash flow use from continuing operations is calculated as follows (Dollars in millions): |
Q2 2017 | Q2 2016 | YTD 6/30/2017 | YTD 6/30/2016 | |||||||||||||
Net cash used by operating activities (GAAP measure) | $ | (119.4 | ) | $ | (89.9 | ) | $ | (185.8 | ) | $ | (199.8 | ) | ||||
Capital expenditures (GAAP measure) | (14.3 | ) | (6.6 | ) | (26.4 | ) | (11.3 | ) | ||||||||
Free cash flow use (non-GAAP measure) | $ | (133.7 | ) | $ | (96.5 | ) | $ | (212.2 | ) | $ | (211.1 | ) |
5. | Net debt is calculated as follows (Dollars in millions): |
6/30/2017 | 12/31/2016 | 6/30/2016 | |||||||||
Cash, cash equivalents and short-term investments (GAAP measure) | $ | 528.2 | $ | 716.8 | $ | 2,185.1 | |||||
Debt Instruments | (1,900.0 | ) | (1,798.3 | ) | (2,313.0 | ) | |||||
Net debt (non-GAAP measure) | $ | (1,371.8 | ) | $ | (1,081.5 | ) | $ | (127.9 | ) |
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