Revised 2023 Quarterly Financial Statements |
17. REVISED 2023 QUARTERLY FINANCIAL STATEMENTS
As described in Note 1, “Basis of Presentation and Summary of Significant Accounting Policies”, in February 2024, the Company identified fraudulent ACH disbursements from a Company bank account. The Company evaluated the impact of the errors and concluded they are not material to any previously issued interim consolidated financial statements. The following table sets forth the Company’s results of operations for the three and six months ended June 30, 2023, which have been retrospectively adjusted to reflect NCR Atleos historical financial results as discontinued operations, including the delayed countries that transferred to NCR Atleos during the three and six months ended June 30, 2024, as well as the revision impact of the fraudulent ACH disbursements and other immaterial errors. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended June 30, 2023 | | Six months ended June 30, 2023 | In millions, except per share amounts | | As reported | | Discontinued operations | | Adjustment | | As recasted and revised | | As reported | | Discontinued operations | | Adjustment | | As recasted and revised | Product revenue | | $ | 576 | | | $ | 265 | | | $ | — | | | $ | 311 | | | $ | 1,097 | | | $ | 498 | | | $ | — | | | $ | 599 | | Service revenue | | 1,410 | | | 775 | | | — | | | 635 | | | 2,780 | | | 1,527 | | | — | | | 1,253 | | Total revenue | | 1,986 | | | 1,040 | | | — | | | 946 | | | 3,877 | | | 2,025 | | | — | | | 1,852 | | Cost of products | | 478 | | | 209 | | | — | | | 269 | | | 934 | | | 398 | | | — | | | 536 | | Cost of services | | 970 | | | 557 | | | — | | | 413 | | | 1,939 | | | 1,111 | | | — | | | 828 | | Selling, general and administrative expenses | | 333 | | | 169 | | | 3 | | | 167 | | | 625 | | | 308 | | | 5 | | | 322 | | Research and development expenses | | 57 | | | 15 | | | — | | | 42 | | | 121 | | | 30 | | | — | | | 91 | | Total operating expenses | | 1,838 | | | 950 | | | 3 | | | 891 | | | 3,619 | | | 1,847 | | | 5 | | | 1,777 | | Income (loss) from operations | | 148 | | | 90 | | | (3) | | | 55 | | | 258 | | | 178 | | | (5) | | | 75 | | Loss on extinguishment of debt | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | Interest expense | | (91) | | | — | | | — | | | (91) | | | (174) | | | — | | | — | | | (174) | | Other income (expense), net | | (8) | | | — | | | — | | | (8) | | | (11) | | | 1 | | | — | | | (12) | | Income (loss) from continuing operations before income taxes | | 49 | | | 90 | | | (3) | | | (44) | | | 73 | | | 179 | | | (5) | | | (111) | | Income tax expense (benefit) | | 30 | | | 22 | | | (1) | | | 7 | | | 44 | | | 31 | | | (1) | | | 12 | | Income from continuing operations | | 19 | | | 68 | | | (2) | | | (51) | | | 29 | | | 148 | | | (4) | | | (123) | | Income (loss) from discontinued operations, net of tax | | (1) | | | (68) | | | — | | | 67 | | | (1) | | | (148) | | | — | | | 147 | | Net income (loss) | | 18 | | | — | | | (2) | | | 16 | | | 28 | | | — | | | (4) | | | 24 | | Net income (loss) attributable to noncontrolling interests | | (1) | | | (1) | | | — | | | — | | | — | | | — | | | — | | | — | | Net income attributable to noncontrolling interests of discontinued operations | | — | | | 1 | | | — | | | (1) | | | — | | | — | | | — | | | — | | Net income (loss) attributable to NCR Voyix | | $ | 19 | | | $ | — | | | $ | (2) | | | $ | 17 | | | $ | 28 | | | $ | — | | | $ | (4) | | | $ | 24 | | Amounts attributable to NCR Voyix common stockholders | | | | | | | | | | | | | | | | | Income (loss) from continuing operations | | $ | 20 | | | | | | | $ | (51) | | | $ | 29 | | | | | | | $ | (123) | | Series A convertible preferred stock dividends | | (4) | | | | | | | (4) | | | (8) | | | | | | | (8) | | Income (loss) from continuing operations attributable to NCR Voyix | | 16 | | | | | | | (55) | | | 21 | | | | | | | (131) | | Income (loss) from discontinued operations, net of tax | | (1) | | | | | | | 68 | | | (1) | | | | | | | 147 | | Net income (loss) attributable to NCR Voyix common stockholders | | $ | 15 | | | | | | | $ | 13 | | | $ | 20 | | | | | | | $ | 16 | | Income (loss) per share attributable to common stockholders: | | | | | | | | | | | | | | | | | Basic earnings (loss) per share: | | | | | | | | | | | | | | | | | Continuing operations | | $ | 0.11 | | | | | | | $ | (0.39) | | | $ | 0.15 | | | | | | | $ | (0.94) | | Discontinued operations | | — | | | | | | | 0.48 | | | (0.01) | | | | | | | 1.05 | | Net income attributable to common shareholders | | $ | 0.11 | | | | | | | $ | 0.09 | | | $ | 0.14 | | | | | | | $ | 0.11 | | Diluted earnings (loss) per share: | | | | | | | | | | | | | | | | | Continuing operations | | $ | 0.11 | | | | | | | $ | (0.39) | | | $ | 0.15 | | | | | | | $ | (0.94) | | Discontinued operations | | — | | | | | | | 0.48 | | | (0.01) | | | | | | | 1.05 | | Diluted earnings per share attributable to common shareholders | | $ | 0.11 | | | | | | | $ | 0.09 | | | $ | 0.14 | | | | | | | $ | 0.11 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
There is no impact to the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2023, other than the impact to Net income (loss) as presented above. There is no impact to the Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the three and six months ended June 30, 2023 other than the impact to Retained earnings as a result of the changes in Net income (loss) as presented above.
There is no net impact of the adjustments described above to the Condensed Consolidated Statements of Cash Flows to “Net cash provided by operating activities” for the six months ended June 30, 2023, as the impact to Net income (loss) is offset by the changes to operating assets and liabilities, net of effects of business acquired noted above.
|