Delaware | 1-4879 | 34-0183970 | |||||||||||||||
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
|||||||||||||||
350 Orchard Avenue NE | |||||||||||||||||
North Canton, | Ohio | 44720-2556 | |||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Common Stock, $0.01 par value per share | DBD | New York Stock Exchange |
Item 2.02 Results of Operations and Financial Condition |
Item 9.01 Financial Statements and Exhibits |
(d) Exhibits. | ||||||||||||||
Exhibit | ||||||||||||||
Number | Description | |||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Diebold Nixdorf, Incorporated | ||||||||||||||
Date: | February 12, 2025 | By: | /s/ Thomas S. Timko | |||||||||||
Name: | Thomas S. Timko | |||||||||||||
Title: | Executive Vice President and Chief Financial Officer (Principal Financial Officer) |
![]() |
press release | ||||
Media contact: | Investor Contact: | ||||
Mike Jacobsen, APR | Chris Sikora | ||||
+1 330 490-4498 | +1 330 490-4242 | ||||
michael.jacobsen@dieboldnixdorf.com | christopher.sikora@dieboldnixdorf.com |
Current Guidance | |||||
Total Revenue | Flat to up low single-digits | ||||
Adjusted EBITDA 1,2 |
$470M - $490M | ||||
Free Cash Flow 2 |
$190M - $210M |
Twelve months ended | Three months ended | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2024 | December 31, 2024 | December 31, 2023 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||
($ in millions) |
GAAP Results | Non-GAAP3 |
GAAP Results | Non-GAAP3 |
GAAP Results | Non-GAAP3 |
GAAP | Non-GAAP | ||||||||||||||||||||||||||||||||||||||||||
Total net sales | $ | 3,751.1 | $ | 3,752.8 | $ | 988.9 | $ | 988.9 | $ | 1,036.8 | $ | 1,038.1 | (4.6) | (4.7) | ||||||||||||||||||||||||||||||||||||
Gross profit | 920.0 | 948.3 | 231.6 | 236.5 | 223.4 | 231.1 | 3.7 | 2.3 | ||||||||||||||||||||||||||||||||||||||||||
Gross margin | 24.5 | % | 25.3 | % | 23.4 | % | 23.9 | % | 21.5 | % | 22.3 | % | 190 bps | 160 bps | ||||||||||||||||||||||||||||||||||||
Selling and administrative expense | 643.6 | 553.8 | 165.2 | 143.0 | 144.9 | 122.9 | 14.0 | 16.4 | ||||||||||||||||||||||||||||||||||||||||||
Research, development and engineering expense | 93.6 | 89.0 | 23.9 | 22.3 | 22.4 | 22.4 | 6.7 | (0.4) | ||||||||||||||||||||||||||||||||||||||||||
Operating profit | 182.1 | 305.3 | 41.2 | 70.9 | 55.5 | 84.0 | (25.8) | (15.6) | ||||||||||||||||||||||||||||||||||||||||||
Operating margin | 4.9 | % | 8.1 | % | 4.2 | % | 7.2 | % | 5.4 | % | 8.1 | % | (120) bps | (90) bps | ||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (14.5) | $ | 87.5 | $ | 6.4 | $ | 37.4 | $ | 23.1 | $ | 46.5 | (72.3) | (19.6) | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 452.2 | $ | 112.5 | $ | 123.0 | (8.5) | |||||||||||||||||||||||||||||||||||||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $53.9 in Services gross profit, $21.0 in Products gross profit, $8.3 in SG&A, and $0.5 in RD&E for the twelve months ended December 31, 2024, $14.7 in Services gross profit, $6.4 in Products gross profit, $2.9 in SG&A, and $0.2 in RD&E for the three months ended December 31, 2024 and $24.3 in Services gross profit, $(2.6) in Products gross profit, $0.6 in SG&A and $0.1 in RD&E for the three months ended December 31, 2023. Products gross profit for the three months ended December 31, 2023 also includes $23.3 of cost of goods sold from the step-up in inventory basis related to Fresh Start Accounting. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Twelve months ended | Three months ended | ||||||||||||||||||||||
($ in millions) |
December 31, 2024 | December 31, 2024 | December 31, 2023 | % Change | |||||||||||||||||||
Net cash provided by operating activities | $ | 149.2 | $ | 196.2 | $ | 162.8 | 20.5 | ||||||||||||||||
Capital expenditures | (17.4) | (5.2) | (6.3) | 17.5 | |||||||||||||||||||
Capitalized software development | (23.0) | (4.8) | (6.1) | 21.3 | |||||||||||||||||||
Free cash flow (Non-GAAP measure) | $ | 108.8 | $ | 186.2 | $ | 150.4 | 23.8 | ||||||||||||||||
Revenue Summary by Reportable Segment & Business Line | ||||||||||||||||||||||||||||||||||||||
Twelve months ended December 31, 2024 | Three months ended December 31, | |||||||||||||||||||||||||||||||||||||
($ in millions) | 2024 | 2023 | 2023 in CC4 |
% Change | % Change in CC | |||||||||||||||||||||||||||||||||
Banking | ||||||||||||||||||||||||||||||||||||||
Services | $ | 1,587.4 | $ | 398.8 | $ | 398.5 | $ | 391.6 | 0.1 | % | 1.8 | % | ||||||||||||||||||||||||||
Products | 1,175.4 | 317.2 | 350.1 | 344.2 | (9.4) | % | (7.8) | % | ||||||||||||||||||||||||||||||
Total Banking Revenue | $ | 2,762.8 | $ | 716.0 | $ | 748.6 | $ | 735.8 | (4.4) | % | (2.7) | % | ||||||||||||||||||||||||||
Retail | ||||||||||||||||||||||||||||||||||||||
Services | $ | 563.0 | $ | 144.4 | $ | 154.4 | $ | 154.0 | (6.5) | % | (6.2) | % | ||||||||||||||||||||||||||
Products | 425.3 | 128.5 | 133.8 | 134.1 | (4.0) | % | (4.2) | % | ||||||||||||||||||||||||||||||
Total Retail Revenue | $ | 988.3 | $ | 272.9 | $ | 288.2 | $ | 288.1 | (5.3) | % | (5.3) | % | ||||||||||||||||||||||||||
Total by Business Line | ||||||||||||||||||||||||||||||||||||||
Services | $ | 2,150.4 | $ | 543.2 | $ | 552.9 | $ | 545.6 | (1.8) | % | (0.4) | % | ||||||||||||||||||||||||||
Products | 1,600.7 | 445.7 | 483.9 | 478.3 | (7.9) | % | (6.8) | % | ||||||||||||||||||||||||||||||
Total Revenue | $ | 3,751.1 | $ | 988.9 | $ | 1,036.8 | $ | 1,023.9 | (4.6) | % | (3.4) | % | ||||||||||||||||||||||||||
4 - The company calculates constant currency (CC) by translating the prior-year period results at current year exchange rates. |
Operating Profit Summary - Unaudited for the Year Ended December 31, 2024 and for the Three Months Ended December 31, 2024 and 2023 |
|||||||||||||||||||||||||||||||||||
Twelve months ended | Three months ended | ||||||||||||||||||||||||||||||||||
December 31, 2024 | December 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||||||||||
($ in millions) | GAAP Results | Non-GAAP Results | GAAP Results | Non-GAAP Results | GAAP Results | Non-GAAP Results | |||||||||||||||||||||||||||||
Services | $ | 2,150.4 | $ | 2,150.4 | $ | 543.2 | $ | 543.2 | $ | 552.9 | $ | 554.0 | |||||||||||||||||||||||
Products | 1,600.7 | 1,602.4 | 445.7 | 445.7 | 483.9 | 484.1 | |||||||||||||||||||||||||||||
Total net sales | $ | 3,751.1 | $ | 3,752.8 | $ | 988.9 | $ | 988.9 | $ | 1,036.8 | $ | 1,038.1 | |||||||||||||||||||||||
Services | $ | 533.5 | $ | 558.1 | $ | 136.5 | $ | 141.3 | $ | 120.8 | $ | 128.3 | |||||||||||||||||||||||
Products | 386.5 | 390.2 | 95.1 | 95.2 | 102.6 | 102.8 | |||||||||||||||||||||||||||||
Total gross profit | $ | 920.0 | $ | 948.3 | $ | 231.6 | $ | 236.5 | $ | 223.4 | $ | 231.1 | |||||||||||||||||||||||
Services | 24.8 | % | 26.0 | % | 25.1 | % | 26.0 | % | 21.8 | % | 23.2 | % | |||||||||||||||||||||||
Products | 24.1 | % | 24.4 | % | 21.3 | % | 21.4 | % | 21.2 | % | 21.2 | % | |||||||||||||||||||||||
Total gross margin | 24.5 | % | 25.3 | % | 23.4 | % | 23.9 | % | 21.5 | % | 22.3 | % | |||||||||||||||||||||||
Selling and administrative expense | $ | 643.6 | $ | 553.8 | $ | 165.2 | $ | 143.0 | $ | 144.9 | $ | 122.9 | |||||||||||||||||||||||
Research, development and engineering expense | $ | 93.6 | $ | 89.0 | $ | 23.9 | $ | 22.3 | $ | 22.4 | $ | 22.4 | |||||||||||||||||||||||
Other operating expense | $ | 0.7 | $ | 0.2 | $ | 1.3 | $ | 0.3 | $ | 0.6 | $ | 1.8 | |||||||||||||||||||||||
Operating expenses | $ | 737.9 | $ | 643.0 | $ | 190.4 | $ | 165.6 | $ | 167.9 | $ | 147.1 | |||||||||||||||||||||||
Operating profit | $ | 182.1 | $ | 305.3 | $ | 41.2 | $ | 70.9 | $ | 55.5 | $ | 84.0 | |||||||||||||||||||||||
Operating margin | 4.9 | % | 8.1 | % | 4.2 | % | 7.2 | % | 5.4 | % | 8.1 | % | |||||||||||||||||||||||
Adjusted EBITDA | $ | 452.2 | $ | 112.5 | $ | 123.0 | |||||||||||||||||||||||||||||
Adjusted EBITDA margin | 12.1 | % | 11.4 | % | 11.9 | % | |||||||||||||||||||||||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $53.9 in Services gross profit, $21.0 in Products gross profit, $8.3 in SG&A, and $0.5 in RD&E for the twelve months ended December 31, 2024, $14.7 in Services gross profit, $6.4 in Products gross profit, $2.9 in SG&A, and $0.2 in RD&E for the three months ended December 31, 2024 and $24.3 in Services gross profit, $(2.6) in Products gross profit, and $0.6 in SG&A and $0.1 in RD&E for the three months ended December 31, 2023. Products gross profit for the three months ended December 31, 2023 also includes $23.3 of cost of goods sold from the step-up in inventory basis related to Fresh Start Accounting. | |||||||||||||||||||||||||||||||||||
Gross Margin by Segment - Unaudited for the Year Ended December 31, 2024 and for the Three Months Ended December 31, 2024 and 2023 | ||||||||||||||||||||||||||||||||||||||
Twelve months ended | Three months ended | |||||||||||||||||||||||||||||||||||||
December 31, 2024 | December 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||
Non-GAAP | Non-GAAP | Non-GAAP | ||||||||||||||||||||||||||||||||||||
($ in millions) | Banking | Retail | Banking | Retail | Banking | Retail7 |
||||||||||||||||||||||||||||||||
Services | $ | 1,587.4 | $ | 563.0 | $ | 398.8 | $ | 144.4 | $ | 399.8 | $ | 154.3 | ||||||||||||||||||||||||||
Products | 1,175.4 | 425.3 | 317.2 | 128.5 | 350.2 | 133.8 | ||||||||||||||||||||||||||||||||
Total net sales | $ | 2,762.8 | $ | 988.3 | $ | 716.0 | $ | 272.9 | $ | 750.0 | $ | 288.1 | ||||||||||||||||||||||||||
Services | $ | 399.3 | $ | 158.8 | $ | 100.4 | $ | 40.9 | $ | 81.5 | $ | 46.5 | ||||||||||||||||||||||||||
Products | 305.2 | 85.0 | 70.4 | 24.8 | 83.8 | 19.3 | ||||||||||||||||||||||||||||||||
Total gross profit | $ | 704.5 | $ | 243.8 | $ | 170.8 | $ | 65.7 | $ | 165.3 | $ | 65.8 | ||||||||||||||||||||||||||
Services | 25.2 | % | 28.2 | % | 25.2 | % | 28.3 | % | 20.4 | % | 30.1 | % | ||||||||||||||||||||||||||
Products | 26.0 | % | 20.0 | % | 22.2 | % | 19.3 | % | 23.9 | % | 14.4 | % | ||||||||||||||||||||||||||
Total gross margin | 25.5 | % | 24.7 | % | 23.9 | % | 24.1 | % | 22.0 | % | 22.8 | % | ||||||||||||||||||||||||||
Results above include amortization of fair valued assets of $53.9 in Services gross profit and $21.0 in Products gross profit for the twelve months ended December 31, 2024, $14.7 in Services gross profit and $6.4 in Products gross profit for the three months ended December 31, 2024 and $24.3 in Services gross profit and $(2.6) in Products gross profit for the three months ended December 31, 2023. Products gross profit for the three months ended December 31, 2023 also includes $23.3 of cost of goods sold from the step-up in inventory basis related to Fresh Start Accounting. |
12/31/2024 | 12/31/2023 | ||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash, cash equivalents, and restricted cash | $ | 311.3 | $ | 592.3 | |||||||
Short-term investments | 16.9 | 13.4 | |||||||||
Trade receivables, less allowances for doubtful accounts | 588.5 | 721.8 | |||||||||
Inventories | 528.1 | 589.8 | |||||||||
Other current assets | 223.1 | 236.6 | |||||||||
Total current assets | 1,667.9 | 2,153.9 | |||||||||
Securities and other investments | 7.0 | 6.5 | |||||||||
Property, plant and equipment, net | 128.1 | 159.0 | |||||||||
Deferred income taxes | 69.5 | 71.4 | |||||||||
Goodwill | 586.4 | 612.3 | |||||||||
Customer relationships, net | 482.7 | 543.0 | |||||||||
Other intangible assets, net | 295.9 | 348.3 | |||||||||
Other assets | 306.0 | 267.6 | |||||||||
Total assets | $ | 3,543.5 | $ | 4,162.0 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | 460.2 | 529.0 | |||||||||
Deferred revenue | 320.7 | 376.2 | |||||||||
Other current liabilities | 485.4 | 515.8 | |||||||||
Total current liabilities | 1,266.3 | 1,421.0 | |||||||||
Long-term debt | 927.3 | 1,252.4 | |||||||||
Other liabilities | 411.7 | 409.4 | |||||||||
Total Diebold Nixdorf, Incorporated shareholders' equity | 929.8 | 1,063.8 | |||||||||
Noncontrolling interests | 8.4 | 15.4 | |||||||||
Total equity | 938.2 | 1,079.2 | |||||||||
Total liabilities and equity | $ | 3,543.5 | $ | 4,162.0 | |||||||
Three Months Ended | |||||||||||
12/31/2024 | 12/31/2023 | ||||||||||
Net sales | |||||||||||
Services | $ | 543.2 | $ | 552.9 | |||||||
Products | 445.7 | 483.9 | |||||||||
Total | 988.9 | 1,036.8 | |||||||||
Cost of sales | |||||||||||
Services | 406.7 | 432.1 | |||||||||
Products | 350.6 | 381.3 | |||||||||
Total | 757.3 | 813.4 | |||||||||
Gross profit | 231.6 | 223.4 | |||||||||
Gross margin | 23.4 | % | 21.5 | % | |||||||
Operating expenses | |||||||||||
Selling and administrative expense | 165.2 | 144.9 | |||||||||
Research, development and engineering expense | 23.9 | 22.4 | |||||||||
Impairment of assets and other | 1.3 | 0.6 | |||||||||
Total | 190.4 | 167.9 | |||||||||
Percent of net sales | 19.3 | % | 16.2 | % | |||||||
Operating profit | 41.2 | 55.5 | |||||||||
Operating margin | 4.2 | % | 5.4 | % | |||||||
Other income (expense) | |||||||||||
Interest income | 2.2 | 4.3 | |||||||||
Interest expense | (34.7) | (47.8) | |||||||||
Foreign exchange gain | 8.7 | 15.1 | |||||||||
Reorganization items, net | — | (9.1) | |||||||||
Miscellaneous, net | (3.8) | — | |||||||||
Loss on extinguishment of debt | (7.1) | — | |||||||||
Total other income (expense) | (34.7) | (37.5) | |||||||||
Profit before taxes | 6.5 | 18.0 | |||||||||
Income tax expense (benefit) | 5.5 | (1.5) | |||||||||
Equity in earnings of unconsolidated subsidiaries, net | 5.4 | 3.6 | |||||||||
Net income | 6.4 | 23.1 | |||||||||
Net income attributable to noncontrolling interests | 0.8 | 0.6 | |||||||||
Net income attributable to Diebold Nixdorf, Incorporated | $ | 5.6 | $ | 22.5 | |||||||
Basic and diluted weighted-average shares outstanding | 37.6 | 37.6 | |||||||||
Earnings per share attributable to Diebold Nixdorf, Incorporated | |||||||||||
Basic and diluted earnings per share | $ | 0.15 | $ | 0.60 | |||||||
Successor | Predecessor | |||||||||||||||||||
Twelve months ended December 31, 2024 | Period from 08/12/2023 through 12/31/2023 | Period from 01/01/2023 through 08/11/2023 | ||||||||||||||||||
Net sales | ||||||||||||||||||||
Services | $ | 2,150.4 | $ | 858.4 | $ | 1,295.0 | ||||||||||||||
Products | 1,600.7 | 770.2 | 836.9 | |||||||||||||||||
Total | 3,751.1 | 1,628.6 | 2,131.9 | |||||||||||||||||
Cost of sales | ||||||||||||||||||||
Services | 1,616.9 | 658.2 | 922.4 | |||||||||||||||||
Products | 1,214.2 | 617.4 | 689.5 | |||||||||||||||||
Total | 2,831.1 | 1,275.6 | 1,611.9 | |||||||||||||||||
Gross profit | 920.0 | 353.0 | 520.0 | |||||||||||||||||
Gross margin | 24.5 | % | 21.7 | % | 24.4 | % | ||||||||||||||
Operating expenses | ||||||||||||||||||||
Selling and administrative expense | 643.6 | 226.0 | 458.7 | |||||||||||||||||
Research, development and engineering expense | 93.6 | 34.4 | 62.3 | |||||||||||||||||
Impairment of assets and other | 0.7 | 0.2 | 4.5 | |||||||||||||||||
Total | 737.9 | 260.6 | 525.5 | |||||||||||||||||
Percent of net sales | 19.7 | % | 16.0 | % | 24.6 | % | ||||||||||||||
Operating profit (loss) | 182.1 | 92.4 | (5.5) | |||||||||||||||||
Operating margin | 4.9 | % | 5.7 | % | (0.3) | % | ||||||||||||||
Other income (expense) | ||||||||||||||||||||
Interest income | 12.3 | 6.3 | 6.7 | |||||||||||||||||
Interest expense | (155.3) | (73.1) | (173.6) | |||||||||||||||||
Foreign exchange gain (loss), net | 13.8 | (12.2) | (1.2) | |||||||||||||||||
Reorganization items, net | — | (17.1) | 1,614.1 | |||||||||||||||||
Miscellaneous, net | 1.5 | (0.8) | 12.3 | |||||||||||||||||
Loss on extinguishment of debt | (7.1) | — | — | |||||||||||||||||
Total other income (expense) | (134.8) | (96.9) | 1,458.3 | |||||||||||||||||
Profit (loss) before taxes | 47.3 | (4.5) | 1,452.8 | |||||||||||||||||
Income tax (benefit) expense | 64.3 | (14.7) | 90.4 | |||||||||||||||||
Equity in earnings (loss) of unconsolidated subsidiaries, net | 2.5 | 4.5 | (0.5) | |||||||||||||||||
Net income (loss) | (14.5) | 14.7 | 1,361.9 | |||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 2.0 | 1.3 | (0.8) | |||||||||||||||||
Net (loss) income attributable to Diebold Nixdorf, Incorporated | $ | (16.5) | $ | 13.4 | $ | 1,362.7 | ||||||||||||||
Basic weighted-average shares outstanding | 37.6 | 37.6 | 79.7 | |||||||||||||||||
Diluted weighted-average shares outstanding | 37.6 | 37.6 | 81.4 | |||||||||||||||||
Earnings (loss) per share attributable to Diebold Nixdorf, Incorporated | ||||||||||||||||||||
Basic earnings (loss) per share | $ | (0.44) | $ | 0.36 | $ | 17.10 | ||||||||||||||
Diluted earnings (loss) per share | $ | (0.44) | $ | 0.36 | $ | 16.74 | ||||||||||||||
Successor | Predecessor | |||||||||||||||||||
Twelve months ended 12/31/2024 | Period from 08/12/2023 through 12/31/2023 | Period from 01/01/2023 through 08/11/2023 | ||||||||||||||||||
Cash flow from operating activities | ||||||||||||||||||||
Net income (loss) | $ | (14.5) | $ | 14.7 | $ | 1,361.9 | ||||||||||||||
Adjustments to reconcile net income (loss) to cash provided (used) by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 40.1 | 21.4 | 35.5 | |||||||||||||||||
Amortization of fair valued assets | 92.2 | 37.6 | 41.8 | |||||||||||||||||
Amortization of deferred financing costs into interest expense | 1.9 | 0.9 | 21.8 | |||||||||||||||||
Reorganization items (non-cash) | — | — | (1,747.6) | |||||||||||||||||
Reorganization items (debt make whole premium) | — | — | 91.0 | |||||||||||||||||
Share-based compensation | 9.7 | 0.1 | 5.1 | |||||||||||||||||
Debt prepayment costs - Exit Facility | 2.0 | — | — | |||||||||||||||||
Loss on extinguishment of debt | 7.1 | — | — | |||||||||||||||||
Other | 6.2 | 0.2 | 4.5 | |||||||||||||||||
Deferred income taxes | (34.1) | (43.2) | 79.8 | |||||||||||||||||
Changes in certain assets and liabilities: | ||||||||||||||||||||
Trade receivables | 99.6 | (101.6) | 9.9 | |||||||||||||||||
Inventories | 20.9 | 150.8 | (98.1) | |||||||||||||||||
Income taxes | 38.8 | 16.3 | (26.0) | |||||||||||||||||
Accounts payable | (42.2) | 75.0 | (140.4) | |||||||||||||||||
Deferred revenue | (34.6) | (43.2) | (51.0) | |||||||||||||||||
Certain other assets and liabilities | (43.9) | 29.0 | (3.2) | |||||||||||||||||
Net cash provided (used) by operating activities | 149.2 | 158.0 | (415.0) | |||||||||||||||||
Cash flow from investing activities | ||||||||||||||||||||
Capital expenditures | (17.4) | (9.8) | (15.1) | |||||||||||||||||
Capitalized software development | (23.0) | (9.8) | (13.1) | |||||||||||||||||
Net short-term investment activity | (6.4) | (0.5) | 12.2 | |||||||||||||||||
Proceeds from sale of assets | 1.3 | — | — | |||||||||||||||||
Net cash used by investing activities | (45.5) | (20.1) | (16.0) | |||||||||||||||||
Cash flow from financing activities | ||||||||||||||||||||
Borrowings and repayments of Exit Facility | (1,250.0) | — | 1,250.0 | |||||||||||||||||
Proceeds from the issuance of 2030 Senior Secured Notes | 950.0 | — | — | |||||||||||||||||
Debt issuance costs | (26.8) | — | (5.1) | |||||||||||||||||
Payment of Exit Facility Call Premium | (21.0) | — | — | |||||||||||||||||
Debt prepayment costs | (2.0) | — | — | |||||||||||||||||
Revolver, ABL, FILO and superpriority term loan, borrowings and repayments, net | — | — | (588.9) | |||||||||||||||||
Other debt borrowings and repayments, net | (0.1) | (1.7) | 1.9 | |||||||||||||||||
Debt make whole premium | — | — | (91.0) | |||||||||||||||||
Other | (16.6) | (2.3) | (3.4) | |||||||||||||||||
Net cash provided (used) by financing activities | (366.5) | (4.0) | 563.5 | |||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (18.2) | 1.1 | 2.9 | |||||||||||||||||
Change in cash, cash equivalents and restricted cash | (281.0) | 135.0 | 135.4 | |||||||||||||||||
Add: Cash included in assets held for sale at beginning of period | — | 0.7 | 2.8 | |||||||||||||||||
Less: Cash included in assets held for sale at end of period | — | — | 0.7 | |||||||||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | 592.3 | 456.6 | 319.1 | |||||||||||||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | 311.3 | $ | 592.3 | $ | 456.6 |
Summary Financial Results For the Three Months Ended March 31, 2024, June 30, 2024 and September 30, 2024 | ||||||||||||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||||||||||||||
March 31, 2024 | June 30, 2024 | September 30, 2024 | ||||||||||||||||||||||||||||||||||||
($ in millions) |
GAAP Results | Non-GAAP | GAAP Results | Non-GAAP | GAAP | Non-GAAP | ||||||||||||||||||||||||||||||||
Total net sales | $ | 895.4 | $ | 897.1 | $ | 939.7 | $ | 939.7 | $ | 927.1 | $ | 927.1 | ||||||||||||||||||||||||||
Gross profit | 208.6 | 225.1 | 243.2 | 244.2 | 236.6 | 242.3 | ||||||||||||||||||||||||||||||||
Gross margin | 23.3 | % | 25.1 | % | 25.9 | % | 26.0 | % | 25.5 | % | 26.1 | % | ||||||||||||||||||||||||||
Selling and administrative expense | 161.6 | 137.6 | 152.2 | 136.7 | 164.6 | 136.4 | ||||||||||||||||||||||||||||||||
Research, development and engineering expense | 24.2 | 21.2 | 22.1 | 22.5 | 23.4 | 22.9 | ||||||||||||||||||||||||||||||||
Operating profit | 23.8 | 66.3 | 70.7 | 85.1 | 46.4 | 83.0 | ||||||||||||||||||||||||||||||||
Operating margin | 2.7 | % | 7.4 | % | 7.5 | % | 9.1 | % | 5.0 | % | 9.0 | % | ||||||||||||||||||||||||||
Net income (loss) | $ | (14.0) | $ | 14.1 | $ | 14.8 | $ | 30.2 | $ | (21.7) | $ | 5.8 | ||||||||||||||||||||||||||
Adjusted EBITDA | $ | 103.3 | $ | 118.8 | $ | 117.5 | ||||||||||||||||||||||||||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $14.6 in Services gross profit, $5.8 in Products gross profit, $2.6 SG&A, and $(0.1) in RD&E in the three months ended March 31, 2024, $13.2 in Services gross profit, $3.5 in Products gross profit, $0.9 in SG&A, and $0.1 in RD&E in the three months ended June 30, 2024 and $11.4 in Service gross profit, $5.3 in Products gross profit, $2.0 in SG&A, and $0.1 in RD&E for the three months ended September 30, 2024. | ||||||||||||||||||||||||||||||||||||||
Summary Financial Results For the Six Months Ended June 30, 2024 and for the Nine Months Ended September 30, 2024 | ||||||||||||||||||||||||||
Six months ended | Nine months ended | |||||||||||||||||||||||||
June 30, 2024 | September 30, 2024 | |||||||||||||||||||||||||
($ in millions) |
GAAP Results | Non-GAAP | GAAP | Non-GAAP | ||||||||||||||||||||||
Total net sales | $ | 1,835.1 | $ | 1,836.8 | $ | 2,762.2 | $ | 2,763.9 | ||||||||||||||||||
Gross profit | 451.8 | 469.3 | 688.4 | 711.8 | ||||||||||||||||||||||
Gross margin | 24.6 | % | 25.5 | % | 24.9 | % | 25.8 | % | ||||||||||||||||||
Selling and administrative expense | 313.8 | 274.3 | 478.4 | 410.8 | ||||||||||||||||||||||
Research, development and engineering expense | 46.3 | 43.7 | 69.7 | 66.7 | ||||||||||||||||||||||
Operating profit | 94.5 | 151.4 | 140.9 | 234.4 | ||||||||||||||||||||||
Operating margin | 5.1 | % | 8.2 | % | 5.1 | % | 8.5 | % | ||||||||||||||||||
Net income (loss) | $ | 0.8 | $ | 44.3 | $ | (20.9) | $ | 50.1 | ||||||||||||||||||
Adjusted EBITDA | $ | 222.1 | $ | 339.7 | ||||||||||||||||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $27.8 in Services gross profit, $9.3 in Products gross profit, $3.5 in SG&A, and $0.2 in RD&E for the six months ended June 30, 2024, and $39.2 in Services gross profit, $14.6 in Products gross profit, $5.4 in SG&A, and $0.3 in RD&E for the nine months ended September 30, 2024. |
Gross Margin by Segment - for the Three Months Ended March 31, 2024, June 30, 2024 and September 30, 2024 | ||||||||||||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||||||||||||||
March 31, 2024 | June 30, 2024 | September 30, 2024 | ||||||||||||||||||||||||||||||||||||
Non-GAAP | Non-GAAP | Non-GAAP | ||||||||||||||||||||||||||||||||||||
($ in millions) | Banking | Retail | Banking | Retail | Banking | Retail | ||||||||||||||||||||||||||||||||
Services | $ | 386.6 | $ | 138.2 | $ | 401.5 | $ | 139.2 | $ | 400.5 | $ | 141.2 | ||||||||||||||||||||||||||
Products | 262.2 | 110.1 | 305.9 | 93.1 | 290.1 | 95.3 | ||||||||||||||||||||||||||||||||
Total net sales | $ | 648.8 | $ | 248.3 | $ | 707.4 | $ | 232.3 | $ | 690.6 | $ | 236.5 | ||||||||||||||||||||||||||
Services | $ | 94.1 | $ | 38.4 | $ | 101.8 | $ | 40.5 | $ | 102.9 | $ | 39.1 | ||||||||||||||||||||||||||
Products | 71.1 | 21.6 | 83.0 | 19.0 | 80.8 | 19.5 | ||||||||||||||||||||||||||||||||
Total gross profit | $ | 165.2 | $ | 60.0 | $ | 184.8 | $ | 59.5 | $ | 183.7 | $ | 58.6 | ||||||||||||||||||||||||||
Services | 24.3 | % | 27.8 | % | 25.4 | % | 29.1 | % | 25.7 | % | 27.7 | % | ||||||||||||||||||||||||||
Products | 27.1 | % | 19.6 | % | 27.1 | % | 20.4 | % | 27.9 | % | 20.5 | % | ||||||||||||||||||||||||||
Total gross margin | 25.5 | % | 24.2 | % | 26.1 | % | 25.6 | % | 26.6 | % | 24.8 | % | ||||||||||||||||||||||||||
Results above include amortization of fair valued assets of $14.6 in Services gross profit and $5.8 in Products gross profit for the three months ended March 31, 2024, $13.2 in Services gross profit and $3.5 in Products gross profit for the three months ended June 30, 2024 and $11.4 in Service gross profit and $5.3 in Products gross profit for the three months ended September 30, 2024. |
Gross Margin by Segment - for the Six Months Ended June 30, 2024, the Nine Months Ended September 30, 2024 and the Year Ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Six months ended | Nine months ended | Twelve months ended | ||||||||||||||||||||||||||||||||||||
June 30, 2024 | September 30, 2024 | December 31, 2024 | ||||||||||||||||||||||||||||||||||||
Non-GAAP | Non-GAAP | Non-GAAP | ||||||||||||||||||||||||||||||||||||
($ in millions) | Banking | Retail | Banking | Retail | Banking | Retail | ||||||||||||||||||||||||||||||||
Services | $ | 788.1 | $ | 277.4 | $ | 1,188.6 | $ | 418.6 | $ | 1,587.4 | $ | 563.0 | ||||||||||||||||||||||||||
Products | 568.1 | 203.2 | 858.2 | 298.5 | 1,175.4 | 427.0 | ||||||||||||||||||||||||||||||||
Total net sales | $ | 1,356.2 | $ | 480.6 | $ | 2,046.8 | $ | 717.1 | $ | 2,762.8 | $ | 990.0 | ||||||||||||||||||||||||||
Services | $ | 195.9 | $ | 78.9 | $ | 298.8 | $ | 118.0 | $ | 399.2 | $ | 158.9 | ||||||||||||||||||||||||||
Products | 154.1 | 40.6 | 234.9 | 60.1 | 305.3 | 84.9 | ||||||||||||||||||||||||||||||||
Total gross profit | $ | 350.0 | $ | 119.5 | $ | 533.7 | $ | 178.1 | $ | 704.5 | $ | 243.8 | ||||||||||||||||||||||||||
Services | 24.9 | % | 28.4 | % | 25.1 | % | 28.2 | % | 25.1 | % | 28.2 | % | ||||||||||||||||||||||||||
Products | 27.1 | % | 20.0 | % | 27.4 | % | 20.1 | % | 26.0 | % | 19.9 | % | ||||||||||||||||||||||||||
Total gross margin | 25.8 | % | 24.9 | % | 26.1 | % | 24.8 | % | 25.5 | % | 24.6 | % | ||||||||||||||||||||||||||
Results above include amortization of fair valued assets of $27.8 in Services gross profit and $9.3 in Products gross profit for the six months ended June 30, 2024, $39.2 in Services gross profit and $14.6 in Products gross profit for the nine months ended September 30, 2024 and $53.9 in Services gross profit and $21.0 in Products gross profit for the twelve months ended December 31, 2024. |
Three months ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) |
Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | Gross Profit | % of Sales | SG&A | R, D & E | Other OPEX | OP | % of Sales | |||||||||||||||||||||||||||||||
GAAP | $ | 543.2 | $ | 445.7 | $ | 988.9 | $ | 406.7 | $ | 350.6 | $ | 757.3 | $ | 231.6 | 23.4 | % | $ | 165.2 | $ | 23.9 | $ | 1.3 | $ | 41.2 | 4.2 | % | ||||||||||||||||||
Restructuring and transition - personnel | — | — | — | (5.0) | — | (5.0) | 5.0 | (3.4) | (6.3) | — | 14.7 | |||||||||||||||||||||||||||||||||
Transformation - other | — | — | — | 0.2 | — | 0.2 | (0.2) | (16.2) | 4.7 | (1.0) | 12.3 | |||||||||||||||||||||||||||||||||
Financial restructuring costs | — | — | — | — | — | — | — | (1.8) | — | — | 1.8 | |||||||||||||||||||||||||||||||||
Legal deal matters | — | — | — | — | (0.1) | (0.1) | 0.1 | (0.8) | — | — | 0.9 | |||||||||||||||||||||||||||||||||
Non-GAAP Adjusted results | $ | 543.2 | $ | 445.7 | $ | 988.9 | $ | 401.9 | $ | 350.5 | $ | 752.4 | $ | 236.5 | 23.9 | % | $ | 143.0 | $ | 22.3 | $ | 0.3 | $ | 70.9 | 7.2 | % | ||||||||||||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $14.7 in COS - Service, $6.4 in COS - Product, $2.9 in SG&A, and $0.2 in RD&E. |
Three months ended December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) |
Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | Gross Profit | % of Sales | SG&A | R, D & E | Other OPEX | OP | % of Sales | |||||||||||||||||||||||||||||||
GAAP | 552.9 | 483.9 | 1,036.8 | 432.1 | 381.3 | 813.4 | 223.4 | 21.5 | % | 144.9 | 22.4 | 0.6 | 55.5 | 5.4 | % | |||||||||||||||||||||||||||||
Restructuring and transition - personnel | — | — | — | (1.3) | (0.3) | (1.6) | 1.6 | (3.8) | — | — | 5.4 | |||||||||||||||||||||||||||||||||
Transformation - other | — | — | — | — | 0.3 | 0.3 | (0.3) | (13.4) | — | 0.5 | 12.6 | |||||||||||||||||||||||||||||||||
Refinancing related costs | — | — | — | — | — | — | — | (4.4) | — | (1.0) | 5.4 | |||||||||||||||||||||||||||||||||
Legal deal matters | 1.1 | 0.2 | 1.3 | (5.1) | — | (5.1) | 6.4 | (0.4) | — | — | 6.8 | |||||||||||||||||||||||||||||||||
Other impairment | — | — | — | — | — | — | — | — | — | 1.7 | (1.7) | |||||||||||||||||||||||||||||||||
Non-GAAP Adjusted results | $ | 554.0 | $ | 484.1 | $ | 1,038.1 | $ | 425.7 | $ | 381.3 | $ | 807.0 | $ | 231.1 | 22.3 | % | $ | 122.9 | $ | 22.4 | $ | 1.8 | $ | 84.0 | 8.1 | % | ||||||||||||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $24.3 in COS - Service, $(2.6) in COS - Product, $0.6 in SG&A and $0.1 in RD&E. Products gross profit for the three months ended December 31, 2023 also includes $23.3 of cost of goods sold from the step-up in inventory basis related to Fresh Start Accounting. |
Three months ended | ||||||||||||||||||||||||||
December 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
($ in millions) |
Services | Products | Total | Services | Products | Total | ||||||||||||||||||||
GAAP gross profit | $ | 136.5 | $ | 95.1 | $ | 231.6 | $ | 120.8 | $ | 102.6 | $ | 223.4 | ||||||||||||||
Restructuring and transition - personnel | 5.0 | — | 5.0 | 1.3 | 0.3 | 1.6 | ||||||||||||||||||||
Transformation - other | (0.2) | — | (0.2) | — | (0.3) | (0.3) | ||||||||||||||||||||
Legal/deal expense | — | 0.1 | 0.1 | 6.2 | 0.2 | 6.4 | ||||||||||||||||||||
Non-GAAP gross profit | $ | 141.3 | $ | 95.2 | $ | 236.5 | $ | 128.3 | $ | 102.8 | $ | 231.1 | ||||||||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $14.7 in Services gross profit and $6.4 in Products gross profit for the three months ended December 31, 2024 and $24.3 in Services gross profit and $(2.6) in Products gross profit for the three months ended December 31, 2023. Products gross profit for the three months ended December 31, 2023 also includes $23.3 of cost of goods sold from the step-up in inventory basis related to Fresh Start Accounting. |
Twelve months ended December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) |
Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | Gross Profit | % of Sales | SG&A | R, D & E | Other OPEX | OP | % of Sales | |||||||||||||||||||||||||||||||
GAAP | $ | 2,150.4 | $ | 1,600.7 | $ | 3,751.1 | $ | 1,616.9 | $ | 1,214.2 | $ | 2,831.1 | $ | 920.0 | 24.5 | % | $ | 643.6 | $ | 93.6 | $ | 0.7 | $ | 182.1 | 4.9 | % | ||||||||||||||||||
Restructuring and transition - personnel | — | — | — | (23.8) | (3.2) | (27.0) | 27.0 | (13.3) | (9.3) | — | 49.6 | |||||||||||||||||||||||||||||||||
Transformation - other | — | — | — | (0.8) | — | (0.8) | 0.8 | (58.7) | 4.7 | (1.7) | 56.5 | |||||||||||||||||||||||||||||||||
Financial restructuring costs | — | — | — | — | — | — | — | (15.9) | — | 0.1 | 15.8 | |||||||||||||||||||||||||||||||||
Divestitures and asset sales | — | — | — | — | — | — | — | — | — | 2.6 | (2.6) | |||||||||||||||||||||||||||||||||
Legal deal matters | — | 1.7 | 1.7 | — | 0.1 | 0.1 | 1.6 | (1.9) | — | — | 3.5 | |||||||||||||||||||||||||||||||||
Other | — | — | — | — | 1.1 | 1.1 | (1.1) | — | — | (1.5) | 0.4 | |||||||||||||||||||||||||||||||||
Non-GAAP Adjusted results | $ | 2,150.4 | $ | 1,602.4 | $ | 3,752.8 | $ | 1,592.3 | $ | 1,212.2 | $ | 2,804.5 | $ | 948.3 | 25.3 | % | $ | 553.8 | $ | 89.0 | $ | 0.2 | $ | 305.3 | 8.1 | % | ||||||||||||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $53.9 in COS - Service, $21.0 in COS - Product, $8.3 in SG&A, and $0.5 in RD&E. |
Twelve months ended | ||||||||||||||
December 31, 2024 | ||||||||||||||
($ in millions) |
Services | Products | Total | |||||||||||
GAAP gross profit | $ | 533.5 | $ | 386.5 | $ | 920.0 | ||||||||
Restructuring and transition - personnel | 23.8 | 3.2 | 27.0 | |||||||||||
Transformation - other | 0.8 | — | 0.8 | |||||||||||
Legal deal matters | — | 1.6 | 1.6 | |||||||||||
Other | — | (1.1) | (1.1) | |||||||||||
Non-GAAP Adjusted Gross profit | $ | 558.1 | $ | 390.2 | $ | 948.3 | ||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $53.9 in Services gross profit and $21.0 in Products gross profit. |
Three months ended September 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) |
Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | Gross Profit | % of Sales | SG&A | R, D & E | Other OPEX | OP | % of Sales | |||||||||||||||||||||||||||||||
GAAP | $ | 541.7 | $ | 385.4 | $ | 927.1 | $ | 403.5 | $ | 287.0 | $ | 690.5 | $ | 236.6 | 25.5% | $ | 164.6 | $ | 23.4 | $ | 2.2 | $ | 46.4 | 5.0% | ||||||||||||||||||||
Restructuring and transition - personnel | — | — | — | (3.9) | (1.4) | (5.3) | 5.3 | (0.9) | (0.5) | — | 6.7 | |||||||||||||||||||||||||||||||||
Transformation - other | — | — | — | 0.1 | — | 0.1 | (0.1) | (24.5) | — | (0.7) | 25.1 | |||||||||||||||||||||||||||||||||
Refinancing related costs | — | — | — | — | — | — | — | (2.1) | — | — | 2.1 | |||||||||||||||||||||||||||||||||
Legal deal matters | — | — | — | — | (0.5) | (0.5) | 0.5 | (0.7) | — | — | 1.2 | |||||||||||||||||||||||||||||||||
Other | — | — | — | — | — | — | — | — | — | (1.5) | 1.5 | |||||||||||||||||||||||||||||||||
Non-GAAP Adjusted results | $ | 541.7 | $ | 385.4 | $ | 927.1 | $ | 399.7 | $ | 285.1 | $ | 684.8 | $ | 242.3 | 26.1 | % | $ | 136.4 | $ | 22.9 | $ | — | $ | 83.0 | 9.0 | % | ||||||||||||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $11.4 in COS - Service, $5.3 in COS - Product, $2.0 in SG&A, and $0.1 in RD&E. | ||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) |
Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | Gross Profit | % of Sales | SG&A | R, D & E | Other OPEX | OP | % of Sales | |||||||||||||||||||||||||||||||
GAAP | $ | 1,607.2 | $ | 1,155.0 | $ | 2,762.2 | $ | 1,210.2 | $ | 863.6 | $ | 2,073.8 | $ | 688.4 | 24.9% | $ | 478.4 | $ | 69.7 | $ | (0.6) | $ | 140.9 | 5.1% | ||||||||||||||||||||
Restructuring and transition - personnel | — | — | — | (18.8) | (3.2) | (22.0) | 22.0 | (10.0) | (3.0) | — | 35.0 | |||||||||||||||||||||||||||||||||
Transformation - other | — | — | — | (1.0) | — | (1.0) | 1.0 | (42.4) | — | (0.7) | 44.1 | |||||||||||||||||||||||||||||||||
Refinancing related costs | — | — | — | — | — | — | — | (14.1) | — | 0.1 | 14.0 | |||||||||||||||||||||||||||||||||
Divestitures and asset sales | — | — | — | — | — | — | — | — | — | 2.6 | (2.6) | |||||||||||||||||||||||||||||||||
Legal deal matters | — | 1.7 | 1.7 | — | 0.2 | 0.2 | 1.5 | (1.1) | — | — | 2.6 | |||||||||||||||||||||||||||||||||
Other | — | — | — | — | 1.1 | 1.1 | (1.1) | — | — | (1.5) | 0.4 | |||||||||||||||||||||||||||||||||
Non-GAAP Adjusted results | $ | 1,607.2 | $ | 1,156.7 | $ | 2,763.9 | $ | 1,190.4 | $ | 861.7 | $ | 2,052.1 | $ | 711.8 | 25.8 | % | $ | 410.8 | $ | 66.7 | $ | (0.1) | $ | 234.4 | 8.5 | % | ||||||||||||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $39.2 in COS - Service, $14.6 in COS - Product, $5.4 in SG&A, and $0.3 in RD&E. |
Three months ended June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) |
Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | Gross Profit | % of Sales | SG&A | R, D & E | Other OPEX | OP | % of Sales | |||||||||||||||||||||||||||||||
GAAP | $ | 540.7 | $ | 399.0 | $ | 939.7 | $ | 398.0 | $ | 298.5 | $ | 696.5 | $ | 243.2 | 25.9% | $ | 152.2 | $ | 22.1 | $ | (1.8) | $ | 70.7 | 7.5% | ||||||||||||||||||||
Restructuring and transition - personnel | — | — | — | 1.4 | (1.1) | 0.3 | (0.3) | 1.9 | 0.4 | — | (2.6) | |||||||||||||||||||||||||||||||||
Transformation - other | — | — | — | (1.0) | — | (1.0) | 1.0 | (12.2) | — | — | 13.2 | |||||||||||||||||||||||||||||||||
Refinancing related costs | — | — | — | — | — | — | — | (5.0) | — | — | 5.0 | |||||||||||||||||||||||||||||||||
Divestitures and asset sales | — | — | — | — | — | — | — | — | — | 1.7 | (1.7) | |||||||||||||||||||||||||||||||||
Legal deal matters | — | — | — | — | (0.3) | (0.3) | 0.3 | (0.2) | — | — | 0.5 | |||||||||||||||||||||||||||||||||
Non-GAAP Adjusted results | $ | 540.7 | $ | 399.0 | $ | 939.7 | $ | 398.4 | $ | 297.1 | $ | 695.5 | $ | 244.2 | 26.0 | % | $ | 136.7 | $ | 22.5 | $ | (0.1) | $ | 85.1 | 9.1 | % | ||||||||||||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $13.2 in COS - Service, $3.5 in COS - Product, $0.9 in SG&A, and $0.1 in RD&E. |
Six months ended June 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) |
Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | Gross Profit | % of Sales | SG&A | R, D & E | Other OPEX | OP | % of Sales | |||||||||||||||||||||||||||||||
GAAP | $ | 1,065.5 | $ | 769.6 | $ | 1,835.1 | $ | 806.7 | $ | 576.6 | $ | 1,383.3 | $ | 451.8 | 24.6% | $ | 313.8 | $ | 46.3 | $ | (2.8) | $ | 94.5 | 5.1% | ||||||||||||||||||||
Restructuring and transition - personnel | — | — | — | (14.9) | (1.7) | (16.6) | 16.6 | (9.1) | (2.6) | — | 28.3 | |||||||||||||||||||||||||||||||||
Transformation - other | — | — | — | (1.0) | — | (1.0) | 1.0 | (18.0) | — | — | 19.0 | |||||||||||||||||||||||||||||||||
Refinancing related costs | — | — | — | — | — | — | — | (12.0) | — | 0.1 | 11.9 | |||||||||||||||||||||||||||||||||
Divestitures and asset sales | — | — | — | — | — | — | — | — | — | 2.6 | (2.6) | |||||||||||||||||||||||||||||||||
Legal deal matters | — | 1.7 | 1.7 | — | 0.7 | 0.7 | 1.0 | (0.4) | — | — | 1.4 | |||||||||||||||||||||||||||||||||
Other | — | — | — | — | 1.1 | 1.1 | (1.1) | — | — | — | (1.1) | |||||||||||||||||||||||||||||||||
Non-GAAP Adjusted results | $ | 1,065.5 | $ | 771.3 | $ | 1,836.8 | $ | 790.8 | $ | 576.7 | $ | 1,367.5 | $ | 469.3 | 25.5 | % | $ | 274.3 | $ | 43.7 | $ | (0.1) | $ | 151.4 | 8.2 | % | ||||||||||||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $27.8 in COS - Service, $9.3 in COS - Product, $3.5 in SG&A, and $0.2 in RD&E. |
Three months ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
($ in millions) |
Service Sales | Product Sales | Net Sales | COS - service | COS -product | COS | Gross Profit | % of Sales | SG&A | R, D & E | Other OPEX | OP1 |
% of Sales | |||||||||||||||||||||||||||||||
GAAP | $ | 524.8 | $ | 370.6 | $ | 895.4 | $ | 408.7 | $ | 278.1 | $ | 686.8 | $ | 208.6 | 23.3% | $ | 161.6 | $ | 24.2 | $ | (1.0) | $ | 23.8 | 2.7% | ||||||||||||||||||||
Restructuring and transition - personnel | — | — | — | (16.3) | (0.6) | (16.9) | 16.9 | (11.0) | (3.0) | — | 30.9 | |||||||||||||||||||||||||||||||||
Transformation - other | — | — | — | — | — | — | — | (5.8) | — | — | 5.8 | |||||||||||||||||||||||||||||||||
Refinancing related costs | — | — | — | — | — | — | — | (7.0) | — | 0.1 | 6.9 | |||||||||||||||||||||||||||||||||
Divestitures and asset sales | — | — | — | — | — | — | — | — | — | 0.9 | (0.9) | |||||||||||||||||||||||||||||||||
Legal deal matters | — | 1.7 | 1.7 | — | 1.0 | 1.0 | 0.7 | (0.2) | — | — | 0.9 | |||||||||||||||||||||||||||||||||
Other | — | — | — | — | 1.1 | 1.1 | (1.1) | — | — | — | (1.1) | |||||||||||||||||||||||||||||||||
Non-GAAP Adjusted results | $ | 524.8 | $ | 372.3 | $ | 897.1 | $ | 392.4 | $ | 279.6 | $ | 672.0 | $ | 225.1 | 25.1 | % | $ | 137.6 | $ | 21.2 | $ | — | $ | 66.3 | 7.4 | % | ||||||||||||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $14.6 in COS - Service, $5.8 in COS - Product, $2.6 in SG&A, and $(0.1) in RD&E. |
Three months ended | ||||||||||||||||||||||||||||||||||||||
March 31, 2024 | June 31, 2024 | September 30, 2024 | ||||||||||||||||||||||||||||||||||||
($ in millions) |
Services | Products | Total | Services | Products | Total | Services | Products | Total | |||||||||||||||||||||||||||||
GAAP gross profit | $ | 116.1 | $ | 92.5 | $ | 208.6 | $ | 142.7 | $ | 100.5 | $ | 243.2 | $ | 138.2 | $ | 98.4 | $ | 236.6 | ||||||||||||||||||||
Restructuring and transition - personnel | 16.3 | 0.6 | 16.9 | (1.4) | 1.1 | (0.3) | 3.9 | 1.4 | 5.3 | |||||||||||||||||||||||||||||
Transformation - other | — | — | — | 1.0 | — | 1.0 | (0.1) | — | (0.1) | |||||||||||||||||||||||||||||
Legal/deal expense | — | 0.7 | 0.7 | — | 0.3 | 0.3 | — | 0.5 | 0.5 | |||||||||||||||||||||||||||||
Other | — | (1.1) | (1.1) | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Non-GAAP gross profit | $ | 132.4 | $ | 92.7 | $ | 225.1 | $ | 142.3 | $ | 101.9 | $ | 244.2 | $ | 142.0 | $ | 100.3 | $ | 242.3 | ||||||||||||||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $14.6 in Services gross profit and $5.8 in Products gross profit for the three months ended March 31, 2024, $13.2 in Services gross profit and $3.5 in Products gross profit for the three months ended June 30, 2024 and $11.4 in Service gross profit and $5.3 in Products gross profit for the three months ended September 30, 2024. |
Six months ended | Nine months ended | |||||||||||||||||||||||||
June 30, 2024 | September 30, 2024 | |||||||||||||||||||||||||
($ in millions) |
Services | Products | Total | Services | Products | Total | ||||||||||||||||||||
GAAP gross profit | $ | 258.8 | $ | 193.0 | $ | 451.8 | $ | 397.0 | $ | 291.4 | $ | 688.4 | ||||||||||||||
Restructuring and transition - personnel | 14.9 | 1.7 | 16.6 | 18.8 | 3.2 | 22.0 | ||||||||||||||||||||
Transformation - other | 1.0 | — | 1.0 | 1.0 | — | 1.0 | ||||||||||||||||||||
Legal/deal expense | — | 1.0 | 1.0 | — | 1.5 | 1.5 | ||||||||||||||||||||
Other | — | (1.1) | (1.1) | — | (1.1) | (1.1) | ||||||||||||||||||||
Non-GAAP gross profit | $ | 274.7 | $ | 194.6 | $ | 469.3 | $ | 416.8 | $ | 295.0 | $ | 711.8 | ||||||||||||||
GAAP and Non-GAAP results above include amortization of fair valued assets of $27.8 in Services gross profit and $9.3 in Products gross profit for the six months ended June 30, 2024 and $39.2 in Services gross profit and $14.6 in Products gross profit for the nine months ended September 30, 2024. |
Three Months Ended | |||||||||||||||||||||||||||||
December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | |||||||||||||||||||||||||
Net income (loss) (GAAP) | $ | 23.1 | $ | (14.0) | $ | 14.8 | $ | (21.7) | $ | 6.4 | |||||||||||||||||||
Income tax expense (benefit) | (1.5) | (3.1) | 32.0 | 29.9 | 5.5 | ||||||||||||||||||||||||
Interest income | (4.3) | (4.2) | (3.0) | (2.9) | (2.2) | ||||||||||||||||||||||||
Interest expense | 47.8 | 43.6 | 38.6 | 38.4 | 34.7 | ||||||||||||||||||||||||
Loss on refinancing | — | — | — | — | 7.1 | ||||||||||||||||||||||||
Depreciation and amortization | 38.0 | 33.3 | 30.2 | 30.6 | 38.2 | ||||||||||||||||||||||||
EBITDA (Non-GAAP) | 103.1 | 55.6 | 112.6 | 74.3 | 89.7 | ||||||||||||||||||||||||
Share-based compensation | 0.1 | 1.9 | 2.6 | 2.9 | 2.3 | ||||||||||||||||||||||||
Amortization of cloud-based software implementation costs | 0.9 | 1.8 | 1.0 | 1.0 | 1.1 | ||||||||||||||||||||||||
Foreign exchange loss (gain), net | (15.1) | (0.4) | (7.6) | 2.9 | (8.7) | ||||||||||||||||||||||||
Miscellaneous, net | — | (1.0) | (2.6) | (1.7) | 3.8 | ||||||||||||||||||||||||
Equity in earnings of unconsolidated subsidiaries | (3.6) | 2.9 | (1.5) | 1.5 | (5.4) | ||||||||||||||||||||||||
Restructuring and transformation expenses | 18.0 | 36.7 | 10.5 | 31.8 | 27.0 | ||||||||||||||||||||||||
Refinancing related costs | 5.4 | 6.9 | 5.0 | 2.1 | 1.8 | ||||||||||||||||||||||||
Non-routine expenses, net | 5.1 | (1.1) | (1.2) | 2.7 | 0.9 | ||||||||||||||||||||||||
Reorganization items, net | 9.1 | — | — | — | — | ||||||||||||||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 123.0 | $ | 103.3 | $ | 118.8 | $ | 117.5 | $ | 112.5 | |||||||||||||||||||
Adjusted EBITDA as a % of revenue | 11.9 | % | 11.5 | % | 12.6 | % | 12.7 | % | 11.4 | % | |||||||||||||||||||
Six months ended | Nine months ended | Twelve months ended | ||||||||||||||||||
June 30, 2024 | September 30, 2024 | December 31, 2024 | ||||||||||||||||||
Net income (loss) (GAAP) | $ | 0.8 | $ | (20.9) | $ | (14.5) | ||||||||||||||
Income tax expense | 28.9 | 58.8 | 64.3 | |||||||||||||||||
Interest income | (7.2) | (10.1) | (12.3) | |||||||||||||||||
Interest expense | 82.2 | 120.6 | 155.3 | |||||||||||||||||
Loss on refinancing | — | — | 7.1 | |||||||||||||||||
Depreciation and amortization | 63.5 | 94.1 | 132.3 | |||||||||||||||||
EBITDA (Non-GAAP) | 168.2 | 242.5 | 332.2 | |||||||||||||||||
Share-based compensation | 4.5 | 7.4 | 9.7 | |||||||||||||||||
Amortization of cloud-based software implementation costs | 2.8 | 3.8 | 4.9 | |||||||||||||||||
Foreign exchange loss (gain), net | (8.0) | (5.1) | (13.8) | |||||||||||||||||
Miscellaneous, net | (3.6) | (5.3) | (1.5) | |||||||||||||||||
Equity in earnings of unconsolidated subsidiaries | 1.4 | 2.9 | (2.5) | |||||||||||||||||
Restructuring and transformation expenses | 47.2 | 79.1 | 106.1 | |||||||||||||||||
Refinancing related costs | 11.9 | 14.0 | 15.8 | |||||||||||||||||
Non-routine expenses, net | (2.3) | 0.4 | 1.3 | |||||||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 222.1 | $ | 339.7 | $ | 452.2 | ||||||||||||||
Adjusted EBITDA as a % of revenue | 12.1 | % | 12.3 | % | 12.1 | % | ||||||||||||||
December 31, 2024 | December 31, 2023 | ||||||||||
Cash, cash equivalents, restricted cash and short-term investments (GAAP measure) | $ | 328.2 | $ | 605.7 | |||||||
Debt instruments | (966.0) | (1,253.9) | |||||||||
Net debt (Non-GAAP measure) | $ | (637.8) | $ | (648.2) |
Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
($ in millions, except per share data) | $ | EPS5 |
$ | EPS5 |
$ | EPS5 |
$ | EPS5 |
$ | EPS5 |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 23.1 | 0.61 | $ | (14.0) | (0.37) | $ | 14.8 | 0.39 | $ | (21.7) | (0.58) | $ | 6.4 | 0.17 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests | 0.6 | 0.02 | 0.6 | 0.02 | (0.1) | — | 0.7 | 0.02 | 0.8 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | 22.5 | 0.60 | $ | (14.6) | (0.39) | $ | 14.9 | 0.40 | $ | (22.4) | (0.60) | $ | 5.6 | $ | 0.15 | ||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and transition - personnel | 5.4 | 0.14 | 30.9 | 0.82 | (2.6) | (0.07) | 6.7 | 0.18 | 14.7 | 0.39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Transformation - other | 12.6 | 0.34 | 5.8 | 0.15 | 13.2 | 0.35 | 25.1 | 0.67 | 12.3 | 0.33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial restructuring costs | — | — | — | — | — | — | — | — | 1.8 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Refinancing related costs | 5.4 | 0.14 | 6.9 | 0.18 | 5.0 | 0.13 | 2.1 | 0.06 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-routine expense (income): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divestiture and asset sales | — | — | (0.9) | (0.02) | (1.7) | (0.05) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Legal/deal expense | 6.8 | 0.18 | 0.9 | 0.02 | 0.5 | 0.01 | 1.2 | 0.03 | 0.9 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | (1.7) | (0.05) | (1.1) | (0.03) | — | — | 1.5 | 0.04 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-routine expense (income), net | 5.1 | 0.14 | (1.1) | (0.03) | (1.2) | (0.03) | 2.7 | 0.07 | 0.9 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax benefit (expense) of Non-GAAP adjustments | (5.1) | (0.14) | (14.4) | (0.38) | 1.0 | 0.03 | (9.1) | (0.24) | 1.3 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (Non-GAAP) | $ | 46.5 | 1.24 | $ | 14.1 | 0.38 | $ | 30.2 | 0.80 | $ | 5.8 | 0.15 | $ | 37.4 | $ | 0.99 | ||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to noncontrolling interests (Non-GAAP) | 0.6 | 0.02 | 0.6 | 0.02 | (0.1) | — | 0.7 | 0.02 | 0.8 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total adjusted net income attributable to Diebold Nixdorf, Incorporated (Non-GAAP measure) | $ | 45.9 | $ | 1.22 | $ | 13.5 | $ | 0.36 | $ | 30.3 | $ | 0.81 | $ | 5.1 | $ | 0.14 | $ | 36.6 | $ | 0.97 | ||||||||||||||||||||||||||||||||||||||||||
YTD 6/30/2024 | YTD 9/30/2024 | YTD 12/31/2024 | ||||||||||||||||||||||||||||||||||||
($ in millions, except per share data) | $ | EPS5 |
$ | EPS5 |
$ | EPS5 |
||||||||||||||||||||||||||||||||
Net income (loss) | $ | 0.8 | 0.02 | $ | (20.9) | (0.56) | $ | (14.5) | (0.39) | |||||||||||||||||||||||||||||
Successor net income attributable to noncontrolling interests | 0.5 | 0.01 | 1.2 | 0.03 | 2.0 | 0.05 | ||||||||||||||||||||||||||||||||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ | 0.3 | 0.01 | $ | (22.1) | $ | (0.59) | $ | (16.5) | $ | (0.44) | |||||||||||||||||||||||||||
Restructuring and transition - personnel | 28.3 | 0.75 | 35.0 | 0.93 | 49.6 | 1.32 | ||||||||||||||||||||||||||||||||
Transformation - other | 19.0 | 0.51 | 44.1 | 1.17 | 56.5 | 1.50 | ||||||||||||||||||||||||||||||||
Financial restructuring costs | 11.9 | 0.32 | 14.0 | 0.37 | 15.8 | 0.42 | ||||||||||||||||||||||||||||||||
Non-routine expense (income): | ||||||||||||||||||||||||||||||||||||||
Divestiture and asset sales | (2.6) | (0.07) | (2.6) | (0.07) | (2.6) | (0.07) | ||||||||||||||||||||||||||||||||
Legal/deal expense | 1.4 | 0.04 | 2.6 | 0.07 | 3.5 | 0.09 | ||||||||||||||||||||||||||||||||
Other | (1.1) | (0.03) | 0.4 | 0.01 | 0.4 | 0.01 | ||||||||||||||||||||||||||||||||
Non-routine expense (income), net | (2.3) | (0.06) | 0.4 | 0.01 | 1.3 | 0.03 | ||||||||||||||||||||||||||||||||
Tax expense of Non-GAAP adjustments | (13.4) | (0.36) | (22.5) | (0.60) | (21.2) | (0.56) | ||||||||||||||||||||||||||||||||
Net income (Non-GAAP) | $ | 44.3 | 1.18 | $ | 50.1 | $ | 1.33 | $ | 87.5 | $ | 2.33 | |||||||||||||||||||||||||||
Net income attributable to noncontrolling interests (Non-GAAP) | 0.5 | 0.01 | 1.2 | 0.03 | 2.0 | 0.05 | ||||||||||||||||||||||||||||||||
Total adjusted net income attributable to Diebold Nixdorf, Incorporated (Non-GAAP measure) | $ | 43.8 | $ | 1.16 | $ | 48.9 | $ | 1.30 | $ | 85.5 | $ | 2.27 | ||||||||||||||||||||||||||