|By Business Wire||
|July 29, 2014 04:04 PM EDT||
NCR Corporation (NYSE: NCR) reported financial results today for the three months ended June 30, 2014.
"We made expected progress and generated solid results during the second quarter. In particular, I was pleased with software-related revenue growth of 42%, and organic software-related revenue growth of 15%," said Chairman and CEO Bill Nuti. "Our performance was led by Financial Services, where we are seeing continued demand for our branch transformation solutions and our expanded software portfolio following the acquisition of Digital Insight earlier this year."
Nuti continued, "As we enter the second half of our fiscal year we are implementing a restructuring plan focused on reallocating our resources to our highest growth, highest margin opportunities; in essence, aligning our resources to the realities of our transformed revenue streams. This is the right time for NCR to take this step now that we have the operational assets we need for the future, and have had time to assess the impact of our acquisitions and organic investments. This action, beyond being strategically sound, is also economically compelling. As a result of this restructuring program, NCR will achieve run-rate savings of approximately $90 million per year by 2016."
Q2 Financial Summary
|$ in millions, except per share amounts||2014||2013||Change|
|Income from operations||$169||$139||22%|
|Non-pension operating income (NPOI)||$210||$182||15%|
|Diluted earnings per share||$0.53||$0.51||4%|
|Non-GAAP diluted earnings per share||$0.68||$0.68||—|
* Revenue growth of 9% on a constant currency basis.
In this release, we use the non-GAAP measures non-pension operating income (NPOI), non-GAAP diluted earnings per share, free cash flow and revenue growth on a constant currency basis. These non-GAAP measures are described and reconciled to their corresponding GAAP measures elsewhere in this release.
Q2 Supplemental Revenue Information
|$ in millions||2014||2013||Change|
|Software License/Software Maintenance||172||154||12||%|
|Total Software-Related Revenue||446||314||42||%|
Software-related revenue increased 42% in the second quarter, including 247% growth related to SaaS. Excluding the contribution of Digital Insight, software-related revenue increased 15% and SaaS revenue increased 17%.
Q2 Operating Segment Results
|$ in millions||2014||2013||% Change|
|Revenue by segment|
|Operating income by segment|
|% of Financial Services Revenue||15.2||%||12.1||%|
|% of Retail Solutions Revenue||9.5||%||9.5||%|
|% of Hospitality Revenue||13.5||%||17.1||%|
|% of Emerging Industries Revenue||2.4||%||13.8||%|
|Segment operating income||$||210||$||182|
% of Total Revenue
Revenue increased 8% compared to the prior year led by strong growth in Financial Services, Hospitality and Emerging Industries. Within Financial Services, branch transformation continued to drive strong growth, and Digital Insight contributed $87 million of revenue in the second quarter of 2014. Retail Solutions results were as expected due to a difficult comparison versus the prior year.
Segment operating income increased 15% and as a percentage of total revenue increased 80 basis points compared to the prior year. The increase was led by Financial Services, where growth was driven by a higher mix of software-related revenue. Retail Solutions operating income was as expected, and improved as a percentage of Retail Solutions revenue compared to Q1 2014. Hospitality operating income was lower than the prior year due to a large software transaction in the prior year period, and improved significantly as a percentage of Hospitality revenue compared to Q1 2014. Emerging Industries operating income was negatively impacted by onboarding costs associated with new managed services contracts and continued investment in Small Business.
Free Cash Flow
|$ in millions||2014||2013|
|Net cash provided by operating activities||$||80||$||(32||)|
|Total capital expenditures||(73||)||(44||)|
|Net cash (used in) provided by operating activities from discontinued operations||(22||)||(25||)|
|Pension discretionary contributions and settlements||18||80|
|Free cash flow||$||3||$||(21||)|
Free cash flow increased mainly due to higher net income and improvements in working capital.
More information on NCR’s Q2 2014 earnings, including additional financial information and analysis, is available on NCR’s Investor Relations website at http://investor.ncr.com/.
Income from operations (GAAP) and Diluted earnings per share (GAAP) have been revised to reflect the impact of the expected charge of $150 million, or $0.61 per diluted share, to be incurred in connection with the restructuring plan described below. There have been no changes to revenue, non-pension operating income or non-GAAP diluted EPS included in the table below.
|$ in millions, except per share amounts||
|Revenue||$6,750 - $6,850 (1)||$6,123|
|Year-over-year revenue growth||10% - 12% (1)||7%|
|Income from operations (GAAP)||$580 - $600 (2) (3)||$666 (2)|
|Non-pension operating income (NPOI)||$900 - $920||$717|
|Diluted earnings per share (GAAP)||$1.75 - $1.85 (2) (3)||$2.67 (2)|
|Non-GAAP Diluted EPS||$3.00 - $3.10||$2.81|
(1) Includes 1% of expected unfavorable foreign currency fluctuations.
(2) For 2013, includes actuarial mark-to-market pension adjustment; for 2014, excludes actuarial mark-to-market pension adjustments to be determined in Q4 2014.
(3) Revised to reflect the expected pre-tax charge of $150 million, or $0.61 per diluted share, related to the restructuring plan described below.
NCR expects approximately $200 million of other expense, net including interest expense in 2014 and that its full-year 2014 effective income tax rate will be approximately 26%.
NCR announced a restructuring plan to strategically reallocate resources to position NCR to focus on our highest growth, highest margin opportunities in the software-driven consumer transaction technologies industry. The program is centered on ensuring our people and processes are aligned with our continued transformation and include: rationalizing our product portfolio to eliminate overlap and redundancy; end-of-lifeing older commodity product lines that are costly to maintain and provide little to no return; moving lower productivity services positions to our new centers of excellence due to the positive impact of services innovation; and reducing layers of management and organizing around divisions to improve decision-making, accountability and strategic execution.
NCR expects to incur a related pre-tax charge in the range of approximately $150 million to $200 million that will be included in income from operations, with approximately $150 million recorded in 2014 and the remainder recorded in 2015. The estimate includes both severance and asset related charges. The cash impact of the restructuring plan is expected to be approximately $50 million in 2014 and $50 million in 2015. Annualized savings are expected to reach approximately $90 million by 2016.
Q3 2014 Outlook
For the third quarter of 2014, the Company expects non-pension operating income (NPOI) to be in the range of $215 million to $225 million, compared to $185 million in the third quarter of 2013 and income from operations to be in the range of $50 million to $60 million, compared to $145 million in the third quarter of 2013. Income from operations includes an estimated pre-tax charge of $125 million in the third quarter of 2014 related to the restructuring plan described above. NCR expects its third quarter 2014 effective income tax rate to be approximately 28% and other expense, net including interest expense to be approximately $50 million.
2014 Second Quarter Earnings Conference Call
A conference call is scheduled for today at 4:30 p.m. (EDT) to discuss the second quarter results and guidance for third quarter and full-year 2014. Access to the conference call and accompanying slides, as well as a replay of the call, is available on NCR's web site at http://investor.ncr.com/. Additionally, the live call can be accessed by dialing 888-245-0932 and entering the participant passcode 2819778.
About NCR Corporation
NCR Corporation (NYSE: NCR) is the global leader in consumer transaction technologies, turning everyday interactions with businesses into exceptional experiences. With its software, hardware, and portfolio of services, NCR enables more than 485 million transactions daily across the financial, retail, hospitality, travel, telecom and technology industries. NCR solutions run the everyday transactions that make your life easier.
NCR is headquartered in Duluth, Georgia with over 29,000 employees and does business in 180 countries. NCR is a trademark of NCR Corporation in the United States and other countries. NCR encourages investors to visit its web site which is updated regularly with financial and other important information about NCR.
Note to Investors This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements use words such as “expect,” “anticipate,” “outlook,” “intend,” “believe,” “will,” “should,” “would,” “could” and words of similar meaning. Statements that describe or relate to NCR’s future plans, goals, intentions, strategies or financial outlook, and statements that do not relate to historical or current fact, are examples of forward-looking statements. The forward-looking statements in this release include statements about the transformation of NCR and its business; the demand for NCR's branch transformation and financial services software solutions; NCR's recently announced restructuring plan and its costs, expected benefits and results; NCR's anticipated growth; and NCR's 2014 financial outlook (including in the sections entitled “2014 Outlook” and “Q3 2014 Outlook”). Forward-looking statements are based on our current beliefs, expectations and assumptions, which may not prove to be accurate, and involve a number of known and unknown risks and uncertainties, many of which are out of NCR's control. Forward-looking statements are not guarantees of future performance, and there are a number of important factors that could cause actual outcomes and results to differ materially from the results contemplated by such forward-looking statements, including those factors relating to: domestic and global economic and credit conditions; the impact of our indebtedness and its terms on our financial and operating activities; our ability to successfully introduce new solutions and compete and in the information technology industry; the transformation of our business model and our ability to sell higher-margin software and services; defects or errors in our products; manufacturing disruptions; the historical seasonality of our sales; foreign currency fluctuations; the availability and success of acquisitions, divestitures and alliances, including the acquisition of Digital Insight; our pension strategy and underfunded pension obligation; the success of our recently announced restructuring plan; tax rates; compliance with data privacy and protection requirements; reliance on third party suppliers; development and protection of intellectual property; workforce turnover and the ability to attract and retain skilled employees; environmental exposures from our historical and ongoing manufacturing activities; and uncertainties with regard to regulations, lawsuits, claims and other matters across various jurisdictions. Additional information concerning these and other factors can be found in the Company's filings with the U.S. Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it is made. The Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures While NCR reports its results in accordance with Generally Accepted Accounting Principles in the United States, or GAAP, in this release NCR also uses the non-GAAP measures listed and described below.
Non-Pension Operating Income and Non-GAAP Diluted Earnings Per Share. NCR’s non-pension operating income and non-GAAP diluted earnings per share are determined by excluding pension expense and special items, including amortization of acquisition related intangibles, from NCR’s GAAP income (loss) from operations. Due to the significant change in its pension expense from year to year and the non-operational nature of pension expense and these special items, NCR's management uses non-pension operating income and non-GAAP diluted earnings per share to evaluate year-over-year operating performance, to manage and determine the effectiveness of its business managers and as a basis for incentive compensation. NCR believes these measures are useful for investors because they provide a more complete understanding of NCR's underlying operational performance, as well as consistency and comparability with NCR's past reports of financial results.
Free Cash Flow. NCR defines free cash flow as net cash provided by/used in operating activities and cash flow provided by/used in discontinued operations less capital expenditures for property, plant and equipment, additions to capitalized software, discretionary pension contributions and settlements. NCR's management uses free cash flow to assess the financial performance of the Company and believes it is useful for investors because it relates the operating cash flow of the Company to the capital that is spent to continue and improve business operations. In particular, free cash flow indicates the amount of cash generated after capital expenditures which can be used for, among other things, investment in the Company's existing businesses, strategic acquisitions, strengthening the Company's balance sheet, repurchase of Company stock and repayment of the Company's debt obligations. Free cash flow does not represent the residual cash flow available for discretionary expenditures since there may be other nondiscretionary expenditures that are not deducted from the measure. Free cash flow does not have a uniform definition under GAAP and, therefore, NCR's definition may differ from other companies' definitions of this measure.
Revenue Growth on a Constant Currency Basis. NCR’s period-over-period revenue growth on a constant currency basis excludes the effects of foreign currency translation. Due to the variability of foreign exchange rates from period to period, NCR’s management uses revenue on a constant currency basis to evaluate period-over-period operating performance. Revenue growth on a constant currency basis is calculated by translating prior period revenue at current period monthly average exchange rates.
NCR's definitions and calculations of these non-GAAP measures may differ from similarly-titled measures reported by other companies and cannot, therefore, be compared with similarly-titled measures of other companies. These non-GAAP measures should not be considered as substitutes for, or superior to, results determined in accordance with GAAP. These non-GAAP measures are reconciled to their corresponding GAAP measures elsewhere in this release or in the tables below.
Reconciliation of Diluted Earnings Per Share (GAAP) to Non-GAAP Diluted Earnings Per Share (non-GAAP)
|Diluted EPS (GAAP)||$||0.53||$||0.51||$1.75 - $1.85||$||2.67|
|Pension (benefit) expense||—||0.03||0.03||(0.34||)|
|Acquisition-related amortization of intangibles||0.11||0.07||0.47||0.29|
|Acquisition-related purchase price adjustments||0.01||0.01||0.02||0.06|
|OFAC and FCPA Investigations (1)||—||—||0.01||0.01|
|Japan valuation reserve release||—||—||—||(0.09||)|
|Non- GAAP Diluted EPS||$||0.68||$||0.68||$3.00 - $3.10||$||2.81|
Reconciliation of Income from Operations (GAAP) to Non-pension Operating Income (non-GAAP)
|$ in millions||
|Income from Operations (GAAP)||$||169||$||139||$580 - $600||$||666||$50 - $60||$||145|
|Pension (benefit) expense||2||9||8||(78||)||3||5|
|Acquisition-related amortization of intangibles||30||17||121||65||30||17|
|Acquisition-related purchase price adjustments||2||3||6||15||1||3|
|OFAC and FCPA Investigations (1)||1||—||
|Non-pension Operating Income (non-GAAP)||$||210||$||182||$900 - $920||$||717||$215 - $225||$||185|
Reconciliation of Revenue Growth (GAAP) to Revenue Growth on a Constant Currency Basis (non-GAAP)
Revenue Growth %
Constant Currency Revenue Growth %
(1) Estimated expenses for 2014 will be affected by, among other things, the status and progress of these matters. There can be no assurance that the Company will not be subject to fines or other remedial measures as a result of OFAC’s, the SEC’s or the DOJ’s investigations.
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(Unaudited) (in millions, except per share amounts)|
|For the Periods Ended June 30|
|Three Months||Six Months|
|Cost of products||531||550||1,007||1,053|
|Cost of services||647||559||1,273||1,097|
|Total gross margin||480||426||896||795|
|% of Revenue||29.0||%||27.8||%||28.2||%||27.0||%|
|Selling, general and administrative expenses||247||232||492||461|
|Research and development expenses||64||55||127||110|
|Income from operations||169||139||277||224|
|% of Revenue||10.2||%||9.1||%||8.7||%||7.6||%|
|Other (expense) income, net||(3||)||(3||)||(10||)||(1||)|
|Total other (expense), net||(49||)||(29||)||(99||)||(48||)|
|Income before income taxes and discontinued operations||120||110||178||176|
|% of Revenue||7.2||%||7.2||%||5.6||%||6.0||%|
|Income tax expense||29||23||33||25|
|Income from continuing operations||91||87||145||151|
|Loss from discontinued operations, net of tax||—||—||—||(1||)|
|Net income attributable to noncontrolling interests||1||1||2||3|
|Net income attributable to NCR||$||90||$||86||$||143||$||147|
|Amounts attributable to NCR common stockholders:|
|Income from continuing operations||$||90||$||86||$||143||$||148|
|Loss from discontinued operations, net of tax||—||—||—||(1||)|
|Net income per share attributable to NCR common stockholders:|
|Net income per common share from continuing operations|
|Net income per common share|
|Weighted average common shares outstanding|
|CONSOLIDATED REVENUE AND OPERATING INCOME SUMMARY|
|(Unaudited) (in millions)|
|For the Periods Ended June 30|
|Three Months||Six Months|
|2014||2013||% Change||2014||2013||% Change|
|Revenue by segment|
|Operating income by segment|
|% of Revenue||15.2||%||12.1||%||14.2||%||10.2||%|
|% of Revenue||9.5||%||9.5||%||8.5||%||9.0||%|
|% of Revenue||13.5||%||17.1||%||11.0||%||16.6||%|
% of Revenue
|Subtotal-segment operating income||$||210||$||182||$||365||$||311|
|% of Revenue||12.7||%||11.9||%||11.5||%||10.6||%|
|Other adjustments (1)||39||34||87||71|
|Total income from operations||$||169||$||139||$||277||$||224|
(1) Other adjustments for the three months ended June 30, 2014 include $30 million of acquisition-related amortization of intangible assets, $6 million of acquisition-related costs, $2 million of acquisition-related purchase price adjustments and $1 million of legal costs related to previously disclosed OFAC and FCPA investigations; other adjustments for the three months ended June 30, 2013 include $17 million of acquisition-related amortization of intangible assets, $14 million of acquisition-related costs and $3 million of acquisition-related purchase price adjustments. Other adjustments for the six months ended June 30, 2014 include $60 million of acquisition-related amortization of intangible assets, $20 million of acquisition-related costs, $5 million of acquisition-related purchase price adjustments and $2 million of legal costs related to previously disclosed OFAC and FCPA investigations; other adjustments for the six months ended June 30, 2013 include $31 million of acquisition-related amortization of intangible assets, $30 million of acquisition-related costs, $9 million of acquisition-related purchase price adjustments and $1 million of legal costs related to previously disclosed OFAC and FCPA investigations.
|CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)|
|(in millions, except per share amounts)|
|Cash and cash equivalents||$||483||$||515||$||528|
|Accounts receivable, net||1,464||1,442||1,339|
|Other current assets||627||608||568|
|Total current assets||3,390||3,385||4,339|
|Property, plant and equipment, net||402||390||352|
|Prepaid pension cost||520||495||478|
|Deferred income taxes||247||252||441|
|Liabilities and stockholders’ equity|
|Payroll and benefits liabilities||188||183||191|
|Deferred service revenue and customer deposits||563||587||525|
|Other current liabilities||464||479||461|
|Total current liabilities||1,976||2,008||1,881|
|Pension and indemnity plan liabilities||529||532||532|
|Postretirement and postemployment benefits liabilities||169||170||169|
|Income tax accruals||178||182||189|
|Redeemable noncontrolling interests||15||14||14|
|NCR stockholders' equity:|
|Preferred stock: par value $0.01 per share, 100.0 shares authorized, no shares|
|issued and outstanding as of June 30, 2014 and December 31, 2013,|
|Common stock: par value $0.01 per share, 500.0 shares authorized, 168.0,|
|167.8 and 166.6 shares issued and outstanding as of June 30, 2014, March 31,|
|2014 and December 31, 2013, respectively||2||2||2|
|Accumulated other comprehensive loss||(14||)||(33||)||(38||)|
|Total NCR stockholders' equity||1,941||1,820||1,769|
|Noncontrolling interests in subsidiaries||13||14||14|
|Total stockholders' equity||1,954||1,834||1,783|
|Total liabilities and stockholders' equity||$||8,849||$||8,828||$||8,108|
|CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS|
|(Unaudited) (in millions)|
|For the Periods Ended June 30|
|Three Months||Six Months|
Adjustments to reconcile net income to net cash (used in) provided
|Loss from discontinued operations||—||—||—||1|
|Depreciation and amortization||73||50||142||97|
|Stock-based compensation expense||9||12||19||22|
|Deferred income taxes||7||(1||)||10||(10||)|
|Gain on sale of property, plant and equipment and other assets||(1||)||(1||)||(2||)||(5||)|
|Changes in assets and liabilities:|
|Current payables and accrued expenses||2||2||2||(34||)|
|Deferred service revenue and customer deposits||(24||)||(17||)||35||56|
|Employee benefit plans||(38||)||(98||)||(59||)||(132||)|
|Other assets and liabilities||(20||)||(12||)||(66||)||(64||)|
|Net cash provided by (used in) operating activities||80||(32||)||111||(11||)|
|Expenditures for property, plant and equipment||(34||)||(20||)||(66||)||(44||)|
|Proceeds from sales of property, plant and equipment||—||2||—||2|
|Additions to capitalized software||(39||)||(24||)||(73||)||(45||)|
|Business acquisition, net||—||(15||)||(1,642||)||(696||)|
|Changes in restricted cash||—||—||1,114||—|
|Other investing activities, net||8||1||4||6|
|Net cash used in investing activities||(65||)||(56||)||(663||)||(777||)|
|Tax withholding payments on behalf of employees||(2||)||(2||)||(24||)||(27||)|
|Short term borrowings, net||3||5||9||6|
|Payments on term credit facilities||(3||)||(17||)||(3||)||(35||)|
|Borrowings on term credit facilities||—||—||250||—|
|Payments on revolving credit facility||(195||)||(75||)||(255||)||(495||)|
|Borrowings on revolving credit facility||170||160||570||725|
|Debt issuance costs||(1||)||(1||)||(3||)||(3||)|
|Proceeds from employee stock plans||2||27||7||45|
|Other financing activities||(2||)||—||(3||)||—|
|Net cash (used in) provided by financing activities||(28||)||97||548||216|
|Cash flows from discontinued operations|
|Net cash used in discontinued operations||(22||)||(25||)||(38||)||(24||)|
|Effect of exchange rate changes on cash and cash equivalents||3||(7||)||(3||)||(13||)|
|Decrease in cash and cash equivalents||(32||)||(23||)||(45||)||(609||)|
|Cash and cash equivalents at beginning of period||515||483||528||1,069|
|Cash and cash equivalents at end of period||$||483||$||460||$||483||$||460|
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