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Share Name | Share Symbol | Market | Type |
---|---|---|---|
NCR Corp | NYSE:NCR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 27.08 | 0 | 01:00:00 |
Revenue Up 4% and Up 8% Constant Currency
NCR Corporation (NYSE: NCR) reported financial results today for the three months ended September 30, 2022. Third quarter and other recent highlights include:
“We are pleased with our third quarter results, which represent strong execution with solid revenue growth and significant margin expansion, despite ongoing macroeconomic and geopolitical volatility,” said Michael Hayford, Chief Executive Officer. “Our third quarter results demonstrate the power of our strategy that is transforming NCR into a software-led as-a-service company with a higher mix of recurring revenue streams.”
Hayford continued, “We are working towards separating NCR into two public companies, which is the right next step in NCR’s transformation. We believe the separation will unlock significant value for stockholders.”
In this release, we use certain non-GAAP measures, including presenting certain measures on a constant currency basis. These non-GAAP measures include “free cash flow,” “Adjusted EBITDA,” and others with the words “non-GAAP” or "constant currency" in their titles. These non-GAAP measures are listed, described and reconciled to their most directly comparable GAAP measures under the heading “Non-GAAP Financial Measures” later in this release.
Third Quarter 2022 Operating Results
Effective January 1, 2022, the Company realigned its reportable segments to correspond with changes to its operating model, management structure and organizational responsibilities. Prior periods have been reclassified in order to conform to current period presentation.
Revenue Third quarter revenue of $1,972 million increased 4% year over year. Foreign currency fluctuations had an unfavorable impact on the revenue comparison of 4%. The following table shows revenue for the third quarter:
$ in millions
Q3 2022
Q3 2021
% Increase
(Decrease)
% Increase (Decrease)
Constant Currency
Retail
$
575
$
541
6
%
12
%
Hospitality
238
224
6
%
8
%
Digital Banking
137
128
7
%
7
%
Payments & Network
336
304
11
%
14
%
Self-Service Banking
640
637
—
%
6
%
Other
58
75
(23
) %
(18
) %
Eliminations (1)
(12
)
(8
)
50
%
50
%
Total revenue
$
1,972
$
1,901
4
%
8
%
Recurring revenue
$
1,222
$
1,181
3
%
7
%
Recurring revenue %
62
%
62
%
(1)
Eliminations include revenues from contracts with customers and the related costs that are reported in the Payments & Network segment as well as in the Retail or Hospitality segments, including merchant acquiring services that are monetized via payments.
Strategic Review
On September 15, 2022, the Company announced a plan to separate into two independent, publicly traded companies – one focused on digital commerce, the other on ATMs. The separation is intended to be structured in a tax-free manner and is targeted for the end of 2023. The separation transaction will follow the satisfaction of customary conditions, including effectiveness of appropriate filings with the U.S. Securities and Exchange Commission, and the completion of audited financials.
2022 Third Quarter Earnings Conference Call
A conference call is scheduled for today at 4:30 p.m. Eastern Time to discuss the third quarter 2022 results. Access to the conference call and accompanying slides, as well as a replay of the call, are available on NCR's web site at http://investor.ncr.com. Additionally, the live call can be accessed by dialing 888-820-9413 (United States/Canada Toll-free) or 786-460-7169 (International Toll) and entering the participant passcode 1883509.
More information on NCR’s third quarter earnings, including additional financial information and analysis, is available on NCR’s Investor Relations website at http://investor.ncr.com/.
About NCR Corporation NCR Corporation (NYSE: NCR) is a leader in transforming, connecting and running technology platforms for self-directed banking, stores and restaurants. NCR is headquartered in Atlanta, Georgia, with 38,000 employees globally. NCR is a trademark of NCR Corporation in the United States and other countries.
Website: www.ncr.com Twitter: @NCRCorporation Facebook: www.facebook.com/ncrcorp LinkedIn: https://www.linkedin.com/company/ncr-corporation YouTube: www.youtube.com/user/ncrcorporation
Cautionary Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements use words such as “expect,” “anticipate,” “outlook,” “intend,” “plan,” “confident,” “believe,” “will,” “should,” “would,” “potential,” “positioning,” “proposed,” “planned,” “objective,” “likely,” “could,” “may,” and words of similar meaning, as well as other words or expressions referencing future events, conditions or circumstances. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Act. Statements that describe or relate to NCR’s plans, goals, intentions, strategies, or financial outlook, and statements that do not relate to historical or current fact, are examples of forward-looking statements. Examples of forward-looking statements in this release include, without limitation, statements regarding: our expectations of demand for our solutions and execution, and the impact thereof on our financial results in 2022; NCR’s focus on advancing our strategic growth initiatives and transforming NCR into a software-led as-a-service company with a higher mix of recurring revenue streams; our expectations of NCR's ability to deliver increased value to customers and stockholders; statements regarding the planned separation of NCR into two separate companies, including, but not limited to, statements regarding the anticipated timing and structure of such planned transaction, the future commercial or financial performance of the digital commerce company or the ATM company following such planned transaction, value creation and ability to innovate and drive growth generally as a result of such transaction, and the expected capital structure of the companies at the time of and following the transaction. 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:
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. There can be no guarantee that the planned separation will be completed in the expected form or within the expected time frame or at all. Nor can there be any guarantee that the digital commerce business and ATM business after a separation will be able to realize any of the potential strategic benefits, synergies or opportunities as a result of these actions. Neither can there be any guarantee that shareholders will achieve any particular level of shareholder returns. Nor can there be any guarantee that the planned separation will enhance value for shareholders, or that NCR or any of its divisions, or separate digital commerce and ATM business, will be commercially successful in the future, or achieve any particular credit rating or financial results. 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, except as required by law.
Non-GAAP Financial Measures
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-GAAP Diluted Earnings Per Share (EPS), Gross Margin (non-GAAP), Gross Margin Rate (non-GAAP), Operating Income (non-GAAP), and Net Income from Continuing Operations Attributable to NCR (non-GAAP). NCR’s non-GAAP diluted EPS, gross margin (non-GAAP), gross margin rate (non-GAAP), operating income (non-GAAP), and net income from continuing operations attributable to NCR (non-GAAP) are determined by excluding, as applicable, pension mark-to-market adjustments, pension settlements, pension curtailments and pension special termination benefits, as well as other special items, including amortization of acquisition related intangibles and transformation and restructuring activities, from NCR’s GAAP earnings per share, gross margin, gross margin rate, expenses, income from operations, operating margin rate, other (expense), income tax expense, effective income tax rate and net income from continuing operations attributable to NCR, respectively. Due to the non-operational nature of these pension and other special items, NCR's management uses these non-GAAP measures to evaluate year-over-year operating performance. 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.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA). NCR determines Adjusted EBITDA for a given period based on its GAAP net income from continuing operations attributable to NCR plus interest expense, net; plus income tax expense (benefit); plus depreciation and amortization; plus stock-based compensation expense; plus other income (expense); plus pension mark-to-market adjustments, pension settlements, pension curtailments and pension special termination benefits and other special items, including amortization of acquisition related intangibles and restructuring charges, among others. NCR uses Adjusted EBITDA to manage and measure the performance of its business segments. NCR also uses Adjusted EBITDA to manage and determine the effectiveness of its business managers and as a basis for incentive compensation. NCR believes that Adjusted EBITDA provides useful information to investors because it is an indicator of the strength and performance of the Company's ongoing business operations, including its ability to fund discretionary spending such as capital expenditures, strategic acquisitions and other investments.
Adjusted EBITDA margin is calculated based on Adjusted EBITDA as a percentage of total revenue. Adjusted EBITDA margin by segment is calculated based on segment Adjusted EBITDA divided by the related component of revenue.
Special Item Related to Russia The war in Eastern Europe and related sanctions imposed on Russia and related actors by the United States and other jurisdictions required us to commence the orderly wind down of our operations in Russia beginning in the first quarter of 2022. As of September 30, 2022, we have ceased operations in Russia and are in process of dissolving our only subsidiary in Russia. As a result, for the three and nine months ending September 30, 2022, our non-GAAP presentation of the measures described above exclude the immaterial impact of our operating results in Russia, as well as the impact of impairments taken to write down the carrying value of assets and liabilities, severance charges, and the assessment of collectability on revenue recognition. We consider this to be a non-recurring special item and management has reviewed the results of its business segments excluding these impacts. We have not adjusted the presentation of the prior year periods due to the immaterial impact of Russia to revenue and income from continuing operations for the three and nine months ended September 30, 2021.
Free Cash Flow. NCR defines free cash flow as net cash provided by (used in) operating activities less capital expenditures for property, plant and equipment, less additions to capitalized software, plus/minus restricted cash settlement activity, plus acquisition-related items, less the impact from the initial sale of trade accounts receivables under the agreement entered into during the 3rd quarter of 2021, and plus pension contributions and pension 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 uniform definitions under GAAP and, therefore, NCR's definitions may differ from other companies' definitions of these measures.
Constant Currency. NCR presents certain financial measures, such as period-over-period revenue growth, on a constant currency basis, which excludes the effects of foreign currency translation by translating prior period results at current period monthly average exchange rates. Due to the overall variability of foreign exchange rates from period to period, NCR’s management uses constant currency measures to evaluate period-over-period operating performance on a more consistent and comparable basis. NCR’s management believes that presentation of financial measures without this result may contribute to an understanding of the Company's period-over-period operating performance and provides additional insight into historical and/or future performance, which may be helpful for investors.
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.
Use of Certain Terms
Recurring revenue includes all revenue streams from contracts where there is a predictable revenue pattern that will occur at regular intervals with a relatively high degree of certainty. This includes hardware and software maintenance revenue, cloud revenue, payment processing revenue, interchange and network revenue, cryptocurrency-related revenue, and certain professional services arrangements, as well as term-based software license arrangements that include customer termination rights.
Reconciliation of Gross Margin (GAAP) to Gross Margin (Non-GAAP)
$ in millions
Q3 2022
Q3 2021
Gross Margin (GAAP)
$
493
$
520
Transformation and restructuring costs
8
3
Acquisition-related amortization of intangibles
27
23
Gross Margin (Non-GAAP)
$
528
$
546
Reconciliation of Gross Margin Rate (GAAP) to Gross Margin Rate (Non-GAAP)
Q3 2022
Q3 2021
Gross Margin Rate (GAAP)
25.0
%
27.4
%
Transformation and restructuring costs
0.4
%
0.1
%
Acquisition-related amortization of intangibles
1.4
%
1.2
%
Gross Margin Rate (Non-GAAP)
26.8
%
28.7
%
Reconciliation of Income from Operations (GAAP) to Operating Income (Non-GAAP)
$ in millions
Q3 2022
Q3 2021
Income (Loss) from Operations (GAAP)
$
187
$
157
Transformation and restructuring costs
17
5
Acquisition-related amortization of intangibles
44
45
Acquisition-related costs
1
8
Operating Income (Non-GAAP)
$
249
$
215
Reconciliation of Net Income from Continuing Operations Attributable to NCR (GAAP) to Earnings Before Interest, Depreciation, Taxes and Amortization (Adjusted EBITDA)
$ in millions
Q3 2022
Q3 2021
Net Income (Loss) from Continuing Operations Attributable to NCR (GAAP)
$
69
$
12
Transformation and restructuring costs
17
5
Acquisition-related amortization of intangibles
44
45
Acquisition-related costs
1
9
Depreciation and amortization (excluding acquisition-related amortization of intangibles)
107
104
Loss on Debt Extinguishment
—
42
Interest expense
74
68
Interest income
(3
)
—
Income tax expense (benefit)
43
29
Stock-based compensation expense
28
38
Adjusted EBITDA (Non-GAAP)
$
380
$
352
Reconciliation of Diluted Earnings Per Share from Continuing Operations (GAAP) to Non-GAAP Diluted Earnings Per Share from Continuing Operations (Non-GAAP)
Q3 2022
Q3 2021
Diluted Earnings Per Share from Continuing Operations (GAAP) (1)
$
0.46
$
0.06
Transformation and restructuring costs
0.11
0.03
Acquisition-related amortization of intangibles
0.23
0.24
Acquisition-related costs
0.01
0.05
Debt extinguishment
—
0.28
Debt refinancing
—
0.01
Diluted Earnings Per Share from Continuing Operations (Non-GAAP) (1)
$
0.80
$
0.69
(1)
Non-GAAP diluted EPS is determined using the conversion of the Series A Convertible Preferred Stock into common stock in the calculation of weighted average diluted shares outstanding. GAAP EPS is determined using the most dilutive measure, either including the impact of dividends or deemed dividends on the Company's Series A Convertible Preferred Stock in the calculation of net income or loss available to common stockholders or including the impact of the conversion of the Series A Convertible Preferred Stock into common stock in the calculation of the weighted average diluted shares outstanding. Therefore, GAAP diluted EPS and non-GAAP diluted EPS may not mathematically reconcile.
Reconciliation of Net Cash Provided by Operating Activities (GAAP) to Free Cash Flow (Non-GAAP)
$ in millions
Q3 2022
Q3 2021
Net cash provided by (used in) operating activities
$
127
$
497
Total capital expenditures
(115
)
(102
)
Restricted cash settlement activity
(43
)
—
Initial sale of Trade Accounts Receivable
—
(274
)
Pension contributions
3
4
Free cash flow
$
(28
)
$
125
Reconciliation of As Reported Growth % (GAAP) to Growth Constant Currency % (Non-GAAP)
Three months ended September 30, 2022
Nine months ended September 30, 2022
$ in millions
As Reported
Growth %
Favorable
(Unfavorable)
FX Impact
Growth %
Constant Currency
(non-GAAP)
As Reported
Growth %
Favorable
(Unfavorable)
FX Impact
Growth %
Constant Currency
(non-GAAP)
Revenue by segment
Retail
6
%
(6
) %
12
%
4
%
(4
) %
8
%
Hospitality
6
%
(2
) %
8
%
11
%
(1
) %
12
%
Digital Banking
7
%
—
%
7
%
6
%
—
%
6
%
Payments & Network
11
%
(3
) %
14
%
154
%
(8
) %
162
%
Self-Service Banking
—
%
(6
) %
6
%
1
%
(4
) %
5
%
Other
(23
) %
(5
) %
(18
) %
(18
) %
(3
) %
(15
) %
Eliminations
50
%
—
%
50
%
78
%
—
%
78
%
Total segment revenue
4
%
(4
) %
8
%
14
%
(3
) %
17
%
Total revenue
4
%
(4
) %
8
%
14
%
(4
) %
18
%
Recurring Revenue
3
%
(4
) %
7
%
21
%
(4
) %
25
%
Adjusted EBITDA
8
%
(7
%)
15
%
11
%
(5
%)
16
%
Non-GAAP Diluted EPS
16
%
(24
%)
40
%
1
%
(11
%)
12
%
Schedule A
NCR CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in millions, except per share amounts)
For the Periods Ended September 30
Three Months
Nine Months
2022
2021
2022
2021
Revenue
Product
$
590
$
520
$
1,720
$
1,553
Service
1,382
1,381
4,115
3,569
Total Revenue
1,972
1,901
5,835
5,122
Cost of products
524
429
1,560
1,290
Cost of services
955
952
2,900
2,442
Total gross margin
493
520
1,375
1,390
% of Revenue
25.0
%
27.4
%
23.6
%
27.1
%
Selling, general and administrative expenses
284
294
906
835
Research and development expenses
22
69
146
204
Income (loss) from operations
187
157
323
351
% of Revenue
9.5
%
8.3
%
5.5
%
6.9
%
Loss on extinguishment of debt
—
(42
)
—
(42
)
Interest expense
(74
)
(68
)
(204
)
(174
)
Other income (expense), net
(1
)
(5
)
9
(23
)
Total interest and other expense, net
(75
)
(115
)
(195
)
(239
)
Income (loss) from continuing operations before income taxes
112
42
128
112
% of Revenue
5.7
%
2.2
%
2.2
%
2.2
%
Income tax expense (benefit)
43
29
56
77
Income (loss) from continuing operations
69
13
72
35
Income (loss) from discontinued operations, net of tax
—
—
5
—
Net income (loss)
69
13
77
35
Net income (loss) attributable to noncontrolling interests
—
1
1
2
Net income (loss) attributable to NCR
$
69
$
12
$
76
$
33
Amounts attributable to NCR common stockholders:
Income (loss) from continuing operations
$
69
$
12
$
71
$
33
Dividends on convertible preferred stock
(4
)
(4
)
(12
)
(12
)
Income (loss) from continuing operations attributable to NCR common stockholders
65
8
59
21
Income (loss) from discontinued operations, net of tax
—
—
5
—
Net income (loss) attributable to NCR common stockholders
$
65
$
8
$
64
$
21
Income (loss) per share attributable to NCR common stockholders:
Income (loss) per common share from continuing operations
Basic
$
0.47
$
0.06
$
0.43
$
0.16
Diluted (1)
$
0.46
$
0.06
$
0.42
$
0.15
Net income (loss) per common share
Basic
$
0.47
$
0.06
$
0.47
$
0.16
Diluted (1)
$
0.46
$
0.06
$
0.45
$
0.15
Weighted average common shares outstanding
Basic
137.0
131.5
136.4
130.8
Diluted (1)
140.3
137.8
140.9
137.1
(1)
Diluted EPS is determined using the most dilutive measure, either including the impact of the dividends and deemed dividends on NCR's Series A Convertible Preferred Shares in the calculation of net income or loss per common share from continuing operations and net income or loss per common share or including the impact of the conversion of such preferred stock into common stock in the calculation of the weighted average diluted shares outstanding.
Schedule B
NCR CORPORATION
REVENUE AND ADJUSTED EBITDA SUMMARY
(Unaudited)
(in millions)
For the Periods Ended September 30
Three Months
Nine Months
2022
2021
%
Change
% Change
Constant
Currency
2022
2021
%
Change
% Change
Constant
Currency
Revenue by segment
Retail
$
575
$
541
6
%
12
%
$
1,683
$
1,623
4
%
8
%
Hospitality
238
224
6
%
8
%
687
618
11
%
12
%
Digital Banking
137
128
7
%
7
%
404
380
6
%
6
%
Payments & Network
336
304
11
%
14
%
967
380
154
%
162
%
Self-Service Banking
640
637
—
%
6
%
1,930
1,910
1
%
5
%
Other
58
75
(23
) %
(18
) %
187
229
(18
) %
(15
) %
Eliminations
(12
)
(8
)
50
%
50
%
(32
)
(18
)
78
%
78
%
Total segment revenue
$
1,972
$
1,901
4
%
8
%
$
5,826
$
5,122
14
%
17
%
Other adjustment (1)
—
—
9
—
Total revenue
$
1,972
$
1,901
4
%
8
%
$
5,835
$
5,122
14
%
18
%
Adjusted EBITDA by segment
Retail
$
128
$
104
23
%
$
299
$
323
(7
) %
Retail Adjusted EBITDA margin %
22.3
%
19.2
%
17.8
%
19.9
%
Hospitality
51
44
16
%
138
119
16
%
Hospitality Adjusted EBITDA margin %
21.4
%
19.6
%
20.1
%
19.3
%
Digital Banking
60
52
15
%
172
161
7
%
Digital Banking Adjusted EBITDA margin %
43.8
%
40.6
%
42.6
%
42.4
%
Payments & Network
114
111
3
%
309
133
132
%
Payments & Network Adjusted EBITDA margin %
33.9
%
36.5
%
32.0
%
35.0
%
Self-Service Banking
150
155
(3
) %
404
432
(6
) %
Self-Service Banking Adjusted EBITDA margin %
23.4
%
24.3
%
20.9
%
22.6
%
Corporate and Other (2)
(112
)
(109
)
3
%
(307
)
(265
)
16
%
Eliminations
(11
)
(5
)
120
%
(25
)
(12
)
108
%
Total Adjusted EBITDA
$
380
$
352
8
%
15
%
$
990
$
891
11
%
16
%
Total Adjusted EBITDA margin %
19.3
%
18.5
%
17.0
%
17.4
%
(1)
Other adjustment reflects the revenue attributable to the Company's operations in Russia for the three and nine months ending September 30, 2022 that were excluded from management's measure of revenue due to our announcement to suspend sales to Russia and anticipated orderly wind down of our operations in Russia. The revenue attributable to the Russian operations for the three and nine months ending September 30, 2021 of $14 million and $33 million, respectively, is included in the respective segments. Refer to the section entitled "Non-GAAP Financial Measures" for additional information.
(2)
Corporate and Other includes income and expenses related to corporate functions that are not specifically attributable to an individual reportable segment along with any immaterial operating segment(s).
Schedule C
NCR CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in millions, except per share amounts)
September 30,
2022
December 31,
2021
Assets
Current assets
Cash and cash equivalents
$
434
$
447
Accounts receivable, net of allowances of $29 and $24 as of September 30, 2022 and December 31, 2021, respectively
1,116
959
Inventories
827
754
Restricted cash
302
295
Other current assets
512
421
Total current assets
3,191
2,876
Property, plant and equipment, net
620
703
Goodwill
4,572
4,519
Intangibles, net
1,184
1,316
Operating lease assets
377
419
Prepaid pension cost
263
300
Deferred income taxes
678
732
Other assets
898
776
Total assets
$
11,783
$
11,641
Liabilities and stockholders’ equity
Current liabilities
Short-term borrowings
$
106
$
57
Accounts payable
876
826
Payroll and benefits liabilities
319
389
Contract liabilities
507
516
Settlement liabilities
271
263
Other current liabilities
691
757
Total current liabilities
2,770
2,808
Long-term debt
5,611
5,505
Pension and indemnity plan liabilities
723
789
Postretirement and postemployment benefits liabilities
121
119
Income tax accruals
108
116
Operating lease liabilities
358
388
Other liabilities
371
383
Total liabilities
10,062
10,108
Series A convertible preferred stock: par value $0.01 per share, 3.0 shares authorized, 0.3 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively; redemption amount and liquidation preference of $276 as of September 30, 2022 and December 31, 2021, respectively
275
274
Stockholders' equity
NCR stockholders' equity:
Preferred stock: par value $0.01 per share, 100.0 shares authorized, no shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
—
—
Common stock: par value $0.01 per share, 500.0 shares authorized, 137.0 and 132.2 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
1
1
Paid-in capital
675
515
Retained earnings
1,095
1,031
Accumulated other comprehensive loss
(326
)
(291
)
Total NCR stockholders' equity
1,445
1,256
Noncontrolling interests in subsidiaries
1
3
Total stockholders' equity
1,446
1,259
Total liabilities and stockholders' equity
$
11,783
$
11,641
Schedule D
NCR CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in millions)
For the Periods Ended September 30
Three Months
Nine Months
2022
2021
2022
2021
Operating activities
Net income (loss)
$
69
$
13
$
77
$
35
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Income from discontinued operations
—
—
(5
)
—
Loss on debt extinguishment
—
42
—
42
Depreciation and amortization
152
152
451
364
Stock-based compensation expense
28
38
97
119
Deferred income taxes
18
4
24
30
Loss (gain) on disposal of property, plant and equipment and other assets
2
—
4
—
Changes in assets and liabilities:
Receivables
(65
)
318
(274
)
240
Inventories
(18
)
(84
)
(220
)
(165
)
Current payables and accrued expenses
55
76
113
210
Contract liabilities
(58
)
(38
)
(24
)
5
Employee benefit plans
(9
)
(9
)
(3
)
(30
)
Other assets and liabilities
(47
)
(15
)
5
(43
)
Net cash provided by operating activities
$
127
$
497
$
245
$
807
Investing activities
Expenditures for property, plant and equipment
$
(40
)
$
(38
)
$
(72
)
$
(68
)
Proceeds from sale of property, plant and equipment and other assets
5
1
8
1
Additions to capitalized software
(75
)
(64
)
(217
)
(174
)
Business acquisitions, net of cash acquired
(11
)
(2
)
(12
)
(2,466
)
Purchases of short-term investments
—
—
—
(13
)
Proceeds from sales of short-term investments
—
—
—
14
Other investing activities, net
—
—
(5
)
(6
)
Net cash used in investing activities
$
(121
)
$
(103
)
$
(298
)
$
(2,712
)
Financing activities
Short term borrowings, net
$
(2
)
$
—
$
—
$
—
Payments of senior unsecured notes
—
(400
)
—
(400
)
Payments on term credit facilities
(27
)
(1
)
(31
)
(106
)
Payments on revolving credit facilities
(247
)
(746
)
(846
)
(1,431
)
Borrowings on term credit facilities
—
—
—
1,505
Borrowings on revolving credit facilities
384
732
1,021
1,541
Proceeds from issuance of senior unsecured notes
—
—
—
1,200
Debt issuance costs and bridge commitment fees
—
(1
)
—
(52
)
Call premium paid on debt extinguishment
—
(37
)
—
(37
)
Cash dividend paid for Series A preferred shares dividends
(3
)
(3
)
(11
)
(11
)
Proceeds from employee stock plans
5
15
19
33
Tax withholding payments on behalf of employees
(2
)
(3
)
(38
)
(28
)
Net change in client funds obligations
(3
)
5
(6
)
(3
)
Principal payments for finance lease obligations
(4
)
(5
)
(12
)
(13
)
Other financing activities
(1
)
(1
)
(3
)
(2
)
Net cash provided by (used in) financing activities
$
100
$
(445
)
$
93
$
2,196
Cash flows from discontinued operations
Net cash provided by (used in) discontinued operations
(1
)
(3
)
(1
)
(50
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(24
)
(8
)
(43
)
(12
)
Increase (decrease) in cash, cash equivalents, and restricted cash
$
81
$
(62
)
$
(4
)
$
229
Cash, cash equivalents and restricted cash at beginning of period
664
697
749
406
Cash, cash equivalents, and restricted cash at end of period
$
745
$
635
$
745
$
635
View source version on businesswire.com: https://www.businesswire.com/news/home/20221025005985/en/
News Media Contact Scott Sykes NCR Corporation scott.sykes@ncr.com
Investor Contact Michael Nelson NCR Corporation 678.808.6995 michael.nelson@ncr.com
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