NCR reported fourth-quarter loss from continuing operations
(attributable to NCR) of
"2011 was a highly successful year for NCR as our consistent execution
drove record revenues and gross margin and excellent free cash flow
growth," said
Fourth-Quarter 2011 Operating Segment Results(2)
Financial Services
NCR’s Financial Services segment generated fourth-quarter revenue of
Operating income for Financial Services was
Retail Solutions
The Retail Solutions segment generated revenue of
Operating income for Retail Solutions was
Hospitality and Specialty Retail
The Hospitality and Specialty Retail segment generated revenue of
Operating income for Hospitality and Specialty Retail was
Entertainment
Entertainment revenue was
Operating loss for Entertainment was
NCR has entered into an agreement to sell certain assets related to its
Entertainment Line of Business to Redbox for up to
Emerging Industries
Emerging Industries revenue was
Operating income for
Fourth-Quarter 2011 Business Highlights
In the fourth quarter of 2011, NCR continued the introduction and deployment of its self-service solutions across its core and emerging industries while continuing to expand its global services business. The following are NCR's fourth quarter business highlights.
In the Financial Services segment,
NCR also announced the formation of a partnership with
In Retail Solutions, NCR continued to win business with its suite of RealPOS™ point-of-sale technologies and suite of APTRATM eMarketing solutions.
NCR recently received its highest ranking to date on the RIS Software Leaderboard. NCR was named in the top ten across 24 categories, including second among large vendor customer satisfaction leaders, and third leading company in total cost of operation by tier one and mid-sized retailers.
In Hospitality and Specialty Retail, NCR will be implementing its Aloha
enterprise solution and NCR hardware within each of Einstein Noah
Restaurant Group’s Einstein Bros.® Bagels and Noah’s New York Bagels®
restaurants. Einstein Noah chose NCR’s Aloha solution to drive faster
service, improve order fulfillment and reduce operating costs. NCR also
entered into an agreement with Kum & Go, L.C. to implement its c-store
technology within each of the retailer’s 400+ stores. Kum & Go, the
fifth largest privately held, company-operated convenience store chain
in
NCR recently launched Reel Time™ a new custom reporting solution designed to take the complexity out of analyzing data and give theater operators the information needed to make important operational decisions. Reel Time provides theater operators with a real-time dashboard view of current and historical data for ticket and concession sales, attendance, feature gross and total revenue which will allow operators to quickly evaluate the impact of promotions, new products or price changes and adjust staffing levels at any time. NCR also introduced Usherman™ a new application that increases a theater’s speed of service by enabling ushers to scan and retrieve ticket information at any location in the theater.
In
In addition, NCR's Credential Authentication Technology - Boarding Pass
Scanning System (CAT/BPSS) was selected by the
In the Telecom/Technology vertical, NCR achieved Data Center Unified
Computing Authorized Technology Provider (ATP) status from
NCR’s global services business continues to grow its global footprint.
NCR is partnering with Foresight Technologies, a data center consultancy
firm in
Fourth-Quarter 2011 Financial Highlights
Loss from operations was
NCR contributed approximately
Other expense, net was
Income tax benefit was
NCR ended the fourth quarter of 2011 with
2012 Outlook
NCR expects full-year 2012 revenues to increase in the range of 7 to 9
percent on a constant currency basis compared with 2011. NCR expects its
full-year 2012 Income from Operations (GAAP) to be
The company expects first quarter 2012 non-pension operating income
(NPOI)(2) to be in the range of
The Entertainment line of business is included in the 2011 results and excluded from the 2012 guidance.
2012 Guidance |
2011 Actual |
|||||
Year-over-year revenue (constant currency)
Income from Operations (GAAP) |
7% - 9%
$360 - $375 |
10%
$65 million |
||||
Non-pension operating income(2) |
$560 - $575 million |
$434 million | ||||
Diluted earnings per share (GAAP) |
$1.47 - $1.54 |
$0.31 | ||||
Diluted earnings per share excluding pension expense and special items (non-GAAP)(2) |
$2.36 - $2.43 |
$1.92 | ||||
2011 Fourth Quarter Earnings Conference Call
A conference call is scheduled today at
About
NCR is a trademark of
Reconciliation of Diluted Earnings Per Share from Continuing Operations | |||||||||||||||||
(attributable to NCR) (GAAP) to Non-GAAP Measures | |||||||||||||||||
Q4 2011 |
Q4 2010 |
2012 |
2011 |
||||||||||||||
Diluted Earnings Per Share from Continuing Operations |
$ |
(0.08 |
) |
$ |
0.20 |
$ |
1.47-$1.54 |
$ |
0.31 |
||||||||
Pension expense | (0.23 | ) | (0.27 | ) | (0.74 | ) | (0.96 | ) | |||||||||
Impairment charge | (0.43 | ) | (0.06 | ) | -- | (0.43 | ) | ||||||||||
Acquisition related transaction costs | (0.02 | ) | -- | -- | (0.14 | ) | |||||||||||
Acquisition related severance costs | (0.01 | ) | -- | -- | (0.03 | ) | |||||||||||
Acquisition related amortization of intangibles | |||||||||||||||||
(0.04 | ) | -- | (0.15 | ) | (0.06 | ) | |||||||||||
Legal settlements and charges | -- | (0.03 | ) | -- | 0.01 | ||||||||||||
Diluted Earnings Per Share from Continuing Operations |
$ |
0.65 |
$ |
0.56 |
$ |
2.36-$2.43 |
$ |
1.92 |
|||||||||
Reconciliation of Income from Operations (GAAP) to Non-GAAP Measure (in millions) |
||||||||||||||||||||
Q4 2011 |
Q4 2010 |
2012 Guidance |
2011 Actual |
Q1 2012 |
Q1 2011 |
|||||||||||||||
Income from Operations (GAAP) |
$ | (10 | ) | $ | 54 | $ | 360-$375 | $ | 65 | $ | 37 -$42 | $ | 8 | |||||||
Pension expense |
||||||||||||||||||||
56 | 52 | 165 | 222 | 39 | 51 | |||||||||||||||
Impairment charge |
98 | -- | -- | 98 | -- | -- | ||||||||||||||
Acquisition related transaction costs |
5 | -- | -- | 30 | -- | -- | ||||||||||||||
Acquisition related severance costs |
1 | -- | -- | 7 | -- | -- | ||||||||||||||
-- | ||||||||||||||||||||
Acquisition related amortization of intangibles |
9 | -- | 35 | 12 | 9 | -- | ||||||||||||||
Legal settlements and charges | -- | 8 | -- | -- | -- | -- | ||||||||||||||
Non-pension Operating Income (non-GAAP) (2) |
$ | 159 | $ | 114 | $ | 560-$575 | $ | 434 | $ | 85- $90 | $ | 59 | ||||||||
Free Cash Flow |
|||||||||||||||||||||
For the Periods Ended December 31 |
|||||||||||||||||||||
Three Months | Twelve Months | ||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||||||
Net cash provided by operating activities (GAAP) |
$ |
270 |
$ |
182 |
$ |
375 |
$ |
247 |
|||||||||||||
Less capital expenditures for: | |||||||||||||||||||||
Property, plant and equipment, net of grant reimbursements | (18 | ) | (39 | ) | (101 | ) | (169 | ) | |||||||||||||
Capitalized software | (17 | ) | (14 | ) | (62 | ) | (57 | ) | |||||||||||||
Total capital expenditures, net | (35 | ) | (53 | ) | (163 | ) | (226 | ) | |||||||||||||
Net cash (used in) provided by discontinued operations | (6 | ) | 14 | (24 | ) | 16 | |||||||||||||||
Free cash flow (non-GAAP)(3) |
$ |
229 |
$ |
143 |
$ |
188 |
$ |
37 |
(1) While NCR reports its results in accordance with Generally Accepted
Accounting Principles in
(2) The segment results included in this release and Schedule B hereto and the non-GAAP income from operations (i.e. non-pension operating income) and non-GAAP earnings per share discussed in this earnings release, exclude the impact of pension expense and certain special items, including amortization of acquisition-related intangibles. 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 earnings per share to evaluate year-over-year operating performance. NCR may, in addition, segregate special items from its GAAP results from time to time to reflect the ongoing earnings per share performance of the company. NCR also uses non-pension operating income and non-GAAP earnings per share to manage and determine the effectiveness of its business managers and as a basis for incentive compensation. NCR determines non-pension operating income based on its GAAP income (loss) from operations excluding pension expense and special items. These non-GAAP measures should not be considered as substitutes for or superior to results determined in accordance with GAAP.
(3) 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. 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, and additions to capitalized software. 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. This non-GAAP measure should not be considered a substitute for or superior to cash flows from operating activities determined in accordance with GAAP.
Note to investors - This news release contains forward-looking statements, including statements as to anticipated or expected results, beliefs, opinions and future financial performance, within the meaning of Section 21E of the Securities and Exchange Act of 1934. Forward-looking statements include projections of revenue, profit growth and other financial items, and future economic performance, among other things. These forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties that could cause NCR’s actual results to differ materially.
In addition to the factors discussed in this release, other risks and
uncertainties include those relating to: the uncertain economic climate,
which could impact the ability of our customers to make capital
expenditures, thereby affecting their ability to purchase our products,
and consolidation in the financial services sector, which could impact
our business by reducing our customer base; the timely development,
production or acquisition and market acceptance of new and existing
products and services (such as self-service technologies), including our
ability to accelerate market acceptance of new products and services;
our indebtedness and the impact that it may have on our financial and
operating activities and our ability to incur additional debt; the
financial covenants in our secured credit facility and their impact on
our financial and business operations; shifts in market demands,
continued competitive factors and pricing pressures and their impact on
our ability to improve gross margins and profitability, especially in
our more mature offerings; the effect of currency translation; short
product cycles, rapidly changing technologies and maintaining a
competitive leadership position with respect to our solution offerings;
tax rates; ability to execute our business and reengineering plans;
turnover of workforce and the ability to attract and retain skilled
employees, especially in light of continued cost-control measures being
taken by the company; availability and successful exploitation of new
acquisition and alliance opportunities; access to DVD inventory and the
conversion to, and market adoption of, alternative methods of
entertainment content delivery; changes in Generally Accepted Accounting
Principles (GAAP) and the resulting impact, if any, on the company’s
accounting policies; continued efforts to establish and maintain
best-in-class internal information technology and control systems; the
success of our pension strategy; compliance with requirements relating
to data privacy and protection; expected benefits related to the
acquisition of
Schedule A | ||||||||||||||||
NCR CORPORATION | ||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(in millions, except per share amounts) | ||||||||||||||||
For the Periods Ended December 31 | ||||||||||||||||
Three Months | Twelve Months | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenue | ||||||||||||||||
Products | $ | 882 | $ | 747 | $ | 2,744 | $ | 2,400 | ||||||||
Services | 756 | 656 | 2,699 | 2,410 | ||||||||||||
Total revenue | 1,638 | 1,403 | 5,443 | 4,810 | ||||||||||||
Cost of products | 698 | 603 | 2,209 | 1,923 | ||||||||||||
Cost of services | 577 | 514 | 2,099 | 1,923 | ||||||||||||
Total gross margin | 363 | 286 | 1,135 | 964 | ||||||||||||
% of Revenue | 22.2 | % | 20.4 | % | 20.9 | % | 20.0 | % | ||||||||
Selling, general and administrative expenses | 234 | 187 | 805 | 696 | ||||||||||||
Impairment charge | 88 | - | 88 | - | ||||||||||||
Research and development expenses | 51 | 45 | 177 | 162 | ||||||||||||
(Loss) income from operations | (10 | ) | 54 | 65 | 106 | |||||||||||
% of Revenue | (0.6 | %) | 3.8 | % | 1.2 | % | 2.2 | % | ||||||||
Interest expense | (9 | ) | (1 | ) | (13 | ) | (2 | ) | ||||||||
Other expense, net | (7 | ) | (13 | ) | (3 | ) | (11 | ) | ||||||||
Total other expense, net | (16 | ) | (14 | ) | (16 | ) | (13 | ) | ||||||||
(Loss) income before income taxes and discontinued operations | (26 | ) | 40 | 49 | 93 | |||||||||||
% of Revenue | (1.6 | %) | 2.9 | % | 0.9 | % | 1.9 | % | ||||||||
Income tax (benefit) expense | (10 | ) | 8 | - | (26 | ) | ||||||||||
(Loss) income from continuing operations | (16 | ) | 32 | 49 | 119 | |||||||||||
Income from discontinued operations, net of tax | 4 | 6 | 3 | 18 | ||||||||||||
Net (loss) income | (12 | ) | 38 | 52 | 137 | |||||||||||
Net (loss) income attributable to noncontrolling interests | (3 | ) | (1 | ) | (1 | ) | 3 | |||||||||
Net (loss) income attributable to NCR | $ | (9 | ) | $ | 39 | $ | 53 | $ | 134 | |||||||
Amounts attributable to NCR common stockholders: | ||||||||||||||||
(Loss) income from continuing operations | $ | (13 | ) | $ | 33 | $ | 50 | $ | 116 | |||||||
Income from discontinued operations, net of tax | 4 | 6 | 3 | 18 | ||||||||||||
Net (loss) income | $ | (9 | ) | $ | 39 | $ | 53 | $ | 134 | |||||||
Net (loss) income per share attributable to NCR common stockholders: | ||||||||||||||||
Net (loss) income per common share from continuing operations | ||||||||||||||||
Basic | $ | (0.08 | ) | $ | 0.20 | $ | 0.32 | $ | 0.73 | |||||||
Diluted | $ | (0.08 | ) | $ | 0.20 | $ | 0.31 | $ | 0.72 | |||||||
Net (loss) income per common share | ||||||||||||||||
Basic | $ | (0.06 | ) | $ | 0.24 | $ | 0.34 | $ | 0.84 | |||||||
Diluted | $ | (0.06 | ) | $ | 0.24 | $ | 0.33 | $ | 0.83 | |||||||
Weighted average common shares outstanding | ||||||||||||||||
Basic | 157.5 | 159.5 | 158.0 | 159.8 | ||||||||||||
Diluted | *157.5 | 161.0 | 161.0 | 161.2 | ||||||||||||
* Due to the net loss from continuing operations, potential common shares that would cause dilution, such as stock options and restricted stock, have been excluded from the diluted share count because their effect would have been anti-dilutive. For the three months ended December 31, 2011, fully diluted shares would have been 161.4 million. |
Schedule B | ||||||||||||||||||||||
NCR CORPORATION | ||||||||||||||||||||||
CONSOLIDATED REVENUE AND OPERATING INCOME SUMMARY | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||
For the Periods Ended December 31 | ||||||||||||||||||||||
Three Months | Twelve Months | |||||||||||||||||||||
% | % | |||||||||||||||||||||
2011 | 2010 | Change | 2011 | 2010 | Change | |||||||||||||||||
Revenue by segment | ||||||||||||||||||||||
Financial Services | $ | 908 | $ | 785 | 16 | % | $ | 2,999 | $ | 2,645 | 13 | % | ||||||||||
Retail Solutions | 469 | 479 | (2 | %) | 1,755 | 1,705 | 3 | % | ||||||||||||||
Hospitality and Specialty Retail | 105 | - | - | 141 | - | - | ||||||||||||||||
Entertainment | 46 | 32 | 44 | % | 163 | 102 | 60 | % | ||||||||||||||
Emerging Industries | 110 | 107 | 3 | % | 385 | 358 | 8 | % | ||||||||||||||
Total revenue | $ | 1,638 | $ | 1,403 | 17 | % | $ | 5,443 | $ | 4,810 | 13 | % | ||||||||||
Operating income by segment | ||||||||||||||||||||||
Financial Services | $ | 108 | $ | 79 | $ | 313 | $ | 250 | ||||||||||||||
% of Revenue | 11.9 | % | 10.1 | % | 10.4 | % | 9.5 | % | ||||||||||||||
Retail Solutions | 28 | 34 | 83 | 79 | ||||||||||||||||||
% of Revenue | 6.0 | % | 7.1 | % | 4.7 | % | 4.6 | % | ||||||||||||||
Hospitality and Specialty Retail | 17 | - | 22 | - | ||||||||||||||||||
% of Revenue | 16.2 | % | - | 15.6 | % | - | ||||||||||||||||
Entertainment | (15 | ) | (15 | ) | (60 | ) | (50 | ) | ||||||||||||||
% of Revenue | (32.6 | %) | (46.9 | %) | (36.8 | %) | (49.0 | %) | ||||||||||||||
Emerging Industries | 21 | 16 | 76 | 61 | ||||||||||||||||||
% of Revenue | 19.1 | % | 15.0 | % | 19.7 | % | 17.0 | % | ||||||||||||||
Subtotal-segment operating income | $ | 159 | $ | 114 | $ | 434 | $ | 340 | ||||||||||||||
% of Revenue | 9.7 | % | 8.1 | % | 8.0 | % | 7.1 | % | ||||||||||||||
Pension expense | 56 | 52 | 222 | 208 | ||||||||||||||||||
Other adjustments (1) |
113 | 8 | 147 | 26 | ||||||||||||||||||
Total (loss) income from operations | $ | (10 | ) | $ | 54 | $ | 65 | $ | 106 | |||||||||||||
(1) Other adjustments include $98 million for the impairment charge related to the Entertainment line of business for the three and twelve months ended December 31, 2011; $5 million and $30 million of acquisition related transaction costs for the three and twelve months ended December 31, 2011, respectively; $1 million and $7 million of acquisition related severance costs for the three and twelve months ended December 31, 2011, respectively; and $9 million and $12 million of acquisition related amortization of intangible assets for the three and twelve months ended December 31, 2011, respectively. |
||||||||||||||||||||||
Other adjustments include $8 million litigation charge for the three and twelve months ended December 31, 2010 and $18 million of incremental costs directly related to the relocation of the Company's worldwide headquarters for the twelve months ended December 31, 2010. |
||||||||||||||||||||||
Schedule C | ||||||||||||
NCR CORPORATION | ||||||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||||||
(Unaudited) | ||||||||||||
(in millions, except per share amounts) | ||||||||||||
December 31 | September 30 | December 31 | ||||||||||
2011 | 2011 | 2010 | ||||||||||
Assets |
||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 398 | $ | 341 | $ | 496 | ||||||
Accounts receivable, net | 1,038 | 1,128 | 928 | |||||||||
Inventories, net | 774 | 850 | 741 | |||||||||
Other current assets | 327 | 365 | 313 | |||||||||
Total current assets | 2,537 | 2,684 | 2,478 | |||||||||
Property, plant and equipment, net | 365 | 459 | 429 | |||||||||
Goodwill | 913 | 918 | 115 | |||||||||
Intangibles | 312 | 328 | 15 | |||||||||
Prepaid pension cost | 339 | 309 | 286 | |||||||||
Deferred income taxes | 720 | 554 | 630 | |||||||||
Other assets | 432 | 428 | 408 | |||||||||
Total assets | $ | 5,618 | $ | 5,680 | $ | 4,361 | ||||||
Liabilities and stockholders' equity |
||||||||||||
Current liabilities | ||||||||||||
Short-term borrowings | $ | 1 | $ | 1 | $ | 1 | ||||||
Accounts payable | 525 | 568 | 499 | |||||||||
Payroll and benefits liabilities | 221 | 205 | 175 | |||||||||
Deferred service revenue and customer deposits | 418 | 419 | 362 | |||||||||
Other current liabilities | 400 | 443 | 379 | |||||||||
Total current liabilities | 1,565 | 1,636 | 1,416 | |||||||||
Long-term debt | 852 | 1,061 | 10 | |||||||||
Pension and indemnity plan liabilities | 1,662 | 1,229 | 1,259 | |||||||||
Postretirement and postemployment benefits liabilities | 256 | 294 | 309 | |||||||||
Income tax accruals | 148 | 149 | 165 | |||||||||
Environmental liabilities | 220 | 201 | 244 | |||||||||
Other liabilities | 80 | 50 | 42 | |||||||||
Total liabilities | 4,783 | 4,620 | 3,445 | |||||||||
Redeemable noncontrolling interests | 1 | - | - | |||||||||
Stockholders' equity | ||||||||||||
NCR stockholders' equity: | ||||||||||||
Preferred stock: par value $0.01 per share, 100.0 shares | ||||||||||||
authorized, no shares issued and outstanding at December 31, | ||||||||||||
2011, September 30, 2011 and December 31, 2010, respectively | - | - | - | |||||||||
Common stock: par value $0.01 per share, 500.0 shares | ||||||||||||
authorized, 157.6, 157.4, and 159.7 shares issued and outstanding at | ||||||||||||
December 31, 2011, September 30, 2011, and December 31, 2010, respectively | 2 | 2 | 2 | |||||||||
Paid-in capital | 301 | 252 | 281 | |||||||||
Retained earnings | 1,988 | 1,997 | 1,935 | |||||||||
Accumulated other comprehensive loss | (1,492 | ) | (1,229 | ) | (1,335 | ) | ||||||
Total NCR stockholders' equity | 799 | 1,022 | 883 | |||||||||
Noncontrolling interests in subsidiaries | 35 | 38 | 33 | |||||||||
Total stockholders' equity | 834 | 1,060 | 916 | |||||||||
Total liabilities and stockholders' equity | $ | 5,618 | $ | 5,680 | $ | 4,361 | ||||||
Schedule D | ||||||||||||||||
NCR CORPORATION | ||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(in millions) | ||||||||||||||||
For the Periods Ended December 31 | ||||||||||||||||
Three Months | Twelve Months | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Operating activities | ||||||||||||||||
Net (loss) income | $ | (12 | ) | $ | 38 | $ | 52 | $ | 137 | |||||||
Adjustments to reconcile net income to net cash provided | ||||||||||||||||
by operating activities: | ||||||||||||||||
Income from discontinued operations | (4 | ) | (6 | ) | (3 | ) | (18 | ) | ||||||||
Depreciation and amortization | 52 | 37 | 168 | 138 | ||||||||||||
Stock-based compensation expense | 9 | 6 | 33 | 21 | ||||||||||||
Excess tax benefit from stock-based compensation | - | - | (1 | ) | - | |||||||||||
Deferred income taxes | (36 | ) | (1 | ) | (64 | ) | (63 | ) | ||||||||
Gain on sale of property, plant, and equipment | (2 | ) | (4 | ) | (5 | ) | (10 | ) | ||||||||
Impairment of long-lived and other assets | 98 | 14 | 98 | 14 | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Receivables | 88 | 17 | (58 | ) | (26 | ) | ||||||||||
Inventories | 65 | 74 | 1 | (54 | ) | |||||||||||
Current payables and accrued expenses | (14 | ) | (75 | ) | 55 | (12 | ) | |||||||||
Deferred service revenue and customer deposits | - | 15 | 34 | 34 | ||||||||||||
Employee severance and pension | (10 | ) | 1 | 90 | 80 | |||||||||||
Other assets and liabilities | 36 | 66 | (25 | ) | 6 | |||||||||||
Net cash provided by operating activities | 270 | 182 | 375 | 247 | ||||||||||||
Investing activities | ||||||||||||||||
Grant reimbursements from capital expenditures | - | - | - | 5 | ||||||||||||
Expenditures for property, plant and equipment | (18 | ) | (39 | ) | (101 | ) | (174 | ) | ||||||||
Proceeds from sales of property, plant and equipment | - | 1 | 2 | 39 | ||||||||||||
Additions to capitalized software | (17 | ) | (14 | ) | (62 | ) | (57 | ) | ||||||||
Business acquisitions and divestitures, net | 2 | - | (1,085 | ) | - | |||||||||||
Other investing activities, net | - | (16 | ) | - | (24 | ) | ||||||||||
Net cash used in investing activities | (33 | ) | (68 | ) | (1,246 | ) | (211 | ) | ||||||||
Financing activities | ||||||||||||||||
Purchase of Company common stock | - | - | (70 | ) | (20 | ) | ||||||||||
Excess tax benefit from stock-based compensation | - | - | 1 | - | ||||||||||||
Short-term borrowings, net | - | - | - | (4 | ) | |||||||||||
Borrowings on term credit facility | - | - | 700 | - | ||||||||||||
Repayment of long-term debt | - | - | - | (1 | ) | |||||||||||
Payments on revolving credit facility | (210 | ) | (75 | ) | (260 | ) | (75 | ) | ||||||||
Borrowings on revolving credit facility | - | 75 | 400 | 75 | ||||||||||||
Proceeds from employee stock plans | 3 | 4 | 18 | 11 | ||||||||||||
Debt issuance cost | (1 | ) | - | (29 | ) | - | ||||||||||
Dividend distribution to minority shareholder | (1 | ) | - | (1 | ) | - | ||||||||||
Proceeds from sales of noncontrolling interest | 43 | - | 43 | - | ||||||||||||
Net cash (used in) provided by financing activities | (166 | ) | 4 | 802 | (14 | ) | ||||||||||
Cash flows from discontinued operations | ||||||||||||||||
Net cash (used in) provided by operating activities | (6 | ) | 14 | (24 | ) | 16 | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | (8 | ) | 4 | (5 | ) | 7 | ||||||||||
Increase (decrease) in cash and cash equivalents | 57 | 136 | (98 | ) | 45 | |||||||||||
Cash and cash equivalents at beginning of period | 341 | 360 | 496 | 451 | ||||||||||||
Cash and cash equivalents at end of period | $ | 398 | $ | 496 | $ | 398 | $ | 496 |
Source:
News Media Contact
NCR Corporation
Lou Casale,
212-589-8415
lou.casale@ncr.com
or
Investor
Contact
NCR Corporation
Gavin Bell, 212-589-8468
gavin.bell@ncr.com