NCR reported third-quarter income from continuing operations
(attributable to NCR) of
“Steady execution during the third quarter resulted in solid financial
results keeping us on track to deliver in line with our full year
financial and business objectives,” said
Third-Quarter 2012 Operating Segment Results(2)
As of
Financial Services
Operating income for Financial Services was
Retail Solutions
The Retail Solutions segment generated revenue of
Operating income for Retail Solutions was
Hospitality
The Hospitality segment generated revenue of
Operating income for Hospitality was
The company completed its acquisition of Radiant Systems on
Emerging Industries
Operating income for
Third-Quarter 2012 Business Highlights
The following are NCR's third quarter business highlights.
In the Financial Services segment,
NCR also continued to deploy its Scalable Deposit Module (SDM) advanced
ATM technology.
NCR strengthened its competitive position in the financial services
segment through the recent acquisition of
NCR also recently received important third-party endorsements for
certain of its advanced technologies.
In Retail Solutions, NCR and VendorNet announced the integration of the
VendorNet® StoreNet® In-Store Pickup fulfillment technology with
NCR also recently announced that independent retailers now have access to NCR point-of-sale (POS) maintenance services via NCR's extensive channel partner network. This new offering allows channel partners to serve as a one-stop shop for hardware, software and services for their independent retail customers which should create more recurring revenue streams with customers and allow smaller retailers to offer the POS uptimes, transaction efficiency and customer services their end-user customers demand.
NCR released the results of a survey which demonstrated that shoppers appreciate the speed and efficiency of self-checkout (SCO) technologies, recognize the choice of SCO as a customer-service differentiator and are eager to have more SCO options at retail segments like convenience stores and mass merchants. NCR randomly surveyed 400 U.S. grocery store shoppers, half using SCO and half using cashier-assisted checkout, and found that a majority of both groups (78% and 60%, respectively) identified increased transaction speed as their favorite benefit of SCO.
During the Retail Solutions Providers Association Retail NOW 2012 Conference, NCR showcased a variety of channel-oriented SaaS and hardware solutions that are designed to allow retail and hospitality end users to better serve their customers. SaaS is becoming an increasingly important element in retailers' and restaurant operators' efforts to lower capital investment costs, standardize applications and platforms, speed deployment and lower operating expenses. NCR is offering an opportunity for its channel partners serving the independent retailer and hospitality segments to create a recurring revenue stream to augment the more infrequent revenue associated with the sale of hardware solutions and software licenses.
In Global Services, NCR announced that it has reached its highest
ranking to date in the 2012 Global Outsourcing 100® rankings, as
established by the
In the Telecom & Technology vertical, NCR signed a five-year deal to provide delivery and integration services for BT's multi-vendor Converged LAN Connect and IPT solutions for BT enterprise customers in over 100 countries. The utilization of NCR's services should help enable BT to offer a more extensive, integrated and consistent set of solutions and services on a global basis. Under the agreement NCR will provide service catalog management, professional services and customer premise equipment-related services, including order management, staging, installation, moves, adds, changes and maintenance, asset tracking, as well as program and project management.
Third-Quarter 2012 Financial Highlights
Income from operations was
Net cash used in operating activities was
Discontinued operations resulted in
NCR contributed approximately
Other expense, net was
Income tax expense was
NCR ended the third quarter of 2012 with
2012 Outlook
NCR expects full-year 2012 revenues to increase in the range of 11 to 13 percent on a constant currency basis compared with 2011.
NCR expects its full-year 2012 Income from Operations (GAAP) to be
The company expects fourth quarter 2012 non-pension operating income
(NPOI)(2) to be in the range of
Current 2012 | Prior 2012 | 2011 | |||||||
Guidance | Guidance | Actual | |||||||
Year-over-year revenue (constant | |||||||||
currency) | 11% - 13% | 11% - 13% | 9% | ||||||
$355 - $365 | $362 - $377 | ||||||||
Income from Operations (GAAP)(*) | million | million | $212 million | ||||||
$580 - $590 | $570 - $585 | ||||||||
Non-pension operating income((2)) | million | million | $483 million | ||||||
Diluted earnings per share (GAAP)** | $1.39 - $1.46 | $1.45 - $1.52 | $0.91 | ||||||
Diluted earnings per share excluding pension expense and special items (non-GAAP)(1) | $2.40 - $2.47 | $2.40 - $2.47 | $2.08 |
* Income from operations (GAAP): Current 2012 guidance updated from
prior 2012 guidance to include
** Diluted earnings per share (GAAP): Current 2012 guidance updated from
prior 2012 guidance to include
2012 Third Quarter Earnings Conference Call
A conference call is scheduled today at
About
NCR is a trademark of
Note to investors - This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements use words such as “seek,” "potential,” “expect,” “strive,” “continue,” “continuously,” “accelerate,” “anticipate”, “outlook”, “intend”, “plan”, “target” and other similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could”. They include statements as to NCR's outlook for the remainder of 2012; NCR's anticipated or expected results; NCR's guidance on its anticipated future financial performance; projections of revenue, profit growth and other financial items; discussion of strategic initiatives and related actions; comments about future market or industry performance or behaviors, including how NCR's products and services may be used and the benefits they might create or provide; and beliefs, expectations, intentions, and strategies, among other things. Forward-looking statements are based on management's current beliefs, expectations and assumptions, 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 factors, risks and uncertainties that could cause
actual outcomes and results to differ materially from the results
contemplated by such forward-looking statements. In addition to the
factors discussed in this release, these other factors, risks and
uncertainties include those relating to: domestic and global economic
and credit conditions, including the ongoing sovereign debt conditions
in
Reconciliation of Diluted Earnings Per Share from Continuing Operations (attributable to NCR) (GAAP) to Non-GAAP Measures
Q3 2012
Actual |
Q3 2011
Actual |
Current 2012
Guidance |
Prior 2012
Guidance |
2011
Actual |
|||||||||||||||||||
Diluted Earnings Per Share from Continuing Operations (attributable to NCR) (GAAP) | $ | 0.35 | $ | 0.14 | $1.39 - $1.46 | $1.45 - $1.52 | $ | 0.91 | |||||||||||||||
Pension expense | (0.22 | ) | (0.27 | ) | (0.76 | ) | (0.74 | ) | (0.96 | ) | |||||||||||||
Impairment charge and related valuation allowance | (0.01 | ) | — | (0.03 | ) | (0.02 | ) | — | |||||||||||||||
Acquisition related transaction costs | — | (0.12 | ) | — | — | (0.14 | ) | ||||||||||||||||
Acquisition related severance costs | — | (0.03 | ) | — | — | (0.03 | ) | ||||||||||||||||
Acquisition related amortization of intangibles | (0.04 | ) | (0.01 | ) | (0.16 | ) | (0.15 | ) | (0.05 | ) | |||||||||||||
Acquisition related integration costs | (0.02 | ) | — | (0.06 | ) | (0.04 | ) | — | |||||||||||||||
Legal settlements and charges | — | — | — | — | 0.01 | ||||||||||||||||||
Diluted Earnings Per Share from Continuing Operations (attributable to NCR) (non-GAAP) (2) | $ | 0.64 | $ | 0.57 | $2.40 - $2.47 | $2.40 - $2.47 | $ | 2.08 | |||||||||||||||
Reconciliation of Income from Operations (GAAP) to Non-GAAP Measure (in millions)
Q3 2012
Actual |
Q3 2011
Actual |
Current 2012
Guidance |
Prior 2012
Guidance |
2011
Actual |
Q4 2012
Guidance |
Q4 2011
Actual |
|||||||||||||||||||||||||
Income from Operations (GAAP) | $ | 89 | $ | 28 | $355 - $365 | $362 - $377 | $ | 212 | $116 - $126 | $ | 102 | ||||||||||||||||||||
Pension expense | 50 | 62 | 174 | 165 | 222 | 46 | 56 | ||||||||||||||||||||||||
Acquisition related transaction costs | — | 24 | — | — | 30 | — | 5 | ||||||||||||||||||||||||
Acquisition related severance costs | — | 6 | — | — | 7 | — | 1 | ||||||||||||||||||||||||
Acquisition related amortization of intangibles | 10 | 3 | 39 | 35 | 12 | 10 | 9 | ||||||||||||||||||||||||
Acquisition related integration costs | 4 | — | 12 | 8 | — | — | — | ||||||||||||||||||||||||
Legal settlements and charges | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Non-pension Operating Income (non-GAAP) (2) | $ | 153 | $ | 123 | $580 - $590 | $570 - $585 | $ | 483 | $172 - $182 | $ | 173 | ||||||||||||||||||||
Free Cash Flow
For the Periods Ended September 30 | ||||||||||||||||||||
Three Months | Nine Months | |||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||
Net cash (used in) provided by operating activities (GAAP) | $ | (400 | ) | $ | (6 | ) | $ | (280 | ) | $ | 114 | |||||||||
Less capital expenditures for: | ||||||||||||||||||||
Property, plant and equipment | (22 | ) | (11 | ) | (53 | ) | (43 | ) | ||||||||||||
Capitalized software | (21 | ) | (16 | ) | (58 | ) | (45 | ) | ||||||||||||
Total capital expenditures, net | (43 | ) | (27 | ) | (111 | ) | (88 | ) | ||||||||||||
Net cash used in discontinued operations * | (41 | ) | (12 | ) | (85 | ) | (67 | ) | ||||||||||||
Free cash used (non-GAAP)(3) | $ | (484 | ) | $ | (45 | ) | $ | (476 | ) | $ | (41 | ) | ||||||||
* For the nine months ended
(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. 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, including amortization of acquisition related intangibles, 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.
Schedule A |
||||||||||||||||||||
NCR CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in millions, except per share amounts) |
||||||||||||||||||||
For the Periods Ended September 30 | ||||||||||||||||||||
Three Months | Nine Months | |||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||
Revenue | ||||||||||||||||||||
Products | $ | 712 | $ | 677 | $ | 1,988 | $ | 1,747 | ||||||||||||
Services | 723 | 683 | 2,100 | 1,943 | ||||||||||||||||
Total Revenue | 1,435 | 1,360 | 4,088 | 3,690 | ||||||||||||||||
Cost of products | 536 | 533 | 1,515 | 1,371 | ||||||||||||||||
Cost of services | 541 | 528 | 1,560 | 1,522 | ||||||||||||||||
Total gross margin | 358 | 299 | 1,013 | 797 | ||||||||||||||||
% of Revenue | 24.9 | % | 22.0 | % | 24.8 | % | 21.6 | % | ||||||||||||
Selling, general and administrative expenses | 217 | 227 | 619 | 562 | ||||||||||||||||
Research and development expenses | 52 | 44 | 155 | 125 | ||||||||||||||||
Income from operations | 89 | 28 | 239 | 110 | ||||||||||||||||
% of Revenue | 6.2 | % | 2.1 | % | 5.8 | % | 3.0 | % | ||||||||||||
Interest expense | (7 | ) | (3 | ) | (24 | ) | (4 | ) | ||||||||||||
Other (expense) income, net | — | (1 | ) | (7 | ) | 4 | ||||||||||||||
Total other (expense) income, net | (7 | ) | (4 | ) | (31 | ) | — | |||||||||||||
Income before income taxes and discontinued operations | 82 | 24 | 208 | 110 | ||||||||||||||||
% of Revenue | 5.7 | % | 1.8 | % | 5.1 | % | 3.0 | % | ||||||||||||
Income tax expense | 23 | 2 | 43 | 21 | ||||||||||||||||
Income from continuing operations | 59 | 22 | 165 | 89 | ||||||||||||||||
(Loss) income from discontinued operations, net of tax | (1 | ) | (7 | ) | 3 | (25 | ) | |||||||||||||
Net Income | 58 | 15 | 168 | 64 | ||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 1 | (1 | ) | 2 | 2 | |||||||||||||||
Net income attributable to NCR | $ | 57 | $ | 16 | $ | 166 | $ | 62 | ||||||||||||
Amounts attributable to NCR common stockholders: | ||||||||||||||||||||
Income from continuing operations | $ | 58 | $ | 23 | $ | 163 | $ | 87 | ||||||||||||
(Loss) income from discontinued operations, net of tax | (1 | ) | (7 | ) | 3 | (25 | ) | |||||||||||||
Net income | $ | 57 | $ | 16 | $ | 166 | $ | 62 | ||||||||||||
Net income per share attributable to NCR common stockholders: | ||||||||||||||||||||
Net income per common share from continuing operations | ||||||||||||||||||||
Basic | $ | 0.36 | $ | 0.15 | $ | 1.03 | $ | 0.55 | ||||||||||||
Diluted | $ | 0.35 | $ | 0.14 | $ | 0.99 | $ | 0.54 | ||||||||||||
Net income per common share | ||||||||||||||||||||
Basic | $ | 0.36 | $ | 0.10 | $ | 1.04 | $ | 0.39 | ||||||||||||
Diluted | $ | 0.35 | $ | 0.10 | $ | 1.01 | $ | 0.39 | ||||||||||||
Weighted average common shares outstanding | ||||||||||||||||||||
Basic | 159.6 | 157.4 | 158.9 | 158.1 | ||||||||||||||||
Diluted | 164.8 | 160.2 | 164.0 | 160.9 |
Schedule B |
||||||||||||||||||||||||||||
NCR CORPORATION CONSOLIDATED REVENUE AND OPERATING INCOME SUMMARY (Unaudited) (in millions) |
||||||||||||||||||||||||||||
For the Periods Ended September 30 | ||||||||||||||||||||||||||||
Three Months | Nine Months | |||||||||||||||||||||||||||
2012 | 2011 | % Change | 2012 | 2011 | % Change | |||||||||||||||||||||||
Revenue by segment | ||||||||||||||||||||||||||||
Financial Services | $ | 791 | $ | 770 | 3 | % | $ | 2,268 | $ | 2,091 | 8 | % | ||||||||||||||||
Retail Solutions | 421 | 466 | (10 | )% | 1,177 | 1,297 | (9 | )% | ||||||||||||||||||||
Hospitality | 129 | 36 | 258 | % | 372 | 36 | 933 | % | ||||||||||||||||||||
Emerging Industries | 94 | 88 | 7 | % | 271 | 266 | 2 | % | ||||||||||||||||||||
Total Revenue | $ | 1,435 | $ | 1,360 | 6 | % | $ | 4,088 | $ | 3,690 | 11 | % | ||||||||||||||||
Operating income by segment | ||||||||||||||||||||||||||||
Financial Services | $ | 80 | $ | 81 | $ | 221 | $ | 205 | ||||||||||||||||||||
% of Revenue | 10.1 | % | 10.5 | % | 9.7 | % | 9.8 | % | ||||||||||||||||||||
Retail Solutions | 28 | 19 | 58 | 46 | ||||||||||||||||||||||||
% of Revenue | 6.7 | % | 4.1 | % | 4.9 | % | 3.5 | % | ||||||||||||||||||||
Hospitality | 23 | 5 | 63 | 5 | ||||||||||||||||||||||||
% of Revenue | 17.8 | % | 13.9 | % | 16.9 | % | 13.9 | % | ||||||||||||||||||||
Emerging Industries | 22 | 18 | 66 | 54 | ||||||||||||||||||||||||
% of Revenue | 23.4 | % | 20.5 | % | 24.4 | % | 20.3 | % | ||||||||||||||||||||
Subtotal-segment operating income | $ | 153 | $ | 123 | $ | 408 | $ | 310 | ||||||||||||||||||||
% of Revenue | 10.7 | % | 9.0 | % | 10.0 | % | 8.4 | % | ||||||||||||||||||||
Pension Expense | 50 | 62 | 128 | 166 | ||||||||||||||||||||||||
Other adjustments (1) | 14 | 33 | 41 | 34 | ||||||||||||||||||||||||
Total income from operations | $ | 89 | $ | 28 | $ | 239 | $ | 110 | ||||||||||||||||||||
(1) Other adjustments for the three months ended
Schedule C |
|||||||||||||||
NCR CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in millions, except per share amounts) |
|||||||||||||||
September 30, 2012 |
June 30, 2012 |
December 31, 2011 |
|||||||||||||
Assets | |||||||||||||||
Current assets | |||||||||||||||
Cash and cash equivalents | $ | 581 | $ | 377 | $ | 398 | |||||||||
Accounts receivable, net | 1,124 | 1,078 | 1,032 | ||||||||||||
Inventories, net | 826 | 798 | 774 | ||||||||||||
Other current assets | 425 | 359 | 311 | ||||||||||||
Total current assets | 2,956 | 2,612 | 2,515 | ||||||||||||
Property, plant and equipment, net | 303 | 297 | 365 | ||||||||||||
Goodwill | 966 | 937 | 913 | ||||||||||||
Intangibles | 299 | 297 | 312 | ||||||||||||
Prepaid pension cost | 355 | 358 | 339 | ||||||||||||
Deferred income taxes | 717 | 710 | 714 | ||||||||||||
Other assets | 438 | 412 | 433 | ||||||||||||
Total assets | $ | 6,034 | $ | 5,623 | $ | 5,591 | |||||||||
Liabilities and stockholders’ equity | |||||||||||||||
Current liabilities | |||||||||||||||
Short-term borrowings | $ | 54 | $ | 39 | $ | 1 | |||||||||
Accounts payable | 612 | 559 | 525 | ||||||||||||
Payroll and benefits liabilities | 193 | 183 | 221 | ||||||||||||
Deferred service revenue and customer deposits | 477 | 470 | 418 | ||||||||||||
Other current liabilities | 394 | 394 | 400 | ||||||||||||
Total current liabilities | 1,730 | 1,645 | 1,565 | ||||||||||||
Long-term debt | 1,408 | 701 | 852 | ||||||||||||
Pension and indemnity plan liabilities | 1,194 | 1,625 | 1,662 | ||||||||||||
Postretirement and postemployment benefits liabilities | 255 | 257 | 256 | ||||||||||||
Income tax accruals | 161 | 143 | 148 | ||||||||||||
Environmental liabilities | 188 | 197 | 220 | ||||||||||||
Other liabilities | 62 | 59 | 53 | ||||||||||||
Total liabilities | 4,998 | 4,627 | 4,756 | ||||||||||||
Redeemable noncontrolling interests | 14 | 14 | 15 | ||||||||||||
Stockholders' equity | |||||||||||||||
NCR stockholders' equity: | |||||||||||||||
Preferred stock: par value $0.01 per share, 100.0 shares authorized, no shares issued and outstanding at September 30, 2012, June 30, 2012, and December 31, 2011, respectively | — | — | — | ||||||||||||
Common stock: par value $0.01 per share, 500.0 shares authorized, 159.8, 158.7, and 157.6 shares issued and outstanding at September 30, 2012, June 30, 2012, and December 31, 2011 respectively | 2 | 2 | 2 | ||||||||||||
Paid-in capital | 337 | 316 | 287 | ||||||||||||
Retained earnings | 2,154 | 2,097 | 1,988 | ||||||||||||
Accumulated other comprehensive loss | (1,507 | ) | (1,468 | ) | (1,492 | ) | |||||||||
Total NCR stockholders' equity | 986 | 947 | 785 | ||||||||||||
Noncontrolling interests in subsidiaries | 36 | 35 | 35 | ||||||||||||
Total stockholders' equity | 1,022 | 982 | 820 | ||||||||||||
Total liabilities and stockholders' equity | $ | 6,034 | $ | 5,623 | $ | 5,591 |
Schedule D |
||||||||||||||||||||
NCR CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in millions) |
||||||||||||||||||||
For the Periods Ended September 30 | ||||||||||||||||||||
Three Months | Nine Months | |||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||
Operating activities | ||||||||||||||||||||
Net income | $ | 58 | $ | 15 | $ | 168 | $ | 64 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Loss (income) from discontinued operations | 1 | 7 | (3 | ) | 25 | |||||||||||||||
Depreciation and amortization | 42 | 30 | 123 | 88 | ||||||||||||||||
Stock-based compensation expense | 14 | 9 | 36 | 24 | ||||||||||||||||
Excess tax benefit from stock-based compensation | — | — | — | (1 | ) | |||||||||||||||
Deferred income taxes | (6 | ) | (13 | ) | 2 | (17 | ) | |||||||||||||
Gain on sale of property, plant and equipment | (1 | ) | — | (8 | ) | (3 | ) | |||||||||||||
Impairment of long-lived and other assets | — | — | 7 | — | ||||||||||||||||
Changes in assets and liabilities: | ||||||||||||||||||||
Receivables | (47 | ) | (89 | ) | (94 | ) | (145 | ) | ||||||||||||
Inventories | (34 | ) | 3 | (74 | ) | (67 | ) | |||||||||||||
Current payables and accrued expenses | 68 | 23 | 64 | 72 | ||||||||||||||||
Deferred service revenue and customer deposits | 6 | — | 56 | 34 | ||||||||||||||||
Pension and indemnity plan | (493 | ) | 46 | (489 | ) | 100 | ||||||||||||||
Other assets and liabilities | (8 | ) | (37 | ) | (68 | ) | (60 | ) | ||||||||||||
Net cash (used in) provided by operating activities | (400 | ) | (6 | ) | (280 | ) | 114 | |||||||||||||
Investing activities | ||||||||||||||||||||
Expenditures for property, plant and equipment | (22 | ) | (11 | ) | (53 | ) | (43 | ) | ||||||||||||
Proceeds from sales of property, plant and equipment | — | — | 8 | 2 | ||||||||||||||||
Additions to capitalized software | (21 | ) | (16 | ) | (58 | ) | (45 | ) | ||||||||||||
Business acquisition, net | (33 | ) | (1,087 | ) | (58 | ) | (1,087 | ) | ||||||||||||
Other investing activities, net | (4 | ) | — | 4 | — | |||||||||||||||
Net cash used in investing activities | (80 | ) | (1,114 | ) | (157 | ) | (1,173 | ) | ||||||||||||
Financing activities | ||||||||||||||||||||
Purchase of Company common stock | — | — | — | (70 | ) | |||||||||||||||
Tax withholding payments on behalf of employees | (3 | ) | — | (12 | ) | — | ||||||||||||||
Excess tax benefit from stock-based compensation | — | — | — | 1 | ||||||||||||||||
Short term borrowings, net | (2 | ) | — | — | — | |||||||||||||||
Borrowings on term credit facility | 150 | 700 | 150 | 700 | ||||||||||||||||
Payments on revolving credit facility | (555 | ) | (50 | ) | (860 | ) | (50 | ) | ||||||||||||
Borrowings on revolving credit facility | 530 | 400 | 720 | 400 | ||||||||||||||||
Proceeds from bond offering | 600 | — | 600 | — | ||||||||||||||||
Debt issuance costs | (11 | ) | (28 | ) | (11 | ) | (28 | ) | ||||||||||||
Proceeds from employee stock plans | 10 | 2 | 23 | 15 | ||||||||||||||||
Dividend distribution to minority shareholder | (1 | ) | — | (1 | ) | — | ||||||||||||||
Net cash provided by financing activities | 718 | 1,024 | 609 | 968 | ||||||||||||||||
Cash flows from discontinued operations | ||||||||||||||||||||
Net cash used in operating activities | (41 | ) | (7 | ) | (85 | ) | (27 | ) | ||||||||||||
Net cash (used in) provided by investing activities | — | (5 | ) | 98 | (40 | ) | ||||||||||||||
Net cash (used in) provided by discontinued operations | (41 | ) | (12 | ) | 13 | (67 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | 7 | (8 | ) | (2 | ) | 3 | ||||||||||||||
Increase (decrease) in cash and cash equivalents | 204 | (116 | ) | 183 | (155 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 377 | 457 | 398 | 496 | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 581 | $ | 341 | $ | 581 | $ | 341 |
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