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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q
________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020
Commission File Number 001-00395
 ________________________
https://cdn.kscope.io/9677c5b54c72b512460f41929e027c3a-ncr-20200630_g1.jpg
NCR CORPORATION
(Exact name of registrant as specified in its charter)
________________________
 
Maryland 31-0387920
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
864 Spring Street NW
Atlanta, GA 30308
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (937445-5000
        Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No  ☐
        Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  ☐
        Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
Emerging Growth Company
        If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transaction period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange act.  o 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No  



Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
NCR
New York Stock Exchange
        As of July 17, 2020, there were approximately 128.4 million shares of the registrant's common stock issued and outstanding.


Table of Contents

TABLE OF CONTENTS 
 
PART I. Financial Information
 DescriptionPage
Item 1.

Item 2.
Item 3.
Item 4.
PART II. Other Information
 DescriptionPage
Item 1.
Item 1A.
Item 2.
Item 6.


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Table of Contents
Part I. Financial Information
 
Item 1. FINANCIAL STATEMENTS
NCR Corporation
Condensed Consolidated Statements of Operations (Unaudited) 
In millions, except per share amountsThree months ended June 30Six months ended June 30
2020201920202019
Product revenue$481  $664  $955  $1,203  
Service revenue1,003  1,0462,0322,043  
Total revenue1,484  1,7102,9873,246  
Cost of products411  539802992  
Cost of services701  7001,4161,372  
Selling, general and administrative expenses234  252489504  
Research and development expenses49  62114121  
Total operating expenses1,395  1,5532,8212,989
Income (loss) from operations89  157166257  
Interest expense(57) (45) (107) (90) 
Other expense, net(2) (9) (4) (17) 
Income (loss) from continuing operations before income taxes30  10355150  
Income tax expense (benefit)(34) 15(33) 24  
Income (loss) from continuing operations64  88  88126  
Loss from discontinued operations, net of tax        
Net income (loss)64  8888126  
Net income (loss) attributable to noncontrolling interests    1  1  
Net income (loss) attributable to NCR$64  $88  $87  $125  
Amounts attributable to NCR common stockholders:
Income (loss) from continuing operations$64  $88  $87  $125  
Dividends on convertible preferred stock(7) (12) (13) (25) 
Income (loss) from continuing operations attributable to NCR common stockholders57  76  74100  
Loss from discontinued operations, net of tax        
Net income (loss) attributable to NCR common stockholders$57  $76  $74  $100  
Income (loss) per share attributable to NCR common stockholders:
Income (loss) per common share from continuing operations
Basic$0.45  $0.63  $0.58  $0.83  
Diluted$0.44  $0.58  $0.57  $0.81  
Net income (loss) per common share
Basic$0.45  $0.63  $0.58  $0.83  
Diluted$0.44  $0.58  $0.57  $0.81  
Weighted average common shares outstanding
Basic128.0  120.2  128.0119.8  
Diluted128.9  152.7  129.7123.0  
See Notes to Condensed Consolidated Financial Statements.
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Table of Contents
NCR Corporation
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 
In millionsThree months ended June 30Six months ended June 30
2020201920202019
Net income (loss)$64  $88  $88  $126  
Other comprehensive (loss) income:
Currency translation adjustments
Currency translation gains (losses)17  (8) (44) 11  
Derivatives
Unrealized gains (losses) on derivatives(3)     1  
   Gains on derivatives recognized during the period  (2) (1) (3) 
        Less income tax1  1    1  
Employee benefit plans
   Amortization of prior service benefit(1) (2) (2) (4) 
   Amortization of actuarial losses (gains)(1)   (2) (1) 
        Less income tax1    2    
Other comprehensive income (loss)14  (11) (47)  5  
Total comprehensive income (loss)78  77  41  131  
Less comprehensive income attributable to noncontrolling interests:
   Net income (loss)    1  1  
   Currency translation losses    (1)   
Amounts attributable to noncontrolling interests      1  
Comprehensive income (loss) attributable to NCR$78  $77  $41  $130  
See Notes to Condensed Consolidated Financial Statements.
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NCR Corporation
Condensed Consolidated Balance Sheets (Unaudited)
In millions, except per share amountsJune 30, 2020December 31, 2019
Assets
Current assets
Cash and cash equivalents$1,681  $509  
Accounts receivable, net of allowances of $54 and $44 as of June 30, 2020 and December 31, 2019, respectively1,249  1,490  
Inventories782  784  
Other current assets424  361  
Total current assets4,136  3,144  
Property, plant and equipment, net394  413  
Goodwill2,823  2,832  
Intangibles, net562  607  
Operating lease assets347  391  
Prepaid pension cost182  178  
Deferred income taxes849  821  
Other assets656  601  
Total assets$9,949  $8,987  
Liabilities and stockholders’ equity
Current liabilities
Short-term borrowings$217  $282  
Accounts payable680  840  
Payroll and benefits liabilities249  308  
Contract liabilities563  502  
Other current liabilities585  606  
Total current liabilities2,294  2,538  
Long-term debt4,473  3,277  
Pension and indemnity plan liabilities864  858  
Postretirement and postemployment benefits liabilities114  111  
Income tax accruals91  92  
Operating lease liabilities334  369  
Other liabilities254  240  
Total liabilities8,424  7,485  
Commitments and Contingencies (Note 9)
Series A convertible preferred stock: par value $0.01 per share, 3.0 shares authorized, 0.4 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively; redemption amount and liquidation preference of $405 and $399 as of June 30, 2020 and December 31, 2019, respectively402  395  
Stockholders’ equity
NCR stockholders’ equity
Preferred stock: par value $0.01 per share, 100.0 shares authorized, no shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively    
Common stock: par value $0.01 per share, 500.0 shares authorized, 128.2 and 127.7 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively1  1  
Paid-in capital300  312  
Retained earnings1,134  1,060  
Accumulated other comprehensive loss(315) (269) 
Total NCR stockholders’ equity1,120  1,104  
Noncontrolling interests in subsidiaries3  3  
Total stockholders’ equity1,123  1,107  
Total liabilities and stockholders’ equity$9,949  $8,987  
See Notes to Condensed Consolidated Financial Statements.
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Table of Contents
NCR Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
 
In millionsSix months ended June 30
20202019
Operating activities
Net income (loss)$88  $126  
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from discontinued operations    
Depreciation and amortization176  160  
Stock-based compensation expense45  48  
Deferred income taxes(30) (17) 
Impairment of other assets4    
Gain on sale of property, plant and equipment(2) (6) 
Changes in assets and liabilities:
Receivables253  (71) 
Inventories(14) (64) 
Current payables and accrued expenses(230) (144) 
Contract liabilities56  76  
Employee benefit plans(3) (9) 
Other assets and liabilities(60) (28) 
Net cash provided by operating activities283  71  
Investing activities
Expenditures for property, plant and equipment(18) (35) 
Proceeds from sale of property, plant and equipment7  11  
Additions to capitalized software(122) (103) 
Business acquisitions, net(25) (12) 
Purchases of investments(6)   
Proceeds from sales of investments11    
Other investing activities, net(1) 5  
Net cash used in investing activities(154) (134) 
Financing activities
Short term borrowings, net  4  
Payments on term credit facilities(4) (39) 
Payments on revolving credit facilities(666) (914) 
Borrowings on term credit facilities3    
Borrowings on revolving credit facilities1,404  897  
Proceeds from issuance of senior unsecured notes400    
Debt issuance costs(8)   
Series A Preferred Stock Dividends(6)   
Repurchases of Common Stock(41)   
Proceeds from employee stock plans9  10  
Tax withholding payments on behalf of employees(25) (16) 
Net change in client funds obligations(3)   
Other financing activities(6)   
Net cash provided by (used in) financing activities1,057  (58) 
Cash flows from discontinued operations
Net cash provided by (used in) operating activities6  (11) 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(16) 1  
Increase (decrease) in cash, cash equivalents, and restricted cash1,176  (131) 
Cash, cash equivalents and restricted cash at beginning of period563  532  
Cash, cash equivalents and restricted cash at end of period$1,739  $401  
See Notes to Condensed Consolidated Financial Statements.
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NCR Corporation
Condensed Consolidated Statements of Changes in Stockholder's Equity (Unaudited)
NCR Stockholders
Common StockAccumulated Other Comprehensive (Loss) IncomeNon-Redeemable Noncontrolling Interests in Subsidiaries
In millionsSharesAmountPaid-in CapitalRetained EarningsTotal
December 31, 2019127  $1  $312  $1,060  $(269) $3  $1,107  
Comprehensive income:
     Net income—  —  —  23  —  1  24  
     Other comprehensive income (loss)—  —  —  —  (60) (1) (61) 
Total comprehensive income (loss)—  —  —  23  (60)   (37) 
Employee stock purchase and stock compensation plans2  —  4  —  —  —  4  
Series A convertible preferred stock dividends—  —  —  (6) —  —  (6) 
Repurchase of Company common stock(2) —  (41) —  —  —  (41) 
March 31, 2020127  1  275  1,077  (329) 3  1,027  
Comprehensive income:
     Net income—  —  —  64  —  —  64  
     Other comprehensive income—  —  —  —  14  —  14  
Total comprehensive income—  —  —  64  14  —  78  
Employee stock purchase and stock compensation plans1  —  25  —  —  —  25  
Series A convertible preferred stock dividends—  —  —  (7) —  —  (7) 
June 30, 2020128  $1  $300  $1,134  $(315) $3  $1,123  
See Notes to Condensed Consolidated Financial Statements.


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NCR Corporation
Condensed Consolidated Statements of Changes in Stockholder's Equity (Unaudited) - (Continued)
NCR Stockholders
Common StockAccumulated Other Comprehensive (Loss) IncomeNon-Redeemable Noncontrolling Interests in Subsidiaries
In millionsSharesAmountPaid-in CapitalRetained EarningsTotal
December 31, 2018119  $1  $34  $606  $(246) $4  $399  
Comprehensive income:
     Net income—  —  —  37  —  1  38  
     Other comprehensive income—  —  —  —  16  —  16  
Total comprehensive income—  —  —  37  16  1  54  
Employee stock purchase and stock compensation plans1  —  14  —  —  —  14  
Series A convertible preferred stock dividends—  —  —  (13) —  —  (13) 
March 31, 2019120  1  48  630  (230) 5  454  
Comprehensive income:
     Net income—  —  —