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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
FORM 10-Q
________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission File Number: 001-00395
 ________________________
https://cdn.kscope.io/9a8fec7432a7509b9494f8b857bc1324-ncr-20210930_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: (937445-1936
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
    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 transition 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  
As of October 15, 2021, there were approximately 132.0 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.


2

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 September 30Nine months ended September 30
2021202020212020
Product revenue$520 $521 $1,553 $1,476 
Service revenue1,381 1,068 3,569 3,100 
Total revenue1,901 1,589 5,122 4,576 
Cost of products429 452 1,290 1,254 
Cost of services952 710 2,442 2,126 
Selling, general and administrative expenses294 254 835 743 
Research and development expenses69 55 204 169 
Total operating expenses1,744 1,471 4,771 4,292 
Income (loss) from operations157 118 351 284 
Loss on extinguishment of debt (42)(20)(42)(20)
Interest expense(68)(60)(174)(167)
Other expense, net(5)(6)(23)(10)
Income (loss) from continuing operations before income taxes42 32 112 87 
Income tax expense (benefit)29  77 (33)
Income (loss) from continuing operations13 32 35 120 
Loss from discontinued operations, net of tax    
Net income (loss)13 32 35 120 
Net income (loss) attributable to noncontrolling interests1 1 2 2 
Net income (loss) attributable to NCR$12 $31 $33 $118 
Amounts attributable to NCR common stockholders:
Income (loss) from continuing operations$12 $31 $33 $118 
Dividends on convertible preferred stock(4)(6)(12)(19)
Income (loss) from continuing operations attributable to NCR common stockholders8 25 21 99 
Loss from discontinued operations, net of tax    
Net income (loss) attributable to NCR common stockholders$8 $25 $21 $99 
Income (loss) per share attributable to NCR common stockholders:
Income (loss) per common share from continuing operations
Basic$0.06 $0.19 $0.16 $0.77 
Diluted$0.06 $0.19 $0.15 $0.76 
Net income (loss) per common share
Basic$0.06 $0.19 $0.16 $0.77 
Diluted$0.06 $0.19 $0.15 $0.76 
Weighted average common shares outstanding
Basic131.5 128.5 130.8 128.2 
Diluted137.8 129.7 137.1 129.8 
See Notes to Condensed Consolidated Financial Statements.
3

Table of Contents
NCR Corporation
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 
In millionsThree months ended September 30Nine months ended September 30
2021202020212020
Net income (loss)$13 $32 $35 $120 
Other comprehensive income (loss):
Currency translation adjustments
Currency translation gains (loss)(29)21 (28)(23)
Derivatives
Unrealized gains (loss) on derivatives (5) (5)
   Loss (gains) on derivatives recognized during the period 3  2 
        Less income tax 1  1 
Employee benefit plans
   Amortization of prior service benefit  (1)(2)
   Net (loss) gain arising during the period
   Amortization of actuarial loss (gains)   (2)
        Less income tax (1) 1 
Other comprehensive income (loss)(29)19 (29)(28)
Total comprehensive income (loss)(16)51 6 92 
Less comprehensive income attributable to noncontrolling interests:
   Net income (loss)1 1 2 2 
   Currency translation losses 1   
Amounts attributable to noncontrolling interests1 2 2 2 
Comprehensive income (loss) attributable to NCR$(17)$49 $4 $90 
See Notes to Condensed Consolidated Financial Statements.
4

Table of Contents
NCR Corporation
Condensed Consolidated Balance Sheets (Unaudited)
In millions, except per share amountsSeptember 30, 2021December 31, 2020
Assets
Current assets
Cash and cash equivalents$383 $338 
Accounts receivable, net of allowances of $31 and $51 as of September 30, 2021 and December 31, 2020, respectively
943 1,117 
Inventories747 601 
Restricted cash246 59 
Other current assets459 363 
Total current assets2,778 2,478 
Property, plant and equipment, net683 373 
Goodwill4,515 2,837 
Intangibles, net1,373 532 
Operating lease assets423 344 
Prepaid pension cost209 199 
Deferred income taxes824 965 
Other assets784 686 
Total assets$11,589 $8,414 
Liabilities and stockholders’ equity
Current liabilities
Short-term borrowings$30 $8 
Accounts payable767 632 
Payroll and benefits liabilities378 268 
Contract liabilities540 507 
Settlement liabilities230 31 
Other current liabilities789 642 
Total current liabilities2,734 2,088 
Long-term debt5,534 3,270 
Pension and indemnity plan liabilities836 851 
Postretirement and postemployment benefits liabilities116 120 
Income tax accruals102 102 
Operating lease liabilities406 325 
Other liabilities399 334 
Total liabilities10,127 7,090 
Commitments and Contingencies (Note 10)
Series A convertible preferred stock: par value $0.01 per share, 3.0 shares authorized, 0.3 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively; redemption amount and liquidation preference of $276 as of September 30, 2021 and December 31, 2020, respectively
274 273 
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, 2021 and December 31, 2020, respectively
  
Common stock: par value $0.01 per share, 500.0 shares authorized, 131.8 and 129.1 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
1 1 
Paid-in capital511 368 
Retained earnings971 950 
Accumulated other comprehensive loss(300)(271)
Total NCR stockholders’ equity1,183 1,048 
Noncontrolling interests in subsidiaries5 3 
Total stockholders’ equity1,188 1,051 
Total liabilities and stockholders’ equity$11,589 $8,414 
See Notes to Condensed Consolidated Financial Statements.
5

Table of Contents
NCR Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
 
In millionsNine months ended September 30
20212020
Operating activities
Net income$35 $120 
Adjustments to reconcile net income to net cash provided by operating activities:
     Loss on debt extinguishment42 20 
Depreciation and amortization364 269 
Stock-based compensation expense119 76 
Deferred income taxes30 (46)
Impairment of other assets 4 
Gain on disposal of property, plant and equipment (2)
Changes in assets and liabilities, net of effects of business acquired:
Receivables240 266 
Inventories(165)28 
Current payables and accrued expenses210 (194)
Contract liabilities5 6 
Employee benefit plans(30)9 
Other assets and liabilities(43)(61)
Net cash provided by operating activities807 495 
Investing activities
Expenditures for property, plant and equipment(68)(23)
Proceeds from sale of property, plant and equipment1 7 
Additions to capitalized software(174)(177)
Business acquisitions, net of cash acquired (2,466)(25)
Purchases of short-term investments(13)(14)
Proceeds from sales of short-term investments14 20 
Other investing activities, net(6)(3)
Net cash used in investing activities(2,712)(215)
Financing activities
Payments on term credit facilities(106)(7)
Payments on revolving credit facilities(1,431)(716)
Payments of senior unsecured notes(400)(1,300)
Borrowings on term credit facilities1,505 4 
Borrowings on revolving credit facilities1,541 1,460 
Proceeds from issuance of senior unsecured notes1,200 1,500 
Debt issuance costs and bridge commitment fees(52)(21)
Call premium paid on debt extinguishment (37)(15)
Cash dividend paid for Series A preferred shares dividends (11)(6)
Repurchases of Common Stock (41)
Proceeds from employee stock plans33 12 
Tax withholding payments on behalf of employees(28)(27)
Net change in client funds obligations(3)(6)
Principal payments for finance lease obligations(13)(9)
Other financing activities(2)(1)
Net cash provided by financing activities$2,196 $827 
Cash flows from discontinued operations
Net cash provided by (used in) discontinued operations(50)4 
Effect of exchange rate changes on cash, cash equivalents and restricted cash(12)(16)
Increase in cash, cash equivalents, and restricted cash229 1,095 
Cash, cash equivalents and restricted cash at beginning of period406 563 
Cash, cash equivalents and restricted cash at end of period$635 $1,658 
See Notes to Condensed Consolidated Financial Statements.
6

Table of Contents
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, 2020129 $1 $368 $950 $(271)$3 $1,051 
Comprehensive income:
     Net income— — — 30 — 1 31 
     Other comprehensive income (loss)— — — — (8) (8)
Total comprehensive income (loss)— — — 30 (8)1 23 
Employee stock purchase and stock compensation plans2 — 30 — — — 30 
Series A convertible preferred stock dividends— — — (4)— — (4)
March 31, 2021131 $1 $398 $976 $(279)$4 $1,100 
Comprehensive income:
Net income— — — (9)—  (9)
Other comprehensive income (loss)— — — — 8  8 
Total comprehensive income (loss)— — — (9)8  (1)
Employee stock purchase and stock compensation plans— — 44 — — — 44 
Fair value of converted Cardtronics awards attributable to pre-combination services— — 19 — — — 19 
Series A convertible preferred stock dividends— — — (4)— — (4)
June 30, 2021131 $1 $461 $963 $(271)$4 $1,158 
Comprehensive income:
Net income — — 12 — 1 13 
Other comprehensive income (loss) — — — (29) (29)
Total comprehensive income (loss) — — 12 (29)1 (16)
Employee stock purchase and stock compensation plans1 — 50 — — — 50 
Series A convertible preferred stock dividends — — (4)— — (4)
September 30, 2021132 $1 $511 $971 $(300)$5 $1,188 
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, 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 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 (loss) — — — — 14 — 14 
Total comprehensive income (loss) — — — 64 14 — 78 
Employee stock purchase and stock compensation plans1 — 25 — — — 25 
Series A convertible preferred stock dividends— — — (7)— — (7)
June 30, 2020 128 $1 $300 $1,134 $(315)$3 $1,123 
Comprehensive income:
Net income — — 31 — 1 32 
Other comprehensive income (loss)  — — — 18 1 19 
Total comprehensive income (loss)  — — 31 18 2 51 
Employee stock purchase and stock compensation plans1 — 32 — — — 32 
Series A convertible preferred stock dividends — — (6)— — (6)
   Dividends paid to minority shareholder     (1)(1)
September 30, 2020129 $1 $332 $1,159 $(297)$4 $1,199 
See Notes to Condensed Consolidated Financial Statements.


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NCR Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)

Index to Financial Statements and Supplemental Data

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NCR Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying Condensed Consolidated Financial Statements have been prepared by NCR Corporation (NCR, the Company, we or us) without audit pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and, in the opinion of management, include all adjustments (consisting of normal, recurring adjustments, unless otherwise disclosed) necessary for a fair statement of the condensed consolidated results of operations, financial position, and cash flows for each period presented. The consolidated results for the interim periods are not necessarily indicative of results to be expected for the full year. The 2020 year-end Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States (GAAP). These financial statements should be read in conjunction with NCR’s Form 10-K for the year ended December 31, 2020.

On June 21, 2021, we completed the acquisition of Cardtronics plc (“Cardtronics”). The September 30, 2021 year to date results include the operations of Cardtronics from June 21, 2021 to September 30, 2021 and the results for the quarter ended September 30, 2021 include a full three months for Cardtronics. Refer to Note 2, Business Combinations for additional disclosure.

Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and revenue and expenses during the period reported.

Although our estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations and financial position. In particular, a number of estimates have been and will continue to be affected by the ongoing novel coronavirus (COVID-19) pandemic. The ultimate impact on our overall financial condition and operating results will depend on the currently unknowable duration and severity of the pandemic, supply chain challenges and cost escalations including materials, labor and freight, and any additional governmental and public actions taken in response. As a result, our accounting estimates and assumptions may change over time as a consequence of the effects of COVID-19.

Such changes could result in future impairments of goodwill, intangible assets, long-lived assets, incremental credit losses on accounts receivable and decreases in the carrying amount of our tax assets.

Evaluation of Subsequent Events The Company evaluated subsequent events through the date that our Condensed Consolidated Financial Statements were issued. No matters were identified that required adjustment of the Condensed Consolidated Financial Statements or additional disclosure other than subsequent events disclosed within the notes to the Condensed Consolidated Financial Statements.

Reclassifications Certain prior-period amounts have been reclassified in the accompanying Condensed Consolidated Financial Statements and Notes thereto in order to conform to the current period presentation. Reclassifications had no effect on prior year net income or shareholders’ equity.

Cash, Cash Equivalents, and Restricted Cash The reconciliation of cash, cash equivalents and restricted cash in the Condensed Consolidated Statements of Cash Flows is as follows:
In millionsSeptember 30
20212020
Cash and cash equivalents$383 $1,605 
Long term restricted cash included in other assets6 9 
Funds held for clients included in restricted cash41 26 
Cash included in settlement processing assets included in restricted cash205 18 
Total cash, cash equivalents and restricted cash$635 $1,658 

Contract Assets and Liabilities The following table presents the net contract asset and contract liability balances as of September 30, 2021 and December 31, 2020.
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NCR Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)
In millionsLocation in the Condensed Consolidated Balance SheetSeptember 30, 2021December 31, 2020
Current portion of contract liabilitiesContract liabilities$540 $507 
Non-current portion of contract liabilitiesOther liabilities$62 $80 

During the nine months ended September 30, 2021, the Company recognized $406 million in revenue that was included in contract liabilities as of December 31, 2020.

Remaining Performance Obligations Remaining performance obligations represent the transaction price of orders for which products have not been delivered or services have not been performed. As of September 30, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was approximately $3.7 billion. The Company expects to recognize revenue on approximately three-quarters of the remaining performance obligations over the next 12 months, with the remainder recognized thereafter. The majority of our professional services are expected to be recognized over the next 12 months but this is contingent upon a number of factors, including customers’ needs and schedules.

The Company has made two elections that affect the value of remaining performance obligations described above. We do not disclose remaining performance obligations for contracts where variable consideration is directly allocated based on usage or when the original expected length is one year or less.

Recent Accounting Pronouncements

Issued

In August 2020, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update with new guidance for convertible preferred stock, which eliminates considerations related to the beneficial conversion feature model. The standard also requires an average stock price when calculating the denominator for diluted earnings per share to be used for stock units where the settlement of the number of shares is based on the stock price. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted no earlier than fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The adoption of this accounting standards update is not expected to have a material effect on the Company's net income, cash flows, earnings per share or financial condition.

In May 2021, the FASB issued an accounting standards update with new guidance for freestanding equity-classified written call options. The new guidance requires modifications or exchanges of freestanding equity-classified written call options that remain equity classified after the modification or exchange based on the economic substance of the modification or exchange. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The adoption of this accounting standards update is not expected to have a material effect on the Company's net income, cash flows, earnings per share or financial condition.

Adopted

In July 2021, the FASB issued an accounting standards update with new guidance for lessors with lease contracts that have variable lease payments. Under the new guidance, a lease which includes variable lease payments which do not depend on a reference index or rate and would have resulted in the recognition of a selling loss at lease commencement if classified as sales-type or direct financing are now to be classified as operating. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021, with early adoption permitted. The accounting standards update was adopted using the transition guidance of early application and we will apply the standard prospectively to all new hardware arrangements where NCR is the lessor. The accounting standard did not have a material effect on the Company's net income, cash flows, earnings per share or financial condition.


2. BUSINESS COMBINATIONS

Pending acquisition of LibertyX

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NCR Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)—(Continued)
On July 31, 2021, NCR entered into a definitive agreement to acquire Moon Inc. dba LibertyX, a leading cryptocurrency software provider. The transaction is expected to close later in 2021, subject to customary closing conditions, including obtaining certain regulatory licensing consents and approvals.


Acquisition of Cardtronics plc

On January 25, 2021, NCR entered into a definitive agreement to acquire all outstanding shares of Cardtronics plc (“Cardtronics”) for $39.00 per share (the “Cardtronics Transaction”). The legal closing of the Cardtronics Transaction occurred on June 21, 2021.

Cardtronics is the world's largest non-bank ATM operator and service provider enabling cash transactions by converting digital currency into physical cash at over 285,000 ATMs across 10 countries in North America, Europe, Asia-Pacific, and Africa. The Cardtronics Transaction is expected to accelerate our NCR-as-a-service strategy and enhance our ability to provide technology solutions and capabilities that run our customers’ businesses.

Purchase Price Consideration The purchase consideration transferred consisted of the following: