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Tuesday 29 October, 2019

Diebold Nixdorf, Incorporated

Diebold Nixdorf Revises Full-Year Financial Outlook for 2019

DGAP-Ad-hoc: Diebold Nixdorf, Incorporated / Key word(s): Change in Forecast
Diebold Nixdorf Revises Full-Year Financial Outlook for 2019

29-Oct-2019 / 12:53 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


October 29, 2019 - North Canton, Ohio, United States of America - Diebold Nixdorf, Incorporated (ISIN: US2536511031, the "Company") today announced it is adjusting its full-year financial outlook for 2019 and reported its third quarter 2019 financial results which included the following key figures:

- Net cash provided by operating activities in the quarter was $75.0 million, an increase of $190.5 million from the prior-year period; free cash flow for the quarter was $65.1 million, an improvement of $190.5 million year-over-year.

- On a year-to-date basis, net cash provided by operating activities was $7.4 million, a year-over-year improvement of $379.5 million; year-to-date free cash use of $22.8 million improved by $389.8 million.

- GAAP gross profit amounted to $271.5 million, an improvement of $42.6 million versus the prior-year period; non-GAAP gross profit was $275.6 million, an improvement of $29.3 million; non-GAAP gross margin expanded from 22.0% to 25.5% year-over-year.

- Net loss of $34.8 million improved by $209.8 million from the prior-year period; adjusted EBITDA was $98.2 million, an improvement of $5.2 million; adjusted EBITDA margin improved from 8.3% in the prior year to 9.1%.

- The Company's revenue in the third quarter 2019 was $1.1 billion, a decrease of 3.6% on an as-reported basis, and was essentially flat after adjusting for currency headwinds of $26 million and the Company's portfolio-shaping actions.

- GAAP loss per share at the end of the period was $0.46, or $0.06 per share on a non-GAAP basis.

The Company is adjusting its full-year financial outlook(1) for 2019 as follows:

  Previous Current
Total Revenue ~$4.5 billion ~$4.4 billion
Adjusted EBITDA $400 million - $420 million $400 million - $410 million
Net cash provided by operating activities ~ $100 million $120 million - $150 million
Capital expenditures ~ ($70 million) ~ ($50 million)
Free cash flow / (use) Modestly positive $70 million - $100 million
 

(1) - With respect to the Company's non-GAAP adjusted EBITDA outlook for 2019, it is not providing a reconciliation to the most directly comparable GAAP financial measure because it is unable to predict with reasonable certainty those items that may affect such measures calculated and presented in accordance with GAAP without unreasonable effort. These measures primarily exclude the future impact of restructuring actions and net non-routine items. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, net income calculated and presented in accordance with GAAP. Please see "Use of Non-GAAP Financial Measures" for additional information regarding the Company's use of non-GAAP financial measures.

More information on Diebold Nixdorf's quarterly earnings is available under http://www.dieboldnixdorf.com/earnings.

Non-GAAP Financial Measures and Other Information

To supplement its condensed consolidated financial statements presented in accordance with GAAP, the Company considers certain financial measures that are not prepared in accordance with GAAP, including non-GAAP results, adjusted diluted earnings per share, free cash flow/(use), net debt, EBITDA, adjusted EBITDA and constant currency results. The Company calculates constant currency by translating the prior year results at the current year exchange rate. The Company uses these non-GAAP financial measures, in addition to GAAP financial measures, to evaluate its operating and financial performance and to compare such performance to that of prior periods and to the performance of its competitors. Also, the Company uses these non-GAAP financial measures in making operational and financial decisions and in establishing operational goals. The Company also believes providing these non-GAAP financial measures to investors, as a supplement to GAAP financial measures, helps investors evaluate its operating and financial performance and trends in its business, consistent with how management evaluates such performance and trends. The Company also believes these non-GAAP financial measures may be useful to investors in comparing its performance to the performance of other companies, although its non-GAAP financial measures are specific to the Company and the non-GAAP financial measures of other companies may not be calculated in the same manner. The Company provides EBITDA and Adjusted EBITDA because it believes that investors and securities analysts will find EBITDA and adjusted EBITDA to be useful measures for evaluating its operating performance and comparing its operating performance with that of similar companies that have different capital structures and for evaluating the its ability to meet its future debt service, capital expenditures, and working capital requirements. The Company is also providing EBITDA and adjusted EBITDA in light of its credit agreement and the issuance of its 8.5% senior notes due 2024. For more information (e.g., definitions and reconciliations), please refer to the section "Notes for Non-GAAP Measures" in the Company's earnings release for the third quarter 2019 as published under http://www.dieboldnixdorf.com/earnings.

North Canton, October 29, 2019
Diebold Nixdorf, Incorporated

Notifying Person:
Stephen A. Virostek
Vice President, Investor Relations
Telephone +1 (330) 490-6319
Facsimile +1 (330) 490-3794
[email protected]

Forward-Looking Statements

This ad hoc release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated adjusted revenue growth, adjusted internal revenue growth, adjusted diluted earnings per share and adjusted earnings per share growth. Statements can generally be identified as forward-looking because they include words such as "believes", "anticipates", "expects", "could", "should" or words of similar meaning. Statements that describe the Company's future plans, objectives or goals are also forward-looking statements. Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that may affect the Company's results include, among others: the ultimate impact of the appraisal proceedings initiated in connection with the implementation of the domination and profit and loss transfer agreement with Diebold Nixdorf AG and the merger squeeze-out of the remaining shareholders of Diebold Nixdorf AG; the ultimate outcome and results of integrating the operations of the Company and former Diebold Nixdorf AG; the changes in political, economic or other factors such as interest rates, currency exchange rates, inflation rates, recessionary or expansive trends, taxes and regulations and laws affecting the worldwide business in each of the Company's operations; the Company's reliance on suppliers and any potential disruption to the Company's global supply chain; changes in the Company's relationships with customers, suppliers, distributors and/or partners in its business ventures; the impact of market and economic conditions on the financial services and retail industries, including any additional deterioration and disruption in the financial and service markets, including the bankruptcies, restructurings or consolidations of financial institutions, which could reduce the Company's customer base and/or adversely affect its customers' ability to make capital expenditures, as well as adversely impact the availability and cost of credit; the acceptance of the Company's product and technology introductions in the marketplace; the capacity of the Company's technology to keep pace with a rapidly evolving marketplace; competitive pressures, including pricing pressures and technological developments; the effect of legislative and regulatory actions in the United States and internationally; the Company's ability to comply with government regulations; the impact of a security breach or operational failure on the Company's business; the Company's ability to achieve benefits from its cost-reduction initiatives and other strategic initiatives, such as DN Now, including its planned restructuring actions, as well as its business process outsourcing initiative; unanticipated litigation, claims or assessments, as well as the outcome/impact of any current/pending litigation, claims or assessments; the Company's success in divesting, reorganizing or exiting non-core and/or non-accretive businesses; changes in the Company's intention to further repatriate cash and cash equivalents and short-term investments residing in international tax jurisdictions, which could negatively impact foreign and domestic taxes; the Company's ability to maintain effective internal controls; the Company's ability to comply with covenants contained in the agreements governing its debt; the investment performance of the Company's pension plan assets, which could require the Company to increase its pension contributions, and significant changes in healthcare costs, including those that may result from government action; the amount and timing of repurchases of the Company's common shares, if any; the Company's ability to successfully refinance its debt when necessary or desirable; and other factors included in the Company's filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2018 and in other documents that the Company files with the SEC. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements. The Company assumes no obligation to update any forward-looking statements, which speak only to the date of this ad hoc release.


29-Oct-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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Language: English
Company: Diebold Nixdorf, Incorporated
5995 Mayfair Road
44720 North Canton, OH
United States
Phone: +1 330 490 6046
Fax: +1 330 490 4450
E-mail: [email protected]
Internet: www.dieboldnixdorf.com
ISIN: US2536511031
WKN: 856244
Listed: Regulated Market in Frankfurt; Regulated Unofficial Market in Berlin, Munich, Stuttgart, Tradegate Exchange; NYSE
EQS News ID: 899273

 
End of Announcement DGAP News Service

899273  29-Oct-2019 CET/CEST

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