Other                                                                          3.0              2.2 
Changes in certain assets and liabilities 
Trade receivables                                                              (1.3)            (8.0) 
Inventories                                                                    (60.2)           (33.9) 
Accounts payable                                                               64.1             47.3 
Income taxes                                                                   (8.5)            31.8 
Deferred revenue                                                               32.2             66.4 
Warranty liability                                                             (0.4)            (3.6) 
Certain other assets and liabilities                                           (131.8)          (126.4) 
Net cash provided (used) by operating activities                               (65.2)           (78.2) 
Cash flow from investing activities 
Capital expenditures                                                           (2.5)            (5.4) 
Capitalized software development                                               (5.9)            (5.1) 
Proceeds from divestitures, net of cash divested                               -                (38.5) 
Net short-term investment activity                                             11.6             (4.4) 
Net cash provided (used) by investing activities                               3.2              (53.4) 
Cash flow from financing activities 
Debt issuance costs                                                            -                (3.8) 
Net debt borrowings (repayments)                                               (31.8)           322.8 
Contributions from noncontrolling interest holders                             12.7             - 
Other                                                                          (5.8)            (5.0) 
Net cash provided (used) by financing activities                               (24.9)           314.0 
Effect of exchange rate changes on cash and cash equivalents                   (1.8)            (15.6) 
Change in cash and cash equivalents                                            (88.7)           166.8 
Add: Cash included in assets held for sale at beginning of period              2.7              97.2 
Less: Cash included in assets held for sale at end of period                   3.7              32.8 
Cash and cash equivalents at the beginning of the period                       324.5            280.9 
Cash and cash equivalents at the end of the period                             USD  234.8         USD  512.1 Notes for Non-GAAP Measures To supplement our condensed consolidated financial statements presented in accordance with GAAP, the company utilizes certain financial measures that are not prepared in accordance with GAAP, including non-GAAP results,  EBITDA and Adjusted EBITDA, adjusted earnings per share, free cash flow/(use) and net debt.  1. Profit/loss summary (Dollars in millions): 
                 Q1 2021                                                     Q1 2020 
                            Gross      % of                         % of                Gross      % of                          % of 
                 Net Sales  Profit     Sales    OPEX      OP        Sales    Net Sales  Profit     Sales    OPEX      OP         Sales 
GAAP Results     USD 943.9    USD 273.2    28.9  % USD 237.0    USD 36.2    3.8  %   USD 910.7    USD 226.8    24.9  % USD 252.8    USD (26.0)   (2.9) % 
Restructuring 
and DN Now 
transformation 
expenses         -          0.5                (22.6)     23.1               -          0.9                (40.7)     41.6 
Amortization 
of Wincor 
Nixdorf 
purchase 
accounting 
intangible 
assets 
(non-cash)       -          -                  (19.9)     19.9               -          3.2                (18.2)     21.4 
Non-routine 
income/ 
expense: 
Legal/deal 
expense          -          -                  (0.6)      0.6                -          -                  (2.4)      2.4 
Costs related 
to previously 
divested 
business in 
Germany          -          -                  -          -                  -          4.8                -          4.8 
Divestitures 
and fixed 
asset sales      -          -                  0.5        (0.5)              -          -                  1.7        (1.7) 
Loss making 
contracts 
related to 
discontinued 
offering         -          -                  -          -                  -          12.0               -          12.0 
Inventory 
charge/gain      -          -                  -          -                  -          3.7                -          3.7 
Other            -          (0.3)              -          (0.3)              -          2.7                (2.1)      4.8 
Non-routine 
expenses, net    -          (0.3)              (0.1)      (0.2)              -          23.2               (2.8)      26.0 
Non-GAAP 
Results          USD 943.9    USD 273.4    29.0  % USD 194.4    USD 79.0    8.4  %   USD 910.7    USD 254.1    27.9  % USD 191.1    USD 63.0     6.9   % 
                                  Q1 2021                                     Q1 2020 
                                  Services   Products  Software  Total GP     Services   Products  Software  Total GP 
GAAP Gross Profit                 USD 142.3    USD 74.6    USD 56.3    USD 273.2      USD 117.9    USD 64.2    USD 44.7    USD 226.8 
Restructuring and DN Now 
transformation expenses           0.1        0.4       -         0.5          0.6        -         0.3       0.9 
Amortization of Wincor Nixdorf 
purchase accounting intangible 
assets (non-cash)                 -          -         -         -            -          1.5       1.7       3.2 
Non-routine income/expense: 
Costs related to previously 
divested business in Germany      -          -         -         -            -          4.8       -         4.8 
Loss making contract related to 
discontinued offering             -          -         -         -            12.0       -         -         12.0 
Inventory charge/gain             -          -         -         -            3.8        (0.1)     -         3.7 
Other                             (1.7)      0.1       1.3       (0.3)        1.9        0.8       -         2.7 
Non-routine expenses, net         (1.7)      0.1       1.3       (0.3)        17.7       5.5       -         23.2 
Non-GAAP Gross Profit             USD 140.7    USD 75.1    USD 57.6    USD 273.4      USD 136.2    USD 71.2    USD 46.7    USD 254.1 Restructuring and DN Now transformation expenses relate to the business transformation plan focused on driving connected commerce, finance, sales and operational excellence, business integration and global workforce alignment, including GAAP restructuring costs, as well as the third-party costs of the DN Now transformation program and accelerated depreciation. The Wincor Nixdorf intangible asset amortization relates to the intangible assets established in purchase accounting as management believes that this is useful information to investors by highlighting the impact on the company's operations. Legal and deal expense primarily relates to third-party expenses and fees paid by the company for M&A activity. The divestitures and fixed asset sales relates primarily to the divestitures of non-core businesses in both 2021 and 2020. The loss making contracts represent charges incurred in 2020 for expected losses through the contractual service period. The inventory charge/gain relates to the company's re-assessment of primarily finished goods and service parts due to contract cancellations, and excess and obsolete inventory as a result of streamlining the company's product portfolio and optimizing its manufacturing footprint. With respect to 2021, other includes the impact of certain costs related to a divested business, offset by subsidies received related to the COVID-19 pandemic, and for 2020 includes incremental payments made to essential service technicians for their contributions during the COVID-19 pandemic and certain IT projects.  1. Reconciliation of GAAP net income (loss) to EBITDA and Adjusted EBITDA (Non-GAAP measures) (Dollars in millions): 
                                                         Q1 2021      Q1 2020      TTM 3/31/2021 
Net loss                                                 USD (8.1)      USD (93.4)     USD  (182.5) 
Income tax expense (benefit)                             1.2          20.0         (19.8) 
Interest income                                          (1.7)        (1.1)        (7.4) 
Interest expense                                         48.7         48.0         293.4 
Depreciation and amortization                            39.7         49.3         170.8 
EBITDA                                                   79.8         22.8         254.5 
Share-based compensation                                 3.5          4.0          14.4 
Foreign exchange (gain) loss, net                        (5.7)        (0.4)        9.1 
Miscellaneous, net                                       0.7          0.9          (7.0) 
Equity in (loss) earnings of unconsolidated subsidiaries 1.1          -            0.4 
Restructuring and DN Now transformation expenses         21.1         36.2         152.0 
Non-routine (income)/expense, net                        (0.2)        26.0         40.4 
Adjusted EBITDA                                          USD 100.3      USD 89.5       USD  463.8 

(MORE TO FOLLOW) Dow Jones Newswires

May 10, 2021 08:49 ET (12:49 GMT)