Diebold Nixdorf, Incorporated

  • WKN: 856244
  • ISIN: US2536511031
  • Land: Vereinigte Staaten von Amerika

Nachricht vom 30.07.2020 | 13:42

Diebold Nixdorf, Incorporated: Release according to Article 50 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution

Diebold Nixdorf, Incorporated / Third country release according to Article 50 Para. 1, No. 2 of the WpHG [the German Securities Trading Act]
30.07.2020 / 13:42
Dissemination of a Post-admission Duties announcement according to Article 50 Para. 1, No. 2 WpHG transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Exhibit 99.1
Press Release
Media contact: Investor contact:
Mike Jacobsen, APR Steve Virostek
+1 330 490 3796 +1 330 490 6319
michael.jacobsen@dieboldnixdorf.com        steve.virostek@dieboldnixdorf.com
 
FOR IMMEDIATE RELEASE:
July 30, 2020

DIEBOLD NIXDORF REPORTS 2020 SECOND QUARTER FINANCIAL RESULTS
Company delivers strong year-over-year improvements to profitability -- driven by continued execution of DN Now transformation initiatives and resiliency of the company's business model

NORTH CANTON, Ohio - Diebold Nixdorf (NYSE:DBD) today reported its second quarter 2020 financial results.

Key highlights
  • Reported record levels for quarterly non-GAAP gross margin, non-GAAP operating profit margin & adjusted EBITDA margin
  • Maintaining 2020 outlook for revenue and adjusted EBITDA, with improved outlook for free cash flow
  • Successful $1.1 billion debt refinancing in July materially extends maturities

Gerrard Schmid, Diebold Nixdorf president and chief executive officer, said: 'Our second quarter financial results demonstrate the resiliency of our business during the COVID-19 pandemic as well as solid execution of our DN Now transformation initiatives. As the second quarter progressed, business activity picked up and the conversion rate to profitability was strong. For the quarter, GAAP operating margin expanded 170 basis points to 2.3% while non-GAAP operating margin increased 460 basis points to 11.0%. We are also pleased with the strong level of investor support for our recent refinancing, which further strengthened our balance sheet. 

'While overall macroeconomic conditions remain uncertain, our execution and improving visibility enables the company to reiterate its 2020 outlook for revenue and adjusted EBITDA. Additionally, our outlook for net cash provided by operating activities and free cash flow has improved. Looking forward, we remain focused on operating margin expansion through our DN Now work streams, further optimizing our capital structure and continuing to differentiate our solutions to pursue growth opportunities.'

Financial results compared with Q2 2019
  • Revenue of $890.5M decreased 22.6%, or $260M YoY, reflecting approximately $108M of net unplanned reductions primarily related to COVID-19 pandemic delays, net planned reductions of approximately $113M including previously concluded divestitures and deliberate reductions in low-margin business, and foreign currency headwinds of approximately $39M
  • GAAP operating profit increased 181% to $20.5M; non-GAAP operating profit improved 32.7% to $98.2M
  • Net loss of $23.1M improved by 58.2% YoY
  • Adjusted EBITDA of $122.4M improved 14.6%; adjusted EBITDA margin improved 440 basis points to 13.7% on a non-GAAP basis
  • Net cash used by operating activities increased $80M YoY to $90.8M; free cash use increased $57M to $73.3M primarily due to the effects of the COVID-19 pandemic
  • GAAP loss per share of $0.31 during the quarter improved versus the $0.66 loss per share in the prior year; on a non-GAAP basis, earnings of $0.38 per share improved versus $0.06 per share in the prior year

Other business updates
  • Made significant progress with next-generation DN Series ATMs including new orders with a top 10 and a top 25 financial institution in the United States. Also secured a new contract in Egypt for 350 DN Series ATMs plus remote monitoring and cash deposit software. Globally, DN Series certification projects nearly doubled since the beginning of the year to 475. 
  • Continued to lead the Americas region in deposit automation technology with a $13 million contract for cash recycling ATMs and related services at one of the largest financial institutions in Latin America.
  • Signed a three-year product and managed services contract with A.S. Watson, the world's largest international health and beauty retailer with over 15,700 stores across 25 markets, to support its digital transformation strategy.
  • Secured a new $17 million contract to deliver managed services, new point-of-sale and self-checkout solutions across several European countries with one of the world's largest home furnishing retailers.
  • Extended a strategic relationship with Accenture to accelerate digital transformation and cloud migration activities.

Financial Results of Operations and Segments
Revenue Summary by Reportable Segments - Unaudited
Three months ended June 30, 2020 compared to June 30, 2019
(Dollars in millions)   Three Months Ended        
    June 30, 2020        
    2020   2019   % Change   % Change in CC1
Segments                
Eurasia Banking                
Services   $ 163.8      $ 217.3      (24.6)     (22.2)  
Products   136.9      170.2      (19.6)     (17.4)  
Software   37.0      42.7      (13.3)     (10.8)  
Total Eurasia Banking   337.7      430.2      (21.5)     (19.2)  
                 
Americas Banking                
Services   210.1      233.1      (9.9)     (7.5)  
Products   88.4      157.6      (43.9)     (40.0)  
Software   32.9      29.2      12.7      18.3   
Total Americas Banking   331.4      419.9      (21.1)     (17.6)  
                 
Retail                
Services   94.6      115.6      (18.2)     (15.6)  
Products   86.1      142.4      (39.5)     (37.9)  
Software   40.7      42.1      (3.3)     (0.2)  
Total Retail   221.4      300.1      (26.2)     (24.1)  
                 
Total net sales   $ 890.5      $ 1,150.2      (22.6)     (19.9)  

Six months ended June 30, 2020 compared to June 30, 2019
(Dollars in millions)   Six Months Ended        
    June 30, 2020        
    2020   2019   % Change   % Change in CC1
Segments                
Eurasia Banking                
Services   343.0      429.6      (20.2)     (17.9)  
Products   235.2      298.0      (21.1)     (18.9)  
Software   70.0      85.2      (17.8)     (15.6)  
Total Eurasia Banking   648.2      812.8      (20.3)     (18.0)  
                 
Americas Banking                
Services   427.1      455.2      (6.2)     (4.3)  
Products   181.6      266.1      (31.8)     (28.6)  
Software   67.4      61.3      10.0      15.8   
Total Americas Banking   676.1      782.6      (13.6)     (10.9)  
                 
Retail                
Services   202.2      225.4      (10.3)     (7.6)  
Products   195.1      281.8      (30.8)     (29.0)  
Software   79.6      75.7      5.2      8.4   
Total Retail   476.9      582.9      (18.2)     (15.9)  
                 
Total net sales   $ 1,801.2      $ 2,178.3      (17.3)     (14.9)  
                 
 1 - The company calculates constant currency by translating the prior-year period results at the current year exchange rate. 
                             
 
 

GAAP and Non-GAAP Profit/Loss Summary
Three months ended June 30, 2020 compared to June 30, 2019
(Dollars in millions)   Three Months Ended        
    June 30, 2020   June 30, 2019   Change
    GAAP   Non-GAAP2   GAAP   Non-GAAP2   GAAP   Non-GAAP
Services   $ 468.5      $ 468.5      $ 566.0      $ 566.0      $ (97.5)     $ (97.5)  
Products   311.4      311.4      470.2      470.2      (158.8)     (158.8)  
Software   110.6      110.6      114.0      114.0      (3.4)     (3.4)  
Total Net Sales   $ 890.5      $ 890.5      $ 1,150.2      $ 1,150.2      $ (259.7)     $ (259.7)  
                         
Services   $ 131.1      $ 143.7      $ 144.2      $ 147.2      $ (13.1)     $ (3.5)  
Products   70.4      71.6      99.3      96.3      (28.9)     (24.7)  
Software   46.1      48.7      35.7      39.4      10.4      9.3   
Total gross profit   $ 247.6      $ 264.0      $ 279.2      $ 282.9      $ (31.6)     $ (18.9)  
                         
Services   28.0  %   30.7  %   25.5  %   26.0  %   250   bps   470   bps
Products   22.6  %   23.0  %   21.1  %   20.5  %   150   bps   250   bps
Software   41.7  %   44.0  %   31.3  %   34.6  %   1,040   bps   940   bps
Total gross margin   27.8  %   29.6  %   24.3  %   24.6  %   350   bps   500   bps
                         
Total operating expenses   $ 227.1      $ 165.8      $ 271.9      $ 208.9      $ (44.8)     $ (43.1)  
                         
Operating profit   $ 20.5      $ 98.2      $ 7.3      $ 74.0      $ 13.2      $ 24.2   
Operating margin   2.3  %   11.0  %   0.6  %   6.4  %   170   bps   460   bps
                         
Adjusted EBITDA   $ 65.2      $ 122.4      $ 54.0      $ 106.8      $ 11.2      $ 15.6   
Adjusted EBITDA margin   7.3  %   13.7  %   4.7  %   9.3  %   260   bps   440   bps

Six months ended June 30, 2020 compared to June 30, 2019
(Dollars in millions)   Six Months Ended        
    June 30, 2020   June 30, 2019   Change
    GAAP   Non-GAAP2   GAAP   Non-GAAP2   GAAP   Non-GAAP
Services   $ 972.3      $ 972.3      $ 1,110.2      $ 1,110.2      $ (137.9)     $ (137.9)  
Products   611.9      611.9      845.9      845.9      (234.0)     (234.0)  
Software   217.0      217.0      222.2      222.2      (5.2)     (5.2)  
Total Net Sales   $ 1,801.2      $ 1,801.2      $ 2,178.3      $ 2,178.3      $ (377.1)     $ (377.1)  
                         
Services   $ 249.0      $ 279.9      $ 277.6      $ 281.8      $ (28.6)     $ (1.9)  
Products   137.2      145.5      183.0      178.2      (45.8)     (32.7)  
Software   88.2      92.8      64.7      70.4      23.5      22.4   
Total gross profit   $ 474.4      $ 518.2      $ 525.3      $ 530.4      $ (50.9)     $ (12.2)  
                         
Services   25.6  %   28.8  %   25.0  %   25.4  %   60   bps   340   bps
Products   22.4  %   23.8  %   21.6  %   21.1  %   80   bps   270   bps
Software   40.6  %   42.8  %   29.1  %   31.7  %   1,150   bps   1,110   bps
Total gross margin   26.3  %   28.8  %   24.1  %   24.3  %   220   bps   450   bps
                         
Total operating expenses   $ 479.9      $ 357.0      $ 542.5      $ 429.3      $ (62.6)     $ (72.3)  
                         
Operating profit   $ (5.5)     $ 161.2      $ (17.2)     $ 101.1      $ 11.7      $ 60.1   
Operating margin   (0.3) %   8.9  %   (0.8) %   4.6  %   50   bps   430   bps
                         
Adjusted EBITDA   $ 88.0      $ 211.9      $ 83.8      $ 171.9      $ 4.2      $ 40.0   
Adjusted EBITDA margin   4.9  %   11.8  %   3.8  %   7.9  %   110   bps   390   bps

2 - See footnote 1 for GAAP to Non-GAAP adjustments for gross profit/gross margin; selling and administrative expense; research, development and engineering expense; and other operating income/expense and footnote 2 for Adjusted EBITDA.

Full-year 2020 Outlook3
  2020 Outlook
Total Revenue $3.7B - $3.9B
Adjusted EBITDA4 $400M - $440M
Net cash provided by operating activities $45M - $55M
Capital expenditures $25M
Free cash flow $20M - $30M

3 - The company's 2020 outlook includes the impact of deconsolidating our joint venture in China, which was finalized in the second quarter 2020, and the divestiture of Diebold Nixdorf Portavis GmbH, which was finalized in the first quarter 2020.

4 - With respect to the company's non-GAAP adjusted EBITDA outlook for 2020, 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 'Non-GAAP Financial Measures and Other Information' for additional information regarding our use of non-GAAP financial measures.

Overview Presentation and Conference Call
More information on Diebold Nixdorf's quarterly earnings is available on its Investor Relations website. Gerrard Schmid, president and chief executive officer, and Jeffrey Rutherford, chief financial officer, will discuss the company's financial performance during a conference call today at 8:30 a.m. (ET). Both the presentation and access to the call / webcast are available at http://www.dieboldnixdorf.com/earnings. The replay of the webcast can be accessed on the web site for up to three months after the call.

About Diebold Nixdorf
Diebold Nixdorf, Incorporated (NYSE: DBD) is a world leader in enabling connected commerce. We automate, digitize and transform the way people bank and shop. As a partner to the majority of the world's top 100 financial institutions and top 25 global retailers, our integrated solutions connect digital and physical channels conveniently, securely and efficiently for millions of consumers each day. The company has a presence in more than 100 countries with approximately 22,000 employees worldwide. Visit www.DieboldNixdorf.com for more information.

Twitter: @DieboldNixdorf
LinkedIn: www.linkedin.com/company/diebold
Facebook: www.facebook.com/DieboldNixdorf
YouTube: www.youtube.com/dieboldnixdorf


Non-GAAP Financial Measures and Other Information
To supplement our 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 our operating and financial performance and to compare such performance to that of prior periods and to the performance of our 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 our operating and financial performance and trends in our 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. We provide EBITDA and Adjusted EBITDA because we believe that investors and securities analysts will find EBITDA and adjusted EBITDA to be useful measures for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures and working capital requirements. We are also providing EBITDA and adjusted EBITDA in light of our credit agreement and the issuance of our 8.5% senior notes due 2024. For more information, please refer to the section, 'Notes for Non-GAAP Measures.'
 

Forward-Looking Statements
This press release contains statements that are not historical information are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding potential impact of the ongoing coronavirus (COVID-19) pandemic, anticipated revenue, future liquidity and financial position. 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 ongoing COVID-19 pandemic on the company's business, results of operations, financial condition and liquidity; 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; 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, and its incremental cost savings actions, as well as its business process outsourcing initiative; the success of the company's new products, including its DN Series line; the company's ability to comply with the covenants contained in the agreements governing its debt;  the ultimate outcome of the company's pricing, operating and tax strategies applied to former Diebold Nixdorf AG and the ultimate ability to realize cost reductions and synergies; changes in political, economic or other factors such as 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; the impact of market and economic conditions, including any additional deterioration and disruption in the financial and service markets, including the bankruptcies, restructurings or consolidations of financial institutions, which could reduce our customer base and/or adversely affect our customers' ability to make capital expenditures, as well as adversely impact the availability and cost of credit; interest rate and foreign currency exchange rate fluctuations, including the impact of possible currency devaluations in countries experiencing high inflation rates; the acceptance of the company's product and technology introductions in the marketplace; competitive pressures, including pricing pressures and technological developments; changes in the company's relationships with customers, suppliers, distributors and/or partners in its business ventures; the effect of legislative and regulatory actions in the United States and internationally and 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 successfully integrate other acquisitions into its operations;  the company's success in divesting, reorganizing or exiting non-core and/or non-accretive businesses; the company's ability to maintain effective internal controls; 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; unanticipated litigation, claims or assessments, as well as the outcome/impact of any current/pending litigation, claims or assessments; 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; 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, 2019 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 release.



 
 
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(IN MILLIONS, EXCEPT EARNINGS PER SHARE)
  Q2 2020   Q2 2019   YTD 6/30/2020   YTD 6/30/2019
Net sales              
Services $ 559.7      $ 659.3      $ 1,147.5      $ 1,288.0   
Products 330.8      490.9      653.7      890.3   
Total 890.5      1,150.2      1,801.2      2,178.3   
Cost of sales              
Services 389.8      489.4      827.3      960.9   
Products 253.1      381.6      499.5      692.1   
Total 642.9      871.0      1,326.8      1,653.0   
Gross profit 247.6      279.2      474.4      525.3   
Gross margin 27.8  %   24.3  %   26.3  %   24.1  %
Operating expenses              
Selling and administrative expense 181.6      224.1      403.7      454.4   
Research, development and engineering expense 30.7      36.1      63.2      73.0   
(Gain) loss on sale of assets, net 14.8      11.7      13.0      15.1   
Total 227.1      271.9      479.9      542.5   
Percent of net sales 25.5  %   23.6  %   26.6  %   24.9  %
Operating profit (loss) 20.5      7.3      (5.5)     (17.2)  
Operating margin 2.3  %   0.6  %   (0.3) %   (0.8) %
Other income (expense)              
Interest income 2.4      2.2      3.5      5.1   
Interest expense (48.3)     (49.9)     (96.3)     (100.8)  
Foreign exchange gain, net (7.6)     (5.1)     (7.2)     (2.3)  
Miscellaneous, net 6.5      (0.4)     5.6      (1.8)  
Total other income (expense) (47.0)     (53.2)     (94.4)     (99.8)  
Loss before taxes (26.5)     (45.9)     (99.9)     (117.0)  
Income tax (benefit) expense (3.4)     9.2      16.6      69.6   
Equity in earnings of unconsolidated subsidiaries     (0.2)         (0.6)  
Net loss (23.1)     (55.3)     (116.5)     (187.2)  
Net (loss) income attributable to noncontrolling interests 0.6      (5.0)         (4.2)  
Net loss attributable to Diebold Nixdorf, Incorporated $ (23.7)     $ (50.3)     $ (116.5)     $ (183.0)  
               
Basic and diluted weighted-average shares outstanding 77.6      76.7      77.4      76.5   
               
Net loss attributable to Diebold Nixdorf, Incorporated              
Basic and diluted loss per share $ (0.31)     $ (0.66)     $ (1.51)     $ (2.39)  
 
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED
(IN MILLIONS)
    6/30/2020   12/31/2019
         
ASSETS        
Current assets        
Cash, cash equivalents and restricted cash   $ 446.4      $ 280.9   
Short-term investments   9.0      10.0   
Trade receivables, less allowances for doubtful accounts   588.8      619.3   
Inventories   513.4      466.5   
Other current assets   337.8      515.3   
Total current assets   1,895.4      1,892.0   
Securities and other investments   17.4      21.4   
Property, plant and equipment, net   205.5      231.5   
Goodwill   775.1      764.0   
Customer relationships, net   409.2      447.7   
Other assets   418.5      434.0   
Total assets   $ 3,721.1      $ 3,790.6   
         
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY        
Current liabilities        
Notes payable   $ 102.1      $ 32.5   
Accounts payable   479.6      471.5   
Deferred revenue   300.6      320.5   
Other current liabilities   645.6      775.1   
Total current liabilities   1,527.9      1,599.6   
         
Long-term debt   2,362.4      2,108.7   
Long-term liabilities   519.2      567.7   
         
Redeemable noncontrolling interests   20.1      20.9   
         
Total Diebold Nixdorf, Incorporated shareholders' equity   (703.0)     (530.3)  
Noncontrolling interests   (5.5)     24.0   
Total equity   (708.5)     (506.3)  
Total liabilities, redeemable noncontrolling interests and equity   $ 3,721.1      $ 3,790.6   
 
 
 
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
(IN MILLIONS)
    YTD 6/30/2020   YTD 6/30/2019
Cash flow from operating activities        
Net loss   $ (116.5)     $ (187.2)  
Adjustments to reconcile net loss to cash flow used by operating activities:        
Depreciation and amortization   106.5      115.8   
Deferred income taxes   (55.8)     (13.4)  
Other   13.4      29.8   
Changes in certain assets and liabilities        
Trade receivables   7.4      23.1   
Inventories   (65.0)     (1.2)  
Accounts payable   21.5      1.4   
Income taxes   51.6      62.4   
Deferred revenue   (9.7)     (10.8)  
Warranty liability   (5.4)     (2.0)  
Certain other assets and liabilities   (118.6)     (85.5)  
Net cash used by operating activities   (170.6)     (67.6)  
Cash flow from investing activities        
Capital expenditures   (8.8)     (20.3)  
Proceeds from divestitures, net of cash divested   (47.9)     8.2   
Net short-term investment activity   1.1      22.4   
Increase in certain other assets   1.2      (11.8)  
Net cash used by investing activities   (54.4)     (1.5)  
Cash flow from financing activities        
Net debt borrowings (repayments)   311.6      (33.3)  
Distributions to noncontrolling interest holders       (98.0)  
Other   (5.5)     (1.6)  
Net cash provided (used) by financing activities   306.1      (132.9)  
Effect of exchange rate changes on cash and cash equivalents   (10.8)     0.2   
Change in cash, cash equivalents and restricted cash   70.3      (201.8)  
Add: Cash included in assets held for sale at beginning of period   97.2      7.3   
Less: Cash included in assets held for sale at end of period   2.0      4.1   
Cash, cash equivalents and restricted cash at the beginning of the period   280.9      458.4   
Cash, cash equivalents and restricted cash at the end of the period   $ 446.4      $ 259.8   
 
Notes for Non-GAAP Measures
To supplement our 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,  EBITDA and Adjusted EBITDA, adjusted earnings per share, free cash flow/(use) and net debt.
 
  1. Profit/loss summary (Dollars in millions):
    Q2 2020   Q2 2019
    Net Sales Gross Profit % of Sales  OPEX OP % of Sales   Net Sales Gross Profit % of Sales  OPEX OP % of Sales
GAAP Results   $ 890.5    $ 247.6    27.8  % $ 227.1    $ 20.5    2.3  %   $ 1,150.2    $ 279.2    24.3  % $ 271.9    $ 7.3    0.6  %
Restructuring and DN Now transformation expenses     1.6      (25.2)   26.8          2.6      (25.8)   28.4     
Non-routine income/expense:                            
Legal/deal expense     (0.3)     (3.2)   2.9              (3.7)   3.7     
Acquisition integration                       (1.4)   1.4     
Wincor Nixdorf purchase accounting adjustments     3.2      (18.2)   21.4          3.4      (21.0)   24.4     
Divestitures and fixed asset sales         (14.5)   14.5              (11.0)   11.0     
Loss making contract related to discontinued offering     13.5        13.5                   
Inventory charge/gain     (1.4)       (1.4)         (4.8)       (4.8)    
Other     (0.2)     (0.2)           2.5      (0.1)   2.6     
Non-routine expenses, net     14.8      (36.1)   50.9          1.1      (37.2)   38.3     
Non-GAAP Results   $ 890.5    $ 264.0    29.6  % $ 165.8    $ 98.2    11.0  %   $ 1,150.2    $ 282.9    24.6  % $ 208.9    $ 74.0    6.4  %
 
    Q2 2020   Q2 2019
    Services Products Software Total GP   Services Products Software Total GP
GAAP Results   $ 131.1    $ 70.4    $ 46.1