Ncr Voyix Corporation · NYSE:VYX
Ncr Voyix — NCR — Investor Day (March 2016)
92 slides from Ncr Voyix's investor day presentation, Mar 7, 2016
Slide 1: Welcome
2016 = OL. WELCOME. ——_
Slide 2: Presenters and agenda
Bill Nuti: Chairman of the Board, Chief Executive Officer and President Bob Fishman: Senior Vice President and Chief Financial Officer Eli Rosner: Senior Vice President Software Solutions Chinh Chu: Lead Independent Director NCR Leadership Team Panel Discussion Solutions Demos
Slide 3: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS. Comments made during this presentation and in these materials contain forward-looking statements. Statements that describe or relate to NCR's plans, goals, intentions, strategies or financial outlook, and statements that do not relate to historical or current fact, are ex
Slide 4: Non-GAAP Measures
NON-GAAP MEASURES. While NCR reports its results in accordance with generally accepted accounting principles in the United States (GAAP), comments made during this presentation and these materials will include certain "non- GAAP" financial measures. These measures are included to provide additional
Slide 5: Bill Nuti, CEO & Chairman
Farrel BILL NUTI oft it oF ) alee CEO, & Chairman Investor Day 2016 - r. Bete -
Slide 6: Ideas without action aren't ideas
Ideas without action aren’t ideas – they are regrets ~Steve Jobs “
Slide 7: Revenue, operating income and gross margin then and now
REVENUE* Then Now OI MARGIN GROSS MARGIN *FX adjusted
Slide 8: Forces of Change
FORCES OF CHANGE Digital Commerce Mobile Engagement Consumer Behavior
Slide 9: Market leadership positions
9 # # • Omni-Channel Software • Multi-vendor ATM Software • Deposit Automation • Branch Transformation HW & SW • Mobile banking end-user app store ratings in the US • ATM hardware & shipments • Restaurant Solutions (HW/SW/Services) • Restaurant Software • Stadium Food & Beverage Solutions • Self–Che
Slide 10: NCR Corporate Story
NCR Corporate Story © NCR Confidential NCR POWERS WORLDWIDE, EVERY SECOND DOLLARS IN CASH GOES THROUGH NCR ATMs EACH YEAR NCR SERVICES ARE HERE TO SUPPORT OUR CUSTOMERS SPEAKING AND SPANNING FROM: THE WEST COAST OF THE US… …TO THE FAR EAST OF RUSSIA CONSUMERS USING FASTLANE SELFSERV CHECKOUTS SCAN E
Slide 11: Cloud, mobile, IoT and big data
These four areas will gain increasingly larger shares of capital spending, R&D investment, and private capital formation CLOUD MOBILE I T INTERNET OF THINGS FOUNDATIONAL BIG DATA
Slide 12: Optimizing R&D around software and hardware
I T We are optimizing R&D around software and hardware in a cloud and mobile first world Offer & solution development by market & segment
Slide 13: What does this mean for NCR
WHAT DOES THIS MEAN FOR NCR : ABR, Is ORE IRTANT NOW THAN EVER
Slide 14: Available market by segment
$8.4B HW 9% CAGR Total NCR 18% NCR Share $34.2B $53.0B $13.2B SW 2020 2015 $27.3B SW $15.9B Services $9.8B HW 3% CAGR 5% CAGR 16% CAGR 2020 2015 NCR by Segment $12.6B Services GM% ~52% GM% ~22% GM% ~20%
Slide 15: Transformation themes and solutions
BRANCH TRANSFORMATION STORE TRANSFORMATION RESTAURANT TRANSFORMATION SMALL BUSINESS MOBILITY OMNI-CHANNEL APPLICATIONS & SERVICES • Interactive Services • Mobile Payment • Interactive Services • Mobile Ticketing • FastLane/SCO • Mobile POS • Online Ordering/E-commerce • Enterprise Engagement • Loyal
Slide 16: Transformation market opportunities
757,000 ePOS lanes in NAMER, Food/Mass Merchandise Segment, with 14% penetration by self-checkout Every converted lane= ~$18,000 US (HW/SW/PS/Impl./Services) At 80% penetration and 67% market share = $6.3B market opportunity Approximately 1 million branches in the world today with <1% having
Slide 17: Restructuring and waste elimination focus
Previous restructuring focused on reducing cost and reallocating resources to Higher Growth / Higher Margin Good progress, but we still have outdated policies/processes, inefficiencies, waste, and areas of low productivity Our current focus is on eliminating waste and outdated policies, business pro
Slide 18: Optimizing our cost structure goal
$300 - 400M 5 Year Goal Optimizing Our Cost Structure Increasing Customer Services Productivity and Loyalty Improving Sales Execution Making Software our Business Investment Group Portfolio Operations Group Top Tier Consulting Firm
Slide 19: Business priorities and cost savings
Labor Cost $2.1B Materials $1.2B Outside Services $0.7B Indirect Spend $1.4B Business Priorities 2016 2017 2018 2019 2020 Improving Sales Execution Increased Customer Services Productivity and Loyalty Make Software our Business Optimizing Our Cost Structure Zero Based Budgeting Here to stay/culture
Slide 20: Summary of growth avenues
for a decade, and we have orchestrated a highly complex balance of growth initiatives and legacy issues into a standalone technology segment with a decade or more of growth ahead and we have multiple avenues for revenue growth, margin expansion, and higher cash flow i.e., Omni-Channel, Unified Comme
Slide 21: Slide 21
Slide 22: Bob Fishman, Chief Financial Officer
_ ¢BOBIFISHMAN hief Financial Officer Investor Day 2016
Slide 23: Financial priorities
Build a Sustainable & Leading Cost Structure Free Cash Flow Generation Profitable Revenue Growth Cost Management to the Next Level Zero based budgeting Software Services Hardware Outside expertise to accelerate change Business process improvement 23 Top Tier Consulting Firm
Slide 24: Strategic reviews, changing markets, FX, oil
~ STRATEGIC REVIEWS, CHANGING MARKETS, FX, OIL
Slide 25: Growth, diversity and margins summary
25 Revenue CAGR of 6% and constant currency organic growth of approximately 4% over last 5 years. Diversified revenue streams by geography, industry, and product. GROWTH AND DIVERSITY Strong expansion of software-related revenue from $0.6B in 2010 to $1.8B in 2015. Cloud revenue of $536M in 2015. Re
Slide 26: Revenue CAGR
6% 5% 4% 3% FY ’11 FY ’15 FY ’13 FY ’12 FY ’10 FY ’14 ~ $415 FX 4% 3% FXN (3%) as reported CC Organic Growth Rate $4,711 $5,291 $5,730 $6,123 $6,591 $6,373 As Reported Growth Rate Revenue CAGR of 6% 26 12% 8% 7% 8% ($ in Millions)
Slide 27: Revenue by industry, solution and geography
Americas (excl. USA) 46% 14% Asia Pacific USA Europe, Middle East Africa 31% 9% 52% 6% Emerging Industries Financial Services Retail Solutions Hospitality 11% 31% 35% 27% 38% Software Hardware Services BY INDUSTRY BY SOLUTION BY GEOGRAPHY 27 Note: Based on 2015 revenue mix
Slide 28: Software and recurring revenue
39% of Revenue Recurring Revenue 43% of Revenue FY ‘15 Software FY ‘10 FY ‘10 $1.75B FY ‘15 $593M Software Revenue CAGR of 24% Recurring Revenue CAGR of 8% 28
Slide 29: Gross margin mix
29 % of Total Revenue Up ~600bp from 2010 Software 42% 35% 38% Hardware Services FY '10 FY '15 13% 45% 42% 27% 38% 35%
Slide 30: NPOI and non-GAAP EPS
$1.73 NON-GAAP EPS $2.78 FY ‘15 NPOI FY ‘10 FY ‘10 $830M 13% of Revenue FY ‘15 $383M 8% of Revenue NPOI CAGR of 17% NON-GAAP EPS CAGR of 10% 30
Slide 31: Free cash flow
FY ’11 FY ’15 FY ’13 FY ’12 FY ’10 Conversion Rate FY ’14 31% Y/Y Growth $279 $37 13% $335 $188 56% $408 $146 36% $475 $207 44% $469 $313 67% $479 $409 85% Non-GAAP Net Income FCF CAGR of 62% 31 ($ in Millions) Free Cash Flow
Slide 32: 2015 results by segment
32 24% 66% 10% Software Hardware Services GROSS MARGIN $1.86B / 29.1% OPERATING INCOME $820M / 13% REVENUE $6.4B 26% 49% 25% Software Hardware Services 35% 27% 38% Software Hardware Services Software $1.8B Hardware $2.4B Services $2.2B Software $906M / 51.9% Hardware $468M / 19.4% Services $483M / 2
Slide 33: Hardware revenue 2015
Hardware Revenue 2015 ATMs $1,183 Self-Checkout (SCO) $187 Point-of-Sale (POS) $692 Interactive Printer Solutions $346 Hardware Revenue $2,408 Gross Margin $468 Gross Margin Rate 19.4% Operating Income $87 Operating Income Rate 3.6% 33 ($ in Millions) 3% CAGR 25% NCR Share $8.4B $9.8B 2015 2020 Avai
Slide 34: ATM available market
3% CAGR Available Market 33% NCR Share $3.6B $4.2B 2015 2020 Available Market Drivers 34 Replacement cycle Overall ATM growth including Multi-Function and Cash Dispense Branch Transformation Developing market growth Cloud-driven ATM solutions
Slide 35: Self-checkout available market
5% CAGR Available Market 65% NCR Share $280M $360M 2015 2020 Available Market Drivers 35 Store Transformation Checkout lane conversion from assisted to self-service Expand into new segments i.e. convenience Replacement cycle / higher density New product introductions Expand into new geog
Slide 36: POS available market
3% CAGR Available Market 15% NCR Share $4.5B $5.2B 2015 2020 36 Available Market Drivers Increase in customer-facing endpoints, including kiosks Move to mobile devices, both built-for-purpose and consumer grade Replacement cycle Down-market penetration via tablet-based mPOS offerings
Slide 37: Services strategy
19% NC Share $11.6B 2015 2020 Today Organize around Services growth ̶ Offer development ̶ Sales Specialization ̶ Structure, talent, decision rights Shift Mix to higher value/margin services ̶ Managed Services ̶ Infrastructure as a Service (IasS) ̶ Expanded Offers ie High Availability Invest in
Slide 38: Services 2015 results and market
5% CAGR Available Market 18% NCR Share $12.6B $15.9B 2015 2020 Available Market Drivers 38 Services 2015 Revenue $2,218 Gross Margin $483 Gross Margin Rate 21.8% Operating Income $194 Operating Income Rate 8.7% ($ in Millions) HW maintenance and incident management Managed Services IaaS Expa
Slide 39: Software revenue 2015 and market
16% CAGR Available Market 13% NCR Share $13.2B $27.3B 2015 2020 Available Market Drivers 39 Omni-channel platform growth Application and Services growth – including Payments Channel Transformation and Integration (Branch / Store) Digital Commerce Consumer and Business Engagement i.e. Loyal
Slide 40: Total NCR available market
$8.4B HW 9% CAGR Total NCR 18% NCR Share $34.2B $53.0B $13.2B SW 2020 2015 $27.3B SW $15.9B Services $9.8B HW 3% CAGR 5% CAGR 16% CAGR 2020 2015 NCR by Segment 40 $12.6B Services GM% ~52% GM% ~22% GM% ~20%
Slide 41: 2016 Revised Guidance
2016 Revised Guidance Previous Guidance * Revenue $6,100 - $6,200 $6,100 - $6,200 Diluted EPS (GAAP) $2.20 - $2.30 $2.07 - $2.17 Non-GAAP Diluted EPS $2.85 - $2.95 $2.72 - $2.82 Free Cash Flow $425 - $475 $425 - $475 ($ in millions, except per share amounts) 41 * Previous guidance provided on Februa
Slide 42: Revenue coverage and funnel
Strong revenue coverage at 60% and Funnel at all-time high 42 Revenue Coverage As of 12/31/15 Hardware, SW license, Professional and Installation Services $1.2B Recurring Revenue (including Annual Contract Value) $2.5B Total Comprehensive Backlog $3.7B 2016 Revenue Coverage 60% Total Funnel $10.7B
Slide 43: 2016 FX headwinds
2016 Revenue headwinds expected to be approximately $135M -23% -19% -5% -59% -7% -14% -18% -19% -43% -20% $350M of the $415M full year 2015 FX impact on revenue Europe (Euro) $(135) Brazil (BRL) (50) Australia (AUD) (35) Canada (CAD) (35) Japan (JPY) (30) U.K. (GBP) (25) Russia (RUB) (15) India (INR
Slide 44: BRIC revenue
BRIC revenue lower which reduces 2016 volatility 44 BRIC Revenue 2013 - ~$800M 2014 - ~$700M 2015 - ~$500M 2016 - ~$400M
Slide 45: Free cash flow reconciliation
2013 2014 2015 2016e Cash provided by operating activities $281 $524 $681 $675 - $725 Net capital expenditures $(226) $(258) $(229) $(220) Cash used in discontinued operations $(52) $(1) $(43) $(30) Pension discretionary contributions and settlements $204 $48 - - Free Cash Flow $207 $313 $409 $425 -
Slide 46: Working capital metrics
2013 2014 2015 Accounts Receivable $1,339 $1,404 $1,251 DSO 72 71 67 Inventory $790 $669 $643 DOH 62 45 48 Accounts Payable $670 $712 $657 DPO 53 48 49 Deferred Revenue $525 $494 $476 Working Capital $934 $867 $761 % of last 12 months revenue 15.3% 13.2% 11.9% Cash Conversion Cycle 79 69 66 46 ($ in
Slide 47: Capital spend vs D&A
Capital spend approaching 1 : 1 with D&A. Higher % spend on software 47 2012 2013 2014 2015 2016e Capital Spend $160 $226 $258 $229 ~$220 D&A $120 $127 $152 $171 $200 Capital : D&A 1.3 : 1 1.8 : 1 1.7 : 1 1.3 : 1 1.1 : 1 50% 49% 54% 66% 70% SW Capital Depreciation & Amortization Property Plant and E
Slide 48: Effective vs cash tax rate
25% 22% 22% 24% 25% 6% 11% 12% 9% 13% 5% 10% 15% 20% 25% 30% 35% 2012 2013 2014 2015 2016e Effective Tax Rate Cash Tax Rate Cash tax rate significantly lower than effective tax rate 48
Slide 49: Cost optimization initiatives
Transformation Management Office (ZBB and BPI Resources) Customer / Segment Profitability Quota Setting / Attainment Customer Engagement Strategic Resource Alignment Increased Productivity Resource Planning Demand Management Improved Hardware PLM Improved Software Support Reduced
Slide 50: Spend reduction levers
Consumption Reduction Spend avoidance: ̶ Reduce travel, use telepresence Spend Reduction Rate Reduction Supplier negotiation: ̶ Gain Share ̶ In Source / Out Source ̶ eProcurement Policy Adherence Travel: ̶ Book > 7 days ̶ LT approval for international travel PCard: ̶ Strict enforcement on us
Slide 51: $300M-$400M cost goal
$300M-$400M 5 Year Goal with 50% reinvestment back into the business 51 HW COGS $1.6B SW COR $0.8B Services COR $1.7B Expenses $1.3B 2015 COSTS BY FUNCTION - $5.4B $150M-$200M total P&L savings; $50M incremental per year starting in 2017 Labor Cost $2.1B Materials $1.2B Outside Services $0.7B Indire
Slide 52: Balance sheet summary
52 As of 12/31/2014 As of 12/31/2015 Cash $511 $328 Accounts Receivable, Net 1,404 1,251 Inventories 669 643 Other Current Assets 504 327 Long Term Assets 5,478 5,086 TOTAL ASSETS $8,566 $7,635 Debt $3,618 $3,252 Other 3,065 2,859 Series A Preferred Stock - 798 Total Stockholders Equity 1,883 726 TO
Slide 53: Net debt to adjusted EBITDA
Q4 2014 Q4 2015 Debt $3,618 $3,252 Cash 511 328 Net Debt $3,107 $2,924 Adjusted EBITDA $963 $1,005 Net Debt / Adjusted EBITDA 3.2x 2.9x Below 3X at year end 2015 – Solid BB 53 ($ in Millions)
Slide 54: Debt maturities
FY ’16 FY ’17 FY ’18 FY ’19 FY ’20 FY ’21 FY ’22 $956 No Debt Maturities Through 2017 $400 $500 $600 $700 (Dec) (Feb) (July) (Dec) FY ’23 54 ($ in Millions) Senior unsecured bonds Senior secured credit facility
Slide 55: Pension metrics
Significant improvement in all pension metrics Pension Assets Pension Liabilities Pension Underfunded Position Pension Participants 2011 US $2,733 $4,084 $(1,352) 51,654 International 1,981 2,073 (91) 18,368 Total $4,714 $6,157 $(1,443) 70,022 2015 US $1,726 $2,155 $(429) 22,186 International 1,009
Slide 56: Capital allocation history
Balanced capital allocation going forward 2007 – 2010 2011 – 2014 2015 Share Repurchases $600M $70M $1B M & A $140M $3.6B - Debt Paydown $300M - $371M Legacy (Pension/Fox River) $45M $1B $23M 56
Slide 57: Capital allocation going forward
57 Maintain strong liquidity Current revolver of $850M Maintain revolving trade receivables securitization facility of $200M Board committed to balanced capital allocation approach No dividends planned $250M buyback in 2016; Share repurchases determined on an ongoing basis No material
Slide 58: Financial priorities summary
- Execute on $300M to $400M opportunity And FCF Long Term Sustainable Growth Profitable Revenue Growth - Focus on Transformation Revenue - Optimize SW, Services and HW Cost Management 58
Slide 59: Key takeaways
59 Global technology market leader with differentiated omni-channel solutions; #1 or #2 in every market we serve Multiple avenues of growth Major trends include omni-channel, cloud, branch/store/restaurant transformation, self-service, SMB, managed services, mobile Diversified revenue stream
Slide 60: Questions?
QUESTIONS?
Slide 61: Slide 61
Slide 62: Eli Rosner, Software Solutions
~ ELLROSNER Software Solutions Investor Day 2016
Slide 63: Omni-channel consumer experience goals
Provide consumers with a rich, integrated, and personalized experience across every channel Migrate transactions from high-cost, low-value channel to a low-cost, high-value (i.e. Mobile, SCO) Use data analytics effectively across channels (i.e. Inventory, consumer, catalog) Improve data security and
Slide 64: Omni-channel platform and APIs
Financial ATM, Online Banking Consumer Experience Branch API Retail Self- checkout Retail ONE Retail API Hospitality Online Ordering Cloud Connect Hospitality API Small Business Cloud POS Silver Silver API Pricing, CRM Account, Transaction Catalog, Inventory Reservation, Order History
Slide 65: API and infrastructure services architecture
CRM Customer Marketing API Reporting API Online Banking API Payment API Catalog API Inventory API Security API Branch Transformation Infrastructure Services: Security, Auto-Scaling, Telemetry Retail Store Transformation Hospitality Transformation Loyalty Transaction
Slide 66: Devices, experiences and platform
Devices Experiences Platform Retailer Restaurant Hotel Bank Highway Airway Railway Analytics Inventory Management e-Commerce Systems Management Payment Customer Relationship Management Order Management Security
Slide 67: Core assets and platform
NCR Core Assets Self-Checkout Point-of-Sale Digital Banking API Economy - 3rd Party Apps Platform “long tail” Value Omni-Channel Platform Big Data Platform
Slide 68: Internal and external focus
New customers: Developer, customer and partner community New product: API Licenses & Development Svcs New monetization models: Data Science & Analytics Org specialization: Mobile Center of Expertise, NCR Labs Productivity: Reuse, Product Lifecycle Mgmt, Portfolio Mgmt Internal Focus E xte rn a l F o
Slide 69: Software summary
Solves enterprise dilemma & enables business transformation Within high-growth industries we serve Data is the new currency and API’s will drive the API Economy Data, Applications, Talent, Design Thinking Culture, Process, Experience Creating long-term sustainable growth with near-term opportunities
Slide 70: Thank you
THANK YOU
Slide 71: Chinh Chu, Independent Director
* . ’ a ee at CHINH,CHU 1 ya ¥, —— ae Independent Director Investor Day 2016
Slide 72: Industry leadership and diligence conclusions
Industry leader in Financial, Retail and Hospitality, with entrenched customer relationships and high market share We and teams of consultants conducted extensive diligence over 6 months and have strong conviction in NCR’s growth prospects and management’s strategy Substantial progress in beco
Slide 73: Financial services and ATM outlook
Financial Services benefits as banks require smart, more software-enabled ATMs Incumbent provider and trusted partner to the largest global banks Hardware business tied to predictable bank ATM replacement cycles rather than whitespace growth Banks demanding higher functionality ATMs with enh
Slide 74: Software focus and Blackstone support
Drive resources toward software development and sales to accelerate growth and create “software- led” sales decisions Identify and evaluate new software opportunities with strong in-house development team - Leverage common modules across segments: payments, marketing, security/fraud, customer an
Slide 75: Software-led sales and operational optimization
Focus on driving software-led sales and margin growth to further optimize business mix Pricing and contract optimization Streamline operational processes: Strategic procurement and sourcing LEAN manufacturing Reduction in parts/materials complexity in integrated hardware/software product
Slide 76: Thank you
i | THANK YOU. ee ee ee
Slide 77: Panel participants
Andy Heyman: Senior Vice President, President NCR Financial Services Michael Bayer: Senior Vice President, President NCR Retail Solutions Paul Langenbahn: Senior Vice President, President Hospitality Bob Fishman: Senior Vice President and Chief Financial Officer Bob Ciminera: Senior Vice President,
Slide 78: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS. Comments made during this presentation and in these materials contain forward-looking statements. Statements that describe or relate to NCR's plans, goals, intentions, strategies or financial outlook, and statements that do not relate to historical or current fact, are ex
Slide 79: Non-GAAP Measures
NON-GAAP MEASURES. While NCR reports its results in accordance with generally accepted accounting principles in the United States (GAAP), comments made during this presentation and these materials will include certain "non- GAAP" financial measures. These measures are included to provide additional
Slide 80: Supplementary Non-GAAP Materials
SUPPLEMENTARY NON-GAAP MATERIALS
Slide 81: Non-GAAP measure definitions
81 While NCR reports its results in accordance with generally accepted accounting principles in the United States (GAAP), comments made during this presentation and in these materials will include non-GAAP measures. These measures are included to provide additional useful information regarding NCR's
Slide 82: Free Cash Flow definition
82 Free Cash Flow. NCR defines free cash flow as net cash provided by/used in operating activities and cash flow provided by/used in discontinued operations less capital expenditures for property, plant and equipment, additions to capitalized software, discretionary pension contributions and settlem
Slide 83: Revenue growth to CC organic growth
Revenue Growth Rate (GAAP) to CC Organic Growth Rate (non-GAAP) FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 Revenue Growth Rate (GAAP) 12% 8% 7% 8% (3%) Unfavorable foreign currency fluctuation impact and impact of acquisitions (6%) (3%) (3%) (4%) 6% CC Organic Growth Rate (non-GAAP) 6% 5% 4% 4% 3% 83
Slide 84: FY 2015 GAAP to non-GAAP
FY 2015 GAAP Restructuring plan Acquisition- related amortization of intangibles Acquisition- related costs Reserve related to a subcontract in MEA Loss on pending sale of IPS business OFAC and FCPA Investigations Pension Mark-to- Market Adjustments FY 2015 non-GAAP Product revenue $2,711 $— $— $— $
Slide 85: Gross margin GAAP to non-GAAP
Gross Margin as a % of Revenue (GAAP) to Gross Margin % (non-GAAP) FY 2010 Gross Margin as a % of Revenue (GAAP) 22.9% Pension expense (benefit) 0.6% Gross Margin % (non-GAAP) 23.5% 85
Slide 86: 2016 guidance EPS reconciliation
Diluted Earnings per Share (GAAP) to Diluted Earnings per Share (non-GAAP) 2016 Revised Guidance Previous Guidance Diluted Earnings per Share (GAAP) $2.20 - $2.30 $2.07 - $2.17 Restructuring Plan 0.10 0.10 Acquisition-Related Amortization of Intangibles 0.50 0.50 Acquisition-Related Costs 0.05 0.05
Slide 87: Operating cash flow to free cash flow
Cash Provided by Operating Activities (GAAP) to Free Cash Flow (non-GAAP) 2010 2011 2012 Cash provided by operating activities (GAAP) $279 $388 $(180) Net capital expenditures (126) (123) (160) Cash used in discontinued operations (116) (77) (114) Pension discretionary contributions and settlements
Slide 88: Net income GAAP to non-GAAP
Net Income from Continuing Operations Attributable to NCR (GAAP) to Net Income from Continuing Operations Attributable to NCR (non-GAAP) 2010 2011 2012 2013 2014 2015 Net Income from Continuing Operations Attributable to NCR (GAAP) $277 $(97) $475 $452 $181 $(154) Pension (benefit) expense 16 398 (1
Slide 89: Income from operations to NPOI
Income from Operations (GAAP) to Non-Pension Operating Income (non-GAAP) 2010 2015 Income from Operations (GAAP) $298 $135 Pension Expense 59 464 Restructuring Plan - 74 Acquisition-Related Amortization of Intangibles - 125 Acquisition-Related Costs - 11 OFAC and FCPA Investigations - 1 Reserve Rela
Slide 90: Diluted EPS GAAP to non-GAAP
Diluted Earnings per Share (GAAP) to Diluted Earnings per Share (non-GAAP) 2010 2015 Diluted Earnings per Share (GAAP) (1) $1.72 $(0.94) Pension Expense 0.10 2.60 Restructuring Plan - 0.29 Acquisition-Related Amortization of Intangibles - 0.49 Acquisition-Related Costs - 0.05 Reserve Related to Subc
Slide 91: Net income to Adjusted EBITDA
Net Income from Continuing Operations Attributable to NCR (GAAP) to Adjusted EBITDA (non-GAAP) 2014 2015 Net Income from Continuing Operations Attributable to NCR (GAAP) $181 ($154) Pension Mark-to-Market Adjustments 149 454 Restructuring Plan 163 74 Acquisition-Related Amortization of Intangibles 1
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