DJ DGAP-CMS: Diebold Nixdorf, Incorporated: Release according to Article 50 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution
DGAP Post-admission Duties announcement: Diebold Nixdorf, Incorporated / Third country release according to Article 50 Para. 1, No. 2 of the WpHG
[the German Securities Trading Act]
Diebold Nixdorf, Incorporated: Release according to Article 50 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide
distribution
2020-07-30 / 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*
*% *% Change
*2020* *2019* 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 1,150.
sales $ 890.5 $ 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*
*%
*% Change
*2020* *2019* 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 2,1
net 1,80 78.
sales $ 1.2 $ 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 1,150 1,150
Sales $ 890.5 $ 890.5 $ .2 $ .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
(MORE TO FOLLOW) Dow Jones Newswires
July 30, 2020 07:42 ET (11:42 GMT)
DJ DGAP-CMS: Diebold Nixdorf, Incorporated: Release -2-
_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*
1,110. 1,110
Services $ 972.3 $ 972.3 $ 2 $ .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 1,801 1,801 2,178. 2,178
Sales $ .2 $ .2 $ 3 $ .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 Outlook**3*
*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
(MORE TO FOLLOW) Dow Jones Newswires
July 30, 2020 07:42 ET (11:42 GMT)
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)*
*YTD *YTD
*Q2 2020* *Q2 2019* 6/30/2020* 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
administrativ
e 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
unconsolidate
d
subsidiaries - (0.2) - (0.6)
Net loss (23.1) (55.3) (116.5) (187.2)
Net (loss)
income
attributable
to
noncontrollin
g 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-aver
age 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
noncontrollin
g 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*
*%
*% of *% of *% of of
*Net *Gross Sales Sales *Net *Gross Sales Sale
(MORE TO FOLLOW) Dow Jones Newswires
July 30, 2020 07:42 ET (11:42 GMT)
