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Text: I'm Christine Marchuska, vice president of investor relations for Diebold Nixdorf.
I would encourage investors to review the shareholder letter as it contains additional information regarding the progress of the company.
We also made an announcement today regarding our upcoming CEO transition.
In a moment, we will share remarks from Gerrard Schmid, president and chief executive officer, as well as Octavio Marquez, who will be succeeding Gerard as Diebold Nixdorf next CEO.
In this message, Gerard will provide commentary on the business environment, our accomplishments in 2021 and then introduce Octavio.
Finally, Jeff Rutherford, chief financial officer, will discuss the company's financial performance, including highlights from the quarter and year, along with our guidance for 2022.
Then take your question.
Additional information on these factors can be found in the company's periodic and annual filings with the SEC.
Participants should be mindful that subsequent events may render this information to be out of date.
And now, I'll hand the call over to Gerrard.
It's a pleasure to speak with you today.
In 2021, we faced unprecedented challenges brought on by the second year of the pandemic.
I'm pleased to report that in the fourth quarter, we delivered on our objectives.
I work over the last few months of 2021.
Was painstaking and meticulous, requiring us to look at every area of opportunity.
from logistics and supply chain, to prepayments, and payables.
What seemed impossible to those outside our company was in fact possible.
And we've once again shown that we're resilient and strong.
While supply chain and logistics challenges were two of the bigger themes in 2021, it is still noteworthy to share that in 2021, we shipped more ATMs, more self-checkout devices, and more point-of-sale devices than we did in 2020.
A testament to the resilience of our model.
While the pandemic has disrupted our world, and caused us to rethink what the future might look like, we have time and again in our ability to build an agile company that challenges the status quo, and goes the extra mile to execute well.
The environment we've been in for nearly two years has brought to the forefront the rapidly changing demands of consumers, and the need for self-service solutions wherever possible.
We are well-positioned to offer these solutions plus growth opportunities for our customers whether at a bank, the grocery store, or retailer.
To help them deliver more digital, flexible, and effective consumer journeys.
In retail, the evolution of consumer behavior, along with the rapidly changing labor dynamics, have led to increased demand for self-service and automation, and growth has been driven by customer momentum for a self-service solutions.
In 2021, we saw growth above market rates in Europe for a self-service hardware, services, and software.
We also continue to make inroads into other markets, such as the United States, and Australia.
In banking, we continue to see strength in demand for cash recyclers as banks rethink their branch footprint, and move more toward automation, and efficiency around their real estate.
As I share with large U.S. customers has increased.
In 2021, our America's order levels were 16% higher than 2020, and 17% higher than pre-pandemic levels in 2019.
financial institution to deploy DN series cash recyclers.
Let me now turn to highlights our world class services organization.
We, as well as our customers, consider this to be one of our best assets, and in many cases, it is a major contributor to DN winning new business, and expanding our current relationships.
It also provides opportunities for new horizontals like electric vehicle, or EV charging stations, which I will comment on later.
In 2021, we continue our journey of delivering superior service by reaching a milestone with connected devices for our all connected data engine.
With approximately 150,000 banking self-service devices connected to the solution, which represents approximately 122% year-on-year growth in connected devices.
Our ancient languages, real time internet-of-things capability to support our predictive maintenance offering, which has been reducing customer downtime significantly.
Equally, in retail, we continue to deliver value and services to our customers.
I would be remiss to not mention an ongoing success story.
We achieved with one of our key customers, a major UK based retailer.
This customer relies on us for flawless execution and service excellence, and has over 25,000 checkout lanes.
I'm pleased to report that this past year we delivered a 100% availability of point-of-sale, and self-checkouts states on a two most demanding shopping days of the year.
We help this retailer improve their end-customer satisfaction with a shorter queues, shorter wait times by increasing their sales for this period, year-over-year.
This is now the 10th consecutive year that we have achieved this performance goal.
And a testament to our services capability.
We also implemented this program with another large European retailer with the same success proving this is a repeatable model for retailers.
We believe delivering or exceeding the service expectations of our customers is one of the best foundations for putting additional technology into the field.
And both of these retailers placed additional self-checkout orders with us in December.
We were glad to see the trust that retailers have in us to continue to deliver quality services to them and their customers.
Further, augmenting our strength in services, I'd like to comment briefly now about the strides he made in the fourth quarter into EV charging stations, especially in Europe.
Today EV charging value chain is fragmented, multiple players, including start-ups, mid-sized companies, and large electronics conglomerates are competing in the space.
Additionally, there are multiple roles along the value chain that are inconsistent.
This is a large and growing market with significant demand.
By 2026, the number of public EV charging stations in Europe, and the United States will be greater than the number of ATM devices.
But more EV drivers, especially in Europe, where there are less likely to have home charging opportunities, and rental and fleet cars, and public transportation, moving to more electric vehicles, there will be a need for more public charging stations.
Currently, there are over 40 relevant [Inaudible] or chargepoint operators globally, and we are working on in talks with many of them.
Our global service capability, including our technicians, and our skills in global spare parts, logistics management and multilingual help desks have resonated with several market participants that lack access to these skills as they look to scale their own businesses As of Q4 2021, we are contracted for several thousand charging stations in Europe and the US with a short term pipeline of three times the size of our current base.
The team has set a target to service over 30,000 charging stations by the end of 2022.
One notable recent win that I would like to pull out is with Compleo, one of the leading full service providers with charging technology in Europe.
Who is this partnership deal will provide a full range of managed services for initially over 1,000 of Compleos DC fast charging stations in public locations across Germany with the potential for expansion.
Lastly, as you know, diversity and sustainability have been an important focus for us as a company.
I'm proud to note that in 2021, females accounted for over 60% of our senior hires, at the vice president and above level.
And we made important strides environmentally, reducing our scope one and two carbon emissions by $0.06.
Our shareholder letter detailed further accomplishments on this front.
And I want to emphasize how grateful I am to our teams for their work and dedication in this important area.
Over the past four years, we have undertaken a comprehensive restructuring and transformation effort.
The company has made significant strategic and operational progress.
We have growing profitability, gain market share through our DN series and self-checkout solutions, and entered new growth markets.
And I'm proud that we've achieved these goals while also delivering four years of consecutive improvements in customer satisfaction.
We entered 2022 with a strong backlog, a seasoned executive team, and operations that have proven to be resilient despite the pandemic, and a challenging macroeconomic backdrop.
As we look ahead to move past the pandemic and build further momentum in growth areas like EV charging services and payments.
While continuing to optimize our core businesses in retail and banking, it is the right time for Octavio to assume the CEO role.
Octavia needs no introduction to many of our customers and to our employees.
He has been leading a global banking segment with responsibility for approximately 70% of the company's revenues, and he's deeply passionate about our customers and our business.
He has a deep understanding of our business, and is the right person to lead people mixed off into the future.
I will remain a member of Diebold Nixdorf, board of directors, until my term expires at the 2022 shareholder meeting.
I'll also be working closely with Octavio, and the rest of the leadership team as an advisor for a few months to ensure a smooth transition.
It has been a tremendous privilege serving as CEO of Diebold Nixdorf.
And, I believe that we have materially advanced the operational, and strategic direction of the organization.
I'd like to now hand the call over to Octavio for a brief introduction.
It has been a pleasure being part of our journey under your leadership.
I am truly excited to lead Diebold Nixdorf going forward.
I have been with Diebold Nixdorf since 2014, and have thoroughly enjoyed contributing to our evolution to a leader of self-service banking and retail technology.
I have had the pleasure of working closely with our customers across the globe.
When I initially joined the [Inaudible] I worked closely with our Latin American customers, and then managed or American banking customer segment, and for the past 18 months have been working closely with our global banking customers.
I have seen first hand how particular role we play for our customers, and how we can continue to innovate to serve them with a broader range of solutions.
We have a passionate and talented employee base that have been instrumental to the progress of the company.
I am also energized by our growth opportunities, like our strong felt check out growth in retail, our managed services, efforts in banking and retail, along with our newer but equally interesting opportunities in payments, and EV charging services.
We have been vigorous in execution on improving our efficiency as a company, and I look forward to further enhancing our execution.
The team and I appreciate your contributions, and wish you well on your future endeavors.
In the year ahead, we look forward to moving past the global macro challenges we've experienced by leveraging our mitigation strategies, and delivering for our customers and shareholders.
Diebold Nixdorf is well-positioned to capitalize on the strong demand for our products and solutions as customers continue to desire our market leading devices, services, and software.
And as the market moves toward a self-service automation focus driven by consumers.
As a reminder, please see our shareholder letter for the full financial details from the quarter and full year.
Here I will highlight a few of our key performance metrics.
In the fourth quarter, total revenue was $1.6 billion, a decrease over fourth quarter 2020 of approximately 4% as reported, and a decrease of approximately 1%, excluding the foreign currency impact of $22 million and $13 million impact from divested businesses.
Adjusted for foreign currency and divestitures, product revenue increased approximately 4%, services revenue decreased the approximately 6%, and software revenue increased approximately 3% over fourth quarter 2020.
During the quarter, we experienced delayed revenue due to extended outbound transport times and inbound component delays.
This primarily impacted the US, Latin America, and certain iAPAC countries, and increased our revenue deferral to 2022 by $30 million to a total of $150 million.
On a sequential basis, total revenue increased the approximately 11%.
Full year 2020 revenue was $3.905 billion that was driven by demand for our DN series ATMs, especially our cash recyclers, our self-checkout devices, and the tax services offset by approximately $150 million of deferred revenue due to supply chain and logistics challenges.
On a year-over-year basis, 2021 revenue was approximately flat as compared to 2020 as reported, and also flat excluding a foreign currency benefit of $74 million, and the $60 million impact from divested businesses.
Adjusted for foreign currency and divestitures, product revenue increased approximately 4%, services revenue decreased approximately 4%, and software revenue increased approximately 2% for the full year 2020.
For the fourth quarter, we reported adjusted of $126 million, and adjusted EBITDA margin of 11.9%.
Fourth quarter adjusted EBITDA results reflect a reduction in operating expenses fully offset by the decline in gross profit due to the revenue deferral and non-billable inflation of approximately $30 million.
Full year 2021 adjusted EBITDA was $450 million, the lower-end of our guidance range primarily due to supply chain challenges, which increases deferral of revenue, as I mentioned earlier to approximately $150 million, non-billable for the year was approximately $15 million.
Last week we delivered free cash flow of $407 million for the fourth quarter, resulting in $101 million for the fiscal year 2021.
This record fourth quarter free cash flow was achieved through tremendous efforts of our sales, operation, and finance organizations.
The fourth quarter marks the conclusion of the DN Now transformation and restructuring program.
As a reminder, going forward, we will not present non-GAAP adjustments to earnings except for the analyzation of intangible purchase accounting assets and when appropriate, non-recurring items such as M&A activities.
Our revenue guidance for the full year 2022 is $4 billion to $4.2 billion, which reflects approximately $150 million in revenue deferral from 2021 to 2022, and organic growth and pricing growth, partially offset by model divestitures and terminated low-profit service contracts, and the potential ongoing logistics and supply chain disruptions.
While we are very encouraged by the demand environment for our solutions, our guidance range also reflects caution regarding the timing of global logistics and supply chain environments.
Our adjusted EBITDA outlook is $440 to $460 million, taking into account gross profit growth due to increased revenue and a model gross margin expansion of approximately 100 basis points, partially offset by an increase in operating expenses.
Adjusted EBITDA will likely be weighted toward the second half of 2022 as our pricing and incremental cost management actions begin to take hold, and volume builds throughout the year.
Our free cash flow outlook is $130 to $150 million, reflecting our EBITDA outlook, normalization of working capital, and combination of the DN Now transformation and restructuring program and related payments.
It should be noted that our free cash flow guidance does not reflect any benefit from a potential debt refinancing.
In terms of the first quarter, we are modeling gross margin to be comparable to the fourth quarter 2021 due to the continuation of non-billable inflation.
Additionally, we will experience an increase in first quarter operating expenses due to wage inflation, and growth in infrastructure investments.
And as such, we expect the first quarter to be the low point for 2022 operating profit and margin.
That concludes my review of the results.
With our transition to a new CEO just been announced.
Operator over to you.

user
qtrly gaap loss per share $0.49; qtrly non-gaap earnings per share $0.06.
sees fy 2022 total revenue $4.0 billion - $4.2 billion.

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