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Text: I'm Christine Marchuska, Vice-President of Investor Relations for Diebold Nixdorf.
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Participants should be mindful that subsequent events may render this information to be out of date.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.
I am pleased to say that customer demand for our solutions remained robust in Q3 despite supply chain constraints, logistics and inflationary headwinds.
I'm encouraged by the support of our customers and the innovative spirit of our workforce as we navigate on-going supply chain challenges.
Most of all, I'm encouraged by how our company is positioned to offer solutions and growth opportunities for our customers who aren't who are addressing rapidly changing consumer demands, and difficult competitive landscapes.
More than ever, consumers are not only embracing, but expecting self service solutions.
Whether it's at a bank, grocery store, or retailer, and more than ever, we are committed to helping our customers deliver more digital, flexible, and effective customer consumer journeys.
In banking, consumer practices are shifting away from the traditional teller window toward ATMs with more omni channel functionality.
At the same time, banks are looking for more self-service options to meet consumer needs, the fewer tellers and fewer branch locations.
There is on-going steps toward reducing the branch footprints, and optimizing the real estate is crucial.
And our ATMs are helping our banking customers to continue providing the same level of customer service, including customer outreach through marketing, while at the same time, making better use of their available space.
In retail, the pandemic resulted in more focused shopping experiences and growth in e-commerce, while at the same time, as cited by recent studies, 75% or more of consumer purchases broadly, are still happening in the physical store.
It's important to understand, however, that while our consumers prefer physical shopping, they also prefer lower touch options during the purchase process.
Our self-checkout offerings create a safe, convenient and lower friction shopping experience, providing self-protection, produce scanning, the market leading camera technology to assist in age restricted purchases.
In short, what we're seeing is that consumers and retailers alike are embracing self-checkouts.
According to RBR, the self-checkout installed base will reach nearly 1.6 million terminals by 2026, almost tripling the global install base as of the end of 2020.
Indeed, we believe automation provides much needed cost efficiencies for the retailer and a more efficient shopping experience for the consumer at the last mile of the store.
We believe the accelerating demand for self service and automation signaled a structural change to the way business will be done going forward and gives us a long runway of opportunity.
I like to now provide remarks around our third quarter performance.
Although demand remain strong in Q3, fulfilment of product orders shifted from Q3 to Q4, and from Q4 to 2022 as we continue to work through supply constraints and logistics challenges.
Our entry continues to exceed our original models, and our backlog increased approximately 19% versus the same period last year.
Revenue for the quarter was down 4% as a portion of revenue has shifted out to future quarters due to the temporary supply constraints and logistics challenges we're currently facing.
Our retail segments continue to perform well, with growth and revenue of 10% as compared to the third quarter of 2020.
Moving on to our business highlights starting with banking.
Momentum for DN Series ATMs continued in Q3 as a great percentage of our total orders for these next generation devices.
And we see this trend continuing based on our orders for Q4 and early 2022.
Additionally, the DN Series is now live and fully certified in over 60 countries globally, contributing to our market expansion in the space.
I like to highlight some notable DN Series wins for the third quarter.
We secured a contract for over $12 million with Banco Azteca in Mexico, including our DN Series cash recyclers, a new service contract and software licenses expanding across 500 branches.
With this win, over 75% of Banco Azteca's fleet is not composed of DN devices.
In Greece, we displace the competitor and doubled our presence at Piraeus Bank.
Approximately 200 branches and 40 off-premise locations will be equipped with a modern technology including our DN Series cash recyclers.
Introduction of cash free cycling is a significant change for this market, which had not previously had recycling capabilities by branching DN's.
We earned this win based on the higher mechanical reliability of our hardware, the higher capacity of our ATMs and on cleaner, more environmentally sustainable profile.
This win also includes a five year maintenance coverage contract.
Lastly, we built a competitive win with Standard Chartered Bank Malaysia, upgrading all of their legacy vices to our DN Series, increasing our fleet to consist of 100% DN Series ATMs. We continue to see growth in demand for our AllConnect Data Engine with a number of connected ATMs, increasing approximately 23% sequentially in Q3 2021.
This is a significant milestone for us as more than 100,000 banking self-service devices are connected to this solution, which leverages real time Internet-of-Things connections from our deployed devices, and has consistently reduced customer downtime, by as much as 50%, resulting in greater than 99% uptime.
This drives multiple business benefits, such as higher end user satisfaction, lower total cost of ownership that increased operational efficiencies.
I'm proud to share that we also were awarded technology and service industry association's 2021 Star Award for best practices in the delivery of field services for our AllConnect Data Engine.
We believe that demand for differentiated market leading solutions that meet the needs of today's consumer will remain solid.
This is especially evident in our robust pipeline, our healthy backlog, the bank successes of our sales team in Q3 and the growth in our AllConnect Data Engine.
Moving on to our retail business, we continue to see strong demand for our self-checkout products as retailers look to be bought next door for comprehensive solutions that provide favorable consumer experiences and cost efficiency as they face staffing challenges and tough performance comparisons.
We secured a competitive takeaway with an Italian retailer to replace their competitor's advices with our DN Series, self-checkout solutions, along with our full self-checkout suite and other offerings from our retailer solution portfolio.
We also expanded an important customer relationship with a large multi country retailer in Europe, which included a competitive takeaway with SCO devices.
This win secures a strategic rollout of self-checkout devices, beginning with two stores before expanding to 300 stores in 13 countries and our eventual full rollout of 2500 stores in 15 countries over the span of two or three years.
Additionally, this retailer signed a three year services and maintenance contract.
We are well positioned for growth in retail services.
In the third quarter, we won a contract renewal with a large global petrol convenience store for the Malaysia sites.
This was a significant renewal totalling over $16 million for our systems and services, including point of sale, helpdesk support, software, and other solutions.
Overall, we feel confidence and the strength of our retail business as our large global retail customers reconfirmed their commitments to their store formats.
While some retailers are considering fewer locations, they all remain focused on increasing the level of automation and technology investment per store.
Additionally, in 2021, we're seeing growth in the absolute number of our self-checkout devices on a year-on-year basis.
And we anticipate that our retail business blend the year above our pre-pandemic levels witnessed in 2019.
Our core portfolio continues to benefit from the industry trends I discussed earlier.
Around consumers' desire for more self-service options and banking retail, resulting in our customer's needs for more automation and greater cost efficiencies.
It also lends itself to layering on additional offerings with large addressable markets, such as managed services, software, our dynamic payments platform and other adjacencies that provided trajectory for sustainable growth for the future of our business.
We are particularly proud of the progress we've made with our retail and banking customers.
We recently received the results from our annual customer satisfaction survey.
And I'm delighted that our customers are awarding us some of the highest levels of net promoter scores we've seen reinforcing what is now been a multi-year trend of improving results.
Turning now to our growth initiatives.
In managed services, we continue to move forward on securing more new business and remain in productive discussions with multiple financial institutions.
We also see a promising pipeline for managed services in 2022.
In Q3 in North America, we were awarded a large managed services agreement with a tier one financial institution, including a large order of DN Series ATMs. We continue to scale our debit and credit platforms, with our Vynamic Payments offering at a top 10 global bank cross more than 17,000 ATMs. As we continue to implement and scale our existing customers for our Payments Platform, our go-to-market team is growing a strong fire fighter [Phonetic] sales pipeline for 2022.
Additionally, I'm pleased to announce our entry into new horizontal electric vehicle charging stations.
This is a natural fit for our services business.
With our global network of 8000 experienced service technicians, and the similarities between ATMs and EV charging stations.
There are an estimated 1.5 to 2 million public charging stations even in the United States and Europe by 2025.
And this is an approximately an increase of over 200% from roughly 500,000 charging stations today split between about 300,000 in Europe, and 200,000 in the U.S.
We are currently in discussions with the top EV charging station private companies that have already secured contracts for our solution with some of the key players in this space.
This is a promising and rapidly growing market.
And we look forward to hearing more on this new offering in future quarters.
Now turning to another important area of our business sustainability.
Not only do we focus on attaining sustainable growth for our shareholders, we also focus on environmental sustainability of our facilities, practices and processes.
I'm proud to say that we were recently awarded Germany's best energy scouts 2021.
The German government initiative that encourages energy saving opportunities.
We installed a green roof, constructed a regional brasses [Phonetic] to improve energy savings at our Paderborn facility.
Additionally, we included a solar panel system and out of 36 charging ports, for cars and e-bikes in parking areas.
We consistently are working on initiatives that drive sustainable programs, with the goal to have no adverse effects or public health for the communities where we operate.
We look to operate our other facilities around the globe in sustainable greenways as part of our focus around environmental, social, and governance commitments.
Looking ahead to Q4, we remain confident in our market leadership, and ability to close out the year strong on a year-over-year basis.
As of today, our owners are 100% confirmed with customers committed to our products.
We see negligible risk of loss sales, with strong strength and demand for America's banking and retail business segments.
Additionally, in Q4 for our banking segments, we are starting this quarter with a backlog of approximately $205 million higher than the beginning of Q4 2020.
Specifically for America's banking, we're seeing over a 50% increase in our backlog as we enter the fourth quarter 2021 as compared to the same time last year.
We're working with all of our customers on a continuous basis to fulfill the high level of orders we're receiving on a timely basis.
As far as focus, we're taking steps to increase our stock of key components as well as pre-booked vessels further advance to accelerate revenue conversion from our backlog.
Furthermore, on a year-over-year basis, our outlook remains robust, as I confirmed orders for the first half of 2022, or above the levels for the first half of 2021 as of this same time last year.
While we continue to see significant opportunity in the markets, and in our ability to meet our customer's needs, we like many global companies for navigating inflationary pressures, and supply chain logistics that continue to impact our business.
As I discussed earlier, delays in delivering or in delivery of our products will cause some revenue to shift to future quarters.
Thus, we are revising our guidance for year-end 2021.
However, I believe it is important to note that we see Q3 broadly, as a peak inflection point in supply chain disruptions.
Our visibility into semiconductor chip markets has increased meaningfully, providing us with a line of sight to many of the two providers through the first half of 2022.
Additionally, they've deployed other strategic tactics internally, such as shifting our production capacity which leaves some of the dependencies we've previously had on logistics and shipping.
I'm extremely proud of the work of our DN team to mitigate these issues.
We are squarely positioned to meet the needs of our customers and expand our base of banks and retailers as consumers continue to demand more access, more convenience, and more innovation through automation and self-service.
Although supply chain challenges have led to a temporary pullback in performance, it's important to understand that we are doing everything possible to mitigate these challenges, and delivering for our customers remains a top priority.
My further remarks will include references to certain non-GAAP metrics such as gross profit, gross margin, and adjusted EBITDA.
Total revenue for the third quarter2021 was $958 million, a decrease over third quarter 2020 of approximately 4% as reported, a decrease of 5% excluding foreign currency benefit of $16 million and an $8 million impact from domestic businesses.
Adjusted for foreign currency and divestitures, product revenue decreased 3%, services revenue decreased 6% and software revenue increased 3% compared to Q3 2020.
During the quarter, approximately $90 million of revenue was delayed due to extended transport times and inbound technology component delays.
This primarily impacted the U.S., Latin America and certain APAC countries and reduced total revenue by approximately 900 basis points.
On a sequential basis, total revenue increased approximately 2%.
Non-GAAP gross profit for the third quarter was $263 million, or a decrease of approximately $22 million versus the prior year period on lower gross margins of 27.4%.
The deferral of revenue and non-billable inflation resulted in a reduction to third quarter gross margin of approximately $33 million.
Service margins increased 40 basis points versus the prior period and more in line with our expectations.
Product gross margins were down approximately 180 basis points versus the prior year period, primarily due to $10 million as a result of inflationary pressures and supply chain logistics, partially offset by a favorable DN Series versus legacy ATM and geographic customer mix.
Software gross margins declined 500 basis points versus the prior year period excluding the impact of a prior year prayer cost benefit of approximately $5 million that did not recur in 2021.
Software gross margins were down approximately 40 basis points due to unfavorable mix.
Operating expense of $182 million for the quarter decreased approximately $14 million versus the prior period, period and decreased $17 million sequentially.
Compared with prior year key variances include reductions in variable compensation, partially offset by unfavorable effects and investment and growth projects.
When compared with our second quarter operating expense decreased due to reductions in variable compensation.
The net result was an operating profit of $81 million and operating margin of 8.5% in the quarter, the same trends drove adjusted EBITDA of $103 million and adjusted EBITDA margin of 10.7% in the quarter.
Now I will discuss our segment highlights.
Eurasia group banking revenue of $323 million decreased approximately 11% versus the prior period and 12% after adjusting for foreign currency benefit of $7 million and a $3 million impact of divestitures.
Lower revenue was primarily due to supply chain delays affecting timing of deliveries and installations of product with collateral impact of services and software and revenue plus the termination of expired service contracts.
As expected, following a strong order entry in Q2 and several non-recurring liabilities in the prior year, segment product order growth decreased 35%.
We are forecasting a strong order entry end of Q4.
Gross profit for the segment decreased to $98 million year-over-year included favorable foreign currency balances of $4 million and an unfavorable divestiture impact of $1 million.
Gross margin at 30.3% was down 50 basis points, the decrease was primarily due to inflationary pressures, offset by our focus on cost management.
Americas banking revenue decreased $22 million, or approximately 6% to $347 million, primarily due to declines in software and services revenue due to the negative collateral impact of unfavorable geographic mix of installations from North America to Latin American.
Americas banking continues to be disproportionately affected due to the location of our customers and our primary manufacturing facilities for DN Series ATMs, which are located in Europe and Asia.
Segment gross profit of $86 million was down $17 million due to lower revenues.
Gross margin percentage declined due to the impact of supply chain inflation and unfavorable geographic mix as previously noted.
Our retail segment had another quarter of strong performance.
Retail revenue of $288 million increased 10% year-over-year as we reported an 8% after adjusting for $6 million currency benefit and investor headwind of $2 million.
Demand for our point-of-sale checkout -- self-checkout continued to increase versus the prior year period with proprietary growth of approximately 23%.
Retail gross profit increased 15% at $79 million driven by revenue growth, gross margin expanded by 110 basis points directly attributable to growth in self-checkout revenue.
As we continue, continue to work to optimize our portfolio and focus our core business segments, we made the decision to enter the share purchase agreement to sell our reverse expanding business with an approximate deal close date targeted for year end.
This business is less than 2% of our total annual retail revenues in order was a strategic fit for the second going forward.
Turning to our capital structure metrics.
Unlevered free cash flow used in the quarter increase $121 million versus the prior year primarily due to increases in inventory, which are necessary to support both Q4 production and delivery targets as well as increases in critical components for 2022 orders.
Company ended the quarter with $325 million of total liquidity, including $230 of cash and short term investments.
The company's cash balance as of September 30th reflects increased inventory levels and interest payments made during the quarter.
At the end of the quarter, the company's leverage ratio was 5.4 times, which continues to be below our covenant maximum of six times.
Turning to our updated outlook for 2021.
We are revising our revenue range to $3.9 million to $3.95 billion, which reflects approximately $140 million in revenue deferral from 2021 to 2022 due to the current supply chain challenges.
Accordingly, we are revising our adjusted EBITDA outlook by approximately $40 million to a range of $415 million to $435 million taking into account the gross margin associated with the aforementioned revenue deferral and an incremental $20 million for supply chain related inflation over previous estimates.
The total estimated impact on supply chain related inflation is now approximately $45 million.
Our free cash flow outlook is now $80 million to $100 million, reflecting our revised EBITDA outlook and the net incremental working capital timing impact of the revenue deferred.
I will now hand the call back to the operator for the Q&A session.

user
diebold nixdorf inc - qtrly net loss $2 million versus $100.9 million.
diebold nixdorf inc - sees fy 2021 total revenue in the range of $3.90 billion to $3.95 billion.
diebold nixdorf inc - sees fy 2021 adjusted ebitda in the range of $415 million to $435 million.

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