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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
__________________________________________________
Form 10-Q
__________________________________________________ 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 1-4879 
_________________________________________________
Diebold Nixdorf, Incorporated
(Exact name of registrant as specified in its charter)
_________________________________________________ 
Ohio
 
34-0183970
(State or other jurisdiction of
incorporation or organization)
 
(IRS Employer
Identification Number)
 
 
 
 
 
5995 Mayfair Road, PO Box 3077,
North Canton,
Ohio
 
44720-8077
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code: (330490-4000
__________________________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol
 
Name of each exchange on which registered
Common shares, $1.25 par value per share
 
DBD
 
New York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes       No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer

Smaller reporting company
Emerging growth company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Number of shares of common stock outstanding as of July 25, 2019 was 76,746,045.




DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
Form 10-Q

Index
 


Table of Contents

Part I – Financial Information
Item 1: Financial Statements (Unaudited)
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in millions, except share and per share amounts)
 
 
June 30,
2019

December 31,
2018
 
 
(Unaudited)
 
 
ASSETS
 
 
 
 
Current assets
 
 
 
 
Cash, cash equivalents and restricted cash

$
259.8


$
458.4

Short-term investments

13.1


33.5

Trade receivables, less allowances for doubtful accounts of $54.4 and $58.2, respectively
 
712.5

 
737.2

Inventories
 
607.4

 
610.1

Prepaid expenses
 
52.8

 
57.4

Other current assets
 
291.6

 
306.8

Total current assets
 
1,937.2

 
2,203.4

Securities and other investments
 
17.6

 
22.4

Property, plant and equipment, net of accumulated depreciation and amortization of $517.8 and $494.1, respectively
 
277.2

 
304.1

Goodwill
 
823.6

 
827.1

Deferred income taxes
 
214.5

 
243.9

Customer relationships, net
 
492.3

 
533.1

Other intangible assets, net
 
78.6

 
91.5

Right-of-use operating lease assets
 
165.3

 

Other assets
 
98.2

 
86.4

Total assets
 
$
4,104.5

 
$
4,311.9

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
 
 
 
 
Current liabilities
 
 
 
 
Notes payable
 
$
42.2

 
$
49.5

Accounts payable
 
509.0

 
509.5

Deferred revenue
 
368.9

 
378.2

Payroll and other benefits liabilities
 
165.6

 
184.3

Operating lease liability
 
62.7

 

Other current liabilities
 
420.7

 
446.9

Total current liabilities
 
1,569.1

 
1,568.4

Long-term debt
 
2,174.1

 
2,190.0

Pensions, post-retirement and other benefits
 
272.0

 
273.8

Long-term operating lease liability
 
103.2

 

Deferred income taxes
 
177.3

 
221.6

Other liabilities
 
91.1

 
87.3

Commitments and contingencies
 


 


Redeemable noncontrolling interests
 
21.7

 
130.4

Equity
 
 
 
 
Diebold Nixdorf, Incorporated shareholders' equity
 
 
 
 
Preferred shares, no par value, 1,000,000 authorized shares, none issued
 

 

Common shares, $1.25 par value, 125,000,000 authorized shares, 92,132,662 and 91,345,451 issued shares, 76,745,677 and 76,174,025 outstanding shares, respectively
 
115.2

 
114.2

Additional capital
 
765.3

 
741.8

Accumulated deficit
 
(351.3
)
 
(168.3
)
Treasury shares, at cost (15,386,985 and 15,171,426 shares, respectively)
 
(571.8
)
 
(570.4
)
Accumulated other comprehensive loss
 
(286.2
)
 
(303.7
)
Total Diebold Nixdorf, Incorporated shareholders' equity
 
(328.8
)
 
(186.4
)
Noncontrolling interests
 
24.8

 
26.8

Total equity
 
(304.0
)
 
(159.6
)
Total liabilities, redeemable noncontrolling interests and equity
 
$
4,104.5

 
$
4,311.9

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(unaudited)
(in millions, except per share amounts)
 
Three Months Ended
 
Six Months Ended
 
June 30,
 
June 30,
 
2019
 
2018
 
2019
 
2018
Net sales
 
 
 
 
 
 
 
Services
$
659.3

 
$
692.6

 
$
1,288.0

 
$
1,382.9

Products
490.9

 
413.0

 
890.3

 
786.9

 
1,150.2

 
1,105.6

 
2,178.3


2,169.8

Cost of sales
 
 
 
 
 
 
 
Services
491.4

 
550.6

 
964.9

 
1,073.6

Products
381.6

 
337.3

 
692.1

 
640.1

 
873.0

 
887.9

 
1,657.0

 
1,713.7

Gross profit
277.2

 
217.7

 
521.3

 
456.1

Selling and administrative expense
222.1


219.8

 
450.4

 
447.7

Research, development and engineering expense
36.1


40.6

 
73.0

 
82.3

Impairment of assets


83.1

 

 
83.1

Loss (gain) on sale of assets, net
11.7

 
0.8

 
15.1

 
(6.9
)
 
269.9

 
344.3

 
538.5

 
606.2

Operating profit (loss)
7.3

 
(126.6
)
 
(17.2
)

(150.1
)
Other income (expense)
 
 
 
 
 
 
 
Interest income
2.2

 
1.9

 
5.1

 
5.4

Interest expense
(49.9
)
 
(28.4
)
 
(100.8
)
 
(54.4
)
Foreign exchange loss, net
(5.1
)
 
(3.1
)
 
(2.3
)
 
(4.5
)
Miscellaneous, net
(0.4
)
 
(2.7
)
 
(1.8
)
 
(2.8
)
Loss before taxes
(45.9
)
 
(158.9
)
 
(117.0
)
 
(206.4
)
Income tax expense (benefit)
9.2

 
(29.8
)
 
69.6

 
(10.6
)
Equity in earnings of unconsolidated subsidiaries
(0.2
)
 
0.8

 
(0.6
)
 
1.9

Net loss
(55.3
)
 
(128.3
)
 
(187.2
)
 
(193.9
)
Net (loss) income attributable to noncontrolling interests
(5.0
)
 
5.1

 
(4.2
)
 
12.7

Net loss attributable to Diebold Nixdorf, Incorporated
$
(50.3
)
 
$
(133.4
)
 
$
(183.0
)
 
$
(206.6
)
 
 
 
 
 
 
 
 
Basic and diluted weighted-average shares outstanding
76.7

 
76.0

 
76.5

 
75.9

 
 
 
 
 
 
 
 
Net loss attributable to Diebold Nixdorf, Incorporated
 
 
 
 
 
 
 
Basic and diluted loss per share
$
(0.66
)
 
$
(1.76
)
 
$
(2.39
)
 
$
(2.72
)
 
 
 
 
 
 
 
 
Dividends declared and paid per common share
$

 
$

 
$

 
$
0.10

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
(in millions)
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2019
 
2018
 
2019
 
2018
Net loss
 
$
(55.3
)
 
$
(128.3
)
 
$
(187.2
)
 
$
(193.9
)
Other comprehensive income (loss), net of tax
 
 
 
 
 
 
 
 
Adoption of accounting standard
 

 

 

 
(29.0
)
Translation adjustment
 
14.0

 
(81.3
)
 
18.4

 
(63.1
)
Foreign currency hedges (net of tax of $(0.4), $(2.2), $(0.0) and $(1.1), respectively)
 
0.7

 
8.7

 
0.1

 
5.9

Interest rate hedges
 


 


 
 
 
 
Net (loss) gain recognized in other comprehensive income (net of tax of $0.7, $(0.4), $1.2 and $(1.1), respectively)
 
(3.4
)
 
0.5

 
(5.7
)
 
2.7

Reclassification adjustment for amounts recognized in net income
 
0.5

 
0.8

 
1.0

 
1.2

 
 
(2.9
)
 
1.3

 
(4.7
)
 
3.9

Pension and other post-retirement benefits
 
 
 
 
 
 
 
 
Net actuarial gain amortization (net of tax of $(0.4), $(0.6), $(0.7) and $(0.2), respectively)
 
4.3

 
1.8

 
3.8

 
3.6

Other
 

 

 
0.1

 

Other comprehensive income (loss), net of tax
 
16.1

 
(69.5
)
 
17.7

 
(78.7
)
Comprehensive loss
 
(39.2
)
 
(197.8
)
 
(169.5
)
 
(272.6
)
Less: comprehensive (loss) income attributable to noncontrolling interests
 
(7.5
)
 
3.3

 
(4.0
)
 
10.9

Comprehensive loss attributable to Diebold Nixdorf, Incorporated
 
$
(31.7
)
 
$
(201.1
)
 
$
(165.5
)
 
$
(283.5
)
See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in millions)
 
 
Six Months Ended
 
 
June 30,
 
 
2019
 
2018
Cash flow from operating activities
 
 
 
 
Net loss
 
$
(187.2
)
 
$
(193.9
)
Adjustments to reconcile net loss to cash flow used by operating activities:
 
 
 
 
Depreciation and amortization
 
115.8

 
125.3

Share-based compensation
 
14.1

 
20.3

Loss (gain) on sale of assets, net
 
15.1

 
(6.9
)
Impairment of assets
 

 
83.1

Deferred income taxes
 
(13.4
)
 
(66.2
)
Other
 
0.6

 
(1.7
)
Changes in certain assets and liabilities
 
 
 
 
Trade receivables
 
23.1

 
(4.9
)
Inventories
 
(1.2
)
 
(107.9
)
Accounts payable
 
1.4

 
15.4

Deferred revenue
 
(10.8
)
 
(10.9
)
Sales tax and net value added tax
 
(23.8
)
 
(36.0
)
Income taxes
 
62.4

 
(8.2
)
Prepaid and other current assets
 
(3.2
)
 
(12.9
)
Accrued salaries, wages and commissions
 
(15.3
)
 
(23.8
)
Restructuring
 
(23.0
)
 
(16.4
)
Warranty liability
 
(2.0
)
 
(18.0
)
Certain other assets and liabilities
 
(20.2
)
 
7.0

Net cash used by operating activities
 
(67.6
)
 
(256.6
)
Cash flow from investing activities
 
 
 
 
Capital expenditures
 
(20.3
)
 
(30.6
)
Payment for acquisition
 

 
(5.8
)
Proceeds from maturities of short-term investments
 
108.2

 
158.5

Payments for purchases of short-term investments
 
(85.8
)
 
(91.1
)
Proceeds from sale of assets
 
8.2

 
10.5

Increase in certain other assets
 
(11.8
)
 
(17.2
)
Net cash (used) provided by investing activities
 
(1.5
)
 
24.3

Cash flow from financing activities
 
 
 
 
Dividends paid
 

 
(7.7
)
Debt issuance costs
 

 
(0.9
)
Revolving credit facility (repayments) borrowings, net
 
(10.0
)
 
65.0

Other debt borrowings
 
19.6

 
34.2

Other debt repayments
 
(42.9
)
 
(57.6
)
Distributions and payments to noncontrolling interest holders
 
(98.0
)
 
(29.1
)
Repurchase of common shares and other
 
(1.6
)
 
(2.9
)
Net cash (used) provided by financing activities
 
(132.9
)
 
1.0

Effect of exchange rate changes on cash and cash equivalents
 
0.2

 
(9.8
)
Decrease in cash, cash equivalents and restricted cash
 
(201.8
)
 
(241.1
)
Add: Cash included in assets held for sale at beginning of period
 
7.3

 

Less: Cash included in assets held for sale at end of period
 
4.1

 

Cash, cash equivalents and restricted cash at the beginning of the period
 
458.4

 
543.2

Cash, cash equivalents and restricted cash at the end of the period
 
$
259.8

 
$
302.1

See accompanying notes to condensed consolidated financial statements.

6

Table of Contents
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
FORM 10-Q as of June 30, 2019
Notes to Condensed Consolidated Financial Statements
(unaudited)
(in millions, except per share amounts)

Note 1: Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Diebold Nixdorf, Incorporated and its subsidiaries (collectively, the Company) have been prepared in accordance with the instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with accounting principles generally accepted in the United States (U.S. GAAP); however, such information reflects all adjustments (consisting solely of normal recurring adjustments) that are, in the opinion of management, necessary for a fair statement of the results for the interim periods.

The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s annual report on Form 10-K for the year ended December 31, 2018. In addition, some of the Company’s statements in this quarterly report on Form 10-Q may involve risks and uncertainties that could significantly impact expected future results. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of results to be expected for the full year.

Reclassification

The Company reclassified an immaterial amount of $5.4 for the six months ended June 30, 2018 within the operating activities of the condensed consolidated statements of cash flows between depreciation and amortization and certain other assets and liabilities to correct its presentation.

Recently Adopted Accounting Guidance
Standards Adopted
 
Description
 
Effective
Date
Accounting Standards Update (ASU) 2016-02, Leases
 
The standard requires that a lessee recognize on its balance sheet right-of-use (ROU) assets and corresponding liabilities resulting from leasing transactions, as well as additional financial statement disclosures. The Company elected the option to apply the transition requirements in Accounting Standards Codification (ASC) 842 at the effective date of January 1, 2019. The effects of initially applying ASC 842 resulted in no cumulative adjustment to retained earnings in the period of adoption. The provisions of this update apply to substantially all leased assets.
 
January 1, 2019


Note 2: Leases

The Company utilizes lease agreements to meet its operating needs. These leases support global staff via the use of office space, warehouses, vehicles and information technology (IT) equipment. The Company utilizes both operating and finance leases in its portfolio of leased assets, however, the majority of these leases are classified as operating. A significant portion of the volume of the lease portfolio is in fleet vehicles and IT office equipment; however, real estate leases constitute a majority of the value of the ROU assets. Lease agreements are utilized worldwide, with the largest location concentration in the United States, Germany and India.

The Company has made the following elections related to the adoption of ASU No. 2016-02 Leases (Topic 842):
The Company elected the option to apply the transition requirements in ASC 842 at the effective date of January 1, 2019.
The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to carry forward its ASC 840 assessment regarding definition of a lease, lease classification and initial direct costs.
The practical expedient related to land easements is not applicable as the Company currently does not utilize any easements.
The Company declined the hindsight practical expedient to determine the lease term and ROU asset impairment for existing leases. The decision to decline the hindsight practical expedient resulted in relying on assessments made under ASC 840 during transition and re-assessing under ASC 842 going forward.
The Company declined the short-term lease exception, therefore recognizing all leases in the ROU asset and lease liability balances. Consistent with ASC 842 requirements, leases that are one month or less are not included in the balance.

7

Table of Contents
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
FORM 10-Q as of June 30, 2019
Notes to Condensed Consolidated Financial Statements (continued)
(unaudited)
(in millions, except per share amounts)


The Company elected to not separate non-lease components from lease components and, instead, to account for each separate lease component and the non-lease components associated with it as a single lease component, recognized on the balance sheet. This election has been made for all classes of underlying assets.
The Company elected to use a grouping/portfolio approach on applying discount rates to leases at transition, for certain groups of leases where it was determined that using this approach would not differ materially from a lease-by-lease approach.

The Company's lease population has initial lease terms ranging from less than one year to approximately ten years. Some leases include one or more options to renew, with renewal terms that can extend the lease term from six months to 15 years. We assess these renewal/extension options using a threshold of reasonably certain, which is a high threshold and, therefore, the majority of our lease terms for accounting purposes do not include renewal periods. For leases where the Company is reasonably certain to renew, those optional periods are included within the lease term and, therefore, the measurement of the ROU asset and lease liability. Some of the vehicle and IT equipment leases also include options to purchase the leased asset, typically at end of term at fair market value. Some of our leases include options to terminate the lease early. This allows the contract parties to terminate their obligations under the lease contract, sometimes in return for an agreed upon financial consideration. The terms and conditions of the termination options vary by contract, and for those leases where the Company is reasonably certain to use these options, the term and payments recognized in the measurement of ROU assets and lease liabilities has been updated accordingly. Additionally, there are several open-ended lease arrangements where the Company controls the option to continue or terminate the arrangement at any time after the first year. For these arrangements, the Company has used analysis of a mix of historical use and future economic incentive to determine the reasonable expected holding period. This term is used for measurement of ROU assets and lease liabilities.

The following table summarizes the weighted-average remaining lease terms and discount rates related to the Company's lease population:
 
Six Months Ended
 
June 30, 2019
Weighted-average remaining lease terms (in years)
 
Operating leases
4.1

Finance leases
2.6

Weighted-average discount rate
 
Operating leases
13.8
%
Finance leases
26.7
%


The weighted-average discount rates used for operating and finance leases varies due to the jurisdictional composition. The Company has an immaterial amount of finance leases that are primarily comprised of leases in Turkey which have higher interest rates.

Certain lease agreements include payments based on a variety of global indexes or rates. These payment amounts have been projected using the index or rate as of lease commencement or the transition date and measured in ROU assets and lease liabilities. Other leases contain variable payments that are based on actual usage of the underlying assets and therefore are not measured in assets or liabilities as the variable payments are not based on an index or a rate. For real estate leases, these payments are most often tied to non-committed maintenance or utilities charges, and for equipment leases, to actual output or hours in operation. These amounts typically become known when the invoice is received, which is when expense is recognized. In rare circumstances, our lease agreements may contain residual value guarantees. Our lease agreements do not contain any restrictions or covenants, such as those relating to dividends or incurring additional financial obligations.

As of June 30, 2019, the Company did not have any material leases that have not yet commenced but that create significant rights and obligations.

The Company determines whether an arrangement is or includes a lease at contract inception. All contracts containing the right to use an underlying asset are reviewed to confirm that the contract meets the definition of a lease. ROU assets and liabilities are recognized at commencement date and initially measured based on the present value of lease payments over the defined lease term.

8

Table of Contents
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
FORM 10-Q as of June 30, 2019
Notes to Condensed Consolidated Financial Statements (continued)
(unaudited)
(in millions, except per share amounts)



As most leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. In order to apply the incremental borrowing rate, a rate table was developed to assign the appropriate rate to each lease based on lease term and currency of payments. For leases with large numbers of underlying assets, a portfolio approach with a collateralized rate was utilized. Assets were grouped based on similar lease terms and economic environments in a manner whereby the Company reasonably expects that the application does not differ materially from a lease-by-lease approach.

The following table summarizes the components of lease expense:
 
Three Months Ended
 
Six Months Ended
 
June 30, 2019
 
June 30, 2019
Lease expense
 
 
 
Operating lease expense
$
21.5

 
$
42.1

Finance lease expense
 
 
 
Amortization of ROU lease assets
$
0.2

 
$
0.3

Interest on lease liabilities
$
0.1

 
$
0.2

Variable lease expense
$
5.0

 
$
8.2



The following table summarizes the maturities of lease liabilities:
 
Operating
 
Finance
2019 (excluding the six months ended June 30, 2019)
$
50.3

 
$
0.4

2020
61.3

 
0.9

2021
39.2

 
0.9

2022
22.9

 

2023
14.8

 

Thereafter
25.5

 

Total
214.0

 
2.2

Less: Present value discount
(48.1
)
 
(0.7
)
Lease liability
$
165.9

 
$
1.5



The following table summarizes the cash flow information related to leases:
 
Three Months Ended
 
Six Months Ended
 
June 30, 2019
 
June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities
 
 
 
Operating - operating cash flows
$
19.4

 
$
41.3

Finance - financing cash flows
$
0.1

 
$
0.2

Finance - operating cash flows
$
0.1

 
$
0.2

ROU lease assets obtained in the exchange for lease liabilities
 
 
 
Operating leases
$
26.1

 
$
40.8

Finance leases
$
0.1

 
$
2.1




9

Table of Contents
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
FORM 10-Q as of June 30, 2019
Notes to Condensed Consolidated Financial Statements (continued)
(unaudited)
(in millions, except per share amounts)


The following table summarizes the balance sheet information related to leases:
 
June 30, 2019
Assets
 
Operating
$
165.3

Finance
1.7

Total leased assets
$
167.0

 
 
Current liabilities
 
Operating
$
62.7

Finance
0.2

Noncurrent liabilities
 
Operating
103.2

Finance
1.3

Total lease liabilities
$
167.4



Finance leases are included in other assets, other current liabilities and other liabilities on the condensed consolidated balance sheets.

Note 3: Earnings (Loss) Per Share

Basic earnings (loss) per share is based on the weighted-average number of common shares outstanding. Diluted earnings (loss) per share includes the dilutive effect of potential common shares outstanding. Under the two-class method of computing earnings (loss) per share, non-vested share-based payment awards that contain rights to receive non-forfeitable dividends are considered participating securities. The Company’s participating securities include restricted stock units (RSUs), director deferred shares and shares that were vested but deferred by employees. The Company calculated basic and diluted earnings (loss) per share under both the treasury stock method and the two-class method. For the three and six months ended June 30, 2019 and 2018, there were no differences in the earnings (loss) per share amounts calculated under the two methods. Accordingly, the treasury stock method is disclosed below.


10

Table of Contents
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
FORM 10-Q as of June 30, 2019
Notes to Condensed Consolidated Financial Statements (continued)
(unaudited)
(in millions, except per share amounts)


The following table represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of dilutive potential common shares:
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2019
 
2018
 
2019
 
2018
Numerator
 
 
 
 
 
 
 
 
Income (loss) used in basic and diluted loss per share
 
 
 
 
 
 
 
 
Net loss
 
$
(55.3
)
 
$
(128.3
)
 
$
(187.2
)
 
$
(193.9
)
Net (loss) income attributable to noncontrolling interests
 
(5.0
)
 
5.1

 
(4.2
)
 
12.7

Net loss attributable to Diebold Nixdorf, Incorporated
 
$
(50.3
)
 
$
(133.4
)
 
$
(183.0
)
 
$
(206.6
)
Denominator
 
 
 
 
 
 
 
 
Weighted-average number of common shares used in basic and diluted loss per share (1)
 
76.7

 
76.0

 
76.5

 
75.9

Net loss attributable to Diebold Nixdorf, Incorporated
 
 
 
 
 
 
 
 
Basic and diluted loss per share
 
$
(0.66
)
 
$
(1.76
)
 
$
(2.39
)
 
$
(2.72
)
 
 
 
 
 
 
 
 
 
Anti-dilutive shares
 
 
 
 
 
 
 
 
Anti-dilutive shares not used in calculating diluted weighted-average shares
 
3.4

 
5.0

 
3.8

 
4.4


(1) 
Incremental shares of 1.8 and 0.7 shares for the three months ended June 30, 2019 and 2018, respectively, and 1.5 and 0.8 shares for the six months ended June 30, 2019 and 2018, respectively, would have been included in the weighted-average number of shares used in diluted earnings (loss) per share used in the computation of diluted earnings (loss) per share because their effects are dilutive.

Note 4: Share-Based Compensation

The Company’s share-based compensation payments to employees are recognized based on their grant-date fair values during the period in which the employee is required to provide services in exchange for the award. Share-based compensation is primarily recognized as a component of selling and administrative expense. Total share-based compensation expense was $4.8 and $6.6 for the three months ended June 30, 2019 and 2018, respectively, and was $14.1 and $20.3 for the six months ended June 30, 2019 and 2018, respectively. In the first quarter of 2019, the Company changed its accounting estimate from using a forfeiture assumption to recording actual forfeitures. The change resulted in an immaterial increase in share-based compensation expense in the first quarter of 2019. Share-based compensation decreased $6.2 to $14.1 for the six months ended June 30, 2019 primarily due to a reduction in shares awarded in 2019.


11

Table of Contents
DIEBOLD NIXDORF, INCORPORATED AND SUBSIDIARIES
FORM 10-Q as of June 30, 2019
Notes to Condensed Consolidated Financial Statements (continued)
(unaudited)
(in millions, except per share amounts)


Options outstanding and exercisable as of June 30, 2019 are included under the Company’s 1991 Equity and Performance Incentive Plan (as Amended and Restated as of February 12, 2014) (the 1991 Plan) and the Company's 2017 Equity and Performance Incentive Plan (the 2017 Plan). Changes during the six months ended June 30, 2019 were as follows:
 
 
Number of
Shares
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value
(1)
 
 
 
 
(per share)
 
(in years)
 
 
Outstanding at January 1, 2019
 
2.5

 
$
27.05

 
 
 
 
Expired or forfeited
 
(0.2
)
 
$
27.84

 
 
 
 
Granted
 
1.2

 
$
4.67

 
 
 
 
Outstanding at June 30, 2019
 
3.5

 
$
19.60

 
6
 
$
11.0

Options exercisable at June 30, 2019
 
1.8

 
$
28.81

 
9
 
$
15.4

Options vested and expected to vest(2) at June 30, 2019
 
1.7

 
$
9.80

 
8
 
$
26.4

(1) 
The aggregate intrinsic value (the difference between the closing price of the Company’s common shares on the last trading day of the second quarter of 2019 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on June 30, 2019. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares.
(2) 
The options expected to vest are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options.

The following table summarizes information on non-vested RSUs and performance shares relating to employees and non-employee directors for the six months ended June 30, 2019:
 
 
Number of
Shares
 
Weighted-Average
Grant-Date Fair
Value
RSUs:
 
 
 
 
Non-vested at January 1, 2019
 
1.6

 
$
19.66

Vested
 
(0.8
)
 
$
20.50

Granted
 
1.5

 
$
5.10

Non-vested at June 30, 2019
 
2.3

 
$
10.40

Performance Shares:
 
 
 
 
Non-vested at January 1, 2019
 
3.0

 
$
26.90

Forfeited
 
(0.5
)
 
$
26.80

Vested
 
(0.2
)
 
$
26.60

Non-vested at June 30, 2019
 
2.3

 
$
26.90