NCR Corporation 5.5% PFD CNV A Financial Ratios — NCRRP

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	-9.68	32.93	38.44	13	-14.95	25.43	14.25	-18.7	54.44	-10.93	8.17	4.17	- -	- -	7.66
Return on Assets (%)	-3.82	8.04	6.12	2.29	-2.2	3.53	3.03	-1.14	6.74	-0.91	0.97	0.52	-5.19	20.29	1.48
Return on Capital (%)	- -	17.57	13.67	- -	- -	8.14	6.58	-5.09	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	20.16	13.08	- -	- -	11.13	7.55	-8.15	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	17.97	28.71	28.42	26.28	23.05	27.79	28.47	26.15	27.78	24.55	25.05	21.55	20.94	20.48	23.6
EBITDA Margin (%)	-0.38	15.95	14.27	11.24	7.92	15.79	16.04	11.68	13.65	9.42	14.71	17.64	13.42	9.19	9.56
Operating Margin (%)	-2.8	13.05	10.88	6.93	3.09	10.53	10.6	6.53	8.84	3.56	0.7	-1.58	-4.23	-1.35	0.97
Incremental Operating Margin (%)	- -	204.1	-20.87	-44.66	119.27	289.41	-7.41	245.95	37.84	55.08	7.75	139.6	-397.3	- -	-48.85
Pretax Margin (%)	-3.1	12.18	9.05	2.08	-1.49	5.79	7.4	0.61	4.93	-0.95	-7.23	-9.99	-17.34	-6.99	-1.15
Profit Margin (%)	-3.59	8.39	7.24	2.9	-2.79	4.13	3.56	-1.37	8.16	-1.27	2.63	1.89	-13.52	34	2.31
Net Income to Common Margin (%)	-3.59	8.39	7.24	2.9	-2.86	3.38	1.89	-2.14	6.57	-1.77	2.19	1.39	-14.02	33.46	1.56
Effective Tax Rate (%)	- -	31.95	17.69	- -	- -	24.27	50.21	187.18	- -	- -	- -	- -	- -	- -	- -
Dvd Payout Ratio (%)	-1.01	- -	- -	- -	2.67	-20.25	-81.34	60.49	-21.83	61.11	0.28	0.26	0.13	- -	-22.73
Sustainable Growth Rate (%)	-9.77	32.93	38.44	13	-14.55	30.58	25.85	-7.39	66.32	-4.25	8.15	4.16	- -	- -	9.41

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	853	1,963	3,354	3,618	3,252	3,051	2,991	3,165	3,928	3,603	5,950	5,939	2,829	1,346	1,326
ST Debt	1	72	34	187	13	50	52	185	282	8	57	101	15	- -	- -
LT Debt	852	1,891	3,320	3,431	3,239	3,001	2,939	2,980	3,646	3,595	5,893	5,838	2,814	1,346	1,326
Total Debt/EBITDA	-42.65	2.15	3.84	4.88	6.44	2.95	2.86	4.23	4.16	6.16	10.96	10.61	6.66	5.2	5.16
Net Debt/EBITDA	-22.75	0.98	3.23	4.19	5.79	2.47	2.35	3.61	3.23	5.03	9.42	9.7	5.46	1.45	3.38
Total Debt/EBIT	-5.76	2.62	5.04	7.92	16.51	4.43	4.33	7.57	6.43	16.3	228.85	-118.78	-21.11	-35.42	51
Net Debt/EBIT	-3.07	1.2	4.24	6.8	14.84	3.71	3.55	6.46	4.99	13.3	196.73	-108.64	-17.31	-9.89	33.42
EBITDA to Interest Expense	-1.54	21.76	8.49	4.09	2.92	6.08	6.41	4.45	4.79	2.68	2.28	1.96	1.45	1.93	4.28
EBITDA-CapEx/Interest Expense	-14.08	17.95	6.29	2.67	1.6	4.74	4.61	2.59	3.12	2.54	1.84	1.96	1.45	1.93	4.28
EBIT to Interest Expense	-11.38	17.81	6.47	2.52	1.14	4.05	4.24	2.49	3.1	1.01	0.11	-0.18	-0.46	-0.28	0.43
Interest Expense	13	42	103	181	173	170	163	168	197	218	238	285	294	134	60
Common Equity/Total Assets	35.59	14.62	16.95	18.27	11.39	11.31	11.21	7.82	11.81	11.3	8.87	9.35	-8.42	12.04	14.28
Long-Term Debt/Equity (%)	103.9	147.5	186.2	182.21	212.53	194.11	191.84	236.88	242.74	271.53	384.41	332.84	934.88	111.52	114.81
Long-Term Debt/Capital (%)	29.6	64.67	70.01	66.04	65.75	62.91	63.04	64.29	67.68	74.43	81.18	80.09	104.8	62.43	63.35
Long-Term Debt/Total Assets (%)	15.24	29.69	40.95	40.05	42.42	39.11	38.4	38.4	40.57	42.73	50.62	50.73	56.39	30.23	33.82
Total Debt/Equity (%)	104.02	153.12	188.11	192.14	213.39	197.35	195.23	251.59	261.52	272.13	388.13	338.6	939.87	111.52	114.81
Total Debt/Capital (%)	29.64	67.13	70.73	69.64	66.02	63.96	64.16	68.28	72.92	74.6	81.97	81.48	105.36	62.43	63.35
Total Debt/Total Assets (%)	15.26	30.82	41.37	42.24	42.59	39.76	39.08	40.78	43.71	42.82	51.11	51.61	56.69	30.23	33.82
Net Debt to Equity	55.49	69.73	158.5	165	191.86	165.14	160.18	214.71	203.06	222.05	333.66	309.69	770.43	31.15	75.24
Net Debt/Capital (%)	18.35	48.19	67.06	66.33	63.59	59.76	59.49	64.76	62.53	65.45	75.09	76.85	95.59	26.22	46.67
EBITDA	-20	914	874	741	505	1,033	1,045	748	944	585	543	560	425	259	257
EBITDA-CapEx	-183	754	648	483	276	806	751	435	615	554	437	560	425	259	257
Operating Income (Loss)	-148	748	666	457	197	689	691	418	611	221	26	-50	-134	-38	26

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.26	0.61	0.28	0.25	0.18	0.25	0.28	0.2	0.2	0.16	0.16	0.08	0.19	0.51	0.22
Current Ratio	1.61	1.96	2.31	1.49	1.43	1.4	1.5	1.32	1.24	1.19	1.02	1.14	0.9	1.18	1.04
Quick Ratio	0.92	1.24	0.99	0.93	0.89	0.91	0.96	0.8	0.79	0.7	0.5	0.28	0.5	0.88	0.66
CFO/Avg Current Liab	0.24	-0.18	0.13	0.26	0.33	0.46	0.39	0.26	0.26	0.28	0.41	0.15	0.34	-0.1	-0.17
Common Equity/Total Assets	35.59	14.62	16.95	18.27	11.39	11.31	11.21	7.82	11.81	11.3	8.87	9.35	-8.42	12.04	14.28
Long-Term Debt/Equity (%)	103.9	147.5	186.2	182.21	212.53	194.11	191.84	236.88	242.74	271.53	384.41	332.84	934.88	111.52	114.81
Long-Term Debt/Capital (%)	29.6	64.67	70.01	66.04	65.75	62.91	63.04	64.29	67.68	74.43	81.18	80.09	104.8	62.43	63.35
Long-Term Debt/Total Assets (%)	15.24	29.69	40.95	40.05	42.42	39.11	38.4	38.4	40.57	42.73	50.62	50.73	56.39	30.23	33.82
Total Debt/Equity (%)	104.02	153.12	188.11	192.14	213.39	197.35	195.23	251.59	261.52	272.13	388.13	338.6	939.87	111.52	114.81
Total Debt/Capital (%)	29.64	67.13	70.73	69.64	66.02	63.96	64.16	68.28	72.92	74.6	81.97	81.48	105.36	62.43	63.35
Total Debt/Total Assets (%)	15.26	30.82	41.37	42.24	42.59	39.76	39.08	40.78	43.71	42.82	51.11	51.61	56.69	30.23	33.82
CFO/Total Liabilities	7.36	-5.78	3.62	7.83	10.44	13.99	12.15	8.24	8.47	9.04	9.98	4.38	14.8	-4.07	-7.59
CFO/CapEx	2.15	-1.84	1.01	2.03	2.79	3.78	2.53	1.71	1.93	20.68	9.52	- -	- -	- -	- -
Altman's Z-Score	2	2.27	2.17	2.36	2.23	2.57	2.57	2.13	2.01	1.73	0.91	0.55	0.59	1.32	1.55

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	5.48	5.57	5.16	4.88	4.83	5.18	5.14	4.86	4.86	4.77	3.59	4.4	7.82	6.53	5.12
Days Sales Outstanding	66.57	65.55	70.76	74.76	75.63	70.43	71.03	75.05	75.11	76.5	101.78	83.03	46.69	55.89	71.25
Inventory Turnover	5.73	5.2	5.52	6.66	7.48	7.04	6.3	5.96	6.28	6.76	4.08	4.48	8.25	9.79	9.66
Days Inventory Outstanding	63.71	70.19	66.08	54.8	48.83	51.83	57.91	61.19	58.1	53.97	89.37	81.43	44.26	37.3	37.78
Accounts Payable Turnover	8.54	7.23	6.83	6.86	7.13	6.65	6.15	5.73	5.72	6.11	4.01	2.95	4.63	5.76	6.16
Accounts Payable Turnover Days	42.73	50.47	53.42	53.23	51.22	54.89	59.38	63.66	63.76	59.7	91.12	123.82	78.76	63.41	59.3
Cash Conversion Cycle	87.54	85.27	83.41	76.33	73.24	67.37	69.55	72.58	69.46	70.78	100.02	40.64	12.19	29.78	49.73
Inventory to Cash Days	2.86	-4.64	4.68	19.96	26.8	18.59	13.12	13.86	17.01	22.53	12.41	1.6	2.43	18.59	33.47
Inventories	774	797	790	669	643	699	780	806	784	601	754	357	250	208	217
Raw Materials	430	443	453	389	377	396	405	355	396	333	385	143	127	119	130
Work In Process	167	187	135	132	137	154	185	237	204	133	184	48	14	6	4
Finished Goods	177	167	202	148	129	149	190	214	184	135	185	166	109	83	83
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	398	1,069	528	511	328	498	537	464	509	338	447	221	259	722	231
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	798	847	810	859	395	273	274	275	276	276	207
+ Minority/Non Controlling Interest	35	30	14	12	6	4	3	4	3	3	3	-1	- -	-2	- -
+ Total Debt	853	1,963	3,354	3,618	3,252	3,051	2,991	3,165	3,928	3,603	5,950	5,939	2,829	1,346	1,326
Enterprise Value	490	924	2,840	3,119	3,728	3,404	3,267	3,564	3,817	3,541	5,780	5,992	2,846	898	1,302
Total Capital	2,878	2,924	4,742	5,195	4,926	4,770	4,662	4,635	5,387	4,830	7,259	7,289	2,685	2,156	2,093
Total Debt/Capital (%)	29.64	67.13	70.73	69.64	66.02	63.96	64.16	68.28	72.92	74.6	81.97	81.48	105.36	62.43	63.35
Total Debt / EV	1.74	2.12	1.18	1.16	0.87	0.9	0.92	0.89	1.03	1.02	1.03	0.99	0.99	1.5	1.02
EV/Sales	0.09	0.16	0.46	0.47	0.58	0.52	0.5	0.56	0.55	0.57	1.57	1.89	0.9	0.32	0.48
EV/EBITDA	- -	1.01	3.25	4.21	7.38	3.3	3.13	4.76	4.04	6.05	10.64	10.7	6.7	3.47	5.07
EV/EBIT	- -	1.24	4.26	6.82	18.92	4.94	4.73	8.53	6.25	16.02	222.31	34.05	98.14	- -	50.08
EV/Cash Flow to Firm	1.37	- -	9.05	4.06	4.09	3.45	3.96	9.15	3.86	5.34	4.41	7.9	2.62	190.22	- -
EV/Free Cash Flow to Firm	0.94	- -	5.26	3.04	3.27	2.81	2.92	5.07	2.9	5.1	4.08	7.9	2.62	190.22	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	490	924	2,840	3,119	3,728	3,404	3,267	3,564	3,817	3,541	5,780	5,992	2,846	898	1,302
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	5,291	5,730	6,123	6,591	6,373	6,543	6,516	6,405	6,915	6,207	3,692	3,174	3,166	2,818	2,687
TTM EBITDA	-20	914	874	741	505	1,033	1,045	748	944	585	543	560	425	259	257
TTM Operating Income	-148	748	666	457	197	689	691	418	611	221	26	-50	-134	-38	26
TTM Cash Flow to Firm	359	-265	314	767	911	986	825	390	989	663	1,309	759	1,087	5	-291
TTM Free Cash Flow to Firm	522	-105	540	1,025	1,140	1,213	1,119	703	1,318	694	1,415	759	1,087	5	-291

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	1.24	4.26	6.82	18.92	4.94	4.73	8.53	6.25	16.02	222.31	34.05	98.14	- -	50.08
Enterprise Value	490	924	2,840	3,119	3,728	3,404	3,267	3,564	3,817	3,541	5,780	5,992	2,846	898	1,302
Low Price	- -	- -	- -	- -	- -	- -	884	466.91	466.91	493.19	827	842	842	1,099.61	961.81
EV/Sales	0.09	0.16	0.46	0.47	0.58	0.52	0.5	0.56	0.55	0.57	1.57	1.89	0.9	0.32	0.48
EV/EBITDA	- -	1.01	3.25	4.21	7.38	3.3	3.13	4.76	4.04	6.05	10.64	10.7	6.7	3.47	5.07
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	0.09	0.16	0.46	0.47	0.58	0.52	0.5	0.56	0.55	0.57	1.57	1.89	0.9	0.32	0.48
EV/Sales High	0.09	0.16	0.46	0.47	0.58	0.52	0.5	0.56	0.55	0.57	1.57	1.89	0.9	0.32	0.48
EV/Sales Low	0.09	0.16	0.46	0.47	0.58	0.52	0.5	0.56	0.55	0.57	1.57	1.89	0.9	0.32	0.48
EV/EBITDA Average	-24.5	1.01	3.25	4.21	7.38	3.3	3.13	4.76	4.04	6.05	10.64	10.7	6.7	3.47	5.07
EV/EBITDA High	-24.5	1.01	3.25	4.21	7.38	3.3	3.13	4.76	4.04	6.05	10.64	10.7	6.7	3.47	5.07
EV/EBITDA Low	-24.5	1.01	3.25	4.21	7.38	3.3	3.13	4.76	4.04	6.05	10.64	10.7	6.7	3.47	5.07
EV/EBIT Average	-3.31	1.24	4.26	6.82	18.92	4.94	4.73	8.53	6.25	16.02	222.31	-119.84	-21.24	-23.63	50.08
EV/EBIT High	-3.31	1.24	4.26	6.82	18.92	4.94	4.73	8.53	6.25	16.02	222.31	-119.84	-21.24	-23.63	50.08
EV/EBIT Low	-3.31	1.24	4.26	6.82	18.92	4.94	4.73	8.53	6.25	16.02	222.31	-119.84	-21.24	-23.63	50.08
Last Price	- -	- -	- -	- -	- -	- -	765.48	544.04	717.94	1,146.46	715.72	764.44	1,130.48	1,100.05	1,075
High Price	- -	- -	- -	- -	- -	- -	1,435.25	1,105.43	1,136.21	1,432	1,432	842	1,209.15	1,171.25	1,170
Enterprise Value Average	490	924	2,840	3,119	3,728	3,404	3,267	3,564	3,817	3,541	5,780	5,992	2,846	898	1,302
Enterprise Value High	490	924	2,840	3,119	3,728	3,404	3,267	3,564	3,817	3,541	5,780	5,992	2,846	898	1,302
Enterprise Value Low	490	924	2,840	3,119	3,728	3,404	3,267	3,564	3,817	3,541	5,780	5,992	2,846	898	1,302

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	158	163	167	169	133	125	122	119	128	129	135	138	143	142	138
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

NCR Corporation 5.5% PFD CNV A

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)