DIEBOLD NIXDORF Inc

Liquidity and Capital Resources. On December 18, 2024, the Company issued $950.0 in aggregate principal amount of 7.75% Senior Secured Notes due 2030 (the 2030 Senior Secured Notes) to qualified institutional buyers in a private placement exempt from the registration requirements of the Securities Act of 1933. On December 18, 2024, the Company also entered into a new credit agreement with certain financial institutions for a new $310.0 revolving credit facility (the Revolving Credit Facility) maturing on December 18, 2029. Refer to Note 8 of the condensed consolidated financial statements for additional information.

We believe that cash from operations plus available borrowing capacity under our Revolving Credit Facility, our current cash balance, and short-term investments are adequate to support operating requirements, capital expenditures and any share repurchases for at least the next 12 months and the foreseeable future thereafter. As of March 31, 2025, we had no borrowings outstanding and $310.0 available under our revolving facility, which included $23.8 of undrawn letter of credit.

The Company's total cash and cash availability was as follows:

The following table summarizes the results of the Company's Statement of Cash Flows:

Operating Activities. Cash flows from operating activities can fluctuate significantly from period to period as working capital needs and the timing of payments impact reported cash flows. Cash flows from operating activities during the period ended March 31, 2025 were driven by cash provided by deferred revenue and cash uses for inventories and accounts payable. The key drivers of these cash flows are timing of sales, collections, and vendor payments which can fluctuate significantly period to period. Cash flows from operating activities during the period ended March 31, 2024 were driven by uses for inventories as well as cash provided by trade receivables, accounts payable, and deferred revenue. The key drivers of these cash flows are timing of sales, collections, and vendor payments which can fluctuate significantly period to period.

Investing Activities. Cash flows from investing activities during the periods ended March 31, 2025 and March 31, 2024 were driven by the sale and purchases of short term investments and offset by uses for capital expenditures and internally developed software.

Financing Activities. Cash flows from financing activities during the period ended March 31, 2025 were primarily driven by the Company's repurchase of common shares. Cash flows from financing activities during the period ended March 31, 2024 primarily relate to the repayment of the Exit Facility (as defined below).

Share Repurchase. On February 12, 2025, we announced that our Board had approved a $100.0 share repurchase program for the purchase of our common stock. During the first quarter of 2025, the Company purchased 184,961 shares for $8.0 in the aggregate. There is $92.0 remaining under the share repurchase program. We may utilize a number of different methods to effect the repurchases, including open market purchases, which may include, without limitation, round lot or block transactions, including through one or more accelerated stock repurchase plans or pursuant to the terms of one or more repurchase plans in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. The specific timing, price, and size of purchases will depend on prevailing stock prices, general market and economic conditions, and other considerations. The program may be extended, suspended, or discontinued at any time without prior notice and does not obligate us to acquire any particular amount of common stock. Refer to Unregistered Sales of Equity Securities and Use of Proceeds in Part II of this Quarterly Report on Form 10-Q for more information.

Contractual and Other Material Cash Obligations. The Company enters into certain purchase commitments due within one year for materials through contract manufacturing agreements for a total negotiated price. At March 31, 2025, under such agreements the Company had minimal purchase commitments due within one year. Except for these items, inclusive of near-term debt maturities, all contractual and other cash obligations with initial and remaining terms in excess of one year and contingent liabilities remained generally unchanged at March 31, 2025 compared to December 31, 2024.

Off-Balance Sheet Arrangements. The Company enters into various arrangements not recognized in the condensed consolidated statement of financial position that have or could have an effect on its financial condition, results of operations, liquidity, capital expenditures or capital resources. The Company provides its global operations guarantees and standby letters of credit through various financial institutions to suppliers, customers, regulatory agencies and insurance providers. If the Company is not able to comply with its contractual obligations, the suppliers, regulatory agencies and insurance providers may draw on the pertinent letter of credit. Refer to Note 11 of the condensed consolidated financial statements for additional information.