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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pitney Bowes Inc | NYSE:PBI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.03 | -0.57% | 5.22 | 5.51 | 5.17 | 5.31 | 3,468,088 | 01:00:00 |
Pitney Bowes Inc. (NYSE:PBI), a global technology company that provides commerce solutions in the areas of ecommerce, shipping, mailing, and data, today announced its financial results for the second quarter 2019.
Quarterly Results:
“I am pleased with our overall performance in the second quarter,” said Marc B. Lautenbach, President and CEO, Pitney Bowes. “Parcel volumes through our domestic ecommerce network increased 42 percent, which is an important metric as we continue to scale this business. The Company’s revenue in the second quarter continued to grow on a comparable basis and earnings were in-line with our expectations. We continued to make progress against our strategic objectives as we move our portfolio to the growth areas of the market, and are positioned to meet our financial goals for the year and over the long-term.”
Second Quarter 2019 Results
Revenue totaled $861 million, which was a decline of 1 percent versus prior year. Revenue was flat versus the prior year when adjusted for the impact of currency and increased 2 percent when adjusted for both the impact of currency and the previously announced sale of direct operations in 6 smaller European markets (market exits).
Commerce Services revenue grew 13 percent as reported and 14 percent when adjusted for the impact of currency. Small and Medium Business (SMB) Solutions revenue declined 8 percent as reported and 7 percent when adjusted for the impact of currency. SMB revenue declined 4 percent when adjusted for both the impact of currency and market exits. Software Solutions revenue declined 21 percent as reported and 20 percent adjusted for currency.
GAAP earnings per diluted share (GAAP EPS) were $0.13. Adjusted earnings per diluted share (Adjusted EPS) were $0.21.
The Company’s earnings per share results for the second quarter are summarized in the table below:
Second Quarter*
2019
2018
GAAP EPS
$0.13
$0.27
Discontinued operations
$0.04
($0.01)
GAAP EPS from continuing operations
$0.17
$0.27
Restructuring charges and asset impairments, net
$0.03
$0.04
Transaction costs
$0.01
-
Tax adjustments, net
-
($0.03)
Adjusted EPS
$0.21
$0.28
* The sum of the earnings per share may not equal the totals above due to rounding.
GAAP Cash from Operations and Free Cash Flow Results
GAAP cash from operations during the quarter was $17 million and free cash flow was $13 million. Compared to prior year, the decline in free cash flow was driven by the timing of working capital, largely within accounts payable, and the decline in net income. These impacts were partially offset by lower capital expenditures and the timing of reserve account deposits.
During the quarter, the Company repurchased $61 million of its shares, reduced debt by $13 million and paid $9 million in dividends to its common shareholders.
Second Quarter 2019 Business Segment Reporting
The business reporting groups reflect how the Company manages these groups and the clients served in each market.
The Commerce Services group includes the Global Ecommerce and Presort Services segments. Global Ecommerce facilitates global cross-border ecommerce transactions and domestic retail and ecommerce shipping solutions, including fulfillment and returns. Presort Services provides sortation services to qualify large volumes of First Class Mail, Marketing Mail and Bound and Packet Mail (Marketing Mail Flats and Bound Printed Matter) for postal workshare discounts.
The SMB Solutions group offers mailing and shipping solutions, financing, services, supplies and other applications for small and medium businesses to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. This group includes the North America Mailing and International Mailing segments.
Software Solutions provide customer engagement, customer information, location intelligence software and data.
The results for each segment within the group may not equal the subtotals for the group due to rounding.
Commerce Services
($ millions)
Second Quarter
Revenue
2019
2018
Y/Y
Reported
Y/Y
Ex Currency
Global Ecommerce
$282
$239
18%
19%
Presort Services
128
123
4%
4%
Commerce Services
$410
$362
13%
14%
EBITDA
Global Ecommerce
$1
$9
(86%)
Presort Services
23
19
18%
Commerce Services
$24
$29
(17%)
EBIT
Global Ecommerce
($16)
($6)
>(100%)
Presort Services
15
13
23%
Commerce Services
($0)
$7
>(100%)
Global Ecommerce
Revenue increased from prior year driven by growth in domestic parcel and shipping solutions volumes. EBIT and EBITDA margin percentages declined from prior year driven by a shift in the mix of business to faster growing, but lower-margin services. Margins were also impacted by investments in market growth opportunities, including marketing programs, along with investments in operational excellence initiatives.
Presort Services
Revenue growth was driven by volume growth across all mail classes along with higher revenue per piece. The major volume drivers were higher Marketing Mail and Flats processed. EBIT and EBITDA margin percentages increased from prior year and prior quarter primarily due the higher revenue per piece along with lower labor costs.
SMB Solutions
($ millions)
Second Quarter
Revenue
2019
2018
Y/Y
Reported
Y/Y
Ex Currency
Y/Y Ex Currency & Market Exits*
North America Mailing
$303
$319
(5%)
(5%)
(5%)
International Mailing
75
93
(20%)
(15%)
(3%)
SMB Solutions
$378
$412
(8%)
(7%)
(4%)
EBITDA
North America Mailing
$123
$128
(4%)
International Mailing
14
15
(9%)
SMB Solutions
$137
$144
(5%)
EBIT
North America Mailing
$113
$120
(6%)
International Mailing
12
13
(9%)
SMB Solutions
$125
$133
(6%)
* Excluding $12 million related to market exits and $5 million related to the impacts of currency
North America Mailing
Revenue declined on lower equipment sales and recurring revenue streams. The recurring revenue stream decline was driven by lower support services, supplies and financing revenue partially offset by higher business services. EBIT and EBITDA margin percentages were relatively flat to prior year driven by the lower revenue along with higher tariff costs partially offset by lower expenses.
International Mailing
Reported revenue was negatively impacted by the previously announced market exits. Excluding the effect from currency and market exits, the revenue decline was driven by lower services and supplies revenue partially offset by higher rentals revenue. The revenue decline was driven by weakness in the UK and Germany partially offset by growth in France. EBIT and EBITDA margin percentages increased versus prior year driven by lower expenses.
Software Solutions
($ millions)
Second Quarter
2019
2018
Y/Y
Reported
Y/Y
Ex Currency
Revenue
$72
$92
(21%)
(20%)
EBITDA
$4
$21
(79%)
EBIT
$2
$18
(89%)
Software Solutions
Revenue declined from prior year driven by lower license revenue partially offset by higher data subscriptions and SaaS revenue. Prior year included several large renewal license deals. In addition, new license deals were down compared to prior year. EBIT and EBITDA margin percentages decreased from prior year largely driven by the lower license revenue.
2019 Guidance
The Company is reaffirming its prior annual guidance for 2019. Guidance reflects the shift of the business to the fourth quarter as shipping continues to be a larger part of the portfolio.
This guidance discusses future results, which are inherently subject to unforeseen risks and developments. As such, discussions about the business outlook should be read in the context of an uncertain future, as well as the risk factors identified in the safe harbor language at the end of this release and as more fully outlined in the Company's 2018 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission.
This guidance excludes any unusual items that may occur or additional portfolio or restructuring actions, not specifically identified, as the Company implements plans to further streamline its operations and reduce costs. Revenue guidance is provided on a constant currency basis. The Company cannot reasonably predict the impact that future changes in currency exchange rates will have on revenue and net income. Additionally, the Company cannot provide GAAP EPS and GAAP cash from operations guidance due to the uncertainty of future potential restructurings, goodwill and asset write-downs, unusual tax settlements or payments, special contributions to its pension funds, acquisitions, divestitures and other potential adjustments, which could, individually or in the aggregate, have a material impact on the Company’s performance. The Company’s guidance is based on an assumption that the global economy and foreign exchange markets in 2019 will not change significantly.
Conference Call and Webcast
Management of Pitney Bowes will discuss the Company’s results in a broadcast over the Internet today at 8:00 a.m. ET. Instructions for listening to the earnings results via the Web are available on the Investor Relations page of the Company’s web site at www.pitneybowes.com.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world, including 90 percent of the Fortune 500, rely on the accuracy and precision delivered by Pitney Bowes solutions, analytics, and APIs in the areas of ecommerce fulfillment, shipping and returns; cross-border ecommerce; office mailing and shipping; presort services; location data; customer information and engagement software; services; and financing. For nearly 100 years Pitney Bowes has been innovating and delivering technologies that remove the complexity of getting commerce transactions precisely right. For additional information visit Pitney Bowes, the Craftsmen of Commerce, at www.pitneybowes.com.
Disclosure Using Social Media
Pitney Bowes announces material information to its investors using SEC filings, press releases, public conference calls and webcasts. The Company already makes frequent use of its investor relations website to disseminate material information, as well as social media platforms, including Twitter, Facebook and LinkedIn. Investors, buy and sell-side analysts, media and influencers should note that the Company plans to continue to announce material financial information using the Pitney Bowes investor relations website, SEC filings, and press releases, public conference calls and webcasts. Pitney Bowes is notifying investors, media and others interested in the company that in the future, the Company may choose to communicate material information through its social media channels, or it is possible that information it discloses through social media channels may be deemed to be material. Therefore, Pitney Bowes encourages investors, the media, and others interested in the Company to review the information posted on the Company’s investor relations site (https://www.investorrelations.pitneybowes.com/), Twitter (https://twitter.com/PBnews and https://twitter.com/PitneyBowes), Facebook (https://www.facebook.com/PitneyBowes/), and LinkedIn (https://www.linkedin.com/company/pitney-bowes/). The Company may communicate on social media platforms not listed here as well as create new accounts in the future. Any updates to the list of social media channels Pitney Bowes will use to announce material information will be posted on the Investor Relations page.
Use of Non-GAAP Measures
The Company's financial results are reported in accordance with generally accepted accounting principles (GAAP); however, in its disclosures the Company uses certain non-GAAP measures, such as adjusted earnings before interest and taxes (EBIT), adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted earnings per share (EPS), revenue growth on a constant currency basis and free cash flow.
The Company reports measures such as adjusted EBIT, adjusted EPS and adjusted net income to exclude the impact of special items like restructuring charges, tax adjustments, goodwill and asset write-downs, and costs related to dispositions and acquisitions. While these are actual Company expenses, they can mask underlying trends associated with its business. Such items are often inconsistent in amount and frequency and as such, the adjustments allow an investor greater insight into the current underlying operating trends of the business.
In addition, revenue growth is presented on a constant currency basis to exclude the impact of changes in foreign currency exchange rates since the prior period under comparison. Constant currency measures are intended to help investors better understand the underlying operational performance of the business excluding the impacts of shifts in currency exchange rates over the period. Constant currency is calculated by converting our current quarter reported results using the prior year’s exchange rate for the comparable quarter. In addition, this quarter the Company reported the comparison of revenue excluding the impact of currency and market exits to prior year, which excludes the impact of changes in foreign currency exchange rates since the prior period and also excludes the revenues associated with the recent market exits in several smaller markets. This comparison allows an investor insight into the underlying revenue performance of the business and true operational performance from a comparable basis to prior period. A reconciliation of reported revenue to constant currency revenue, as well as reported revenue to “revenue excluding the impact of currency and market exits” can be found in the Company’s attached financial schedules.
The Company reports free cash flow in order to provide investors insight into the amount of cash that management could have available for other discretionary uses. Free cash flow adjusts GAAP cash from operations for capital expenditures, restructuring payments, unusual tax settlements, special contributions to the Company’s pension fund and cash used for other special items. A reconciliation of GAAP cash from operations to free cash flow can be found in the Company’s attached financial schedules.
Segment EBIT is the primary measure of profitability and operational performance at the segment level. Segment EBIT is determined by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses not allocated to a particular business segment, restructuring charges and goodwill and asset impairments, which are recognized on a consolidated basis. The Company has also included segment EBITDA as a useful measure for profitability and operational performance, and an additional way to look at the economics of the segments, especially in light of some of the Company’s more recent, larger acquisitions. Segment EBITDA further excludes depreciation and amortization expense for the segment. A reconciliation of segment EBIT and EBITDA to net income can be found in the attached financial schedules.
Pitney Bowes has provided a quantitative reconciliation to GAAP in supplemental schedules. This information can be found at the Company's web site www.pb.com/investorrelations
This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance. Forward-looking statements include, but are not limited to, statements about its future revenue and earnings guidance and other statements about future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to: declining physical mail volumes; changes in, or loss of, our contractual relationships with the U.S. Postal Service or posts in other major markets; changes in postal regulations; competitive factors, including pricing pressures, technological developments and the introduction of new products and services by competitors; the United Kingdom's potential exit from the European Union (Brexit); our success in developing and marketing new products and services, and obtaining regulatory approvals, if required; changes in banking regulations or the loss of our Industrial Bank charter; changes in labor conditions and transportation costs; macroeconomic factors, including global and regional business conditions that adversely impact customer demand, foreign currency exchange rates and interest rates; changes in global political conditions and international trade policies, including the imposition or expansion of trade tariffs and other factors as more fully outlined in the Company's 2018 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.
Note: Consolidated statements of income; revenue and EBIT by business segment; and reconciliation of GAAP to non-GAAP measures for the three and six months ended June 30, 2019 and 2018, and consolidated balance sheets as of June 30, 2019 and December 31, 2018 are attached.
Pitney Bowes Inc. Consolidated Statements of Income (Unaudited; in thousands, except share and per share amounts) Three months ended June 30, Six months ended June 30,
2019
2018
2019
2018
Revenue: Equipment sales
$
85,551
$
93,811
$
175,338
$
200,519
Supplies
46,490
55,457
97,443
115,450
Software
72,206
91,703
145,524
167,997
Rentals
18,445
19,454
40,602
44,419
Financing
92,419
97,129
189,462
197,478
Support services
127,683
138,598
256,304
279,248
Business services
417,985
369,088
824,508
756,712
Total revenue
860,779
865,240
1,729,181
1,761,823
Costs and expenses: Cost of equipment sales
58,570
58,948
122,235
121,417
Cost of supplies
11,758
15,738
25,308
32,685
Cost of software
23,419
26,957
46,802
51,086
Cost of rentals
8,418
8,464
18,133
21,212
Financing interest expense
11,043
11,194
22,407
22,258
Cost of support services
40,448
42,306
82,227
88,371
Cost of business services
337,918
290,567
664,964
584,946
Selling, general and administrative
278,545
289,427
579,527
592,237
Research and development
22,630
23,574
44,404
48,069
Restructuring charges and asset impairments, net
7,279
11,503
10,877
12,407
Interest expense, net
28,019
30,775
55,621
62,789
Other components of net pension and postretirement cost
(1,618
)
(2,499
)
(2,256
)
(4,218
)
Other (income) expense
(27
)
-
17,683
-
Total costs and expenses
826,402
806,954
1,687,932
1,633,259
Income from continuing operations before taxes
34,377
58,286
41,249
128,564
Provision for income taxes
4,099
7,899
12,400
26,694
Income from continuing operations
30,278
50,387
28,849
101,870
(Loss) income from discontinued operations, net of tax
(6,581
)
1,208
(7,811
)
9,695
Net income
$
23,697
$
51,595
$
21,038
$
111,565
Basic earnings (loss) per share (1): Continuing operations
$
0.17
$
0.27
$
0.16
$
0.54
Discontinued operations
(0.04
)
0.01
(0.04
)
0.05
Net income
$
0.13
$
0.28
$
0.12
$
0.60
Diluted earnings (loss) per share (1): Continuing operations
$
0.17
$
0.27
$
0.16
$
0.54
Discontinued operations
(0.04
)
0.01
(0.04
)
0.05
Net income
$
0.13
$
0.27
$
0.12
$
0.59
Weighted-average shares used in diluted earnings per share
178,280,533
188,113,750
182,638,896
188,056,884
(1
)
The sum of the earnings per share amounts may not equal the totals due to rounding Pitney Bowes Inc. Consolidated Balance Sheets (Unaudited; in thousands, except share amounts) AssetsJune 30, 2019
December 31, 2018
Current assets: Cash and cash equivalents$
771,042
$
867,262
Short-term investments
59,516
59,391
Accounts and other receivables, net
419,776
456,138
Short-term finance receivables, net
682,828
752,773
Inventories
73,347
62,279
Current income taxes
22,474
5,947
Other current assets and prepayments
132,878
100,625
Assets of discontinued operations
-
4,854
Total current assets
2,161,861
2,309,269
Property, plant and equipment, net
416,512
410,114
Rental property and equipment, net
36,917
46,228
Long-term finance receivables, net
554,075
536,369
Goodwill
1,754,610
1,766,511
Intangible assets, net
212,596
227,137
Operating lease assets
180,983
156,788
Noncurrent income taxes
63,013
66,326
Other assets
377,420
419,677
Total assets
$
5,757,987
$
5,938,419
Liabilities and stockholders' equity Current liabilities: Accounts payable and accrued liabilities
$
1,295,712
$
1,390,362
Current operating lease liabilities
34,612
37,208
Current portion of long-term debt
214,927
199,535
Advance billings
211,061
229,379
Current income taxes
6,011
15,284
Liabilities of discontinued operations
-
3,276
Total current liabilities
1,762,323
1,875,044
Long-term debt
3,029,246
3,066,073
Deferred taxes on income
264,191
254,353
Tax uncertainties and other income tax liabilities
45,586
39,548
Noncurrent operating lease liabilities
154,648
127,237
Other noncurrent liabilities
449,021
474,322
Total liabilities
5,705,015
5,836,577
Stockholders' equity: Cumulative preferred stock, $50 par value, 4% convertible
-
1
Cumulative preference stock, no par value, $2.12 convertible
-
396
Common stock, $1 par value
323,338
323,338
Additional paid-in-capital
105,341
121,475
Retained earnings
5,282,374
5,279,682
Accumulated other comprehensive loss
(907,678
)
(948,961
)
Treasury stock, at cost
(4,750,403
)
(4,674,089
)
Total stockholders' equity
52,972
101,842
Total liabilities and stockholders' equity
$
5,757,987
$
5,938,419
Pitney Bowes Inc. Business Segment Revenue (Unaudited; in thousands) Three months ended June 30, Six months ended June 30,
2019
2018
% Change
2019
2018
% Change
REVENUE Global Ecommerce$
282,319
$
239,100
18%
$
548,573
$
485,690
13%
Presort Services
128,138
122,730
4%
262,985
257,188
2%
Commerce Services
410,457
361,830
13%
811,558
742,878
9%
North America Mailing
303,417
318,901
(5%)
618,891
659,712
(6%)
International Mailing
74,699
92,806
(20%)
153,208
191,236
(20%)
Small & Medium Business Solutions
378,116
411,707
(8%)
772,099
850,948
(9%)
Software Solutions
72,206
91,703
(21%)
145,524
167,997
(13%)
Total revenue$
860,779
$
865,240
(1%)
$
1,729,181
$
1,761,823
(2%)
Reconciliation of reported revenue to revenue excludingcurrency and Market Exits Total revenue$
860,779
$
865,240
(1%)
$
1,729,181
$
1,761,823
(2%)
Currency impact on revenue
7,224
-
17,207
Revenue, at constant currency
868,003
865,240
0%
1,746,388
1,761,823
(1%)
Less revenue from Market Exits
(2,356)
(14,014)
(8,369)
(28,893)
Revenue, excluding currency and Market Exits$
865,647
$
851,226
2%
$
1,738,019
$
1,732,930
0%
Pitney Bowes Inc. Business Segment EBIT & EBITDA (Unaudited; in thousands) Three Months Ended June 30,2019
2018
% change
EBIT (1) D&A EBITDA EBIT (1) D&A EBITDA EBIT EBITDA Global Ecommerce$ (15,576)
$ 16,883
$ 1,307
$ (5,993)
$ 15,467
$ 9,474
>(100%)(86%)
Presort Services15,462
7,087
22,549
12,565
6,623
19,188
23%
18%
Commerce Services(114)
23,970
23,856
6,572
22,090
28,662
>(100%)(17%)
North America Mailing112,804
9,794
122,598
120,139
8,049
128,188
(6%)
(4%)
International Mailing11,934
2,115
14,049
13,091
2,322
15,413
(9%)
(9%)
Small & Medium Business Solutions124,738
11,909
136,647
133,230
10,371
143,601
(6%)
(5%)
Software Solutions2,002
2,356
4,358
18,433
2,564
20,997
(89%)
(79%)
Segment Total$ 126,626
$ 38,235
164,861
$ 158,235
$ 35,025
193,260
(20%)
(15%)
Reconciliation of Segment EBITDA to Net Income: Segment depreciation and amortization (2)(38,235)
(35,025)
Unallocated corporate expenses(43,785)
(46,477)
Restructuring charges and asset impairments, net(7,279)
(11,503)
Gain on disposition of businesses27
-
Interest, net(39,062)
(41,969)
Transaction costs(2,150)
-
Provision for income taxes(4,099)
(7,899)
Income from continuing operations30,278
50,387
(Loss) income from discontinued operations, net of tax(6,581)
1,208
Net income$ 23,697
$ 51,595
Six Months Ended June 30,2019
2018
% change
EBIT (1) D&A EBITDA EBIT (1) D&A EBITDA EBIT EBITDA Global Ecommerce$ (30,176)
$ 33,341
$ 3,165
$ (13,704)
$ 29,897
$ 16,193
>(100%)(80%)
Presort Services30,528
14,008
44,536
39,591
12,785
52,376
(23%)
(15%)
Commerce Services352
47,349
47,701
25,887
42,682
68,569
(99%)
(30%)
North America Mailing223,417
16,234
239,651
248,707
15,548
264,255
(10%)
(9%)
International Mailing23,724
4,533
28,257
29,113
5,932
35,045
(19%)
(19%)
Small & Medium Business Solutions247,141
20,767
267,908
277,820
21,480
299,300
(11%)
(10%)
Software Solutions3,694
4,836
8,530
20,925
4,808
25,733
(82%)
(67%)
Segment Total$ 251,187
$ 72,952
324,139
$ 324,632
$ 68,970
393,602
(23%)
(18%)
Reconciliation of Segment EBITDA to Net Income: Segment depreciation and amortization (2)(72,952)
(68,970)
Unallocated corporate expenses(99,474)
(97,559)
Restructuring charges and asset impairments, net(10,877)
(12,407)
Loss on disposition of businesses(17,683)
-
Interest, net(78,028)
(85,047)
Transaction costs(3,876)
(1,055)
Provision for income taxes(12,400)
(26,694)
Income from continuing operations28,849
101,870
(Loss) income from discontinued operations, net of tax(7,811)
9,695
Net income$ 21,038
$ 111,565
(1) Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment. (2) Includes depreciation and amortization expense of reporting segments only, and excludes corporate depreciation and amortization expense of $5,213 and $5,572 for the three months ended June 30, 2019 and 2018, respectively, and $9,861 and $11,365 for the six months ended June 30, 2019 and 2018, respectively. Pitney Bowes Inc. Reconciliation of Reported Consolidated Results to Adjusted Results (Unaudited; in thousands, except per share amounts) Three months ended June 30, Six months ended June 30,
2019
2018
2019
2018
Reconciliation of reported net income to adjusted earnings Net income
$
23,697
$
51,595
$
21,038
$
111,565
Loss (income) from discontinued operations, net of tax
6,581
(1,208
)
7,811
(9,695
)
Restructuring charges and asset impairments, net
5,252
8,461
7,911
9,132
(Gain) loss on disposition of businesses
(27
)
-
19,396
-
Transaction costs
1,602
-
2,891
786
Tax legislation
-
(5,980
)
-
(5,980
)
Adjusted net income
37,105
52,868
59,047
105,808
Provision for income taxes, as adjusted
6,674
16,921
14,638
36,216
Interest, net
39,062
41,969
78,028
85,047
Adjusted EBIT
82,841
111,758
151,713
227,071
Depreciation and amortization
43,448
40,597
82,813
80,335
Adjusted EBITDA
$
126,289
$
152,355
$
234,526
$
307,406
Reconciliation of reported diluted earnings per share to adjusteddiluted earnings per share Diluted earnings per share
$
0.13
$
0.27
$
0.12
$
0.59
Loss (income) from discontinued operations, net of tax
0.04
(0.01
)
0.04
(0.05
)
Restructuring charges and asset impairments, net
0.03
0.04
0.04
0.05
(Gain) loss on disposition of businesses
(0.00
)
-
0.11
-
Transaction costs
0.01
-
0.02
0.00
Tax legislation
-
(0.03
)
-
(0.03
)
Adjusted diluted earnings per share$
0.21
$
0.28
$
0.32
$
0.56
Note: The sum of the earnings per share amounts may not equal the totals due to rounding. Reconciliation of reported net cash from operating activities to freecash flow Net cash provided by operating activities
$
16,925
$
85,040
$
86,782
$
154,493
Net cash used in (provided by) operating activities - discontinued operations
3,267
(16,916
)
6,881
(41,772
)
Capital expenditures
(32,441
)
(50,640
)
(61,327
)
(79,481
)
Restructuring payments
6,139
11,943
14,283
27,528
Reserve account deposits
14,720
(695
)
(8,316
)
5,959
Transaction costs paid
4,269
1,444
6,108
4,037
Free cash flow
$
12,879
$
30,176
$
44,411
$
70,764
View source version on businesswire.com: https://www.businesswire.com/news/home/20190806005112/en/
Editorial - Bill Hughes Chief Communications Officer 203/351-6785
Financial - Adam David VP, Investor Relations 203/351-7175
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