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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 | |
---|---|---|---|---|---|---|---|---|
0.02 | 0.38% | 5.29 | 5.315 | 5.185 | 5.30 | 1,415,396 | 21:00:03 |
Pitney Bowes Inc. (NYSE:PBI), a global technology company providing innovative technology solutions to power commerce, today reported financial results for the third quarter 2017.
Quarterly Financial Results:
Transaction Completed and Debt Management:
“Our third quarter revenue performance was largely in-line with our expectations; however our bottom line results fell short as we continued to realign our businesses to higher growth areas and invest in new business opportunities, products and solutions,” said Marc B. Lautenbach, President and CEO, Pitney Bowes. “During the third quarter, we validated that the next chapter of revenue growth will come from shipping, parcels and address verification, all of which transcends our entire business. And while I was disappointed in our financial results in the third quarter, I am encouraged about our path forward as we continue to transform our company.”
Lautenbach continued: “We have made substantial progress against our strategic objectives over the past four years and remain committed to improving margins and driving efficiencies throughout the business by deploying a $200 million spend reduction program. The recent acquisition of Newgistics repositions the portfolio towards growth. With the Board of Directors and management team continuing to focus on enhancing shareholder value, we believe now is the time to explore a broad range of strategic alternatives that may have the potential to further unlock shareholder value.”
Third Quarter 2017 Results
Revenue totaled $843 million for the quarter, which was flat versus prior year.
Digital Commerce Solutions revenue grew 19 percent and Enterprise Business Solutions revenue increased 1 percent. Small and Medium Business (SMB) Solutions revenue declined 7 percent as reported and 8 percent at constant currency.
GAAP earnings per diluted share (GAAP EPS) were $0.31, which included $0.02 for transaction costs related to the Newgistics acquisition as well as $0.01 for restructuring charges. Adjusted earnings per diluted share (Adjusted EPS) were $0.33.
The Company’s earnings per share results for the third quarter are summarized in the table below:
Third Quarter*2017
2016
GAAP EPS $0.31 $0.35 Transaction costs $0.02 - Restructuring charges and asset impairments, net $0.01 $0.06 Tax adjustment – preferred stock redemption - $0.03 Adjusted EPS $0.33 $0.44 * 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 $146 million and free cash flow was $109 million. Compared to the prior year, free cash flow decreased by $11 million primarily due to lower net income offset by favorable working capital, specifically within accounts payable and accrued liabilities. During the quarter, the Company used cash to pay down $385 million of debt, return $35 million in dividends to shareholders and pay $11 million for restructuring payments.
Debt Management
During the quarter, the Company issued $400 million 5 year fixed rate notes, $300 million 3 year fixed rate notes and borrowed $350 million in term loans. The Company used these proceeds together with cash on-hand to fund the Newgistics acquisition and redeem $385 million notes due September 2017. In October 2017, the Company also redeemed the $350 million notes that would have come due in May 2018.
Third Quarter 2017 Business Segment Reporting
The Company’s business segment reporting reflects the clients served in each market and the way it manages these segments. The reporting segment groups are the SMB Solutions group; the Enterprise Business Solutions group; and the Digital Commerce Solutions group. The segment results for the quarter and prior year may not equal the subtotals for each segment group due to rounding.
The SMB Solutions group offers mailing and office shipping solutions, financing, services, and supplies for small and medium businesses to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. This group includes the North America Mailing and International Mailing segments.
The Enterprise Business Solutions group includes the global Production Mail and Presort Services segments. Production Mail provides mailing and printing equipment and services for large enterprise clients to process mail. Presort Services provides sortation services to qualify large mail and parcel volumes for postal worksharing discounts.
The Digital Commerce Solutions group includes the Software Solutions and Global Ecommerce segments. Software Solutions provide customer engagement, customer information and location intelligence software. Global Ecommerce facilitates global cross-border ecommerce transactions and domestic retail and ecommerce shipping solutions.
SMB Solutions Group
($ millions) Third Quarter Revenue2017
2016
Y/YReported
Y/YEx Currency
North America Mailing $320 $350 (9%) (9%) International Mailing 94 97 (3%) (5%) SMB Solutions $414 $447 (7%) (8%) EBIT North America Mailing $108 $142 (24%) International Mailing 9 9 (5%) SMB Solutions $117 $151 (23%)North America Mailing
The Company successfully launched the new SendPro C-Series product line in early September, and as such recognized less than a month of equipment sales from this new product during the quarter. Equipment sales declined largely due to lower sales in the top of the line products, where prior year included a large deal, and this year, a few deals did not close in the quarter. In addition, North America Mailing realized a lower level of client lease extensions, which impacted equipment sales. Recurring revenue streams declined, largely around lower rentals and financing revenue. EBIT margin was lower than prior year largely due to the decline and mix of equipment sales along with the decline in recurring streams.
International Mailing
Revenue declined largely due to lower recurring revenue streams. Equipment sales were relatively flat driven by growth in France and the UK, and offset primarily by weakness in Italy and Japan. EBIT margin decreased slightly from prior year.
Enterprise Business Solutions Group
($ millions) Third Quarter Revenue2017
2016
Y/YReported
Y/YEx Currency
Production Mail $104 $106 (2 %) (3 %) Presort Services 119 114 4 % 4 % Enterprise Business $223 $220 1 % 1 % EBIT Production Mail $15 $16 (5 %) Presort Services 19 19 2 % Enterprise Business $34 $35 (1 %)
Production Mail
Equipment sales declined versus prior year largely due to lower inserter equipment placements, which were partially offset by higher print equipment sales. Support services revenue was slightly favorable, but offset by a decline in Supplies revenue. EBIT margin declined from prior year primarily as a result of the decline in revenue and the mix of equipment sales.
Presort Services
Revenue growth was driven by improved revenue per piece along with higher Standard Class mail and Parcel volumes processed, but partly offset by lower First Class mail volumes. EBIT margin declined slightly from prior year driven by increased mail processing costs and investments in the Company’s new parcel sortation capabilities.
Digital Commerce Solutions Group
($ millions) Third Quarter Revenue2017
2016
Y/YReported
Y/YEx Currency
Software Solutions $99 $89 12 % 11 % Global Ecommerce 106 83 28 % 28 % Digital Commerce $206 $172 19 % 19 % EBIT Software Solutions $21 $10> 100
%
Global Ecommerce (10 ) 2> (100
%)
Digital Commerce $11 $12 (5 %)Software Solutions
Revenue growth was driven by higher license revenue, primarily in Location Intelligence and Customer Information Management. License revenue also benefited from a large Location Intelligence deal that closed in the quarter. The Company is continuing to see progress in developing the indirect channel which showed solid growth. EBIT margin increased from prior year largely driven by the higher licensing revenue.
Global Ecommerce
The sustained double-digit revenue growth was driven by strong performance in all of the cross-border geographies, as well as growth in domestic shipping. The domestic shipping increase is driven by end-to-end carrier services enabled by the Company’s shipping API’s. The EBIT loss was driven primarily by investments in market growth opportunities as well as the resolution of a vendor contractual dispute and a specific marketing program with a cross-border client. The Company continues to invest in its cross-border solutions and domestic shipping capabilities.
2017 Guidance
The Company is increasing its annual guidance range for revenue and lowering its annual guidance range for adjusted EPS and free cash flow.
The Company’s guidance for the full year 2017 is now expected to be:
The Company is lowering its annual tax range on adjusted earnings. The Company now expects to be in the range of 28 percent to 30 percent as compared to the previous range of 31 percent to 33 percent.
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 2016 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 and 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 2017 will not change significantly.
Review of Strategic Alternatives
The Pitney Bowes Board of Directors, together with management, is conducting a process to explore and evaluate strategic alternatives to further enhance shareholder value. The Board has not set a timetable for the process nor has it made any decisions related to any strategic alternatives at this time. There can be no assurance that the exploration of strategic alternatives will result in any particular outcome. The Company does not intend to provide updates unless or until it determines that further disclosure is appropriate or necessary.
The company has retained Lazard as its financial advisor and Cravath, Swaine & Moore LLP as its legal advisor to assist in the process.
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 powering billions of transactions – physical and digital – in the connected and borderless world of commerce. Clients around the world, including 90 percent of the Fortune 500, rely on products, solutions, services and data from Pitney Bowes in the areas of customer information management, location intelligence, customer engagement, shipping, mailing, and global ecommerce. And with the innovative Pitney Bowes Commerce Cloud, clients can access the broad range of Pitney Bowes solutions, analytics, and APIs to drive commerce. For additional information visit Pitney Bowes, the Craftsmen of Commerce, at www.pitneybowes.com.
Use of Non-GAAP Measures
The Company's financial results are reported in accordance with generally accepted accounting principles (GAAP); however, in our disclosures we use certain non-GAAP measures, such as adjusted earnings before interest and taxes, Adjusted EPS, revenue growth on a constant currency basis, free cash flow and Segment EBIT.
The Company reports measures such as adjusted earnings before interest and taxes (EBIT) and Adjusted EPS and adjusted income from continuing operations 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. 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 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, 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.
In addition, Management uses segment EBIT to measure profitability and performance at the segment level. Segment EBIT is determined by deducting from 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. A reconciliation of Segment EBIT to the Company’s total Net Income can be found in the Company’s attached financial schedules.
Pitney Bowes has provided a quantitative reconciliation to GAAP in supplemental schedules. This information may also 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, including statements about the potential outcome of the Board’s exploration of strategic alternatives. 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: the announcement that the Board is conducting a review of strategic alternatives and the potential impact of such announcement on the Company’s current or potential customers, partners and personnel; the cost of the review process and the disruption the process may have on the Company’s operations, including the diversion of the attention of the Company’s management and employees; declining physical mail volumes; competitive factors, including pricing pressures, technological developments, the introduction of new products and services by competitors, and fuel prices; our success in developing new products and services, including digital-based products and services, obtaining regulatory approvals, if needed, of new products if required, and the market’s acceptance of these new products and services; our ability to fully utilize the enterprise business platform in North America implemented in 2016, and successfully deploy it in major international markets without significant disruptions to existing operations; a breach of security, including a cyberattack or other comparable event; the continued availability and security of key information technology systems and the cost to comply with information security requirements and privacy laws; changes in postal or banking regulations; the risk of losing large clients in the Global Ecommerce segment; macroeconomic factors, including global and regional business conditions that adversely impact customer demand, foreign currency exchange rates, interest rates and labor conditions; capital market disruptions or credit rating downgrades that adversely impact our ability to access capital markets at reasonable costs; management of outsourcing arrangements; integrating newly acquired businesses, including operations and product and service offerings; management of customer credit risk; and other factors beyond its control as more fully outlined in the Company's 2016 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 months and nine months ended September 30, 2017 and 2016, and consolidated balance sheets as of September 30, 2017 and December 31, 2016 are attached.
Pitney Bowes Inc. Consolidated Statements of Income (Unaudited; in thousands, except share and per share amounts) Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Revenue: Equipment sales $ 157,649 $ 173,143 $ 479,248 $ 485,145 Supplies 58,296 61,306 188,342 198,631 Software 99,600 89,087 264,131 257,760 Rentals 95,901 102,747 291,770 309,706 Financing 81,184 87,883 250,582 276,915 Support services 120,479 123,954 354,625 383,632 Business services 229,711 200,911 672,133 607,717 Total revenue 842,820 839,031 2,500,831 2,519,506 Costs and expenses: Cost of equipment sales 85,647 86,147 232,398 235,741 Cost of supplies 18,827 20,348 60,207 60,662 Cost of software 25,713 25,698 75,816 79,496 Cost of rentals 20,818 16,041 63,056 54,951 Financing interest expense 12,629 12,965 38,446 41,375 Cost of support services 70,688 74,799 217,232 224,790 Cost of business services 166,984 140,989 470,890 417,357 Selling, general and administrative 304,398 300,983 908,169 916,981 Research and development 32,057 28,680 96,871 89,761 Restructuring charges and asset impairments, net 1,493 16,494 30,502 49,503 Interest expense, net 28,601 22,294 81,877 62,394 Total costs and expenses 767,855 745,438 2,275,464 2,233,011 Income before income taxes 74,965 93,593 225,367 286,495 Provision for income taxes 17,607 23,197 53,975 93,615 Income from continuing operations 57,358 70,396 171,392 192,880 Loss from discontinued operations, net of tax ― (291 ) ― (1,951 ) Net income 57,358 70,105 171,392 190,929 Less: Preferred stock dividends attributable to noncontrolling interests ― 4,593 ― 13,781 Net income - Pitney Bowes Inc. $ 57,358 $ 65,512 $ 171,392 $ 177,148 Amounts attributable to common stockholders: Net income from continuing operations $ 57,358 $ 65,803 $ 171,392 $ 179,099 Loss from discontinued operations, net of tax ― (291 ) ― (1,951 ) Net income - Pitney Bowes Inc. $ 57,358 $ 65,512 $ 171,392 $ 177,148 Basic earnings per share attributable to common stockholders (1): Continuing operations $ 0.31 $ 0.35 $ 0.92 $ 0.95 Discontinued operations ― ― ― (0.01 ) Net income - Pitney Bowes Inc. $ 0.31 $ 0.35 $ 0.92 $ 0.94 Diluted earnings per share attributable to common stockholders (1): Continuing operations $ 0.31 $ 0.35 $ 0.92 $ 0.94 Discontinued operations ― ― ― (0.01 ) Net income - Pitney Bowes Inc. $ 0.31 $ 0.35 $ 0.92 $ 0.93 Weighted-average shares used in diluted earnings per share 187,756,543 186,682,575 187,200,225 189,592,489(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)
Assets
September 30,2017
December 31,2016
Current assets: Cash and cash equivalents $ 1,696,903 $ 764,522 Short-term investments 45,508 38,448 Accounts receivable, net 408,886 455,527 Short-term finance receivables, net 826,122 893,950 Inventories 118,282 92,726 Current income taxes 42,605 11,373 Other current assets and prepayments 82,251 68,637 Total current assets 3,220,557 2,325,183 Property, plant and equipment, net 338,340 314,603 Rental property and equipment, net 185,866 188,054 Long-term finance receivables, net 650,793 673,207 Goodwill 1,616,968 1,571,335 Intangible assets, net 145,376 165,172 Noncurrent income taxes 77,188 74,806 Other assets 546,319 524,773 Total assets $ 6,781,407 $ 5,837,133Liabilities and stockholders' equity (deficit)
Current liabilities: Accounts payable and accrued liabilities $ 1,348,395 $ 1,378,822 Current income taxes 13,542 34,434 Current portion of long-term debt 620,256 614,485 Advance billings 282,537 299,878 Total current liabilities 2,264,730 2,327,619 Deferred taxes on income 257,987 204,289 Tax uncertainties and other income tax liabilities 39,671 61,276 Long-term debt 3,562,672 2,750,405 Other noncurrent liabilities 555,514 597,204 Total liabilities 6,680,574 5,940,793 Stockholders' equity (deficit): Cumulative preferred stock, $50 par value, 4% convertible 1 1 Cumulative preference stock, no par value, $2.12 convertible 457 483 Common stock, $1 par value 323,338 323,338 Additional paid-in-capital 133,394 148,125 Retained earnings 5,174,602 5,107,734 Accumulated other comprehensive loss (818,484 ) (940,133 ) Treasury stock, at cost (4,712,475 ) (4,743,208 ) Total Pitney Bowes Inc. stockholders' equity (deficit) 100,833 (103,660 ) Total liabilities and stockholders' equity (deficit) $ 6,781,407 $ 5,837,133Pitney Bowes Inc.
Business Segments - Revenue and EBIT
(Unaudited; in thousands)
Three months ended September 30, Nine months ended September 30, 20172016 (1)
% Change 2017
2016 (1)
% Change
Revenue
North America Mailing $ 319,966 $ 349,785 (9 %) $ 1,016,640 $ 1,064,456 (4 %) International Mailing 93,770 96,730 (3 %) 282,150 309,297 (9 %) Small & Medium Business Solutions 413,736 446,515 (7 %) 1,298,790 1,373,753 (5 %) Production Mail 104,387 106,350 (2 %) 278,912 289,649 (4 %) Presort Services 119,074 114,053 4 % 370,203 357,214 4 % Enterprise Business Solutions 223,461 220,403 1 % 649,115 646,863―
%
Software Solutions 99,442 89,031 12 % 264,087 257,417 3 % Global Ecommerce 106,181 83,082 28 % 288,839 241,473 20 % Digital Commerce Solutions 205,623 172,113 19 % 552,926 498,890 11 % Total revenue $ 842,820 $ 839,031―
%
$ 2,500,831 $ 2,519,506 (1 %)EBIT
North America Mailing $ 107,777 $ 141,968 (24 %) $ 369,662 $ 449,696 (18 %) International Mailing 8,729 9,198 (5 %) 35,967 32,842 10 % Small & Medium Business Solutions 116,506 151,166 (23 %) 405,629 482,538 (16 %) Production Mail 14,920 15,696 (5 %) 31,515 35,434 (11 %) Presort Services 19,474 19,181 2 % 69,461 69,305―
%
Enterprise Business Solutions 34,394 34,877 (1 %) 100,976 104,739 (4 %) Software Solutions 20,912 10,329>100
%
31,216 17,908 74 % Global Ecommerce (9,594 ) 1,544>(100
%)
(17,894 ) (2,608 )>(100
%)
Digital Commerce Solutions 11,318 11,873 (5 %) 13,322 15,300 (13 %) Segment EBIT (2) $ 162,218 $ 197,916 (18 %) $ 519,927 $ 602,577 (14 %) Reconciliation of segment EBIT to net income Segment EBIT $ 162,218 $ 197,916 $ 519,927 $ 602,577 Corporate expenses (38,848 ) (51,992 ) (144,138 ) (158,536 ) Adjusted EBIT 123,370 145,924 375,789 444,041 Interest, net (3) (41,230 ) (35,259 ) (120,323 ) (103,769 ) Restructuring charges and asset impairments, net (1,493 ) (16,494 ) (30,502 ) (49,503 ) Gain on sale of technology ― ― 6,085 ― Acquisition/disposition related expenses (5,682 ) (578 ) (5,682 ) (4,274 ) Income before income taxes 74,965 93,593 225,367 286,495 Provision for income taxes (17,607 ) (23,197 ) (53,975 ) (93,615 ) Income from continuing operations 57,358 70,396 171,392 192,880 Loss from discontinued operations, net of tax ― (291 ) ― (1,951 ) Net income $ 57,358 $ 70,105 $ 171,392 $ 190,929 (1) Prior period amounts have been recast to conform to the current year presentation. (2) Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment. (3) Includes financing interest expense and interest expense, net.Pitney Bowes Inc. Reconciliation of Reported Consolidated Results to Adjusted Results (Unaudited; in thousands, except per share amounts)
Three months ended
Nine months endedSeptember 30,
September 30, 2017 2016 Y/Y Chg. 2017 2016 Y/Y Chg. Reconciliation of reported revenue to revenue excluding currency Revenue, as reported $ 842,820 $ 839,031 $ 2,500,831 $ 2,519,506 Unfavorable impact on revenue due to currency (4,476 ) 15,690 Revenue, excluding currency $ 838,344 $ 839,031―%
$ 2,516,521 $ 2,519,506 ―% Reconciliation of reported net income to adjusted earnings Net income $ 57,358 $ 70,105 $ 171,392 $ 190,929 Loss from discontinued operations, net of tax ― 291 ― 1,951 Restructuring charges and asset impairments, net 969 10,840 20,073 32,399 Gain on sale of technology ― ― (5,605 ) ― Acquisition/disposition related expenses 3,583 365 3,583 2,904 Tax cost - preferred stock redemption ― 4,847 ― 4,847 Net income, as adjusted 61,910 86,448 189,443 233,030 Provision for income taxes, as adjusted 20,230 24,217 66,023 107,242 Income from continuing operations before income taxes, as adjusted 82,140 110,665 255,466 340,272 Interest, net 41,230 35,259 120,323 103,769 EBIT, as adjusted 123,370 145,924 375,789 444,041 Depreciation and amortization 43,829 50,687 131,989 140,225 EBITDA, as adjusted $ 167,199 $ 196,611 $ 507,778 $ 584,266 Reconciliation of reported diluted earnings per share to adjusted diluted earnings per share Diluted earnings per share $ 0.31 $ 0.35 $ 0.92 $ 0.93 Loss from discontinued operations, net of tax―
― ― 0.01 Restructuring charges and asset impairments, net 0.01 0.06 0.11 0.17 Gain on sale of technology―
― (0.03 ) ― Acquisition/disposition related expenses 0.02 ― 0.02 0.01 Tax cost - preferred stock redemption―
0.03 ― 0.03 Diluted earnings per share, as adjusted $ 0.33 $ 0.44 $ 1.01 $ 1.16 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 free cash flow Net cash provided by operating activities (1) $ 145,930 $ 137,775 $ 330,577 $ 296,359 Capital expenditures (42,941 ) (44,173 ) (119,562 ) (115,532 ) Restructuring payments 10,960 17,295 29,976 51,161 Pension contribution ― ― ― 36,731 Reserve account deposits (5,022 ) 8,956 (2,508 ) 1,813 Other ― ― ― 335 Free cash flow $ 108,927 $ 119,853 $ 238,483 $ 270,867(1)
Net cash provided by operating activities for the three and nine months ended September 30, 2016 has been revised for a new accounting standard adopted January 1, 2017.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171101005226/en/
Pitney BowesEditorial -Bill Hughes, 203-351-6785Chief Communications OfficerorFinancial -Adam David, 203-351-7175VP, Investor Relations
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