Pitney Bowes Inc. (NYSE: PBI), a global technology company that
provides commerce solutions in the areas of ecommerce, shipping,
mailing and financial services, today announced its financial
results for the full year and fourth quarter 2019.
Full Year 2019:
- Revenue of $3.2 billion, flat compared to prior year; an
increase of 2 percent when adjusted for both the impact of currency
and market exits
- GAAP EPS of $1.10; Adjusted EPS of $0.68
- GAAP cash from operations of $252 million; free cash flow of
$169 million
Quarterly Results:
- Revenue of $831 million, a decrease of 3 percent; a decrease of
2 percent when adjusted for both the impact of currency and market
exits
- GAAP EPS of $1.03; Adjusted EPS of $0.14
- GAAP cash from operations of $70 million; free cash flow of $66
million
“2019 was another important step forward in transforming our
Company,” said Marc B. Lautenbach, President and CEO, Pitney Bowes.
“We delivered our third consecutive year of revenue growth on a
constant currency basis. We substantially realigned our business
and our product portfolio, strengthened our balance sheet, and set
ourselves up to drive profitable revenue growth going forward.
Importantly, over the last two years, we have reduced our debt by
over $1 billion, while maintaining significant investment in the
business.
“In 2020, Pitney Bowes enters its 100th year, a noteworthy
accomplishment few can claim,” Lautenbach added. “Our
transformation continues to build on our three logical core
adjacencies of shipping and mail along with the financing of
mission-critical assets for our clients.”
Ransomware Attack Update:
Beginning on October 12, 2019, the Company was affected by a
ransomware attack that temporarily disrupted customer access to
some services. The Company has seen no evidence that customer or
employee data was improperly accessed.
- The Company estimates fourth quarter and full year revenue was
adversely impacted by approximately $18 million, EPS by
approximately $0.08 per share and Free Cash Flow by approximately
$29 million, primarily as a result of the business interruption and
incremental costs related to this attack.
- The Company has insurance and expects a portion of any profit
impact, including the profit associated with any loss of revenue,
to ultimately be covered by insurance. Insurance proceeds will be
recorded when there is a high degree of certainty regarding the
amount of insurance proceeds to be received.
Debt Management and Software Solutions Sale:
In the fourth quarter, the Company:
- Replaced its existing revolving credit facility with a new
five-year, $500 million revolving credit facility and secured a new
five-year Term Loan A for $400 million.
- Repaid the $150 million term loan due in November 2019, the
balance of the $300 million term loan due in December 2020 and
redeemed its $300 million notes due in September 2020.
- Obtained and allocated lender commitments for a new $650
million five-year Term Loan B which will be used to prepay future
near-term bond maturities.
- Completed the sale of its Software Solutions business to
Syncsort for approximately $700 million in cash, with the exception
of its software and data business in Australia, which closed in
2020.
Full Year 2019 Results
Revenue totaled $3.2 billion, which was flat versus prior year.
Revenue increased 2 percent when adjusted for both the impact of
currency and the January 2019 sale of direct operations in 6
smaller European markets (market exits).
Commerce Services revenue grew 9 percent over prior year and 10
percent when adjusted for the impact of currency. Sending
Technology Solutions (SendTech Solutions) revenue declined 9
percent and 8 percent when adjusted for the impact of currency.
SendTech Solutions revenue declined 6 percent when adjusted for
both the impact of currency and market exits.
GAAP earnings per diluted share (GAAP EPS) were $1.10. Adjusted
earnings per diluted share (Adjusted EPS) were $0.68.
GAAP cash from operations was $252 million and free cash flow
was $169 million. During the year, the Company used cash to reduce
debt by $526 million, repurchase $105 million of its common shares,
pay $35 million in dividends to its common shareholders and $27
million in restructuring payments.
Fourth Quarter 2019 Results
Revenue totaled $831 million, which was a decrease of 3 percent
versus prior year and 2 percent when adjusted for both the impact
of currency and market exits.
Commerce Services revenue grew 5 percent over prior year.
SendTech Solutions revenue declined 11 percent from prior year and
9 percent when adjusted for both the impact of currency and market
exits.
GAAP earnings per diluted share were $1.03. Adjusted earnings
per diluted share were $0.14.
GAAP cash from operations during the quarter was $70 million and
free cash flow was $66 million. Compared to prior year, the decline
in free cash flow was driven largely by a change in working
capital, the impact of the ransomware attack and lower net income.
During the quarter, the Company reduced debt by $329 million, paid
$9 million in dividends to its common shareholders and made $8
million in restructuring payments.
Earnings per share results for the fourth quarter and full year
are summarized in the table below:
Fourth Quarter
Full Year
2019
2018
2019
2018
GAAP EPS
$
1.03
$
0.26
$
1.10
$
1.28
Discontinued Operations
($
0.98
)
-
($
0.87
)
($
0.32
)
GAAP EPS from Continuing
Operations
$
0.05
$
0.26
$
0.23
$
0.96
Restructuring Charges and Asset
Impairments, net
$
0.06
$
0.03
$
0.30
$
0.11
Loss on Extinguishment of Debt
$
0.03
-
$
0.03
$
0.03
Loss from Market Exits
$
0.01
-
$
0.11
-
Transaction Costs
-
-
$
0.01
$
0.01
Pension Settlement
-
$
0.12
-
$
0.12
Tax Adjustments, net
-
($
0.11
)
-
($
0.18
)
Adjusted EPS
$
0.14
$
0.31
$
0.68
$
1.05
* The sum of the earnings per share may not equal the totals
above due to rounding.
Business Segment Reporting
The Commerce Services group includes the Global Ecommerce and
Presort Services segments. Global Ecommerce facilitates domestic
retail and ecommerce shipping solutions, including fulfillment and
returns, and global cross-border ecommerce transactions. 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 Sending Technology Solutions segment offers physical and
digital mailing and shipping technology 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.
The results for each segment within the group may not equal the
subtotals for the group due to rounding.
Commerce Services
($ millions)
Fourth Quarter
Revenue
2019
2018
Y/Y Reported
Y/Y Ex
Currency
Global Ecommerce
$324
$304
6%
6%
Presort Services
135
133
1%
1%
Commerce Services
$459
$438
5%
5%
EBITDA
Global Ecommerce
$0
$12
>(100%)
Presort Services
30
24
26%
Commerce Services
$30
$36
(16%)
EBIT
Global Ecommerce
($18)
($4)
>(100%)
Presort Services
22
17
34%
Commerce Services
$4
$12
(65%)
Global Ecommerce
Revenue grew driven by volume growth across all platforms
partially offset by business interruption related to the ransomware
attack. EBIT and EBITDA margins were largely impacted by
investments in market growth opportunities, including engineering,
facilities and marketing, higher costs related to the ransomware
attack and lower fulfillment margins. The Company estimates that
revenue was adversely impacted by approximately $7 million and EBIT
and EBITDA by approximately $6 million as result of the ransomware
attack.
Presort Services
Revenue grew driven by investments in acquisitions for expansion
along with growth in existing volumes across all mail classes
partially offset by business interruption related to the ransomware
attack. EBIT and EBITDA margins increased compared to prior quarter
and prior year driven by lower labor and transportation costs per
unit partially offset by lower revenue per piece due to the
ransomware attack. The Company estimates that revenue, EBIT and
EBITDA were adversely impacted by approximately $4 million as
result of the ransomware attack.
SendTech Solutions
($ millions)
Fourth Quarter
2019
2018
Y/Y Reported
Y/Y Ex
Currency
Y/Y Ex Currency & Market Exits*
Revenue
$
372
$
420
(11%)
(11%)
(9%)
EBITDA
$
122
$
155
(21%)
EBIT
$
112
$
147
(23%)
* Excluding $11 million related to market exits and $1 million
related to the impacts of currency
SendTech Solutions
Revenue declined driven by lower equipment, financing, support
services and supplies along with business interruption related to
the ransomware attack partially offset by higher rentals and
business services revenue. EBIT and EBITDA margins decreased versus
prior year driven by lower equipment sales margins primarily due to
higher tariff costs and costs related to the ransomware attack.
EBIT and EBITDA margins were also impacted by the overall lower
segment revenue. The Company estimates that revenue, EBIT and
EBITDA were adversely impacted by approximately $8 million as
result of the attack.
2020 Guidance
The Company expects for full year 2020:
- Revenue, on a constant currency basis, is expected to be in the
range of 1 percent decline to 1.5 percent growth when compared to
2019.
- Adjusted EPS from continuing operations to be in the range of
$0.60 to $0.70 and reflects double-digit EBIT dollar growth over
prior year, which will be offset by an expected higher tax rate as
compared to prior year.
- Free cash flow to be in the range of $140 million to $170
million. Free cash flow also reflects the planned use of cash for
growth in third party leasing initiatives.
This guidance excludes any unusual items that may occur, such as
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. Additionally, the Company does not 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.
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; 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.
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
EBITDA and adjusted EPS to exclude the impact of items like
discontinued operations, restructuring charges, gains, losses and
costs related to acquisitions and dispositions, asset impairment
charges, goodwill impairment charges and other unusual or one-time
items. While these are actual Company income or expenses, they can
mask underlying trends associated with its business. Such items are
often inconsistent in amount and frequency and as such, the
non-GAAP measures provide investors greater insight into the
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 is
calculated by converting the current period non-U.S. dollar
denominated revenue using the prior year’s exchange rate for the
comparable quarter. The Company also reported revenue growth
excluding the impact of currency and market exits, which excludes
the impact of changes in foreign currency exchange rates since the
prior period and the revenues associated with the recent market
exits in several smaller markets. We believe that excluding the
impacts of currency exchange rates and the revenues associated with
the recent market exits in several smaller markets provides
investors a better understanding of the underlying revenue
performance. A reconciliation of reported revenue to constant
currency revenue and “constant currency revenue excluding the
impact of currency and market exits” can be found in the 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 cash flows of discontinued operations,
capital expenditures, restructuring payments, changes in customer
deposits held at the Pitney Bowes Bank, transaction costs and other
special items. A reconciliation of GAAP cash from operations to
free cash flow can be found in the 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, which further
excludes depreciation and amortization expense for the segment, as
an additional useful measure of segment profitability and
operational performance. 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; expenses and potential impact on client relationships
resulting from the October 2019 ransomware attack that affected the
Company's operations; a breach of security, including a future
cyber-attack 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, 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 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, EBIT and
EBITDA by business segment; and reconciliations of GAAP to non-GAAP
measures for the three and twelve months ended December 31, 2019
and 2018, and consolidated balance sheets as of December 31, 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 December 31, Year ended
December 31,
2019
2018
2019
2018
Revenue: Business services
$
467,192
$
444,965
$
1,710,801
$
1,566,470
Support services
123,609
135,169
506,187
552,472
Financing
88,051
100,280
368,090
394,557
Equipment sales
87,148
106,334
352,104
395,652
Supplies
45,026
52,451
187,287
218,304
Rentals
20,317
18,215
80,656
84,067
Total revenue
831,343
857,414
3,205,125
3,211,522
Costs and expenses: Cost of business services
386,086
360,922
1,389,569
1,233,105
Cost of support services
38,847
44,291
162,300
178,495
Financing interest expense
11,215
11,269
44,648
44,376
Cost of equipment sales
62,116
62,534
244,210
236,160
Cost of supplies
12,349
14,308
49,882
60,960
Cost of rentals
8,307
6,792
31,530
37,178
Selling, general and administrative
246,761
243,466
1,003,989
1,002,935
Research and development
12,837
13,872
51,258
58,523
Restructuring charges and asset impairments, net
12,990
7,128
69,606
25,899
Interest expense, net
26,585
26,004
110,910
115,381
Other components of net pension and postretirement cost
(1,087
)
28,495
(4,225
)
22,425
Other expense
5,956
-
24,306
7,964
Total costs and expenses
822,962
819,081
3,177,983
3,023,401
Income from continuing operations before taxes
8,381
38,333
27,142
188,121
Provision (benefit) for income taxes
344
(10,819
)
(13,007
)
6,416
Income from continuing operations
8,037
49,152
40,149
181,705
Income from discontinued operations, net of tax
168,659
817
154,460
60,106
Net income
$
176,696
$
49,969
$
194,609
$
241,811
Basic earnings per share (1): Continuing operations
$
0.05
$
0.26
$
0.23
$
0.97
Discontinued operations
0.99
0.00
0.88
0.32
Net income
$
1.04
$
0.27
$
1.10
$
1.29
Diluted earnings per share (1): Continuing operations
$
0.05
$
0.26
$
0.23
$
0.96
Discontinued operations
0.98
0.00
0.87
0.32
Net income
$
1.03
$
0.26
$
1.10
$
1.28
Weighted-average shares used in diluted earnings per share
171,587,745
188,806,855
177,337,161
188,381,647
(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 December 31,2019
December 31,2018 Current assets: Cash and cash equivalents
$
924,442
$
867,262
Short-term investments
115,879
59,391
Accounts and other receivables, net
374,833
371,797
Short-term finance receivables, net
629,643
653,236
Inventories
68,251
62,279
Current income taxes
5,565
5,947
Other current assets and prepayments
101,601
74,782
Assets of discontinued operations
17,229
602,823
Total current assets
2,237,443
2,697,517
Property, plant and equipment, net
376,177
398,501
Rental property and equipment, net
41,225
46,228
Long-term finance receivables, net
625,487
635,908
Goodwill
1,324,179
1,332,351
Intangible assets, net
190,640
213,200
Operating lease assets
200,752
152,554
Noncurrent income taxes
71,903
65,001
Other assets
400,456
397,159
Total assets
$
5,468,262
$
5,938,419
Liabilities and stockholders'
equity Current liabilities: Accounts payable and accrued
liabilities
$
1,386,170
$
1,348,127
Current operating lease liabilities
36,060
35,208
Current portion of long-term debt
20,108
199,535
Advance billings
101,920
116,862
Current income taxes
17,083
15,284
Liabilities of discontinued operations
9,713
174,798
Total current liabilities
1,571,054
1,889,814
Long-term debt
2,719,614
3,066,073
Deferred taxes on income
274,435
253,560
Tax uncertainties and other income tax liabilities
38,834
39,548
Noncurrent operating lease liabilities
177,711
125,294
Other noncurrent liabilities
400,518
462,288
Total liabilities
5,182,166
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
98,748
121,475
Retained earnings
5,438,930
5,279,682
Accumulated other comprehensive loss
(840,143
)
(948,961
)
Treasury stock, at cost
(4,734,777
)
(4,674,089
)
Total stockholders' equity
286,096
101,842
Total liabilities and stockholders' equity
$
5,468,262
$
5,938,419
Pitney Bowes Inc. Business Segment Revenue
(Unaudited; in thousands)
Three months ended December
31, Year ended December 31,
2019
2018
% Change
2019
2018
% Change
REVENUE Global Ecommerce
$
323,942
$
304,327
6
%
$
1,151,510
$
1,022,862
13
%
Presort Services
135,120
133,273
1
%
529,588
515,795
3
%
Commerce Services
459,062
437,600
5
%
1,681,098
1,538,657
9
%
Sending Technology Solutions
372,281
419,814
(11
%)
1,524,027
1,672,865
(9
%)
Total revenue - GAAP
831,343
857,414
(3
%)
3,205,125
3,211,522
(0
%)
Currency impact on revenue
1,027
-
19,010
-
Revenue, at constant currency
832,370
857,414
(3
%)
3,224,135
3,211,522
0
%
Less revenue from Market Exits
2,114
13,497
11,656
52,844
Revenue, excluding currency and Market Exits
$
830,256
$
843,917
(2
%)
$
3,212,479
$
3,158,678
2
%
Pitney Bowes Inc. Business Segment EBIT &
EBITDA (Unaudited; in thousands)
Three Months Ended December 31,
2019
2018
% change EBIT (1)
D&A EBITDA EBIT (1)
D&A EBITDA
EBIT EBITDA
Global Ecommerce
$
(18,177
)
$
17,687
$
(490
)
$
(4,345
)
$
15,999
$
11,654
>(100%) >(100%) Presort Services
22,478
7,765
30,243
16,742
7,186
23,928
34
%
26
%
Commerce Services
4,301
25,452
29,753
12,397
23,185
35,582
(65
%)
(16
%)
Sending Technology Solutions
112,227
9,411
121,638
146,532
8,126
154,658
(23
%)
(21
%)
Segment Total
$
116,528
$
34,863
151,391
$
158,929
$
31,311
190,240
(27
%)
(20
%)
Reconciliation of Segment EBITDA to Net
Income:
Segment depreciation and amortization
(34,863
)
(31,311
)
Unallocated corporate expenses
(51,246
)
(44,598
)
Interest, net
(37,800
)
(37,273
)
Restructuring charges and asset
impairments, net
(12,990
)
(7,128
)
Pension settlement
-
(31,329
)
Loss on extinguishment of debt
(5,956
)
-
Transaction costs
(155
)
(268
)
(Provision) benefit for income taxes
(344
)
10,819
Income from continuing operations
8,037
49,152
Income from discontinued operations,
net of tax
168,659
817
Net income
$
176,696
$
49,969
Year
Ended December 31,
2019
2018
% change EBIT (1)
D&A EBITDA EBIT (1)
D&A EBITDA
EBIT EBITDA
Global Ecommerce
$
(70,146
)
$
68,385
$
(1,761
)
$
(32,379
)
$
61,046
$
28,667
>(100%) >(100%) Presort Services
70,693
29,440
100,133
73,768
26,838
100,606
(4
%)
(0
%)
Commerce Services
547
97,825
98,372
41,389
87,884
129,273
(99
%)
(24
%)
Sending Technology Solutions
490,322
39,758
530,080
558,959
39,104
598,063
(12
%)
(11
%)
Segment Total
$
490,869
$
137,583
628,452
$
600,348
$
126,988
727,336
(18
%)
(14
%)
Reconciliation of Segment EBITDA to Net
Income:
Segment depreciation and amortization
(137,583
)
(126,988
)
Unallocated corporate expenses
(211,529
)
(185,919
)
Interest, net
(155,558
)
(159,757
)
Restructuring charges and asset
impairments, net
(69,606
)
(25,899
)
Pension settlement
-
(31,329
)
Loss on disposition of businesses
(17,683
)
-
Loss on extinguishment of debt
(6,623
)
(7,964
)
Transaction costs
(2,728
)
(1,359
)
Benefit (provision) for income taxes
13,007
(6,416
)
Income from continuing operations
40,149
181,705
Income from discontinued operations,
net of tax
154,460
60,106
Net income
$
194,609
$
241,811
(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 $5,765 and $4,998 for the three months ended December
31, 2019 and 2018, respectively, and $21,559 and $21,476 for the
year ended December 31, 2019 and 2018, respectively.
Pitney
Bowes Inc. Reconciliation of Reported Consolidated Results
to Adjusted Results (Unaudited; in thousands, except per share
amounts)
Three months endedDecember 31, Year ended
December 31,
2019
2018
2019
2018
Reconciliation of reported net income to adjusted
earnings Net income
$
176,696
$
49,969
$
194,609
$
241,811
Income from discontinued operations, net of tax
(168,659
)
(817
)
(154,460
)
(60,106
)
Restructuring charges and asset impairments, net
10,719
6,282
52,427
20,071
Loss on disposition of businesses
883
-
20,280
-
Pension settlement
-
23,402
-
23,402
Tax adjustments, net
-
(20,316
)
-
(34,281
)
Loss on extinguishment of debt
4,464
-
4,961
5,933
Transaction costs
116
200
2,033
1,012
Adjusted net income
24,219
58,720
119,850
197,842
Provision for income taxes, as adjusted
3,264
18,338
3,933
56,831
Interest, net
37,800
37,273
155,558
159,757
Adjusted EBIT
65,283
114,331
279,341
414,430
Depreciation and amortization
40,628
36,309
159,142
148,464
Adjusted EBITDA
$
105,911
$
150,640
$
438,483
$
562,894
Reconciliation of reported diluted earnings per share to
adjusted diluted earnings per share Diluted earnings per share
$
1.03
$
0.26
$
1.10
$
1.28
Income from discontinued operations, net of tax
(0.98
)
(0.00
)
(0.87
)
(0.32
)
Restructuring charges and asset impairments, net
0.06
0.03
0.30
0.11
Loss on disposition of businesses
0.01
-
0.11
-
Pension settlement
-
0.12
-
0.12
Tax adjustments, net
-
(0.11
)
-
(0.18
)
Loss on extinguishment of debt
0.03
-
0.03
0.03
Transaction costs
-
-
0.01
0.01
Adjusted diluted earnings per share
$
0.14
$
0.31
$
0.68
$
1.05
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
$
69,922
$
84,309
$
252,207
$
342,879
Net cash used in (provided by) operating activities - discontinued
operations
6,587
76,343
(9,272
)
7,916
Capital expenditures
(42,032
)
(32,515
)
(137,253
)
(137,810
)
Restructuring payments
8,303
13,488
27,148
52,730
Reserve account deposits
13,216
14,144
16,341
21,008
Transaction costs paid
10,463
961
19,488
14,203
Free cash flow
$
66,459
$
156,730
$
168,659
$
300,926
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200204005162/en/
Editorial - Bill Hughes Chief Communications Officer
203/351-6785
Financial - Adam David VP, Investor Relations 203/351-7175
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