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 2018.
Quarterly Financial Results:
- Revenue of $861 million, an increase of
18 percent as reported and 17 percent at constant currency versus
prior year
- GAAP EPS of $0.26; Adjusted EPS of
$0.26
- GAAP cash from operations of $92
million; free cash flow of $30 million
- The Company is reaffirming its prior
2018 annual guidance
Transaction Closed and Debt Management:
- On July 2, 2018, the Company completed
the sale of DMT Production Mail and supporting software. As a
result, these operations have been classified as discontinued
operations and prior period amounts have been recast to conform to
this presentation.
- On July 3, 2018, the Company announced
the early redemption of $300 million of notes due March 2019. The
notes will be redeemed on August 2, 2018.
“Our second quarter financial results demonstrate the continued
progress we are making to move our Company to sustained growth,”
said Marc B. Lautenbach, President and CEO, Pitney Bowes. “We
generated revenue growth for the fourth consecutive quarter and
also grew EBIT dollars. The revenue growth was driven largely by
our Commerce Services business, which contributed more than 40
percent of our total revenue. Our Software business also performed
well driven by a strong contribution from our indirect and direct
channels. I am pleased with the progress we are making to transform
our Company.”
Second Quarter 2018 Results
Revenue totaled $861 million, which was an increase of 18
percent as reported and 17 percent at constant currency versus
prior year.
Commerce Services revenue grew 70 percent as reported and 69
percent at constant currency. Small and Medium Business (SMB)
Solutions revenue declined 7 percent as reported and 8 percent at
constant currency. Software Solutions revenue increased 13 percent
as reported and 12 percent at constant currency.
GAAP earnings per diluted share (GAAP EPS) were $0.26, which
included $0.05 for restructuring charges, a net benefit of $0.03
primarily related to further interpretation of the 2017 Tax
Legislation and $0.01 from discontinued operations. Adjusted
earnings per diluted share (Adjusted EPS) were $0.26.
The Company’s earnings per share results for the second quarter
are summarized in the table below:
Second Quarter*
2018 2017
GAAP EPS $0.26 $0.26
Discontinued operations ($0.01) ($0.04)
GAAP EPS from continuing operations $0.25
$0.22
Restructuring charges and asset
impairments, net
$0.05 $0.09 Tax adjustments, net ($0.03) - Gain on sale of
technology - ($0.03)
Adjusted
EPS $0.26 $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 $92 million and
free cash flow was $30 million. Compared to the prior year, free
cash flow increased by $22 million largely due to the timing of
accounts payable and accrued liabilities, as well as lower tax
payments and was partly offset by higher capital expenditures along
with the timing of other working capital requirements.
The Company used cash to return $35 million in dividends to
shareholders and to pay $12 million for restructuring payments.
Status of Divestiture
On July 2, 2018, the Company completed the sale of DMT
Production Mail and supporting software to Platinum Equity, other
than in certain non-U.S. jurisdictions, which are expected to close
in the third and fourth quarters, subject to local regulatory
requirements.
The Company has received $316 million in proceeds to-date with
the remaining balance of approximately $24 million expected to be
received in the second half of 2018, subject to certain
adjustments.
As a result of the sale, the DMT Production Mail and supporting
software operations have been classified as discontinued operations
and prior period amounts have been reclassified to conform to this
presentation.
Second Quarter 2018 Business Segment Reporting
The business reporting groups reflect how the Company manages
these groups and the clients served in each market.
The Commerce Services group includes the Global Ecommerce and
Presort Services segments. Global Ecommerce facilitates global
cross-border ecommerce transactions and domestic retail and
ecommerce shipping solutions, including fulfillment and returns.
Presort Services provides sortation services to qualify large mail
volumes for postal worksharing discounts.
The SMB Solutions group offers mailing and office shipping
solutions, financing, services, and supplies for small and medium
businesses to help simplify and save on the sending, tracking and
receiving of letters, parcels and flats. This group includes the
North America Mailing and International Mailing segments.
Software Solutions provide customer engagement, customer
information, location intelligence software and data.
The results for each segment within the group may not equal the
subtotals for the group due to rounding.
Commerce Services
($ millions) Second Quarter
Revenue
2018
2017
Y/Y
Reported
Y/Y
Ex
Currency
Global Ecommerce $239 $95 153% 152% Presort Services
123
118
4%
4%
Commerce Services $362 $213 70%
69% EBIT Global Ecommerce $(6) $(4) (49%)
Presort Services
13
19
(35%)
Commerce Services $7 $15 (57%)
EBITDA Global Ecommerce $9 $3 200% Presort Services
19
26
(27%)
Commerce Services $29 $29 (2%)
Global Ecommerce
Results for 2018 include a full quarter of Newgistics. On a
proforma basis, Newgistics delivered 10 percent revenue growth,
which was driven by strong performance in both parcel and
fulfillment revenue. Excluding Newgistics, the segment continued to
generate double-digit revenue growth, which was driven by strong
performance in domestic shipping volumes.
The EBIT loss was driven primarily by investments in market
growth opportunities, operational excellence initiatives and higher
transportation and labor costs, as well as the amortization of
acquisition-related intangible assets. EBITDA improved from prior
year as a result of the higher revenue.
Presort Services
Revenue growth was driven by higher volumes of First Class mail
but partly offset by lower Standard Class mail volumes processed.
Revenue was also impacted by lower revenue per piece, in part
driven by higher volumes of mail processed from larger clients.
EBIT and EBITDA margin declined from prior year primarily due to
higher labor and transportation costs along with the lower revenue
per piece.
SMB Solutions
($ millions) Second Quarter
Revenue
2018
2017
Y/Y
Reported
Y/Y
Ex
Currency
North America Mailing $315 $341 (8%) (8%) International Mailing
93
95
(2%)
(7%)
SMB Solutions $408 $436 (7%)
(8%) EBIT North America Mailing $115 $121 (5%)
International Mailing
13
14
(6%)
SMB Solutions $128 $135 (5%)
EBITDA North America Mailing $133 $137 (3%) International
Mailing
17
18
(5%)
SMB Solutions $150 $156 (4%)
North America Mailing
Revenue declined in equipment sales and recurring revenue
streams but was partially offset by growth in services. Equipment
sales declined as a result of weaker sales execution primarily in
the top of the line and a lower backlog entering the quarter
compared to prior year. Recurring revenue streams declined largely
around financing, supplies and rentals, partially offset by growth
in business and support services. EBIT and EBITDA margins were
higher than prior year due to lower expenses.
International Mailing
Equipment sales and recurring revenue streams both contributed
to the revenue decline. The equipment sales decline was driven by
weakness in the UK and Italy, which was partially offset by growth
in Germany. EBIT and EBITDA margins decreased versus prior year
primarily driven by lower gross margins due to the mix of products
sold, but partially offset by lower expenses.
Software Solutions
($ millions) Second Quarter
2018
2017
Y/Y
Reported
Y/Y
Ex
Currency
Revenue $92 $81 13% 12% EBIT $18 $5 262% EBITDA $21 $7 182%
Software Solutions
Revenue increased from prior year driven by growth in Data,
Customer Information Management and Location Intelligence, in part
from the implementation of the new revenue recognition standard
(ASC 606). EBIT and EBITDA margins increased from prior year
largely driven by the higher revenue and lower expenses.
2018 Guidance
The Company is reaffirming its prior annual guidance for
2018.
- Revenue, on a constant currency basis,
to be in the range of 11 percent to 15 percent growth, when
compared to 2017.
- Adjusted EPS to be in the range of
$1.15 to $1.30.
- Free cash flow to be in the range of
$300 million to $350 million.
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 2017 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 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 2018 will not change significantly. The
Company’s guidance also includes changes in accounting standards
implemented at the beginning of the year.
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; presort services; office
mailing and shipping; location data; and software. 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 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. 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, 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 total
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; 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, and the market’s acceptance of these new products and
services; our ability to fully utilize the enterprise business
platform in North America, 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; changes in, or loss of, our
contractual relationships with the United States Postal Service;
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 2017 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 six months ended June 30, 2018 and 2017,
and consolidated balance sheets as of June 30, 2018 and December
31, 2017 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,
2018 2017 2018 2017 Revenue: Equipment
sales $ 105,750 $ 121,384 $ 216,121 $ 245,887 Supplies 55,457
58,639 115,450 119,694 Software 91,702 81,319 167,996 154,165
Rentals 91,809 95,447 186,435 194,754 Financing 76,671 83,653
156,774 169,398 Support services 72,171 72,068 145,194 147,273
Business services 367,876 217,903
754,414 442,422 Total revenue 861,436
730,413 1,742,384 1,473,593
Costs and expenses: Cost of equipment sales 47,106 51,506 93,160
96,122 Cost of supplies 15,738 16,216 32,685 33,068 Cost of
software 26,459 23,361 50,514 46,515 Cost of rentals 21,078 21,143
45,132 41,422 Financing interest expense 12,346 12,843 24,571
25,817 Cost of support services 39,609 41,772 82,736 83,421 Cost of
business services 293,480 153,063 590,879 303,906 Selling, general
and administrative (1) 282,456 283,073 577,894 573,645 Research and
development 31,073 30,328 61,395 59,282 Restructuring charges and
asset impairments, net 11,503 25,990 12,407 27,639 Other components
of net pension and postretirement cost (1) (2,499 ) 1,267 (4,218 )
2,723 Interest expense, net 29,623 27,600
60,476 53,276 Total costs and expenses
807,972 688,162 1,627,631
1,346,836 Income from continuing operations before taxes
53,464 42,251 114,753 126,757 Provision for income taxes
6,458 790 22,721 27,872 Income
from continuing operations 47,006 41,461 92,032 98,885 Income from
discontinued operations, net of tax 1,208
7,440 9,695 15,149 Net income $ 48,214
$ 48,901 $ 101,727 $ 114,034 Basic earnings per share
attributable to common stockholders (2): Continuing operations $
0.25 $ 0.22 $ 0.49 $ 0.53 Discontinued operations 0.01
0.04 0.05 0.08 Net income $ 0.26
$ 0.26 $ 0.54 $ 0.61 Diluted earnings per
share attributable to common stockholders (2): Continuing
operations $ 0.25 $ 0.22 $ 0.49 $ 0.53 Discontinued operations
0.01 0.04 0.05 0.08 Net
income $ 0.26 $ 0.26 $ 0.54 $ 0.61
Weighted-average shares used in diluted earnings per share
188,113,750 187,377,059 188,056,884
186,944,571 (1)
Effective January 1, 2018, components of
net periodic pension and postretirement costs, other than service
costs, are required to be reported separately. Accordingly, for the
three and six months ended June 30, 2017, $1.3 million and $2.7
million of costs have been reclassified from selling, general and
administrative expense to other components of net pension and
postretirement cost.
(2) 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
June 30,
2018
December 31,
2017
Current assets: Cash and cash equivalents $ 689,870 $ 1,009,021
Short-term investments 55,699 48,988 Accounts receivable, net
408,703 427,022 Short-term finance receivables, net 812,055 828,003
Inventories 49,051 40,769 Current income taxes 39,100 58,439 Other
current assets and prepayments 102,104 74,589 Assets of
discontinued operations 313,356 334,848
Total current assets 2,469,938 2,821,679 Property, plant and
equipment, net 398,909 373,503 Rental property and equipment, net
180,585 183,956 Long-term finance receivables, net 597,302 652,087
Goodwill 1,767,848 1,774,645 Intangible assets, net 249,125 272,186
Noncurrent income taxes 54,099 59,909 Other assets 528,945
540,750 Total assets $ 6,246,751 $
6,678,715
Liabilities and
stockholders' equity
Current liabilities: Accounts payable and accrued liabilities $
1,349,344 $ 1,450,149 Current income taxes 5,686 8,823 Current
portion of long-term debt 334,999 271,057 Advance billings 237,709
257,766 Liabilities of discontinued operations 84,219
72,808 Total current liabilities 2,011,957 2,060,603
Deferred taxes on income 234,190 234,643 Tax uncertainties
and other income tax liabilities 105,803 116,551 Long-term debt
3,237,810 3,559,278 Other noncurrent liabilities 461,074
519,079 Total liabilities 6,050,834
6,490,154 Stockholders' equity:
Cumulative preferred stock, $50 par value, 4% convertible 1 1
Cumulative preference stock, no par value, $2.12 convertible 415
441 Common stock, $1 par value 323,338 323,338 Additional
paid-in-capital 122,732 138,367 Retained earnings 5,248,991
5,229,584 Accumulated other comprehensive loss (810,251 ) (792,173
) Treasury stock, at cost (4,689,309 ) (4,710,997 )
Total stockholders' equity 195,917 188,561
Total liabilities and stockholders' equity $ 6,246,751
$ 6,678,715
Pitney Bowes Inc.
Business Segments
(Unaudited; in thousands)
Three months ended June 30, Six months ended June
30, 2018 2017 % Change 2018
2017 % Change REVENUE Global Ecommerce $
239,100 $ 94,506 >100% $ 485,690 $ 182,658 >100% Presort
Services 122,730 118,452 4 %
257,188 251,129 2 %
Commerce Services
361,830 212,958 70 % 742,878
433,787 71 % North America Mailing
314,546 340,949 (8 %) 640,115 696,902 (8 %) International Mailing
93,358 95,425 (2 %) 191,395
188,624 1 %
Small & Medium Business
Solutions 407,904 436,374 (7 %)
831,510 885,526 (6 %)
Software Solutions 91,702 81,081
13 % 167,996 154,280 9 %
Total
revenue $ 861,436 $ 730,413 18 % $ 1,742,384
$ 1,473,593 18 %
EBIT Global Ecommerce
$ (5,993 ) $ (4,030 ) (49 %) $ (13,704 ) $ (8,300 ) (65 %) Presort
Services 12,565 19,270 (35 %)
39,591 49,987 (21 %)
Commerce Services
6,572 15,240 (57 %) 25,887
41,687 (38 %) North America Mailing
115,193 120,797 (5 %) 234,763 262,041 (10 %) International Mailing
13,215 14,020 (6 %) 29,246
27,430 7 %
Small & Medium Business
Solutions 128,408 134,817 (5 %)
264,009 289,471 (9 %)
Software Solutions 18,433 5,091
>100% 20,925 6,397 >100%
Segment EBIT (1) $ 153,413 $ 155,148 (1
%) $ 310,821 $ 337,555 (8 %)
EBITDA
Global Ecommerce $ 9,474 $ 3,157 >100% $ 16,193 $ 6,210 >100%
Presort Services 19,188 26,196 (27 %)
52,376 64,111 (18 %)
Commerce
Services 28,662 29,353 (2 %)
68,569 70,321 (2 %) North America
Mailing 132,569 137,157 (3 %) 268,996 294,427 (9 %) International
Mailing 17,469 18,368 (5 %)
38,021 36,475 4 %
Small & Medium
Business Solutions 150,038 155,525
(4 %) 307,017 330,902 (7 %)
Software Solutions 20,819 7,381
>100% 25,732 10,775 >100%
Segment EBITDA (2) $ 199,519 $ 192,259
4 % $ 401,318 $ 411,998 (3 %)
Reconciliation of
segment EBITDA to net income
Segment EBITDA $ 199,519 $ 192,259 $ 401,318 $
411,998 Less: Segment depreciation and amortization (3)
(46,106 ) (37,111 ) (90,497 ) (74,443 )
Segment EBIT 153,413 155,148 310,821 337,555 Corporate
expenses (46,477 ) (52,549 ) (97,561 )
(110,151 )
Adjusted EBIT 106,936 102,599 213,260 227,404
Interest, net (4) (41,969 ) (40,443 ) (85,047 ) (79,093 )
Restructuring charges and asset impairments, net (11,503 ) (25,990
) (12,407 ) (27,639 ) Gain on sale of technology - 6,085 - 6,085
Transaction costs - - (1,053 ) - Provision for income taxes
(6,458 ) (790 ) (22,721 ) (27,872 )
Income
from continuing operations 47,006 41,461 92,032 98,885 Income
from discontinued operations, net of tax 1,208
7,440 9,695 15,149
Net
income $ 48,214 $ 48,901 $ 101,727 $
114,034 (1) Segment EBIT excludes interest, taxes,
general corporate expenses, restructuring charges, and other items
that are not allocated to a particular business segment. (2)
Segment EBITDA is calculated as Segment EBIT plus segment
depreciation and amortization expense. (3) Includes depreciation
and amortization expense of reporting segments only. Does not
include corporate depreciation and amortization expense. (4)
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 June
30,
Six months ended June
30,
2018 2017 Y/Y Chg. 2018 2017
Y/Y Chg. Reconciliation of reported revenue to
revenue excluding currency Revenue, as reported $ 861,436 $
730,413 $ 1,742,384 $ 1,473,593 Favorable impact on revenue due to
currency (7,683 ) - (23,609 )
- Revenue, excluding currency $ 853,753
$ 730,413 17 % $ 1,718,775 $ 1,473,593 17 %
Reconciliation of reported net income to adjusted
net income Net income $ 48,214 $ 48,901 $ 101,727 $ 114,034
Income from discontinued operations, net of tax (1,208 ) (7,440 )
(9,695 ) (15,149 ) Restructuring charges and asset impairments, net
8,461 17,398 9,132 18,435 Tax legislation (5,980 ) - (5,980 ) -
Transaction costs - - 786 - Gain on sale of technology -
(5,605 ) - (5,605 ) Net income,
as adjusted $ 49,487 $ 53,254 $ 95,970 $
111,715
Reconciliation of reported diluted
earnings per share to adjusted diluted earnings per share
Diluted earnings per share $ 0.26 $ 0.26 $ 0.54 $ 0.61 Income from
discontinued operations, net of tax (0.01 ) (0.04 ) (0.05 ) (0.08 )
Restructuring charges and asset impairments, net 0.05 0.09 0.05
0.10 Tax legislation (0.03 ) - (0.03 ) - Transaction costs - - - -
Gain on sale of technology - (0.03 ) -
(0.03 ) Diluted earnings per share, as adjusted $
0.26 $ 0.28 $ 0.51 $ 0.60
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 $ 92,362 $
30,641 $ 175,034 $ 184,647 Net cash provided by operating
activities - discontinued operations (16,916 ) (10,248 ) (41,772 )
(14,096 ) Capital expenditures (57,962 ) (40,140 ) (100,022 )
(75,844 ) Restructuring payments 11,943 5,667 27,528 17,651 Reserve
account deposits (695 ) 21,860 5,959 2,514 Transaction costs paid
1,444 - 4,037 -
Free cash flow $ 30,176 $ 7,780 $ 70,764
$ 114,872
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version on businesswire.com: https://www.businesswire.com/news/home/20180801005124/en/
Pitney Bowes Inc.EditorialBill Hughes, 203-351-6785Chief
Communications OfficerorFinancialAdam David, 203-351-7175VP,
Investor Relations
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