Pitney Bowes Inc. (NYSE:PBI) today reported 2008 fourth quarter
and annual financial results.
Adjusted earnings per diluted share for the fourth quarter
increased 8 percent to $.77 from $.72 for the prior year. Adjusted
earnings per diluted share for the year increased 2 percent to
$2.78 from $2.72 for the prior year, and was within the company�s
annual guidance of $2.75 to $2.82. Adjusted earnings per diluted
share for the quarter and the year excludes pre-tax charges related
to restructuring initiatives; impairments of certain intangible
assets; and tax adjustments related primarily to deferred tax
assets associated with certain U.S. leasing transactions. Adjusted
earnings per diluted share also exclude losses from discontinued
operations for the quarter and for the year.
On a Generally Accepted Accounting Principles (GAAP) basis, the
company reported earnings per diluted share of $.36 for the fourth
quarter, compared with a loss of $.27 per diluted share for the
prior year. Earnings per diluted share for the year on a GAAP basis
increased 21 percent to $2.00 from $1.66 for the prior year.
The company�s adjusted income from continuing operations was
$160 million for the quarter and $583 million for the year. On a
GAAP basis, the company reported net income for the quarter of $74
million and $420 million for the year.
Revenue for the quarter was $1.6 billion, a decline of 7 percent
compared with the prior year driven primarily by currency. On a
constant currency basis revenue declined less than 2 percent. For
the full-year, currency had a nominal impact on revenue which
increased 2 percent to $6.3 billion, and was within the company�s
guidance range of 2 to 4 percent.
The company�s results for the quarter and the year are further
summarized in the table below:
�
Fourth Quarter* � �
Full Year 2008 Adjusted
EPS $0.77 � � � $2.78 �
Restructuring & Asset
Impairments
($0.40)
�
� �
($0.69)
�
Tax Adjustments $0.07 � � � $0.04 �
GAAP EPS from
Continuing Operations $0.45 � � � $2.13 �
Discontinued
Operations
($0.09)
�
� �
($0.13)
�
GAAP EPS $0.36 � � � $2.00 � � �
*The sum of the earnings per share
does not equal the totals above due to rounding.
Free cash flow was $235 million for the quarter and $888 million
for the year. This compares with the company�s guidance that free
cash flow would be in excess of $800 million for the year.
On a GAAP basis, the company generated $249 million in cash from
operations for the quarter and $990 million for the year.
During the quarter, the company used $72 million of cash for
dividends and did not repurchase any of its shares. For the year,
the company returned $292 million to shareholders through dividends
and repurchased $333 million of its shares. The company still has
$73 million of authorization remaining for future share
repurchases.
Commenting on the quarter and the year, Chairman, President and
CEO Murray D. Martin noted, �I am very pleased with the way our
company performed during one of the most turbulent economic
environments in recent history. On a full-year basis we generated
robust cash flow, increased revenue, and grew adjusted EPS in line
with current guidance. We believe these results were even more
notable given the impact of currency. Significant currency
fluctuation, particularly the strengthening of the U.S. dollar,
reduced our earnings per share by five cents for the year, when
compared with the original guidance we provided at the beginning of
2008.
�Our results highlight the resiliency of our business model, our
disciplined focus on cash generation, and the execution of our
restructuring initiatives. In late 2007, we initiated aggressive
actions that we continued throughout 2008 to reduce our cost
structure, streamline our operations and enhance our customer
experience. The results of these actions can be seen in improving
gross margins across nearly all our revenue streams, as well as
improving EBIT margins in many of our business segments. Our
enhanced actions in the fourth quarter 2008 will strengthen our
ability to manage through the uncertainties and maximize the
benefits of future economic recovery.
�In addition, we also took steps to further improve our capital
position and increase our liquidity during these uncertain times.
During the fourth quarter, we reduced our debt by $220 million,
providing additional capital capacity. Throughout the year we
maintained a strong investment grade credit rating for our debt and
as a result, we continued to have unencumbered access to the
commercial paper market.
�We will continue to invest in developing new products and
services, enhancing our customer experience, and improving our
business processes with the expectation that our business model
will continue to generate substantial free cash flow in 2009. For
the 27th consecutive year, our Board of Directors approved an
increase in the quarterly dividend. The dividend for the first
quarter will increase 3 percent to $.36 per common share.�
Business Segment Results
Mailstream Solutions earnings before interest and taxes
(EBIT) declined 3 percent to $317 million while revenue decreased 9
percent to $1.1 billion, when compared with the prior year.
Within Mailstream Solutions:
U.S. Mailing EBIT as a percentage of revenue improved to 41.2
percent from 40.4 percent, because of the ongoing actions the
company has taken to reduce costs and streamline operations. EBIT
declined one percent to $228 million as a result of the decline in
revenue of 3 percent to $554 million. U.S. Mailing had a 6 percent
increase in equipment sales revenue, versus the prior year, as it
started to benefit from the anticipated higher number of customers
with leases becoming available for renewal and upgrade. This growth
was offset by lower financing revenue, meter rentals, and supplies
sales resulting from lower equipment sales over the last year as
well as the slowing economy.
International Mailing EBIT as a percentage of revenue improved
to 16.8 percent from 15.0 percent, because of actions taken over
the past two years to reduce costs through the outsourcing of
manufacturing and the consolidation of back office operations. EBIT
declined only 8 percent to $42 million on a currency-driven revenue
decline of 18 percent to $252 million. Unfavorable currency
translation caused 15 percentage points of the revenue decline for
the quarter. Acquisitions added about one percent to revenue
growth. On a local currency basis, there was positive revenue
growth in Latin America, France, and Germany. Worsening economic
conditions resulted in a decline in revenue in the UK, Canada and
Asia Pacific.
Worldwide Production Mail EBIT as a percentage of revenue
improved to 19.4 percent from 16.3 percent, because of ongoing
actions to reduce administrative costs and improve gross margins.
These actions were part of the company�s aggressive restructuring
initiatives implemented in anticipation of a slowing capital
investment environment. EBIT increased 8 percent to $34 million
while revenue declined 10 percent to $177 million, of which 6
percentage points pertained to unfavorable currency translation.
The company continued to see strong demand in the UK, France and
Canada for its high-speed, intelligent inserting systems. Sales in
the U.S., other parts of Europe and Latin America slowed as large
enterprises curtailed their big-ticket capital expenditures due to
ongoing credit constraints and global economic uncertainty.
Software EBIT as a percentage of revenue declined to 11.9
percent from 17.2 percent, primarily because of lower revenue,
product mix and the planned investments in the expansion of the
distribution channel and globalization of the company�s research
and development infrastructure. EBIT declined 38 percent to $12
million and revenue declined 11 percent to $104 million.
Unfavorable currency translation caused 9 percentage points of the
revenue decline and acquisitions added about 5 percentage points to
revenue growth for the quarter. Consistent with the behavior noted
in other businesses, there were fewer large-ticket licensing deals
than the prior year as customers assessed the overall business
environment.
Mailstream Services reported a decline in EBIT of 5
percent to $40 million and a decline in revenue of 2 percent to
$466 million, when compared with the prior year.
Within Mailstream Services:
Management Services EBIT as a percentage of revenue declined to
6.1 percent from 7.2 percent, primarily because of the decline in
revenue during the quarter. In the U.S., despite declining
transaction volumes, EBIT as a percentage of revenue improved by 70
basis points to more than 12 percent. This was a result of reducing
the fixed cost structure of the business. For Management Services
businesses outside the U.S., lower print and transaction volumes,
particularly in the UK and Germany, resulted in a decline in EBIT.
In aggregate EBIT for the segment declined 22 percent to $17
million and revenue declined 9 percent to $281 million. Unfavorable
currency translation caused about 4 percentage points of the
revenue decline for the quarter.
Mail Services EBIT increased 6 percent to $19 million and
revenue increased 19 percent to $142 million. Unfavorable currency
translation reduced revenue growth by about 1 percentage point,
while acquisitions added about 14 percentage points to growth for
the quarter. Solid growth in the volume of mail processed
contributed to underlying revenue growth. EBIT as a percentage of
revenue declined to 13.4 percent from 15.0 percent. As has been the
case in past expansion periods, the benefits from operating
leverage were temporarily offset by the integration costs
associated with acquisitions in the U.S. and UK earlier in 2008.
Excluding these sites, EBIT margin would have improved 80 basis
points to 15.8 percent. The company expects positive EBIT margin
contributions from the acquired sites in 2009 as they become fully
integrated.
Marketing Services EBIT as a percentage of revenue improved to
9.9 percent from 5.2 percent, because of the strong performance of
the postal change of address marketing program. EBIT as a
percentage of revenue also benefited from cost reduction
initiatives and the exit from the company�s motor vehicle
registration services program. EBIT increased 73 percent to $4
million while revenue declined 8 percent to $43 million.
2009 Guidance
The company�s recurring revenue model, as well as the actions
the company has taken to significantly reduce costs and streamline
its operations, help mitigate, but do not eliminate the effects of
prolonged global economic weakness and unanticipated currency
fluctuations. Two external factors in particular, the strengthening
of the U.S. dollar and the Japanese yen last year and the
significant increase in pension costs related to recent changes in
financial markets and interest rates, will impact 2009 reported
results.
Given the uncertainty and volatility that characterizes today�s
markets, the company is providing a wider range of guidance than it
has historically. The guidance presumes no significant changes in
foreign currency exchange rates or interest rates from their
current levels.
On a constant currency basis, the company expects 2009 revenue
in the range of 1 percent growth to a decline of 2 percent. On a
reported basis, the company expects revenue in the range of a
decline of 4 percent to 7 percent, which includes an estimated
negative 5 percent impact from currency when compared with
2008.
The company expects adjusted earnings per diluted share from
continuing operations for the year will be in the range of $2.55 to
$2.75. Adjusted EPS would grow in the mid-single digit range
compared with 2008, excluding an estimated negative impact of $.30
to $.35 per diluted share from currency and incremental pension
expense.
On a GAAP basis, the company expects earnings per diluted share
from continuing operations for the year will be in the range of
$2.49 to $2.69. GAAP earnings per diluted share from continuing
operations will include approximately 6 cents per share related to
a non-cash tax charge associated with out-of-the-money stock
options that expire principally in the first quarter of 2009.
The company also expects to generate free cash flow in a range
of $700 million to $800 million for the year.
Mr. Martin concluded, �While no one can predict with any
certainty what the future will bear and when the economy will
improve, our business model and the actions we have taken position
us well to weather these uncertain times and, as conditions
improve, to continue to lever our actions for strong profitable
growth.�
Management of Pitney Bowes will discuss the company�s results in
a broadcast over the Internet today at 5:00 p.m. EST. 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.pb.com/investorrelations.
Pitney Bowes is a $6.3 billion global leader whose products,
services and solutions deliver value within the mailstream and
beyond. For more information visit www.pitneybowes.com.
Pitney Bowes has presented in this earnings release diluted
earnings per share on an adjusted basis. Also, management has
included a presentation of free cash flow on an adjusted basis,
adjusted income from continuing operations, and earnings before
interest and taxes (EBIT). Management believes this presentation
provides a reasonable basis on which to present the adjusted
financial information, and is provided to assist in investors'
understanding of the company's results of operations. The company's
financial results are reported in accordance with generally
accepted accounting principles (GAAP). However, earnings per share,
income from continuing operations, and free cash flow results are
adjusted to exclude the impact of special items such as transition
initiatives, restructuring charges, accounting adjustments and
write downs of assets, which materially impact the comparability of
the company's results of operations. Although these charges
represent actual expenses to the company, these charges might mask
the periodic income and financial and operating trends associated
with our business.
The use of free cash flow has limitations. GAAP cash flow has
the advantage of including all cash available to the company after
actual expenditures for all purposes. Free cash flow permits a
shareholder insight into the amount of cash that management could
have available for discretionary uses if it made different
decisions about employing its cash. It adjusts for long-term
commitments such as capital expenditures, as well as special items
like cash used for restructuring charges, unusual tax payments and
contributions to its pension funds. Of course, these items use cash
that is not otherwise available to the company and are important
expenditures. Management compensates for these limitations by using
a combination of GAAP cash flow and free cash flow in doing its
planning.
The adjusted financial information and certain financial
measures such as EBIT are intended to be more indicative of the
ongoing operations and economic results of the company. EBIT
excludes interest payments and taxes, both cash expenses to the
company, and as a result, has the effect of showing a greater
amount of earnings than net income. The company uses EBIT, in
addition to net income and income from continuing operations, for
purposes of measuring the performance of its management team. The
interest rates and tax rates applicable to the company generally
are outside the control of management, and it can be useful to
judge performance independent of those variables.
The adjusted financial information should be viewed as a
supplement to, rather than a replacement for, the financial results
reported in accordance with GAAP. Further, our definition of this
adjusted financial information may differ from similarly titled
measures used by other companies.
Pitney Bowes has provided in supplemental schedules attached for
reference adjusted financial information and a quantitative
reconciliation of the differences between the adjusted financial
measures with the financial measures calculated and presented in
accordance with GAAP, except with respect to our guidance because
it would not be meaningful. Additional reconciliation of adjusted
financial measures to financial measures calculated and presented
in accordance with GAAP may be found at the company's web site
www.pb.com/investorrelations in the Investor Relations
section.
The information contained in this document is as of December 31,
2008. Results are preliminary and unaudited. This document contains
�forward-looking statements� about our expected future business and
financial performance. Pitney Bowes assumes no obligation to update
any forward-looking statements contained in this document as a
result of new information or future events or developments. Words
such as �estimate,� �project,� �plan,� �believe,� "expect,"
"anticipate," �intend,� and similar expressions may identify
forward-looking statements. For us forward-looking statements
include, but are not limited to, statements about possible
restructuring charges and our future guidance, including our
expected revenue, and our expected diluted earnings per share for
the full year 2009. Forward-looking statements 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 uncertain economic environment, including
adverse impacts on customer demand, timely development and
acceptance of new products or gaining product approval; successful
entry into new markets; changes in interest rates; changes in
foreign currency exchange rates; changes in tax rates; and changes
in postal regulations, as more fully outlined in the company's 2007
Form 10-K Annual Report and other reports filed with the Securities
and Exchange Commission. In addition, the forward-looking
statements are subject to change based on the timing and specific
terms of any announced acquisitions or dispositions.
Note: Consolidated statements of income; revenue and EBIT by
business segment; and reconciliation of GAAP to non-GAAP measures
for the three months and year ended December 31, 2008 and 2007, and
consolidated balance sheets at December 31, 2008 and September 30,
2008 are attached.
Pitney Bowes Inc.
Consolidated Statements of Income
(Unaudited)
� � � � � (Dollars in thousands, except per share data) � Three
Months Ended December 31, Twelve Months Ended December 31, 2008
2007 2008 2007 Revenue: Equipment sales $ 341,175 $ 373,670 $
1,252,058 $ 1,335,538 Supplies 86,664 101,281 392,414 393,478
Software 109,679 122,440 424,296 346,020 Rentals 174,502 186,697
728,160 739,130 Financing 180,877 203,463 772,711 790,121 Support
services 188,428 196,318 768,424 760,915 Business services �
471,264 � � 480,378 � � 1,924,242 � � 1,764,593 � � Total revenue �
1,552,589 � � 1,664,247 � � 6,262,305 � � 6,129,795 � � Costs and
expenses: Cost of equipment sales 178,442 215,027 663,430 696,900
Cost of supplies 23,197 28,793 103,870 106,702 Cost of software
21,250 27,724 101,357 82,097 Cost of rentals 39,604 42,879 153,831
171,191 Cost of support services 104,238 112,492 447,745 433,324
Cost of business services 369,849 371,894 1,508,098 1,380,541
Selling, general and administrative 475,375 513,871 1,948,473
1,907,160 Research and development 49,444 47,301 205,620 185,665
Restructuring charges and asset impairments 115,117 259,713 200,254
264,013 Interest, net 48,986 62,217 216,450 241,871 Other income �
- � � - � � - � � (380 ) � Total costs and expenses � 1,425,502 � �
1,681,911 � � 5,549,128 � � 5,469,084 � � Income (loss) from
continuing operations before income taxes and minority interest
127,087 (17,664 ) 713,177 660,711 � Provision for income taxes
29,540 45,656 244,929 280,222 Minority interest (preferred stock
dividends of subsidiaries) � 4,621 � � 4,838 � � 20,755 � � 19,242
� � Income (loss) from continuing operations 92,926 (68,158 )
447,493 361,247 (Loss) income from discontinued operations, net of
tax � (18,974 ) � 10,229 � � (27,700 ) � 5,534 � � Net income
(loss) $ 73,952 � $ (57,929 ) $ 419,793 � $ 366,781 � � Basic
earnings per share of common stock: Continuing operations 0.45 $
(0.32 ) $ 2.15 $ 1.65 Discontinued operations � (0.09 ) � 0.05 � �
(0.13 ) � 0.03 � � Net income (loss) $ 0.36 � $ (0.27 ) $ 2.01 � $
1.68 � � Diluted earnings per share of common stock: Continuing
operations $ 0.45 $ (0.31 ) $ 2.13 $ 1.63 Discontinued operations �
(0.09 ) � 0.05 � � (0.13 ) � 0.03 � � Net income (loss) $ 0.36 � $
(0.27 ) $ 2.00 � $ 1.66 � � Average common and potential common
shares outstanding � 206,933,281 � � 218,219,350 � � 209,699,471 �
� 221,219,746 � � � Note: The sum of the earnings per share amounts
may not equal the totals above due to rounding.
Pitney Bowes
Inc. Consolidated Balance Sheets
(Unaudited)
� � (Dollars in thousands, except per share data) �
Assets
12/31/08 09/30/08 Current assets: Cash and cash equivalents $
376,671 $ 458,786 Short-term investments 21,551 22,597 Accounts
receivable, less allowances:
12/08 $ 45,264
�
09/08 $47,871
�
�
�
819,667 829,963 Finance receivables, less allowances:
12/08 $ 45,932
�
09/08 $ 42,227
�
�
�
1,455,746 1,450,981 Inventories 161,321 204,606 Current income
taxes 79,909 76,633 Other current assets and prepayments � 202,151
� � 256,346 � � Total current assets 3,117,016 3,299,912 �
Property, plant and equipment, net 574,260 591,940 Rental property
and equipment, net 397,949 407,220 Long-term finance receivables,
less allowances:
12/08 $ 25,858
�
09/08 $ 26,189
�
�
�
1,419,964 1,459,957 Investment in leveraged leases 201,921 237,417
Goodwill 2,251,830 2,311,588 Intangible assets, net 375,822 411,086
Non-current income taxes 64,387 43,580 Other assets � 423,595 � �
611,678 � � Total assets $ 8,826,744 � $ 9,374,378 � �
Liabilities and stockholders'
equity
Current liabilities: Accounts payable and accrued liabilities $
1,922,399 $ 1,876,174 Current income taxes 103,663 159,939 Notes
payable and current portion of long-term obligations 770,501
985,196 Advance billings � 505,644 � � 547,401 � � Total current
liabilities 3,302,207 3,568,710 � Deferred taxes on income 278,351
453,640 FIN 48 uncertainties and other income tax liabilities
295,803 303,881 Long-term debt 3,940,775 3,872,580 Other
non-current liabilities � 823,322 � � 408,823 � � Total liabilities
� 8,640,458 � � 8,607,634 � � Preferred stockholders' equity in
subsidiaries � 374,165 � � 374,165 � � Stockholders' equity:
Cumulative preferred stock, $50 par value, 4% convertible 7 7
Cumulative preference stock, no par value, $2.12 convertible 976
977 Common stock, $1 par value 323,338 323,338 Capital in excess of
par value 259,306 253,993 Retained earnings 4,278,804 4,277,016
Accumulated other comprehensive loss (596,341 ) (7,112 ) Treasury
stock, at cost � (4,453,969 ) � (4,455,640 ) � Total stockholders'
equity � (187,879 ) � 392,579 � � Total liabilities and
stockholders' equity $ 8,826,744 � $ 9,374,378 �
Pitney Bowes
Inc. Revenue and EBIT Business Segments
December 31, 2008
(Unaudited)
� � � (Dollars in thousands)
% 2008 2007
Change
Fourth Quarter
�
Revenue
� U.S. Mailing $ 554,062 $ 570,231 (3 %) International Mailing
251,507 305,472 (18 %) Production Mail 176,897 196,306 (10 %)
Software � 103,680 � � 116,550 � (11 %) Mailstream Solutions �
1,086,146 � � 1,188,559 � (9 %) � Management Services 281,092
308,889 (9 %) Mail Services 141,901 119,511 19 % Marketing Services
� 43,450 � � 47,288 � (8 %) Mailstream Services � 466,443 � �
475,688 � (2 %) �
Total Revenue $ 1,552,589 �
$ 1,664,247 �
(7 %) �
EBIT (1)
� U.S. Mailing $ 228,335 $ 230,458 (1 %) International Mailing
42,147 45,946 (8 %) Production Mail 34,398 31,902 8 % Software �
12,373 � � 19,998 � (38 %) Mailstream Solutions � 317,253 � �
328,304 � (3 %) � Management Services 17,242 22,122 (22 %) Mail
Services 18,964 17,944 6 % Marketing Services � 4,285 � � 2,481 �
73 % Mailstream Services � 40,491 � � 42,547 � (5 %) �
Total
EBIT $ 357,744 $ 370,851 (4
%) � Unallocated amounts: Interest, net (48,986 ) (62,217 )
Corporate expense (60,842 ) (63,629 ) Restructuring charges and
asset impairments (115,117 ) (259,713 ) Other items � (5,712 ) �
(2,956 )
Income before income taxes $ 127,087
�
$
(17,664
) - � �
(1)
�
Earnings before interest and taxes (EBIT) excludes general
corporate expenses and restructuring charges and asset impairments.
Pitney Bowes Inc. Revenue and EBIT Business
Segments December 31, 2008
(Unaudited)
� � � (Dollars in thousands)
% 2008 2007
Change
Year To Date
�
Revenue
� U.S. Mailing $ 2,206,856 $ 2,364,061 (7 %) International Mailing
1,133,652 1,069,713 6 % Production Mail 616,255 622,699 (1 %)
Software � 399,814 � � 326,359 � 23 % Mailstream Solutions �
4,356,577 � � 4,382,832 � (1 %) � Management Services 1,172,170
1,134,767 3 % Mail Services 541,776 441,353 23 % Marketing Services
� 191,782 � � 170,843 � 12 % Mailstream Services � 1,905,728 � �
1,746,963 � 9 % �
Total Revenue $ 6,262,305 �
$ 6,129,795 �
2 % �
EBIT (1)
� U.S. Mailing $ 895,957 $ 964,666 (7 %) International Mailing
184,667 162,257 14 % Production Mail 81,514 74,364 10 % Software �
28,335 � � 37,031 � (23 %) Mailstream Solutions � 1,190,473 � �
1,238,318 � (4 %) � Management Services 70,173 76,051 (8 %) Mail
Services 68,800 56,416 22 % Marketing Services � 15,690 � � 8,930 �
76 % Mailstream Services � 154,663 � � 141,397 � 9 % �
Total
EBIT $ 1,345,136 $ 1,379,715
(3 %) � Unallocated amounts: Interest, net (216,450 )
(241,871 ) Corporate expense (209,543 ) (210,544 ) Restructuring
charges and asset impairments (200,254 ) (264,013 ) Other items �
(5,712 ) � (2,576 ) �
Income before income taxes $
713,177 �
$ 660,711 �
8 % � �
(1)
�
Earnings before interest and taxes (EBIT) excludes general
corporate expenses and restructuring charges and asset impairments.
Pitney Bowes Inc. Reconciliation of Reported Consolidated
Results to Adjusted Results (Unaudited) � � � (Dollars in
thousands, except per share amounts) � Three months ended December
31, Twelve months ended December 31, 2008 2007 2008 2007 � GAAP
income (loss) from continuing operations after income taxes, as
reported $ 92,926 $ (68,158 ) $ 447,493 $ 361,247 Restructuring
charges and asset impairments 82,347 190,156 144,210 192,628 Tax
adjustment (15,272 ) 32,461 (8,792 ) 36,063 MapInfo purchase
accounting - 2,094 322 11,171 Other items, net � - � � 233 � � - �
� 4 � Income from continuing operations after income taxes, as
adjusted $ 160,001 � $ 156,786 � $ 583,233 � $ 601,113 � � � GAAP
diluted earnings per share from continuing operations, as reported
$ 0.45 $ (0.31 ) $ 2.13 $ 1.63 Restructuring charges and asset
impairments 0.40 0.87 0.69 0.87 Tax adjustment (0.07 ) 0.15 (0.04 )
0.16 MapInfo purchase accounting - 0.01 0.00 0.05 Other items, net
� - � � 0.00 � � - � � 0.00 � Diluted earnings per share from
continuing operations, as adjusted $ 0.77 � $ 0.72 � $ 2.78 � $
2.72 � � � GAAP net cash provided by operating activities, as
reported $ 248,735 $ 363,700 $ 990,437 $ 1,060,465 Capital
expenditures (67,330 ) (62,643 ) (237,308 ) (264,656 ) Proceeds
from sale of training facility - 29,608 - 29,608 Restructuring
payments and discontinued operations 36,822 7,300 103,273 35,831
Loss on redemption of preferred stock issued by a subsidiary - -
(1,777 ) - Reserve account deposits � 16,742 � � 36,160 � � 33,359
� � 62,666 � � Free cash flow, as adjusted $ 234,969 � $ 374,125 �
$ 887,984 � $ 923,914 � � � Note: The sum of the earnings per share
amounts may not equal the totals above due to rounding.
Pitney Bowes (NYSE:PBI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Pitney Bowes (NYSE:PBI)
Historical Stock Chart
From Jul 2023 to Jul 2024