Pitney Bowes Announces Third Quarter 2022 Financial Results
STAMFORD, Conn.--(BUSINESS WIRE)--Nov 1, 2022--
Pitney Bowes (NYSE: PBI), a global shipping and mailing company that provides technology, logistics, and financial services, today announced its financial results for the third quarter 2022.
“We continue to successfully navigate the cross-currents in the global economy and remain singularly focused on emerging from this environment in a stronger position,” said Marc B. Lautenbach, President and CEO, Pitney Bowes. “Similar to last quarter, SendTech and Presort both grew on a constant currency basis and Global Ecommerce declined as a result of international macroeconomic challenges, including US dollar strength. The resilience of SendTech and Presort will serve us well going forward and the improved service levels we are seeing in our Domestic Parcel network within Global Ecommerce will drive substantial volume and margin expansion.”
Third Quarter Financial Highlights
- Revenue in the quarter was $831 million, a decrease of 5 percent on a reported basis and 4 percent, constant currency, versus the comparable quarter in 2021
- GAAP EPS was $0.03 and Adjusted EPS was $0.00 in the quarter versus $0.05 and $0.08, respectively, in third quarter 2021
- Adjusted EBIT was $38 million compared to $39 million in second quarter 2022 and a decline of $12 million on a year-over-year basis
- GAAP cash from operating activities in the quarter was a net use of $36 million
- Free cash flow was a net use of $16 million versus a net source of $30 million in third quarter 2021; the year-over-year decline was driven by changes in working capital and lower net income partially offset by lower capital expenditures and an increase in customer deposits
- Cash and short-term investments were $607 million at the end of the quarter
Third Quarter Business Highlights
- Domestic Parcel revenue grew by 2 percent with improved gross margins despite lower volumes
- Presort revenue grew 4 percent on a year-over-year basis and with a 500 basis point EBIT margin improvement relative to second quarter 2022
- SendTech revenue grew on a constant currency basis driven by high-teens growth in shipping-related revenues
- Equipment revenue and financial receivables both grew year-over-year
Earnings per share results are summarized in the table below
| Third Quarter | |||
| 2022 |
| 2021 | |
GAAP EPS | $0.03 |
| $0.05 | |
Discontinued Operations | - |
| - | |
GAAP EPS from Continuing Operations | $0.03 |
| $0.05 | |
Restructuring Charges | $0.02 |
| $0.02 | |
Gain on Sale of Businesses | ($0.05) |
| - | |
Loss on Debt Redemption | - |
| $0.01 | |
Adjusted EPS | $0.00 |
| $0.08 |
* The sum of the earnings per share may not equal the totals due to rounding. |
Business Segment Reporting
Global Ecommerce
Global Ecommerce provides business to consumer logistics services for domestic and cross-border delivery, returns and fulfillment.
| Third Quarter | |||||||
($ millions) | 2022 |
| 2021 |
| % Change Reported |
| % Change Ex Currency | |
Revenue | $354 |
| $398 |
| (11%) |
| (10%) | |
EBITDA | ($17) |
| $0 |
| >(100%) |
|
| |
EBIT | ($35) |
| ($21) |
| (66%) |
|
|
The segment revenue decline was largely driven by lower volumes, especially Cross-border, where US Dollar strength is pressuring international ecommerce activity. Domestic Parcel volumes were 36 million in the quarter, 4 million lower compared to prior year, with revenues increasing 2 percent driven by better per parcel yields.
Decreases in segment margins were the result of lower volumes in Cross-border and Digital Shipping Solutions, offset by modest improvements in Domestic Parcel.
Presort Services
Presort Services provides sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter.
| Third Quarter | |||||||
($ millions) | 2022 |
| 2021 |
| % Change Reported |
| % Change Ex Currency | |
Revenue | $145 |
| $139 |
| 4% |
| 4% | |
EBITDA | $28 |
| $27 |
| 2% |
|
| |
EBIT | $21 |
| $21 |
| (2%) |
|
|
Revenue growth was driven by better revenue per piece and new client additions which was partially offset by lower volumes from existing clients.
EBIT margins improved 500 basis points sequentially to 14%, primarily from higher revenue per piece and productivity gains.
SendTech Solutions
Sending Technology Solutions offers physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications for small and medium businesses, retail, enterprise, and government clients around the world to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.
| Third Quarter | |||||||
($ millions) | 2022 |
| 2021 |
| % Change Reported |
| % Change Ex Currency | |
Revenue | $332 |
| $338 |
| (2%) |
| 1% | |
EBITDA | $102 |
| $107 |
| (4%) |
|
| |
EBIT | $95 |
| $99 |
| (4%) |
|
|
Better year-over-year Equipment sales and a strong increase in Business Services revenues largely offset lower Finance and Support Services. Equipment sales and Business Services revenue continued to benefit from new mailing products and shipping solutions. Shipping-related revenues experienced high-teens percent growth on a year-over-year basis.
EBITDA and EBIT declined as a result of lower, high-margin Finance and Service revenues.
Full Year 2022 Guidance
The Company is reaffirming the previously communicated revenue and EBIT guidance. The Company expects full year revenue (constant currency) to range from a low-single digit percentage decline to a low single digit percentage increase. The Company also expects full year EBIT to range from a high-single digit percentage decline to a mid-single digit percentage increase.
The Company also expects positive free cash flow for full year 2022.
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. EDT. 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 shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small business, retail, enterprise, and government clients around the world rely on Pitney Bowes to remove the complexity of sending mail and parcels. For additional information, visit: 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.
Adjusted EBIT, Adjusted EBITDA and Adjusted EPS exclude the impact of discontinued operations, restructuring charges, gains, losses and costs related to acquisitions and dispositions, asset and goodwill impairment charges, and other unusual or one-time items. Such items are often inconsistent in amount and frequency and as such, the Company believes that these 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. We believe that excluding the impacts of currency exchange rates provides investors a better understanding of the underlying revenue performance.
Free cash flow adjusts cash from operations calculated in accordance with GAAP for discontinued operations, capital expenditures, restructuring payments, changes in customer deposits held at the Pitney Bowes Bank and other special items. The Company reports free cash flow to provide investors insight into the amount of cash that management could have available for other discretionary uses.
Segment EBIT is the primary measure of profitability and operational performance at the segment level and is determined by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, unallocated corporate expenses, restructuring charges, asset and goodwill impairment charges, and other items not allocated to a segment. The Company also reports segment EBITDA as an additional useful measure of segment profitability and operational performance.
Complete reconciliations of non-GAAP measures to comparable GAAP measures can be found in the attached financial schedules and at the Company's web site at 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 future revenue and earnings guidance and 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. In particular, we continue to navigate the impacts of the Covid-19 pandemic (Covid-19) as well as the risk of a global recession, and the effects that they may have on our, and our client’s business. Other factors which could cause future financial performance to differ materially from expectations, and which may also be exacerbated by Covid-19 or the risk of a global recession or a negative change in the economy, include, without limitation, declining physical mail volumes; changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; the loss of, or significant changes to, United States Postal Service (USPS) commercial programs, or our contractual relationships with the USPS or USPS' performance under those contracts; our ability to continue to grow and manage volumes, gain additional economies of scale and improve profitability within our Global Ecommerce segment; changes in labor and transportation availability and costs; and other factors as more fully outlined in the Company's 2021 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 nine months ended September 30, 2022 and 2021, and consolidated balance sheets at September 30, 2022 and December 31, 2021 are attached.
| Pitney Bowes Inc. | ||||||||||||||||
| Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited; in thousands, except per share amounts) | ||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2022 |
|
| 2021 |
|
| 2022 |
|
| 2021 |
| |||||
| Revenue: | ||||||||||||||||
| Business services | $ | 518,405 |
| $ | 551,384 |
| $ | 1,667,267 |
| $ | 1,688,860 |
| ||||
| Support services |
| 107,642 |
|
| 113,413 |
|
| 325,619 |
|
| 347,266 |
| ||||
| Financing |
| 67,757 |
|
| 71,936 |
|
| 207,084 |
|
| 223,201 |
| ||||
| Equipment sales |
| 83,528 |
|
| 83,234 |
|
| 262,810 |
|
| 256,304 |
| ||||
| Supplies |
| 37,455 |
|
| 38,211 |
|
| 116,761 |
|
| 119,090 |
| ||||
| Rentals |
| 16,127 |
|
| 17,271 |
|
| 49,810 |
|
| 55,128 |
| ||||
| Total revenue |
| 830,914 |
|
| 875,449 |
|
| 2,629,351 |
|
| 2,689,849 |
| ||||
| Costs and expenses: | ||||||||||||||||
| Cost of business services |
| 452,715 |
|
| 472,216 |
|
| 1,433,474 |
|
| 1,454,564 |
| ||||
| Cost of support services |
| 36,618 |
|
| 38,250 |
|
| 111,463 |
|
| 112,646 |
| ||||
| Financing interest expense |
| 13,692 |
|
| 11,710 |
|
| 37,827 |
|
| 35,369 |
| ||||
| Cost of equipment sales |
| 60,595 |
|
| 62,221 |
|
| 188,181 |
|
| 185,622 |
| ||||
| Cost of supplies |
| 10,529 |
|
| 10,705 |
|
| 33,074 |
|
| 32,383 |
| ||||
| Cost of rentals |
| 6,270 |
|
| 6,480 |
|
| 19,052 |
|
| 18,940 |
| ||||
| Selling, general and administrative |
| 209,576 |
|
| 225,024 |
|
| 678,999 |
|
| 699,316 |
| ||||
| Research and development |
| 9,812 |
|
| 10,621 |
|
| 32,400 |
|
| 32,996 |
| ||||
| Restructuring charges |
| 4,264 |
|
| 3,701 |
|
| 12,672 |
|
| 11,434 |
| ||||
| Interest expense, net |
| 23,685 |
|
| 24,312 |
|
| 66,816 |
|
| 73,816 |
| ||||
| Other components of net pension and postretirement expense |
| 1,427 |
|
| 46 |
|
| 3,229 |
|
| 708 |
| ||||
| Other (income) expense, net |
| (8,398 | ) |
| 3,193 |
|
| (20,299 | ) |
| 40,941 |
| ||||
| Total costs and expenses |
| 820,785 |
|
| 868,479 |
|
| 2,596,888 |
|
| 2,698,735 |
| ||||
| Income (loss) from continuing operations before taxes |
| 10,129 |
|
| 6,970 |
|
| 32,463 |
|
| (8,886 | ) | ||||
| Provision (benefit) for income taxes |
| 4,642 |
|
| (1,525 | ) |
| 1,819 |
|
| (10,602 | ) | ||||
| Income from continuing operations |
| 5,487 |
|
| 8,495 |
|
| 30,644 |
|
| 1,716 |
| ||||
| Income (loss) from discontinued operations, net of tax |
| - |
|
| 572 |
|
| - |
|
| (4,334 | ) | ||||
| Net income (loss) | $ | 5,487 |
| $ | 9,067 |
| $ | 30,644 |
| $ | (2,618 | ) | ||||
| Basic earnings (loss) per share: | ||||||||||||||||
| Continuing operations | $ | 0.03 |
| $ | 0.05 |
| $ | 0.18 |
| $ | 0.01 |
| ||||
| Discontinued operations |
| - |
|
| - |
|
| - |
|
| (0.02 | ) | ||||
| Net income (loss) | $ | 0.03 |
| $ | 0.05 |
| $ | 0.18 |
| $ | (0.02 | ) | ||||
| Diluted earnings (loss) per share: | ||||||||||||||||
| Continuing operations | $ | 0.03 |
| $ | 0.05 |
| $ | 0.17 |
| $ | 0.01 |
| ||||
| Discontinued operations |
| - |
|
| - |
|
| - |
|
| (0.02 | ) | ||||
| Net income (loss) | $ | 0.03 |
| $ | 0.05 |
| $ | 0.17 |
| $ | (0.02 | ) | ||||
| Weighted-average shares used in diluted earnings per share |
| 176,966 |
|
| 179,409 |
|
| 177,418 |
|
| 178,949 |
| ||||
(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) | ||||||||
| Assets | September 30, 2022 | December 31, 2021 | ||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 596,647 |
| $ | 732,480 |
| ||
| Short-term investments |
| 10,014 |
|
| 14,440 |
| ||
| Accounts and other receivables, net |
| 287,751 |
|
| 334,630 |
| ||
| Short-term finance receivables, net |
| 551,476 |
|
| 560,680 |
| ||
| Inventories |
| 89,946 |
|
| 78,588 |
| ||
| Current income taxes |
| 27,442 |
|
| 13,894 |
| ||
| Other current assets and prepayments |
| 146,636 |
|
| 157,341 |
| ||
| Total current assets |
| 1,709,912 |
|
| 1,892,053 |
| ||
| Property, plant and equipment, net |
| 427,958 |
|
| 429,162 |
| ||
| Rental property and equipment, net |
| 28,451 |
|
| 34,774 |
| ||
| Long-term finance receivables, net |
| 597,198 |
|
| 587,427 |
| ||
| Goodwill |
| 1,045,940 |
|
| 1,135,103 |
| ||
| Intangible assets, net |
| 79,399 |
|
| 132,442 |
| ||
| Operating lease assets |
| 259,248 |
|
| 208,428 |
| ||
| Noncurrent income taxes |
| 56,339 |
|
| 68,398 |
| ||
| Other assets |
| 388,704 |
|
| 471,084 |
| ||
| Total assets | $ | 4,593,149 |
| $ | 4,958,871 |
| ||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | 766,170 |
| $ | 922,543 |
| ||
| Customer deposits at Pitney Bowes Bank |
| 663,420 |
|
| 632,062 |
| ||
| Current operating lease liabilities |
| 45,761 |
|
| 40,299 |
| ||
| Current portion of long-term debt |
| 27,133 |
|
| 24,739 |
| ||
| Advance billings |
| 94,100 |
|
| 99,280 |
| ||
| Current income taxes |
| 2,051 |
|
| 9,017 |
| ||
| Total current liabilities |
| 1,598,635 |
|
| 1,727,940 |
| ||
| Long-term debt |
| 2,189,566 |
|
| 2,299,099 |
| ||
| Deferred taxes on income |
| 273,455 |
|
| 286,445 |
| ||
| Tax uncertainties and other income tax liabilities |
| 31,566 |
|
| 31,935 |
| ||
| Noncurrent operating lease liabilities |
| 239,788 |
|
| 192,092 |
| ||
| Other noncurrent liabilities |
| 268,415 |
|
| 308,728 |
| ||
| Total liabilities |
| 4,601,425 |
|
| 4,846,239 |
| ||
| Stockholders' equity: | ||||||||
| Common stock |
| 323,338 |
|
| 323,338 |
| ||
| Additional paid-in-capital |
| - |
|
| 2,485 |
| ||
| Retained earnings |
| 5,128,030 |
|
| 5,169,270 |
| ||
| Accumulated other comprehensive loss |
| (905,453 | ) |
| (780,312 | ) | ||
| Treasury stock, at cost |
| (4,554,191 | ) |
| (4,602,149 | ) | ||
| Total stockholders' (deficit) equity |
| (8,276 | ) |
| 112,632 |
| ||
| Total liabilities and stockholders' equity | $ | 4,593,149 |
| $ | 4,958,871 |
| ||
| Pitney Bowes Inc. | |||||||||||||||||||
| Business Segment Revenue | |||||||||||||||||||
| (Unaudited; in thousands) | |||||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||
2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||
| Global Ecommerce | $ | 354,326 | $ | 398,011 | (11 | %) | $ | 1,166,623 | $ | 1,229,526 | (5 | %) | |||||||
| Presort Services |
| 144,824 |
| 139,296 | 4 | % |
| 444,302 |
| 417,041 | 7 | % | |||||||
| Sending Technology Solutions |
| 331,764 |
| 338,142 | (2 | %) |
| 1,018,426 |
| 1,043,282 | (2 | %) | |||||||
| Total revenue - GAAP |
| 830,914 |
| 875,449 | (5 | %) |
| 2,629,351 |
| 2,689,849 | (2 | %) | |||||||
| Currency impact on revenue |
| 13,354 |
| - |
| 28,123 |
| - | |||||||||||
| Revenue, at constant currency | $ | 844,268 | $ | 875,449 | (4 | %) | $ | 2,657,474 | $ | 2,689,849 | (1 | %) |
| Pitney Bowes Inc. | |||||||||||||||||||||||||||
| Business Segment EBIT & EBITDA | |||||||||||||||||||||||||||
| (Unaudited; in thousands) | |||||||||||||||||||||||||||
| Three months ended September 30, | |||||||||||||||||||||||||||
2022 | 2021 | % change | |||||||||||||||||||||||||
EBIT (1) |
| D&A |
| EBITDA |
| EBIT (1) |
| D&A |
| EBITDA |
| EBIT |
| EBITDA | |||||||||||||
| Global Ecommerce | $ | (34,881 | ) | $ | 17,982 | $ | (16,899 | ) | $ | (20,950 | ) | $ | 20,935 | $ | (15 | ) | (66 | %) | >(100 | %) | |||||||
| Presort Services |
| 20,561 |
|
| 7,182 |
| 27,743 |
|
| 21,062 |
|
| 6,235 |
| 27,297 |
| (2 | %) | 2 | % | |||||||
| Sending Technology Solutions |
| 95,234 |
|
| 7,248 |
| 102,482 |
|
| 98,950 |
|
| 7,694 |
| 106,644 |
| (4 | %) | (4 | %) | |||||||
| Segment total | $ | 80,914 |
| $ | 32,412 |
| 113,326 |
| $ | 99,062 |
| $ | 34,864 |
| 133,926 |
| (18 | %) | (15 | %) | |||||||
| Reconciliation of Segment EBITDA to Net Income: | |||||||||||||||||||||||||||
| Segment depreciation and amortization |
| (32,412 | ) |
| (34,864 | ) | |||||||||||||||||||||
| Unallocated corporate expenses |
| (42,908 | ) |
| (49,176 | ) | |||||||||||||||||||||
| Restructuring charges |
| (4,264 | ) |
| (3,701 | ) | |||||||||||||||||||||
| Gain on sale of business |
| 13,764 |
|
| - |
| |||||||||||||||||||||
| Loss on debt refinancing |
| - |
|
| (3,193 | ) | |||||||||||||||||||||
| Interest, net |
| (37,377 | ) |
| (36,022 | ) | |||||||||||||||||||||
| (Provision) benefit for income taxes |
| (4,642 | ) |
| 1,525 |
| |||||||||||||||||||||
| Income from continuing operations |
| 5,487 |
|
| 8,495 |
| |||||||||||||||||||||
| Income from discontinued operations, net of tax |
| - |
|
| 572 |
| |||||||||||||||||||||
| Net income | $ | 5,487 |
| $ | 9,067 |
| |||||||||||||||||||||
| Nine months ended September 30, | |||||||||||||||||||||||||||
2022 | 2021 | % change | |||||||||||||||||||||||||
EBIT (1) |
| D&A |
| EBITDA |
| EBIT (1) |
| D&A |
| EBITDA |
| EBIT |
| EBITDA | |||||||||||||
| Global Ecommerce | $ | (77,402 | ) | $ | 60,906 | $ | (16,496 | ) | $ | (58,157 | ) | $ | 58,171 | $ | 14 |
| (33 | %) | >(100 | %) | |||||||
| Presort Services |
| 53,044 |
|
| 20,601 |
| 73,645 |
|
| 56,247 |
|
| 20,532 |
| 76,779 |
| (6 | %) | (4 | %) | |||||||
| Sending Technology Solutions |
| 295,374 |
|
| 22,159 |
| 317,533 |
|
| 320,541 |
|
| 22,835 |
| 343,376 |
| (8 | %) | (8 | %) | |||||||
| Segment Total | $ | 271,016 |
| $ | 103,666 |
| 374,682 |
| $ | 318,631 |
| $ | 101,538 |
| 420,169 |
| (15 | %) | (11 | %) | |||||||
| Reconciliation of Segment EBITDA to Net Income (Loss): | |||||||||||||||||||||||||||
| Segment depreciation and amortization |
| (103,666 | ) |
| (101,538 | ) | |||||||||||||||||||||
| Unallocated corporate expenses |
| (141,537 | ) |
| (162,957 | ) | |||||||||||||||||||||
| Restructuring charges |
| (12,672 | ) |
| (11,434 | ) | |||||||||||||||||||||
| Gain on sale of assets |
| 14,372 |
|
| 1,434 |
| |||||||||||||||||||||
| Gain on sale of business, including transaction costs |
| 10,920 |
|
| 10,201 |
| |||||||||||||||||||||
| Loss on debt redemption/refinancing |
| (4,993 | ) |
| (55,576 | ) | |||||||||||||||||||||
| Interest, net |
| (104,643 | ) |
| (109,185 | ) | |||||||||||||||||||||
| (Provision) benefit for income taxes |
| (1,819 | ) |
| 10,602 |
| |||||||||||||||||||||
| Income from continuing operations |
| 30,644 |
|
| 1,716 |
| |||||||||||||||||||||
| Loss from discontinued operations, net of tax |
| - |
|
| (4,334 | ) | |||||||||||||||||||||
| Net income (loss) | $ | 30,644 |
| $ | (2,618 | ) | |||||||||||||||||||||
(1) | Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment. In 2022, we refined the methodology for allocating transportation costs between Global Ecommerce and Presort Services, resulting in an increase in Global Ecommerce EBIT and a corresponding decrease in Presort Services EBIT of $3 million and $9 million for the three and nine months ended September 30, 2022, respectively. |
| Pitney Bowes Inc. | ||||||||||||||||
| Reconciliation of Reported Consolidated Results to Adjusted Results | ||||||||||||||||
| (Unaudited; in thousands, except per share amounts) | ||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
| Reconciliation of reported net income (loss) to adjusted EBIT and EBITDA | ||||||||||||||||
| Net income (loss) | $ | 5,487 |
| $ | 9,067 |
| $ | 30,644 |
| $ | (2,618 | ) | ||||
| (Income) loss from discontinued operations, net of tax |
| - |
|
| (572 | ) |
| - |
|
| 4,334 |
| ||||
| Provision (benefit) for income taxes |
| 4,642 |
|
| (1,525 | ) |
| 1,819 |
|
| (10,602 | ) | ||||
| Income (loss) from continuing operations before taxes |
| 10,129 |
|
| 6,970 |
|
| 32,463 |
|
| (8,886 | ) | ||||
| Restructuring charges |
| 4,264 |
|
| 3,701 |
|
| 12,672 |
|
| 11,434 |
| ||||
| Gain on sale of assets |
| - |
|
| - |
|
| (14,372 | ) |
| (1,434 | ) | ||||
| Gain on sale of business, including transaction costs |
| (13,764 | ) |
| - |
|
| (10,920 | ) |
| (10,201 | ) | ||||
| Loss on debt redemption/refinancing |
| - |
|
| 3,193 |
|
| 4,993 |
|
| 55,576 |
| ||||
| Adjusted net income before tax |
| 629 |
|
| 13,864 |
|
| 24,836 |
|
| 46,489 |
| ||||
| Interest, net |
| 37,377 |
|
| 36,022 |
|
| 104,643 |
|
| 109,185 |
| ||||
| Adjusted EBIT |
| 38,006 |
|
| 49,886 |
|
| 129,479 |
|
| 155,674 |
| ||||
| Depreciation and amortization |
| 39,280 |
|
| 41,809 |
|
| 124,752 |
|
| 121,225 |
| ||||
| Adjusted EBITDA | $ | 77,286 |
| $ | 91,695 |
| $ | 254,231 |
| $ | 276,899 |
| ||||
| Reconciliation of reported diluted earnings (loss) per share to adjusted diluted earnings per share | ||||||||||||||||
| Diluted earnings (loss) per share | $ | 0.03 |
| $ | 0.05 |
| $ | 0.17 |
| $ | (0.02 | ) | ||||
| Loss from discontinued operations, net of tax |
| - |
|
| - |
|
| - |
|
| 0.02 |
| ||||
| Restructuring charges |
| 0.02 |
|
| 0.02 |
|
| 0.05 |
|
| 0.05 |
| ||||
| Gain on sale of assets |
| - |
|
| - |
|
| (0.06 | ) |
| (0.01 | ) | ||||
| Gain on sale of business, including transaction costs |
| (0.05 | ) |
| - |
|
| (0.09 | ) |
| (0.02 | ) | ||||
| Loss on debt redemption/refinancing |
| - |
|
| 0.01 |
|
| 0.02 |
|
| 0.23 |
| ||||
| Adjusted diluted earnings per share (1) | $ | (0.00 | ) | $ | 0.08 |
| $ | 0.10 |
| $ | 0.26 |
| ||||
| (1) 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 from operating activities | $ | (36,465 | ) | $ | 71,446 |
| $ | 9,229 |
| $ | 216,174 |
| ||||
| Capital expenditures |
| (33,359 | ) |
| (57,204 | ) |
| (97,533 | ) |
| (140,907 | ) | ||||
| Restructuring payments |
| 3,506 |
|
| 6,023 |
|
| 11,761 |
|
| 14,847 |
| ||||
| Change in customer deposits at PB Bank |
| 47,271 |
|
| 9,879 |
|
| 31,359 |
|
| 25,512 |
| ||||
| Transaction costs paid |
| 3,268 |
|
| - |
|
| 5,400 |
|
| - |
| ||||
| Free cash flow | $ | (15,779 | ) | $ | 30,144 |
| $ | (39,784 | ) | $ | 115,626 |
View source version on businesswire.com:https://www.businesswire.com/news/home/20221031005756/en/
CONTACT: Editorial -
Bill Hughes
Chief Communications Officer
203.351.6785Financial -
Ned Zachar, CFA
VP, Investor Relations
203.614.1092Alex Brown
Senior Manager, Investor Relations
203.351.7639
KEYWORD: CONNECTICUT UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES SMALL BUSINESS PROFESSIONAL SERVICES LOGISTICS/SUPPLY CHAIN MANAGEMENT TRANSPORT RETAIL DELIVERY SERVICES BUSINESS
SOURCE: Pitney Bowes Inc.
Copyright Business Wire 2022.
