Financial News

Pitney Bowes Announces Fourth Quarter and Full Year 2022 Financial Results

Pitney Bowes (NYSE: PBI), a global shipping and mailing company that provides technology, logistics, and financial services, today announced its financial results for the fourth quarter and full year 2022.

“We have made important progress in the quarter against several initiatives that are key to our long-term objectives,” said Marc B. Lautenbach, President and Chief Executive Officer. “Although financial performance did not meet our expectations, we have seen significant improvements which lay the groundwork for future success. Our SendTech and Presort businesses continued to deliver a solid and predictable performance, reaping the benefits of the investments we have made in those businesses over the last several years. Importantly, our Financial Services business performed very well and Global Ecommerce made substantial progress in ramping network volumes, profitability, and service levels.”

Fourth Quarter Financial Highlights

  • Revenue in the quarter was $909 million, a decrease of 8 percent on a reported basis and flat on a comparable basis (1)
  • GAAP EPS was $0.04 and Adjusted EPS was $0.06 in the quarter versus $0.01 and $0.06, respectively, in fourth quarter 2021
  • Adjusted EBIT was $49 million compared to $38 million in third quarter 2022 and $47 million in fourth quarter 2021
  • GAAP cash from operating activities was $167 million; Free Cash Flow was $108 million
  • Cash and short-term investments were $681 million at the end of the year

(1) Comparable basis is defined in the “Business Segment Reporting” section of the press release

Fourth Quarter Business Highlights

  • Global Ecommerce processed 54 million in Domestic Parcel volume, ending the quarter with an annualized exit rate of approximately 200 million
  • Global Ecommerce gross margins improved 300 basis points versus prior year, but short of our expectations
  • Presort grew year-over-year revenues and expanded EBIT margins by 440 basis points versus third quarter 2022
  • SendTech shipping-related revenues grew 30 percent year-over-year

Full Year 2022 Financial Highlights

  • Revenue of $3.5 billion, a decrease of 4 percent on a reported basis and flat on a comparable basis
  • GAAP EPS was $0.21 in 2022 versus ($0.01) in 2021; Adjusted EPS was $0.15 in 2022 versus $0.32 in 2021
  • Adjusted EBIT was $179 million in 2022 compared to $203 million in 2021
  • GAAP cash from operating activities and Free Cash Flow were $176 million and $68 million, respectively

Full Year 2022 Business Highlights

  • Global Ecommerce processed Domestic Parcel volumes of 170 million, grew Domestic Parcel revenue 10 percent, and expanded unit margins by $0.34 versus prior year
  • Presort processed 16 billion pieces of mail and grew revenue by 5 percent
  • SendTech grew equipment sales by 4 percent on a constant currency basis and increased finance receivables by $44 million to $1.2 billion
  • SendTech introduced the Shipping 360 Platform and launched PitneyShip Pro, which helped drive shipping-related revenue growth of 22 percent

Earnings per share results are summarized in the table below

 

 

 

 

 

 

Fourth Quarter

Full Year

 

2022

2021

2022

2021

GAAP EPS

$0.04

$0.01

$0.21

($0.01)

Discontinued Operations

-

-

-

$0.03

GAAP EPS from Continuing Operations

$0.04

$0.01

$0.21

$0.02

Loss on Debt Redemption/Refinancing

-

-

$0.02

$0.24

Restructuring Charges

$0.03

$0.03

$0.08

$0.08

Gain on Sale of Assets

-

-

($0.06)

($0.01)

Gain on Sale of Businesses (1)

($0.01)

$0.01

($0.09)

($0.01)

Adjusted EPS (2)

$0.06

$0.06

$0.15

$0.32

(1) Includes transaction costs associated with sale of businesses

(2) The sum of the earnings per share may not equal the totals due to rounding.

Business Segment Reporting

We are presenting revenue growth on a comparable basis, which excludes three items, the impacts of foreign currency, the impact of the divestiture of the Borderfree business effective July 1, 2022, and the impact of a change in the presentation of revenue for certain services effective October 1, 2022, from a gross basis to net basis due to an adjustment in terms of one of our contracts with the United States Postal Service. This change in revenue presentation impacts both our Global Ecommerce and SendTech Solutions segments. The impacts of each of the above items on revenue can be found in the accompanying financial schedules.

Global Ecommerce

Global Ecommerce provides business to consumer logistics services for domestic and cross-border delivery, returns and fulfillment.

 

Fourth Quarter

($ millions)

2022

2021

% Change

Reported

% Change

Comparable

Basis

Revenue

$410

$473

(13%)

0%

EBITDA

($6)

($20)

72%

 

EBIT

($23)

($41)

43%

 

 

Full Year

($ millions)

2022

2021

% Change

Reported

% Change

Comparable

Basis

Revenue

$1,576

$1,703

(7%)

(2%)

EBITDA

($22)

($20)

(13%)

 

EBIT

($100)

($99)

(2%)

 

Continued improvement in Domestic Parcel was offset by weakness in Cross-border. Domestic Parcel volumes were 54 million in the quarter, growing 16 percent year-over-year. Domestic Parcel volume growth drove revenue growth on a comparable basis. Cross-border volumes and revenue declined due to continued pressure from a strong US Dollar and softer international ecommerce activity.

Domestic Parcel unit gross margin improved $0.21 versus third quarter 2022, driving higher segment margins. A higher-than-expected mix of light weight parcels received late in the quarter contributed to lower-than-expected profitability.

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.

 

Fourth Quarter

($ millions)

2022

2021

% Change

Reported

Revenue

$158

$156

1%

EBITDA

$37

$30

22%

EBIT

$29

$23

25%

 

Full Year

($ millions)

2022

2021

% Change

Reported

Revenue

$602

$573

5%

EBITDA

$110

$107

3%

EBIT

$82

$80

3%

Revenue growth in the quarter was driven by new client additions and higher revenue per piece. Growth was partially offset by lower volumes from existing clients.

EBIT margins in the fourth quarter improved 440 basis points sequentially and 360 basis points versus prior year, driven by higher revenue per piece and productivity gains from investments in automation.

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.

 

Fourth Quarter

($ millions)

2022

2021

% Change

Reported

% Change

Comparable

Basis

Revenue

$341

$354

(4%)

0%

EBITDA

$113

$116

(3%)

 

EBIT

$106

$109

(3%)

 

 

Full Year

($ millions)

2022

2021

% Change

Reported

% Change

Comparable

Basis

Revenue

$1,360

$1,398

(3%)

0%

EBITDA

$430

$459

(6%)

 

EBIT

$401

$429

(7%)

 

Revenue was flat compared to prior year on a comparable basis. Strong demand for our new mailing and shipping products drove growth in Equipment sales and Service Revenues in the quarter. Shipping-related revenues grew 30 percent. Financing revenue and Supplies sales declined in the quarter.

Full Year 2023 Guidance

We expect flat to mid-single digit percentage revenue growth on a comparable basis.

We also expect percentage EBIT growth to outpace revenue growth as GEC profitability continues to improve.

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 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

Our financial results are reported in accordance with generally accepted accounting principles (GAAP). We also disclose 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 comparable 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 the sale of assets, acquisitions and dispositions, goodwill impairment charges, losses on debt redemptions and refinancings and other unusual or one-time items. Management believes that these non-GAAP measures provide investors greater insight into the underlying operating trends of the business.

We disclose revenue growth on a comparable basis, which excludes three items. First, the comparison excludes the impacts of foreign currency. Second, we are excluding the impact of the divestiture of the Borderfree business effective July 1, 2022. Third, we are excluding the impact of a change in the presentation of revenue beginning in the fourth quarter of 2022, from a gross basis to net basis due to an adjustment in terms of one of our contracts with the United States Postal Service. The change in revenue presentation impacts both our Global Ecommerce and SendTech Solutions segments. The change in revenue presentation does not impact gross profit. Management believes that excluding these items provides investors with a better understanding of the underlying revenue performance.

Free cash flow adjusts cash flow 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. Management believes free cash flow provides investors better insight into the amount of cash 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, 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. While conditions related to the COVID-19 pandemic have improved, the pandemic continues to be dynamic, and near-term challenges across the economy remain and the effects that they may have on our, and our clients' businesses remain uncertain. Other factors which could cause future financial performance to differ materially from expectations 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 their performance under those contracts; our ability to continue to grow volumes, gain additional economies of scale and improve profitability within our Global Ecommerce segment; the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, to the company, our clients and retail consumers, and the loss of some of our larger clients in our Global Ecommerce and Presort Services segments; 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 during 2022. 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, 2022 and 2021, and consolidated balance sheets at December 31, 2022 and December 31, 2021 are attached.

 
Pitney Bowes Inc.
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
 
Three months ended December 31, Twelve months ended December 31,

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue:
Business services

$

582,674

 

$

645,814

 

$

2,249,941

 

$

2,334,674

 

Support services

 

112,572

 

 

113,622

 

 

438,191

 

 

460,888

 

Financing

 

67,424

 

 

71,217

 

 

274,508

 

 

294,418

 

Equipment sales

 

92,150

 

 

93,834

 

 

354,960

 

 

350,138

 

Supplies

 

37,425

 

 

40,348

 

 

154,186

 

 

159,438

 

Rentals

 

16,446

 

 

18,877

 

 

66,256

 

 

74,005

 

Total revenue

 

908,691

 

 

983,712

 

 

3,538,042

 

 

3,673,561

 

 
Costs and expenses:
Cost of business services

 

500,732

 

 

579,913

 

 

1,934,206

 

 

2,034,477

 

Cost of support services

 

37,366

 

 

37,060

 

 

148,829

 

 

149,706

 

Financing interest expense

 

13,962

 

 

11,690

 

 

51,789

 

 

47,059

 

Cost of equipment sales

 

65,662

 

 

66,292

 

 

253,843

 

 

251,914

 

Cost of supplies

 

10,704

 

 

11,597

 

 

43,778

 

 

43,980

 

Cost of rentals

 

6,053

 

 

5,487

 

 

25,105

 

 

24,427

 

Selling, general and administrative

 

226,571

 

 

224,847

 

 

905,570

 

 

924,163

 

Research and development

 

11,257

 

 

13,781

 

 

43,657

 

 

46,777

 

Restructuring charges

 

6,043

 

 

7,569

 

 

18,715

 

 

19,003

 

Interest expense, net

 

23,164

 

 

23,070

 

 

89,980

 

 

96,886

 

Other components of net pension and postretirement expense

 

1,079

 

 

302

 

 

4,308

 

 

1,010

 

Other (income) expense, net

 

(1,319

)

 

633

 

 

(21,618

)

 

41,574

 

Total costs and expenses

 

901,274

 

 

982,241

 

 

3,498,162

 

 

3,680,976

 

 
Income (loss) from continuing operations before taxes

 

7,417

 

 

1,471

 

 

39,880

 

 

(7,415

)

Provision (benefit) for income taxes

 

1,121

 

 

(320

)

 

2,940

 

 

(10,922

)

Income from continuing operations

 

6,296

 

 

1,791

 

 

36,940

 

 

3,507

 

Loss from discontinued operations, net of tax

 

-

 

 

(524

)

 

-

 

 

(4,858

)

Net income (loss)

$

6,296

 

$

1,267

 

$

36,940

 

$

(1,351

)

 
Basic earnings (loss) per share:
Continuing operations

$

0.04

 

$

0.01

 

$

0.21

 

$

0.02

 

Discontinued operations

 

-

 

 

-

 

 

-

 

 

(0.03

)

Net income (loss)

$

0.04

 

$

0.01

 

$

0.21

 

$

(0.01

)

 
Diluted earnings (loss) per share:
Continuing operations

$

0.04

 

$

0.01

 

$

0.21

 

$

0.02

 

Discontinued operations

 

-

 

 

-

 

 

-

 

 

(0.03

)

Net income (loss)

$

0.04

 

$

0.01

 

$

0.21

 

$

(0.01

)

 
Weighted-average shares used in diluted earnings per share

 

177,999

 

 

179,506

 

 

177,252

 

 

179,105

 

 
 
Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited; in thousands)
 
Assets December 31,

2022
December 31,

2021
Current assets:
Cash and cash equivalents

$

669,981

 

$

732,480

 

Short-term investments

 

11,172

 

 

14,440

 

Accounts and other receivables, net

 

343,557

 

 

334,630

 

Short-term finance receivables, net

 

564,972

 

 

560,680

 

Inventories

 

83,720

 

 

78,588

 

Current income taxes

 

8,790

 

 

13,894

 

Other current assets and prepayments

 

115,824

 

 

157,341

 

Total current assets

 

1,798,016

 

 

1,892,053

 

Property, plant and equipment, net

 

420,672

 

 

429,162

 

Rental property and equipment, net

 

27,487

 

 

34,774

 

Long-term finance receivables, net

 

627,124

 

 

587,427

 

Goodwill

 

1,066,951

 

 

1,135,103

 

Intangible assets, net

 

77,944

 

 

132,442

 

Operating lease assets

 

296,129

 

 

208,428

 

Noncurrent income taxes

 

47,662

 

 

68,398

 

Other assets

 

380,419

 

 

471,084

 

Total assets

$

4,742,404

 

$

4,958,871

 

 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued liabilities

$

907,083

 

$

922,543

 

Customer deposits at Pitney Bowes Bank

 

628,072

 

 

632,062

 

Current operating lease liabilities

 

52,576

 

 

40,299

 

Current portion of long-term debt

 

32,764

 

 

24,739

 

Advance billings

 

105,207

 

 

99,280

 

Current income taxes

 

3,150

 

 

9,017

 

Total current liabilities

 

1,728,852

 

 

1,727,940

 

Long-term debt

 

2,172,502

 

 

2,299,099

 

Deferred taxes on income

 

263,131

 

 

286,445

 

Tax uncertainties and other income tax liabilities

 

23,841

 

 

31,935

 

Noncurrent operating lease liabilities

 

265,696

 

 

192,092

 

Other noncurrent liabilities

 

227,729

 

 

308,728

 

Total liabilities

 

4,681,751

 

 

4,846,239

 

 
Stockholders' equity:
Common stock

 

323,338

 

 

323,338

 

Additional paid-in-capital

 

-

 

 

2,485

 

Retained earnings

 

5,125,677

 

 

5,169,270

 

Accumulated other comprehensive loss

 

(835,564

)

 

(780,312

)

Treasury stock, at cost

 

(4,552,798

)

 

(4,602,149

)

Total stockholders' equity

 

60,653

 

 

112,632

 

Total liabilities and stockholders' equity

$

4,742,404

 

$

4,958,871

 

 
 
Pitney Bowes Inc.
Business Segment Revenue
(Unaudited; in thousands)
 
 
Three months ended December 31, Twelve months ended December 31,

2022

 

2021

 

% Change

 

2022

 

2021

 

% Change

 
Global Ecommerce
Revenue, as reported

$

409,725

$

473,054

 

(13%)

$

1,576,348

$

1,702,580

 

(7%)

Impact of change in revenue presentation

 

(44,228

)

 

(44,228

)

Impact of Borderfree divestiture

 

(16,384

)

 

(30,024

)

Comparable revenue before currency (1)

 

409,725

 

412,442

 

(1%)

 

1,576,348

 

1,628,328

 

(3%)

Impact of currency on revenue

 

4,726

 

12,643

Comparable revenue

$

414,451

$

412,442

 

0%

$

1,588,991

$

1,628,328

 

(2%)

 
Presort Services
Revenue, as reported

$

157,714

$

156,439

 

1%

$

602,016

$

573,480

 

5%

Impact of currency on revenue

 

-

 

-

Revenue at constant currency

$

157,714

$

156,439

 

1%

 

602,016

$

573,480

 

5%

 
Sending Technology Solutions
Revenue, as reported

$

341,252

$

354,219

 

(4%)

$

1,359,678

$

1,397,501

 

(3%)

Impact of change in revenue presentation

 

(3,102

)

 

(3,102

)

Comparable revenue before currency (1)

 

341,252

 

351,117

 

(3%)

 

1,359,678

 

1,394,399

 

(2%)

Impact of currency on revenue

 

8,311

 

28,517

Comparable revenue

$

349,563

$

351,117

 

(0%)

$

1,388,195

$

1,394,399

 

(0%)

 
Consolidated
Revenue, as reported

$

908,691

$

983,712

 

(8%)

$

3,538,042

$

3,673,561

 

(4%)

Impact of change in revenue presentation

 

(47,330

)

 

(47,330

)

Impact of Borderfree divestiture

 

(16,384

)

 

(30,024

)

Comparable revenue before currency (1)

 

908,691

 

919,998

 

(1%)

 

3,538,042

 

3,596,207

 

(2%)

Impact of currency on revenue

 

13,037

 

41,160

Comparable revenue

$

921,728

$

919,998

 

0%

$

3,579,202

$

3,596,207

 

(0%)

 

(1)

Revenue on a comparable basis before currency for 2021 excludes the impact of the change in revenue presentation for certain services from a gross basis to net basis for the fourth quarter of 2021 and the revenue from the Borderfree business for the third and fourth quarters of 2021.
 
Pitney Bowes Inc.
Business Segment EBIT & EBITDA
(Unaudited; in thousands)
 
 
 
Three months ended December 31,

2022

2021

% change
EBIT (1) D&A EBITDA EBIT (1) D&A EBITDA EBIT EBITDA
 
Global Ecommerce

$

(22,906

)

$

17,390

$

(5,516

)

$

(40,516

)

$

20,957

$

(19,559

)

43

%

72

%

Presort Services

 

29,386

 

 

7,438

 

36,824

 

 

23,474

 

 

6,711

 

30,185

 

25

%

22

%

Sending Technology Solutions

 

105,535

 

 

7,330

 

112,865

 

 

108,874

 

 

7,116

 

115,990

 

(3

%)

(3

%)

Segment total

$

112,015

 

$

32,158

 

144,173

 

$

91,832

 

$

34,784

 

126,616

 

22

%

14

%

 
Reconciliation of Segment EBITDA to Net Income:
Segment depreciation and amortization

 

(32,158

)

 

(34,784

)

Unallocated corporate expenses

 

(62,748

)

 

(44,817

)

Restructuring charges

 

(6,043

)

 

(7,569

)

Gain (loss) on sale of businesses, including transaction costs

 

1,319

 

 

(2,582

)

Loss on debt redemption/refinancing

 

-

 

 

(633

)

Interest, net

 

(37,126

)

 

(34,760

)

(Provision) benefit for income taxes

 

(1,121

)

 

320

 

Income from continuing operations

 

6,296

 

 

1,791

 

Loss from discontinued operations, net of tax

 

-

 

 

(524

)

Net income

$

6,296

 

$

1,267

 

 
 
 
Twelve months ended December 31,

2022

2021

% change
EBIT (1) D&A EBITDA EBIT (1) D&A EBITDA EBIT EBITDA
 
Global Ecommerce

$

(100,308

)

$

78,296

$

(22,012

)

$

(98,673

)

$

79,128

$

(19,545

)

(2

%)

(13

%)

Presort Services

 

82,430

 

 

28,039

 

110,469

 

 

79,721

 

 

27,243

 

106,964

 

3

%

3

%

Sending Technology Solutions

 

400,909

 

 

29,489

 

430,398

 

 

429,415

 

 

29,951

 

459,366

 

(7

%)

(6

%)

Segment Total

$

383,031

 

$

135,824

 

518,855

 

$

410,463

 

$

136,322

 

546,785

 

(7

%)

(5

%)

 
Reconciliation of Segment EBITDA to Net Income (Loss):
Segment depreciation and amortization

 

(135,824

)

 

(136,322

)

Unallocated corporate expenses

 

(204,251

)

 

(207,774

)

Restructuring charges

 

(18,715

)

 

(19,003

)

Gain on sale of assets

 

14,372

 

 

1,434

 

Gain on sale of business, including transaction costs

 

12,205

 

 

7,619

 

Loss on debt redemption/refinancing

 

(4,993

)

 

(56,209

)

Interest, net

 

(141,769

)

 

(143,945

)

(Provision) benefit for income taxes

 

(2,940

)

 

10,922

 

Income from continuing operations

 

36,940

 

 

3,507

 

Loss from discontinued operations, net of tax

 

-

 

 

(4,858

)

Net income (loss)

$

36,940

 

$

(1,351

)

(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 $1 million and $10 million for the three and twelve months ended December 31, 2022, respectively.
 
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited; in thousands, except per share amounts)
 
Three months ended

December 31,
Twelve months ended

December 31,

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 
Reconciliation of reported net income (loss) to adjusted EBIT and EBITDA
Net income (loss)

$

6,296

 

$

1,267

 

$

36,940

 

$

(1,351

)

Loss from discontinued operations, net of tax

 

-

 

 

524

 

 

-

 

 

4,858

 

Provision (benefit) for income taxes

 

1,121

 

 

(320

)

 

2,940

 

 

(10,922

)

Income (loss) from continuing operations before taxes

 

7,417

 

 

1,471

 

 

39,880

 

 

(7,415

)

Restructuring charges

 

6,043

 

 

7,569

 

 

18,715

 

 

19,003

 

Gain on sale of assets

 

-

 

 

-

 

 

(14,372

)

 

(1,434

)

(Gain) loss on sale of businesses, including transaction costs

 

(1,319

)

 

2,582

 

 

(12,205

)

 

(7,619

)

Loss on debt redemption/refinancing

 

-

 

 

633

 

 

4,993

 

 

56,209

 

Adjusted net income before tax

 

12,141

 

 

12,255

 

 

37,011

 

 

58,744

 

Interest, net

 

37,126

 

 

34,760

 

 

141,769

 

 

143,945

 

Adjusted EBIT

 

49,267

 

 

47,015

 

 

178,780

 

 

202,689

 

Depreciation and amortization

 

39,064

 

 

41,634

 

 

163,816

 

 

162,859

 

Adjusted EBITDA

$

88,331

 

$

88,649

 

$

342,596

 

$

365,548

 

 
Reconciliation of reported diluted earnings (loss) per share to adjusted diluted earnings per share
Diluted earnings (loss) per share

$

0.04

 

$

0.01

 

$

0.21

 

$

(0.01

)

Restructuring charges

 

0.03

 

 

0.03

 

 

0.08

 

 

0.08

 

Gain on sale of assets

 

-

 

 

-

 

 

(0.06

)

 

(0.01

)

(Gain) loss on sale of businesses, including transaction costs

 

(0.01

)

 

0.01

 

 

(0.09

)

 

(0.01

)

Loss on debt redemption/refinancing

 

-

 

 

-

 

 

0.02

 

 

0.24

 

Loss from discontinued operations, net of tax

 

-

 

 

-

 

 

-

 

 

0.03

 

Adjusted diluted earnings per share (1)

$

0.06

 

$

0.06

 

$

0.15

 

$

0.32

 

 
(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

$

166,754

 

$

85,341

 

$

175,983

 

$

301,515

 

Capital expenditures

 

(27,307

)

 

(43,135

)

 

(124,840

)

 

(184,042

)

Restructuring payments

 

3,645

 

 

7,143

 

 

15,406

 

 

21,990

 

Change in customer deposits at PB Bank

 

(35,349

)

 

(10,650

)

 

(3,990

)

 

14,862

 

Transaction costs paid

 

379

 

 

-

 

 

5,779

 

 

-

 

Free cash flow

$

108,122

 

$

38,699

 

$

68,338

 

$

154,325

 

 

 

Contacts

Editorial -

Bill Hughes

Chief Communications Officer

203.351.6785



Financial -

Ned Zachar, CFA

VP, Investor Relations

203.614.1092



Alex Brown

Senior Manager, Investor Relations

203.351.7639

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.

Use the myMotherLode.com Keyword Search to go straight to a specific page

Popular Pages

  • Local News
  • US News
  • Weather
  • State News
  • Events
  • Traffic
  • Sports
  • Dining Guide
  • Real Estate
  • Classifieds
  • Financial News
  • Fire Info
Feedback