Pitney Bowes Announces Fourth Quarter and Full Year 2023 Financial Results

STAMFORD, Conn.--()--Pitney Bowes (NYSE: PBI) (“Pitney Bowes” or the “Company”), 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 of 2023.

Jason Dies, Interim Chief Executive Officer, commented:

“Pitney Bowes is beginning 2024 with positive momentum and a strong set of go-forward priorities following a productive fourth quarter. At the enterprise level, we are on track with our cost reduction and restructuring efforts after increasing targets late last year. Our SendTech and Presort segments again delivered solid profit increases and margin expansion in the fourth quarter, reflecting continued focus on both productivity and revenue growth initiatives. Global Ecommerce delivered improved profitability year-over-year and sequentially in the fourth quarter, demonstrating the value of our network in peak and on a go forward basis. We are continuing to take actions and review options to realize the value of this segment. Importantly, as we look ahead in 2024, we will continue to operate with intensity and prioritize actions that support a shift into shipping solutions and our specific growth goals in SaaS shipping technology.”

Fourth Quarter Financial Highlights

  • Revenue in the quarter was $872 million, a decrease of 4 percent on both a reported and comparable basis versus prior year (1)
  • GAAP EPS was a loss of $1.27 compared to GAAP EPS of $0.04 in fourth quarter 2022; Adjusted EPS was $0.07 compared to $0.06 in the prior year
  • GAAP EPS includes a loss of $1.24 for a non-cash goodwill impairment charge related to the Global Ecommerce segment and $0.08 for restructuring charges
  • GAAP cash from operating activities was $94 million in the quarter and Free Cash Flow was $78 million
  • Progressing well and on target with previously communicated cost reduction and restructuring efforts
  • Cash and short-term investments were $623 million at year-end

Full Year Financial Highlights

  • Revenue was $3.3 billion, a decrease of 8 percent on a reported basis and 3 percent on a comparable basis versus 2022 (1)
  • GAAP EPS was a loss of $2.20 and Adjusted EPS was $0.04
  • GAAP EPS includes a loss of $1.91 for non-cash goodwill impairment charges related to the Global Ecommerce segment and $0.26 for restructuring charges
  • GAAP cash from operating activities was $79 million and Free Cash Flow was $22 million
  • Reduced total debt by $59 million and refinanced our 2024 notes

(1) Comparable basis is defined in the “Use of Non-GAAP Measures” section

Earnings per share results are summarized in the table below:

 

Fourth Quarter

 

2023

2022

GAAP EPS

($1.27)

$0.04

Restructuring Charges

$0.08

$0.03

Goodwill Impairment

$1.24

-

Foreign Currency Loss on Intercompany Loans (2)

$0.02

-

Gain on Sale of Business

-

($0.01)

Adjusted EPS (3)

$0.07

$0.06

 

Full Year

 

2023

2022

GAAP EPS

($2.20)

$0.21

Restructuring Charges

$0.26

$0.08

Goodwill Impairment

$1.91

-

Foreign Currency Loss on Intercompany Loans (2)

$0.02

-

(Gain) / Loss on Debt Redemption

($0.01)

$0.02

Proxy Solicitation Fees

$0.05

-

Gain on Sale of Assets

-

($0.06)

Gain on Sale of Business

-

($0.09)

Adjusted EPS (3)

$0.04

$0.15

 

 

 

 

 

(2) Going forward, we will be eliminating the effects of foreign currency on intercompany loans in calculating adjusted earnings.

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

Business Segment Reporting

SendTech Solutions

SendTech 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)

2023

2022

% Change

Reported

% Change Comparable Basis

Revenue

$327

$341

(4%)

(5%)

Adjusted Segment EBITDA

$121

$113

7%

 

Adjusted Segment EBIT

$113

$106

7%

 

 

Full Year

($ millions)

2023

2022

% Change

Reported

% Change Comparable Basis

Revenue

$1,293

$1,360

(5%)

(4%)

Adjusted Segment EBITDA

$435

$430

1%

 

Adjusted Segment EBIT

$405

$401

1%

 

EBIT and EBIT margin expansion in the fourth quarter was driven by improvements in gross margin, strong execution, and cost reduction actions.

Fourth quarter revenue decline was driven by a reduction in our meter base, timing of our product lifecycle, and a tough prior year compare in our shipping products. Recurring revenue from our shipping solutions grew 17 percent versus prior year and helped offset the decline.

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)

2023

2022

% Change

Reported

Revenue

$163

$158

3%

Adjusted Segment EBITDA

$43

$37

17%

Adjusted Segment EBIT

$34

$29

17%

 

 

Full Year

($ millions)

2023

2022

% Change

Reported

Revenue

$618

$602

3%

Adjusted Segment EBITDA

$145

$110

31%

Adjusted Segment EBIT

$111

$82

35%

Presort delivered strong top and bottom-line performance. New sales and higher revenue per piece more than offset organic mail decline, driving revenue growth in the fourth quarter.

Adjusted Segment EBIT and EBITDA growth was driven by higher revenue and improved labor productivity from increased automation and process improvements.

Global Ecommerce

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

 

Fourth Quarter

($ millions)

2023

2022

% Change

Reported

% Change Comparable Basis

Revenue

$381

$410

(7%)

(7%)

Adjusted Segment EBITDA

($3)

($6)

47%

 

Adjusted Segment EBIT

($20)

($23)

14%

 

 

Full Year

($ millions)

2023

2022

% Change

Reported

% Change Comparable Basis

Revenue

$1,355

$1,576

(14%)

(6%)

Adjusted Segment EBITDA

($67)

($22)

>(100%)

 

Adjusted Segment EBIT

($134)

($100)

(33%)

 

 

 

 

 

 

Global Ecommerce experienced strong volumes during peak, processing 61 million domestic parcels in the fourth quarter, which is up 13 percent from fourth quarter 2022. Domestic parcel revenue grew 7 percent in the fourth quarter versus prior year, which was more than offset by a loss in revenue from cross-border.

Improved EBIT in the fourth quarter reflects the positive impact of cost actions, higher domestic parcel volumes, and increased network productivity. These benefits were partially offset by the decline in cross-border.

Full Year 2024 Guidance

We expect revenue growth to range from flat to a low-single digit decline and EBIT margins to remain relatively flat on a year-over-year basis.

We expect incremental benefit in 2024 from our company-wide cost reduction program as savings from actions taken in 2023 annualize and we further execute on the plan. We expect restoration of variable compensation and wage inflation to partially offset gains.

We also expect similar levels of capital expenditures in 2024 as in 2023 and interest expense to remain around the elevated rate incurred in Q4 2023.

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 (Adjusted EBIT), adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), adjusted earnings per share (Adjusted EPS), revenue growth on a comparable basis and free cash flow.

Adjusted EBIT, Adjusted EBITDA and Adjusted EPS exclude the impact of restructuring charges, goodwill impairment charges, foreign currency gains and losses on intercompany loans, gains, losses and costs related to acquisitions and dispositions, gains and losses on debt redemptions and other unusual 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 capital expenditures, restructuring payments and other special items. Management believes free cash flow provides investors better insight into the amount of cash available for other discretionary uses.

Adjusted 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. Adjusted Segment EBIT excludes interest, taxes, unallocated corporate expenses, foreign currency gains and losses on intercompany loans, restructuring charges, goodwill impairment, and other items not allocated to a business segment. The Company also reports Adjusted 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. 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; our ability to continue to grow and manage unexpected fluctuations in volumes, gain additional economies of scale and improve profitability within our Global Ecommerce segment; the loss of some of our larger clients in our Global Ecommerce and Presort Services segments; 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; the impacts of higher interest rates and the potential for future interest rate increases on our cost of debt; and other factors as more fully outlined in the Company's 2022 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission during 2023. 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, adjusted segment EBIT and adjusted segment EBITDA by business segment; and reconciliations of GAAP to non-GAAP measures for the three and twelve months ended December 31, 2023 and 2022, and consolidated balance sheets at December 31, 2023 and 2022 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,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue:
Business services

$

564,094

 

$

582,674

 

$

2,045,069

 

$

2,249,941

 

Support services

 

100,280

 

 

112,572

 

 

410,734

 

 

438,191

 

Financing

 

68,874

 

 

67,424

 

 

271,197

 

 

274,508

 

Equipment sales

 

84,973

 

 

92,150

 

 

323,739

 

 

354,960

 

Supplies

 

36,674

 

 

37,425

 

 

147,709

 

 

154,186

 

Rentals

 

16,683

 

 

16,446

 

 

67,900

 

 

66,256

 

Total revenue

 

871,578

 

 

908,691

 

 

3,266,348

 

 

3,538,042

 

 
Costs and expenses:
Cost of business services

 

477,545

 

 

500,732

 

 

1,756,616

 

 

1,934,206

 

Cost of support services

 

32,486

 

 

37,366

 

 

137,676

 

 

148,829

 

Financing interest expense

 

17,169

 

 

13,962

 

 

63,281

 

 

51,789

 

Cost of equipment sales

 

57,454

 

 

65,662

 

 

223,757

 

 

253,843

 

Cost of supplies

 

10,740

 

 

10,704

 

 

43,347

 

 

43,778

 

Cost of rentals

 

4,755

 

 

6,053

 

 

19,614

 

 

25,105

 

Selling, general and administrative

 

223,175

 

 

226,571

 

 

897,260

 

 

905,570

 

Research and development

 

10,276

 

 

11,257

 

 

41,405

 

 

43,657

 

Restructuring charges

 

18,965

 

 

6,043

 

 

61,585

 

 

18,715

 

Goodwill impairment

 

220,585

 

 

-

 

 

339,184

 

 

-

 

Interest expense, net

 

28,401

 

 

23,164

 

 

100,445

 

 

89,980

 

Other components of net pension and postretirement (income) cost

 

(2,112

)

 

1,079

 

 

(8,256

)

 

4,308

 

Other income, net

 

-

 

 

(1,319

)

 

(3,064

)

 

(21,618

)

Total costs and expenses

 

1,099,439

 

 

901,274

 

 

3,672,850

 

 

3,498,162

 

 
(Loss) income before taxes

 

(227,861

)

 

7,417

 

 

(406,502

)

 

39,880

 

(Benefit) provision for income taxes

 

(4,025

)

 

1,121

 

 

(20,875

)

 

2,940

 

Net (loss) income

$

(223,836

)

$

6,296

 

$

(385,627

)

$

36,940

 

 
(Loss) earnings per share:
Basic

$

(1.27

)

$

0.04

 

$

(2.20

)

$

0.21

 

Diluted

$

(1.27

)

$

0.04

 

$

(2.20

)

$

0.21

 

 
Weighted-average shares used in diluted earnings per share

 

176,342

 

 

177,999

 

 

175,640

 

 

177,252

 

 
Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited; in thousands)
 
Assets December 31,
2023
December 31,
2022
Current assets:
Cash and cash equivalents

$

601,053

 

$

669,981

 

Short-term investments

 

22,166

 

 

11,172

 

Accounts and other receivables, net

 

342,236

 

 

343,557

 

Short-term finance receivables, net

 

563,536

 

 

564,972

 

Inventories

 

70,053

 

 

83,720

 

Current income taxes

 

564

 

 

8,790

 

Other current assets and prepayments

 

98,802

 

 

115,824

 

Total current assets

 

1,698,410

 

 

1,798,016

 

Property, plant and equipment, net

 

383,628

 

 

420,672

 

Rental property and equipment, net

 

23,583

 

 

27,487

 

Long-term finance receivables, net

 

653,085

 

 

627,124

 

Goodwill

 

734,409

 

 

1,066,951

 

Intangible assets, net

 

62,250

 

 

77,944

 

Operating lease assets

 

309,958

 

 

296,129

 

Noncurrent income taxes

 

60,995

 

 

46,613

 

Other assets

 

352,360

 

 

380,419

 

Total assets

$

4,278,678

 

$

4,741,355

 

 
Liabilities and stockholders' (deficit) equity
Current liabilities:
Accounts payable and accrued liabilities

$

881,969

 

$

907,083

 

Customer deposits at Pitney Bowes Bank

 

640,323

 

 

628,072

 

Current operating lease liabilities

 

60,069

 

 

52,576

 

Current portion of long-term debt

 

58,931

 

 

32,764

 

Advance billings

 

89,087

 

 

105,207

 

Current income taxes

 

6,523

 

 

2,101

 

Total current liabilities

 

1,736,902

 

 

1,727,803

 

Long-term debt

 

2,087,101

 

 

2,172,502

 

Deferred taxes on income

 

211,477

 

 

263,131

 

Tax uncertainties and other income tax liabilities

 

19,091

 

 

23,841

 

Noncurrent operating lease liabilities

 

277,981

 

 

265,696

 

Other noncurrent liabilities

 

314,702

 

 

227,729

 

Total liabilities

 

4,647,254

 

 

4,680,702

 

 
Stockholders' (deficit) equity:
Common stock

 

270,338

 

 

323,338

 

Retained earnings

 

3,077,988

 

 

5,125,677

 

Accumulated other comprehensive loss

 

(851,245

)

 

(835,564

)

Treasury stock, at cost

 

(2,865,657

)

 

(4,552,798

)

Total stockholders' (deficit) equity

 

(368,576

)

 

60,653

 

Total liabilities and stockholders' (deficit) equity

$

4,278,678

 

$

4,741,355

 

 
Pitney Bowes Inc.
Business Segment Revenue
(Unaudited; in thousands)

 

 
Three months ended December 31, Twelve months ended December 31,

 

2023

 

 

2022

% Change

 

2023

 

2022

 

% Change

 
Global Ecommerce
Revenue, as reported

$

381,020

 

$

409,725

(7

%)

$

1,355,326

$

1,576,348

 

(14

%)

Impact of change in revenue presentation

 

-

 

(115,171

)

Impact of Borderfree divestiture

 

-

 

(22,550

)

Comparable revenue before currency

 

381,020

 

 

409,725

(7

%)

 

1,355,326

 

1,438,627

 

(6

%)

Impact of currency on revenue

 

(955

)

 

1,300

Comparable revenue

$

380,065

 

$

409,725

(7

%)

$

1,356,626

$

1,438,627

 

(6

%)

 
Presort Services
Revenue, as reported

$

163,139

 

$

157,714

3

%

$

617,599

$

602,016

 

3

%

 
Sending Technology Solutions
Revenue, as reported

$

327,419

 

$

341,252

(4

%)

$

1,293,423

$

1,359,678

 

(5

%)

Impact of change in revenue presentation

 

-

 

(12,916

)

Comparable revenue before currency

 

327,419

 

 

341,252

(4

%)

 

1,293,423

 

1,346,762

 

(4

%)

Impact of currency on revenue

 

(1,745

)

 

1,719

Comparable revenue

$

325,674

 

$

341,252

(5

%)

$

1,295,142

$

1,346,762

 

(4

%)

 
Consolidated
Revenue, as reported

$

871,578

 

$

908,691

(4

%)

$

3,266,348

$

3,538,042

 

(8

%)

Impact of change in revenue presentation

 

-

 

(128,087

)

Impact of Borderfree divestiture

 

-

 

(22,550

)

Comparable revenue before currency

 

871,578

 

 

908,691

(4

%)

 

3,266,348

 

3,387,405

 

(4

%)

Impact of currency on revenue

 

(2,700

)

 

3,019

Comparable revenue

$

868,878

 

$

908,691

(4

%)

$

3,269,367

$

3,387,405

 

(3

%)

Pitney Bowes Inc.
Adjusted Segment EBIT & EBITDA
(Unaudited; in thousands)
 
 
 
Three months ended December 31,

2023

2022

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

$

(19,700

)

$

16,758

$

(2,942

)

$

(22,906

)

$

17,390

$

(5,516

)

14

%

47

%

Presort Services

 

34,454

 

 

8,470

 

42,924

 

 

29,386

 

 

7,438

 

36,824

 

17

%

17

%

Sending Technology Solutions

 

113,435

 

 

7,661

 

121,096

 

 

105,535

 

 

7,330

 

112,865

 

7

%

7

%

Segment total

$

128,189

 

$

32,889

 

161,078

 

$

112,015

 

$

32,158

 

144,173

 

14

%

12

%

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

 

(32,889

)

 

(32,158

)

Unallocated corporate expenses

 

(65,169

)

 

(62,748

)

Restructuring charges

 

(18,965

)

 

(6,043

)

Goodwill impairment

 

(220,585

)

 

-

 

Foreign currency loss on intercompany loans

 

(5,761

)

 

-

 

Gain on sale of businesses, including transaction costs

 

-

 

 

1,319

 

Interest expense, net

 

(45,570

)

 

(37,126

)

Benefit (provision) for income taxes

 

4,025

 

 

(1,121

)

Net (loss) income

$

(223,836

)

$

6,296

 

 
 
 
Twelve months ended December 31,

2023

2022

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

$

(133,733

)

$

66,664

$

(67,069

)

$

(100,308

)

$

78,296

$

(22,012

)

(33

%)

>(100%)
Presort Services

 

110,912

 

 

33,642

 

144,554

 

 

82,430

 

 

28,039

 

110,469

 

35

%

31

%

Sending Technology Solutions

 

405,347

 

 

30,005

 

435,352

 

 

400,909

 

 

29,489

 

430,398

 

1

%

1

%

Segment total

$

382,526

 

$

130,311

 

512,837

 

$

383,031

 

$

135,824

 

518,855

 

(0

%)

(1

%)

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

 

(130,311

)

 

(135,824

)

Unallocated corporate expenses

 

(210,931

)

 

(204,251

)

Restructuring charges

 

(61,585

)

 

(18,715

)

Goodwill impairment

 

(339,184

)

 

-

 

Gain (loss) on debt redemption

 

3,064

 

 

(4,993

)

Foreign currency loss on intercompany loans

 

(5,761

)

 

-

 

Proxy solicitation fees

 

(10,905

)

 

-

 

Gain on sale of assets

 

-

 

 

14,372

 

Gain on sale of businesses, including transaction costs

 

-

 

 

12,205

 

Interest expense, net

 

(163,726

)

 

(141,769

)

Benefit (provision) for income taxes

 

20,875

 

 

(2,940

)

Net (loss) income

$

(385,627

)

$

36,940

 

 
 

(1)

Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, goodwill impairment, and other items that are not allocated to a particular business segment.
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,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

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

$

(223,836

)

$

6,296

 

$

(385,627

)

$

36,940

 

(Benefit) provision for income taxes

 

(4,025

)

 

1,121

 

 

(20,875

)

 

2,940

 

(Loss) income before taxes

 

(227,861

)

 

7,417

 

 

(406,502

)

 

39,880

 

Restructuring charges

 

18,965

 

 

6,043

 

 

61,585

 

 

18,715

 

Goodwill impairment

 

220,585

 

 

-

 

 

339,184

 

 

-

 

(Gain) loss on debt redemption

 

-

 

 

-

 

 

(3,064

)

 

4,993

 

Foreign currency loss on intercompany loans

 

5,761

 

 

-

 

 

5,761

 

 

-

 

Proxy solicitation fees

 

-

 

 

-

 

 

10,905

 

 

-

 

Gain on sale of assets

 

-

 

 

-

 

 

-

 

 

(14,372

)

Gain on sale of businesses, including transaction costs

 

-

 

 

(1,319

)

 

-

 

 

(12,205

)

Adjusted net income before tax

 

17,450

 

 

12,141

 

 

7,869

 

 

37,011

 

Interest, net

 

45,570

 

 

37,126

 

 

163,726

 

 

141,769

 

Adjusted EBIT

 

63,020

 

 

49,267

 

 

171,595

 

 

178,780

 

Depreciation and amortization

 

40,398

 

 

39,064

 

 

160,430

 

 

163,816

 

Adjusted EBITDA

$

103,418

 

$

88,331

 

$

332,025

 

$

342,596

 

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

$

(1.27

)

$

0.04

 

$

(2.20

)

$

0.21

 

Restructuring charges

 

0.08

 

 

0.03

 

 

0.26

 

 

0.08

 

Goodwill impairment

 

1.24

 

 

-

 

 

1.91

 

 

-

 

(Gain) loss on debt redemption

 

-

 

 

-

 

 

(0.01

)

 

0.02

 

Foreign currency loss on intercompany loans

 

0.02

 

 

-

 

 

0.02

 

 

-

 

Proxy solicitation fees

 

-

 

 

-

 

 

0.05

 

 

-

 

Gain on sale of assets

 

-

 

 

-

 

 

-

 

 

(0.06

)

Gain on sale of businesses, including transaction costs

 

-

 

 

(0.01

)

 

-

 

 

(0.09

)

Adjusted diluted earnings per share (1)

$

0.07

 

$

0.06

 

$

0.04

 

$

0.15

 

 
(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

$

93,921

 

$

166,754

 

$

79,468

 

$

175,983

 

Capital expenditures

 

(25,280

)

 

(27,307

)

 

(102,878

)

 

(124,840

)

Restructuring payments

 

9,291

 

 

3,645

 

 

34,443

 

 

15,406

 

Proxy solicitation fees paid

 

-

 

 

-

 

 

10,905

 

 

-

 

Transaction costs paid

 

-

 

 

379

 

 

-

 

 

5,779

 

Free cash flow

$

77,932

 

$

143,471

 

$

21,938

 

$

72,328

 

 

Contacts

Editorial -
Kathleen Raymond
Head of Communications
203.351.7233

Financial -
Phil Landler
VP, Investor Relations
203.351.6141

Contacts

Editorial -
Kathleen Raymond
Head of Communications
203.351.7233

Financial -
Phil Landler
VP, Investor Relations
203.351.6141