Pitney Bowes Announces Second Quarter 2020 Financial Results

 

(1) Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment.
(2) Includes corporate depreciation and amortization expense of $7,138 and $5,210 for the three months ended June 30, 2020 and 2019, respectively and $12,978 and $9,860 for the six months ended June 30, 2020 and 2019, respectively.
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results        
(Unaudited; in thousands, except per share amounts)
Three months ended June 30, Six months ended June 30,

 

2020

 

 

2019

 

 

2020

 

 

2019

 

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

 $

             (3,329

)

 $

            23,697

 

 $

         (211,812

)

 $

            21,038

 

Loss (income) from discontinued operations, net of tax

 

                 3,032

 

 

                 5,613

 

 

                (7,032

)

 

                 5,729

 

Goodwill impairment

 

                         -

 

 

                       -

 

 

             196,600

 

 

                       -

 

Restructuring charges and asset impairments

 

                 3,183

 

 

                 4,242

 

 

                 5,854

 

 

                 6,987

 

Gain on sale of equity investment

 

                (8,943

)

 

                       -

 

 

                (8,943

)

 

                       -

 

Tax on settlement of investment securities

 

               12,229

 

 

                       -

 

 

               12,229

 

 

                       -

 

Loss on extinguishment of debt

 

                         -

 

 

                       -

 

 

               27,777

 

 

                       -

 

Loss on dispositions and transaction costs

 

                    264

 

 

                 1,171

 

 

                    487

 

 

               20,786

 

Adjusted net income

 

                 6,436

 

 

               34,723

 

 

               15,160

 

 

               54,540

 

Interest, net

 

               38,385

 

 

               39,062

 

 

               76,757

 

 

               78,028

 

Provision for income taxes, as adjusted

 

                 3,646

 

 

                 5,791

 

 

                 5,610

 

 

               12,919

 

Adjusted EBIT

 

               48,467

 

 

               79,576

 

 

               97,527

 

 

             145,487

 

Depreciation and amortization

 

               41,068

 

 

               41,092

 

 

               81,787

 

 

               77,977

 

Adjusted EBITDA

 $

            89,535

 

 $

          120,668

 

 $

          179,314

 

 $

          223,464

 

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

 $

               (0.02

)

 $

                0.13

 

 $

               (1.24

)

 $

                0.12

 

Loss (income) from discontinued operations, net of tax

 

                   0.02

 

 

                   0.03

 

 

                  (0.04

)

 

                   0.03

 

Goodwill impairment

 

                         -

 

 

                         -

 

 

                   1.14

 

 

                         -

 

Restructuring charges and asset impairments

 

                   0.02

 

 

                   0.02

 

 

                   0.03

 

 

                   0.04

 

Gain on sale of equity investment

 

                  (0.05

)

 

                         -

 

 

                  (0.05

)

 

                         -

 

Tax on settlement of investment securities

 

                   0.07

 

 

                         -

 

 

                   0.07

 

 

                         -

 

Loss on debt extinguishment

 

                         -

 

 

                         -

 

 

                   0.16

 

 

                         -

 

Loss on dispositions and transaction costs

 

                         -

 

 

                   0.01

 

 

                         -

 

 

                   0.11

 

Adjusted diluted earnings per share

 $

                0.04

 

 $

                0.19

 

 $

                0.09

 

 $

                0.30

 

Note: The sum of the earnings per share amounts may not equal the totals due to rounding.    
Reconciliation of reported net cash from operating activities to free cash flow            
Net cash provided by operating activities 

 $

          153,093

 

 $

            17,054

 

 $

            86,809

 

 $

            86,782

 

Net cash used in (provided by) operating activities - discontinued operations  

 

                    618

 

 

                (4,277

)

 

               38,423

 

 

                (5,534

)

Capital expenditures

 

              (34,176

)

 

              (31,493

)

 

              (59,954

)

 

              (59,187

)

Restructuring payments 

 

                 5,318

 

 

                 4,759

 

 

               11,365

 

 

               13,005

 

Change in customer deposits at PB Bank

 

               23,219

 

 

               14,720

 

 

               22,331

 

 

                (8,316

)

Transaction costs paid

 

                    377

 

 

                 4,269

 

 

                 2,117

 

 

                 6,108

 

Free cash flow

 $

          148,449

 

 $

              5,032

 

 $

          101,091

 

 $

            32,858

 


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