Pitney Bowes Inc. (NYSE:PBI), a global technology company
providing innovative technology solutions to power commerce, today
reported financial results for the second quarter 2017.
Quarterly Financial Results:
- Revenue of $821 million, a decline of 2
percent as reported and flat at constant currency
- GAAP EPS of $0.26; Adjusted EPS of
$0.33
- GAAP cash from operations of $31
million; free cash flow of $18 million
- Issued $400 million of 5 year
notes
- Based on year-to-date results, the
Company is narrowing its annual guidance range for revenue,
adjusted EPS and free cash flow
"We continued to make progress on our strategic agenda in the
second quarter, investing in our brand, systems, products, and
capabilities,” said Marc B. Lautenbach, President and CEO, Pitney
Bowes. “While our financial performance improved in certain areas,
it was short of the capabilities and the potential we have created.
That said, our financial performance was indicative of a company
going through a transformation. Today, we are well-positioned to
take advantage of the investments we have made to create the
conditions for long-term success.”
Second Quarter 2017 Results
Revenue totaled $821 million for the quarter, which was a
decline of two percent as reported and flat at constant currency
versus prior year.
Digital Commerce Solutions revenue grew 4 percent as reported
and 7 percent at constant currency. Small and Medium Business (SMB)
Solutions revenue declined 3 percent as reported and 2 percent at
constant currency. Enterprise Business Solutions revenue declined 4
percent as reported and 3 percent at constant currency.
GAAP earnings per diluted share (GAAP EPS) were $0.26, which
included $0.09 for restructuring and asset impairment charges as
well as a gain of $0.03 from the gain on sale of technology for a
mining industry application, used mostly in Australia, to a channel
partner. Adjusted earnings per diluted share (Adjusted EPS) were
$0.33. GAAP and Adjusted EPS included a benefit of $0.05 from the
resolution of tax examinations.
The Company’s earnings per share results for the second quarter
are summarized in the table below:
Second Quarter*
2017
2016
GAAP EPS $0.26
$0.28 Restructuring charges and asset
impairments, net $0.09 $0.09 Gain on sale of technology ($0.03 ) -
Discontinued operations -
$0.01
Adjusted
EPS $0.33 $0.39 * The sum of the earnings per
share may not equal the totals above due to rounding.
GAAP Cash from Operations and Free Cash Flow Results
GAAP cash from operations during the quarter was $31 million
while free cash flow was $18 million. In comparison to the prior
year, free cash flow decreased primarily due to the timing of
accounts payable and accrued liability payments, as well as the
lower net income. During the quarter, the Company used cash to pay
down $150 million of debt, pay $35 million in dividends to
shareholders and $7 million for restructuring payments.
Debt Management
During the quarter, the Company issued $400 million of 3.875
percent 5-year fixed rate notes. The Company used a portion of
these proceeds to repay a $150 million term loan in the second
quarter. The Company intends to use the remaining proceeds,
together with cash on-hand and other financing options, to repay
the $385 million notes that come due in September.
Second Quarter 2017 Business Segment Reporting
The Company’s business segment reporting reflects the clients
served in each market and the way it manages these segments. The
reporting segment groups are the SMB Solutions group; the
Enterprise Business Solutions group; and the Digital Commerce
Solutions group. The segment results for the quarter and prior year
may not equal the subtotals for each segment group due to
rounding.
The SMB Solutions group offers mailing and office shipping
solutions, financing, services, and supplies for small and medium
businesses to help simplify and save on the sending, tracking and
receiving of letters, parcels and flats. This group includes the
North America Mailing and International Mailing segments.
The Enterprise Business Solutions group includes the global
Production Mail and Presort Services segments. Production Mail
provides mailing and printing equipment and services for large
enterprise clients to process mail. Presort Services provides
sortation services to qualify large mail and parcel volumes for
postal worksharing discounts.
The Digital Commerce Solutions group includes the Software
Solutions and Global Ecommerce segments. Software Solutions provide
customer engagement, customer information and location intelligence
software. Global Ecommerce facilitates global cross-border
ecommerce transactions and domestic retail and ecommerce shipping
solutions.
SMB Solutions Group
($ millions) Second Quarter
Y/Y
Y/Y
Revenue
2017
2016
Reported
Ex
Currency
North America Mailing $341 $343
(1 %) - International Mailing
95
108
(11
%)
(7
%)
SMB Solutions $436 $451 (3 %)
(2 %) EBIT North America Mailing $121
$147 (18 %) International Mailing
14
12
12
%
SMB Solutions $135 $159 (15 %)
North America Mailing
Equipment sales grew again this quarter driven by Mail
Finishing, which includes the initial SendPro products launched
last year. Field sales and inside sales, along with the web channel
experienced strong growth in the quarter. This growth in equipment
sales was offset by a decline in the recurring revenue streams,
largely around lower service, financing and rental revenue. EBIT
margin was lower than prior year largely due to the decline in
recurring streams.
International Mailing
Equipment sales and recurring revenue streams both contributed
to the revenue decline. The equipment sales decline was driven by
weakness in the UK, France and Italy which was partially offset by
growth in Japan. EBIT margin increased versus prior year due to
improved equipment sales margins and lower expenses.
Enterprise Business Solutions
Group
($ millions) Second Quarter
Y/Y
Y/Y
Revenue
2017
2016
Reported
Ex
Currency
Production Mail $86 $96
(11 %) (10 %) Presort Services
118
116
2
%
2
%
Enterprise Business $204 $212 (4
%) (3 %) EBIT Production Mail $
8 $13 (41 %) Presort Services
19
21
(9
%)
Enterprise Business $27 $34 (21
%)
Production Mail
Equipment sales declined versus prior year largely due to lower
sorter equipment placements, partially offset by higher inserter
equipment sales. Support services revenue declined as a result of
the shift last year of some in-house mail production clients moving
to third party service bureaus who tend to self-service. EBIT
margin declined from prior year primarily as a result of the
decline in revenue in addition to the mix of inserter equipment
sales.
Presort Services
The revenue growth was driven by higher Standard Class volumes
processed along with improved revenue per piece related to Flats.
EBIT margin declined from prior year driven by increased mail
processing costs and the resolution of certain client contractual
disputes.
Digital Commerce Solutions
Group
($ millions) Second Quarter
Y/Y
Y/Y
Revenue
2017
2016
Reported
Ex
Currency
Software Solutions $86 $90 (4 %) (2 %)
Global Ecommerce
95
83
14
%
16
%
Digital Commerce $181 $173 4 %
7 % EBIT Software Solutions $8 $10 (26
%) Global Ecommerce
(4
)
(1
)
>(100%)
Digital Commerce $4 $9 (63 %)
Software Solutions
The revenue decline was driven by lower license revenue. Revenue
benefited from growth in Location Intelligence license revenue but
was offset by lower Customer Information Management revenue. The
Company is continuing to see progress in developing the indirect
channel. EBIT margin declined from prior year largely driven by the
lower licensing revenue.
Global Ecommerce
The sustained double-digit revenue growth was largely driven by
strong volumes in the UK outbound marketplace as well as growth in
domestic shipping. The EBIT loss was driven primarily by
investments in market growth opportunities. The Company continues
to invest in its cross-border solutions and domestic shipping
capabilities.
2017 Guidance
Based on year-to-date results, the Company is narrowing its
annual guidance range for revenue, adjusted EPS and free cash
flow.
The Company’s guidance for the full year 2017 is now expected to
be:
- Revenue, on a constant currency basis,
to be in the range of flat to 1 percent growth, when compared to
2016. This has been updated from the original range of a 2 percent
decline to 1 percent growth.
- Adjusted EPS to be in the range of
$1.70 to $1.78. This has been updated from the original range of
$1.70 to $1.85.
- Free cash flow to be in the range of
$400 million to $430 million. This has been updated from the
original range of $400 million to $460 million.
The Company is also narrowing its annual tax range on adjusted
earnings. The Company now expects to be in the range of 31 percent
to 33 percent as compared to the original range of 31 percent to 35
percent.
This guidance discusses future results, which are inherently
subject to unforeseen risks and developments. As such, discussions
about the business outlook should be read in the context of an
uncertain future, as well as the risk factors identified in the
safe harbor language at the end of this release and as more fully
outlined in the Company's 2016 Form 10-K Annual Report and other
reports filed with the Securities and Exchange Commission.
This guidance excludes any unusual items that may occur or
additional portfolio or restructuring actions, not specifically
identified, as the Company implements plans to further streamline
its operations and reduce costs. Revenue guidance is provided on a
constant currency basis. The Company cannot reasonably predict the
impact that future changes in currency exchange rates will have on
revenue and net income. Additionally, the Company cannot provide
GAAP EPS and GAAP cash from operations guidance due to the
uncertainty of future potential restructurings, goodwill and asset
write-downs, unusual tax settlements or payments and contributions
to its pension funds, acquisitions, divestitures and other
potential adjustments, which could (individually or in the
aggregate) have a material impact on the Company’s performance. The
Company’s guidance is based on an assumption that the global
economy and foreign exchange markets in 2017 will not change
significantly.
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 technology company powering
billions of transactions – physical and digital – in the connected
and borderless world of commerce. Clients around the world,
including 90 percent of the Fortune 500, rely on products,
solutions and services from Pitney Bowes in the areas of customer
information management, location intelligence, customer engagement,
shipping, mailing, and global ecommerce. And with the innovative
Pitney Bowes Commerce Cloud, clients can access the broad range of
Pitney Bowes solutions, analytics, and APIs to drive commerce. For
additional information visit Pitney Bowes, the Craftsmen of
Commerce, at 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 our
disclosures we use certain non-GAAP measures, such as adjusted
earnings before interest and taxes, Adjusted EPS, revenue growth on
a constant currency basis, free cash flow and Segment EBIT.
The Company reports measures such as adjusted earnings before
interest and taxes (EBIT) and Adjusted EPS and adjusted income from
continuing operations to exclude the impact of special items like
restructuring charges, tax adjustments, goodwill and asset
write-downs, and costs related to dispositions. While these are
actual Company expenses, they can mask underlying trends associated
with its business. Such items are often inconsistent in amount and
frequency and as such, the adjustments allow an investor greater
insight into the current 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
measures are intended to help investors better understand the
underlying operational performance of the business excluding the
impacts of shifts in currency exchange rates over the period.
Constant currency is calculated by converting our current quarter
reported results using the prior year’s exchange rate for the
comparable quarter. This comparison allows an investor insight into
the underlying revenue performance of the business and true
operational performance from a comparable basis to prior period. A
reconciliation of reported revenue to constant currency revenue can
be found in the Company’s attached financial schedules.
The Company reports free cash flow in order to provide investors
insight into the amount of cash that management could have
available for other discretionary uses. Free cash flow adjusts GAAP
cash from operations for capital expenditures, restructuring
payments, unusual tax settlements, contributions to the Company’s
pension fund and cash used for other special items. A
reconciliation of GAAP cash from operations to free cash flow can
be found in the Company’s attached financial schedules.
In addition, Management uses segment EBIT to measure
profitability and performance at the segment level. Segment EBIT is
determined by deducting from revenue the related costs and expenses
attributable to the segment. Segment EBIT excludes interest, taxes,
general corporate expenses not allocated to a particular business
segment, restructuring charges and goodwill and asset impairments,
which are recognized on a consolidated basis. A reconciliation of
Segment EBIT to the Company’s total Net Income can be found in the
Company’s attached financial schedules.
Pitney Bowes has provided a quantitative reconciliation to GAAP
in supplemental schedules. This information may also be found at
the Company's web site 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 its future revenue and earnings
guidance and other statements about 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. These risks and
uncertainties include, but are not limited to: declining physical
mail volumes; competitive factors, including pricing pressures,
technological developments, the introduction of new products and
services by competitors, and fuel prices; our success in developing
new products and services, including digital-based products and
services, obtaining regulatory approvals, if needed, of new
products if required, and the market’s acceptance of these new
products and services; our ability to fully utilize the new
enterprise business platform in the United States and successfully
implement it internationally without significant disruptions to
existing operations; a breach of security, including a cyberattack
or other comparable event; the continued availability and security
of key information systems and the cost to comply with information
security requirements and privacy laws; the success of our
investment in rebranding the Company; changes in postal or banking
regulations; the risk of losing some of the Company’s larger
clients in the Global Ecommerce segment; macroeconomic factors,
including global and regional business conditions that adversely
impact customer demand, foreign currency exchange rates, interest
rates and labor conditions; capital market disruptions or credit
rating downgrades that adversely impact our ability to access
capital markets at reasonable costs; management of outsourcing
arrangements; integrating newly acquired businesses, including
operations and product and service offerings; management of
customer credit risk; and other factors beyond its control as more
fully outlined in the Company's 2016 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 and EBIT by
business segment; and reconciliation of GAAP to non-GAAP measures
for the three months and six months ended June 30, 2017 and 2016,
and consolidated balance sheets as of June 30, 2017 and December
31, 2016 are attached.
Pitney Bowes Inc. Consolidated Statements of Income
(Unaudited; in thousands, except share and per share amounts)
Three months ended June 30, Six
months ended June 30,
2017
2016
2017
2016 Revenue: Equipment sales $ 158,625 $ 152,641 $
321,599 $ 312,002 Supplies 63,228 65,274 130,046 137,325 Software
86,664 90,615 164,531 168,673 Rentals 95,999 102,869 195,869
206,959 Financing 83,653 91,609 169,398 189,032 Support services
115,299 131,418 234,146 259,678 Business services 217,903
201,460 442,422 406,806
Total revenue 821,371 835,886
1,658,011 1,680,475 Costs
and expenses: Cost of equipment sales 77,189 78,055 146,751 149,594
Cost of supplies 19,909 19,624 41,380 40,314 Cost of software
24,795 26,983 50,103 53,798 Cost of rentals 21,576 18,415 42,238
38,910 Financing interest expense 12,843 13,495 25,817 28,410 Cost
of support services 73,190 74,742 146,544 149,991 Cost of business
services 153,063 140,830 303,906 276,368 Selling, general and
administrative 297,468 289,116 603,771 615,998 Research and
development 32,958 34,513 64,814 61,081 Restructuring charges and
asset impairments, net 26,927 26,076 29,009 33,009 Interest
expense, net 27,600 20,799
53,276 40,100 Total costs and expenses
767,518 742,648 1,507,609
1,487,573 Income before income taxes 53,853
93,238 150,402 192,902 Provision for income taxes 4,952
33,394 36,368 70,418
Income from continuing operations 48,901 59,844
114,034 122,484 Loss from discontinued operations, net of tax
- (1,660 ) - (1,660 )
Net income 48,901 58,184 114,034 120,824 Less: Preferred
stock dividends attributable to noncontrolling interests -
4,594 - 9,188
Net income - Pitney Bowes Inc. $ 48,901 $ 53,590
$ 114,034 $ 111,636 Amounts
attributable to common stockholders: Net income from continuing
operations $ 48,901 $ 55,250 $ 114,034 $ 113,296 Loss from
discontinued operations, net of tax - (1,660 )
- (1,660 ) Net income - Pitney Bowes
Inc. $ 48,901 $ 53,590 $ 114,034 $ 111,636
Basic earnings per share attributable to common
stockholders (1): Continuing operations $ 0.26 $ 0.29 $ 0.61 $ 0.60
Discontinued operations - (0.01 ) -
(0.01 ) Net income - Pitney Bowes Inc. $ 0.26
$ 0.29 $ 0.61 $ 0.59 Diluted
earnings per share attributable to common stockholders (1):
Continuing operations $ 0.26 $ 0.29 $ 0.61 $ 0.59 Discontinued
operations - (0.01 ) -
(0.01 ) Net income - Pitney Bowes Inc. $ 0.26 $ 0.28
$ 0.61 $ 0.59 Weighted-average shares
used in diluted earnings per share 187,377,059
188,362,278 186,944,571 190,806,261
(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, except
share amounts)
June 30,
December 31,
Assets
2017
2016
Current assets: Cash and cash equivalents $ 840,564 $ 764,522
Short-term investments 164,716 38,448 Accounts receivable, net
389,262 455,527 Short-term finance receivables, net 857,764 893,950
Inventories 121,478 92,726 Current income taxes 28,732 11,373 Other
current assets and prepayments 89,061 68,637
Total current assets 2,491,577 2,325,183
Property, plant and equipment, net 327,140 314,603 Rental property
and equipment, net 182,997 188,054 Long-term finance receivables,
net 662,384 673,207 Goodwill 1,604,320 1,571,335 Intangible assets,
net 152,019 165,172 Noncurrent income taxes 75,105 74,806 Other
assets 541,806 524,773 Total
assets $ 6,037,348 $ 5,837,133
Liabilities and
stockholders' equity (deficit)
Current liabilities: Accounts payable and accrued liabilities $
1,339,287 $ 1,378,822 Current income taxes 17,349 34,434 Current
portion of long-term debt 985,291 614,485 Advance billings
291,180 299,878 Total current
liabilities 2,633,107 2,327,619 Deferred taxes on income
214,287 204,289 Tax uncertainties and other income tax liabilities
51,112 61,276 Long-term debt 2,543,476 2,750,405 Other noncurrent
liabilities 565,993 597,204
Total liabilities 6,007,975 5,940,793
Stockholders' equity (deficit): Cumulative preferred stock,
$50 par value, 4% convertible 1 1 Cumulative preference stock, no
par value, $2.12 convertible 463 483 Common stock, $1 par value
323,338 323,338 Additional paid-in-capital 131,691 148,125 Retained
earnings 5,152,241 5,107,734 Accumulated other comprehensive loss
(859,315 ) (940,133 ) Treasury stock, at cost (4,719,046 )
(4,743,208 ) Total Pitney Bowes Inc. stockholders'
equity (deficit) 29,373 (103,660 )
Total liabilities and stockholders' equity (deficit) $ 6,037,348
$ 5,837,133
Pitney Bowes Inc.
Business Segments - Revenue and
EBIT
(Unaudited; in thousands)
Three months ended June 30, Six
months ended June 30, 2017
2016 (1)
% Change 2017
2016 (1)
% Change
Revenue
North America Mailing $ 341,096 $
343,218
(1 %) $ 696,674 $
714,671
(3 %) International Mailing 95,322 107,581
(11 %) 188,380 212,567 (11 %)
Small & Medium Business Solutions 436,418
450,799 (3 %) 885,054 927,238
(5 %) Production Mail 85,570 95,874 (11 %) 174,525
183,299 (5 %) Presort Services 118,452 115,765
2 % 251,129 243,161 3 %
Enterprise Business Solutions 204,022
211,639 (4 %) 425,654 426,460 (0
%) Software Solutions 86,425 90,464 (4 %) 164,645 168,386 (2
%) Global Ecommerce 94,506 82,984 14 %
182,658 158,391 15 %
Digital
Commerce Solutions 180,931 173,448
4 % 347,303 326,777 6 %
Total
revenue $ 821,371 $ 835,886 (2 %) $ 1,658,011
$ 1,680,475 (1 %)
EBIT
North America Mailing $ 120,877 $ 146,897 (18 %) $ 261,885 $
307,728 (15 %) International Mailing 13,969
12,468 12 % 27,238 23,644 15 %
Small & Medium Business Solutions 134,846
159,365 (15 %) 289,123 331,372
(13 %) Production Mail 7,631 12,914 (41 %) 16,595
19,738 (16 %) Presort Services 19,270 21,214
(9 %) 49,987 50,124 (0 %)
Enterprise Business Solutions 26,901
34,128 (21 %) 66,582 69,862 (5
%) Software Solutions 7,555 10,151 (26 %) 10,304 7,579 36 %
Global Ecommerce (4,030 ) (683 ) >(100%)
(8,300 ) (4,152 ) (100 %)
Digital Commerce Solutions
3,525 9,468 (63 %) 2,004
3,427 (42 %)
Segment EBIT (2) $
165,272 $ 202,961 (19 %) $ 357,709 $ 404,661
(12 %)
Reconciliation of segment EBIT to
net income Segment EBIT $ 165,272 $ 202,961 $
357,709 $ 404,661 Corporate expenses (50,134 )
(48,777 ) (105,290 ) (106,544 )
Adjusted EBIT
115,138 154,184 252,419 298,117 Interest, net (3) (40,443 ) (34,294
) (79,093 ) (68,510 ) Restructuring charges and asset impairments,
net (26,927 ) (26,076 ) (29,009 ) (33,009 ) Gain on sale of
technology 6,085 - 6,085 - Acquisition/disposition related expenses
- (576 ) - (3,696 )
Income before income taxes 53,853 93,238 150,402 192,902
Provision for income taxes (4,952 ) (33,394 )
(36,368 ) (70,418 )
Income from continuing operations
48,901 59,844 114,034 122,484 Loss from discontinued operations,
net of tax - (1,660 ) -
(1,660 )
Net income $ 48,901 $ 58,184 $
114,034 $ 120,824 (1) Prior period amounts
have been recast to conform to the current year presentation. (2)
Segment EBIT excludes interest, taxes, general corporate expenses,
restructuring charges, and other items that are not allocated to a
particular business segment. (3) Includes financing interest
expense and interest expense, net.
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, 2017
2016 Y/Y Chg. 2017 2016 Y/Y
Chg. Reconciliation of reported revenue to revenue
excluding currency Revenue, as reported $ 821,371 $ 835,886 (2
%) $ 1,658,011 $ 1,680,475 (1 %) Unfavorable impact on revenue due
to currency 10,621 NM 20,166
NM Revenue, excluding currency $ 831,992
$ 835,886 (0 %) $ 1,678,177 $ 1,680,475
(0 %)
Reconciliation of reported net income to
adjusted earnings Net income $ 48,901 $ 58,184 $ 114,034 $
120,824 Loss from discontinued operations, net of tax - 1,660 -
1,660 Restructuring charges and asset impairments, net 17,751
16,931 19,104 21,559 Gain on sale of technology (5,605 ) - (5,605 )
- Acquisition/disposition related expenses -
364 - 2,539 Net income, as
adjusted 61,047 77,139 127,533 146,582 Provision for income taxes,
as adjusted 13,648 42,751 45,793
83,025 Income from continuing operations
before income taxes, as adjusted 74,695 119,890 173,326 229,607
Interest, net 40,443 34,294
79,093 68,510 EBIT, as adjusted 115,138
154,184 252,419 298,117 Depreciation and amortization 43,865
45,238 88,160 89,538
EBITDA, as adjusted $ 159,003 $ 199,422 $
340,579 $ 387,655
Reconciliation of
reported diluted earnings per share to adjusted diluted earnings
per share Diluted earnings per share $ 0.26 $ 0.28 $ 0.61 $
0.59 Loss from discontinued operations, net of tax - 0.01 - 0.01
Restructuring charges and asset impairments, net 0.09 0.09 0.10
0.11 Gain on sale of technology (0.03 ) - (0.03 ) -
Acquisition/disposition related expenses - -
- 0.01 Diluted earnings per
share, as adjusted $ 0.33 $ 0.39 $ 0.68 $ 0.72
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 (1) $
30,641 $ 95,091 $ 184,647 $ 158,584 Capital expenditures (40,701 )
(30,689 ) (76,621 ) (71,359 ) Restructuring payments 6,600 12,210
19,016 33,866 Pension contribution - - - 36,731 Reserve account
deposits 21,860 9,110 2,514 (7,143 ) Other -
146 - 335 Free cash flow $
18,400 $ 85,868 $ 129,556 $ 151,014
(1)
Net cash provided by operating activities
for the three and six months ended June 30, 2016 has been revised
for a new accounting standard adopted January 1, 2017.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170801005326/en/
Pitney Bowes Inc.EditorialBill Hughes, 203-351-6785Chief
Communications OfficerorFinancialAdam David, 203-351-7175VP,
Investor Relations
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