<< Back
Pitney Bowes Announces Second Quarter 2021 Financial Results
“We delivered a solid second quarter and first half of the year,” said
Second Quarter 2021
- Revenue of
$899 million , growth of 7 percent on a reported basis and 6 percent excluding the impact of currency - GAAP EPS and Adjusted EPS of
$0.11 - EPS reflects a
$0.03 tax benefit associated with aUK tax legislation change - GAAP cash from operations of
$79 million ; free cash flow of$87 million - Global Ecommerce EBIT margin improved by over 200 basis points compared to prior year; EBITDA was positive.
- Presort grew revenue and EBIT margin over prior year.
- SendTech grew revenue; EBIT grew over prior year for the third consecutive quarter.
Earnings per share results are summarized in the table below:
|
Second Quarter* |
|
|
2021 |
2020 |
GAAP EPS |
|
( |
Discontinued operations, net of tax |
0.01 |
0.02 |
GAAP EPS from continuing operations |
|
|
Restructuring charges |
0.02 |
0.02 |
Gain on sale of business |
(0.02) |
- |
Gain on sale of assets |
(0.01) |
- |
Gain on sale of equity investment |
- |
(0.05) |
Tax on surrender of company owned life insurance policies |
- |
0.07 |
Adjusted EPS |
|
|
* The sum of the earnings per share may not equal the totals due to rounding.
Business Segment Reporting
Global Ecommerce facilitates domestic retail ecommerce shipping solutions, including delivery, returns and fulfillment, and global cross-border ecommerce transactions.
Presort Services provides sortation services to qualify large volumes of First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter for postal workshare discounts.
Sending Technology Solutions offers physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications for small and medium businesses to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.
Global Ecommerce
|
Second Quarter |
|||
($ millions) |
2021 |
2020 |
% Change Reported |
% Change Ex Currency |
Revenue |
|
|
5% |
3% |
EBITDA |
|
( |
>100% |
|
EBIT |
( |
( |
43% |
|
Revenue grew over prior year despite a tough comparison. EBIT and EBITDA benefited largely from Cross Border services and lower bad debt expense.
Presort Services
|
Second Quarter |
|||
($ millions) |
2021 |
2020 |
% Change Reported |
% Change Ex Currency |
Revenue |
|
|
14% |
14% |
EBITDA |
|
|
12% |
|
EBIT |
|
|
28% |
|
Revenue grew across all mail classes and benefited from an easier prior year comparison. EBIT and EBITDA improved from prior year largely due to the revenue growth and higher gross margin.
SendTech Solutions
|
Second Quarter |
|||
($ millions) |
2021 |
2020 |
% Change Reported |
% Change Ex Currency |
Revenue |
|
|
8% |
6% |
EBITDA |
|
|
1% |
|
EBIT |
|
|
3% |
|
Revenue benefited from growth in equipment sales, supplies, business services and support services, partly offset by a decline in financing. Revenue also benefited from an easier prior year comparison. EBIT and EBITDA improved from prior year largely due to the revenue growth.
Full Year 2021 Expectations
The Company’s full year 2021 expectations remain in-line with its previous communications. The Company continues to expect annual revenue to grow in the low-to-mid single digit range. The Company continues to expect adjusted EPS to grow over prior year driven largely by the improvement in Global Ecommerce, which is expected to be EBITDA positive for the full year. More specifically, adjusted EPS is expected to be in the range of
Conference Call and Webcast
Management of
About
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.
The Company reports measures such as adjusted EBIT, adjusted EBITDA and adjusted EPS to exclude the impact of items like discontinued operations, restructuring charges, gains, losses and costs related to acquisitions and dispositions, asset impairment charges, 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-
Free cash flow adjusts GAAP cash from operations for cash flows of discontinued operations, capital expenditures, restructuring payments, changes in customer deposits held at the
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, general corporate expenses not allocated to a particular business segment, restructuring charges and other unusual or one-time items, which are recognized on a consolidated basis. The Company also provides segment EBITDA, which further excludes depreciation and amortization expense for the segment, as an additional useful measure of segment profitability and operational performance. A reconciliation of segment EBIT and EBITDA to net income can be found in the attached financial schedules.
Complete reconciliations of non-GAAP measures to comparable GAAP measures can 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 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), including its effects on the cost and availability of labor and transportation and global supply chains. Other factors which could cause future financial performance to differ materially from expectations, and which may also be exacerbated by Covid-19 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
Note: Consolidated statements of income; revenue, EBIT and EBITDA by business segment; and reconciliations of GAAP to non-GAAP measures for the three months and six months ended
Consolidated Statements of Operations | |||||||||||||||||
(Unaudited; in thousands, except per share amounts) | |||||||||||||||||
Three months ended |
Six months ended |
||||||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Revenue: | |||||||||||||||||
Business services |
$ |
567,022 |
|
$ |
528,990 |
|
$ |
1,137,476 |
|
$ |
973,369 |
|
|||||
Support services |
|
115,156 |
|
|
113,786 |
|
|
233,853 |
|
|
235,801 |
|
|||||
Financing |
|
73,453 |
|
|
85,462 |
|
|
151,265 |
|
|
174,540 |
|
|||||
Equipment sales |
|
86,267 |
|
|
57,837 |
|
|
173,070 |
|
|
134,110 |
|
|||||
Supplies |
|
38,655 |
|
|
32,773 |
|
|
80,879 |
|
|
78,482 |
|
|||||
Rentals |
|
18,650 |
|
|
18,644 |
|
|
37,857 |
|
|
37,458 |
|
|||||
Total revenue |
|
899,203 |
|
|
837,492 |
|
|
1,814,400 |
|
|
1,633,760 |
|
|||||
Costs and expenses: | |||||||||||||||||
Cost of business services |
|
482,814 |
|
|
454,311 |
|
|
982,348 |
|
|
828,976 |
|
|||||
Cost of support services |
|
37,679 |
|
|
36,725 |
|
|
74,396 |
|
|
76,485 |
|
|||||
Financing interest expense |
|
11,773 |
|
|
11,939 |
|
|
23,659 |
|
|
24,428 |
|
|||||
Cost of equipment sales |
|
61,561 |
|
|
47,920 |
|
|
123,401 |
|
|
105,279 |
|
|||||
Cost of supplies |
|
10,467 |
|
|
8,379 |
|
|
21,678 |
|
|
20,619 |
|
|||||
Cost of rentals |
|
6,013 |
|
|
6,022 |
|
|
12,460 |
|
|
12,400 |
|
|||||
Selling, general and administrative |
|
236,190 |
|
|
233,631 |
|
|
474,292 |
|
|
482,264 |
|
|||||
Research and development |
|
11,059 |
|
|
7,467 |
|
|
22,375 |
|
|
19,583 |
|
|||||
Restructuring charges |
|
4,844 |
|
|
4,922 |
|
|
7,733 |
|
|
8,739 |
|
|||||
|
- |
|
|
- |
|
|
- |
|
|
198,169 |
|
||||||
Interest expense, net |
|
24,346 |
|
|
26,446 |
|
|
49,504 |
|
|
52,329 |
|
|||||
Other components of net pension and postretirement cost |
|
312 |
|
|
386 |
|
|
662 |
|
|
235 |
|
|||||
Other (income) expense |
|
(13,646 |
) |
|
(17,375 |
) |
|
37,748 |
|
|
16,112 |
|
|||||
Total costs and expenses |
|
873,412 |
|
|
820,773 |
|
|
1,830,256 |
|
|
1,845,618 |
|
|||||
Income (loss) from continuing operations before taxes |
|
25,791 |
|
|
16,719 |
|
|
(15,856 |
) |
|
(211,858 |
) |
|||||
Provision (benefit) for income taxes |
|
4,915 |
|
|
17,016 |
|
|
(9,077 |
) |
|
6,986 |
|
|||||
Income (loss) from continuing operations |
|
20,876 |
|
|
(297 |
) |
|
(6,779 |
) |
|
(218,844 |
) |
|||||
(Loss) income from discontinued operations, net of tax |
|
(1,020 |
) |
|
(3,032 |
) |
|
(4,906 |
) |
|
7,032 |
|
|||||
Net income (loss) |
$ |
19,856 |
|
$ |
(3,329 |
) |
$ |
(11,685 |
) |
$ |
(211,812 |
) |
|||||
Basic earnings (loss) per share (1): | |||||||||||||||||
Continuing operations |
$ |
0.12 |
|
$ |
- |
|
$ |
(0.04 |
) |
$ |
(1.28 |
) |
|||||
Discontinued operations |
|
(0.01 |
) |
|
(0.02 |
) |
|
(0.03 |
) |
|
0.04 |
|
|||||
Net income (loss) |
$ |
0.11 |
|
$ |
(0.02 |
) |
$ |
(0.07 |
) |
$ |
(1.24 |
) |
|||||
Diluted earnings (loss) per share (1): | |||||||||||||||||
Continuing operations |
$ |
0.12 |
|
$ |
- |
|
$ |
(0.04 |
) |
$ |
(1.28 |
) |
|||||
Discontinued operations |
|
(0.01 |
) |
|
(0.02 |
) |
|
(0.03 |
) |
|
0.04 |
|
|||||
Net income (loss) |
$ |
0.11 |
|
$ |
(0.02 |
) |
$ |
(0.07 |
) |
$ |
(1.24 |
) |
|||||
Weighted-average shares used in diluted earnings per share |
|
178,979 |
|
|
171,478 |
|
|
173,367 |
|
|
171,167 |
|
|||||
(1 |
) |
The sum of the earnings per share amounts may not equal the totals due to rounding. |
Consolidated Balance Sheets | ||||||||
(Unaudited; in thousands) | ||||||||
Assets | 2021 |
2020 |
||||||
Current assets: | ||||||||
Cash and cash equivalents |
$ |
799,470 |
|
$ |
921,450 |
|
||
Short-term investments |
|
14,904 |
|
|
18,974 |
|
||
Accounts and other receivables, net |
|
309,177 |
|
|
389,240 |
|
||
Short-term finance receivables, net |
|
552,858 |
|
|
568,050 |
|
||
Inventories |
|
67,538 |
|
|
65,845 |
|
||
Current income taxes |
|
37,384 |
|
|
23,219 |
|
||
Other current assets and prepayments |
|
117,425 |
|
|
120,145 |
|
||
Total current assets |
|
1,898,756 |
|
|
2,106,923 |
|
||
Property, plant and equipment, net |
|
429,785 |
|
|
391,280 |
|
||
Rental property and equipment, net |
|
38,814 |
|
|
38,435 |
|
||
Long-term finance receivables, net |
|
588,602 |
|
|
605,292 |
|
||
|
1,130,164 |
|
|
1,152,285 |
|
|||
Intangible assets, net |
|
144,692 |
|
|
159,839 |
|
||
Operating lease assets |
|
205,584 |
|
|
201,916 |
|
||
Noncurrent income taxes |
|
69,150 |
|
|
72,653 |
|
||
Other assets |
|
507,748 |
|
|
491,514 |
|
||
Total assets |
$ |
5,013,295 |
|
$ |
5,220,137 |
|
||
Liabilities and stockholders' equity | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities |
$ |
820,065 |
|
$ |
880,616 |
|
||
Customer deposits at |
|
632,833 |
|
|
617,200 |
|
||
Current operating lease liabilities |
|
41,835 |
|
|
39,182 |
|
||
Current portion of long-term debt |
|
97,015 |
|
|
216,032 |
|
||
Advance billings |
|
119,645 |
|
|
114,550 |
|
||
Current income taxes |
|
5,844 |
|
|
2,880 |
|
||
Total current liabilities |
|
1,717,237 |
|
|
1,870,460 |
|
||
Long-term debt |
|
2,330,698 |
|
|
2,348,361 |
|
||
Deferred taxes on income |
|
286,338 |
|
|
279,451 |
|
||
Tax uncertainties and other income tax liabilities |
|
37,155 |
|
|
38,163 |
|
||
Noncurrent operating lease liabilities |
|
182,746 |
|
|
180,292 |
|
||
Other noncurrent liabilities |
|
405,751 |
|
|
437,015 |
|
||
Total liabilities |
|
4,959,925 |
|
|
5,153,742 |
|
||
Stockholders' equity: | ||||||||
Common stock |
|
323,338 |
|
|
323,338 |
|
||
Additional paid-in-capital |
|
5,903 |
|
|
68,502 |
|
||
Retained earnings |
|
5,172,185 |
|
|
5,201,195 |
|
||
Accumulated other comprehensive loss |
|
(831,303 |
) |
|
(839,131 |
) |
||
|
(4,616,753 |
) |
|
(4,687,509 |
) |
|||
Total stockholders' equity |
|
53,370 |
|
|
66,395 |
|
||
Total liabilities and stockholders' equity |
$ |
5,013,295 |
|
$ |
5,220,137 |
|
Business Segment Revenue | ||||||||||||||||||||
(Unaudited; in thousands) | ||||||||||||||||||||
Three months ended |
Six months ended |
|||||||||||||||||||
|
|
2021 |
|
2020 |
|
% Change |
|
2021 |
|
2020 |
|
% Change |
||||||||
Global Ecommerce |
$ |
418,429 |
|
$ |
398,453 |
5 |
% |
$ |
831,515 |
|
$ |
690,776 |
20 |
% |
||||||
Presort Services |
|
134,619 |
|
|
118,127 |
14 |
% |
|
277,745 |
|
|
258,847 |
7 |
% |
||||||
Sending Technology Solutions |
|
346,155 |
|
|
320,912 |
8 |
% |
|
705,140 |
|
|
684,137 |
3 |
% |
||||||
Total revenue - GAAP |
|
899,203 |
|
|
837,492 |
7 |
% |
|
1,814,400 |
|
|
1,633,760 |
11 |
% |
||||||
Currency impact on revenue |
|
(13,521 |
) |
|
- |
|
(22,324 |
) |
|
- |
||||||||||
Revenue, at constant currency |
$ |
885,682 |
|
$ |
837,492 |
6 |
% |
$ |
1,792,076 |
|
$ |
1,633,760 |
10 |
% |
Business Segment EBIT & EBITDA | ||||||||||||||||||||||
(Unaudited; in thousands) | ||||||||||||||||||||||
Three months ended |
||||||||||||||||||||||
|
2021 |
|
2020 |
|
% change |
|||||||||||||||||
EBIT (1) | D&A | EBITDA | EBIT (1) | D&A | EBITDA | EBIT | EBITDA | |||||||||||||||
Global Ecommerce |
$ |
(10,831 |
) |
$ |
19,060 |
$ |
8,229 |
|
$ |
(18,894 |
) |
$ |
17,297 |
$ |
(1,597 |
) |
43 |
% |
>100% | |||
Presort Services |
|
16,134 |
|
|
6,798 |
|
22,932 |
|
|
12,582 |
|
|
7,857 |
|
20,439 |
|
28 |
% |
12 |
% |
||
Sending Technology Solutions |
|
107,121 |
|
|
7,537 |
|
114,658 |
|
|
104,268 |
|
|
8,776 |
|
113,044 |
|
3 |
% |
1 |
% |
||
Segment total |
$ |
112,424 |
|
$ |
33,395 |
|
145,819 |
|
$ |
97,956 |
|
$ |
33,930 |
|
131,886 |
|
15 |
% |
11 |
% |
||
Reconciliation of Segment EBITDA to Net Income (Loss): | ||||||||||||||||||||||
Segment depreciation and amortization |
|
(33,395 |
) |
|
(33,930 |
) |
||||||||||||||||
Unallocated corporate expenses |
|
(56,316 |
) |
|
(49,489 |
) |
||||||||||||||||
Restructuring charges |
|
(4,844 |
) |
|
(4,922 |
) |
||||||||||||||||
Gain on sale of business |
|
10,201 |
|
|
- |
|
||||||||||||||||
Gain on sale of assets |
|
1,434 |
|
|
- |
|
||||||||||||||||
Loss on debt refinancing |
|
(989 |
) |
|
- |
|
||||||||||||||||
Gain on sale of equity investment |
|
- |
|
|
11,908 |
|
||||||||||||||||
Transaction costs |
|
- |
|
|
(349 |
) |
||||||||||||||||
Interest, net |
|
(36,119 |
) |
|
(38,385 |
) |
||||||||||||||||
Provision for income taxes |
|
(4,915 |
) |
|
(17,016 |
) |
||||||||||||||||
Income (loss) from continuing operations |
|
20,876 |
|
|
(297 |
) |
||||||||||||||||
Loss from discontinued operations, net of tax |
|
(1,020 |
) |
|
(3,032 |
) |
||||||||||||||||
Net income (loss) |
$ |
19,856 |
|
$ |
(3,329 |
) |
||||||||||||||||
Six months ended |
||||||||||||||||||||||
|
2021 |
|
2020 |
|
% change |
|||||||||||||||||
|
EBIT (1) |
D&A |
EBITDA |
|
EBIT (1) |
D&A |
EBITDA |
|
EBIT |
EBITDA |
||||||||||||
Global Ecommerce |
$ |
(37,207 |
) |
$ |
37,236 |
$ |
29 |
|
$ |
(48,369 |
) |
$ |
35,363 |
$ |
(13,006 |
) |
23 |
% |
>100% | |||
Presort Services |
|
35,185 |
|
|
14,297 |
|
49,482 |
|
|
28,277 |
|
|
15,631 |
|
43,908 |
|
24 |
% |
13 |
% |
||
Sending Technology Solutions |
|
221,591 |
|
|
15,140 |
|
236,731 |
|
|
210,830 |
|
|
17,815 |
|
228,645 |
|
5 |
% |
4 |
% |
||
Segment Total |
$ |
219,569 |
|
$ |
66,673 |
|
286,242 |
|
$ |
190,738 |
|
$ |
68,809 |
|
259,547 |
|
15 |
% |
10 |
% |
||
Reconciliation of Segment EBITDA to Net Loss: | ||||||||||||||||||||||
Segment depreciation and amortization |
|
(66,673 |
) |
|
(68,809 |
) |
||||||||||||||||
Unallocated corporate expenses |
|
(113,781 |
) |
|
(93,211 |
) |
||||||||||||||||
Restructuring charges |
|
(7,733 |
) |
|
(8,739 |
) |
||||||||||||||||
Loss on debt refinancing |
|
(52,383 |
) |
|
(36,987 |
) |
||||||||||||||||
Gain on sale of business |
|
10,201 |
|
|
- |
|
||||||||||||||||
Gain on sale of assets |
|
1,434 |
|
|
- |
|
||||||||||||||||
|
- |
|
|
(198,169 |
) |
|||||||||||||||||
Gain on sale of equity investment |
|
- |
|
|
11,908 |
|
||||||||||||||||
Transaction costs |
|
- |
|
|
(641 |
) |
||||||||||||||||
Interest, net |
|
(73,163 |
) |
|
(76,757 |
) |
||||||||||||||||
Benefit (provision) for income taxes |
|
9,077 |
|
|
(6,986 |
) |
||||||||||||||||
Loss from continuing operations |
|
(6,779 |
) |
|
(218,844 |
) |
||||||||||||||||
(Loss) income from discontinued operations, net of tax |
|
(4,906 |
) |
|
7,032 |
|
||||||||||||||||
Net loss |
$ |
(11,685 |
) |
$ |
(211,812 |
) |
||||||||||||||||
(1) Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment. |
Reconciliation of Reported Consolidated Results to Adjusted Results | ||||||||||||||||
(Unaudited; in thousands, except per share amounts) | ||||||||||||||||
Three months ended |
Six months ended |
|||||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
Reconciliation of reported net income (loss) to adjusted EBIT and EBITDA | ||||||||||||||||
Net income (loss) |
$ |
19,856 |
|
$ |
(3,329 |
) |
$ |
(11,685 |
) |
$ |
(211,812 |
) |
||||
Loss (income) from discontinued operations, net of tax |
|
1,020 |
|
|
3,032 |
|
|
4,906 |
|
|
(7,032 |
) |
||||
Provision (benefit) for income taxes |
|
4,915 |
|
|
17,016 |
|
|
(9,077 |
) |
|
6,986 |
|
||||
Income (loss) from continuing operations before taxes |
|
25,791 |
|
|
16,719 |
|
|
(15,856 |
) |
|
(211,858 |
) |
||||
Restructuring charges |
|
4,844 |
|
|
4,922 |
|
|
7,733 |
|
|
8,739 |
|
||||
Gain on sale of business |
|
(10,201 |
) |
|
- |
|
|
(10,201 |
) |
|
- |
|
||||
Gain on sale of assets |
|
(1,434 |
) |
|
- |
|
|
(1,434 |
) |
|
- |
|
||||
Loss on debt refinancing |
|
989 |
|
|
- |
|
|
52,383 |
|
|
36,987 |
|
||||
|
- |
|
|
- |
|
|
- |
|
|
198,169 |
|
|||||
Gain on sale of equity investment |
|
- |
|
|
(11,908 |
) |
|
- |
|
|
(11,908 |
) |
||||
Transaction costs |
|
- |
|
|
349 |
|
|
- |
|
|
641 |
|
||||
Adjusted net income before tax |
|
19,989 |
|
|
10,082 |
|
|
32,625 |
|
|
20,770 |
|
||||
Interest, net |
|
36,119 |
|
|
38,385 |
|
|
73,163 |
|
|
76,757 |
|
||||
Adjusted EBIT |
|
56,108 |
|
|
48,467 |
|
|
105,788 |
|
|
97,527 |
|
||||
Depreciation and amortization |
|
39,822 |
|
|
41,068 |
|
|
79,416 |
|
|
81,787 |
|
||||
Adjusted EBITDA |
$ |
95,930 |
|
$ |
89,535 |
|
$ |
185,204 |
|
$ |
179,314 |
|
||||
Reconciliation of reported diluted earnings (loss) per share to adjusted diluted earnings per share (1) | ||||||||||||||||
Diluted earnings (loss) per share |
$ |
0.11 |
|
$ |
(0.02 |
) |
$ |
(0.07 |
) |
$ |
(1.24 |
) |
||||
Loss (income) from discontinued operations, net of tax |
|
0.01 |
|
|
0.02 |
|
|
0.03 |
|
|
(0.04 |
) |
||||
Restructuring charges |
|
0.02 |
|
|
0.02 |
|
|
0.03 |
|
|
0.03 |
|
||||
Gain on sale of business |
|
(0.02 |
) |
|
- |
|
|
(0.02 |
) |
|
- |
|
||||
Gain on sale of assets |
|
(0.01 |
) |
|
- |
|
|
(0.01 |
) |
|
- |
|
||||
Loss on debt refinancing |
|
- |
|
|
- |
|
|
0.22 |
|
|
0.16 |
|
||||
|
- |
|
|
- |
|
|
- |
|
|
1.14 |
|
|||||
Gain on sale of equity investment |
|
- |
|
|
(0.05 |
) |
|
- |
|
|
(0.05 |
) |
||||
Tax on surrender of company owned life insurance policies |
|
- |
|
|
0.07 |
|
|
- |
|
|
0.07 |
|
||||
Adjusted diluted earnings per share |
$ |
0.11 |
|
$ |
0.04 |
|
$ |
0.19 |
|
$ |
0.09 |
|
||||
Reconciliation of reported net cash from operating activities to free cash flow | ||||||||||||||||
Net cash from operating activities |
$ |
78,805 |
|
$ |
153,777 |
|
$ |
144,729 |
|
$ |
86,422 |
|
||||
Net cash used in operating activities - discontinued operations |
|
- |
|
|
618 |
|
|
- |
|
|
38,423 |
|
||||
Capital expenditures |
|
(40,375 |
) |
|
(34,176 |
) |
|
(83,703 |
) |
|
(59,954 |
) |
||||
Restructuring payments |
|
4,870 |
|
|
5,318 |
|
|
8,825 |
|
|
11,365 |
|
||||
Change in customer deposits at |
|
43,427 |
|
|
23,219 |
|
|
15,633 |
|
|
22,331 |
|
||||
Transaction costs paid |
|
- |
|
|
377 |
|
|
- |
|
|
2,117 |
|
||||
Free cash flow |
$ |
86,727 |
|
$ |
149,133 |
|
$ |
85,484 |
|
$ |
100,704 |
|
||||
(1) The sum of the earnings per share amounts may not equal the totals due to rounding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210803005244/en/
Editorial -
Chief Communications Officer
203/351-6785
Financial -
VP, Investor Relations
203/351-7175
Source: