Pitney Bowes Announces Second Quarter 2018 Financial Results

* 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 $92 million and free cash flow was $30 million. Compared to the prior year, free cash flow increased by $22 million largely due to the timing of accounts payable and accrued liabilities, as well as lower tax payments and was partly offset by higher capital expenditures along with the timing of other working capital requirements.

The Company used cash to return $35 million in dividends to shareholders and to pay $12 million for restructuring payments.

Status of Divestiture

On July 2, 2018, the Company completed the sale of DMT Production Mail and supporting software to Platinum Equity, other than in certain non-U.S. jurisdictions, which are expected to close in the third and fourth quarters, subject to local regulatory requirements.

The Company has received $316 million in proceeds to-date with the remaining balance of approximately $24 million expected to be received in the second half of 2018, subject to certain adjustments.

As a result of the sale, the DMT Production Mail and supporting software operations have been classified as discontinued operations and prior period amounts have been reclassified to conform to this presentation.

Second Quarter 2018 Business Segment Reporting

The business reporting groups reflect how the Company manages these groups and the clients served in each market.

The Commerce Services group includes the Global Ecommerce and Presort Services segments. Global Ecommerce facilitates global cross-border ecommerce transactions and domestic retail and ecommerce shipping solutions, including fulfillment and returns. Presort Services provides sortation services to qualify large mail volumes for postal worksharing discounts.

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.

Software Solutions provide customer engagement, customer information, location intelligence software and data.

The results for each segment within the group may not equal the subtotals for the group due to rounding.

         

Commerce Services

($ millions) Second Quarter
Revenue

2018

   

2017

   

Y/Y

Reported

Y/Y

Ex Currency

Global Ecommerce $239 $95 153% 152%
Presort Services

123

118

4%

4%

Commerce Services $362 $213 70% 69%
 
EBIT
Global Ecommerce $(6) $(4) (49%)
Presort Services

13

19

(35%)

Commerce Services $7 $15 (57%)
 
EBITDA
Global Ecommerce $9 $3 200%
Presort Services

19

26

(27%)

Commerce Services $29 $29 (2%)
 

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