Disclosure Using Social Media
Pitney Bowes announces material information to its investors using SEC filings, press releases, public conference calls and webcasts. The Company already makes frequent use of its investor relations website to disseminate material information, as well as social media platforms, including Twitter, Facebook and LinkedIn. Investors, buy and sell-side analysts, media and influencers should note that the Company plans to continue to announce material financial information using the Pitney Bowes investor relations website, SEC filings, and press releases, public conference calls and webcasts. Pitney Bowes is notifying investors, media and others interested in the Company that in the future, the Company may choose to communicate material information through its social media channels, or it is possible that information it discloses through social media channels may be deemed to be material. Therefore, Pitney Bowes encourages investors, the media, and others interested in the Company to review the information posted on the Company’s investor relations site ( https://www.investorrelations.pitneybowes.com/), Twitter ( https://twitter.com/PBnews and https://twitter.com/PitneyBowes), Facebook ( https://www.facebook.com/PitneyBowes/), and LinkedIn ( https://www.linkedin.com/company/pitney-bowes/). The Company may communicate on social media platforms not listed here as well as create new accounts in the future. Any updates to the list of social media channels Pitney Bowes will use to announce material information will be posted on the Investor Relations page.
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 special items like restructuring charges, tax adjustments, goodwill and asset write-downs, and costs related to dispositions and acquisitions. 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. In addition, the Company reported the comparison of revenue excluding the impact of currency and market exits to prior year, which excludes the impact of changes in foreign currency exchange rates since the prior period and also excludes the revenues associated with the recent market exits in several smaller markets. 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, as well as reported revenue to “revenue excluding the impact of currency and market exits” 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, special 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.
Segment EBIT is the primary measure of profitability and operational performance at the segment level. Segment EBIT 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 goodwill and asset impairments, which are recognized on a consolidated basis. The Company has also included segment EBITDA as a useful measure for profitability and operational performance, and an additional way to look at the economics of the segments, especially in light of some of the Company’s more recent, larger acquisitions. Segment EBITDA further excludes depreciation and amortization expense for the segment. A reconciliation of segment EBIT and EBITDA to net income can be found in the attached financial schedules.
Pitney Bowes has provided a quantitative reconciliation to GAAP in supplemental schedules. This information can 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; expenses and potential impact on client relationships resulting from the October 2019 malware attack that affected the Company's operations; a breach of security, including a future cyber-attack or other comparable event; the continued availability and security of key information technology systems and the cost to comply with information security requirements and privacy laws; changes in, or loss of, our contractual relationships with the U.S. Postal Service or posts in other major markets; changes in postal regulations; competitive factors, including pricing pressures, technological developments and the introduction of new products and services by competitors; the United Kingdom's potential exit from the European Union (Brexit); our success in developing and marketing new products and services, and obtaining regulatory approvals, if required; changes in banking regulations or the loss of our Industrial Bank charter; changes in labor conditions and transportation costs; macroeconomic factors, including global and regional business conditions that adversely impact customer demand, foreign currency exchange rates and interest rates; changes in global political conditions and international trade policies, including the imposition or expansion of trade tariffs and other factors as more fully outlined in the Company's 2018 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 and nine months ended September 30, 2019 and 2018, and consolidated balance sheets as of September 30, 2019 and December 31, 2018 are attached.
Pitney Bowes Inc. | |||||||||||||||||||
Consolidated Statements of Income | |||||||||||||||||||
(Unaudited; in thousands, except share and per share amounts) | |||||||||||||||||||
Three months ended September 30, |
|
|
|
Nine months ended September 30, |
|||||||||||||||
2019 |
|
2018 |
|
|
|
2019 |
|
2018 |
|||||||||||
Revenue: | |||||||||||||||||||
Equipment sales | $ |
89,618 |
|
$ |
88,799 |
|
$ |
264,956 |
|
$ |
289,318 |
|
|||||||
Supplies |
|
44,818 |
|
|
50,403 |
|
|
142,261 |
|
|
165,853 |
|
|||||||
Rentals |
|
19,737 |
|
|
21,432 |
|
|
60,339 |
|
|
65,852 |
|
|||||||
Financing |
|
90,577 |
|
|
96,799 |
|
|
280,039 |
|
|
294,277 |
|
|||||||
Support services |
|
126,274 |
|
|
138,055 |
|
|
382,578 |
|
|
417,303 |
|
|||||||
Business services |
|
419,101 |
|
|
364,793 |
|
|
1,243,609 |
|
|
1,121,505 |
|
|||||||
Total revenue |
|
790,125 |
|
|
760,281 |
|
|
2,373,782 |
|
|
2,354,108 |
|
|||||||
Costs and expenses: | |||||||||||||||||||
Cost of equipment sales |
|
59,859 |
|
|
52,209 |
|
|
182,094 |
|
|
173,626 |
|
|||||||
Cost of supplies |
|
12,225 |
|
|
13,967 |
|
|
37,533 |
|
|
46,652 |
|
|||||||
Cost of rentals |
|
5,090 |
|
|
9,174 |
|
|
23,223 |
|
|
30,386 |
|
|||||||
Financing interest expense |
|
11,026 |
|
|
10,849 |
|
|
33,433 |
|
|
33,107 |
|
|||||||
Cost of support services |
|
41,086 |
|
|
45,872 |
|
|
123,453 |
|
|
134,204 |
|
|||||||
Cost of business services |
|
338,519 |
|
|
287,237 |
|
|
1,003,483 |
|
|
872,183 |
|
|||||||
Selling, general and administrative |
|
254,092 |
|
|
241,350 |
|
|
757,228 |
|
|
759,469 |
|
|||||||
Research and development |
|
12,272 |
|
|
15,636 |
|
|
38,421 |
|
|
44,651 |
|
|||||||
Restructuring charges and asset impairments, net |
|
47,017 |
|
|
6,099 |
|
|
56,616 |
|
|
18,771 |
|
|||||||
Interest expense, net |
|
28,704 |
|
|
26,588 |
|
|
84,325 |
|
|
89,377 |
|
|||||||
Other components of net pension and postretirement cost |
|
(882 |
) |
|
(1,852 |
) |
|
(3,138 |
) |
|
(6,070 |
) |
|||||||
Other expense |
|
667 |
|
|
7,964 |
|
|
18,350 |
|
|
7,964 |
|
|||||||
Total costs and expenses |
|
809,675 |
|
|
715,093 |
|
|
2,355,021 |
|
|
2,204,320 |
|
|||||||
(Loss) income from continuing operations before taxes |
|
(19,550 |
) |
|
45,188 |
|
|
18,761 |
|
|
149,788 |
|
|||||||
(Benefit) provision for income taxes |
|
(24,895 |
) |
|
(2,468 |
) |
|
(13,351 |
) |
|
17,235 |
|
|||||||
Income from continuing operations |
|
5,345 |
|
|
47,656 |
|
|
32,112 |
|
|
132,553 |
|
|||||||
(Loss) income from discontinued operations, net of tax |
|
(8,470 |
) |
|
32,621 |
|
|
(14,199 |
) |
|
59,289 |
|
|||||||
Net (loss) income | $ |
(3,125 |
) |
$ |
80,277 |
|
$ |
17,913 |
|
$ |
191,842 |
|
|||||||
Basic earnings (loss) per share (1): | |||||||||||||||||||
Continuing operations | $ |
0.03 |
|
$ |
0.25 |
|
$ |
0.18 |
|
$ |
0.71 |
|
|||||||
Discontinued operations |
|
(0.05 |
) |
|
0.17 |
|
|
(0.08 |
) |
|
0.32 |
|
|||||||
Net income | $ |
(0.02 |
) |
$ |
0.43 |
|
$ |
0.10 |
|
$ |
1.02 |
|
|||||||
Diluted earnings (loss) per share (1): | |||||||||||||||||||
Continuing operations | $ |
0.03 |
|
$ |
0.25 |
|
$ |
0.18 |
|
$ |
0.70 |
|
|||||||
Discontinued operations |
|
(0.05 |
) |
|
0.17 |
|
|
(0.08 |
) |
|
0.32 |
|
|||||||
Net income | $ |
(0.02 |
) |
$ |
0.43 |
|
$ |
0.10 |
|
$ |
1.02 |
|
|||||||
Weighted-average shares used in diluted earnings per share |
|
171,200,404 |
|
|
188,414,719 |
|
|
179,096,058 |
|
|
188,190,057 |
|
(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) | ||||||||
Assets | September 30,
2019 |
December 31,
2018 |
||||||
Current assets: | ||||||||
Cash and cash equivalents | $ |
514,851 |
|
$ |
867,262 |
|
||
Short-term investments |
|
137,032 |
|
|
59,391 |
|
||
Accounts and other receivables, net |
|
365,522 |
|
|
371,797 |
|
||
Short-term finance receivables, net |
|
617,178 |
|
|
653,236 |
|
||
Inventories |
|
76,339 |
|
|
62,279 |
|
||
Current income taxes |
|
25,598 |
|
|
5,947 |
|
||
Other current assets and prepayments |
|
101,829 |
|
|
74,782 |
|
||
Assets of discontinued operations |
|
568,413 |
|
|
602,823 |
|
||
Total current assets |
|
2,406,762 |
|
|
2,697,517 |
|
||
Property, plant and equipment, net |
|
371,666 |
|
|
398,501 |
|
||
Rental property and equipment, net |
|
39,400 |
|
|
46,228 |
|
||
Long-term finance receivables, net |
|
616,746 |
|
|
635,908 |
|
||
Goodwill |
|
1,317,037 |
|
|
1,332,351 |
|
||
Intangible assets, net |
|
199,715 |
|
|
213,200 |
|
||
Operating lease assets |
|
172,617 |
|
|
152,554 |
|
||
Noncurrent income taxes |
|
80,561 |
|
|
65,001 |
|
||
Other assets |
|
392,720 |
|
|
397,159 |
|
||
Total assets | $ |
5,597,224 |
|
$ |
5,938,419 |
|
||
Liabilities and stockholders' equity | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ |
1,337,214 |
|
$ |
1,348,127 |
|
||
Current operating lease liabilities |
|
34,091 |
|
|
35,208 |
|
||
Current portion of long-term debt |
|
501,728 |
|
|
199,535 |
|
||
Advance billings |
|
106,968 |
|
|
116,862 |
|
||
Current income taxes |
|
8,525 |
|
|
15,284 |
|
||
Liabilities of discontinued operations |
|
157,034 |
|
|
174,798 |
|
||
Total current liabilities |
|
2,145,560 |
|
|
1,889,814 |
|
||
Long-term debt |
|
2,567,363 |
|
|
3,066,073 |
|
||
Deferred taxes on income |
|
253,151 |
|
|
253,560 |
|
||
Tax uncertainties and other income tax liabilities |
|
45,179 |
|
|
39,548 |
|
||
Noncurrent operating lease liabilities |
|
148,125 |
|
|
125,294 |
|
||
Other noncurrent liabilities |
|
412,434 |
|
|
462,288 |
|
||
Total liabilities |
|
5,571,812 |
|
|
5,836,577 |
|
||
Stockholders' equity: | ||||||||
Cumulative preferred stock, $50 par value, 4% convertible |
|
- |
|
|
1 |
|
||
Cumulative preference stock, no par value, $2.12 convertible |
|
- |
|
|
396 |
|
||
Common stock, $1 par value |
|
323,338 |
|
|
323,338 |
|
||
Additional paid-in-capital |
|
101,651 |
|
|
121,475 |
|
||
Retained earnings |
|
5,270,741 |
|
|
5,279,682 |
|
||
Accumulated other comprehensive loss |
|
(926,452 |
) |
|
(948,961 |
) |
||
Treasury stock, at cost |
|
(4,743,866 |
) |
|
(4,674,089 |
) |
||
Total stockholders' equity |
|
25,412 |
|
|
101,842 |
|
||
Total liabilities and stockholders' equity | $ |
5,597,224 |
|
$ |
5,938,419 |
|
||
Pitney Bowes Inc. | ||||||||||||||||||||
Business Segment Revenue | ||||||||||||||||||||
(Unaudited; in thousands) | ||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
2019 |
2018 |
% Change |
2019 |
2018 |
% Change |
|||||||||||||||
REVENUE | ||||||||||||||||||||
Global Ecommerce | $ |
278,995 |
$ |
232,845 |
20 |
% |
$ |
827,568 |
$ |
718,535 |
15 |
% |
||||||||
Presort Services |
|
131,483 |
|
125,334 |
5 |
% |
|
394,468 |
|
382,522 |
3 |
% |
||||||||
Commerce Services |
|
410,478 |
|
358,179 |
15 |
% |
|
1,222,036 |
|
1,101,057 |
11 |
% |
||||||||
Sending Technology Solutions |
|
379,647 |
|
402,102 |
(6 |
%) |
|
1,151,746 |
|
1,253,051 |
(8 |
%) |
||||||||
Total revenue | $ |
790,125 |
$ |
760,281 |
4 |
% |
$ |
2,373,782 |
$ |
2,354,108 |
1 |
% |
||||||||
Reconciliation of reported revenue to revenue excluding currency and Market Exits | ||||||||||||||||||||
Total revenue | $ |
790,125 |
$ |
760,281 |
4 |
% |
$ |
2,373,782 |
$ |
2,354,108 |
1 |
% |
||||||||
Currency impact on revenue |
|
4,068 |
|
- |
|
17,982 |
|
- |
||||||||||||
Revenue, at constant currency |
|
794,193 |
|
760,281 |
4 |
% |
|
2,391,764 |
|
2,354,108 |
2 |
% |
||||||||
Less revenue from Market Exits |
|
1,470 |
|
10,873 |
|
9,549 |
|
39,350 |
||||||||||||
Revenue, excluding currency and Market Exits | $ |
792,723 |
$ |
749,408 |
6 |
% |
$ |
2,382,215 |
$ |
2,314,758 |
3 |
% |
||||||||
Pitney Bowes Inc. | ||||||||||
Business Segment EBIT & EBITDA | ||||||||||
(Unaudited; in thousands) | ||||||||||
Three Months Ended September 30, | ||||||||||
2019 |
2018 |
% change | ||||||||
EBIT (1) | D&A | EBITDA | EBIT (1) | D&A | EBITDA | EBIT | EBITDA | |||
Global Ecommerce | $ (21,793) |
$ 17,356 |
$ (4,437) |
$ (14,330) |
$ 15,150 |
$ 820 |
(52%) |
>(100%) |
||
Presort Services | 17,687 |
7,667 |
25,354 |
17,435 |
6,867 |
24,302 |
1% |
4% |
||
Commerce Services | (4,106) |
25,023 |
20,917 |
3,105 |
22,017 |
25,122 |
>(100%) |
(17%) |
||
Sending Technology Solutions | 130,954 |
9,579 |
140,533 |
134,607 |
9,499 |
144,106 |
(3%) |
(2%) |
||
Segment Total | $ 126,848 |
$ 34,602 |
161,450 |
$ 137,712 |
$ 31,516 |
169,228 |
(8%) |
(5%) |
||
Reconciliation of Segment EBITDA to Net Income: | ||||||||||
Segment depreciation and amortization (2) | (34,602) |
(31,516) |
||||||||
Unallocated corporate expenses | (58,277) |
(40,988) |
||||||||
Restructuring charges and asset impairments, net | (47,017) |
(6,099) |
||||||||
Interest, net | (39,730) |
(37,437) |
||||||||
Other expense | (667) |
(7,964) |
||||||||
Transaction costs | (707) |
(36) |
||||||||
Benefit for income taxes | 24,895 |
2,468 |
||||||||
Income from continuing operations | 5,345 |
47,656 |
||||||||
(Loss) income from discontinued operations, net of tax | (8,470) |
32,621 |
||||||||
Net (loss) income | $ (3,125) |
$ 80,277 |
||||||||
Nine Months Ended September 30, | ||||||||||
2019 |
2018 |
% change | ||||||||
EBIT (1) | D&A | EBITDA | EBIT (1) | D&A | EBITDA | EBIT | EBITDA | |||
Global Ecommerce | $ (51,969) |
$ 50,697 |
$ (1,272) |
$ (28,034) |
$ 45,047 |
$ 17,013 |
(85%) |
>(100%) |
||
Presort Services | 48,215 |
21,675 |
69,890 |
57,026 |
19,652 |
76,678 |
(15%) |
(9%) |
||
Commerce Services | (3,754) |
72,372 |
68,618 |
28,992 |
64,699 |
93,691 |
>(100%) |
(27%) |
||
Sending Technology Solutions | 378,095 |
30,347 |
408,442 |
412,427 |
30,979 |
443,406 |
(8%) |
(8%) |
||
Segment Total | $ 374,341 |
$ 102,719 |
477,060 |
$ 441,419 |
$ 95,678 |
537,097 |
(15%) |
(11%) |
||
Reconciliation of Segment EBITDA to Net Income: | ||||||||||
Segment depreciation and amortization (2) | (102,719) |
(95,678) |
||||||||
Unallocated corporate expenses | (160,283) |
(141,321) |
||||||||
Restructuring charges and asset impairments, net | (56,616) |
(18,771) |
||||||||
Interest, net | (117,758) |
(122,484) |
||||||||
Other expense | (18,350) |
(7,964) |
||||||||
Transaction costs | (2,573) |
(1,091) |
||||||||
Benefit (provision) for income taxes | 13,351 |
(17,235) |
||||||||
Income from continuing operations | 32,112 |
132,553 |
||||||||
(Loss) income from discontinued operations, net of tax | (14,199) |
59,289 |
||||||||
Net income | $ 17,913 |
$ 191,842 |
(1) Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment. | ||||||||||
(2) Represents depreciation and amortization expense of reporting segments only and does not include corporate depreciation and amortization expense of $5,935 and $5,111 for the three months ended September 30, 2019 and 2018, respectively, and $15,795 and $16,477 for the nine months ended September 30, 2019 and 2018, respectively. | ||||||||||
Pitney Bowes Inc. | ||||||||||||||||||||
Reconciliation of Reported Consolidated Results to Adjusted Results | ||||||||||||||||||||
(Unaudited; in thousands, except per share amounts) | ||||||||||||||||||||
Three months ended
September 30, |
Nine months ended
September 30, |
|||||||||||||||||||
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|||||||||
Reconciliation of reported net income to adjusted earnings | ||||||||||||||||||||
Net (loss) income | $ |
(3,125 |
) |
$ |
80,277 |
|
$ |
17,913 |
|
$ |
191,842 |
|
||||||||
Loss (income) from discontinued operations, net of tax |
|
8,470 |
|
|
(32,621 |
) |
|
14,199 |
|
|
(59,289 |
) |
||||||||
Restructuring charges and asset impairments, net |
|
34,722 |
|
|
4,466 |
|
|
41,709 |
|
|
13,784 |
|
||||||||
Loss on disposition of businesses |
|
- |
|
|
- |
|
|
19,396 |
|
|
- |
|
||||||||
Loss on extinguishment of debt |
|
497 |
|
|
5,933 |
|
|
497 |
|
|
5,933 |
|
||||||||
Transaction costs |
|
527 |
|
|
27 |
|
|
1,917 |
|
|
814 |
|
||||||||
Tax adjustments, net |
|
- |
|
|
(7,986 |
) |
|
- |
|
|
(13,966 |
) |
||||||||
Adjusted net income |
|
41,091 |
|
|
50,096 |
|
|
95,631 |
|
|
139,118 |
|
||||||||
(Benefit) provision for income taxes, as adjusted |
|
(12,250 |
) |
|
9,191 |
|
|
669 |
|
|
38,496 |
|
||||||||
Interest, net |
|
39,730 |
|
|
37,437 |
|
|
117,758 |
|
|
122,484 |
|
||||||||
Adjusted EBIT |
|
68,571 |
|
|
96,724 |
|
|
214,058 |
|
|
300,098 |
|
||||||||
Depreciation and amortization |
|
40,537 |
|
|
36,627 |
|
|
118,514 |
|
|
112,155 |
|
||||||||
Adjusted EBITDA | $ |
109,108 |
|
$ |
133,351 |
|
$ |
332,572 |
|
$ |
412,253 |
|
||||||||
Reconciliation of reported diluted earnings per share to adjusted diluted earnings per share | ||||||||||||||||||||
Diluted (loss) earnings per share | $ |
(0.02 |
) |
$ |
0.43 |
|
$ |
0.10 |
|
$ |
1.02 |
|
||||||||
Loss (income) from discontinued operations, net of tax |
|
0.05 |
|
|
(0.17 |
) |
|
0.08 |
|
|
(0.32 |
) |
||||||||
Restructuring charges and asset impairments, net |
|
0.20 |
|
|
0.02 |
|
|
0.23 |
|
|
0.07 |
|
||||||||
Loss on disposition of businesses |
|
- |
|
|
- |
|
|
0.11 |
|
|
- |
|
||||||||
Loss on extinguishment of debt |
|
- |
|
|
0.03 |
|
|
- |
|
|
0.03 |
|
||||||||
Transaction costs |
|
- |
|
|
- |
|
|
0.01 |
|
|
- |
|
||||||||
Tax adjustments, net |
|
- |
|
|
(0.04 |
) |
|
- |
|
|
(0.07 |
) |
||||||||
Adjusted diluted earnings per share | $ |
0.24 |
|
$ |
0.27 |
|
$ |
0.53 |
|
$ |
0.74 |
|
||||||||
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 | $ |
95,502 |
|
$ |
104,077 |
|
$ |
182,284 |
|
$ |
258,570 |
|
||||||||
Net cash used in operating activities - discontinued operations |
|
(10,324 |
) |
|
(20,954 |
) |
|
(15,858 |
) |
|
(68,428 |
) |
||||||||
Capital expenditures |
|
(36,034 |
) |
|
(27,854 |
) |
|
(95,221 |
) |
|
(105,295 |
) |
||||||||
Restructuring payments |
|
5,840 |
|
|
11,449 |
|
|
18,845 |
|
|
39,242 |
|
||||||||
Reserve account deposits |
|
11,441 |
|
|
905 |
|
|
3,125 |
|
|
6,864 |
|
||||||||
Transaction costs paid |
|
2,917 |
|
|
9,205 |
|
|
9,025 |
|
|
13,242 |
|
||||||||
Free cash flow | $ |
69,342 |
|
$ |
76,828 |
|
$ |
102,200 |
|
$ |
144,195 |
|