Pitney Bowes Announces Third Quarter 2019 Financial Results
STAMFORD, Conn. — (BUSINESS WIRE) — November 5, 2019 — Pitney Bowes Inc. (NYSE: PBI), a global technology company that provides commerce solutions in the areas of ecommerce, shipping, mailing, data and financial services today announced its financial results for the third quarter 2019.
- Revenue of $790 million, an increase of 4 percent; an increase of 6 percent when adjusted for both the impact of currency and market exits
- GAAP EPS loss of $0.02; Adjusted EPS of $0.24
- GAAP EPS includes a non-cash $0.16 per share impairment charge related to capitalized software costs incurred in the development of a new enterprise business platform in certain international markets
- GAAP cash from operations of $96 million; free cash flow of $69 million
Transaction signed and Debt Management:...
- On August 26, 2019, the Company announced it entered into a definitive agreement to sell its Software Solutions business to Syncsort for $700 million in cash.
- The Company is using the majority of the net proceeds to pay down near-term debt maturities.
- On September 27, 2019, the Company repaid the balance of its $200 million September 2020 term loan.
- In November 2019, the Company replaced its existing revolving credit facility