GAAP Cash from Operations and Free Cash Flow Results
GAAP cash from operations during the quarter was $83 million and free cash flow was $65 million. Compared to the prior year, free cash flow decreased by $46 million primarily due to the timing of working capital, largely within accounts receivable.
During the quarter, the Company paid down $255 million of debt using repatriated non-U.S. cash. The Company also used cash to return $35 million in dividends to shareholders and pay $16 million for restructuring payments.
First Quarter 2018 Business Segment Reporting
Effective January 1, 2018, the Company revised its business reporting groups to reflect how it manages these groups and the clients served in each market.
The Commerce Services group includes the Global Ecommerce and Presort Services segments. Global Ecommerce facilitates global cross-border ecommerce transactions and domestic retail and ecommerce shipping solutions, including fulfillment and returns. Presort Services provides sortation services to qualify large mail volumes for postal worksharing discounts.
The SMB Solutions group offers mailing and office shipping solutions, financing, services, and supplies for small and medium businesses to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. This group includes the North America Mailing and International Mailing segments.
Software Solutions provide customer engagement, customer information, location intelligence software and data.
Production Mail provides mailing and printing equipment and services for large enterprise clients to process mail.
The results for each segment within the group may not equal the subtotals for the group due to rounding.
|
Commerce Services |
|||||||||||||
| ($ millions) | First Quarter | ||||||||||||
| Revenue |
2018 |
2017 |
Y/Y
Reported |
Y/Y
Ex Currency |
|||||||||
| Global Ecommerce | $247 | $88 | 180% | 177% | |||||||||
| Presort Services |
134 |
133 |
1% |
1% |
|||||||||
| Commerce Services | $381 | $221 | 73% | 71% | |||||||||
| EBIT | |||||||||||||
| Global Ecommerce | $(8) | $(4) | (81%) | ||||||||||
| Presort Services |
27 |
31 |
(12%) |
||||||||||
| Commerce Services | $19 | $26 | (27%) | ||||||||||
| EBITDA * | |||||||||||||
| Global Ecommerce | $7 | $3 | 120% | ||||||||||
| Presort Services |
33 |
38 |
(12%) |
||||||||||
| Commerce Services | $40 | $41 | (3%) | ||||||||||
