Pitney Bowes Inc. |
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Business Segments - Revenue and EBIT |
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(Unaudited; in thousands) |
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Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||
2017 |
2016 (1) |
% Change | 2017 |
2016 (1) |
% Change | |||||||||||||||||
Revenue |
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North America Mailing | $ | 341,096 | $ |
343,218 |
|
(1 | %) | $ | 696,674 | $ |
714,671 |
|
(3 | %) | ||||||||
International Mailing | 95,322 | 107,581 | (11 | %) | 188,380 | 212,567 | (11 | %) | ||||||||||||||
Small & Medium Business Solutions | 436,418 | 450,799 | (3 | %) | 885,054 | 927,238 | (5 | %) | ||||||||||||||
Production Mail | 85,570 | 95,874 | (11 | %) | 174,525 | 183,299 | (5 | %) | ||||||||||||||
Presort Services | 118,452 | 115,765 | 2 | % | 251,129 | 243,161 | 3 | % | ||||||||||||||
Enterprise Business Solutions | 204,022 | 211,639 | (4 | %) | 425,654 | 426,460 | (0 | %) | ||||||||||||||
Software Solutions | 86,425 | 90,464 | (4 | %) | 164,645 | 168,386 | (2 | %) | ||||||||||||||
Global Ecommerce | 94,506 | 82,984 | 14 | % | 182,658 | 158,391 | 15 | % | ||||||||||||||
Digital Commerce Solutions | 180,931 | 173,448 | 4 | % | 347,303 | 326,777 | 6 | % | ||||||||||||||
Total revenue | $ | 821,371 | $ | 835,886 | (2 | %) | $ | 1,658,011 | $ | 1,680,475 | (1 | %) | ||||||||||
EBIT |
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North America Mailing | $ | 120,877 | $ | 146,897 | (18 | %) | $ | 261,885 | $ | 307,728 | (15 | %) | ||||||||||
International Mailing | 13,969 | 12,468 | 12 | % | 27,238 | 23,644 | 15 | % | ||||||||||||||
Small & Medium Business Solutions | 134,846 | 159,365 | (15 | %) | 289,123 | 331,372 | (13 | %) | ||||||||||||||
Production Mail | 7,631 | 12,914 | (41 | %) | 16,595 | 19,738 | (16 | %) | ||||||||||||||
Presort Services | 19,270 | 21,214 | (9 | %) | 49,987 | 50,124 | (0 | %) | ||||||||||||||
Enterprise Business Solutions | 26,901 | 34,128 | (21 | %) | 66,582 | 69,862 | (5 | %) | ||||||||||||||
Software Solutions | 7,555 | 10,151 | (26 | %) | 10,304 | 7,579 | 36 | % | ||||||||||||||
Global Ecommerce | (4,030 | ) | (683 | ) | >(100%) | (8,300 | ) | (4,152 | ) | (100 | %) | |||||||||||
Digital Commerce Solutions | 3,525 | 9,468 | (63 | %) | 2,004 | 3,427 | (42 | %) | ||||||||||||||
Segment EBIT (2) | $ | 165,272 | $ | 202,961 | (19 | %) | $ | 357,709 | $ | 404,661 | (12 | %) | ||||||||||
Reconciliation of segment EBIT to net income | ||||||||||||||||||||||
Segment EBIT | $ | 165,272 | $ | 202,961 | $ | 357,709 | $ | 404,661 | ||||||||||||||
Corporate expenses | (50,134 | ) | (48,777 | ) | (105,290 | ) | (106,544 | ) | ||||||||||||||
Adjusted EBIT | 115,138 | 154,184 | 252,419 | 298,117 | ||||||||||||||||||
Interest, net (3) | (40,443 | ) | (34,294 | ) | (79,093 | ) | (68,510 | ) | ||||||||||||||
Restructuring charges and asset impairments, net | (26,927 | ) | (26,076 | ) | (29,009 | ) | (33,009 | ) | ||||||||||||||
Gain on sale of technology | 6,085 | - | 6,085 | - | ||||||||||||||||||
Acquisition/disposition related expenses | - | (576 | ) | - | (3,696 | ) | ||||||||||||||||
Income before income taxes | 53,853 | 93,238 | 150,402 | 192,902 | ||||||||||||||||||
Provision for income taxes | (4,952 | ) | (33,394 | ) | (36,368 | ) | (70,418 | ) | ||||||||||||||
Income from continuing operations | 48,901 | 59,844 | 114,034 | 122,484 | ||||||||||||||||||
Loss from discontinued operations, net of tax | - | (1,660 | ) | - | (1,660 | ) | ||||||||||||||||
Net income | $ | 48,901 | $ | 58,184 | $ | 114,034 | $ | 120,824 |
(1) | Prior period amounts have been recast to conform to the current year presentation. | |
(2) | Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment. | |
(3) | Includes financing interest expense and interest expense, net. | |