Pitney Bowes Announces Third Quarter 2017 Financial Results


Pitney Bowes Inc. Business Segments - Revenue and EBIT (Unaudited; in thousands)

	Three months ended September 30,								Nine months ended September 30,
		2017			2016 ⁽¹⁾		% Change			2017			2016 ⁽¹⁾		% Change
Revenue

North America Mailing	$	319,966		$	349,785		(9	%)	$	1,016,640		$	1,064,456		(4	%)
International Mailing		93,770			96,730		(3	%)		282,150			309,297		(9	%)
Small & Medium Business Solutions		413,736			446,515		(7	%)		1,298,790			1,373,753		(5	%)

Production Mail		104,387			106,350		(2	%)		278,912			289,649		(4	%)
Presort Services		119,074			114,053		4	%		370,203			357,214		4	%
Enterprise Business Solutions		223,461			220,403		1	%		649,115			646,863		â�•	%

Software Solutions		99,442			89,031		12	%		264,087			257,417		3	%
Global Ecommerce		106,181			83,082		28	%		288,839			241,473		20	%
Digital Commerce Solutions		205,623			172,113		19	%		552,926			498,890		11	%

Total revenue	$	842,820		$	839,031		â�•	%	$	2,500,831		$	2,519,506		(1	%)

EBIT

North America Mailing	$	107,777		$	141,968		(24	%)	$	369,662		$	449,696		(18	%)
International Mailing		8,729			9,198		(5	%)		35,967			32,842		10	%
Small & Medium Business Solutions		116,506			151,166		(23	%)		405,629			482,538		(16	%)

Production Mail		14,920			15,696		(5	%)		31,515			35,434		(11	%)
Presort Services		19,474			19,181		2	%		69,461			69,305		â�•	%
Enterprise Business Solutions		34,394			34,877		(1	%)		100,976			104,739		(4	%)

Software Solutions		20,912			10,329		>100	%		31,216			17,908		74	%
Global Ecommerce		(9,594	)		1,544		>(100	%)		(17,894	)		(2,608	)	>(100	%)
Digital Commerce Solutions		11,318			11,873		(5	%)		13,322			15,300		(13	%)

Segment EBIT ⁽²⁾	$	162,218		$	197,916		(18	%)	$	519,927		$	602,577		(14	%)


Reconciliation of segment EBIT to net income

Segment EBIT	$	162,218		$	197,916				$	519,927		$	602,577
Corporate expenses		(38,848	)		(51,992	)				(144,138	)		(158,536	)
Adjusted EBIT		123,370			145,924					375,789			444,041
Interest, net ⁽³⁾		(41,230	)		(35,259	)				(120,323	)		(103,769	)
Restructuring charges and asset impairments, net		(1,493	)		(16,494	)				(30,502	)		(49,503	)
Gain on sale of technology	â�•			â�•						6,085		â�•
Acquisition/disposition related expenses		(5,682	)		(578	)				(5,682	)		(4,274	)
Income before income taxes		74,965			93,593					225,367			286,495
Provision for income taxes		(17,607	)		(23,197	)				(53,975	)		(93,615	)
Income from continuing operations		57,358			70,396					171,392			192,880
Loss from discontinued operations, net of tax	â�•				(291	)			â�•				(1,951	)
Net income	$	57,358		$	70,105				$	171,392		$	190,929

⁽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.

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