Pitney Bowes Announces First Quarter 2019 Financial Results

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; 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 months ended March 31, 2019 and 2018, and consolidated balance sheets as of March 31, 2019 and December 31, 2018 are attached

 
Pitney Bowes Inc.
Consolidated Statements of (Loss) Income
(Unaudited; in thousands, except share and per share amounts)
         
 
Three months ended March 31,
2019 2018
Revenue:

Equipment sales

 

$ 89,787 $ 106,708

Supplies

 

50,953 59,993

Software

 

73,318 76,294

Rentals

 

22,157 24,965

Financing

 

97,043 100,349

Support services

 

128,621 140,650

Business services

 

  406,523     387,624  

Total revenue

 

  868,402     896,583  
 
Costs and expenses:

Cost of equipment sales

 

63,665 62,469

Cost of supplies

 

13,550 16,947

Cost of software

 

23,383 24,129

Cost of rentals

 

9,715 12,748

Financing interest expense

 

11,364 11,064

Cost of support services

 

41,779 46,065

Cost of business services

 

327,046 294,379

Selling, general and administrative

 

300,982 302,810

Research and development

 

21,774 24,495

Restructuring charges

 

3,598 904

Other components of net pension and postretirement cost

 

(638 ) (1,719 )

Interest expense, net

 

27,602 32,014

Other expense

 

  17,710     -  

Total costs and expenses

 

  861,530     826,305  
 
Income from continuing operations before taxes 6,872 70,278
Provision for income taxes   8,301     18,795  
(Loss) income from continuing operations (1,429 ) 51,483
(Loss) income from discontinued operations, net of tax   (1,230 )   8,487  
Net (loss) income $ (2,659 ) $ 59,970  
 
Basic (loss) earnings per share attributable to common stockholders:

Continuing operations

 

$ (0.01 ) $ 0.28

Discontinued operations

 

  (0.01 )   0.05  

Net (loss) income

 

$ (0.01 ) $ 0.32  
 
Diluted (loss) earnings per share attributable to common stockholders:

Continuing operations

 

$ (0.01 ) $ 0.27

Discontinued operations

 

  (0.01 )   0.05  

Net (loss) income

 

$ (0.01 ) $ 0.32  
 
Weighted-average shares used in diluted earnings per share   185,970,755     188,174,983  
 

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