Pitney Bowes Announces First Quarter 2019 Financial Results

 
Pitney Bowes Inc.

Business Segments

(Unaudited; in thousands)

             
 
 
Three months ended March 31,
2019 2018 % Change
REVENUE

Global Ecommerce

 

$ 266,254 $ 246,590 8 %

Presort Services

 

  134,847     134,458   0 %

Commerce Services

 

  401,101     381,048   5 %
 

North America Mailing

 

315,474 340,811 (7 %)

International Mailing

 

  78,509     98,430   (20 %)

Small & Medium Business Solutions

 

  393,983     439,241   (10 %)
 

Software Solutions

 

  73,318     76,294   (4 %)

Total revenue

 

$ 868,402   $ 896,583   (3 %)
 
EBIT

Global Ecommerce

 

$ (14,600 ) $ (7,711 ) (89 %)

Presort Services

 

  15,066     27,026   (44 %)

Commerce Services

 

  466     19,315   (98 %)
 

North America Mailing

 

110,613 128,568 (14 %)

International Mailing

 

  11,790     16,022   (26 %)

Small & Medium Business Solutions

 

  122,403     144,590   (15 %)
 

Software Solutions

 

  1,692     2,492   (32 %)

Segment EBIT (1)

 

$ 124,561   $ 166,397   (25 %)
 
EBITDA

Global Ecommerce

 

$ 1,858 $ 6,719 (72 %)

Presort Services

 

  21,986     33,188   (34 %)

Commerce Services

 

  23,844     39,907   (40 %)
 

North America Mailing

 

117,053 136,067 (14 %)

International Mailing

 

  14,208     19,632   (28 %)

Small & Medium Business Solutions

 

  131,261     155,699   (16 %)
 

Software Solutions

 

  4,172     4,736   (12 %)

Segment EBITDA (2)

 

$ 159,277   $ 200,342   (20 %)
 
 

Reconciliation of segment EBITDA to net (loss) income

 

Segment EBITDA

 

$ 159,277 $ 200,342

Less: Segment depreciation and amortization

 

  (34,716 )   (33,945 )

Segment EBIT

 

124,561 166,397

Corporate expenses

 

  (55,689 )   (51,082 )

Adjusted EBIT

 

68,872 115,315

Interest, net (3)

 

(38,966 ) (43,078 )

Restructuring charges

 

(3,598 ) (904 )

Loss from market exits

 

(17,710 ) -

Transaction costs

 

(1,726 ) (1,055 )

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  
 
(1)   Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment.
(2) Segment EBITDA is calculated as Segment EBIT plus segment depreciation and amortization expense.
(3) Includes financing interest expense and interest expense, net.
 

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