Pitney Bowes Announces Second Quarter 2018 Financial Results

                 
Pitney Bowes Inc.

Business Segments

(Unaudited; in thousands)

 
Three months ended June 30, Six months ended June 30,
2018 2017 % Change 2018 2017 % Change
REVENUE
Global Ecommerce $ 239,100 $ 94,506 >100% $ 485,690 $ 182,658 >100%
Presort Services   122,730     118,452   4 %   257,188     251,129   2 %
Commerce Services   361,830     212,958   70 %   742,878     433,787   71 %
 
North America Mailing 314,546 340,949 (8 %) 640,115 696,902 (8 %)
International Mailing   93,358     95,425   (2 %)   191,395     188,624   1 %
Small & Medium Business Solutions   407,904     436,374   (7 %)   831,510     885,526   (6 %)
 
Software Solutions   91,702     81,081   13 %   167,996     154,280   9 %
Total revenue $ 861,436   $ 730,413   18 % $ 1,742,384   $ 1,473,593   18 %
 
EBIT
Global Ecommerce $ (5,993 ) $ (4,030 ) (49 %) $ (13,704 ) $ (8,300 ) (65 %)
Presort Services   12,565     19,270   (35 %)   39,591     49,987   (21 %)
Commerce Services   6,572     15,240   (57 %)   25,887     41,687   (38 %)
 
North America Mailing 115,193 120,797 (5 %) 234,763 262,041 (10 %)
International Mailing   13,215     14,020   (6 %)   29,246     27,430   7 %
Small & Medium Business Solutions   128,408     134,817   (5 %)   264,009     289,471   (9 %)
 
Software Solutions   18,433     5,091   >100%   20,925     6,397   >100%
Segment EBIT (1) $ 153,413   $ 155,148   (1 %) $ 310,821   $ 337,555   (8 %)
 
EBITDA
Global Ecommerce $ 9,474 $ 3,157 >100% $ 16,193 $ 6,210 >100%
Presort Services   19,188     26,196   (27 %)   52,376     64,111   (18 %)
Commerce Services   28,662     29,353   (2 %)   68,569     70,321   (2 %)
 
North America Mailing 132,569 137,157 (3 %) 268,996 294,427 (9 %)
International Mailing   17,469     18,368   (5 %)   38,021     36,475   4 %
Small & Medium Business Solutions   150,038     155,525   (4 %)   307,017     330,902   (7 %)
 
Software Solutions   20,819     7,381   >100%   25,732     10,775   >100%
Segment EBITDA (2) $ 199,519   $ 192,259   4 % $ 401,318   $ 411,998   (3 %)
 
 

Reconciliation of segment EBITDA to net income

 
Segment EBITDA $ 199,519 $ 192,259 $ 401,318 $ 411,998
Less: Segment depreciation and amortization (3)   (46,106 )   (37,111 )   (90,497 )   (74,443 )
Segment EBIT 153,413 155,148 310,821 337,555
Corporate expenses   (46,477 )   (52,549 )   (97,561 )   (110,151 )
Adjusted EBIT 106,936 102,599 213,260 227,404
Interest, net (4) (41,969 ) (40,443 ) (85,047 ) (79,093 )
Restructuring charges and asset impairments, net (11,503 ) (25,990 ) (12,407 ) (27,639 )
Gain on sale of technology - 6,085 - 6,085
Transaction costs - - (1,053 ) -
Provision for income taxes   (6,458 )   (790 )   (22,721 )   (27,872 )
Income from continuing operations 47,006 41,461 92,032 98,885
Income from discontinued operations, net of tax   1,208     7,440     9,695     15,149  
Net income $ 48,214   $ 48,901   $ 101,727   $ 114,034  
(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 depreciation and amortization expense of reporting segments only. Does not include corporate depreciation and amortization expense.
(4) Includes financing interest expense and interest expense, net.
 

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