Pitney Bowes Announces Second Quarter 2016 Financial Results
Note: Consolidated statements of income; revenue and EBIT by business
segment; and reconciliation of GAAP to non-GAAP measures for the three
and six months ended June 30, 2016 and 2015, and consolidated balance
sheets at June 30, 2016 and December 31, 2015 are attached.
Pitney Bowes Inc.
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Consolidated Statements of Income
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(Unaudited; in thousands, except share and per share amounts)
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Three months ended June 30,
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Six months ended June 30,
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2016
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2015
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2016
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2015
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Revenue:
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Equipment sales
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$
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152,641
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$
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165,507
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$
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312,002
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$
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331,471
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Supplies
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65,274
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70,636
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137,325
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144,004
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Software
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90,615
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99,184
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168,673
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185,541
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Rentals
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102,869
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111,312
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206,959
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225,309
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Financing
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91,609
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101,437
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189,032
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207,067
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Support services
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131,418
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139,237
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259,678
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278,795
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Business services
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201,460
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193,578
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406,806
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399,385
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Total revenue
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835,886
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880,891
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1,680,475
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1,771,572
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Costs and expenses:
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Cost of equipment sales
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78,055
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79,043
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149,594
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154,056
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Cost of supplies
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19,624
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21,624
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40,314
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44,283
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Cost of software
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26,983
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28,501
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53,798
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58,365
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Cost of rentals
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18,415
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21,003
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38,910
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41,704
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Financing interest expense
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13,495
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17,868
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28,410
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36,638
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Cost of support services
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74,742
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81,507
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149,991
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165,106
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Cost of business services
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140,830
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135,636
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276,368
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275,555
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Selling, general and administrative
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288,580
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315,578
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615,462
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630,107
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Research and development
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34,513
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28,492
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61,081
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54,540
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Restructuring charges and asset impairments, net
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26,076
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14,350
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33,009
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14,269
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Interest expense, net
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20,799
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20,971
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40,100
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45,035
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Other expense (income), net
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536
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(93,135
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)
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536
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(93,135
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)
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Total costs and expenses
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742,648
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671,438
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1,487,573
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1,426,523
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Income from continuing operations before income taxes
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93,238
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209,453
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192,902
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345,049
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Provision for income taxes
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33,394
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52,351
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70,418
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102,898
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Income from continuing operations
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59,844
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157,102
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122,484
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242,151
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Loss from discontinued operations, net of tax
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(1,660
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)
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(739
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)
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(1,660
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)
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(582
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)
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Net income
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58,184
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156,363
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120,824
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241,569
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Less: Preferred stock dividends attributable to noncontrolling
interests
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4,594
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4,593
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9,188
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9,187
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Net income - Pitney Bowes Inc.
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$
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53,590
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$
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151,770
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$
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111,636
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$
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232,382
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Amounts attributable to common stockholders:
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Net income from continuing operations
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$
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55,250
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$
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152,509
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$
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113,296
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$
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232,964
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Loss from discontinued operations, net of tax
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(1,660
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)
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(739
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(1,660
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)
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(582
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)
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Net income - Pitney Bowes Inc.
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$
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53,590
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$
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151,770
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$
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111,636
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$
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232,382
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Basic earnings per share attributable to common stockholders (1) :
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Continuing operations
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$
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0.29
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$
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0.76
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$
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0.60
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$
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1.16
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Discontinued operations
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(0.01
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)
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-
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(0.01
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)
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-
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Net income - Pitney Bowes Inc.
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$
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0.29
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$
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0.75
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$
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0.59
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$
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1.15
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Diluted earnings per share attributable to common stockholders (1) :
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Continuing operations
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$
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0.29
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$
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0.75
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$
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0.59
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$
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1.15
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Discontinued operations
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(0.01
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)
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-
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(0.01
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)
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-
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Net income - Pitney Bowes Inc.
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$
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0.28
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$
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0.75
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$
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0.59
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$
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1.15
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Weighted-average shares used in diluted earnings per share
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188,362,278
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202,839,944
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190,806,261
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202,634,107
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(1)
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The sum of the earnings per share amounts may not equal the totals
due to rounding.
|
|
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