Pitney Bowes Announces First Quarter 2018 Financial Results

Pitney Bowes Inc.

Business Segments

(Unaudited; in thousands)

 
  Three months ended March 31,
2018   2017

Revenue

 
Global Ecommerce $ 246,590 $ 88,152
Presort Services   134,458     132,677  
Commerce Services   381,048     220,829  
 
North America Mailing 325,430 355,578
International Mailing   97,897     93,058  
Small & Medium Business Solutions   423,327     448,636  
 
Software Solutions 81,616 78,220
 
Production Mail 97,191 88,955
   
Total revenue $ 983,182   $ 836,640  
 

EBIT

 
Global Ecommerce $ (7,711 ) $ (4,270 )
Presort Services   27,026     30,717  
Commerce Services   19,315     26,447  
 
North America Mailing 119,471 141,008
International Mailing   15,892     13,269  
Small & Medium Business Solutions   135,363     154,277  
 
Software Solutions 4,849 2,749
 
Production Mail 9,619 8,964
   
Segment EBIT (1) $ 169,146   $ 192,437  
 

EBITDA

 
Global Ecommerce $ 6,719 $ 3,052
Presort Services   33,188     37,915  
Commerce Services   39,907     40,967  
 
North America Mailing 136,320 157,003
International Mailing   20,413     17,966  
Small & Medium Business Solutions   156,733     174,969  
 
Software Solutions 7,270 4,837
 
Production Mail 10,261 9,733
   
Segment EBITDA (2) $ 214,171   $ 230,506  
 
 
Reconciliation of segment EBITDA to net income
 
Segment EBITDA $ 214,171 $ 230,506
Less: Segment depreciation and amortization (3)   (45,025 )   (38,069 )
Segment EBIT 169,146 192,437
Corporate expenses   (49,361 )   (55,156 )
Adjusted EBIT 119,785 137,281
Interest, net (4) (43,078 ) (38,650 )
Restructuring charges, net (1,021 ) (2,082 )
Transaction costs (2,594 ) -
Provision for income taxes   (19,579 )   (31,416 )
Net income $ 53,513   $ 65,133  
(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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