Pitney Bowes Announces First Quarter 2015 Financial Results

* The sum of the earnings per share may not equal the totals above due to rounding

FREE CASH FLOW RESULTS

Free cash flow during the quarter was $85 million and $104 million on a GAAP basis. In comparison to the prior year, first quarter free cash flow was lower primarily due to the timing of accounts payable and higher capital expenditures related to the Company’s ERP implementation.

During the quarter, the Company used cash to pay $38 million in dividends to its common shareholders. The Company also retired $275 million in debt through use of $175 million in cash on the balance sheet and the issuance of $100 million in commercial paper.

BUSINESS SEGMENT REPORTING

The Company’s business segment reporting reflects the clients served in each market and the way it manages these segments for growth and profitability. The reporting segment groups are the SMB Solutions group; the Enterprise Business Solutions group; and the Digital Commerce Solutions segment.

The SMB Solutions group offers mailing equipment, financing, services and supplies for small and medium businesses to efficiently create mail and evidence postage. This group includes the North America Mailing and International Mailing segments. North America Mailing includes the operations of U.S. and Canada Mailing. International Mailing includes all other SMB operations around the world.

The Enterprise Business Solutions group provides mailing and printing equipment and services for large enterprise clients to process mail, including sortation services to qualify large mail volumes for postal worksharing discounts. This group includes the global Production Mail and Presort Services segments.

The Digital Commerce Solutions segment leverages digital and mobile channels that make the Company’s clients’ customer-facing functions more effective. This segment includes software, ecommerce, shipping and marketing services.

Consolidated

($ millions)   First Quarter
                     

Y/Y Ex Currency

Y/Y

Y/Y

and Divested

2015

2014

Reported

Ex Currency

Revenues*

Revenue

$

891

 

$

937

 

(5 %) (1 %) 0 %
Adjusted EBIT $ 178 $ 170 5 %
 
 

SMB Solutions Group

($ millions) First Quarter

Y/Y Ex Currency

Y/Y

Y/Y

and Divested

Revenue

2015

2014

Reported

Ex Currency

Revenues*

North America Mailing $ 362 $ 381 (5 %) (4 %) (4 %)
International Mailing

116

153

(24

%)

(12

%)

(7

%)

SMB Solutions Total $ 478 $ 534 (11 %) (6 %) (5 %)
 
EBIT
North America Mailing $ 164 $ 160 2 %
International Mailing

12

25

(53

%)

SMB Solutions Total $ 175 $ 185 (5 %)

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