Pitney Bowes Inc. | |||||||||||||||||||||||
Business Segments - Revenue and EBIT | |||||||||||||||||||||||
(Unaudited; in thousands) | |||||||||||||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||||||
Revenue |
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North America Mailing | $ | 322,068 | $ | 356,791 | (10 | %) | $ | 671,794 | $ | 718,665 | (7 | %) | |||||||||||
International Mailing | 106,338 | 110,610 | (4 | %) | 210,097 | 226,783 | (7 | %) | |||||||||||||||
Small & Medium Business Solutions | 428,406 | 467,401 | (8 | %) | 881,891 | 945,448 | (7 | %) | |||||||||||||||
Production Mail | 95,874 | 97,731 | (2 | %) | 183,299 | 197,234 | (7 | %) | |||||||||||||||
Presort Services | 115,765 | 113,922 | 2 | % | 243,161 | 235,453 | 3 | % | |||||||||||||||
Enterprise Business Solutions | 211,639 | 211,653 | 0 | % | 426,460 | 432,687 | (1 | %) | |||||||||||||||
Software Solutions | 90,464 | 99,041 | (9 | %) | 168,386 | 185,278 | (9 | %) | |||||||||||||||
Global Ecommerce | 105,377 | 77,966 | 35 | % | 203,738 | 153,352 | 33 | % | |||||||||||||||
Digital Commerce Solutions | 195,841 | 177,007 | 11 | % | 372,124 | 338,630 | 10 | % | |||||||||||||||
Other | - | 24,830 | (100 | %) | - | 54,807 | (100 | %) | |||||||||||||||
Total revenue | $ | 835,886 | $ | 880,891 | (5 | %) | $ | 1,680,475 | $ | 1,771,572 | (5 | %) | |||||||||||
EBIT (1) |
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North America Mailing | $ | 142,227 | $ | 159,392 | (11 | %) | $ | 298,142 | $ | 323,057 | (8 | %) | |||||||||||
International Mailing | 12,781 | 14,122 | (9 | %) | 24,632 | 25,846 | (5 | %) | |||||||||||||||
Small & Medium Business Solutions | 155,008 | 173,514 | (11 | %) | 322,774 | 348,903 | (7 | %) | |||||||||||||||
Production Mail | 12,914 | 10,028 | 29 | % | 19,738 | 19,060 | 4 | % | |||||||||||||||
Presort Services | 21,214 | 23,544 | (10 | %) | 50,124 | 51,038 | (2 | %) | |||||||||||||||
Enterprise Business Solutions | 34,128 | 33,572 | 2 | % | 69,862 | 70,098 | 0 | % | |||||||||||||||
Software Solutions | 10,151 | 16,158 | (37 | %) | 7,579 | 20,291 | (63 | %) | |||||||||||||||
Global Ecommerce | 3,674 | 3,056 | 20 | % | 4,446 | 11,202 | (60 | %) | |||||||||||||||
Digital Commerce Solutions | 13,825 | 19,214 | (28 | %) | 12,025 | 31,493 | (62 | %) | |||||||||||||||
Other | - | 5,611 | (100 | %) | - | 10,569 | (100 | %) | |||||||||||||||
Segment EBIT | $ | 202,961 | $ | 231,911 | (12 | %) | $ | 404,661 | $ | 461,063 | (12 | %) | |||||||||||
Reconciliation of segment EBIT to net income | |||||||||||||||||||||||
Segment EBIT | $ | 202,961 | $ | 231,911 | $ | 404,661 | $ | 461,063 | |||||||||||||||
Corporate expenses | (48,777 | ) | (51,921 | ) | (106,544 | ) | (102,724 | ) | |||||||||||||||
Adjusted EBIT | 154,184 | 179,990 | 298,117 | 358,339 | |||||||||||||||||||
Interest, net (2) | (34,294 | ) | (38,839 | ) | (68,510 | ) | (81,673 | ) | |||||||||||||||
Restructuring charges and asset impairments, net | (26,076 | ) | (14,350 | ) | (33,009 | ) | (14,269 | ) | |||||||||||||||
Other (expense) income, net | (536 | ) | 93,135 | (536 | ) | 93,135 | |||||||||||||||||
Acquisition/disposition related expenses | (40 | ) | (10,483 | ) | (3,160 | ) | (10,483 | ) | |||||||||||||||
Income from continuing operations before income taxes | 93,238 | 209,453 | 192,902 | 345,049 | |||||||||||||||||||
Provision for income taxes | (33,394 | ) | (52,351 | ) | (70,418 | ) | (102,898 | ) | |||||||||||||||
Income from continuing operations | 59,844 | 157,102 | 122,484 | 242,151 | |||||||||||||||||||
Loss from discontinued operations, net of tax | (1,660 | ) | (739 | ) | (1,660 | ) | (582 | ) | |||||||||||||||
Net income | $ | 58,184 | $ | 156,363 | $ | 120,824 | $ | 241,569 |
(1) | Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges and other items, which are not allocated to a particular business segment. | |
(2) | Includes financing interest expense and interest expense, net. | |