Pitney Bowes Announces Second Quarter 2017 Financial Results

Pitney Bowes Inc.
Business Segments - Revenue and EBIT
(Unaudited; in thousands)

	Three months ended June 30,								Six months ended June 30,
	2017			2016 ⁽¹⁾			% Change		2017			2016 ⁽¹⁾			% Change
Revenue

North America Mailing	$	341,096		$	343,218		(1	%)	$	696,674		$	714,671		(3	%)
International Mailing		95,322			107,581		(11	%)		188,380			212,567		(11	%)
Small & Medium Business Solutions		436,418			450,799		(3	%)		885,054			927,238		(5	%)

Production Mail		85,570			95,874		(11	%)		174,525			183,299		(5	%)
Presort Services		118,452			115,765		2	%		251,129			243,161		3	%
Enterprise Business Solutions		204,022			211,639		(4	%)		425,654			426,460		(0	%)

Software Solutions		86,425			90,464		(4	%)		164,645			168,386		(2	%)
Global Ecommerce		94,506			82,984		14	%		182,658			158,391		15	%
Digital Commerce Solutions		180,931			173,448		4	%		347,303			326,777		6	%

Total revenue	$	821,371		$	835,886		(2	%)	$	1,658,011		$	1,680,475		(1	%)

EBIT

North America Mailing	$	120,877		$	146,897		(18	%)	$	261,885		$	307,728		(15	%)
International Mailing		13,969			12,468		12	%		27,238			23,644		15	%
Small & Medium Business Solutions		134,846			159,365		(15	%)		289,123			331,372		(13	%)

Production Mail		7,631			12,914		(41	%)		16,595			19,738		(16	%)
Presort Services		19,270			21,214		(9	%)		49,987			50,124		(0	%)
Enterprise Business Solutions		26,901			34,128		(21	%)		66,582			69,862		(5	%)

Software Solutions		7,555			10,151		(26	%)		10,304			7,579		36	%
Global Ecommerce		(4,030	)		(683	)	>(100%)			(8,300	)		(4,152	)	(100	%)
Digital Commerce Solutions		3,525			9,468		(63	%)		2,004			3,427		(42	%)

Segment EBIT ⁽²⁾	$	165,272		$	202,961		(19	%)	$	357,709		$	404,661		(12	%)


Reconciliation of segment EBIT to net income

Segment EBIT	$	165,272		$	202,961				$	357,709		$	404,661
Corporate expenses		(50,134	)		(48,777	)				(105,290	)		(106,544	)
Adjusted EBIT		115,138			154,184					252,419			298,117
Interest, net ⁽³⁾		(40,443	)		(34,294	)				(79,093	)		(68,510	)
Restructuring charges and asset impairments, net		(26,927	)		(26,076	)				(29,009	)		(33,009	)
Gain on sale of technology		6,085			-					6,085			-
Acquisition/disposition related expenses		-			(576	)				-			(3,696	)
Income before income taxes		53,853			93,238					150,402			192,902
Provision for income taxes		(4,952	)		(33,394	)				(36,368	)		(70,418	)
Income from continuing operations		48,901			59,844					114,034			122,484
Loss from discontinued operations, net of tax		-			(1,660	)				-			(1,660	)
Net income	$	48,901		$	58,184				$	114,034		$	120,824

⁽¹⁾		Prior period amounts have been recast to conform to the current year presentation.
⁽²⁾		Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment.
⁽³⁾		Includes financing interest expense and interest expense, net.

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