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Pitney Bowes Inc. |
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Business Segments |
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(Unaudited; in thousands) |
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| Three months ended March 31, | ||||||||
| 2018 | 2017 | |||||||
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Revenue |
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| 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 | ||||
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EBIT |
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| 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 | ||||
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EBITDA |
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| 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. | |
