|
Pitney Bowes Inc.
Business Segments (Unaudited; in thousands) |
|||||||||||||||
| Three months ended March 31, | |||||||||||||||
| 2019 | 2018 | % Change | |||||||||||||
| REVENUE | |||||||||||||||
|
Global Ecommerce |
|
$ | 266,254 | $ | 246,590 | 8 | % | ||||||||
|
Presort Services |
|
134,847 | 134,458 | 0 | % | ||||||||||
|
Commerce Services |
|
401,101 | 381,048 | 5 | % | ||||||||||
|
North America Mailing |
|
315,474 | 340,811 | (7 | %) | ||||||||||
|
International Mailing |
|
78,509 | 98,430 | (20 | %) | ||||||||||
|
Small & Medium Business Solutions |
|
393,983 | 439,241 | (10 | %) | ||||||||||
|
Software Solutions |
|
73,318 | 76,294 | (4 | %) | ||||||||||
|
Total revenue |
|
$ | 868,402 | $ | 896,583 | (3 | %) | ||||||||
| EBIT | |||||||||||||||
|
Global Ecommerce |
|
$ | (14,600 | ) | $ | (7,711 | ) | (89 | %) | ||||||
|
Presort Services |
|
15,066 | 27,026 | (44 | %) | ||||||||||
|
Commerce Services |
|
466 | 19,315 | (98 | %) | ||||||||||
|
North America Mailing |
|
110,613 | 128,568 | (14 | %) | ||||||||||
|
International Mailing |
|
11,790 | 16,022 | (26 | %) | ||||||||||
|
Small & Medium Business Solutions |
|
122,403 | 144,590 | (15 | %) | ||||||||||
|
Software Solutions |
|
1,692 | 2,492 | (32 | %) | ||||||||||
|
Segment EBIT (1) |
|
$ | 124,561 | $ | 166,397 | (25 | %) | ||||||||
| EBITDA | |||||||||||||||
|
Global Ecommerce |
|
$ | 1,858 | $ | 6,719 | (72 | %) | ||||||||
|
Presort Services |
|
21,986 | 33,188 | (34 | %) | ||||||||||
|
Commerce Services |
|
23,844 | 39,907 | (40 | %) | ||||||||||
|
North America Mailing |
|
117,053 | 136,067 | (14 | %) | ||||||||||
|
International Mailing |
|
14,208 | 19,632 | (28 | %) | ||||||||||
|
Small & Medium Business Solutions |
|
131,261 | 155,699 | (16 | %) | ||||||||||
|
Software Solutions |
|
4,172 | 4,736 | (12 | %) | ||||||||||
|
Segment EBITDA (2) |
|
$ | 159,277 | $ | 200,342 | (20 | %) | ||||||||
|
Reconciliation of segment EBITDA to net (loss) income |
|||||||||||||||
|
Segment EBITDA |
|
$ | 159,277 | $ | 200,342 | ||||||||||
|
Less: Segment depreciation and amortization |
|
(34,716 | ) | (33,945 | ) | ||||||||||
|
Segment EBIT |
|
124,561 | 166,397 | ||||||||||||
|
Corporate expenses |
|
(55,689 | ) | (51,082 | ) | ||||||||||
|
Adjusted EBIT |
|
68,872 | 115,315 | ||||||||||||
|
Interest, net (3) |
|
(38,966 | ) | (43,078 | ) | ||||||||||
|
Restructuring charges |
|
(3,598 | ) | (904 | ) | ||||||||||
|
Loss from market exits |
|
(17,710 | ) | - | |||||||||||
|
Transaction costs |
|
(1,726 | ) | (1,055 | ) | ||||||||||
|
Provision for income taxes |
|
(8,301 | ) | (18,795 | ) | ||||||||||
|
(Loss) income from continuing operations |
|
(1,429 | ) | 51,483 | |||||||||||
|
(Loss) income from discontinued operations, net of tax |
|
(1,230 | ) | 8,487 | |||||||||||
|
Net (loss) income |
|
$ | (2,659 | ) | $ | 59,970 | |||||||||
| (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 financing interest expense and interest expense, net. | |
