Pitney Bowes Announces Fourth Quarter and Full Year 2023 Financial Results

(2) Going forward, we will be eliminating the effects of foreign currency on intercompany loans in calculating adjusted earnings.

(3) The sum of the earnings per share may not equal the totals due to rounding.

Business Segment Reporting

SendTech Solutions

SendTech Solutions offers physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications for small and medium businesses, retail, enterprise, and government clients around the world to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.

 

Fourth Quarter

($ millions)

2023

2022

% Change

Reported

% Change Comparable Basis

Revenue

$327

$341

(4%)

(5%)

Adjusted Segment EBITDA

$121

$113

7%

 

Adjusted Segment EBIT

$113

$106

7%

 

 

Full Year

($ millions)

2023

2022

% Change

Reported

% Change Comparable Basis

Revenue

$1,293

$1,360

(5%)

(4%)

Adjusted Segment EBITDA

$435

$430

1%

 

Adjusted Segment EBIT

$405

$401

1%

 

EBIT and EBIT margin expansion in the fourth quarter was driven by improvements in gross margin, strong execution, and cost reduction actions.

Fourth quarter revenue decline was driven by a reduction in our meter base, timing of our product lifecycle, and a tough prior year compare in our shipping products. Recurring revenue from our shipping solutions grew 17 percent versus prior year and helped offset the decline.

Presort Services

Presort Services provides sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter.

 

Fourth Quarter

($ millions)

2023

2022

% Change

Reported

Revenue

$163

$158

3%

Adjusted Segment EBITDA

$43

$37

17%

Adjusted Segment EBIT

$34

$29

17%

 

 

Full Year

($ millions)

2023

2022

% Change

Reported

Revenue

$618

$602

3%

Adjusted Segment EBITDA

$145

$110

31%

Adjusted Segment EBIT

$111

$82

35%


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