Pitney Bowes Announces Second Quarter 2016 Financial Results
Note: Consolidated statements of income; revenue and EBIT by business
segment; and reconciliation of GAAP to non-GAAP measures for the three
and six months ended June 30, 2016 and 2015, and consolidated balance
sheets at June 30, 2016 and December 31, 2015 are attached.
|
Pitney Bowes Inc.
|
|
Consolidated Statements of Income
|
|
(Unaudited; in thousands, except share and per share amounts)
|
|
|
|
|
|
Three months ended June 30,
|
|
|
Six months ended June 30,
|
|
|
|
2016
|
|
2015
|
|
|
2016
|
|
2015
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Equipment sales
|
|
$
|
152,641
|
|
|
$
|
165,507
|
|
|
|
$
|
312,002
|
|
|
$
|
331,471
|
|
|
Supplies
|
|
|
65,274
|
|
|
|
70,636
|
|
|
|
|
137,325
|
|
|
|
144,004
|
|
|
Software
|
|
|
90,615
|
|
|
|
99,184
|
|
|
|
|
168,673
|
|
|
|
185,541
|
|
|
Rentals
|
|
|
102,869
|
|
|
|
111,312
|
|
|
|
|
206,959
|
|
|
|
225,309
|
|
|
Financing
|
|
|
91,609
|
|
|
|
101,437
|
|
|
|
|
189,032
|
|
|
|
207,067
|
|
|
Support services
|
|
|
131,418
|
|
|
|
139,237
|
|
|
|
|
259,678
|
|
|
|
278,795
|
|
|
Business services
|
|
|
201,460
|
|
|
|
193,578
|
|
|
|
|
406,806
|
|
|
|
399,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
835,886
|
|
|
|
880,891
|
|
|
|
|
1,680,475
|
|
|
|
1,771,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of equipment sales
|
|
|
78,055
|
|
|
|
79,043
|
|
|
|
|
149,594
|
|
|
|
154,056
|
|
|
Cost of supplies
|
|
|
19,624
|
|
|
|
21,624
|
|
|
|
|
40,314
|
|
|
|
44,283
|
|
|
Cost of software
|
|
|
26,983
|
|
|
|
28,501
|
|
|
|
|
53,798
|
|
|
|
58,365
|
|
|
Cost of rentals
|
|
|
18,415
|
|
|
|
21,003
|
|
|
|
|
38,910
|
|
|
|
41,704
|
|
|
Financing interest expense
|
|
|
13,495
|
|
|
|
17,868
|
|
|
|
|
28,410
|
|
|
|
36,638
|
|
|
Cost of support services
|
|
|
74,742
|
|
|
|
81,507
|
|
|
|
|
149,991
|
|
|
|
165,106
|
|
|
Cost of business services
|
|
|
140,830
|
|
|
|
135,636
|
|
|
|
|
276,368
|
|
|
|
275,555
|
|
|
Selling, general and administrative
|
|
|
288,580
|
|
|
|
315,578
|
|
|
|
|
615,462
|
|
|
|
630,107
|
|
|
Research and development
|
|
|
34,513
|
|
|
|
28,492
|
|
|
|
|
61,081
|
|
|
|
54,540
|
|
|
Restructuring charges and asset impairments, net
|
|
|
26,076
|
|
|
|
14,350
|
|
|
|
|
33,009
|
|
|
|
14,269
|
|
|
Interest expense, net
|
|
|
20,799
|
|
|
|
20,971
|
|
|
|
|
40,100
|
|
|
|
45,035
|
|
|
Other expense (income), net
|
|
|
536
|
|
|
|
(93,135
|
)
|
|
|
|
536
|
|
|
|
(93,135
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses
|
|
|
742,648
|
|
|
|
671,438
|
|
|
|
|
1,487,573
|
|
|
|
1,426,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
Less: Preferred stock dividends attributable to noncontrolling
interests
|
|
|
4,594
|
|
|
|
4,593
|
|
|
|
|
9,188
|
|
|
|
9,187
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income - Pitney Bowes Inc.
|
|
$
|
53,590
|
|
|
$
|
151,770
|
|
|
|
$
|
111,636
|
|
|
$
|
232,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
Net income from continuing operations
|
|
$
|
55,250
|
|
|
$
|
152,509
|
|
|
|
$
|
113,296
|
|
|
$
|
232,964
|
|
|
Loss from discontinued operations, net of tax
|
|
|
(1,660
|
)
|
|
|
(739
|
)
|
|
|
|
(1,660
|
)
|
|
|
(582
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income - Pitney Bowes Inc.
|
|
$
|
53,590
|
|
|
$
|
151,770
|
|
|
|
$
|
111,636
|
|
|
$
|
232,382
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to common stockholders (1) :
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
0.29
|
|
|
$
|
0.76
|
|
|
|
$
|
0.60
|
|
|
$
|
1.16
|
|
|
Discontinued operations
|
|
|
(0.01
|
)
|
|
|
-
|
|
|
|
|
(0.01
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income - Pitney Bowes Inc.
|
|
$
|
0.29
|
|
|
$
|
0.75
|
|
|
|
$
|
0.59
|
|
|
$
|
1.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to common stockholders (1) :
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
$
|
0.29
|
|
|
$
|
0.75
|
|
|
|
$
|
0.59
|
|
|
$
|
1.15
|
|
|
Discontinued operations
|
|
|
(0.01
|
)
|
|
|
-
|
|
|
|
|
(0.01
|
)
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income - Pitney Bowes Inc.
|
|
$
|
0.28
|
|
|
$
|
0.75
|
|
|
|
$
|
0.59
|
|
|
$
|
1.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in diluted earnings per share
|
|
|
188,362,278
|
|
|
|
202,839,944
|
|
|
|
|
190,806,261
|
|
|
|
202,634,107
|
|
|
(1)
|
|
The sum of the earnings per share amounts may not equal the totals
due to rounding.
|
|
|
|
