Pitney Bowes Announces First Quarter 2017 Financial Results

The Company reports free cash flow in order to provide investors insight into the amount of cash that management could have available for other discretionary uses. Free cash flow adjusts GAAP cash from operations for capital expenditures, restructuring payments, unusual tax settlements, contributions to the Company’s pension fund and cash used for other special items. A reconciliation of GAAP cash from operations to free cash flow can be found in the Company’s attached financial schedules.

In addition, Management uses segment EBIT to measure profitability and performance at the segment level. Segment EBIT is determined by deducting from revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses not allocated to a particular business segment, restructuring charges and goodwill and asset impairments, which are recognized on a consolidated basis. A reconciliation of Segment EBIT to the Company’s total Net Income can be found in the Company’s attached financial schedules.

Pitney Bowes has provided a quantitative reconciliation to GAAP in supplemental schedules. This information may also be found at the Company's web site www.pb.com/investorrelations.

This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance. Forward-looking statements include, but are not limited to, statements about its future revenue and earnings guidance and other statements about future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to: mail volumes; macroeconomic factors, including global and regional business conditions that adversely impact customer demand and foreign currency exchange rates; timely development, market acceptance and regulatory approvals, if needed, of new products; changes in postal regulations; competitive factors, including pricing pressures, technological developments and introduction of new products and services by competitors; the continued availability and security of key information systems and the cost to comply with information security requirements and privacy laws; a breach of security, including a cyberattack or other comparable event; management of outsourcing arrangements; our ability to fully utilize the new enterprise business platform in the United States and successfully implement it internationally without significant disruptions to existing operations; the success of our investment in rebranding the Company; the risk of losing some of the Company’s larger clients in the Global Ecommerce segment; integrating newly acquired businesses, including operations and product and service offerings; changes in our credit ratings; management of credit risk; changes in interest rates and fuel prices; increased customs and regulatory risks associated with cross-border transactions; and other factors beyond its control as more fully outlined in the Company's 2016 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.

Note: Consolidated statements of income; revenue and EBIT by business segment; and reconciliation of GAAP to non-GAAP measures for the three months ended March 31, 2017 and 2016, and consolidated balance sheets as of March 31, 2017 and December 31, 2016 are attached.

Pitney Bowes Inc.
Consolidated Statements of Income
(Unaudited; in thousands, except share and per share amounts)
     
 
Three months ended March 31,
2017 2016
Revenue:
Equipment sales $ 162,974 $ 159,361
Supplies 66,818 72,051
Software 77,867 78,058
Rentals 99,870 104,090
Financing 85,745 97,423
Support services 118,847 128,260
Business services   224,519   205,346
 
Total revenue   836,640   844,589
 
Costs and expenses:
Cost of equipment sales 69,562 71,539
Cost of supplies 21,471 20,690
Cost of software 25,308 26,815
Cost of rentals 20,662 20,495
Financing interest expense 12,974 14,915
Cost of support services 73,354 75,249
Cost of business services 150,843 135,538
Selling, general and administrative 306,303 326,882
Research and development 31,856 26,568
Restructuring charges and asset impairments, net 2,082 6,933
Interest expense, net   25,676   19,301
 
Total costs and expenses   740,091   744,925
 
Income before income taxes 96,549 99,664
Provision for income taxes   31,416   37,024
 
Net income 65,133 62,640
Less: Preferred stock dividends attributable to noncontrolling interests   -   4,594
 
Net income - Pitney Bowes Inc. $ 65,133 $ 58,046
 
Earnings per share attributable to common stockholders:
Basic $ 0.35 $ 0.30
Diluted $ 0.35 $ 0.30
 
Weighted-average shares used in diluted earnings per share   186,875,143   193,181,424
 

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