|
Pitney Bowes Inc.
Business Segments - Revenue and EBIT (Unaudited; in thousands) |
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| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
| 2017 |
2016 (1) |
|
% Change | 2017 |
2016 (1) |
|
% Change | |||||||||||||||
|
Revenue |
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| North America Mailing | $ | 319,966 | $ | 349,785 | (9 | %) | $ | 1,016,640 | $ | 1,064,456 | (4 | %) | ||||||||||
| International Mailing | 93,770 | 96,730 | (3 | %) | 282,150 | 309,297 | (9 | %) | ||||||||||||||
| Small & Medium Business Solutions | 413,736 | 446,515 | (7 | %) | 1,298,790 | 1,373,753 | (5 | %) | ||||||||||||||
| Production Mail | 104,387 | 106,350 | (2 | %) | 278,912 | 289,649 | (4 | %) | ||||||||||||||
| Presort Services | 119,074 | 114,053 | 4 | % | 370,203 | 357,214 | 4 | % | ||||||||||||||
| Enterprise Business Solutions | 223,461 | 220,403 | 1 | % | 649,115 | 646,863 |
� |
% |
||||||||||||||
| Software Solutions | 99,442 | 89,031 | 12 | % | 264,087 | 257,417 | 3 | % | ||||||||||||||
| Global Ecommerce | 106,181 | 83,082 | 28 | % | 288,839 | 241,473 | 20 | % | ||||||||||||||
| Digital Commerce Solutions | 205,623 | 172,113 | 19 | % | 552,926 | 498,890 | 11 | % | ||||||||||||||
| Total revenue | $ | 842,820 | $ | 839,031 |
� |
% |
$ | 2,500,831 | $ | 2,519,506 | (1 | %) | ||||||||||
|
EBIT |
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| North America Mailing | $ | 107,777 | $ | 141,968 | (24 | %) | $ | 369,662 | $ | 449,696 | (18 | %) | ||||||||||
| International Mailing | 8,729 | 9,198 | (5 | %) | 35,967 | 32,842 | 10 | % | ||||||||||||||
| Small & Medium Business Solutions | 116,506 | 151,166 | (23 | %) | 405,629 | 482,538 | (16 | %) | ||||||||||||||
| Production Mail | 14,920 | 15,696 | (5 | %) | 31,515 | 35,434 | (11 | %) | ||||||||||||||
| Presort Services | 19,474 | 19,181 | 2 | % | 69,461 | 69,305 |
� |
% |
||||||||||||||
| Enterprise Business Solutions | 34,394 | 34,877 | (1 | %) | 100,976 | 104,739 | (4 | %) | ||||||||||||||
| Software Solutions | 20,912 | 10,329 |
>100 |
% |
31,216 | 17,908 | 74 | % | ||||||||||||||
| Global Ecommerce | (9,594 | ) | 1,544 |
>(100 |
%) |
(17,894 | ) | (2,608 | ) |
>(100 |
%) |
|||||||||||
| Digital Commerce Solutions | 11,318 | 11,873 | (5 | %) | 13,322 | 15,300 | (13 | %) | ||||||||||||||
| Segment EBIT (2) | $ | 162,218 | $ | 197,916 | (18 | %) | $ | 519,927 | $ | 602,577 | (14 | %) | ||||||||||
| Reconciliation of segment EBIT to net income | ||||||||||||||||||||||
| Segment EBIT | $ | 162,218 | $ | 197,916 | $ | 519,927 | $ | 602,577 | ||||||||||||||
| Corporate expenses | (38,848 | ) | (51,992 | ) | (144,138 | ) | (158,536 | ) | ||||||||||||||
| Adjusted EBIT | 123,370 | 145,924 | 375,789 | 444,041 | ||||||||||||||||||
| Interest, net (3) | (41,230 | ) | (35,259 | ) | (120,323 | ) | (103,769 | ) | ||||||||||||||
| Restructuring charges and asset impairments, net | (1,493 | ) | (16,494 | ) | (30,502 | ) | (49,503 | ) | ||||||||||||||
| Gain on sale of technology | � | � | 6,085 | � | ||||||||||||||||||
| Acquisition/disposition related expenses | (5,682 | ) | (578 | ) | (5,682 | ) | (4,274 | ) | ||||||||||||||
| Income before income taxes | 74,965 | 93,593 | 225,367 | 286,495 | ||||||||||||||||||
| Provision for income taxes | (17,607 | ) | (23,197 | ) | (53,975 | ) | (93,615 | ) | ||||||||||||||
| Income from continuing operations | 57,358 | 70,396 | 171,392 | 192,880 | ||||||||||||||||||
| Loss from discontinued operations, net of tax | � | (291 | ) | � | (1,951 | ) | ||||||||||||||||
| Net income | $ | 57,358 | $ | 70,105 | $ | 171,392 | $ | 190,929 | ||||||||||||||
| (1) | Prior period amounts have been recast to conform to the current year presentation. | |
| (2) | Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment. | |
| (3) | Includes financing interest expense and interest expense, net. | |
