| Pitney Bowes Inc. | ||||||||||||||||||||||
| Business Segments - Revenue and EBIT | ||||||||||||||||||||||
| (Unaudited; in thousands) | ||||||||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||
| 2016 | 2015 | % Change | 2016 | 2015 | % Change | |||||||||||||||||
|
Revenue |
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| North America Mailing | $ | 329,995 | $ | 353,159 | (7 | %) | $ | 1,001,789 | $ | 1,071,824 | (7 | %) | ||||||||||
| International Mailing | 95,628 | 104,615 | (9 | %) | 305,725 | 331,398 | (8 | %) | ||||||||||||||
| Small & Medium Business Solutions | 425,623 | 457,774 | (7 | %) | 1,307,514 | 1,403,222 | (7 | %) | ||||||||||||||
| Production Mail | 106,350 | 101,646 | 5 | % | 289,649 | 298,880 | (3 | %) | ||||||||||||||
| Presort Services | 114,053 | 115,912 | (2 | %) | 357,214 | 351,365 | 2 | % | ||||||||||||||
| Enterprise Business Solutions | 220,403 | 217,558 | 1 | % | 646,863 | 650,245 | (1 | %) | ||||||||||||||
| Software Solutions | 89,031 | 97,638 | (9 | %) | 257,417 | 282,916 | (9 | %) | ||||||||||||||
| Global Ecommerce | 103,974 | 96,571 | 8 | % | 307,712 | 249,923 | 23 | % | ||||||||||||||
| Digital Commerce Solutions | 193,005 | 194,209 | (1 | %) | 565,129 | 532,839 | 6 | % | ||||||||||||||
| Other | - | - | - | - | 54,807 | (100 | %) | |||||||||||||||
| Total revenue | $ | 839,031 | $ | 869,541 | (4 | %) | $ | 2,519,506 | $ | 2,641,113 | (5 | %) | ||||||||||
|
EBIT (1) |
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| North America Mailing | $ | 138,588 | $ | 159,319 | (13 | %) | $ | 436,730 | $ | 482,376 | (9 | %) | ||||||||||
| International Mailing | 9,733 | 10,739 | (9 | %) | 34,365 | 36,585 | (6 | %) | ||||||||||||||
| Small & Medium Business Solutions | 148,321 | 170,058 | (13 | %) | 471,095 | 518,961 | (9 | %) | ||||||||||||||
| Production Mail | 15,696 | 12,401 | 27 | % | 35,434 | 31,461 | 13 | % | ||||||||||||||
| Presort Services | 19,181 | 25,908 | (26 | %) | 69,305 | 76,946 | (10 | %) | ||||||||||||||
| Enterprise Business Solutions | 34,877 | 38,309 | (9 | %) | 104,739 | 108,407 | (3 | %) | ||||||||||||||
| Software Solutions | 10,329 | 14,613 | (29 | %) | 17,908 | 34,904 | (49 | %) | ||||||||||||||
| Global Ecommerce | 4,389 | (1,240 | ) | >100% | 8,835 | 9,962 | (11 | %) | ||||||||||||||
| Digital Commerce Solutions | 14,718 | 13,373 | 10 | % | 26,743 | 44,866 | (40 | %) | ||||||||||||||
| Other | - | - | - | - | 10,569 | (100 | %) | |||||||||||||||
| Segment EBIT | $ | 197,916 | $ | 221,740 | (11 | %) | $ | 602,577 | $ | 682,803 | (12 | %) | ||||||||||
| Reconciliation of segment EBIT to net income | ||||||||||||||||||||||
| Segment EBIT | $ | 197,916 | $ | 221,740 | $ | 602,577 | $ | 682,803 | ||||||||||||||
| Corporate expenses | (51,992 | ) | (49,235 | ) | (158,536 | ) | (151,959 | ) | ||||||||||||||
| Adjusted EBIT | 145,924 | 172,505 | 444,041 | 530,844 | ||||||||||||||||||
| Interest, net (2) | (35,259 | ) | (37,698 | ) | (103,769 | ) | (119,371 | ) | ||||||||||||||
| Restructuring charges and asset impairments, net | (16,494 | ) | (36 | ) | (49,503 | ) | (14,305 | ) | ||||||||||||||
| Other income (expense), net | - | 1,781 | (536 | ) | 94,916 | |||||||||||||||||
| Acquisition/disposition related expenses | (578 | ) | - | (3,738 | ) | (10,483 | ) | |||||||||||||||
| Income from continuing operations before income taxes | 93,593 | 136,552 | 286,495 | 481,601 | ||||||||||||||||||
| Provision for income taxes | (23,197 | ) | (42,676 | ) | (93,615 | ) | (145,574 | ) | ||||||||||||||
| Income from continuing operations | 70,396 | 93,876 | 192,880 | 336,027 | ||||||||||||||||||
| Loss from discontinued operations, net of tax | (291 | ) | - | (1,951 | ) | (582 | ) | |||||||||||||||
| Net income | $ | 70,105 | $ | 93,876 | $ | 190,929 | $ | 335,445 | ||||||||||||||
| (1) | Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges and other items, which are not allocated to a particular business segment. | |
| (2) | Includes financing interest expense and interest expense, net. | |
