Pitney Bowes Announces Full Year and Fourth Quarter 2017

Pitney Bowes Announces Full Year and Fourth Quarter 2017 Financial Results


Pitney Bowes Inc.
Business Segments - Revenue and EBIT
(Unaudited; in thousands)

	Three months ended December 31,								Twelve months ended December 31,
	2017			2016 ⁽¹⁾			% Change		2017			2016⁽¹⁾			% Change
Revenue

North America Mailing	$	339,921		$	362,638		(6	%)	$	1,356,561		$	1,427,094		(5	%)
International Mailing		101,520			102,345		(1	%)		383,670			411,642		(7	%)
Small & Medium Business Solutions		441,441			464,983		(5	%)		1,740,231			1,838,736		(5	%)

Production Mail		128,282			115,054		11	%		407,194			404,703		1	%
Presort Services		127,698			118,368		8	%		497,901			475,582		5	%
Enterprise Business Solutions		255,980			233,422		10	%		905,095			880,285		3	%

Software Solutions		88,293			90,817		(3	%)		352,380			348,234		1	%
Global Ecommerce		263,403			97,847		>100%			552,242			339,320		63	%
Digital Commerce Solutions		351,696			188,664		86	%		904,622			687,554		32	%

Total revenue	$	1,049,117		$	887,069		18	%	$	3,549,948		$	3,406,575		4	%

EBIT

North America Mailing	$	128,147		$	143,282		(11	%)	$	497,809		$	592,978		(16	%)
International Mailing		12,197			11,964		2	%		48,164			44,806		7	%
Small & Medium Business Solutions		140,344			155,246		(10	%)		545,973			637,784		(14	%)

Production Mail		18,998			18,627		2	%		50,513			54,061		(7	%)
Presort Services		28,045			25,953		8	%		97,506			95,258		2	%
Enterprise Business Solutions		47,043			44,580		6	%		148,019			149,319		(1	%)

Software Solutions		10,419			12,251		(15	%)		41,635			30,159		38	%
Global Ecommerce		(5	)		5,651		(100	%)		(17,899	)		3,043		>(100%)
Digital Commerce Solutions		10,414			17,902		(42	%)		23,736			33,202		(29	%)

Segment EBIT ⁽²⁾	$	197,801		$	217,728		(9	%)	$	717,728		$	820,305		(13	%)


Reconciliation of segment EBIT to net income (loss)

Segment EBIT	$	197,801		$	217,728				$	717,728		$	820,305
Corporate expenses		(60,073	)		(30,679	)				(204,211	)		(189,215	)
Adjusted EBIT		137,728			187,049					513,517			631,090
Interest, net ⁽³⁾		(43,839	)		(40,442	)				(164,162	)		(144,211	)
Goodwill impairment		-			(171,092	)				-			(171,092	)
Restructuring charges and asset impairments, net		(28,929	)		(13,793	)				(59,431	)		(63,296	)
Loss on extinguishment of debt		(3,856	)		-					(3,856	)		-
Impact of divestiture transactions		-			(1,847	)				-			(6,121	)
Transaction costs		(3,482	)		-					(9,164	)		-
Gain on sale of technology		-			-					6,085			-
Income (loss) before income taxes		57,622			(40,125	)				282,989			246,370
Benefit (provision) for income taxes		32,326			(38,204	)				(21,649	)		(131,819	)
Income (loss) from continuing operations		89,948			(78,329	)				261,340			114,551
Loss from discontinued operations, net of tax		-			(750	)				-			(2,701	)
Net income (loss)	$	89,948		$	(79,079	)			$	261,340		$	111,850

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