| Pitney Bowes Inc. | ||||||||||||||||||||||
| Business Segment EBIT & EBITDA | ||||||||||||||||||||||
| (Unaudited; in thousands) | ||||||||||||||||||||||
| Three months ended June 30, | ||||||||||||||||||||||
2020 |
2019 |
% change |
||||||||||||||||||||
| EBIT (1) | D&A | EBITDA | EBIT (1) | D&A | EBITDA | EBIT | EBITDA | |||||||||||||||
| Global Ecommerce | $ |
(18,894 |
) |
$ |
17,297 |
$ |
(1,597 |
) |
$ |
(15,576 |
) |
$ |
16,883 |
$ |
1,307 |
|
(21 |
%) |
>(100%) | |||
| Presort Services |
|
12,582 |
|
|
7,857 |
|
20,439 |
|
|
15,462 |
|
|
7,088 |
|
22,550 |
|
(19 |
%) |
(9 |
%) |
||
| Commerce Services |
|
(6,312 |
) |
|
25,154 |
|
18,842 |
|
|
(114 |
) |
|
23,971 |
|
23,857 |
|
>(100%) | (21 |
%) |
|||
| Sending Technology Solutions |
|
104,268 |
|
|
8,776 |
|
113,044 |
|
|
124,738 |
|
|
11,911 |
|
136,649 |
|
(16 |
%) |
(17 |
%) |
||
| Segment total | $ |
97,956 |
|
$ |
33,930 |
|
131,886 |
|
$ |
124,624 |
|
$ |
35,882 |
|
160,506 |
|
(21 |
%) |
(18 |
%) |
||
| Reconciliation of Segment EBITDA to Net (Loss) Income: | ||||||||||||||||||||||
| Segment depreciation and amortization |
|
(33,930 |
) |
|
(35,882 |
) |
||||||||||||||||
| Unallocated corporate expenses (2) |
|
(49,489 |
) |
|
(45,048 |
) |
||||||||||||||||
| Interest, net |
|
(38,385 |
) |
|
(39,062 |
) |
||||||||||||||||
| Restructuring charges and asset impairments |
|
(4,922 |
) |
|
(5,899 |
) |
||||||||||||||||
| Gain on sale of equity investment |
|
11,908 |
|
|
- |
|
||||||||||||||||
| Transaction costs |
|
(349 |
) |
|
(1,581 |
) |
||||||||||||||||
| Provision for income taxes |
|
(17,016 |
) |
|
(3,724 |
) |
||||||||||||||||
| (Loss) income from continuing operations |
|
(297 |
) |
|
29,310 |
|
||||||||||||||||
| Loss from discontinued operations, net of tax |
|
(3,032 |
) |
|
(5,613 |
) |
||||||||||||||||
| Net (loss) income | $ |
(3,329 |
) |
$ |
23,697 |
|
||||||||||||||||
| Six months ended June 30, | ||||||||||||||||||||||
| 2020 |
2019 |
% change |
||||||||||||||||||||
| EBIT (1) | D&A | EBITDA | EBIT (1) | D&A | EBITDA | EBIT | EBITDA | |||||||||||||||
| Global Ecommerce | $ |
(48,369 |
) |
$ |
35,363 |
$ |
(13,006 |
) |
$ |
(30,176 |
) |
$ |
33,341 |
$ |
3,165 |
|
(60 |
%) |
>(100%) | |||
| Presort Services |
|
28,277 |
|
|
15,631 |
|
43,908 |
|
|
30,528 |
|
|
14,008 |
|
44,536 |
|
(7 |
%) |
(1 |
%) |
||
| Commerce Services |
|
(20,092 |
) |
|
50,994 |
|
30,902 |
|
|
352 |
|
|
47,349 |
|
47,701 |
|
>(100%) | (35 |
%) |
|||
| Sending Technology Solutions |
|
210,830 |
|
|
17,815 |
|
228,645 |
|
|
247,141 |
|
|
20,768 |
|
267,909 |
|
(15 |
%) |
(15 |
%) |
||
| Segment Total | $ |
190,738 |
|
$ |
68,809 |
|
259,547 |
|
$ |
247,493 |
|
$ |
68,117 |
|
315,610 |
|
(23 |
%) |
(18 |
%) |
||
| Reconciliation of Segment EBITDA to Net (Loss) Income: | ||||||||||||||||||||||
| Segment depreciation and amortization |
|
(68,809 |
) |
|
(68,117 |
) |
||||||||||||||||
| Unallocated corporate expenses (2) |
|
(93,211 |
) |
|
(102,006 |
) |
||||||||||||||||
| Interest, net |
|
(76,757 |
) |
|
(78,028 |
) |
||||||||||||||||
| Goodwill impairment |
|
(198,169 |
) |
|
- |
|
||||||||||||||||
| Restructuring charges and asset impairments |
|
(8,739 |
) |
|
(9,599 |
) |
||||||||||||||||
| Gain on sale of equity investment |
|
11,908 |
|
|
- |
|
||||||||||||||||
| Loss on debt extinguishment |
|
(36,987 |
) |
|
- |
|
||||||||||||||||
| Loss on dispositions and transaction costs |
|
(641 |
) |
|
(19,549 |
) |
||||||||||||||||
| Provision for income taxes |
|
(6,986 |
) |
|
(11,544 |
) |
||||||||||||||||
| (Loss) income from continuing operations |
|
(218,844 |
) |
|
26,767 |
|
||||||||||||||||
| Income (loss) from discontinued operations, net of tax |
|
7,032 |
|
|
(5,729 |
) |
||||||||||||||||
| Net (loss) income | $ |
(211,812 |
) |
$ |
21,038 |
|
||||||||||||||||
Pitney Bowes Announces Second Quarter 2020 Financial Results
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