Pitney Bowes Inc. (NYSE:PBI) today reported financial results
for the fourth quarter and full year 2013.
HIGHLIGHTS
Results for the quarter:
- Revenue of $1.0 billion, growth of 2
percent over prior year
- Adjusted EPS of $0.53
- GAAP EPS from continuing operations of
$0.39; GAAP EPS of $0.44
- SG&A expenses of $365 million, a
decline of $27 million year-over-year
- Free cash flow of $195 million; cash
from operations of $131 million
- Board of Directors approved first
quarter 2014 dividend of $0.1875 per share for the Company’s common
stock
“We delivered an excellent fourth quarter, both in terms of our
financial performance and meeting our overall strategic objectives
to transform our business,” said Marc Lautenbach, President and
Chief Executive Officer. “Revenue grew in the quarter and our full
year results were within or exceeded our guidance.
“I am encouraged by our solid progress in 2013, but there is
more to do,” Lautenbach continued. “Going forward, we will continue
to focus on our strategic objectives to transform our business,
while at the same time invest in areas that will ensure our
long-term growth. As we head into 2014, I am confident that we are
on the right track and are well-positioned to continue to
capitalize on the opportunities to further unlock the value of
Pitney Bowes for our clients, shareholders and employees around the
world.”
FOURTH QUARTER 2013 RESULTS
Revenue in the fourth quarter totaled $1.0 billion, growth of 2
percent on both a reported and constant currency basis, when
compared to the prior year. The revenue results in the fourth
quarter reflected a continuation of the year-over-year improving
trends that the Company delivered throughout 2013, resulting in a
return to growth. Revenue for the quarter benefited from 17 percent
growth on a reported basis and 18 percent growth on a constant
currency basis in the Digital Commerce Solutions segment. Revenue
also benefited from 3 percent growth in the Enterprise Business
Solutions group. In the Small and Medium Business (SMB) Solutions
group, revenue declined 3 percent on a reported basis and 2 percent
on a constant currency basis. However, the decline was less than in
prior years and reflected further stabilization in the SMB
business.
Adjusted earnings per diluted share from continuing operations
for the fourth quarter were $0.53, which includes a $0.04 per share
benefit related to the favorable resolution of certain tax
matters.
Fourth quarter earnings per diluted share from continuing
operations, on a Generally Accepted Accounting Principles (GAAP)
basis were $0.39, which includes a restructuring charge of $0.11
per share and a charge related to net costs associated with the
early retirement of debt of $0.02 per share. GAAP earnings per
diluted share for the fourth quarter were $0.44, which includes
income of $0.05 per share from discontinued operations.
FULL YEAR 2013 RESULTS
For the full year, revenue totaled $3.9 billion, a decline of
one percent when compared to the prior year.
Adjusted earnings per diluted share from continuing operations
for the full year were $1.88, which includes a $0.15 per share
benefit related to the favorable resolution of certain tax matters
realized during the year.
For the full year, GAAP earnings per diluted share from
continuing operations were $1.49, which includes a restructuring
charge of $0.21 per share, an asset impairment charge of $0.08 per
share and extinguishment of debt costs of $0.10 per share. GAAP
earnings per diluted share for the full year were $0.70, which
includes a $0.78 per share loss from discontinued operations.
The Company’s results for the quarter and the year are
summarized in the table below:
Earnings Per Share Reconciliation* Q4 2013
Q4 2012 FY 2013 FY 2012
Adjusted EPS from continuing operations
before net tax benefit $0.53
$0.49 $1.88 $1.85 Net tax
benefit - - - $0.11
Adjusted EPS
from continuing operations $0.53
$0.49 $1.88 $1.96 Restructuring
charges and asset impairments ($0.11) ($0.06)
($0.29) ($0.06) Extinguishment of debt ($0.02)
- ($0.10) - Sale of leveraged lease assets -
- - $0.06
GAAP EPS from continuing
operations $0.39 $0.43
$1.49 $1.96 Discontinued operations – income
(loss) $0.05 $0.12 ($0.78) $0.25
GAAP EPS $0.44 $0.55
$0.70 $2.21
*The sum of the earnings per share may not equal the totals
above due to rounding
FREE CASH FLOW RESULTS
Free cash flow during the quarter was $195 million and $635
million for the year. On a GAAP basis, the Company generated $131
million in cash from operations for the quarter and $625 million
for the year. Free cash flow benefited throughout the year from
aggressive actions to improve working capital. The Company used
cash to pay $38 million in dividends to its common shareholders in
the quarter and $189 million for the year. The Company has used its
cash during the year primarily to reduce debt, pay dividends,
reduce costs and invest in the business.
BUSINESS SEGMENT REPORTING
The Company’s business segment reporting reflects the clients
served in each market and the way it manages these segments for
growth and profitability. The reporting segment groups are: Small
& Medium Business (SMB) Solutions group; Enterprise Business
Solutions group; and the Digital Commerce Solutions segment.
The Small and Medium Business (SMB) Solutions group offers
mailing equipment, financing, services and supplies for small and
medium businesses to efficiently create mail and evidence postage.
This group includes the North America Mailing and International
Mailing segments. North America Mailing includes the operations of
U.S. and Canada Mailing. International Mailing includes all other
SMB operations around the world.
The Enterprise Business Solutions group provides mailing
equipment and services for large enterprise clients to process
mail, including sortation services to qualify large mail volumes
for postal worksharing discounts. This group includes the global
Production Mail and Presort Services segments.
The Digital Commerce Solutions segment leverages digital and
mobile channels that make the Company’s clients’ customer-facing
functions more effective. This segment includes software, marketing
services, Volly™ and ecommerce solutions.
SMB Solutions Group
4Q 2013 Y-O-Y
Change Change ex Currency Revenue
$597 million (3%) (2%)
EBIT $206 million
4%
Within the SMB Solutions Group:
North America Mailing
4Q 2013 Y-O-Y Change
Change ex Currency Revenue $437 million (4%) (4%) EBIT
$187 million 8%
Within the North America Mailing results, U.S. equipment sales
revenue grew 2 percent versus the prior year, in part benefiting
from the new go-to-market strategy. This growth was offset by
lower, non-mail equipment sales of multi-functional devices in
Canada. Recurring revenue streams declined at a lesser rate than
prior year, continuing a year-over-year improvement in trend.
Overall, North America Mailing revenue declined at the lowest rate
in more than 2 years.
During the quarter, North America Mailing made substantial
progress implementing the new go-to-market model, which is
enhancing the client experience and improving the sales process
while reducing costs. EBIT margin increased versus the prior year
as a result of improved gross margins and ongoing cost reduction
initiatives.
International Mailing
4Q 2013 Y-O-Y Change
Change ex Currency Revenue $159 million 1% 1% EBIT $
19 million (24%)
International Mailing revenue benefited from growth in equipment
sales and recurring revenue streams as the international markets
continued to experience improving meter population trends. EBIT
margin declined versus the prior year due to the mix of products
and higher equipment costs related to currency.
Enterprise Business Solutions Group
4Q 2013 Y-O-Y
Change Change ex Currency Revenue
$259 million 3% 3%
EBIT $ 39 million
(12%)
Within the Enterprise Business Solutions Group:
Worldwide Production Mail
4Q 2013 Y-O-Y Change
Change ex Currency Revenue $151 million 6% 6% EBIT $
21 million 1%
Production Mail revenue benefited from increased production
print installations globally as well as the installation of
sortation equipment in Europe. Revenue also benefited from ongoing
growth in supplies. EBIT margin was impacted by the proportion of
printer sales this quarter, which are lower-margin products.
Presort Services
4Q 2013 Y-O-Y Change
Change ex Currency Revenue $108 million 0% 0% EBIT $
18 million (23%)
Presort Services revenue was flat versus the prior year, which
is the net result of an increase in new business being offset by a
decline in revenue per piece of mail processed. Additionally, EBIT
margin declined versus the prior year in part due to increased
labor costs associated with processing year-end mail volumes.
Digital Commerce Solutions
4Q 2013 Y-O-Y
Change Change ex Currency Revenue
$176 million 17% 18%
EBIT $ 23 million
64%
Digital Commerce Solutions revenue benefited from continued
strong growth in the Company’s ecommerce solutions for cross-border
package delivery, as well as growth in services-related software
revenue. Revenue growth was partially offset by a decline in
marketing services revenue. EBIT margin increased as a result of
operating leverage related to the scaling of the ecommerce
business, which was partially offset by the continued investment in
infrastructure and software development. EBIT margin also benefited
from the lower net investment in Volly™.
2014 GUIDANCE
This guidance discusses future results which are inherently
subject to unforeseen risks and developments. As such, discussions
about the business outlook should be read in the context of an
uncertain future, as well as the risk factors identified in the
safe harbor language at the end of this release and as more fully
outlined in the Company's 2012 Form 10-K Annual Report and other
reports filed with the Securities and Exchange Commission.
The Company expects to further align its business performance in
2014 with the strategy that was outlined at its 2013 Analyst Day.
Also the Company expects that there will be no significant changes
in the economic or postal environments in 2014 as compared to
2013.
The Company expects:
- Revenue growth improvement in Digital
Commerce Solutions, benefiting from the continued growth in
ecommerce and growth in software solutions;
- Flat to modest revenue growth in
Enterprise Business Solutions against a strong 2013 Production Mail
comparable;
- Continued moderation in the revenue
decline in SMB Solutions as a result of improving trends in
equipment sales and recurring revenue streams;
- Ongoing reductions in SG&A costs,
which are expected to more than offset incremental expenses
associated with the investment in a new Enterprise Resource
Planning (ERP) system;
- A tax rate in the range of 29 to 31
percent as a result of the Company’s changed business portfolio and
business mix.
The Company expects free cash flow in 2014 to be lower than 2013
primarily due to:
- Less cash from operations as a result
of the sale of the Management Services business;
- Further stabilization of finance
receivables;
- Incremental capital investment related
to a new ERP system.
Based on the above assumptions, the Company’s 2014 guidance is
as follows:
- Revenue, excluding the impacts of
currency, to be in the range of a one percent decline to two
percent growth when compared to 2013;
- GAAP earnings per diluted share from
continuing operations to be in the range of $1.75 to $1.90, which
includes $0.10 per share in expenses related to the implementation
of a new ERP system;
- Free cash flow to be in the range of
$475 million to $575 million.
This guidance excludes any unusual items that may occur or
additional restructuring actions as the Company implements plans to
further streamline its operations and reduce costs.
Conference Call and Webcast
Management of Pitney Bowes will discuss the Company’s results in
a broadcast over the Internet today at 8:00 a.m. EST. Instructions
for listening to the earnings results via the Web are available on
the Investor Relations page of the Company’s web site at
www.pb.com.
About Pitney Bowes
Pitney Bowes provides technology solutions for small, mid-size
and large firms that help them connect with customers to build
loyalty and grow revenue. Many of the company’s solutions are
delivered on open platforms to best organize, analyze and apply
both public and proprietary data to two-way customer
communications. Pitney Bowes includes direct mail, transactional
mail and call center communications in its solution mix along with
digital channel messaging for the Web, email and mobile
applications.
Pitney Bowes: Every connection is a new opportunity™
www.pb.com
The Company's financial results are reported in accordance with
generally accepted accounting principles (GAAP). The Company uses
measures such as adjusted earnings per share, adjusted income from
continuing operations and free cash flow to exclude the impact of
special items like restructuring charges, tax adjustments, and
goodwill and asset write-downs, because, while these are actual
Company expenses, they can mask underlying trends associated with
our business. Such items are often inconsistent in amount and
frequency and as such, the adjustments allow an investor greater
insight into the current underlying operating trends of the
business.
The use of free cash flow provides investors insight into the
amount of cash that management could have available for other
discretionary uses. It adjusts GAAP cash from operations for
capital expenditures, as well as special items like cash used for
restructuring charges, unusual tax settlements or payments and
contributions to its pension funds. Management uses segment EBIT to
measure profitability and performance at the segment level. EBIT is
determined by deducting 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. In addition, financial results
are presented on a constant currency basis to exclude the impact of
changes in foreign currency exchange rates since the prior period
under comparison. Constant currency measures are intended to help
investors better understand the underlying operational performance
of the business excluding the impacts of shifts in currency
exchange rates over the intervening period.
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 our
expected or potential future business and financial performance.
For us forward-looking statements include, but are not limited to,
statements about our 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; the uncertain
economic environment; timely development, market acceptance and
regulatory approvals, if needed, of new products; fluctuations in
customer demand; changes in postal regulations; interrupted use of
key information systems; management of outsourcing arrangements;
the implementation of a new enterprise resource planning system;
changes in business portfolio; foreign currency exchange rates;
changes in our credit ratings; management of credit risk; changes
in interest rates; the financial health of national posts; and
other factors beyond our control as more fully outlined in the
Company's 2012 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 and twelve months ended December 31, 2013 and
2012, and consolidated balance sheets at December 31, 2013 and 2012
are attached.
Pitney Bowes Inc.Consolidated
Statements of Income(Unaudited)
(Dollars in thousands,
except per share data) Three months ended December 31, Twelve
months ended December 31, 2013 2012 2013 2012 Revenue: Equipment
sales $ 254,322 $ 251,917 $ 889,101 $ 870,537 Supplies 73,554
69,794 289,808 283,459 Software 113,006 110,385 398,664 412,762
Rentals 130,418 136,685 522,008 551,607 Financing 114,140 121,435
460,786 495,130 Support services 172,516 177,967 677,742 707,582
Business services 173,231 147,333
631,292 593,987 Total revenue
1,031,187 1,015,516 3,869,401
3,915,064 Costs and expenses: Cost of
equipment sales 131,213 123,599 439,205 402,056 Cost of supplies
23,361 22,141 91,155 87,564 Cost of software 30,560 30,365 110,653
115,388 Cost of rentals 25,672 28,098 105,463 115,356 Financing
interest expense 21,117 19,755 81,096 81,140 Cost of support
services 104,381 105,765 419,656 440,039 Cost of business services
126,962 97,606 449,932 396,295 Selling, general and administrative
365,007 391,960 1,432,401 1,503,104 Research and development 29,061
26,440 110,412 114,250 Restructuring charges and asset impairments
30,404 18,156 84,344 17,176 Other interest expense 25,146 27,967
114,740 115,228 Interest income (965 ) (2,189 ) (5,472 ) (7,982 )
Other expense, net 7,518 -
32,639 1,138 Total costs and expenses
919,437 889,663 3,466,224
3,380,752 Income from continuing operations
before income taxes 111,750 125,853 403,177 534,312
Provision for income taxes 27,539 35,144
83,069 120,252 Income
from continuing operations 84,211 90,709 320,108 414,060
Income (loss) from discontinued operations, net of tax
10,471 24,222 (158,898 ) 49,479
Net income before attribution of noncontrolling
interests 94,682 114,931 161,210 463,539 Less: Preferred
stock dividends of subsidiaries attributable to noncontrolling
interests 4,593 4,594 18,375
18,376 Net income - Pitney Bowes Inc. $
90,089 $ 110,337 $ 142,835 $ 445,163
Amounts attributable to common stockholders: Income
from continuing operations $ 79,618 $ 86,115 $ 301,733 $ 395,684
Income (loss) from discontinued operations 10,471
24,222 (158,898 ) 49,479
Net income - Pitney Bowes Inc. $ 90,089 $ 110,337 $
142,835 $ 445,163 Basic earnings per share
attributable to common stockholders (1): Continuing operations 0.39
0.43 1.50 1.97 Discontinued operations 0.05
0.12 (0.79 ) 0.25 Net income -
Pitney Bowes Inc. $ 0.45 $ 0.55 $ 0.71 $ 2.22
Diluted earnings per share attributable to common
stockholders (1): Continuing operations 0.39 0.43 1.49 1.96
Discontinued operations 0.05 0.12
(0.78 ) 0.25 Net income - Pitney Bowes
Inc. $ 0.44 $ 0.55 $ 0.70 $ 2.21
(1) The sum of the earnings per share amounts may not equal the
totals above due to rounding.
(2) Certain prior year amounts have been reclassified to conform
to the current year presentation.
Pitney Bowes Inc.Consolidated
Balance Sheets(Unaudited in thousands,
except per share data)
Assets
December 31,
2013
December 31,
2012
Current assets: Cash and cash equivalents $ 907,806 $ 913,276
Short-term investments 26,683 36,611 Accounts receivable,
gross 482,949 748,469 Allowance for doubtful accounts receivable
(13,149 ) (20,219 ) Accounts receivable, net 469,800
728,250 Finance receivables 1,127,261 1,213,776 Allowance
for credit losses (24,340 ) (25,484 ) Finance
receivables, net 1,102,921 1,188,292 Inventories 103,580
179,678 Current income taxes 28,934 51,836 Other current assets and
prepayments 149,490 114,184 Assets held for sale 46,976
- Total current assets 2,836,190
3,212,127 Property, plant and equipment, net 245,171 385,377
Rental property and equipment, net 226,146 241,192 Finance
receivables 974,972 1,041,099 Allowance for credit losses
(12,609 ) (14,610 ) Finance receivables, net 962,363
1,026,489 Investment in leveraged leases 34,410 34,546
Goodwill 1,734,871 2,136,138 Intangible assets, net 120,387 166,214
Non-current income taxes 73,751 94,434 Other assets 534,975
563,374 Total assets $ 6,768,264
$ 7,859,891
Liabilities,
noncontrolling interests and stockholders' equity
Current liabilities: Accounts payable and accrued liabilities $
1,640,138 $ 1,809,226 Current income taxes 157,340 240,681 Notes
payable and current portion of long-term obligations - 375,000
Advance billings 425,833 452,130
Total current liabilities 2,223,311 2,877,037 Deferred taxes
on income 60,667 69,222 Tax uncertainties and other income tax
liabilities 186,452 145,881 Long-term debt 3,346,295 3,642,375
Other non-current liabilities 466,766 718,375
Total liabilities 6,283,491
7,452,890 Noncontrolling interests (Preferred
stockholders' equity in subsidiaries) 296,370 296,370
Stockholders' equity: Cumulative preferred stock, $50 par value, 4%
convertible 4 4 Cumulative preference stock, no par value, $2.12
convertible 591 648 Common stock, $1 par value 323,338 323,338
Additional paid-in-capital 196,977 223,847 Retained Earnings
4,698,791 4,744,802 Accumulated other comprehensive loss (574,556 )
(681,213 ) Treasury Stock, at cost (4,456,742 )
(4,500,795 ) Total Pitney Bowes Inc. stockholders' equity
188,403 110,631 Total
liabilities, noncontrolling interests and stockholders' equity $
6,768,264 $ 7,859,891
Pitney Bowes Inc.Revenue and
EBITBusiness SegmentsDecember 31,
2013(Unaudited)
(Dollars in thousands)
Three Months
Ended December 31, % 2013 2012
Change
Revenue
North America Mailing $ 437,219 456,243 (4 %) International
Mailing 159,472 158,061 1 % Small &
Medium Business Solutions 596,691 614,304
(3 %) Production Mail 151,192 143,136 6 % Presort
Services 107,515 107,403 0 % Enterprise
Business Solutions 258,707 250,539 3 %
Digital Commerce Solutions 175,789
150,673 17 %
Total revenue $
1,031,187 $ 1,015,516 2 %
EBIT
(1)
North America Mailing $ 187,088 $ 173,690 8 % International
Mailing 18,535 24,469 (24 %) Small
& Medium Business Solutions 205,623
198,159 4 % Production Mail 20,761 20,542 1 % Presort
Services 18,127 23,442 (23 %)
Enterprise Business Solutions 38,888 43,984
(12 %) Digital Commerce Solutions 22,703
13,839 64 %
Total EBIT $
267,214 $ 255,982 4 %
Unallocated amounts: Interest, net (2) (45,298 ) (45,533 )
Corporate and other expenses (72,244 ) (66,440 ) Restructuring and
asset impairments (30,404 ) (18,156 ) Other income, net
(7,518 ) -
Income from continuing operations
before income taxes
$ 111,750 $ 125,853
(1) Earnings before interest and taxes (EBIT) excludes general
corporate expenses, restructuring charges and asset
impairments.
(2) Interest, net includes financing interest expense, other
interest expense and interest income.
Pitney Bowes Inc.Revenue and
EBITBusiness SegmentsDecember 31,
2013(Unaudited)
(Dollars in thousands)
Twelve Months Ended December
31, %
2013 2012 Change
Revenue
North America Mailing $ 1,723,304 1,818,952 (5 %)
International Mailing 608,156 607,644 0
% Small & Medium Business Solutions 2,331,460
2,426,596 (4 %) Production Mail 511,544
480,718 6 % Presort Services 430,469 429,804
0 % Enterprise Business Solutions 942,013
910,522 3 % Digital Commerce Solutions
595,928 577,946 3 %
Total
Revenue $ 3,869,401 $
3,915,064 (1 %)
EBIT
(1)
North America Mailing $ 675,389 $ 688,665 (2 %)
International Mailing 71,502 76,139 (6
%) Small & Medium Business Solutions 746,891
764,804 (2 %) Production Mail 55,000 48,981 12
% Presort Services 83,259 106,170 (22
%) Enterprise Business Solutions 138,259
155,151 (11 %) Digital Commerce Solutions
42,837 37,513 14 %
Total EBIT
$ 927,987 $ 957,468 (3 %)
Unallocated amounts: Interest, net (2) (190,364 ) (188,387 )
Corporate and other expenses (217,463 ) (216,455 ) Restructuring
and asset impairments (84,344 ) (17,176 ) Other income, net
(32,639 ) (1,138 )
Income from continuing
operations before income taxes $ 403,177
$ 534,312
(1) Earnings before interest and taxes (EBIT) excludes general
corporate expenses, restructuring charges and asset
impairments.
(2) Interest, net includes financing interest expense, other
interest expense and interest income.
Pitney Bowes Inc.Reconciliation of Reported
Consolidated Results to Adjusted Results(Unaudited)
(Dollars in thousands, except
per share data) Three Months Ended December 31, Twelve
Months Ended December 31, 2013 2012 2013 2012 GAAP income
from continuing operations after income taxes, as reported $ 79,618
$ 86,115 $ 301,733 $ 395,684 Restructuring charges and asset
impairments 23,362 12,760 59,024 11,610 Sale of leveraged lease
assets - - - (12,886 ) Extinguishment of debt 4,586
- 19,911 - Income from
continuing operations after income taxes, as adjusted $ 107,566
$ 98,875 $ 380,668 $ 394,408
GAAP diluted earnings per share from continuing operations,
as reported $ 0.39 $ 0.43 $ 1.49 $ 1.96 Restructuring charges and
asset impairments 0.11 0.06 0.29 0.06 Sale of leveraged lease - - -
(0.06 ) Extinguishment of debt 0.02 -
0.10 - Diluted earnings per share from
continuing operations, as adjusted $ 0.53 $ 0.49 $
1.88 $ 1.96 GAAP net cash provided by
operating activities, as reported $ 131,264 $ 255,560 $ 624,824 $
660,188 Capital expenditures (34,120 ) (48,770 ) (137,512 )
(176,586 ) Restructuring payments 18,167 13,972 59,520 74,718
Pension contribution - - - 95,000 Tax and other payments on sale of
businesses and leveraged lease assets 75,545 14,879 75,545 114,128
Reserve account deposits (3,142 ) 17,009 (20,104 ) 1,636
Extinguishment of debt 7,518 - 32,639 -
Free cash flow, as adjusted $ 195,232 $ 252,650 $
634,912 $ 769,084
Note: The sum of the earnings per share amounts may not equal
the totals above due to rounding.
Pitney Bowes Inc.Reconciliation of Reported
Consolidated Results to Adjusted Results(Unaudited)
(Dollars in thousands,
except per share data) Three Months Ended December 31,
Twelve Months Ended December 31, 2013 2012 2013 2012 GAAP
income from continuing operations after income taxes, as reported $
79,618 $ 86,115 $ 301,733 $ 395,684 Restructuring charges and asset
impairments 23,362 12,760 59,024 11,610 Extinguishment of debt
4,586 - 19,911 - Sale of leveraged lease assets
- - - (12,886 ) Income from
continuing operations after income taxes, as adjusted 107,566
98,875 380,668 394,408 Provision for income taxes, as adjusted
37,513 40,540 121,118 142,521 Preferred stock dividends of
subsidiaries attributable to noncontrolling interests
4,593 4,594 18,375 18,376
Income from continuing operations, as adjusted 149,672 144,009
520,161 555,305 Interest expense, net
45,298 45,533 190,364 188,387
Adjusted EBIT 194,970 189,542 710,525
743,692 Depreciation and amortization
43,866 54,179 200,422 218,921
Adjusted EBITDA $ 238,836
$ 243,721 $ 910,947 $
962,613
Pitney Bowes Inc.EditorialBill Hughes, 203-351-6785Chief
Communications OfficerorFinancialCharles F. McBride,
203-351-6349VP, Investor RelationsorWebsite –
www.pitneybowes.com
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