Pitney Bowes Inc. (NYSE:PBI) today reported financial results
for the third quarter 2014.
Highlights
- Revenue of $942 million, up 2
percent
- Adjusted EPS from continuing operations
of $0.51
- GAAP EPS from continuing operations of
$0.55; GAAP EPS of $0.65
- Free cash flow of $118 million; cash
from operations of $117 million
- The Company repurchased $50 million of
its common stock
- The Company increases 2014 guidance for
adjusted EPS and GAAP EPS from continuing operations; reaffirms
guidance for revenue growth and free cash flow
“We performed well in the third quarter, delivering solid
financial results,” said Marc Lautenbach, President and CEO, Pitney
Bowes. “Once again, our Digital Commerce Solutions segment posted
excellent top and bottom line results for the quarter, growing
revenue 26 percent and expanding margins. Profitability in our
mailing businesses continued to improve year over year.
“Our results further demonstrate the continued and steady
progress we are making in executing our long-term growth strategy
to unlock greater shareholder value. Going forward, we remain
confident about our multi-year journey to transform Pitney Bowes
and deliver sustained value for our clients, shareholders and
employees.”
THIRD QUARTER 2014 RESULTS
Revenue in the third quarter totaled $942 million, which was
growth of more than 2 percent when compared to the prior year. As
part of its go-to-market strategy, the Company exited non-core
product lines in Norway and transitioned from a direct sales model
to a dealer sales network in six smaller European markets for the
International Mailing and Production Mail segments. For comparative
purposes, revenue would have grown 3 percent in the third quarter
when the results related to these operations are excluded from the
current and prior year.
On a reported basis, revenue for the quarter benefited from 26
percent growth in Digital Commerce Solutions and 2 percent growth
in Enterprise Business Solutions. Revenue in Small and Medium
Business (SMB) Solutions declined 5 percent. When revenue in the
current and prior year is adjusted for the exit of non-core product
lines and channel changes in Europe, revenue for comparative
purposes would have declined 4 percent for SMB Solutions.
Adjusted earnings per diluted share from continuing operations
were $0.51 compared to $0.47 in the prior year. Quarter results
included tax benefits of $0.08 and $0.06 per share in 2014 and
2013, respectively.
Earnings per diluted share from continuing operations, on a
Generally Accepted Accounting Principles (GAAP) basis were $0.55,
which included $0.05 per share related to the Company’s divestiture
of an investment. GAAP earnings per share from continuing
operations also included a restructuring charge of $0.01 per share
associated with the previously announced cost reduction plans.
GAAP earnings per diluted share were $0.65, which included
income from discontinued operations of $0.10 per share.
Earnings Per Share
Reconciliation* 3Q 2014 3Q 2013
Adjusted EPS from continuing operations $0.51
$0.47 Investment divestiture $0.05 -
Restructuring charges ($0.01) ($0.11)
GAAP EPS
from continuing operations $0.55
$0.36 Discontinued operations - income (loss) $0.10
($0.39)
GAAP EPS $0.65
($0.03)
* The sum of the earnings per share may not equal the
totals above due to rounding.
FREE CASH FLOW RESULTS
Free cash flow for the quarter was $118 million, while on a GAAP
basis the Company generated $117 million in cash from operations.
In comparison to the prior year, free cash flow was primarily
impacted by the timing of working capital requirements, higher
capital expenditures related to the Company’s ERP implementation
and a decline in bank reserve deposits. During the quarter, the
Company used $38 million of cash for dividends, $50 million to
repurchase shares of its common stock and $9 million for
restructuring payments.
Year-to-date free cash flow was $418 million, while on a GAAP
basis the Company generated $397 million in cash from
operations.
BUSINESS SEGMENT REPORTING
The Company’s business segment reporting reflects the clients
served in each market and the way it manages these segments. 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,
ecommerce, shipping and marketing services.
SMB Solutions Group
3Q 2014 Y-O-Y Change Change ex Currency
Revenue $496 million (5%) (5%)
EBIT $176
million 1%
Within the SMB Solutions Group:
North America Mailing
3Q 2014 Y-O-Y Change Change ex Currency Revenue $363
million (5%) (4%) EBIT $160 million 1%
Within the North America Mailing results, recurring revenue
streams continued to decline at a lesser rate versus prior periods
due to sustained growth in supplies revenue and a further
moderation in the decline in financing and rentals revenue.
However, equipment sales declined as the Company continues to drive
productivity improvements in its transition to expanded inside
sales and web channels. EBIT margin improved during the quarter due
to on-going benefits from the go-to-market strategy and incremental
cost reduction initiatives.
International Mailing
3Q 2014 Y-O-Y Change Change ex Currency Revenue $132 million
(6%) (8%) EBIT $ 16 million 3%
Reflected in the quarter are a number of actions related to the
International Mailing go-to-market and geographic coverage models.
At the end of June, the Company exited additional non-core product
lines in Norway and during the third quarter expanded its indirect
sales activities by transitioning from a direct sales model to a
dealer network in six smaller European markets. Excluding the
revenue related to these transactions in both the current and prior
years, revenue on a comparative basis would have declined 2
percent, which is in line with the Company’s stabilization
objectives. The Company continued to shift additional client
accounts to inside sales in the major European markets. In addition
to creating a more variable cost structure, these changes lessen
our sensitivity to the uncertain economic conditions in Europe.
EBIT margin improved due to the changes in go-to-market, including
the shift in strategy for smaller markets.
Enterprise Business Solutions
Group
3Q 2014 Y-O-Y Change Change ex Currency
Revenue $225 million 2% 2%
EBIT $ 31 million
2%
Within the Enterprise Business Solutions Group:
Worldwide Production Mail
3Q 2014 Y-O-Y Change Change ex Currency Revenue $113
million (3%) (2%) EBIT $ 10 million (10%)
On a regional basis, revenues were relatively flat in North
America and grew in Europe in large measure due to increased
production print installations. Revenue declined in Asia Pacific
due to fewer installations of inserting and production print
equipment when compared to prior year. EBIT margin was impacted by
the lower revenue and the related margin contribution.
Presort Services
3Q 2014 Y-O-Y Change Change ex Currency Revenue $111
million 6% 6% EBIT $ 22 million 7%
Presort Services revenue benefited from improved qualification
of mail for presort discounts, in particular in the processing of
First Class mail. EBIT margin improved versus the prior year due to
the revenue growth and on-going operational productivity.
Digital Commerce Solutions
3Q 2014 Y-O-Y Change Change ex
Currency Revenue $221 million 26% 25%
EBIT
$ 25 million 90%
Digital Commerce Solutions had revenue growth in each of its
four product categories: ecommerce, software, shipping and
marketing services. Overall, Digital Commerce Solutions represented
nearly one quarter of the Company’s revenue in the third
quarter.
Ecommerce experienced continued growth in the number of orders
processed and packages shipped. In addition, in September the
Company began operations in the UK to enable sellers on eBay to use
Pitney Bowes’ cross-border ecommerce solutions when offering goods
from the UK to buyers in about a dozen markets in the European
Union.
Software solution’s double-digit revenue growth included several
large licensing deals during the quarter, reflecting in part the
investments in channel specialization. Revenue growth in the areas
of shipping solutions and marketing services resulted from new
client acquisitions for their respective product offerings.
EBIT margin reflected the benefit of revenue growth, net of the
impact of continued investments in ecommerce technology and
infrastructure.
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 2013 Form 10-K Annual Report and other
reports filed with the Securities and Exchange Commission.
The Company is reaffirming annual guidance for revenue growth
and free cash flow. The Company is increasing guidance for adjusted
earnings per share and GAAP earnings per share from continuing
operations.
The Company still expects:
- Revenue, excluding the impacts of
currency, to be in the range of one to three percent growth when
compared to the prior year. Guidance includes the impact from the
exit of non-core product lines in Norway and a shift from a direct
sales model to an indirect, dealer sales network in six smaller
European markets. As a result, this guidance anticipates a
reduction in revenue for the balance of the year of about $12
million.
- Free cash flow to be in the range of
$475 million to $575 million.
The Company now expects:
- Adjusted earnings per share from
continuing operations to be in the range of $1.85 to $1.92 versus
the range of $1.80 to $1.90 previously expected, which reflects
year-to-date results and anticipated increased investment in ERP
development and marketing expense in the fourth quarter.
- GAAP earnings per share from continuing
operations to be in the range of $1.64 to $1.71 versus the range of
$1.55 to $1.65 previously expected. The change in guidance resulted
from $0.05 per share related to the Company’s divestiture of an
investment; the incremental $0.01 per share charge for
restructuring costs this quarter, which now total $0.07 per share
year-to date; and $0.19 per share of debt extinguishment costs from
the first quarter.
This guidance excludes any further actions that are under
consideration by the Company to streamline its operations and
further reduce its cost structure.
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. EDT. 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
its 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 its
expected or potential future business and financial performance.
For us forward-looking statements include, but are not limited to,
statements about its 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 its control as more fully outlined in the
Company's 2013 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 and nine months ended September 30, 2014 and 2013,
and consolidated balance sheets at September 30, 2014 and December
31, 2013 are attached.
Pitney Bowes Inc.
Consolidated Statements of
Income
(Unaudited)
(Dollars in thousands, except per share
data)
Three months ended September 30, Nine months ended September 30,
2014 2013 2014
2013
Revenue:
Equipment sales $ 177,458 $ 197,044 $ 558,032 $ 619,035 Supplies
72,548 68,692 228,349 213,185 Software 112,271 98,164 312,891
285,658 Rentals 119,047 125,918 365,069 384,436 Financing 107,835
111,032 325,529 337,739 Support services 154,321 159,508 470,763
482,400 Business services 198,164 160,131
576,958 458,061 Total
revenue 941,644 920,489
2,837,591 2,780,514
Costs and expenses:
Cost of equipment sales 90,984 88,945 262,336 295,567 Cost of
supplies 22,470 21,444 70,129 66,536 Cost of software 29,775 29,698
93,423 80,093 Cost of rentals 23,636 24,434 74,273 75,946 Financing
interest expense 19,667 19,468 59,733 57,438 Cost of support
services 92,500 98,425 288,203 300,291 Cost of business services
142,512 112,447 406,472 322,970 Selling, general and administrative
341,738 352,299 1,031,497 1,057,876 Research and development 26,060
24,769 80,901 81,351 Restructuring charges & asset impairments
4,526 34,909 22,666 53,940 Other interest expense 23,370 27,508
71,001 89,594 Interest income (1,212 ) (1,457 ) (3,297 ) (4,507 )
Other (income) expense, net (15,919 ) -
45,738 25,121 Total costs and expenses
800,107 832,889 2,503,075
2,502,216
Income from continuing operations before
income taxes
141,537 87,600 334,516 278,298
Provision for income taxes
25,310 10,032 79,681
52,045
Income from continuing operations
116,227 77,568 254,835 226,253
Income (loss) from discontinued
operations, net of tax
20,655 (78,501 ) 30,173
(159,725 )
Net income (loss) before attribution of
noncontrolling interests
136,882 (933 ) 285,008 66,528
Less: Preferred stock dividends of
subsidiaries attributable
to noncontrolling interests
4,593 4,594 13,781
13,782
Net income (loss) - Pitney Bowes Inc.
$ 132,289 $ (5,527 ) $ 271,227 $ 52,746
Amounts attributable to common
stockholders:
Income from continuing operations $ 111,634 $ 72,974 $ 241,054 $
212,471 Income (loss) from discontinued operations 20,655
(78,501 ) 30,173 (159,725 )
Net income (loss) - Pitney Bowes Inc. $ 132,289 $
(5,527 ) $ 271,227 $ 52,746
Basic earnings per share attributable to
common stockholders(1):
Continuing operations 0.55 0.36 1.19 1.05 Discontinued operations
0.10 (0.39 ) 0.15 (0.79 )
Net income (loss) - Pitney Bowes Inc. $ 0.65 $ (0.03
) $ 1.34 $ 0.26
Diluted earnings per share attributable to
common stockholders (1):
Continuing operations 0.55 0.36 1.18 1.05 Discontinued operations
0.10 (0.39 ) 0.15 (0.79 )
Net income (loss) - Pitney Bowes Inc. $ 0.65 $ (0.03
) $ 1.33 $ 0.26 (1) The sum of the
earnings per share amounts may not equal the totals above due to
rounding.
Pitney Bowes Inc. Consolidated Balance
Sheets
(Unaudited in
thousands, except per share data)
Assets
September 30,2014
December 31,2013 (1)
Current assets: Cash and cash equivalents $ 923,676 $ 907,806
Short-term investments 35,348 31,128 Accounts receivable,
gross 412,702 482,949 Allowance for doubtful accounts receivable
(13,651 ) (13,149 ) Accounts receivable, net 399,051
469,800 Finance receivables 1,040,156 1,127,261 Allowance
for credit losses (21,914 ) (24,340 ) Finance
receivables, net 1,018,242 1,102,921 Inventories 94,879
103,580 Current income taxes 29,815 28,934 Other current assets and
prepayments 135,973 147,067 Assets held for sale 55,118
46,976 Total current assets 2,692,102
2,838,212 Property, plant and equipment, net 266,520 245,171
Rental property and equipment, net 206,394 226,146 Finance
receivables 839,912 974,972 Allowance for credit losses
(9,323 ) (12,609 ) Finance receivables, net 830,589 962,363
Investment in leveraged leases 32,465 34,410 Goodwill
1,694,987 1,734,871 Intangible assets, net 91,797 120,387
Non-current income taxes 65,092 73,751 Other assets 544,091
537,397 Total assets $ 6,424,037
$ 6,772,708
Liabilities,
noncontrolling interests and stockholders' equity
Current liabilities: Accounts payable and accrued liabilities $
1,428,690 $ 1,644,582 Current income taxes 153,809 157,340 Notes
payable and current portion of long-term obligations 274,879 -
Advance billings 399,016 425,833
Total current liabilities 2,256,394 2,227,755 Deferred taxes
on income 57,830 39,701 Tax uncertainties and other income tax
liabilities 148,119 190,645 Long-term debt 2,962,997 3,346,295
Other non-current liabilities 423,981 466,766
Total liabilities 5,849,321
6,271,162 Noncontrolling interests (Preferred
stockholders' equity in subsidiaries) 296,370 296,370
Stockholders' equity: Cumulative preferred stock, $50 par value, 4%
convertible 1 4 Cumulative preference stock, no par value, $2.12
convertible 559 591 Common stock, $1 par value 323,338 323,338
Additional paid-in-capital 174,783 196,977 Retained earnings
4,872,875 4,715,564 Accumulated other comprehensive loss (614,741 )
(574,556 ) Treasury stock, at cost (4,478,469 )
(4,456,742 ) Total Pitney Bowes Inc. stockholders' equity
278,346 205,176 Total
liabilities, noncontrolling interests and stockholders' equity $
6,424,037 $ 6,772,708 (1) Certain prior year
amounts have been revised.
Pitney Bowes Inc.
Revenue and EBIT Business Segments September 30,
2014
(Unaudited)
(Dollars in thousands)
Three Months Ended September 30, % 2014
2013 Change
Revenue
North America Mailing $ 363,285 $ 381,685 (5 %)
International Mailing 132,291 141,332
(6 %) Small & Medium Business Solutions 495,576
523,017 (5 %) Production Mail 113,497 116,477
(3 %) Presort Services 111,434 105,093
6 % Enterprise Business Solutions 224,931
221,570 2 % Digital Commerce Solutions 221,137
175,902 26 %
Total revenue
$ 941,644 $ 920,489 2 %
EBIT
(1)
North America Mailing $ 159,638 $ 158,692 1 % International
Mailing 16,079 15,627 3 % Small &
Medium Business Solutions 175,717 174,319
1 % Production Mail 9,570 10,620 (10 %) Presort
Services 21,927 20,398 7 % Enterprise
Business Solutions 31,497 31,018 2 %
Digital Commerce Solutions 24,534
12,885 90 %
Total EBIT $ 231,748
$ 218,222 6 % Unallocated
amounts: Interest, net (2) (41,825 ) (45,519 ) Corporate and other
expenses (59,779 ) (50,194 ) Restructuring charges & asset
impairments (4,526 ) (34,909 ) Other income, net 15,919
-
Income from continuing operations
before income taxes $ 141,537 $
87,600 (1) Earnings before interest and taxes
(EBIT) excludes general corporate expenses and restructuring
charges & asset impairments. (2) Interest, net includes
financing interest expense, other interest expense and interest
income.
Pitney Bowes Inc. Revenue and EBIT
Business Segments September 30, 2014
(Unaudited) (Dollars in
thousands)
Nine Months Ended September 30, %
2014 2013 Change
Revenue
North America Mailing $ 1,115,507 $ 1,162,718 (4 %)
International Mailing 438,819 444,665
(1 %) Small & Medium Business Solutions 1,554,326
1,607,383 (3 %) Production Mail 330,469
360,352 (8 %) Presort Services 339,205 322,954
5 % Enterprise Business Solutions 669,674
683,306 (2 %) Digital Commerce Solutions
613,591 489,825 25 %
Total
revenue $ 2,837,591 $
2,780,514 2 %
EBIT
(1)
North America Mailing $ 476,757 $ 464,668 3 % International
Mailing 67,347 53,092 27 % Small &
Medium Business Solutions 544,104 517,760
5 % Production Mail 27,865 34,239 (19 %) Presort
Services 68,235 65,132 5 % Enterprise
Business Solutions 96,100 99,371 (3 %)
Digital Commerce Solutions 51,994
27,969 86 %
Total EBIT $ 692,198
$ 645,100 7 % Unallocated amounts: Interest,
net (2) (127,437 ) (142,525 ) Corporate and other expenses (161,841
) (145,216 ) Restructuring charges & asset impairments (22,666
) (53,940 ) Other expense, net (45,738 ) (25,121 )
Income from continuing operations before income taxes
$ 334,516 $ 278,298
(1) Earnings before interest and taxes (EBIT)
excludes general corporate expenses and restructuring charges &
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 September
30,
Nine Months Ended September 30,
2014 2013
2014 2013 GAAP income
from continuing operations after income taxes, as reported $
111,634 $ 72,974 $ 241,054 $ 212,471 Restructuring charges &
asset impairments 2,903 22,536 15,161 35,662 Extinguishment of debt
- - 37,833 15,324 Investment divestiture (9,774 ) - (9,774 ) -
Income from continuing operations after
income taxes, as adjusted
$ 104,763 $
95,510 $ 284,274 $
263,457 GAAP diluted earnings per share
from continuing operations, as reported $ 0.55 $ 0.36 $ 1.18 $ 1.05
Restructuring charges & asset impairments 0.01 0.11 0.07 0.18
Extinguishment of debt - - 0.19 0.08 Investment divestiture
(0.05 ) - (0.05 ) - Diluted
earnings per share from continuing operations, as adjusted
$
0.51 $ 0.47 $ 1.39
$ 1.30 GAAP net cash
provided by operating activities, as reported $ 116,985 $ 214,526 $
397,432 $ 493,560 Capital expenditures (48,920 ) (29,951 ) (121,270
) (103,392 ) Restructuring payments 8,621 14,098 42,151 41,353
Payments related to investment divestiture 53,738 - 53,738 -
Reserve account deposits (12,563 ) 9,227 (15,919 ) (16,962 )
Extinguishment of debt - - 61,657 25,121
Free cash flow, as adjusted $ 117,861
$ 207,900 $ 417,789
$ 439,680
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 September 30, Nine Months Ended September
30, 2014 2013 2014 2013
GAAP income from continuing operations after income taxes,
as reported $ 111,634 $ 72,974 $ 241,054 $ 212,471 Restructuring
charges & asset impairments 2,903 22,536 15,161 35,662
Extinguishment of debt - - 37,833 15,324 Investment divestiture
(9,774 ) - (9,774 ) - Income
from continuing operations after income taxes, as adjusted 104,763
95,510 284,274 263,457 Provision for income taxes, as adjusted
20,788 22,405 104,865 80,120 Preferred stock dividends of
subsidiaries attributable to noncontrolling interests
4,593 4,594 13,781 13,782 Income
from continuing operations before income taxes, as adjusted 130,144
122,509 402,920 357,359 Interest, net 41,825
45,519 127,437 142,525
Adjusted
EBIT 171,969 168,028 530,357
499,884 Depreciation and amortization 49,643
50,679 142,506 153,878
Adjusted EBITDA $ 221,612
$ 218,707 $ 672,863 $
653,762
Editorial:Bill Hughes, 203-351-6785Chief Communications
OfficerorFinancial:Charles F. McBride, 203-351-6349VP, Investor
Relationsorwww.pitneybowes.com
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