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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pitney Bowes Inc | NYSE:PBI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.001 | -0.02% | 4.219 | 4.25 | 4.12 | 4.25 | 699,561 | 01:00:00 |
Pitney Bowes Inc. (NYSE:PBI), a global technology company that provides products and solutions that power commerce, today reported financial results for the full year 2014 and the fourth quarter.
Full-Year 2014:
Fourth Quarter 2014:
“We are very pleased with our full-year financial results and our fourth quarter performance,” said Marc Lautenbach, President and CEO, Pitney Bowes. “For the first time in several years, we grew revenue for the full year while at the same time we met our objectives for adjusted earnings per share and free cash flow. While we are still early in our transformation, the strategy we began implementing two years ago is working and our vision to deliver innovative physical and digital products and solutions is resonating with our clients around the world. We will continue to focus on reducing costs, while at the same time invest in the areas that will optimize our business and grow revenue. Going forward, we expect to realize the benefits of these initiatives throughout 2015 and over the next several years.”
FULL YEAR 2014 RESULTS
For the full year, revenue totaled $3.8 billion, an increase of 1 percent on both a reported and constant currency basis when compared to the prior year. As part of its previously announced go-to-market strategy, earlier in the year the Company exited a non-core product line 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. When revenue in the current and prior year is adjusted for the impact of these divested revenues, for comparative purposes revenue would have grown 1 percent on a reported basis and by 2 percent on a constant currency basis.
Adjusted earnings per diluted share from continuing operations for the full year were $1.90. Generally Accepted Accounting Principles (GAAP) earnings per diluted share from continuing operations were $1.47, which includes a restructuring charge of $0.29 per share associated with the previously announced cost reduction plans; extinguishment of debt costs of $0.19 per share; and income of $0.05 per share related to the Company’s divestiture of an investment. GAAP earnings per diluted share for the full year were $1.64, which includes income of $0.17 per share from discontinued operations.
FOURTH QUARTER 2014 RESULTS
Significant changes in currency in the fourth quarter, relative to the rest of the year, adversely affected revenue for many of the Company’s businesses. Revenue totaled $984 million, a decline of 3 percent on a reported basis and a decline of less than 1 percent on a constant currency basis versus the prior year. For comparative purposes, when revenue in the current and prior year is adjusted for the impacts of currency and the divested revenues in Europe earlier in the year, revenue would have grown 1 percent.
Revenue in the fourth quarter reflects strong results in Digital Commerce Solutions, which again had growth in all elements of the segment. Revenue benefited from 12 percent growth on a reported basis and 13 percent growth on a constant currency basis in the Digital Commerce Solutions segment.
Revenue in the Enterprise Business Solutions group declined 4 percent on a reported basis and 2 percent on a constant currency basis. This resulted from continued strong growth in Presort Services that was offset by a decline in revenue for the Production Mail business.
In the Small and Medium Business (SMB) Solutions group, revenue declined 7 percent on a reported basis and 5 percent on a constant currency basis. When revenue is adjusted for the impacts of currency and the divested revenues in Europe that are included in the prior year, for comparative purposes revenue would have declined 3 percent for SMB Solutions, reflecting renewed stabilization.
Adjusted earnings per diluted share from continuing operations for the fourth quarter were $0.51. Earnings per diluted share from continuing operations on a GAAP basis were $0.29, which includes a restructuring charge of $0.22 per share associated with an expansion of previously announced cost reduction plans. GAAP earnings per diluted share for the fourth quarter were $0.31, which includes income of $0.02 per share from discontinued operations.
The Company’s results for the quarter and the year are summarized in the table below:
Fourth Quarter Full Year2014
2013
2014
2013
Adjusted EPS from continuing operations $0.51 $0.51 $1.90 $1.81 Restructuring charges and asset impairments ($0.22) ($0.11) ($0.29) ($0.29) Extinguishment of debt - ($0.02) ($0.19) ($0.10) Investment divestiture - - $0.05 - GAAP EPS from continuing operations $0.29 $0.37 $1.47 $1.42 Discontinued operations – income (loss) $0.02 $0.07 $0.17 ($0.71) GAAP EPS $0.31 $0.44 $1.64 $0.70 * The sum of the earnings per share may not equal the totals above due to roundingFREE CASH FLOW RESULTS
Free cash flow during the quarter was $154 million and $571 million for the year. On a GAAP basis, the Company generated $258 million in cash from operations for the quarter and $656 million for the year.
The Company used cash to pay $38 million in dividends to its common shareholders in the quarter and paid $152 million in dividends for the year. The Company used its cash during the year primarily to invest in the business, pay dividends, reduce debt, make restructuring payments and repurchase its common stock.
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: the SMB Solutions group; the Enterprise Business Solutions group; and the Digital Commerce Solutions segment.
The 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.
Consolidated
(millions, except percentages) Fourth Quarter2014
2013
Y/YReported
Y/YEx Currency
Y/Y Ex Currencyand DivestedRevenues*
Revenue $984 $1,011 (3%) (1%) 1%SMB Solutions Group
(millions, except percentages) Fourth QuarterRevenue
2014
2013
Y/YReported
Y/YEx Currency
Y/Y Ex Currencyand DivestedRevenues*
North America Mailing $376 $393 (4%) (4%) (4%) International Mailing134
158
(15%)
(9%)
(2%)
SMB Solutions Total $510 $551 (7%) (5%) (3%)EBIT
North America Mailing $166 $176 (6%) International Mailing21
18
16%
SMB Solutions Total $187 $195 (4%) * Excluding the impacts of currency and the divested revenues in Europe related to the exit of a non-core product line in Norway and transition to a dealer sales network in six smaller European markets.North America Mailing
The Company has continued to focus on driving productivity improvements in its expanded inside sales organization. As a result, revenue declined less than 4 percent on a constant currency basis, representing a lesser rate than in the second and third quarters. The direct sales organization delivered higher productivity, which resulted in an increased average order value. Recurring revenue streams also continued to stabilize due to a further moderation in the decline of financing and rentals revenue. EBIT margin declined versus the prior year due to the mix of business and fewer lease extensions than the prior year.
International Mailing
Revenue declined 15 percent on a reported basis and 9 percent on a constant currency basis. Revenue declined just 2 percent when the impacts of the divested revenues in Europe earlier in the year are also excluded from the prior year. These results were in-line with recent trends and the Company’s efforts to stabilize overall mail-related revenue. The Company was able to achieve these results despite the uncertain macro-economic environment, particularly in Europe. Also, excluding the impact of the divested revenues in Europe and currency, supplies revenue continued to grow, which was offset by a moderate decline in equipment sales. EBIT margin improved versus the prior year due to the benefits from the changes in go-to-market, including the actions taken in the third quarter, as well as other cost reduction initiatives.
Enterprise Business Solutions Group
(millions, except percentages) Fourth QuarterRevenue
2014
2013
Y/YReported
Y/YEx Currency
Production Mail $132 $151 (13%) (10%) Presort Services117
108
9%
9%
Enterprise Business Total $249 $259 (4%) (2%)EBIT
Production Mail $20 $21 (5%) Presort Services30
18
65%
Enterprise Business Total $50 $39 28%Production Mail
Revenue comparisons for the quarter were impacted by fewer large, multi-unit inserting and production print installations than in the prior year. EBIT margin improved versus the prior year due to a favorable mix of inserting equipment sales, improved margin on service revenue and on-going cost reduction initiatives.
Presort Services
Revenue benefited from the improved qualification of mail for presort discounts as a result of operational enhancements, the volume of First Class mail processed and the effective implementation of the postal rate and rule changes at the beginning of 2014. EBIT margin improved versus the prior year due to the revenue growth and on-going operational productivity.
Digital Commerce Solutions
(millions, except percentages) Fourth Quarter2014
2013
Y/YReported
Y/YEx Currency
Revenue $225 $201 12% 13% EBIT $32 $27 18%The segment continued to experience revenue growth in each of its four product categories: ecommerce, software, shipping and marketing services.
Ecommerce growth was driven by strong increases in the number of packages shipped and benefited from the initial ramp-up of the Company’s UK outbound cross-border services. The strengthening U.S. dollar had a dampening effect on the rate of increase in the number of purchases from the U.S. over the course of the quarter.
Software revenue growth was led by a significant increase in licensing revenue, particularly enterprise location intelligence software, reflecting on-going investments in product and 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 improved 80 basis points versus the prior year, which reflects the benefit of earnings leverage from revenue growth, net of the impact of continued investments in technology and infrastructure.
2015 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.
This guidance excludes any unusual items that may occur or additional portfolio or restructuring actions, not specifically identified, as the Company implements plans to further streamline its operations and reduce costs. This guidance also assumes that the global economy and foreign exchange markets in 2015 will not change significantly from current levels. Should recent volatility in foreign exchange markets continue, however, it could have a material effect on our reported results as compared to the guidance we are providing.
The Company expects in 2015:
Based on the above assumptions, the Company’s 2015 guidance is as follows:
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.pitneybowes.com
About Pitney Bowes
Pitney Bowes (NYSE: PBI) is a global technology company offering innovative products and solutions that enable commerce in the areas of customer information management, location intelligence, customer engagement, shipping and mailing, and global ecommerce. More than 1.5 million clients in approximately 100 countries around the world rely on products, solutions and services from Pitney Bowes. For additional information, visit Pitney Bowes at www.pitneybowes.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 from revenue 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, revenue growth is 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 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 the Company’s expected or potential future business and financial performance. 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 months and twelve months ended December 31, 2014 and 2013, and consolidated balance sheets at December 31, 2014 and 2013 are attached.
Pitney Bowes Inc.
Consolidated Statements of Income(Unaudited)
(Dollars in thousands, except share and per share data)Three months ended December 31,
Twelve months ended December 31, 2014 2013 2014 2013 Revenue: Equipment sales $ 212,339 $ 248,558 $ 770,371 $ 867,593 Supplies 71,691 72,545 300,040 285,730 Software 116,852 113,006 429,743 398,664 Rentals 119,560 128,057 484,629 512,493 Financing 107,330 111,167 432,859 448,906 Support services 154,372 164,257 625,135 646,657 Business services 201,769 173,231 778,727 631,292 Total revenue 983,913 1,010,821 3,821,504 3,791,335 Costs and expenses: Cost of equipment sales 103,388 127,013 365,724 422,580 Cost of supplies 23,546 22,829 93,675 89,365 Cost of software 30,337 30,560 123,760 110,653 Cost of rentals 23,065 24,389 97,338 100,335 Financing interest expense 18,829 20,281 78,562 77,719 Cost of support services 88,800 99,747 377,003 400,038 Cost of business services 138,257 126,962 544,729 449,932 Selling, general and administrative 346,903 362,220 1,378,400 1,420,096 Research and development 29,030 29,061 109,931 110,412 Restructuring charges & asset impairments 61,894 30,404 84,560 84,344 Other interest expense 24,290 25,146 95,291 114,740 Interest income (1,106 ) (965 ) (4,403 ) (5,472 ) Other expense, net - 7,518 45,738 32,639 Total costs and expenses 887,233 905,165 3,390,308 3,407,381 Income from continuing operations before income taxes 96,680 105,656 431,196 383,954 Provision for income taxes 33,134 25,922 112,815 77,967 Income from continuing operations 63,546 79,734 318,381 305,987Income (loss) from discontinued operations, net of tax
3,576 14,948 33,749 (144,777 ) Net income before attribution of noncontrolling interests 67,122 94,682 352,130 161,210 Less: Preferred stock dividends of subsidiaries attributable to noncontrolling interests 4,594 4,593 18,375 18,375 Net income - Pitney Bowes Inc. $ 62,528 $ 90,089 $ 333,755 $ 142,835 Amounts attributable to common stockholders: Income from continuing operations $ 58,952 $ 75,141 $ 300,006 $ 287,612 Income (loss) from discontinued operations 3,576 14,948 33,749 (144,777 ) Net income - Pitney Bowes Inc. $ 62,528 $ 90,089 $ 333,755 $ 142,835 Basic earnings per share attributable to common stockholders (1): Continuing operations 0.29 0.37 1.49 1.43 Discontinued operations 0.02 0.07 0.17 (0.72 ) Net income - Pitney Bowes Inc. $ 0.31 $ 0.45 $ 1.65 $ 0.71 Diluted earnings per share attributable to common stockholders (1): Continuing operations 0.29 0.37 1.47 1.42 Discontinued operations 0.02 0.07 0.17 (0.71 ) Net income - Pitney Bowes Inc. $ 0.31 $ 0.44 $ 1.64 $ 0.70 Weighted-average shares used in diluted EPS 203,110,509 203,581,724 203,961,446 202,956,738(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
December 31,2014
December 31,2013 (1)
Current assets: Cash and cash equivalents $ 1,079,145 $ 907,806 Short-term investments 32,121 31,128 Accounts receivable, gross 424,479 482,949 Allowance for doubtful accounts receivable (10,742 ) (13,149 ) Accounts receivable, net 413,737 469,800 Finance receivables 1,019,412 1,127,261 Allowance for credit losses (19,108 ) (24,340 ) Finance receivables, net 1,000,304 1,102,921 Inventories 84,827 103,580 Current income taxes 40,542 28,934 Other current assets and prepayments 57,173 147,067 Assets held for sale 52,271 46,976 Total current assets 2,760,120 2,838,212 Property, plant and equipment, net 285,091 245,171 Rental property and equipment, net 200,380 226,146 Finance receivables 828,723 974,972 Allowance for credit losses (9,002 ) (12,609 ) Finance receivables, net 819,721 962,363 Goodwill 1,672,721 1,734,871 Intangible assets, net 82,173 120,387 Non-current income taxes 96,377 73,751 Other assets 569,110 571,807 Total assets $ 6,485,693 $ 6,772,708Liabilities, noncontrolling interests and stockholders' equity
Current liabilities: Accounts payable and accrued liabilities $ 1,558,731 $ 1,644,582 Current income taxes 90,167 157,340 Notes payable and current portion of long-term obligations 324,879 - Advance billings 386,846 425,833 Total current liabilities 2,360,623 2,227,755 Deferred taxes on income 64,839 39,701 Tax uncertainties and other income tax liabilities 86,127 190,645 Long-term debt 2,927,127 3,346,295 Other non-current liabilities 673,348 466,766 Total liabilities 6,112,064 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 548 591 Common stock, $1 par value 323,338 323,338 Additional paid-in-capital 178,852 196,977 Retained earnings 4,897,708 4,715,564 Accumulated other comprehensive loss (846,156 ) (574,556 ) Treasury stock, at cost (4,477,032 ) (4,456,742 ) Total Pitney Bowes Inc. stockholders' equity 77,259 205,176 Total liabilities, noncontrolling interests and stockholders' equity $ 6,485,693 $ 6,772,708 (1) Certain prior year amounts have been revised.
Pitney Bowes Inc.
Revenue and EBIT Business Segments December 31, 2014(Unaudited)
(Dollars in thousands) Three Months Ended December 31, % 2014 2013 ChangeRevenue
North America Mailing $ 376,420$
392,867 (4 %) International Mailing 133,621 157,917 (15 %) Small & Medium Business Solutions 510,041 550,784 (7 %) Production Mail 131,730 151,192 (13 %) Presort Services 117,351 107,515 9 % Enterprise Business Solutions 249,081 258,707 (4 %) Digital Commerce Solutions 224,791 201,330 12 % Total revenue $ 983,913 $ 1,010,821 (3 %)EBIT (1)
North America Mailing $ 165,764 $ 176,162 (6 %) International Mailing 21,363 18,424 16 % Small & Medium Business Solutions 187,127 194,586 (4 %) Production Mail 19,678 20,761 (5 %) Presort Services 29,995 18,127 65 % Enterprise Business Solutions 49,673 38,888 28 % Digital Commerce Solutions 31,731 26,808 18 % Total EBIT $ 268,531 $ 260,282 3 % Unallocated amounts: Interest, net (2) (42,013 ) (44,462 ) Corporate and other expenses (67,944 ) (72,242 ) Restructuring charges & asset impairments (61,894 ) (30,404 ) Other expense, net - (7,518 ) Income from continuing operations before income taxes $ 96,680 $ 105,656 (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 December 31, 2014
(Unaudited)
(Dollars in thousands) Twelve Months Ended December 31, % 2014 2013 ChangeRevenue
North America Mailing $ 1,491,927$
1,555,585 (4 %) International Mailing 572,440 602,582 (5 %) Small & Medium Business Solutions 2,064,367 2,158,167 (4 %) Production Mail 462,199 511,544 (10 %) Presort Services 456,556 430,469 6 % Enterprise Business Solutions 918,755 942,013 (2 %) Digital Commerce Solutions 838,382 691,155 21 % Total revenue $ 3,821,504 $ 3,791,335 1 %EBIT (1)
North America Mailing $ 642,521 $ 640,830 - International Mailing 88,710 71,516 24 % Small & Medium Business Solutions 731,231 712,346 3 % Production Mail 47,543 55,000 (14 %) Presort Services 98,230 83,259 18 % Enterprise Business Solutions 145,773 138,259 5 % Digital Commerce Solutions 83,725 54,777 53 % Total EBIT $ 960,729 $ 905,382 6 % Unallocated amounts: Interest, net (2) (169,450 ) (186,987 ) Corporate and other expenses (229,785 ) (217,458 ) Restructuring charges & asset impairments (84,560 ) (84,344 ) Other expense, net (45,738 ) (32,639 )Income from continuing operations before income taxes
$ 431,196 $ 383,954 (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 December 31, Twelve Months Ended December 31, 2014 2013 2014 2013 GAAP income from continuing operations after income taxes, as reported $ 58,952 $ 75,141 $ 300,006 $ 287,612 Restructuring charges & asset impairments 44,188 23,363 59,349 59,024 Extinguishment of debt - 4,586 37,833 19,911 Investment divestiture - - (9,774 ) - Income from continuing operations after income taxes, as adjusted $ 103,140 $ 103,090 $ 387,414 $ 366,547 GAAP diluted earnings per share from continuing operations, as reported $ 0.29 $ 0.37 $ 1.47 $ 1.42 Restructuring charges & asset impairments 0.22 0.11 0.29 0.29 Extinguishment of debt - 0.02 0.19 0.10 Investment divestiture - - (0.05 ) - Diluted earnings per share from continuing operations, as adjusted $ 0.51 $ 0.51 $ 1.90 $ 1.81 GAAP net cash provided by operating activities, as reported $ 258,094 $ 131,264 $ 655,526 $ 624,824 Capital expenditures (59,286 ) (34,120 ) (180,556 ) (137,512 ) Restructuring payments 14,011 18,167 56,162 59,520 Net tax receipts related to investment divestiture (59,475 ) - (5,737 ) - Tax payments related to sale of businesses - 75,545 - 75,545 Reserve account deposits 253 (3,142 ) (15,666 ) (20,104 ) Extinguishment of debt - 7,518 61,657 32,639 Free cash flow, as adjusted $ 153,597 $ 195,232 $ 571,386 $ 634,912 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, 2014 2013 2014 2013 GAAP income from continuing operations after income taxes, as reported $ 58,952 $ 75,141 $ 300,006 $ 287,612 Restructuring charges & asset impairments 44,188 23,363 59,349 59,024 Extinguishment of debt - 4,586 37,833 19,911 Investment divestiture - - (9,774 ) - Income from continuing operations after income taxes, as adjusted 103,140 103,090 387,414 366,547 Provision for income taxes, as adjusted 50,840 35,895 155,705 116,015 Preferred stock dividends of subsidiaries attributable to noncontrolling interests 4,594 4,593 18,375 18,375 Income from continuing operations before income taxes, as adjusted 158,574 143,578 561,494 500,937 Interest, net 42,013 44,462 169,450 186,987 Adjusted EBIT 200,587 188,040 730,944 687,924 Depreciation and amortization 54,728 41,027 197,234 194,905 Adjusted EBITDA $ 255,315 $ 229,067 $ 928,178 $ 882,829
Pitney Bowes Inc.EditorialBill Hughes, 203-351-6785Chief Communications OfficerorFinancialCharles F. McBride, 203-351-6349VP, Investor Relations
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