Pitney Bowes Announces Third Quarter 2017 Financial Results

Note: Consolidated statements of income; revenue and EBIT by business segment; and reconciliation of GAAP to non-GAAP measures for the three months and nine months ended September 30, 2017 and 2016, and consolidated balance sheets as of September 30, 2017 and December 31, 2016 are attached.

     
Pitney Bowes Inc.
Consolidated Statements of Income
(Unaudited; in thousands, except share and per share amounts)
                   
  Three months ended September 30,   Nine months ended September 30,
  2017     2016     2017     2016  
Revenue:                  
Equipment sales $ 157,649   $ 173,143     $ 479,248   $ 485,145  
Supplies   58,296     61,306       188,342     198,631  
Software   99,600     89,087       264,131     257,760  
Rentals   95,901     102,747       291,770     309,706  
Financing   81,184     87,883       250,582     276,915  
Support services   120,479     123,954       354,625     383,632  
Business services   229,711     200,911       672,133     607,717  
                   
Total revenue   842,820     839,031       2,500,831     2,519,506  
                   
Costs and expenses:                  
Cost of equipment sales   85,647     86,147       232,398     235,741  
Cost of supplies   18,827     20,348       60,207     60,662  
Cost of software   25,713     25,698       75,816     79,496  
Cost of rentals   20,818     16,041       63,056     54,951  
Financing interest expense   12,629     12,965       38,446     41,375  
Cost of support services   70,688     74,799       217,232     224,790  
Cost of business services   166,984     140,989       470,890     417,357  
Selling, general and administrative   304,398     300,983       908,169     916,981  
Research and development   32,057     28,680       96,871     89,761  
Restructuring charges and asset impairments, net   1,493     16,494       30,502     49,503  
Interest expense, net   28,601     22,294       81,877     62,394  
                   
Total costs and expenses   767,855     745,438       2,275,464     2,233,011  
                   
Income before income taxes   74,965     93,593       225,367     286,495  
Provision for income taxes   17,607     23,197       53,975     93,615  
                   
Income from continuing operations   57,358     70,396       171,392     192,880  
Loss from discontinued operations, net of tax â�•     (291 )   â�•     (1,951 )
                   
Net income   57,358     70,105       171,392     190,929  
Less: Preferred stock dividends attributable to noncontrolling interests â�•     4,593     â�•     13,781  
                   
Net income - Pitney Bowes Inc. $ 57,358   $ 65,512     $ 171,392   $ 177,148  
                   
Amounts attributable to common stockholders:                  
Net income from continuing operations $ 57,358   $ 65,803     $ 171,392   $ 179,099  
Loss from discontinued operations, net of tax â�•     (291 )   â�•     (1,951 )
                   
Net income - Pitney Bowes Inc. $ 57,358   $ 65,512     $ 171,392   $ 177,148  
                   
Basic earnings per share attributable to common stockholders (1) :                  
Continuing operations $ 0.31   $ 0.35     $ 0.92   $ 0.95  
Discontinued operations â�•   â�•     â�•     (0.01 )
                   
Net income - Pitney Bowes Inc. $ 0.31   $ 0.35     $ 0.92   $ 0.94  
                   
Diluted earnings per share attributable to common stockholders (1) :                  
Continuing operations $ 0.31   $ 0.35     $ 0.92   $ 0.94  
Discontinued operations â�•   â�•     â�•     (0.01 )
                   
Net income - Pitney Bowes Inc. $ 0.31   $ 0.35     $ 0.92   $ 0.93  
                   
Weighted-average shares used in diluted earnings per share   187,756,543     186,682,575       187,200,225     189,592,489  
                           

(1) The sum of the earnings per share amounts may not equal the totals due to rounding.

 

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