|
Pitney Bowes Inc. |
|
Consolidated Statements of Operations |
|
(Unaudited; in thousands, except per share amounts) |
|
Three months ended March 31 |
|||
|
2025 |
2024 |
||
|
Revenue: |
|||
|
Services |
$ 318,432 |
$ 322,690 |
|
|
Products |
93,190 |
114,124 |
|
|
Financing and Other |
81,798 |
84,455 |
|
|
Total revenue |
493,420 |
521,269 |
|
|
Costs and expenses: |
|
|
Cost of services |
155,873 |
|
Cost of products |
50,919 |
|
Cost of financing and other |
17,507 |
|
Selling, general and administrative |
165,915 |
|
Research and development |
4,763 |
|
Restructuring charges |
1,400 |
|
Interest expense, net |
24,270 |
|
Other components of net pension and postretirement income |
1,854 |
|
Other expense |
24,187 |
|
Total costs and expenses |
446,688 |
|
164,481 |
|
62,754 |
|
21,287 |
|
186,832 |
|
7,626 |
|
3,766 |
|
27,306 |
|
(387) |
|
- |
|
473,665 |
|
Income before taxes |
|
Provision for income taxes |
|
Income from continuing operations |
|
Loss from discontinued operations, net of tax |
|
Net income (loss) |
|
46,732 |
|
11,310 |
|
35,422 |
|
- |
|
$ 35,422 |
|
47,604 |
|
15,500 |
|
32,104 |
|
(34,989) |
|
$ (2,885) |
|
Basic earnings (loss) per share |
|
|
Continuing operations |
$ 0.19 |
|
Discontinued operations |
- |
|
Net earings (loss) |
$ 0.19 |
|
$ 0.18 |
|
(0.20) |
|
$ (0.02) |
|
Diluted earnings (loss) per share: |
|
|
Continuing operations |
$ 0.19 |
|
Discontinued operations |
- |
|
Net earings (loss) |
$ 0.19 |
|
$ 0.18 |
|
(0.19) |
|
$ (0.02) |
Weighted-average shares used in diluted earnings per share 184,772,933 181,480,268 Note: The sum of the earnings per share amounts may not equal the totals due to rounding.
|
Pitney Bowes Inc. |
|
Consolidated Balance Sheets |
|
(Unaudited; in thousands) |
|
Assets |
March 31, 2025 |
|
Current assets: |
|
|
Cash and cash equivalents |
$ 323,787 |
|
Short-term investments |
16,175 |
|
Accounts and other receivables, net |
160,284 |
|
Short-term finance receivables, net |
526,411 |
|
Inventories |
65,103 |
|
Current income taxes |
984 |
|
Other current assets and prepayments |
92,145 |
|
Total current assets |
1,184,889 |
|
Property, plant and equipment, net |
204,380 |
|
Rental property and equipment, net |
24,275 |
|
Long-term finance receivables, net |
624,400 |
|
Goodwill |
729,687 |
|
Intangible assets, net |
17,924 |
|
Operating lease assets |
113,433 |
|
Noncurrent income taxes |
101,350 |
|
Other assets |
269,365 |
|
Total assets |
$ 3,269,703 |
December 31,
2024
|
$ 469,726 |
|
16,374 |
|
159,951 |
|
535,608 |
|
59,836 |
|
10,429 |
|
66,030 |
|
1,317,954 |
|
218,657 |
|
24,587 |
|
610,316 |
|
721,003 |
|
15,780 |
|
113,357 |
|
99,773 |
|
276,089 |
|
$ 3,397,516 |
|
Liabilities and stockholders' deficit |
|
|
Current liabilities: |
|
|
Accounts payable and accrued liabilities |
$ 743,846 |
|
Customer deposits at Pitney Bowes Bank |
625,095 |
|
Current operating lease liabilities |
27,322 |
|
Current portion of long-term debt |
14,150 |
|
Advance billings |
75,060 |
|
Current income taxes |
3,528 |
|
Total current liabilities |
1,489,001 |
|
Long-term debt |
1,899,002 |
|
Deferred taxes on income |
50,298 |
|
Tax uncertainties and other income tax liabilities |
14,560 |
|
Noncurrent operating lease liabilities |
100,754 |
|
Noncurrent customer deposits at Pitney Bowes Bank |
51,977 |
|
Other noncurrent liabilities |
199,995 |
|
Total liabilities |
3,805,587 |
|
$ 873,626 |
|
645,860 |
|
26,912 |
|
53,250 |
|
70,131 |
|
2,948 |
|
1,672,727 |
|
1,866,458 |
|
49,187 |
|
13,770 |
|
100,804 |
|
57,977 |
|
215,026 |
|
3,975,949 |
|
Stockholders' deficit: |
|
|
Common stock |
270,338 |
|
Retained earnings |
2,651,715 |
|
Accumulated other comprehensive loss |
(811,575) |
|
Treasury stock, at cost |
(2,646,362) |
|
Total stockholders' deficit |
(535,884) |
|
Total liabilities and stockholders' deficit |
$ 3,269,703 |
|
270,338 |
|
2,671,868 |
|
(839,171) |
|
(2,681,468) |
|
(578,433) |
|
$ 3,397,516 |
|
Pitney Bowes Inc. |
|
Business Segment Revenue |
|
(Unaudited; in thousands) |
|
Three months ended March 31 |
||
|
2025 |
2024 |
% Change |
|
$ 327,437 |
|
169,807 |
|
497,244 |
|
24,025 |
|
521,269 |
|
(9%) |
|
5% |
|
(4%) |
|
(27%) |
|
(5%) |
|
Sending Technology Solutions |
$ 298,055 |
|
Presort Services |
177,814 |
|
Total reportable segments |
475,869 |
|
Other operations |
17,551 |
|
Total revenue, as reported |
493,420 |
|
Impact of currency on revenue |
2,135 |
|
Total revenue, constant currency |
$ 495,555 |
$ 521,269 (5%)
|
Pitney Bowes Inc. |
|
Adjusted Segment EBIT & EBITDA |
|
(Unaudited; in thousands) |
|
Three months ended March 31 |
|||||||||
|
2025 |
2024 |
% change |
|||||||
|
Adjusted Segment EBIT (1) |
D&A |
Adjusted Segment EBITDA |
Adjusted Segment EBIT (1) |
D&A |
Adjusted Segment EBITDA |
Adjusted Segment EBIT |
Adjusted Segment EBITDA |
||
|
(1) |
Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, foreign currency gains and losses from the revaluation of intercompany loans and other items that are not allocated to a business segment. |
|
(2) |
Other operations includes the revenue and related expenses of our former Global Ecommerce business that did not qualify for discontinued operations treatment. These operations represent a cross-border services contract, shared services functions and previously dissolved operations. |
|
$ 93,710 |
$ 9,994 |
$ 103,704 |
1% |
2% |
|
|
40,329 |
8,757 |
49,086 |
36% |
30% |
|
|
$ 134,039 |
$ 18,751 |
152,790 |
12% |
11% |
|
Reconciliation of Adjusted Segment EBITDA to Income from continuing operations: |
|
|
Other operations (2) |
1,879 |
|
Depreciation and amortization - reportable segments |
(20,334) |
|
Interest expense, net |
(37,885) |
|
Corporate expenses |
(31,903) |
|
Restructuring charges |
(1,400) |
|
Foreign currency (loss) gain on intercompany loans |
(7,595) |
|
Strategic review costs |
(1,890) |
|
Benefit in connection with the Ecommerce Restructuring |
459 |
|
Loss on debt redemption/refinancing |
(24,646) |
|
Income from continuing operations before taxes |
$ 46,732 |
|
1,494 |
|
(18,751) |
|
(43,909) |
|
(42,202) |
|
(3,766) |
|
4,638 |
|
(2,690) |
|
- |
|
- |
|
$ 47,604 |
|
Sending Technology Solutions |
$ 94,934 |
$ 11,065 |
$ 105,999 |
|
Presort Services |
54,779 |
9,269 |
64,048 |
|
Total reportable segments |
$ 149,713 |
$ 20,334 |
170,047 |
|
Pitney Bowes Inc. |
|
Reconciliation of Reported Consolidated Results to Adjusted Results |
|
(Unaudited; in thousands, except per share amounts) |
|
Three months ended March 31 |
|
|
2025 |
2024 |
|
Reconciliation of reported net income (loss) to adjusted EBIT and adjusted EBITDA |
|
Net income (loss) |
|
Loss from discontinued operations, net of tax |
|
Provision for income taxes |
|
Income before taxes |
|
Restructuring charges |
|
Foreign currency loss (gain) on intercompany loans |
|
Strategic review costs |
|
Benefit in connection with the Ecommerce Restructuring |
|
Loss on debt redemption/refinancing |
|
Adjusted net income before tax |
|
Interest, net |
|
Adjusted EBIT |
|
Depreciation and amortization |
|
Adjusted EBITDA |
|
$ 35,422 |
|
- |
|
11,310 |
|
46,732 |
|
1,400 |
|
7,595 |
|
1,890 |
|
(459) |
|
24,646 |
|
81,804 |
|
37,885 |
|
119,689 |
|
28,324 |
|
$ 148,013 |
|
$ (2,885) |
|
34,989 |
|
15,500 |
|
47,604 |
|
3,766 |
|
(4,638) |
|
2,690 |
|
- |
|
- |
|
49,422 |
|
43,909 |
|
93,331 |
|
28,850 |
|
$ 122,181 |
|
Reconciliation of reported diluted earnings (loss) per share to adjusted diluted earnings per share |
|
Diluted earnings (loss) per share |
|
Loss from discontinued operations, net of tax |
|
Restructuring charges |
|
Foreign currency loss (gain) on intercompany loans |
|
Strategic review costs |
|
Loss on debt redemption/refinancing |
|
Adjusted diluted earnings per share |
|
$ 0.19 |
$ (0.02) |
|
|
- |
0.19 |
|
|
0.01 |
0.02 |
|
|
0.03 |
(0.02) |
|
|
0.01 |
0.01 |
|
|
0.10 |
- |
|
|
$ 0.33 |
$ 0.19 |
The sum of the earnings per share amounts may not equal the totals due to rounding.
|
Reconciliation of reported net cash from operating activities to free cash flow |
|
Net cash from operating activities - continuing operations |
|
Capital expenditures |
|
Restructuring payments |
|
Free cash flow |
|
$ (16,679) |
|
(16,887) |
|
13,106 |
|
$ (20,460) |
|
$ (1,015) |
|
(14,318) |
|
14,989 |
|
$ (344) |
Attachments
Disclaimer
Pitney Bowes Inc. published this content on May 31, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 31, 2025 at 10:58 UTC.
