Pitney Bowes Announces Second Quarter 2020 Financial Results

 

Pitney Bowes Inc.                    
Business Segment EBIT & EBITDA                    
(Unaudited; in thousands)                    
                     
  Three months ended June 30,
 

2020

 

2019

 

% change

  EBIT (1) D&A EBITDA   EBIT (1) D&A EBITDA   EBIT EBITDA
                     
Global Ecommerce

 $

     (18,894

)

 $

       17,297

 $

       (1,597

)

 

 $

     (15,576

)

 $

       16,883

 $

         1,307

 

 

(21

%)

>(100%)
Presort Services

 

          12,582

 

 

            7,857

 

          20,439

 

 

 

          15,462

 

 

            7,088

 

          22,550

 

 

(19

%)

(9

%)

Commerce Services

 

          (6,312

)

 

          25,154

 

          18,842

 

 

 

             (114

)

 

          23,971

 

          23,857

 

  >(100%)

(21

%)

                     
Sending Technology Solutions

 

        104,268

 

 

            8,776

 

        113,044

 

 

 

        124,738

 

 

          11,911

 

        136,649

 

 

(16

%)

(17

%)

                     
Segment total

 $

       97,956

 

 $

       33,930

 

        131,886

 

 

 $

     124,624

 

 $

       35,882

 

        160,506

 

 

(21

%)

(18

%)

                     
Reconciliation of Segment EBITDA to Net (Loss) Income:                    
Segment depreciation and amortization     

 

        (33,930

)

     

 

        (35,882

)

     
Unallocated corporate expenses (2)    

 

        (49,489

)

     

 

        (45,048

)

     
Interest, net     

 

        (38,385

)

     

 

        (39,062

)

     
Restructuring charges and asset impairments    

 

          (4,922

)

     

 

          (5,899

)

     
Gain on sale of equity investment    

 

          11,908

 

     

 

                  -

 

     
Transaction costs     

 

             (349

)

     

 

          (1,581

)

     
Provision for income taxes    

 

        (17,016

)

     

 

          (3,724

)

     
(Loss) income from continuing operations    

 

             (297

)

     

 

          29,310

 

     
Loss from discontinued operations, net of tax    

 

          (3,032

)

     

 

          (5,613

)

     
Net (loss) income    

 $

       (3,329

)

     

 $

       23,697

 

     
                     
                     
                     
  Six months ended June 30,
 

2020

 

2019

 

% change

  EBIT (1) D&A EBITDA   EBIT (1) D&A EBITDA   EBIT EBITDA
                     
Global Ecommerce

 $

     (48,369

)

 $

       35,363

 $

     (13,006

)

 

 $

     (30,176

)

 $

       33,341

 $

         3,165

 

 

(60

%)

>(100%)
Presort Services

 

          28,277

 

 

          15,631

 

          43,908

 

 

 

          30,528

 

 

          14,008

 

          44,536

 

 

(7

%)

(1

%)

Commerce Services

 

        (20,092

)

 

          50,994

 

          30,902

 

 

 

               352

 

 

          47,349

 

          47,701

 

  >(100%)

(35

%)

                     
Sending Technology Solutions

 

        210,830

 

 

          17,815

 

        228,645

 

 

 

        247,141

 

 

          20,768

 

        267,909

 

 

(15

%)

(15

%)

                     
Segment Total

 $

     190,738

 

 $

       68,809

 

        259,547

 

 

 $

     247,493

 

 $

       68,117

 

        315,610

 

 

(23

%)

(18

%)

                     
Reconciliation of Segment EBITDA to Net (Loss) Income:                    
Segment depreciation and amortization    

 

        (68,809

)

     

 

        (68,117

)

     
Unallocated corporate expenses (2)    

 

        (93,211

)

     

 

      (102,006

)

     
Interest, net     

 

        (76,757

)

     

 

        (78,028

)

     
Goodwill impairment    

 

      (198,169

)

     

 

                  -

 

     
Restructuring charges and asset impairments    

 

          (8,739

)

     

 

          (9,599

)

     
Gain on sale of equity investment    

 

          11,908

 

     

 

                  -

 

     
Loss on debt extinguishment    

 

        (36,987

)

     

 

                  -

 

     
Loss on dispositions and transaction costs    

 

             (641

)

     

 

        (19,549

)

     
Provision for income taxes    

 

          (6,986

)

     

 

        (11,544

)

     
(Loss) income from continuing operations    

 

      (218,844

)

     

 

          26,767

 

     
Income (loss) from discontinued operations, net of tax    

 

            7,032

 

     

 

          (5,729

)

     
Net (loss) income    

 $

   (211,812

)

     

 $

       21,038

 

     

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