STAMFORD, Conn.--(BUSINESS WIRE)--Nov. 1, 2018-- Pitney Bowes Inc. (NYSE: PBI), a global technology company that provides commerce solutions in the areas of ecommerce, shipping, mailing, and data, today announced its financial results for the third quarter 2018.

Quarterly Financial Results:

• Revenue of $833 million, an increase of 14 percent versus prior year
• GAAP EPS of $0.41; Adjusted EPS of $0.27
• GAAP cash from operations of $116 million; free cash flow of $94 million
• The Company is reaffirming its prior 2018 annual guidance

“Through the first nine months of the year, revenue is up, spending is down, and we have substantially reduced our debt,” said Marc B. Lautenbach, President and CEO, Pitney Bowes. “In the same period, we have introduced several new innovative shipping, mailing, software and data solutions, delivered new shipping capabilities through contemporary API technology, and most recently, opened up a highly automated Fulfillment, Delivery and Returns Super Center in Greenwood, Indiana. Today, shipping revenues represent more than 30 percent of our overall revenue and that number continues to grow.”

Third Quarter 2018 Results

Revenue totaled $833 million, which was an increase of 14 percent versus prior year.

Commerce Services revenue grew 59 percent. Small and Medium Business (SMB) Solutions revenue declined 4 percent as reported and 3 percent at constant currency. Software Solutions revenue decreased 19 percent.

GAAP earnings per diluted share (GAAP EPS) were $0.41, which included a net benefit of $0.16 from discontinued operations primarily relating to the gain on the sale of DMT Production Mail and supporting software, $0.04 benefit related to the 2017 Tax Legislation, offset by a $0.03 loss related to the early extinguishment of debt and $0.03 for restructuring charges. Adjusted earnings per diluted share (Adjusted EPS) were $0.27. GAAP and adjusted EPS included a net benefit of $0.03 largely from the resolution of tax examinations.

The Company’s earnings per share results for the third quarter are summarized in the table below:

				Third Quarter*
				2018		2017
GAAP EPS				$0.41		$0.31
Discontinued operations				($0.16)		($0.06)
GAAP EPS from continuing operations				$0.25		$0.24
Tax Legislation				($0.04)		-
Loss on Extinguishment of Debt				$0.03		-
Restructuring charges, net				$0.03		$0.01
Transaction costs				-		$0.02
Adjusted EPS				$0.27		$0.26

* The sum of the earnings per share may not equal the totals above due to rounding.

GAAP Cash from Operations and Free Cash Flow Results

GAAP cash from operations during the quarter was $116 million and free cash flow was $94 million. Compared to the prior year, free cash flow declined by $11 million largely due to the timing of accounts payable and improvement in finance receivables. This was partly offset by the timing of accounts receivable.

The Company used cash to pay down $305 million of debt, return $35 million in dividends to shareholders and to pay $12 million for restructuring payments.

Third Quarter 2018 Business Segment Reporting

The business reporting groups reflect how the Company manages these groups and the clients served in each market.

The Commerce Services group includes the Global Ecommerce and Presort Services segments. Global Ecommerce facilitates global cross-border ecommerce transactions and domestic retail and ecommerce shipping solutions, including fulfillment and returns.Presort Services provides sortation services to qualify large volumes of First Class Mail; Marketing Mail; and Bound and Packet Mail (Standard Flats and Bound Printed Matter) for postal workshare discounts.

The SMB Solutions group offers mailing and shipping solutions, financing, services, and supplies for small and medium businesses to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.This group includes the North America Mailing and International Mailing segments.

Software Solutions provide customer engagement, customer information, location intelligence software and data.

The results for each segment within the group may not equal the subtotals for the group due to rounding.

Commerce Services

			($ millions)				Third Quarter
			Revenue				2018			2017			Y/Y Reported			Y/Y Ex Currency
			Global Ecommerce				$233			$106			119%			120%
			Presort Services				125			119			5%			5%
			Commerce Services				$358			$225			59%			59%
			EBIT
			Global Ecommerce				($14)			($10)			(49%)
			Presort Services				17			19			(10%)
			Commerce Services				$3			$10			(69%)
			EBITDA
			Global Ecommerce				$1			($2)			142%
			Presort Services				24			26			(6%)
			Commerce Services				$25			$24			6%

Global Ecommerce

Results for 2018 include a full quarter of Newgistics. Newgistics delivered 19 percent proforma revenue growth, which was driven by strong performance in both parcel and fulfillment revenue. On a proforma basis, the segment’s revenue grew 10 percent over prior year driven by Newgistics along with continued growth in domestic shipping solutions partly offset by lower cross border revenue.

The EBIT loss was driven primarily by investments in market growth opportunities, operational excellence initiatives and higher transportation and labor costs, as well as the amortization of acquisition-related intangible assets. EBITDA improved from prior year as a result of the higher revenue.

Presort Services

Revenue growth was driven by higher volumes of First Class mail but partly offset by lower Standard Class mail volumes processed. EBIT and EBITDA margins declined from prior year primarily due to higher labor and transportation costs along with lower revenue per piece.

SMB Solutions

			($ millions)				Third Quarter
			Revenue				2018			2017			Y/Y Reported			Y/Y Ex Currency
			North America Mailing				$314			$320			(2%)			(2%)
			International Mailing				85			94			(9%)			(7%)
			SMB Solutions				$399			$414			(4%)			(3%)
			EBIT
			North America Mailing				$118			$108			9%
			International Mailing				13			9			45%
			SMB Solutions				$131			$117			12%
			EBITDA
			North America Mailing				$135			$125			9%
			International Mailing				16			13			21%
			SMB Solutions				$152			$138			10%

North America Mailing

Equipment sales grew over prior year largely due to placements of the SendPro C-Series product. Recurring revenue streams declined largely around rentals, financing and supplies, partially offset by growth in business services. The year-over-year decline in the recurring revenue streams continues to moderate. EBIT and EBITDA margins were higher than prior year due to lower expenses.

International Mailing

Equipment sales and recurring revenue streams both contributed to the revenue decline. The equipment sales decline was driven by weakness in the UK and France, partially offset by growth in Japan and Australia. EBIT and EBITDA margins increased versus prior year primarily driven by lower expenses.

Software Solutions

			($ millions)				Third Quarter
							2018			2017			Y/Y Reported			Y/Y Ex Currency
			Revenue				$76			$94			(19%)			(19%)
			EBIT				$4			$19			(81%)
			EBITDA				$6			$21			(71%)

Software Solutions

Revenue declined from prior year driven by lower license revenue, primarily in Location Intelligence and Customer Information Management. License revenue benefited last year from a large Location Intelligence deal. EBIT and EBITDA margins decreased from prior year largely driven by the lower revenue.

2018 Guidance

The Company is reaffirming its prior annual guidance for 2018.

• Revenue, on a constant currency basis, to be in the range of 11 percent to 15 percent growth, when compared to 2017.
• Adjusted EPS from continuing operations to be in the range of $1.15 to $1.30.
• Free cash flow to be in the range of $300 million to $350 million.

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 2017 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. Revenue guidance is provided on a constant currency basis. The Company cannot reasonably predict the impact that future changes in currency exchange rates will have on revenue and net income. Additionally, the Company cannot provide GAAP EPS and GAAP cash from operations guidance due to the uncertainty of future potential restructurings, goodwill and asset write-downs, unusual tax settlements or payments and special contributions to its pension funds, acquisitions, divestitures and other potential adjustments, which could (individually or in the aggregate) have a material impact on the Company’s performance. The Company’s guidance is based on an assumption that the global economy and foreign exchange markets in 2018 will not change significantly. The Company’s guidance also includes changes in accounting standards implemented at the beginning of the year.

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. ET. 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 providing commerce solutions that power billions of transactions. Clients around the world, including 90 percent of the Fortune 500, rely on the accuracy and precision delivered by Pitney Bowes solutions, analytics, and APIs in the areas of ecommerce fulfillment, shipping and returns; cross-border ecommerce; presort services; office mailing and shipping; location data; and software. For nearly 100 years Pitney Bowes has been innovating and delivering technologies that remove the complexity of getting commerce transactions precisely right. For additional information visit Pitney Bowes, the Craftsmen of Commerce, at www.pitneybowes.com.

Use of Non-GAAP Measures

The Company's financial results are reported in accordance with generally accepted accounting principles (GAAP); however, in its disclosures the Company uses certain non-GAAP measures, such as adjusted earnings before interest and taxes (EBIT), adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted earnings per share (EPS), revenue growth on a constant currency basis and free cash flow.

The Company reports measures such as adjusted EBIT, adjusted EPS and adjusted net income to exclude the impact of special items like restructuring charges, tax adjustments, goodwill and asset write-downs, and costs related to dispositions and acquisitions.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.

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.Constant currency is calculated by converting our current quarter reported results using the prior year’s exchange rate for the comparable quarter.This comparison allows an investor insight into the underlying revenue performance of the business and true operational performance from a comparable basis to prior period.A reconciliation of reported revenue to constant currency revenue can be found in the Company’s attached financial schedules.

The Company reports free cash flow in order to provide investors insight into the amount of cash that management could have available for other discretionary uses.Free cash flow adjusts GAAP cash from operations for capital expenditures, restructuring payments, unusual tax settlements, special contributions to the Company’s pension fund and cash used for other special items.A reconciliation of GAAP cash from operations to free cash flow can be found in the Company’s attached financial schedules.

Segment EBIT is the primary measure of profitability and operational performance at the segment level.Segment EBIT is determined by deducting from segment 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. The Company has also included segment EBITDA as a useful measure for profitability and operational performance, and an additional way to look at the economics of the segments, especially in light of some of the Company’s more recent, larger acquisitions.Segment EBITDA further excludes depreciation and amortization expense for the segment. A reconciliation of segment EBIT and EBITDA to total net income can be found in the attached financial schedules.

Pitney Bowes has provided a quantitative reconciliation to GAAP in supplemental schedules. This information can 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: declining physical mail volumes; competitive factors, including pricing pressures, technological developments and the introduction of new products and services by competitors; our success in developing new products and services, including digital-based products and services; obtaining regulatory approvals, ifrequired, and the market’s acceptance of these new products and services; changes in postal or banking regulations; changes in, or loss of, our contractual relationships with the United States Postal Service or posts in our other major markets; changes in labor conditions and transportation costs; macroeconomic factors, including global and regional business conditions that adversely impact customer demand, foreign currency exchange rates, interest rates and tariffs; economic tensions between governments and changes in international trade policies and other factors as more fully outlined in the Company's 2017 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 nine months ended September 30, 2018 and 2017, and consolidated balance sheets as of September 30, 2018 and December 31, 2017 are attached.

Pitney Bowes Inc.
Consolidated Statements of Income
(Unaudited; in thousands, except share and per share amounts)
					Three months ended							Nine months ended
					September 30,							September 30,
					2018				2017			2018				2017
Revenue:
	Equipment sales				$	100,937			$	103,514		$	317,058			$	349,401
	Supplies					50,403				53,627			165,853				173,321
	Software					76,026				94,226			244,022				248,391
	Rentals					91,115				95,333			277,550				290,087
	Financing					76,730				81,079			233,504				250,477
	Support services					74,117				75,783			219,311				223,056
	Business services					363,528				229,711			1,117,942				672,133
	Total revenue					832,856				733,273			2,575,240				2,206,866
Costs and expenses:
	Cost of equipment sales					39,353				49,328			132,513				145,450
	Cost of supplies					13,967				15,209			46,652				48,277
	Cost of software					24,743				24,107			75,257				70,622
	Cost of rentals					21,827				20,447			66,959				61,869
	Financing interest expense					11,954				12,629			36,525				38,446
	Cost of support services					43,259				39,468			125,995				122,889
	Cost of business services					291,650				166,984			882,529				470,890
	Selling, general and administrative (1)					269,387				288,093			847,281				861,738
	Research and development					32,760				29,316			94,155				88,598
	Restructuring charges and asset impairments, net					7,232				1,470			19,639				29,109
	Other components of net pension and postretirement cost (1)					(1,852	)			1,356			(6,070	)			4,079
	Interest expense, net					25,483				28,601			85,959				81,877
	Other expense, net					7,964				-			7,964				-
	Total costs and expenses					787,727				677,008			2,415,358				2,023,844
Income from continuing operations before taxes						45,129				56,265			159,882				183,022
(Benefit) provision for income taxes						(1,976	)			10,828			20,745				38,700
Income from continuing operations						47,105				45,437			139,137				144,322
Income from discontinued operations, net of tax						29,848				11,921			39,543				27,070
Net income					$	76,953			$	57,358		$	178,680			$	171,392
Basic earnings per share attributable to common stockholders (2):
	Continuing operations				$	0.25			$	0.24		$	0.74			$	0.77
	Discontinued operations					0.16				0.06			0.21				0.15
	Net income				$	0.41			$	0.31		$	0.95			$	0.92
Diluted earnings per share attributable to common stockholders (2):
	Continuing operations				$	0.25			$	0.24		$	0.74			$	0.77
	Discontinued operations					0.16				0.06			0.21				0.14
	Net income				$	0.41			$	0.31		$	0.95			$	0.92
Weighted-average shares used in diluted earnings per share						188,414,719				187,756,543			188,190,057				187,200,225

(1)		Effective January 1, 2018, components of net periodic pension and postretirement costs, other than service costs, are required to be reported separately. Accordingly, for the three and nine months ended September 30, 2017, $1.4 million and $4.1 million of costs have been reclassified from selling, general and administrative expense to other components of net pension and postretirement cost.
(2)		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, except share amounts)
Assets					September 30, 2018				December 31, 2017
Current assets:
	Cash and cash equivalents				$	759,231			$	1,009,021
	Short-term investments					55,929				48,988
	Accounts receivable, net					378,036				427,022
	Short-term finance receivables, net					787,121				828,003
	Inventories					48,199				40,769
	Current income taxes					11,395				58,439
	Other current assets and prepayments					92,916				74,589
	Assets of discontinued operations					18,273				334,848
Total current assets						2,151,100				2,821,679
Property, plant and equipment, net						399,347				373,503
Rental property and equipment, net						179,058				183,956
Long-term finance receivables, net						600,129				652,087
Goodwill						1,765,083				1,774,645
Intangible assets, net						238,167				272,186
Noncurrent income taxes						54,114				59,909
Other assets						526,937				540,750
Total assets					$	5,913,935			$	6,678,715
Liabilities and stockholders' equity
Current liabilities:
	Accounts payable and accrued liabilities				$	1,342,097			$	1,450,149
	Current income taxes					40,018				8,823
	Current portion of long-term debt					192,649				271,057
	Advance billings					224,141				257,766
	Liabilities of discontinued operations					10,446				72,808
Total current liabilities						1,809,351				2,060,603
Deferred taxes on income						230,663				234,643
Tax uncertainties and other income tax liabilities						101,362				116,551
Long-term debt						3,076,968				3,559,278
Other noncurrent liabilities						443,925				519,079
Total liabilities						5,662,269				6,490,154
Stockholders' equity:
	Cumulative preferred stock, $50 par value, 4% convertible					1				1
	Cumulative preference stock, no par value, $2.12 convertible					403				441
	Common stock, $1 par value					323,338				323,338
	Additional paid-in-capital					117,918				138,367
	Retained earnings					5,290,761				5,229,584
	Accumulated other comprehensive loss					(804,609	)			(792,173	)
	Treasury stock, at cost					(4,676,146	)			(4,710,997	)
Total stockholders' equity						251,666				188,561
Total liabilities and stockholders' equity					$	5,913,935			$	6,678,715

Pitney Bowes Inc. Business Segments (Unaudited; in thousands)
					Three months ended September 30,											Nine months ended September 30,
					2018				2017				% Change			2018				2017				% Change
REVENUE
	Global Ecommerce				$	232,845			$	106,181			>100%			$	718,535			$	288,839			>100%
	Presort Services					125,334				119,074			5	%			382,522				370,203			3	%
	Commerce Services					358,179				225,255			59	%			1,101,057				659,042			67	%
	North America Mailing					313,965				320,091			(2	%)			954,080				1,016,993			(6	%)
	International Mailing					84,970				93,858			(9	%)			276,365				282,482			(2	%)
	Small & Medium Business Solutions					398,935				413,949			(4	%)			1,230,445				1,299,475			(5	%)
	Software Solutions					75,742				94,069			(19	%)			243,738				248,349			(2	%)
	Total revenue				$	832,856			$	733,273			14	%		$	2,575,240			$	2,206,866			17	%
EBIT
	Global Ecommerce				$	(14,330	)		$	(9,594	)		(49	%)		$	(28,034	)		$	(17,894	)		(57	%)
	Presort Services					17,435				19,474			(10	%)			57,026				69,461			(18	%)
	Commerce Services					3,105				9,880			(69	%)			28,992				51,567			(44	%)
	North America Mailing					118,070				107,963			9	%			352,833				370,004			(5	%)
	International Mailing					12,794				8,809			45	%			42,040				36,239			16	%
	Small & Medium Business Solutions					130,864				116,772			12	%			394,873				406,243			(3	%)
	Software Solutions					3,525				18,531			(81	%)			24,450				24,928			(2	%)
	Segment EBIT (1)				$	137,494			$	145,183			(5	%)		$	448,315			$	482,738			(7	%)
EBITDA
	Global Ecommerce				$	820			$	(1,970	)		>100%			$	17,013			$	4,240			>100%
	Presort Services					24,302				25,778			(6	%)			76,678				89,889			(15	%)
	Commerce Services					25,122				23,808			6	%			93,691				94,129			(0	%)
	North America Mailing					135,332				124,516			9	%			404,328				418,943			(3	%)
	International Mailing					16,204				13,372			21	%			54,225				49,847			9	%
	Small & Medium Business Solutions					151,536				137,888			10	%			458,553				468,790			(2	%)
	Software Solutions					6,042				20,754			(71	%)			31,774				31,529			1	%
	Segment EBITDA (2)				$	182,700			$	182,450			0	%		$	584,018			$	594,448			(2	%)
Reconciliation of segment EBITDA to net income
	Segment EBITDA				$	182,700			$	182,450						$	584,018			$	594,448
	Less: Segment depreciation and amortization (3)					(45,206	)			(37,267	)						(135,703	)			(111,710	)
	Segment EBIT					137,494				145,183							448,315				482,738
	Corporate expenses					(39,696	)			(41,322	)						(137,257	)			(151,473	)
	Adjusted EBIT					97,798				103,861							311,058				331,265
	Interest, net (4)					(37,437	)			(41,230	)						(122,484	)			(120,323	)
	Restructuring charges and asset impairments, net					(7,232	)			(1,470	)						(19,639	)			(29,109	)
	Loss on debt extinguishment					(7,964	)			-							(7,964	)			-
	Gain on sale of technology					-				-							-				6,085
	Transaction costs					(36	)			(4,896	)						(1,089	)			(4,896	)
	Benefit (provision) for income taxes					1,976				(10,828	)						(20,745	)			(38,700	)
	Income from continuing operations					47,105				45,437							139,137				144,322
	Income from discontinued operations, net of tax					29,848				11,921							39,543				27,070
	Net income				$	76,953			$	57,358						$	178,680			$	171,392

(1)		Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment.
(2)		Segment EBITDA is calculated as Segment EBIT plus segment depreciation and amortization expense.
(3)		Includes depreciation and amortization expense of reporting segments only. Does not include corporate depreciation and amortization expense.
(4)		Includes financing interest expense and interest expense, net.

Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited; in thousands, except per share amounts)
				Three months ended September 30,											Nine months ended September 30,
				2018				2017				Y/Y Chg.			2018				2017				Y/Y Chg.
Reconciliation of reported revenue to revenue excluding currency
Revenue, as reported				$	832,856			$	733,273						$	2,575,240			$	2,206,866
Currency impact on revenue					4,023				-							(19,586	)			-
Revenue, at constant currency				$	836,879			$	733,273			14	%		$	2,555,654			$	2,206,866			16	%
Reconciliation of reported net income to adjusted earnings
Net income				$	76,953			$	57,358						$	178,680			$	171,392
Income from discontinued operations, net of tax					(29,848	)			(11,921	)						(39,543	)			(27,070	)
Restructuring charges and asset impairments, net					5,290				999							14,422				19,434
Loss on debt extinguishment					5,933				-							5,933				-
Transaction costs					27				3,099							813				3,099
Gain on sale of technology					-				-							-				(5,605	)
Tax legislation					(7,986	)			-							(13,966	)			-
Adjusted net income					50,369				49,535							146,339				161,250
Provision for income taxes, as adjusted					9,992				13,096							42,235				49,692
Interest, net					37,437				41,230							122,484				120,323
Adjusted EBIT					97,798				103,861							311,058				331,265
Depreciation and amortization					50,319				43,178							152,181				129,888
Adjusted EBITDA				$	148,117			$	147,039						$	463,239			$	461,153
Reconciliation of reported diluted earnings per share to adjusted diluted earnings per share
Diluted earnings per share				$	0.41			$	0.31						$	0.95			$	0.92
Income from discontinued operations, net of tax					(0.16	)			(0.06	)						(0.21	)			(0.14	)
Restructuring charges and asset impairments, net					0.03				0.01							0.08				0.10
Loss on debt extinguishment					0.03				-							0.03				-
Transaction costs					-				0.02							-				0.02
Gain on sale of technology					-				-							-				(0.03	)
Tax legislation					(0.04	)			-							(0.07	)			-
Adjusted diluted earnings per share				$	0.27			$	0.26						$	0.78			$	0.86
Note: 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 provided by operating activities				$	115,592			$	145,930						$	290,626			$	330,577
Net cash provided by operating activities - discontinued operations					(2,428	)			(3,924	)						(44,200	)			(18,020	)
Capital expenditures					(40,511	)			(42,507	)						(140,533	)			(118,351	)
Restructuring payments					11,572				10,791							39,100				28,442
Reserve account deposits					905				(5,022	)						6,864				(2,508	)
Transaction costs paid					9,205				-							13,242				-
Free cash flow				$	94,335			$	105,268						$	165,099			$	220,140

View source version on businesswire.com: https://www.businesswire.com/news/home/20181101005137/en/

Source: Pitney Bowes Inc.

Pitney Bowes Inc.
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Bill Hughes, 203-351-6785
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Adam David, 203-351-7175
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