0001157523-22-000129.txt : 20220201 0001157523-22-000129.hdr.sgml : 20220201 20220201070034 ACCESSION NUMBER: 0001157523-22-000129 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20220201 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220201 DATE AS OF CHANGE: 20220201 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PITNEY BOWES INC /DE/ CENTRAL INDEX KEY: 0000078814 STANDARD INDUSTRIAL CLASSIFICATION: OFFICE MACHINES, NEC [3579] IRS NUMBER: 060495050 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03579 FILM NUMBER: 22576863 BUSINESS ADDRESS: STREET 1: PITNEY BOWES INC STREET 2: 3001 SUMMER STREET CITY: STAMFORD STATE: CT ZIP: 06926-0700 BUSINESS PHONE: 203-356-5000 MAIL ADDRESS: STREET 1: 3001 SUMMER STREET CITY: STAMFORD STATE: CT ZIP: 06926-0700 8-K 1 a52571556.htm PITNEY BOWES INC. 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________
 
FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934

February 1, 2022
Date of Report (Date of earliest event reported)

Pitney Bowes Inc.
Ticker symbol: PBI
(Exact name of registrant as specified in its charter)

Delaware
001-03579
06-0495050
(State or other jurisdiction of
incorporation or organization)
(Commission file number)
(I.R.S. Employer Identification No.)
 
3001 Summer Street
Stamford, Connecticut 06926
(Address of principal executive offices)
 
(203) 356-5000
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
   Trading Symbol(s)
   Name of Each Exchange on Which Registered
Common Stock, $1 par value per share
   PBI
   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. ☐
ITEM 2.02.          RESULTS OF OPERATIONS AND FINANCIAL CONDITION
 
The following information is furnished pursuant to Item 2.02 Disclosure of "Results of Operations and Financial Condition."

On February 1, 2022, the Registrant issued a press release setting forth its financial results, including consolidated statements of income, supplemental information, and a reconciliation of reported results to adjusted results for the three and twelve months ended December 31, 2021 and 2020, and consolidated balance sheets at December 31, 2021 and 2020. A copy of the press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

ITEM 9.01.          FINANCIAL STATEMENTS AND EXHIBITS
 
(c)     Exhibits
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
Pitney Bowes Inc.
 
 
 
 
February 1, 2022
 
 
 
 
 
 
 
 
 
 
 
 
/s/ Joseph R. Catapano
 
 
Joseph R. Catapano
 
 
Vice President, Chief Accounting Officer
 
 
(Principal Accounting Officer)
 

EX-99.1 2 a52571556ex99_1.htm EXHIBIT 99.1
Exhibit 99.1

Pitney Bowes Announces Full Year and Fourth Quarter 2021 Financial Results

STAMFORD, Conn.--(BUSINESS WIRE)--February 1, 2022--Pitney Bowes (NYSE: PBI), a global shipping and mailing company that provides technology, logistics, and financial services, today announced its financial results for the full year and fourth quarter 2021.

“The fourth quarter capped another important year in our transformation,” said Marc B. Lautenbach, President and CEO, Pitney Bowes. “While not without challenges, we delivered our fifth consecutive year of consolidated revenue growth. In the aggregate, SendTech and Presort grew revenues and EBIT year-over-year, which is a significant achievement. Global Ecommerce had a successful peak in terms of service levels with 99 percent of all committed parcels delivered ahead of the holidays; however, supply chain challenges and shifts in consumer buying behavior led to lower volumes, impacting that segment’s fourth quarter financial results.”

Full Year 2021

  • Revenue of $3.7 billion, growth of 3 percent, fifth consecutive year of growth;
  • GAAP EPS loss of $0.01, Adjusted EPS of $0.32;
  • GAAP cash from operations of $302 million;
  • Free cash flow of $154 million;
  • Ended the year with $747 million in cash and short-term investments;
  • Reduced debt $241 million and extended our maturity profile;
  • Shipping-related revenues represented 50 percent of total revenue;
  • Global Ecommerce revenue of $1.7 billion, representing growth of 5 percent over prior year, growth of 48 percent versus 2019;
  • Presort Services revenue growth of 10 percent over prior year and EBIT margin of 14 percent;
  • SendTech revenue declined 1 percent over prior year with equipment sales growth of 11 percent.

Fourth Quarter 2021

  • Revenue of $984 million, a decline of 4 percent;
  • GAAP EPS of $0.01, Adjusted EPS of $0.06;
  • GAAP cash from operations of $85 million;
  • Free cash flow of $39 million;
  • Presort Services revenue growth of 16 percent and EBIT growth of 80 percent over prior year;
  • SendTech revenue declined 6 percent over prior year;
  • Global Ecommerce revenue decline of 9 percent over prior year, 46 percent growth versus 2019;
  • Entered into a sale-leaseback agreement for its Shelton facility, which will generate approximately $50 million in proceeds and is anticipated to close in Q1 2022.

Earnings per share results are summarized in the table below

 

 

 

 

 

 

Fourth Quarter

Full Year

 

2021

2020

2021

2020

GAAP EPS

$0.01

$0.11

($0.01)

($1.05)

Discontinued Operations

-

($0.01)

$0.03

($0.06)

GAAP EPS from Continuing Operations

$0.01

$0.10

$0.02

($1.11)

Loss on Debt Refinancing

-

-

$0.24

$0.16

Restructuring Charges

$0.03

$0.04

$0.08

$0.09

Gain on Sale of Assets/Business

-

-

($0.03)

($0.05)

Goodwill Impairment

-

-

-

$1.13

Tax on Surrender of Investment Securities

-

-

-

$0.07

Transaction Costs

$0.01

-

$0.01

-

Adjusted EPS

$0.06

$0.14

$0.32

$0.31

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

Business Segment Reporting

Global Ecommerce facilitates domestic retail ecommerce shipping solutions, including delivery, returns and fulfillment, and global cross-border ecommerce transactions.

Presort Services provides sortation services to qualify large volumes of First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter for postal workshare discounts.

Sending Technology Solutions offers physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications for small and medium businesses to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.

Global Ecommerce

 

Full Year

($ millions)

2021

2020

% Change
Reported

% Change
Ex Currency

Revenue

$1,703

$1,619

5%

4%

EBITDA

($20)

($13)

(48%)

 

EBIT

($99)

($83)

(19%)

 

 

 

 

 

 

 

Fourth Quarter

($ millions)

2021

2020

% Change
Reported

% Change
Ex Currency

Revenue

$473

$518

(9%)

(9%)

EBITDA

($20)

$3

>(100%)

 

EBIT

($41)

($15)

>(100%)

 

Full year revenue growth was primarily driven by higher cross-border volumes. In the fourth quarter, lower revenues were driven by a decrease in Domestic Parcel volumes, which was partly offset by an increase in revenue per parcel. Full year and fourth quarter declines in EBITDA and EBIT were driven primarily by higher transportation and labor spend. In the fourth quarter, lower volumes also adversely impacted margins.

Presort Services

 

Full Year

($ millions)

2021

2020

% Change
Reported

% Change
Ex Currency

Revenue

$573

$521

10%

10%

EBITDA

$107

$88

22%

 

EBIT

$80

$56

43%

 

 

 

 

 

 

 

Fourth Quarter

($ millions)

2021

2020

% Change
Reported

% Change
Ex Currency

Revenue

$156

$135

16%

16%

EBITDA

$30

$21

43%

 

EBIT

$23

$13

80%

 

Strong revenue growth for both the full year and fourth quarter were driven by a higher net revenue per piece along with expansion in marketing mail volumes. EBITDA and EBIT improved significantly from prior year despite higher labor and transportation costs.

SendTech Solutions

 

Full Year

($ millions)

2021

2020

% Change
Reported

% Change
Ex Currency

Revenue

$1,398

$1,414

(1%)

(2%)

EBITDA

$459

$477

(4%)

 

EBIT

$429

$443

(3%)

 

 

 

 

 

 

 

Fourth Quarter

($ millions)

2021

2020

% Change
Reported

% Change
Ex Currency

Revenue

$354

$376

(6%)

(5%)

EBITDA

$116

$128

(9%)

 

EBIT

$109

$120

(9%)

 

Full year revenue declined marginally as equipment sales growth of 11 percent was more than offset by a 14 percent decline in Financing revenue. The decline in high-margin financing revenue drove lower EBITDA and EBIT. For the fourth quarter, revenue decline was driven by lower equipment and financing revenue, partially offset by higher business services revenue.

2022 Expectations

The Company expects annual revenue and EBIT to grow over prior year in the low-to-mid single digit range.

The Company expects to refine expectations throughout the year, especially as Covid and supply chain issues dissipate.

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 shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small business, retail, enterprise, and government clients around the world rely on Pitney Bowes to remove the complexity of sending mail and parcels. For additional information, visit: 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.

Adjusted EBIT, Adjusted EBITDA and Adjusted EPS exclude the impact of discontinued operations, restructuring charges, gains, losses and costs related to acquisitions and dispositions, asset impairment charges, goodwill impairment charges and other unusual or one-time items. Such items are often inconsistent in amount and frequency and as such, the Company believes that these non-GAAP measures provide investors greater insight into the 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 is calculated by converting the current period non-U.S. dollar denominated revenue using the prior year’s exchange rate for the comparable quarter. We believe that excluding the impacts of currency exchange rates provides investors a better understanding of the underlying revenue performance.

Free cash flow adjusts cash from operations calculated in accordance with GAAP for discontinued operations, capital expenditures, restructuring payments, changes in customer deposits held at the Pitney Bowes Bank, transaction costs and other special items. The Company reports free cash flow to provide investors insight into the amount of cash that management could have available for other discretionary uses.

Segment EBIT is the primary measure of profitability and operational performance at the segment level and is determined by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, unallocated corporate expenses, restructuring charges and other unusual or one-time items. The Company also reports segment EBITDA as an additional useful measure of segment profitability and operational performance.

Complete reconciliations of non-GAAP measures to comparable GAAP measures can be found in the attached financial schedules and at the Company's web site at 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 future revenue and earnings guidance and 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. In particular, we continue to navigate the impacts of the Covid-19 pandemic (Covid-19), and the effect that its unpredictability is having on our, and our client’s business, financial performance and results of operations. Other factors which could cause future financial performance to differ materially from expectations, and which may also be exacerbated by Covid-19 or a negative change in the economy, include, without limitation, declining physical mail volumes; changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; the loss of, or significant changes to, our contractual relationships with the United States Postal Service (USPS) or USPS’ performance under those contracts; our ability to continue to grow and manage volumes, gain additional economies of scale and improve profitability within our Global Ecommerce segment; changes in labor and transportation availability and costs; ; and other factors as more fully outlined in the Company's 2020 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, EBIT and EBITDA by business segment; and reconciliations of GAAP to non-GAAP measures for the three months and twelve months ended December 31, 2021 and 2020, and consolidated balance sheets at December 30, 2021 and 2020 are attached.








 
Pitney Bowes Inc.






Consolidated Statements of Operations






(Unaudited; in thousands, except per share amounts)














 


Three months ended December 31,
Twelve months ended December 31,


 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 

Revenue:







Business services

$

645,814

 


$

666,983

 


$

2,334,674

 


$

2,191,306

 


Support services

 

113,622

 


 

119,972

 


 

460,888

 


 

473,292

 


Financing

 

71,217

 


 

80,276

 


 

294,418

 


 

341,034

 


Equipment sales

 

93,834

 


 

101,200

 


 

350,138

 


 

314,882

 


Supplies

 

40,348

 


 

41,165

 


 

159,438

 


 

159,282

 


Rentals

 

18,877

 


 

18,821

 


 

74,005

 


 

74,279

 


Total revenue

 

983,712

 


 

1,028,417

 


 

3,673,561

 


 

3,554,075

 









 
Costs and expenses:







Cost of business services

 

579,913

 


 

592,137

 


 

2,034,477

 


 

1,904,078

 


Cost of support services

 

37,060

 


 

35,856

 


 

149,706

 


 

149,988

 


Financing interest expense

 

11,690

 


 

12,108

 


 

47,059

 


 

48,162

 


Cost of equipment sales

 

66,292

 


 

69,821

 


 

251,914

 


 

235,153

 


Cost of supplies

 

11,597

 


 

10,928

 


 

43,980

 


 

41,679

 


Cost of rentals

 

5,487

 


 

7,145

 


 

24,427

 


 

25,600

 


Selling, general and administrative

 

224,847

 


 

242,441

 


 

924,163

 


 

963,323

 


Research and development

 

13,781

 


 

9,546

 


 

46,777

 


 

38,384

 


Restructuring charges

 

7,569

 


 

8,207

 


 

19,003

 


 

20,712

 


Goodwill impairment

 

-

 


 

-

 


 

-

 


 

198,169

 


Interest expense, net

 

23,070

 


 

26,249

 


 

96,886

 


 

105,753

 


Other components of net pension and postretirement expense (income)

 

302

 


 

(1,834

)


 

1,010

 


 

(1,708

)


Other expense (income), net

 

633

 


 

(1,636

)


 

41,574

 


 

8,151

 


Total costs and expenses

 

982,241

 


 

1,010,968

 


 

3,680,976

 


 

3,737,444

 









 
Income (loss) from continuing operations before taxes

 

1,471

 


 

17,449

 


 

(7,415

)


 

(183,369

)

(Benefit) provision for income taxes

 

(320

)


 

(350

)


 

(10,922

)


 

7,122

 

Income (loss) from continuing operations

 

1,791

 


 

17,799

 


 

3,507

 


 

(190,491

)

(Loss) income from discontinued operations, net of tax

 

(524

)


 

2,467

 


 

(4,858

)


 

10,115

 

Net income (loss)

$

1,267

 


$

20,266

 


$

(1,351

)


$

(180,376

)









 
Basic earnings (loss) per share (1):







Continuing operations

$

0.01

 


$

0.10

 


$

0.02

 


$

(1.11

)


Discontinued operations

 

-

 


 

0.01

 


 

(0.03

)


 

0.06

 


Net income (loss)

$

0.01

 


$

0.12

 


$

(0.01

)


$

(1.05

)









 
Diluted earnings (loss) per share (1):







Continuing operations

$

0.01

 


$

0.10

 


$

0.02

 


$

(1.11

)


Discontinued operations

 

-

 


 

0.01

 


 

(0.03

)


 

0.06

 


Net income (loss)

$

0.01

 


$

0.11

 


$

(0.01

)


$

(1.05

)









 
Weighted-average shares used in diluted earnings per share

 

179,506

 


 

176,835

 


 

179,105

 


 

171,519

 









 

(1

)

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
December 31,
2021
December 31,
2020
Current assets:




Cash and cash equivalents

$

732,480

 


$

921,450

 


Short-term investments

 

14,440

 


 

18,974

 


Accounts and other receivables, net

 

334,630

 


 

389,240

 


Short-term finance receivables, net

 

560,680

 


 

568,050

 


Inventories

 

78,588

 


 

71,480

 


Current income taxes

 

13,894

 


 

23,219

 


Other current assets and prepayments

 

154,165

 


 

120,145

 

Total current assets

 

1,888,877

 


 

2,112,558

 

Property, plant and equipment, net

 

429,162

 


 

391,280

 

Rental property and equipment, net

 

34,774

 


 

38,435

 

Long-term finance receivables, net

 

587,427

 


 

605,292

 

Goodwill

 

1,135,103

 


 

1,152,285

 

Intangible assets, net

 

132,442

 


 

159,839

 

Operating lease assets

 

208,428

 


 

201,916

 

Noncurrent income taxes

 

68,398

 


 

71,244

 

Other assets

 

471,084

 


 

491,514

 

Total assets

$

4,955,695

 


$

5,224,363

 






 
Liabilities and stockholders' equity



Current liabilities:




Accounts payable and accrued liabilities

$

919,367

 


$

880,616

 


Customer deposits at Pitney Bowes Bank

 

632,062

 


 

617,200

 


Current operating lease liabilities

 

40,299

 


 

39,182

 


Current portion of long-term debt

 

24,739

 


 

216,032

 


Advance billings

 

99,280

 


 

114,550

 


Current income taxes

 

9,017

 


 

2,880

 

Total current liabilities

 

1,724,764

 


 

1,870,460

 

Long-term debt

 

2,299,099

 


 

2,348,361

 

Deferred taxes on income

 

286,445

 


 

279,451

 

Tax uncertainties and other income tax liabilities

 

31,935

 


 

38,163

 

Noncurrent operating lease liabilities

 

192,092

 


 

180,292

 

Other noncurrent liabilities

 

308,728

 


 

437,015

 

Total liabilities

 

4,843,063

 


 

5,153,742

 






 
Stockholders' equity:




Common stock

 

323,338

 


 

323,338

 


Additional paid-in-capital

 

2,485

 


 

68,502

 


Retained earnings

 

5,169,270

 


 

5,205,421

 


Accumulated other comprehensive loss

 

(780,312

)


 

(839,131

)


Treasury stock, at cost

 

(4,602,149

)


 

(4,687,509

)

Total stockholders' equity

 

112,632

 


 

70,621

 

Total liabilities and stockholders' equity

$

4,955,695

 


$

5,224,363

 






 













 
Pitney Bowes Inc.












Business Segment Revenue












(Unaudited; in thousands)


























 




Three months ended December 31,
Twelve months ended December 31,




 

2021

 

 

 

2020

 

% Change

 

 

2021

 

 

 

2020

 

% Change















 

Global Ecommerce

$

473,054

 


$

518,140


(9

%)


$

1,702,580

 


$

1,618,897


5

%















 

Presort Services

 

156,439

 


 

134,660


16

%


 

573,480

 


 

521,212


10

%















 

Sending Technology Solutions

 

354,219

 


 

375,617


(6

%)


 

1,397,501

 


 

1,413,966


(1

%)















 

Total revenue - GAAP

 

983,712

 


 

1,028,417


(4

%)


 

3,673,561

 


 

3,554,075


3

%















 

Currency impact on revenue

 

(317

)


 

-




 

(27,910

)


 

-

















 

Revenue, at constant currency

$

983,395

 


$

1,028,417


(4

%)


$

3,645,651

 


$

3,554,075


3

%















 










 
Pitney Bowes Inc.









Business Segment EBIT & EBITDA









(Unaudited; in thousands)



















 

Three months ended December 31,

2021


2020


% change

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










 
Global Ecommerce

$

(40,516

)

$

20,957

$

(19,559

)


$

(14,768

)

$

17,490

$

2,722

 


>(100%) >(100%)










 
Presort Services

 

23,474

 

 

6,711

 

30,185

 


 

13,041

 

 

8,107

 

21,148

 


80

%

43

%











 
Sending Technology Solutions

 

108,874

 

 

7,116

 

115,990

 


 

119,506

 

 

8,545

 

128,051

 


(9

%)

(9

%)











 
Segment total

$

91,832

 

$

34,784

 

126,616

 


$

117,779

 

$

34,142

 

151,921

 


(22

%)

(17

%)











 
Reconciliation of Segment EBITDA to Net Income:









Segment depreciation and amortization

 

(34,784

)




 

(34,142

)




Unallocated corporate expenses

 

(44,817

)




 

(53,766

)




Restructuring charges

 

(7,569

)




 

(8,207

)




Loss on debt refinancing

 

(633

)




 

-

 




Transaction costs

 

(2,582

)




 

-

 




Interest, net

 

(34,760

)




 

(38,357

)




Benefit for income taxes

 

320

 




 

350

 




Income from continuing operations

 

1,791

 




 

17,799

 




(Loss) income from discontinued operations, net of tax

 

(524

)




 

2,467

 




Net income

$

1,267

 




$

20,266

 














 










 










 

Twelve months ended December 31,

2021


2020


% change

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










 
Global Ecommerce

$

(98,673

)

$

79,128

$

(19,545

)


$

(82,894

)

$

69,676

$

(13,218

)


(19

%)

(48

%)











 
Presort Services

 

79,721

 

 

27,243

 

106,964

 


 

55,799

 

 

31,769

 

87,568

 


43

%

22

%











 
Sending Technology Solutions

 

429,415

 

 

29,951

 

459,366

 


 

442,648

 

 

34,316

 

476,964

 


(3

%)

(4

%)











 
Segment Total

$

410,463

 

$

136,322

 

546,785

 


$

415,553

 

$

135,761

 

551,314

 


(1

%)

(1

%)











 
Reconciliation of Segment EBITDA to Net Loss:









Segment depreciation and amortization

 

(136,322

)




 

(135,761

)




Unallocated corporate expenses

 

(207,774

)




 

(200,406

)




Restructuring charges

 

(19,003

)




 

(20,712

)




Gain on sale of assets/business

 

11,635

 




 

11,908

 




Loss on debt refinancing

 

(56,209

)




 

(36,987

)




Goodwill impairment

 

-

 




 

(198,169

)




Transaction costs

 

(2,582

)




 

(641

)




Interest, net

 

(143,945

)




 

(153,915

)




Benefit (provision) for income taxes

 

10,922

 




 

(7,122

)




Income (loss) from continuing operations

 

3,507

 




 

(190,491

)




(Loss) income from discontinued operations, net of tax

 

(4,858

)




 

10,115

 




Net loss

$

(1,351

)




$

(180,376

)














 










 
(1) Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment.










 

 











 
Pitney Bowes Inc.









Reconciliation of Reported Consolidated Results to Adjusted Results









(Unaudited; in thousands, except per share amounts)



















 


Three months ended December 31,
Twelve months ended December 31,



 

2021

 

 

 

2020

 

 

 

2021

 

 

 

2020

 













 
Reconciliation of reported net income (loss) to adjusted EBIT and EBITDA









Net income (loss)

 $

                           1,267

 


 $

                          20,266

 


 $

                     (1,351

)


 $

                (180,376

)



Loss (income) from discontinued operations, net of tax

 

                                 524

 


 

                              (2,467

)


 

                          4,858

 


 

                      (10,115

)



(Benefit) provision for income taxes

 

                                (320

)


 

                                 (350

)


 

                      (10,922

)


 

                          7,122

 



Income (loss) from continuing operations before taxes

 

                              1,471

 


 

                             17,449

 


 

                        (7,415

)


 

                    (183,369

)



Restructuring charges

 

                              7,569

 


 

                                8,207

 


 

                        19,003

 


 

                        20,712

 



Gain on sale of assets/business

 

                                     -

 


 

                                       -

 


 

                      (11,635

)


 

                      (11,908

)



Loss on debt refinancing

 

                                 633

 


 

                                       -

 


 

                        56,209

 


 

                        36,987

 



Goodwill impairment

 

                                     -

 


 

                                       -

 


 

                                 -

 


 

                     198,169

 



Transaction costs

 

                              2,582

 


 

                                       -

 


 

                          2,582

 


 

                             641

 



Adjusted net income before tax

 

                            12,255

 


 

                             25,656

 


 

                        58,744

 


 

                        61,232

 



Interest, net

 

                            34,760

 


 

                             38,357

 


 

                     143,945

 


 

                     153,915

 



Adjusted EBIT

 

                            47,015

 


 

                             64,013

 


 

                     202,689

 


 

                     215,147

 



Depreciation and amortization

 

                            41,634

 


 

                             40,222

 


 

                     162,859

 


 

                     160,625

 



Adjusted EBITDA

 $

                        88,649

 


 $

                        104,235

 


 $

                  365,548

 


 $

                  375,772

 













 
Reconciliation of reported diluted earnings (loss) per share to adjusted diluted earnings per share (1)









Diluted earnings (loss) per share 

 $

                             0.01

 


 $

                               0.11

 


 $

                       (0.01

)


 $

                       (1.05

)



Loss (income) from discontinued operations, net of tax

 

                                       -

 


 

                                (0.01

)


 

                            0.03

 


 

                           (0.06

)



Restructuring charges

 

                                0.03

 


 

                                  0.04

 


 

                            0.08

 


 

                            0.09

 



Gain on sale of assets/business

 

                                       -

 


 

                                         -

 


 

                           (0.03

)


 

                           (0.05

)



Loss on debt refinancing

 

                                       -

 


 

                                         -

 


 

                            0.24

 


 

                            0.16

 



Goodwill impairment

 

                                       -

 


 

                                         -

 


 

                                   -

 


 

                            1.13

 



Tax on surrender of investment securities

 

                                       -

 


 

                                         -

 


 

                                   -

 


 

                            0.07

 



Transaction costs

 

                                0.01

 


 

                                         -

 


 

                            0.01

 


 

                                   -

 



Adjusted diluted earnings per share

 $

                             0.06

 


 $

                               0.14

 


 $

                         0.32

 


 $

                         0.31

 













 
Reconciliation of reported net cash from operating activities to free cash flow

Net cash provided by operating activities 

 $

                        85,341

 


 $

                        110,806

 


 $

                  301,515

 


 $

                  301,972

 



Net cash (provided by) used in operating activities - discontinued operations

 

                                     -

 


 

                                 (511

)


 

                                 -

 


 

                        37,912

 



Capital expenditures

 

                          (43,135

)


 

                            (24,200

)


 

                    (184,042

)


 

                    (104,987

)



Restructuring payments 

 

                              7,143

 


 

                                4,145

 


 

                        21,990

 


 

                        20,014

 



Change in customer deposits at PB Bank

 

                          (10,650

)


 

                                6,618

 


 

                        14,862

 


 

                        26,082

 



Transaction costs paid

 

                                     -

 


 

                                       -

 


 

                                 -

 


 

                          2,117

 



Free cash flow

 $

                        38,699

 


 $

                          96,858

 


 $

                  154,325

 


 $

                  283,110

 













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












 

 

Contacts

Editorial -
Bill Hughes
Chief Communications Officer
203/351-6785

Financial -
Ned Zachar, CFA
VP, Investor Relations
203/614-1092

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