Pitney Bowes Announces First Quarter 2017 Financial Results

* 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 $154 million while free cash flow was $111 million. In comparison to the prior year, free cash flow increased due to working capital requirements in particular the timing of accounts payable, and accrued liabilities.

During the quarter, the Company used cash to pay down $79 million of debt, $35 million in dividends to common shareholders and $12 million for restructuring payments.

First Quarter 2017 Business Segment Reporting

Effective January 1, 2017, the Company revised its segment reporting to reflect a change in how it manages and reports its office shipping solutions, which were previously reported within the Global Ecommerce segment. The needs of retail and ecommerce clients are different from those of office shipping clients. Accordingly, the results for the Company’s office shipping solutions are now reported within SMB Solutions and the retail and ecommerce shipping solutions remain within Global Ecommerce.

The Company’s business segment reporting reflects the clients served in each market and the way it manages these segments. The reporting segment groups are the SMB Solutions group; the Enterprise Business Solutions group; and the Digital Commerce Solutions group. The segment results for the quarter and prior year may not equal the subtotals for each segment group due to rounding.

The SMB Solutions group offers mailing and office 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.

The Enterprise Business Solutions group includes the global Production Mail and Presort Services segments. Production Mail provides mailing and printing equipment and services for large enterprise clients to process mail. Presort Services provides sortation services to qualify large mail volumes for postal worksharing discounts.

The Digital Commerce Solutions group includes the Software Solutions and Global Ecommerce segments. Software Solutions provide customer engagement, customer information and location intelligence software. Global Ecommerce facilitates global cross-border ecommerce transactions and domestic retail and ecommerce shipping solutions.

SMB Solutions Group

($ millions)     First Quarter
Revenue

2017

 

2016

 

Y/Y

Reported

 

Y/Y

Ex Currency

North America Mailing $356 $371 (4 %) (4 %)
International Mailing 93 105 (11 %) (7 %)
SMB Solutions Total $449 $476 (6 %) (5 %)
 
EBIT
North America Mailing $141 $161 (12 %)
International Mailing 13 11 19 %
SMB Solutions Total $154 $172 (10 %)
 

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