Pitney Bowes Announces Second Quarter 2020 Financial Results

Pitney Bowes Inc.                 Consolidated Statements of Income (Loss)                 (Unaudited; in thousands, except per share amounts)                                           Three months ended June 30,   Six months ended June 30,      

 

2020

 

 

 

2019

 

 

 

2020

 

 

 

2019

 

Revenue:                   Business services  

 $

                                 528,990

 

 

 $

                                 417,963

 

 

 $

                                 973,369

 

 

 $

                                 824,508

 

  Support services  

 

                                    113,786

 

 

 

                                    127,705

 

 

 

                                    235,801

 

 

 

                                    256,304

 

  Financing  

 

                                      85,462

 

 

 

                                      92,419

 

 

 

                                    174,540

 

 

 

                                    189,462

 

  Equipment sales  

 

                                      57,837

 

 

 

                                      85,551

 

 

 

                                    134,110

 

 

 

                                    175,338

 

  Supplies  

 

                                      32,773

 

 

 

                                      46,490

 

 

 

                                      78,482

 

 

 

                                      97,443

 

  Rentals  

 

                                      18,644

 

 

 

                                      18,445

 

 

 

                                      37,458

 

 

 

                                      40,602

 

        Total revenue  

 

                                    837,492

 

 

 

                                    788,573

 

 

 

                                 1,633,760

 

 

 

                                 1,583,657

 

                    Costs and expenses:                   Cost of business services  

 

                                    454,311

 

 

 

                                    337,918

 

 

 

                                    828,976

 

 

 

                                    664,964

 

  Cost of support services  

 

                                      36,725

 

 

 

                                      40,520

 

 

 

                                      76,485

 

 

 

                                      82,367

 

  Financing interest expense  

 

                                      11,939

 

 

 

                                      11,043

 

 

 

                                      24,428

 

 

 

                                      22,407

 

  Cost of equipment sales  

 

                                      47,920

 

 

 

                                      58,570

 

 

 

                                    105,279

 

 

 

                                    122,235

 

  Cost of supplies  

 

                                        8,379

 

 

 

                                      11,758

 

 

 

                                      20,619

 

 

 

                                      25,308

 

  Cost of rentals  

 

                                        6,022

 

 

 

                                        8,418

 

 

 

                                      12,400

 

 

 

                                      18,133

 

  Selling, general and administrative  

 

                                    233,631

 

 

 

                                    241,467

 

 

 

                                    482,264

 

 

 

                                    503,136

 

  Research and development  

 

                                        7,467

 

 

 

                                      13,572

 

 

 

                                      19,583

 

 

 

                                      26,149

 

  Goodwill impairment  

 

                                              –

 

 

 

                                              –

 

 

 

                                    198,169

 

 

 

                                              –

 

  Restructuring charges and asset impairments  

 

                                        4,922

 

 

 

                                        5,899

 

 

 

                                        8,739

 

 

 

                                        9,599

 

  Interest expense, net  

 

                                      26,446

 

 

 

                                      28,019

 

 

 

                                      52,329

 

 

 

                                      55,621

 

  Other components of net pension and postretirement income  

 

                                           386

 

 

 

                                      (1,618

)

 

 

                                           235

 

 

 

                                      (2,256

)

  Other (income) expense  

 

                                    (17,375

)

 

 

                                           (27

)

 

 

                                      16,112

 

 

 

                                      17,683

 

       Total costs and expenses  

 

                                    820,773

 

 

 

                                    755,539

 

 

 

                                 1,845,618

 

 

 

                                 1,545,346

 

                    Income (loss) from continuing operations before taxes  

 

                                      16,719

 

 

 

                                      33,034

 

 

 

                                  (211,858

)

 

 

                                      38,311

 

Provision for income taxes  

 

                                      17,016

 

 

 

                                        3,724

 

 

 

                                        6,986

 

 

 

                                      11,544

 

(Loss) income from continuing operations   

 

                                         (297

)

 

 

                                      29,310

 

 

 

                                  (218,844

)

 

 

                                      26,767

 

(Loss) income from discontinued operations, net of tax  

 

                                      (3,032

)

 

 

                                      (5,613

)

 

 

                                        7,032

 

 

 

                                      (5,729

)

Net (loss) income  

 $

                                   (3,329

)

 

 $

                                   23,697

 

 

 $

                               (211,812

)

 

 $

                                   21,038

 

                    Basic (loss) earnings per share (1):                   Continuing operations  

 $

                                           –

 

 

 $

                                       0.17

 

 

 $

                                     (1.28

)

 

 $

                                       0.15

 

  Discontinued operations  

 

                                        (0.02

)

 

 

                                        (0.03

)

 

 

                                          0.04

 

 

 

                                        (0.03

)

  Net (loss) income  

 $

                                     (0.02

)

 

 $

                                       0.13

 

 

 $

                                     (1.24

)

 

 $

                                       0.12

 

                    Diluted (loss) earnings per share (1):                   Continuing operations  

 $

                                           –

 

 

 $

                                       0.16

 

 

 $

                                     (1.28

)

 

 $

                                       0.15

 

  Discontinued operations  

 

                                        (0.02

)

 

 

                                        (0.03

)

 

 

                                          0.04

 

 

 

                                        (0.03

)

  Net (loss) income  

 $

                                     (0.02

)

 

 $

                                       0.13

 

 

 $

                                     (1.24

)

 

 $

                                       0.12

 

                    Weighted-average shares used in diluted earnings per share  

 

                                    171,478

 

 

 

                                    178,281

 

 

 

                                    171,167

 

 

 

                                    182,638