Pitney Bowes Announces Full Year 2014 and Fourth Quarter Financial Results


Free cash flow during the quarter was $154 million and $571 million for the year. On a GAAP basis, the Company generated $258 million in cash from operations for the quarter and $656 million for the year.

The Company used cash to pay $38 million in dividends to its common shareholders in the quarter and paid $152 million in dividends for the year. The Company used its cash during the year primarily to invest in the business, pay dividends, reduce debt, make restructuring payments and repurchase its common stock.


The Company’s business segment reporting reflects the clients served in each market and the way it manages these segments for growth and profitability. The reporting segment groups are: the SMB Solutions group; the Enterprise Business Solutions group; and the Digital Commerce Solutions segment.

The SMB Solutions group offers mailing equipment, financing, services and supplies for small and medium businesses to efficiently create mail and evidence postage. This group includes the North America Mailing and International Mailing segments. North America Mailing includes the operations of U.S. and Canada Mailing. International Mailing includes all other SMB operations around the world.

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

The Digital Commerce Solutions segment leverages digital and mobile channels that make the Company’s clients’ customer-facing functions more effective. This segment includes software, ecommerce, shipping and marketing services.


(millions, except percentages)   Fourth Quarter







Ex Currency


Y/Y Ex Currency
and Divested

Revenue $984 $1,011 (3%) (1%) 1%

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