Pitney Bowes Announces Full Year and Fourth Quarter 2015 Financial Results

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

DEBT MANAGEMENT

During the year, the Company paid down $280 million of debt using cash on the balance sheet and the issuance of commercial paper. In the fourth quarter, the Company used funds from a new $150 million bank term loan to refinance $110 million of debt. In January 2016, the Company obtained an additional $300 million of bank term loans and refinanced $371 million of debt that matured in January.

BUSINESS SEGMENT REPORTING

The Company revised its business segment reporting in the second quarter 2015 for its Digital Commerce Solutions segment. 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 primary reporting segment groups are the SMB Solutions group; the Enterprise Business Solutions group; and the Digital Commerce Solutions group.

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 and printing 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 group provides customer engagement, customer information and location intelligence software; and solutions that facilitate global cross-border ecommerce transactions and shipping solutions for businesses of all sizes. This group includes the Software Solutions and Global Ecommerce segments.

The Other segment is comprised of the Imagitas marketing services business, which was sold on May 29, 2015.

 

SMB Solutions Group

(millions, except percentages)         Fourth Quarter

Revenue

2015

   

2014

   

Y/Y

Reported

   

Y/Y

Ex Currency

North America Mailing $363 $376 (3%) (2%)
International Mailing

114

134

(15%)

(6%)

SMB Solutions Total $477 $510 (6%) (3%)
 

EBIT

North America Mailing $165 $166 (1%)
International Mailing

14

21

(32%)

SMB Solutions Total $179 $187 (4%)
 

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