EXHIBIT
Published on
Exhibit 99.1
Reclassification Statement
The European operations of Pitney Bowes Management Services have already been reclassified to discontinued operations in the Company's second quarter 2013 reported results and Form 10-Q.
This financial information is being presented on a "pro forma" basis, as if the North America Pitney Bowes Management Services business was also reflected as a discontinued operation in the second quarter 2013. Pro forma amounts for the prior periods have been reclassified to conform to this presentation.
The North America Pitney Bowes Management Services business will be reflected as a discontinued operation in the Company's Form 10-Q for the third quarter 2013.
F-1
Pitney Bowes Inc. | ||||||||||
Pro forma Consolidated Statements of Income - Reclassified Management Services North America to Discontinued Operations | ||||||||||
(Unaudited) | ||||||||||
(Amounts in thousands, except per share data) (1) | 2013 | |||||||||
Q1 | Q2 | YTD 6/30 | ||||||||
Revenue: | ||||||||||
Equipment sales | $ | 214,999 | $ | 243,644 | $ | 458,643 | ||||
Supplies | 74,287 | 72,337 | 146,624 | |||||||
Software | 87,012 | 100,482 | 187,494 | |||||||
Rentals | 136,379 | 136,775 | 273,154 | |||||||
Financing | 116,762 | 115,929 | 232,691 | |||||||
Support services | 165,486 | 163,178 | 328,664 | |||||||
Business services | 146,775 | 151,154 | 297,929 | |||||||
Total revenue | 941,700 | 983,499 | 1,925,199 | |||||||
Costs and expenses: | ||||||||||
Cost of equipment sales | 109,337 | 128,426 | 237,763 | |||||||
Cost of supplies | 23,262 | 22,692 | 45,954 | |||||||
Cost of software | 20,706 | 21,435 | 42,141 | |||||||
Cost of rentals | 27,755 | 26,424 | 54,179 | |||||||
Financing interest expense | 19,875 | 19,798 | 39,673 | |||||||
Cost of support services | 108,009 | 104,282 | 212,291 | |||||||
Cost of business services | 102,355 | 108,168 | 210,523 | |||||||
Selling, general and administrative | 357,297 | 359,047 | 716,345 | |||||||
Research and development | 33,335 | 31,501 | 64,836 | |||||||
Restructuring charges and asset impairments | — | 19,031 | 19,031 | |||||||
Other interest expense | 30,739 | 31,347 | 62,086 | |||||||
Interest income | (1,748 | ) | (1,302 | ) | (3,050 | ) | ||||
Other expense, net | 25,121 | — | 25,121 | |||||||
Total costs and expenses | 856,043 | 870,850 | 1,726,893 | |||||||
Income from continuing operations before income taxes | 85,657 | 112,649 | 198,306 | |||||||
Provision for income taxes | 20,871 | 25,389 | 46,260 | |||||||
Income from continuing operations | 64,786 | 87,260 | 152,046 | |||||||
Income (loss) from discontinued operations, net of income tax | 7,314 | (91,899 | ) | (84,585 | ) | |||||
Net income (loss) before attribution of noncontrolling interests | 72,100 | (4,639 | ) | 67,461 | ||||||
Less: Preferred stock dividends of subsidiaries attributable to noncontrolling interests | 4,594 | 4,594 | 9,188 | |||||||
Net income (loss) - Pitney Bowes Inc. | $ | 67,506 | $ | (9,233 | ) | $ | 58,273 | |||
Amounts attributable to common stockholders: | ||||||||||
Income from continuing operations | $ | 60,192 | $ | 82,666 | $ | 142,858 | ||||
Income (loss) from discontinued operations | 7,314 | (91,899 | ) | (84,585 | ) | |||||
Net income (loss) - Pitney Bowes Inc. | $ | 67,506 | $ | (9,233 | ) | $ | 58,273 | |||
Basic earnings per share attributable to common stockholders (1): | ||||||||||
Continuing operations | $ | 0.30 | $ | 0.41 | $ | 0.71 | ||||
Discontinued operations | 0.04 | (0.46 | ) | (0.42 | ) | |||||
Net income (loss) - Pitney Bowes Inc. | $ | 0.34 | $ | (0.05 | ) | $ | 0.29 | |||
Diluted earnings per share attributable to common stockholders (1): | ||||||||||
Continuing operations | $ | 0.30 | $ | 0.41 | $ | 0.71 | ||||
Discontinued operations | 0.04 | (0.45 | ) | (0.42 | ) | |||||
Net income (loss) - Pitney Bowes Inc. | $ | 0.33 | $ | (0.05 | ) | $ | 0.29 | |||
Weighted average shares outstanding - Basic EPS | 201,148 | 201,567 | 201,358 | |||||||
Weighted average shares outstanding - Diluted EPS | 202,210 | 202,803 | 202,380 | |||||||
(1) Amounts may not add due to rounding. | ||||||||||
F-2
Pitney Bowes Inc. | ||||||||||||||||
Pro forma Consolidated Statements of Income - Reclassified Management Services North America to Discontinued Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(Amounts in thousands, except per share data) (1) | 2012 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | Annual | ||||||||||||
Revenue: | ||||||||||||||||
Equipment sales | $ | 220,179 | $ | 224,235 | $ | 212,103 | $ | 281,772 | $ | 938,289 | ||||||
Supplies | 76,365 | 70,522 | 66,902 | 69,815 | 283,604 | |||||||||||
Software | 104,350 | 104,551 | 93,476 | 110,385 | 412,762 | |||||||||||
Rentals | 140,389 | 145,497 | 142,288 | 141,445 | 569,619 | |||||||||||
Financing | 126,748 | 122,948 | 123,999 | 121,435 | 495,130 | |||||||||||
Support services | 173,518 | 171,254 | 171,652 | 173,243 | 689,667 | |||||||||||
Business services | 147,955 | 146,790 | 151,908 | 147,334 | 593,987 | |||||||||||
Total revenue | 989,504 | 985,797 | 962,327 | 1,045,430 | 3,983,058 | |||||||||||
Costs and expenses: | ||||||||||||||||
Cost of equipment sales | 96,916 | 106,718 | 105,556 | 149,861 | 459,051 | |||||||||||
Cost of supplies | 23,871 | 20,863 | 20,694 | 22,141 | 87,569 | |||||||||||
Cost of software | 21,093 | 24,404 | 22,784 | 24,427 | 92,708 | |||||||||||
Cost of rentals | 30,225 | 31,851 | 25,182 | 28,098 | 115,356 | |||||||||||
Financing interest expense | 21,139 | 20,642 | 19,604 | 19,755 | 81,140 | |||||||||||
Cost of support services | 115,087 | 112,123 | 107,095 | 105,750 | 440,055 | |||||||||||
Cost of business services | 96,958 | 98,501 | 103,230 | 97,608 | 396,298 | |||||||||||
Selling, general and administrative | 381,663 | 362,599 | 372,821 | 394,152 | 1,511,235 | |||||||||||
Research and development | 34,073 | 33,811 | 36,669 | 32,379 | 136,932 | |||||||||||
Restructuring charges and asset impairments | — | (980 | ) | — | 18,157 | 17,177 | ||||||||||
Other interest expense | 29,367 | 30,353 | 27,541 | 27,967 | 115,228 | |||||||||||
Interest income | (1,733 | ) | (2,003 | ) | (2,057 | ) | (2,189 | ) | (7,982 | ) | ||||||
Other (income) expense, net | (3,234 | ) | 4,372 | — | — | 1,138 | ||||||||||
Total costs and expenses | 845,425 | 843,254 | 839,118 | 918,108 | 3,445,905 | |||||||||||
Income from continuing operations before income taxes | 144,079 | 142,543 | 123,209 | 127,322 | 537,153 | |||||||||||
Provision for income taxes | 9,123 | 46,217 | 30,759 | 37,059 | 123,158 | |||||||||||
Income from continuing operations | 134,956 | 96,326 | 92,450 | 90,263 | 413,995 | |||||||||||
Income (loss) from discontinued operations, net of income tax | 28,308 | 7,891 | (11,323 | ) | 24,668 | 49,544 | ||||||||||
Net income before attribution of noncontrolling interests | 163,264 | 104,217 | 81,127 | 114,931 | 463,539 | |||||||||||
Less: Preferred stock dividends of subsidiaries attributable to noncontrolling interests | 4,594 | 4,594 | 4,594 | 4,594 | 18,376 | |||||||||||
Net income - Pitney Bowes Inc. | $ | 158,670 | $ | 99,623 | $ | 76,533 | $ | 110,337 | $ | 445,163 | ||||||
Amounts attributable to common stockholders: | ||||||||||||||||
Income from continuing operations | $ | 130,362 | $ | 91,732 | $ | 87,856 | $ | 85,669 | $ | 395,619 | ||||||
Income (loss) from discontinued operations | 28,308 | 7,891 | (11,323 | ) | 24,668 | 49,544 | ||||||||||
Net income - Pitney Bowes Inc. | $ | 158,670 | $ | 99,623 | $ | 76,533 | $ | 110,337 | $ | 445,163 | ||||||
Basic earnings per share attributable to common stockholders (1): | ||||||||||||||||
Continuing operations | $ | 0.65 | $ | 0.46 | $ | 0.44 | $ | 0.43 | $ | 1.97 | ||||||
Discontinued operations | 0.14 | 0.04 | (0.06 | ) | 0.12 | 0.25 | ||||||||||
Net income - Pitney Bowes Inc. | $ | 0.79 | $ | 0.50 | $ | 0.38 | $ | 0.55 | $ | 2.22 | ||||||
Diluted earnings per share attributable to common stockholders (1): | ||||||||||||||||
Continuing operations | $ | 0.65 | $ | 0.46 | $ | 0.44 | $ | 0.43 | $ | 1.96 | ||||||
Discontinued operations | 0.14 | 0.04 | (0.06 | ) | 0.12 | 0.25 | ||||||||||
Net income - Pitney Bowes Inc. | $ | 0.79 | $ | 0.50 | $ | 0.38 | $ | 0.55 | $ | 2.21 | ||||||
Weighted average shares outstanding - Basic EPS | 199,959 | 200,252 | 200,593 | 200,784 | 200,397 | |||||||||||
Weighted average shares outstanding - Diluted EPS | 200,672 | 201,111 | 201,602 | 202,071 | 201,366 | |||||||||||
(1) Amounts may not add due to rounding. | ||||||||||||||||
F-3
Pitney Bowes Inc. | ||||||||||||||||||||
Pro forma Consolidated Statements of Income - Reclassified Management Services North America to Discontinued Operations | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Amounts in thousands, except per share data) (1) | 2011 | 2010 | ||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Annual | Annual | |||||||||||||||
Revenue: | ||||||||||||||||||||
Equipment sales | $ | 241,631 | $ | 242,921 | $ | 221,475 | $ | 280,365 | $ | 986,392 | $ | 1,022,563 | ||||||||
Supplies | 82,870 | 78,587 | 74,271 | 72,246 | 307,974 | 318,430 | ||||||||||||||
Software | 99,565 | 105,516 | 113,224 | 108,301 | 426,606 | 390,219 | ||||||||||||||
Rentals | 156,692 | 156,162 | 154,210 | 151,926 | 618,990 | 651,348 | ||||||||||||||
Financing | 140,589 | 136,369 | 136,000 | 134,311 | 547,269 | 587,359 | ||||||||||||||
Support services | 178,614 | 176,807 | 175,286 | 175,798 | 706,505 | 711,519 | ||||||||||||||
Business services | 137,600 | 138,687 | 152,833 | 150,829 | 579,949 | 579,632 | ||||||||||||||
Total revenue | 1,037,561 | 1,035,049 | 1,027,299 | 1,073,776 | 4,173,685 | 4,261,070 | ||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of equipment sales | 114,753 | 104,385 | 97,559 | 132,782 | 449,479 | 469,158 | ||||||||||||||
Cost of supplies | 26,192 | 25,562 | 22,611 | 23,089 | 97,454 | 97,172 | ||||||||||||||
Cost of software | 25,212 | 24,898 | 23,431 | 25,566 | 99,107 | 93,391 | ||||||||||||||
Cost of rentals | 35,907 | 36,109 | 35,817 | 30,770 | 138,603 | 155,480 | ||||||||||||||
Financing interest expense | 23,293 | 22,192 | 21,430 | 20,783 | 87,698 | 88,292 | ||||||||||||||
Cost of support services | 115,276 | 115,417 | 114,074 | 107,815 | 452,582 | 451,609 | ||||||||||||||
Cost of business services | 97,463 | 98,126 | 104,076 | 100,089 | 399,755 | 382,017 | ||||||||||||||
Selling, general and administrative | 396,082 | 400,733 | 394,719 | 403,620 | 1,595,153 | 1,624,724 | ||||||||||||||
Research and development | 34,758 | 37,546 | 35,573 | 40,873 | 148,750 | 156,573 | ||||||||||||||
Restructuring charges and asset impairments | 20,434 | 5,432 | 18,552 | 74,213 | 118,631 | 170,632 | ||||||||||||||
Other interest expense | 28,524 | 28,550 | 28,932 | 29,357 | 115,363 | 115,619 | ||||||||||||||
Interest income | (1,222 | ) | (2,215 | ) | (1,265 | ) | (1,093 | ) | (5,795 | ) | (2,587 | ) | ||||||||
Other income, net | — | — | (10,718 | ) | (9,200 | ) | (19,918 | ) | — | |||||||||||
Total costs and expenses | 916,671 | 896,735 | 884,791 | 978,665 | 3,676,862 | 3,802,080 | ||||||||||||||
Income from continuing operations before income taxes | 120,890 | 138,314 | 142,508 | 95,111 | 496,823 | 458,990 | ||||||||||||||
Provision (benefit) for income taxes | 36,119 | 45,713 | (5,337 | ) | (36,997 | ) | 39,498 | 173,918 | ||||||||||||
Income from continuing operations | 84,771 | 92,601 | 147,845 | 132,108 | 457,325 | 285,072 | ||||||||||||||
Income from discontinued operations, net of income tax | 6,126 | 12,928 | 29,516 | 129,960 | 178,530 | 25,631 | ||||||||||||||
Net income before attribution of noncontrolling interests | 90,897 | 105,529 | 177,361 | 262,068 | 635,855 | 310,703 | ||||||||||||||
Less: Preferred stock dividends of subsidiaries attributable to noncontrolling interests | 4,594 | 4,594 | 4,593 | 4,594 | 18,375 | 18,324 | ||||||||||||||
Net income - Pitney Bowes Inc. | $ | 86,303 | $ | 100,935 | $ | 172,768 | $ | 257,474 | $ | 617,480 | $ | 292,379 | ||||||||
Amounts attributable to common stockholders: | ||||||||||||||||||||
Income from continuing operations | $ | 80,177 | $ | 88,007 | $ | 143,252 | $ | 127,514 | $ | 438,950 | $ | 266,748 | ||||||||
Income from discontinued operations | 6,126 | 12,928 | 29,516 | 129,960 | 178,530 | 25,631 | ||||||||||||||
Net income - Pitney Bowes Inc. | $ | 86,303 | $ | 100,935 | $ | 172,768 | $ | 257,474 | $ | 617,480 | $ | 292,379 | ||||||||
Basic earnings per share attributable to common stockholders (1): | ||||||||||||||||||||
Continuing operations | $ | 0.39 | $ | 0.43 | $ | 0.71 | $ | 0.64 | $ | 2.17 | $ | 1.29 | ||||||||
Discontinued operations | 0.03 | 0.06 | 0.15 | 0.65 | 0.88 | 0.12 | ||||||||||||||
Net income - Pitney Bowes Inc. | $ | 0.42 | $ | 0.50 | $ | 0.86 | $ | 1.29 | $ | 3.06 | $ | 1.42 | ||||||||
Diluted earnings per share attributable to common stockholders (1): | ||||||||||||||||||||
Continuing operations | $ | 0.39 | $ | 0.43 | $ | 0.71 | $ | 0.64 | $ | 2.16 | $ | 1.29 | ||||||||
Discontinued operations | 0.03 | 0.06 | 0.15 | 0.65 | 0.88 | 0.12 | ||||||||||||||
Net income - Pitney Bowes Inc. | $ | 0.42 | $ | 0.49 | $ | 0.85 | $ | 1.28 | $ | 3.05 | $ | 1.41 | ||||||||
Weighted average shares outstanding - Basic EPS | 203,690 | 203,171 | 201,294 | 199,670 | 201,956 | 205,995 | ||||||||||||||
Weighted average shares outstanding - Diluted EPS | 204,195 | 204,085 | 202,195 | 200,504 | 202,766 | 206,753 | ||||||||||||||
(1) Amounts may not add due to rounding. | ||||||||||||||||||||
F-4
Pitney Bowes Inc. | ||||||||||
Revenue and EBIT | ||||||||||
Pro forma Business Segments - Reclassified Management Services North America to Discontinued Operations | ||||||||||
(Unaudited) | ||||||||||
(Amounts in thousands) (3) | 2013 | |||||||||
Q1 | Q2 | YTD 6/30 | ||||||||
Revenue | ||||||||||
North America Mailing | $ | 430,375 | $ | 432,889 | $ | 863,264 | ||||
International Mailing | 167,455 | 164,556 | 332,011 | |||||||
Small & Medium Business Solutions | 597,830 | 597,445 | 1,195,275 | |||||||
Production Mail | 118,802 | 144,986 | 263,788 | |||||||
Software | 80,721 | 92,242 | 172,963 | |||||||
Management Services | — | — | — | |||||||
Mail Services | 118,855 | 119,058 | 237,913 | |||||||
Marketing Services | 25,492 | 29,768 | 55,260 | |||||||
Enterprise Business Solutions | 343,870 | 386,054 | 729,924 | |||||||
Total Revenue | $ | 941,700 | $ | 983,499 | $ | 1,925,199 | ||||
EBIT (1) | ||||||||||
North America Mailing | $ | 154,505 | $ | 166,363 | $ | 320,868 | ||||
International Mailing | 17,749 | 19,285 | 37,034 | |||||||
Small & Medium Business Solutions | 172,254 | 185,648 | 357,902 | |||||||
Production Mail | 3,055 | 13,617 | 16,672 | |||||||
Software | 4,890 | 15,729 | 20,619 | |||||||
Management Services | — | — | — | |||||||
Mail Services | 19,349 | 15,484 | 34,833 | |||||||
Marketing Services | 1,986 | 4,181 | 6,167 | |||||||
Enterprise Business Solutions | 29,281 | 49,010 | 78,291 | |||||||
Total EBIT | 201,535 | 234,658 | 436,193 | |||||||
Unallocated amounts: | ||||||||||
Corporate and other expenses | (67,011 | ) | (53,134 | ) | (120,145 | ) | ||||
Interest, net (2) | (48,866 | ) | (49,843 | ) | (98,709 | ) | ||||
Restructuring Charges and Asset Impairments | — | (19,031 | ) | (19,031 | ) | |||||
Income from continuing operations before taxes | $ | 85,657 | $ | 112,649 | $ | 198,306 | ||||
(1) Earnings before interest and taxes (EBIT) excludes general corporate expenses, restructuring charges and asset impairments and goodwill impairments. | ||||||||||
(2) Interest, net includes financing interest expense, other interest expense and interest income. | ||||||||||
(3) Amounts may not add due to rounding. | ||||||||||
F-5
Pitney Bowes Inc. | ||||||||||||||||
Revenue and EBIT | ||||||||||||||||
Pro forma Business Segments - Reclassified Management Services North America to Discontinued Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
(Amounts in thousands) (3) | 2012 | |||||||||||||||
Q1 | Q2 | Q3 | Q4 | Annual | ||||||||||||
Revenue | ||||||||||||||||
North America Mailing | $ | 461,305 | $ | 453,484 | $ | 447,920 | $ | 456,243 | $ | 1,818,952 | ||||||
International Mailing | 168,014 | 165,480 | 154,170 | 187,973 | 675,637 | |||||||||||
Small & Medium Business Solutions | 629,319 | 618,964 | 602,090 | 644,216 | 2,494,589 | |||||||||||
Production Mail | 115,016 | 123,067 | 122,251 | 151,775 | 512,109 | |||||||||||
Software | 100,327 | 99,874 | 88,629 | 104,550 | 393,380 | |||||||||||
Management Services | — | — | — | — | — | |||||||||||
Mail Services | 114,636 | 108,045 | 109,721 | 112,690 | 445,092 | |||||||||||
Marketing Services | 30,208 | 35,845 | 39,637 | 32,196 | 137,886 | |||||||||||
Enterprise Business Solutions | 360,185 | 366,833 | 360,238 | 401,212 | 1,488,469 | |||||||||||
Total Revenue | $ | 989,504 | $ | 985,797 | $ | 962,327 | $ | 1,045,430 | $ | 3,983,058 | ||||||
EBIT (1) | ||||||||||||||||
North America Mailing | $ | 178,171 | $ | 167,870 | $ | 168,934 | $ | 173,690 | $ | 688,665 | ||||||
International Mailing | 19,997 | 21,758 | 11,286 | 25,938 | 78,979 | |||||||||||
Small & Medium Business Solutions | 198,168 | 189,628 | 180,220 | 199,628 | 767,645 | |||||||||||
Production Mail | 2,779 | 5,594 | 3,555 | 13,716 | 25,644 | |||||||||||
Software | 10,692 | 8,487 | 956 | 17,823 | 37,958 | |||||||||||
Management Services | — | — | — | — | — | |||||||||||
Mail Services | 34,245 | 28,464 | 18,455 | 19,841 | 101,005 | |||||||||||
Marketing Services | 4,817 | 7,503 | 9,297 | 6,444 | 28,061 | |||||||||||
Enterprise Business Solutions | 52,531 | 50,049 | 32,263 | 57,825 | 192,668 | |||||||||||
Total EBIT | 250,699 | 239,677 | 212,483 | 257,453 | 960,313 | |||||||||||
Unallocated amounts: | ||||||||||||||||
Corporate and other expenses | (57,847 | ) | (49,122 | ) | (44,186 | ) | (66,441 | ) | (217,596 | ) | ||||||
Interest, net (2) | (48,773 | ) | (48,992 | ) | (45,088 | ) | (45,533 | ) | (188,386 | ) | ||||||
Restructuring Charges and Asset Impairments | — | 980 | — | (18,157 | ) | (17,177 | ) | |||||||||
Income from continuing operations before taxes | $ | 144,079 | $ | 142,543 | $ | 123,209 | $ | 127,322 | $ | 537,153 | ||||||
(1) Earnings before interest and taxes (EBIT) excludes general corporate expenses, restructuring charges and asset impairments and goodwill impairments. | ||||||||||||||||
(2) Interest, net includes financing interest expense, other interest expense and interest income. | ||||||||||||||||
(3) Amounts may not add due to rounding. | ||||||||||||||||
F-6
Pitney Bowes Inc. | ||||||||||||||||||||
Revenue and EBIT | ||||||||||||||||||||
Pro forma Business Segments - Reclassified Management Services North America to Discontinued Operations | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||
(Amounts in thousands) (3) | 2011 | 2010 | ||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Annual | Annual | |||||||||||||||
Revenue | ||||||||||||||||||||
North America Mailing | $ | 509,039 | $ | 493,653 | $ | 475,663 | $ | 482,843 | $ | 1,961,198 | $ | 2,100,677 | ||||||||
International Mailing | 170,533 | 176,158 | 177,797 | 182,928 | 707,416 | 674,759 | ||||||||||||||
Small & Medium Business Solutions | 679,572 | 669,811 | 653,460 | 665,771 | 2,668,614 | 2,775,436 | ||||||||||||||
Production Mail | 131,606 | 133,769 | 117,220 | 161,888 | 544,483 | 561,447 | ||||||||||||||
Software | 95,985 | 99,783 | 109,153 | 102,481 | 407,402 | 374,750 | ||||||||||||||
Management Services | — | — | — | — | — | — | ||||||||||||||
Mail Services | 100,398 | 95,299 | 106,088 | 109,849 | 411,634 | 407,897 | ||||||||||||||
Marketing Services | 29,999 | 36,377 | 41,408 | 33,788 | 141,572 | 141,538 | ||||||||||||||
Enterprise Business Solutions | 357,989 | 365,238 | 373,839 | 408,004 | 1,505,070 | 1,485,635 | ||||||||||||||
Total Revenue | $ | 1,037,561 | $ | 1,035,049 | $ | 1,027,299 | $ | 1,073,776 | $ | 4,173,685 | $ | 4,261,070 | ||||||||
EBIT (1) | ||||||||||||||||||||
North America Mailing | $ | 179,661 | $ | 175,786 | $ | 177,280 | $ | 195,272 | $ | 727,999 | $ | 755,153 | ||||||||
International Mailing | 23,193 | 26,735 | 25,105 | 23,568 | 98,601 | 78,950 | ||||||||||||||
Small & Medium Business Solutions | 202,854 | 202,521 | 202,385 | 218,840 | 826,600 | 834,103 | ||||||||||||||
Production Mail | 7,174 | 9,223 | (3,426 | ) | 19,591 | 32,562 | 60,896 | |||||||||||||
Software | 5,512 | 9,542 | 16,564 | 6,564 | 38,182 | 40,046 | ||||||||||||||
Management Services | — | — | — | — | — | — | ||||||||||||||
Mail Services | 16,144 | 13,135 | 39,096 | 34,651 | 103,026 | 84,714 | ||||||||||||||
Marketing Services | 4,160 | 6,792 | 8,716 | 6,516 | 26,184 | 26,133 | ||||||||||||||
Enterprise Business Solutions | 32,990 | 38,693 | 60,950 | 67,323 | 199,956 | 211,514 | ||||||||||||||
Total EBIT | 235,844 | 241,214 | 263,335 | 286,163 | 1,026,556 | 1,045,617 | ||||||||||||||
Unallocated amounts: | ||||||||||||||||||||
Corporate and other expenses | (43,926 | ) | (48,941 | ) | (53,178 | ) | (67,792 | ) | (213,837 | ) | (214,670 | ) | ||||||||
Interest, net (2) | (50,595 | ) | (48,527 | ) | (49,097 | ) | (49,047 | ) | (197,266 | ) | (201,324 | ) | ||||||||
Restructuring Charges and Asset Impairments | (20,434 | ) | (5,432 | ) | (18,552 | ) | (74,213 | ) | (118,631 | ) | (170,632 | ) | ||||||||
Income from continuing operations before taxes | $ | 120,890 | $ | 138,314 | $ | 142,508 | $ | 95,111 | $ | 496,823 | $ | 458,990 | ||||||||
(1) Earnings before interest and taxes (EBIT) excludes general corporate expenses, restructuring charges and asset impairments and goodwill impairments. | ||||||||||||||||||||
(2) Interest, net includes financing interest expense, other interest expense and interest income. | ||||||||||||||||||||
(3) Amounts may not add due to rounding. | ||||||||||||||||||||
F-7