Pitney Bowes Discloses Financial Results for Fourth Quarter and Full Year 2025 and Issues CEO Letter

Key Terms

free cash flow financial

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

adjusted ebit financial

Adjusted EBIT is a company’s operating profit before interest and taxes, but cleaned up by removing one-time or unusual items that can obscure ongoing performance. Investors use it like a tidied-up report card — it aims to show the underlying profitability of the business by excluding irregular gains, losses, or costs so comparisons across periods or companies are clearer and more meaningful for valuing operational strength.

adjusted ebitda financial

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

tender offer financial

A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.

restricted stock units financial

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

forward-looking statements regulatory

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Delivered Strong Earnings and Cash Flow Performance in 2025, Reflecting Continued Focus on Accretive Capital Allocation, Disciplined Cost Management and Improved Operational Execution

Deployed Significant Cash Flow into Repurchasing 12.6 million shares for $127 million and Reducing $114 million of Principal Debt in Q4 2025

Releases Full-Year 2026 Guidance and New CEO Letter, which Summarizes Recent Progress and Go-Forward Priorities

SHELTON, Conn.--(BUSINESS WIRE)-- Pitney Bowes Inc. (NYSE: PBI) (“Pitney Bowes” or the “Company”), a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world, today disclosed its financial results for the fourth quarter and full year 2025. In conjunction with this announcement, CEO, Kurt Wolf, has released a letter to shareholders to provide his commentary on the quarter and updates on strategic initiatives. To read and/or download a copy of this quarter’s CEO letter please click here.

Financial Highlights:
The following tables summarize the Company’s financial highlights for the fourth quarter and full year 2025:

	Fourth Quarter
($ millions except EPS)	2025	2024	$ Change	% Change
Revenue	$478	$516	($38)	(7%)
GAAP EPS	$0.17	($0.21)	$0.38	>100%
Adj. EPS1	$0.45	$0.32	$0.13	40%
GAAP Net Income	$27	($37)	$65	>100%
Adj. EBIT1	$132	$114	$18	15%
Cash from Operations	$222	$132	$90	68%
Free Cash Flow1	$212	$142	$70	50%

	Full Year
($ millions except EPS)	2025	2024	$ Change	% Change
Revenue	$1,893	$2,027	($134)	(7%)
GAAP EPS	$0.84	($1.12)	$1.95	>100%
Adj. EPS1	$1.35	$0.82	$0.53	64%
GAAP Net Income	$145	($204)	$348	>100%
Adj. EBIT1	$461	$385	$76	20%
Cash from Operations	$383	$276	$107	39%
Free Cash Flow1	$358	$290	$68	24%

¹ Adjusted EPS, Adjusted EBIT, and Free Cash Flow are non-GAAP measures. Definitions for these metrics can be found in the Use of Non-GAAP Measures section. Reconciliations of non-GAAP measures to comparable GAAP measures can be found in the attached financial schedules.

Update on Capital Allocation

• In Q4, the Company repurchased 12.6 million shares for $127 million. From January 1, 2026 through February 13, 2026, the Company repurchased an additional 1.2 million shares for $12 million. As a result of the successful execution of the share repurchase program, Pitney Bowes’ Board of Directors (the “Board”) recently increased the Company’s repurchase authorization by $250 million. As of February 13, 2026, there was $359 million in capacity remaining under the authorization.
• In Q4, the Company reduced principal debt by $114 million through a combination of a tender offer for the 2037 and 2043 Notes, open market repurchases of the Term Loan B and 2027 Notes, and scheduled amortization payments.
• The Board approved a regular quarterly dividend of $0.09 per share, payable on March 30, 2026, to shareholders of record as of February 27, 2026.
• In Q4, the Company entered into buy-in contracts with insurance carriers to transfer the risk associated with approximately $875 million of projected benefit obligations from the Company’s U.S. Qualified and Canadian Qualified Pension Plans.

Business Segment Reporting

SendTech Solutions
SendTech Solutions offers physical and digital shipping and mailing technology solutions, financing, services, supplies and other applications for small and medium businesses, retail, enterprise, and government clients around the world to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.

	Fourth Quarter			Full Year
($ millions)	2025	2024	% Change	2025	2024	% Change
Revenue	$318	$337	(6%)	$1,256	$1,354	(7%)
Adj. Segment EBITDA	$124	$103	20%	$458	$431	6%
Adj. Segment EBIT	$113	$91	24%	$412	$385	7%

SendTech revenue decline in the fourth quarter was driven by the impact of prior year product migration and a decrease in the mailing install base. The product migration concluded at the end of 2024, and the Company expects segment year-over-year revenue decline to be less steep going forward. Shipping-related revenues declined 5% year-over-year in the fourth quarter.

SendTech achieved increased Adjusted EBITDA and EBIT through disciplined cost management. Gross margin expanded 180 basis points in the fourth quarter due to cost optimization actions and a shift to higher margin revenue streams. In the fourth quarter, operating expenses declined $28 million year-over-year primarily from cost reduction initiatives.

Presort Services
Presort Services provides sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter.

	Fourth Quarter			Full Year
($ millions)	2025	2024	% Change	2025	2024	% Change
Revenue	$160	$180	(11%)	$637	$663	(4%)
Adj. Segment EBITDA	$51	$61	(16%)	$202	$202	0%
Adj. Segment EBIT	$42	$52	(20%)	$165	$166	(0%)

Revenue decline in the fourth quarter was driven by a 10% reduction in volumes due to previously communicated client losses and market decline. Total volume sorted in the fourth quarter 2025 was 3.4 billion pieces of mail.

Adjusted Segment EBITDA and EBIT declined due to the decrease in revenue and reduced operating leverage from lower volumes. This decline was partially offset by improved operating expenses and a favorable $5 million prior period accounting adjustment.

2026 Full-Year Outlook

Pitney Bowes provides the following guidance for Revenue, Adjusted EBIT, Adjusted EPS and Free Cash Flow in 2026.

$ millions, except EPS	Low	High
Revenue	$1,760	$1,860
Adjusted EBIT	$410	$460
Adjusted EPS	$1.40	$1.60
Free Cash Flow	$340	$370

***As a reminder, to read and/or download a copy of this quarter’s CEO letter, please click here***

Q4 and Full Year 2025 Earnings Conference Call

Management will discuss the Company’s results in a webcast tomorrow, February 18, 2026, at 8:00 a.m. ET. Instructions for accessing the earnings results call are available on the Investor Relations page of the Company’s website at www.pitneybowes.com.

About Pitney Bowes

Pitney Bowes (NYSE: PBI) is a technology-driven company that provides digital shipping solutions, mailing innovation, and financial services to clients around the world – including more than 90 percent of the Fortune 500. Small businesses to large enterprises, and government entities rely on Pitney Bowes to reduce the complexity of sending mail and parcels. For the latest news, corporate announcements, and financial results, visit www.pitneybowes.com/us/newsroom. For additional information, visit Pitney Bowes at www.pitneybowes.com.

Adjusted Segment EBIT

Adjusted Segment EBIT is the primary measure of profitability and operational performance at the segment level. Adjusted Segment EBIT includes segment revenues and related costs and expenses attributable to the segment, but excludes interest, taxes, general corporate expenses, restructuring charges, and other items not allocated to a business segment. We also report Adjusted Segment EBITDA as an additional useful measure of segment profitability and operational performance, which is calculated as Adjusted Segment EBIT plus depreciation and amortization expense of the segment.

Use of Non-GAAP Measures

Pitney Bowes’ financial results are reported in accordance with generally accepted accounting principles (GAAP). Pitney Bowes also discloses certain non-GAAP measures, such as adjusted earnings before interest and taxes (Adjusted EBIT), adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), adjusted earnings per share (Adjusted EPS) and free cash flow.

Adjusted EBIT, Adjusted EBITDA and Adjusted EPS exclude the impact of restructuring charges, foreign currency gains and losses on intercompany loans, certain costs associated with the Ecommerce Restructuring, gains and losses on debt redemptions and other unusual items that we believe are not indicative to our core business operations.

Free cash flow adjusts cash flow from operations calculated in accordance with GAAP for capital expenditures, restructuring payments and other special items. Management believes free cash flow provides better insight into the amount of cash available for other discretionary uses.

Reconciliations of non-GAAP measures to comparable GAAP measures can be found in the attached financial schedules and at the Company's web site at: https://www.investorrelations.pitneybowes.com/. We do not provide a reconciliation of forward‑looking non‑GAAP measures to the most comparable GAAP measures because items necessary for such reconciliation are not available on a reasonable basis without unreasonable efforts.

Forward-Looking Statements

This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance, including, but not limited to, statements about future revenue and profitability, earnings guidance, future events or conditions, capital allocation strategy, expected cost savings and efficiency improvements, and strategic initiatives and priorities. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. Factors which could cause future performance to differ materially from expectations include, without limitation, changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; declines in physical mail volumes or shipping volumes; the loss of customers, including some of our larger clients; changes in trade policies, tariffs and regulations; global supply chain issues adversely impacting our third party suppliers’ ability to provide us products and services; periods of difficult economic conditions, the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, or a prolonged U.S. government shutdown, to the Company and our clients; changes in foreign currency exchange rates; changes in labor and transportation availability and costs; inability to successfully execute on our strategic initiatives; and other factors as more fully outlined in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events, or developments, except as required by law.

Pitney Bowes Inc.
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
		Three Months Ended December 31,							Year Ended December 31,
		2025			2024				2025			2024
Revenue:
	Services	$	307,700		$	327,922			$	1,206,031		$	1,260,612
	Products		90,927			106,613				364,709			430,845
	Financing and other		78,998			81,586				321,889			335,141
	Total revenue		477,625			516,121				1,892,629			2,026,598
Costs and expenses:
	Cost of services		148,391			157,672				594,898			639,039
	Cost of products		52,666			61,646				212,366			244,198
	Cost of financing and other		13,632			19,202				61,503			81,061
	Selling, general and administrative		140,956			148,269				621,567			717,894
	Research and development		3,505			9,492				15,278			31,957
	Restructuring charges		41,618			12,056				58,660			76,915
	Interest expense, net		26,181			26,771				101,460			110,094
	Other components of net pension and postretirement cost		2,097			90,774				7,543			89,044
	Other expense		10,202			38,436				26,830			88,723
	Total costs and expenses		439,248			564,318				1,700,105			2,078,925
Income (loss) from continuing operations before taxes			38,377			(48,197	)			192,524			(52,327	)
Provision (benefit) for income taxes			11,040			(6,134	)			47,827			(154,829	)
Income (loss) from continuing operations			27,337			(42,063	)			144,697			102,502
Income (loss) from discontinued operations, net of tax			-			4,690				-			(306,099	)
Net income (loss)		$	27,337		$	(37,373	)		$	144,697		$	(203,597	)
Basic earnings (loss) per share:
	Continuing operations	$	0.17		$	(0.23	)		$	0.84		$	0.57
	Discontinued operations		-			0.03				-			(1.71	)
	Net income (loss)	$	0.17		$	(0.21	)		$	0.84		$	(1.13	)
Diluted earnings (loss) per share:
	Continuing operations	$	0.17		$	(0.23	)		$	0.84		$	0.56
	Discontinued operations		-			0.03				-			(1.68	)
	Net income (loss)	$	0.17		$	(0.21	)		$	0.84		$	(1.12	)
Weighted-average shares used in diluted earnings per share			157,534			182,006				173,040			182,526
The sum of the earnings per share amounts may not equal the totals due to rounding.

Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited; in thousands)
Assets		December 31, 2025				December 31, 2024
Current assets:
	Cash and cash equivalents		$284,887				$469,726
	Short-term investments		12,232				16,374
	Accounts and other receivables, net		168,099				159,951
	Short-term finance receivables, net		496,446				535,608
	Inventories		66,241				59,836
	Current income taxes		3,143				10,429
	Other current assets and prepayments		69,451				66,030
Total current assets			1,100,499				1,317,954
Property, plant and equipment, net			185,913				218,657
Rental property and equipment, net			24,054				24,587
Long-term finance receivables, net			605,129				610,316
Goodwill			746,687				721,003
Intangible assets, net			14,741				15,780
Operating lease assets			106,996				113,357
Noncurrent income taxes			95,412				99,773
Other assets			289,520				276,089
Total assets			$3,168,951				$3,397,516
Liabilities and stockholders' deficit
Current liabilities:
	Accounts payable and accrued liabilities		$845,378				$873,626
	Customer deposits at Pitney Bowes Bank		582,630				645,860
	Current operating lease liabilities		28,396				26,912
	Current portion of long-term debt		17,150				53,250
	Advance billings		69,075				70,131
	Current income taxes		5,210				2,948
Total current liabilities			1,547,839				1,672,727
Long-term debt			1,975,888				1,866,458
Deferred taxes on income			72,665				49,187
Tax uncertainties and other income tax liabilities			278				13,770
Noncurrent operating lease liabilities			99,757				100,804
Noncurrent customer deposits at Pitney Bowes Bank			71,000				57,977
Other noncurrent liabilities			203,884				215,026
Total liabilities			3,971,311				3,975,949
Stockholders' deficit:
	Common stock		270,338				270,338
	Retained earnings		2,655,703				2,671,868
	Accumulated other comprehensive loss		(789,132	)			(839,171	)
	Treasury stock, at cost		(2,939,269	)			(2,681,468	)
Total stockholders' deficit			(802,360	)			(578,433	)
Total liabilities and stockholders' deficit			$3,168,951				$3,397,516

PITNEY BOWES INC.
STATEMENTS OF CASH FLOWS
DECEMBER 2025
(Dollars in thousands)
						Year Ended December 31,
							2025				2024
Cash Flows From Operating Activities:
	Net income (loss)					$	144,697			$	(203,597	)
	Loss from discontinued operations						-				306,099
		Adjustments to reconcile net income to net cash provided by operating activities:
			Depreciation and amortization				111,575				114,485
			Allowance for doubtful accounts and credit losses				13,234				13,182
			Allowance for DIP Facility				(8,907	)			19,373
			Stock-based compensation				14,151				16,524
			Amortization of debt fees				7,226				12,907
			Loss on debt refinancing				14,072				10,892
			Restructuring charges				58,392				76,915
			Restructuring payments				(41,338	)			(86,024	)
			Pension contributions and retiree medical payments				(25,931	)			(24,907	)
			Pension settlement charge				-				91,339
			Loss on sale/disposal of fixed assets				11,066				13,192
			Loss (gain) on revaluation of intercompany loans				21,944				(10,241	)
			Impairment charges				268				10,000
			Deferred tax provision (benefit)				38,405				(173,710	)
			Other, net				8,241				(12,954	)
		Changes in operating assets and liabilities, net of acquisitions:
				Accounts receivables			(13,999	)			31,983
				Finance receivables			107,223				60,342
				Inventories			(5,566	)			2,260
				Other current assets			817				996
				Accounts payable and accrued liabilities			(62,028	)			47,348
				Income taxes			(6,806	)			(35,070	)
				Advance billings			(3,479	)			(4,882	)
	Net cash from operating activities - continuing operations						383,257				276,452
	Net cash from operating activities - discontinued operations						-				(47,282	)
	Net cash from operating activities						383,257				229,170
Cash Flows From Investing Activities:
			Capital expenditures				(66,278	)			(72,403	)
			Purchase of investment securities				(34,772	)			(30,099	)
			Proceeds from sales / maturities of investment securities				28,345				76,563
			DIP Facility reimbursement (disbursement)				8,907				(17,234	)
			Net investment in loans receivables				(61,200	)			(9,467	)
			Acquisitions				(2,200	)			-
			Other investing activities				2,101				10,969
	Net cash from investing activities - continuing operations						(125,097	)			(41,671	)
	Net cash from investing activities - discontinued operations						-				(7,385	)
	Net cash from investing activities						(125,097	)			(49,056	)
Cash Flows From Financing Activities:
			Proceeds from issuance of long-term debt				1,005,000				-
			Payments to redeem long-term debt				(934,316	)			(233,930	)
			Change in customer deposits at PB Bank				(50,208	)			(10,458	)
			Dividends paid to stockholders				(51,059	)			(35,956	)
			Premium and fees paid to redeem/refinance debt				(17,271	)			(13,688	)
			Capped call payment				(24,702	)			-
			Common stock repurchases				(378,361	)			-
			Other financing activities				5,559				(4,568	)
	Net cash from financing activities - continuing operations						(445,358	)			(298,600	)
	Net cash from financing activities - discontinued operations						-				(6,855	)
	Net cash from financing activities						(445,358	)			(305,455	)
Effect of exchange rate changes on cash and cash equivalents							2,359				(4,987	)
Change in cash and cash equivalents							(184,839	)			(130,328	)
Cash and cash equivalents at beginning of period							469,726				600,054
Cash and cash equivalents at end of period						$	284,887			$	469,726

Pitney Bowes Inc.
Business Segment Revenue
(Unaudited; in thousands)
		Three Months Ended December 31,						Year Ended December 31,
		2025		2024		% Change		2025		2024		% Change
Sending Technology Solutions		$317,897		$336,562		(6%)		$1,256,001		$1,354,032		(7%)
Presort Services		159,728		179,555		(11%)		636,628		662,587		(4%)
	Total reportable segments	477,625		516,117		(7%)		1,892,629		2,016,619		(6%)
Other		-		4		(100%)		-		9,979		(100%)
Total revenue		$477,625		$516,121		(7%)		$1,892,629		$2,026,598		(7%)

Pitney Bowes Inc.
Adjusted Segment EBIT & EBITDA
(Unaudited; in thousands)
			Three Months Ended December 31,
			2025								2024								% change
			Adjusted Segment EBIT (1)		D&A		Adjusted Segment EBITDA				Adjusted Segment EBIT (1)		D&A		Adjusted Segment EBITDA				Adjusted Segment EBIT		Adjusted Segment EBITDA
Sending Technology Solutions			$	112,848	$	10,923	$	123,771			$	90,833	$	12,146	$	102,979			24	%	20	%
Presort Services				41,932		9,380		51,312				52,228		9,103		61,331			(20	%)	(16	%)
		Total reportable segments	$	154,780	$	20,303		175,083			$	143,061	$	21,249		164,310			8	%	7	%
Reconciliation of Adjusted Segment EBITDA to income or loss from continuing operations before taxes:
Other operations (2)								-								(677	)
Depreciation and amortization - reportable segments								(20,303	)							(21,249	)
Corporate expenses								(22,804	)							(27,946	)
Restructuring charges								(41,618	)							(12,056	)
Interest expense, net								(36,485	)							(41,708	)
Gain (loss) on debt transactions								10,362								(8,750	)
Pension settlement charge								-								(91,339	)
Foreign currency (loss) gain on intercompany loans								(710	)							23,724
Transaction and Strategic review costs								(4,584	)							(2,820	)
Charges in connection with Ecommerce Restructuring								(20,564	)							(29,686	)
Income (loss) from continuing operations before taxes							$	38,377							$	(48,197	)
			Year Ended December 31,
			2025								2024								% change
			Adjusted Segment EBIT (1)		D&A		Adjusted Segment EBITDA				Adjusted Segment EBIT (1)		D&A		Adjusted Segment EBITDA				Adjusted Segment EBIT		Adjusted Segment EBITDA
Sending Technology Solutions			$	412,189	$	45,525	$	457,714			$	384,751	$	45,867	$	430,618			7	%	6	%
Presort Services				165,277		37,029		202,306				165,784		35,825		201,609			(0	%)	0	%
		Total reportable segments	$	577,466	$	82,554		660,020			$	550,535	$	81,692		632,227			5	%	4	%
Reconciliation of Adjusted Segment EBITDA to income or loss from continuing operations before taxes:
Other operations (2)								-								(12,821	)
Depreciation and amortization - reportable segments								(82,554	)							(81,692	)
Corporate expenses								(116,173	)							(152,503	)
Restructuring charges								(58,392	)							(76,915	)
Interest expense, net								(149,156	)							(173,694	)
Loss on debt transactions								(14,072	)							(10,892	)
Pension settlement charge								-								(91,339	)
Foreign currency (loss) gain on intercompany loans								(21,944	)							10,243
Transaction and Strategic review costs								(12,179	)							(17,110	)
Impairment charge								(268	)							(10,000	)
Charges in connection with Ecommerce Restructuring								(12,758	)							(67,831	)
Income (loss) from continuing operations before taxes							$	192,524							$	(52,327	)
(1)		Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, foreign currency gains and losses from the revaluation of intercompany loans and other items that are not allocated to a business segment.
(2)		Other operations includes the revenue and related expenses of our former Global Ecommerce business that did not qualify for discontinued operations treatment.

Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited; in thousands, except per share amounts)
		Three Months Ended December 31,								Year Ended December 31,
			2025				2024				2025				2024
Reconciliation of reported net income (loss) to adjusted net income, adjusted EBIT and adjusted EBITDA
Net income (loss) - GAAP			$27,337				($37,373	)			$144,697				($203,597	)
(Income) loss from discontinued operations, net of tax			-				(4,690	)			-				306,099
Provision (benefit) for income taxes			11,040				(6,134	)			47,827				(154,829	)
Income (loss) from continuing operations before taxes			38,377				(48,197	)			192,524				(52,327	)
Restructuring charges			41,618				12,056				58,392				76,915
Pension settlement charge			-				91,339				-				91,339
Foreign currency loss (gain) on intercompany loans			710				(23,724	)			21,944				(10,243	)
Transaction and Strategic review costs			4,584				2,820				12,179				17,110
Impairment charge			-				-				268				10,000
Charges in connection with Ecommerce Restructuring			20,564				29,686				12,758				67,831
(Gain) loss on debt transactions			(10,362	)			8,750				14,072				10,892
Adjusted net income before tax			95,491				72,730				312,137				211,517
Adjusted tax provision			25,255				14,322				77,743				61,254
Adjusted net income			$70,236				$58,408				$234,394				$150,263
Adjusted net income before tax			$95,491				$72,730				$312,137				$211,517
Interest, net			36,485				41,708				149,156				173,694
Adjusted EBIT			131,976				114,438				461,293				385,211
Depreciation and amortization			27,072				28,588				111,575				114,485
Adjusted EBITDA			$159,048				$143,026				$572,868				$499,696
Reconciliation of reported diluted earnings (loss) per share to adjusted diluted earnings per share
Diluted earnings (loss) per share - GAAP			$0.17				($0.21	)			$0.84				($1.12	)
(Income) loss from discontinued operations, net of tax			-				(0.03	)			-				1.68
Restructuring charges			0.20				0.05				0.25				0.32
Pension settlement charge			-				0.37				-				0.37
Foreign currency loss (gain) on intercompany loans			0.00				(0.10	)			0.10				(0.04	)
Transaction and Strategic review costs			0.02				0.01				0.05				0.07
(Gain) loss on debt transactions			(0.05	)			0.04				0.06				0.05
Charges in connection with Ecommerce Restructuring			0.10				0.12				0.06				0.28
Asset impairment charge			-				-				-				0.06
Tax on settlement of investment securities			-				0.05				-				0.05
Tax benefit from affiliate reorganization			-				-				-				(0.90	)
Adjusted diluted earnings per share			$0.45				$0.32				$1.35				$0.82
The sum of the earnings per share amounts may not equal the totals due to rounding.
Reconciliation of reported net cash from operating activities to free cash flow
Net cash from operating activities - continuing operations			$221,699				$131,837				$383,257				$276,452
Capital expenditures			(20,251	)			(22,182	)			(66,278	)			(72,403	)
Restructuring payments			10,495				32,104				41,338				86,024
Free cash flow			$211,943				$141,759				$358,317				$290,073

 

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For Investors:

Alex Brown

investorrelations@pb.com

Source: Pitney Bowes Inc.