Company Quick10K Filing
Pitney Bowes
Price4.51 EPS0
Shares179 P/E13
MCap808 P/FCF4
Net Debt2,579 EBIT128
TEV3,386 TEV/EBIT26
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-04
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-22
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-20
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-01
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-25
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-23
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-05
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-07-13 Officers
8-K 2020-06-30 Officers
8-K 2020-05-04
8-K 2020-05-04
8-K 2020-02-25
8-K 2020-02-19
8-K 2020-02-10
8-K 2020-02-04
8-K 2019-12-18
8-K 2019-12-02
8-K 2019-12-02
8-K 2019-12-02
8-K 2019-11-05
8-K 2019-11-01
8-K 2019-10-26
8-K 2019-10-14
8-K 2019-09-26
8-K 2019-08-23
8-K 2019-08-06
8-K 2019-05-07
8-K 2019-05-01
8-K 2019-04-22
8-K 2019-02-05
8-K 2018-11-01
8-K 2018-08-01
8-K 2018-07-09
8-K 2018-07-03
8-K 2018-07-02
8-K 2018-06-18
8-K 2018-05-08
8-K 2018-05-02
8-K 2018-05-01
8-K 2018-01-31

PBI 10Q Quarterly Report

Part I. Financial Information
Item 1: Financial Statements
Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3: Quantitative and Qualitative Disclosures About Market Risk
Item 4: Controls and Procedures
Part II. Other Information
Item 1: Legal Proceedings
Item 1A: Risk Factors
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Item 6: Exhibits
EX-31.1 pbi-20200331ex311.htm
EX-31.2 pbi-20200331ex312.htm
EX-32.1 pbi-20200331ex321.htm
EX-32.2 pbi-20200331ex322.htm

Pitney Bowes Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
10.08.05.93.91.8-0.22012201420172020
Assets, Equity
1.31.00.70.50.2-0.12012201420172020
Rev, G Profit, Net Income
0.70.40.2-0.1-0.3-0.62012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to ________________
Commission file number: 1-03579
PITNEY BOWES INC.
(Exact name of registrant as specified in its charter)

State of incorporation:
Delaware
 
I.R.S. Employer Identification No.
06-0495050
Address:
3001 Summer Street,
Stamford,
Connecticut
06926
 
Telephone Number:
(203)
356-5000
 
 
 
 

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbol(s)
 
Name of Each Exchange on Which Registered
Common Stock, $1 par value per share
 
PBI
 
New York Stock Exchange
6.7% Notes due 2043
 
PBI.PRB
 
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
Emerging growth company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ
As of April 30, 2020, 172,626,898 shares of common stock, par value $1 per share, of the registrant were outstanding.

1




PITNEY BOWES INC.
INDEX

 
 
Page Number
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Statements of Income (loss) for the Three Months Ended March 31, 2020 and 2019
 
 
 
 
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2020 and 2019
 
 
 
 
Condensed Consolidated Balance Sheets at March 31, 2020 and December 31, 2019
 
 
 
 
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2





PART I. FINANCIAL INFORMATION
Item 1: Financial Statements
PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited; in thousands, except per share amounts)
 
Three Months Ended March 31,
 
2020
 
2019
Revenue:
 

 
 

Business services
$
444,379

 
$
406,545

Support services
122,015

 
128,599

Financing
89,078

 
97,043

Equipment sales
76,273

 
89,787

Supplies
45,709

 
50,953

Rentals
18,814

 
22,157

Total revenue
796,268

 
795,084

Costs and expenses:
 
 
 
Cost of business services
374,665

 
327,046

Cost of support services
39,760

 
41,847

Financing interest expense
12,489

 
11,364

Cost of equipment sales
57,359

 
63,665

Cost of supplies
12,240

 
13,550

Cost of rentals
6,378

 
9,715

Selling, general and administrative
248,633

 
261,669

Research and development
12,116

 
12,577

Restructuring charges
3,817

 
3,700

Goodwill impairment
198,169

 

Interest expense, net
25,883

 
27,602

Other components of net pension and postretirement income
(151
)
 
(638
)
Other expense, net
33,487

 
17,710

Total costs and expenses
1,024,845

 
789,807

(Loss) income from continuing operations before taxes
(228,577
)
 
5,277

(Benefit) provision for income taxes
(10,030
)
 
7,820

Loss from continuing operations
(218,547
)
 
(2,543
)
Income (loss) from discontinued operations, net of tax
10,064

 
(116
)
Net loss
$
(208,483
)
 
$
(2,659
)
Basic (loss) earnings per share (1):
 
 
 
Continuing operations
$
(1.28
)
 
$
(0.01
)
Discontinued operations
0.06

 

Net loss
$
(1.22
)
 
$
(0.01
)
Diluted (loss) earnings per share (1):
 
 
 
Continuing operations
$
(1.28
)
 
$
(0.01
)
Discontinued operations
0.06

 

Net loss
$
(1.22
)
 
$
(0.01
)

(1) The sum of the earnings per share amounts may not equal the totals due to rounding.







See Notes to Condensed Consolidated Financial Statements

3


PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited; in thousands)



 
Three Months Ended March 31,
 
2020
 
2019
Net loss
$
(208,483
)
 
$
(2,659
)
Other comprehensive (loss) income, net of tax:
 
 
 
Foreign currency translation, net of tax of $(2,817) and $924, respectively
(27,735
)
 
21,368

Net unrealized (loss) gain on cash flow hedges, net of tax of $(58) and $56, respectively
(174
)
 
163

Net unrealized gain on investment securities, net of tax of $434 and $964, respectively
1,308

 
2,816

Amortization of pension and postretirement costs, net of tax benefits of $2,650 and $2,649, respectively
8,870

 
6,636

Other comprehensive (loss) income, net of tax
(17,731
)
 
30,983

Comprehensive (loss) income
$
(226,214
)
 
$
28,324










































See Notes to Condensed Consolidated Financial Statements

4


PITNEY BOWES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands, except share and per share amounts)


 
March 31, 2020
 
December 31, 2019
ASSETS
 

 
 

Current assets:
 

 
 

Cash and cash equivalents
$
663,072

 
$
924,442

Short-term investments, reported at fair value
67,180

 
115,879

Accounts and other receivables (net of allowance of $29,444 and $17,830, respectively)
342,823

 
373,471

Short-term finance receivables (net of allowance of $23,104 and $12,556, respectively)
597,805

 
629,643

Inventories
71,848

 
68,251

Current income taxes
16,356

 
5,565

Other current assets and prepayments
111,104

 
101,601

Assets of discontinued operations

 
17,229

Total current assets
1,870,188

 
2,236,081

Property, plant and equipment, net
371,464

 
376,177

Rental property and equipment, net
40,264

 
41,225

Long-term finance receivables (net of allowance of $15,764 and $7,095 respectively)
601,547

 
625,487

Goodwill
1,125,035

 
1,324,179

Intangible assets, net
181,624

 
190,640

Operating lease assets
193,635

 
200,752

Noncurrent income taxes
73,186

 
71,903

Other assets (includes $280,083 and $232,938, respectively, reported at fair value)
436,487

 
400,456

Total assets
$
4,893,430

 
$
5,466,900

 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 

Current liabilities:
 

 
 

Accounts payable and accrued liabilities
$
653,539

 
$
793,690

Customer deposits at Pitney Bowes Bank
590,230

 
591,118

Current operating lease liabilities
36,085

 
36,060

Current portion of long-term debt
62,952

 
20,108

Advance billings
96,641

 
101,920

Current income taxes
3,070

 
17,083

Liabilities of discontinued operations

 
9,713

Total current liabilities
1,442,517

 
1,569,692

Long-term debt
2,567,010

 
2,719,614

Deferred taxes on income
275,815

 
274,435

Tax uncertainties and other income tax liabilities
36,096

 
38,834

Noncurrent operating lease liabilities
171,079

 
177,711

Other noncurrent liabilities
371,483

 
400,518

Total liabilities
4,864,000

 
5,180,804

 
 
 
 
Commitments and contingencies (See Note 14)


 


 
 
 
 
Stockholders’ equity:
 
 
 
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued)
323,338

 
323,338

Additional paid-in capital
69,553

 
98,748

Retained earnings
5,200,024

 
5,438,930

Accumulated other comprehensive loss
(857,874
)
 
(840,143
)
Treasury stock, at cost (151,947,224 and 152,888,969 shares, respectively)
(4,705,611
)
 
(4,734,777
)
Total stockholders’ equity
29,430

 
286,096

Total liabilities and stockholders’ equity
$
4,893,430

 
$
5,466,900



See Notes to Condensed Consolidated Financial Statements

5


PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)


 
Three Months Ended March 31,
 
2020
 
2019
Cash flows from operating activities:
 

 
 

Net loss
$
(208,483
)
 
$
(2,659
)
(Income) loss from discontinued operations, net of tax
(10,064
)
 
116

Restructuring payments
(6,047
)
 
(8,246
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 

 
 

Restructuring charges
3,817

 
3,700

Loss on disposition of businesses

 
17,710

Loss on extinguishment of debt
36,987

 

Depreciation and amortization
40,719

 
36,885

Goodwill impairment
198,169

 

Stock-based compensation
1,521

 
6,784

Allowance for credit losses
15,926

 
10,655

Amortization of debt fees
2,300

 
2,456

Changes in operating assets and liabilities, net of acquisitions/divestitures:
 

 
 

Decrease in accounts receivable
7,182

 
29,947

Decrease in finance receivables
18,843

 
43,388

Increase in inventories
(4,815
)
 
(6,232
)
Increase in other current assets and prepayments
(7,969
)
 
(33,948
)
Decrease in accounts payable and accrued liabilities
(104,556
)
 
(14,986
)
Increase (decrease) in current and noncurrent income taxes
10,797

 
(2,365
)
(Decrease) increase in advance billings
(4,148
)
 
878

Other, net
(18,658
)
 
(15,612
)
   Net cash (used in) provided by operating activities - continuing operations
(28,479
)
 
68,471

   Net cash (used in) provided by operating activities - discontinued operations
(37,805
)
 
1,257

   Net cash (used in) provided by operating activities
(66,284
)
 
69,728

Cash flows from investing activities:
 

 
 

Purchases of available-for-sale securities
(67,312
)
 

Proceeds from sales/maturities of available-for-sale securities
24,102

 
31,404

Net activity from short-term and other investments
48,431

 
(1,778
)
Capital expenditures
(25,778
)
 
(27,694
)
Acquisitions, net of cash acquired
(1,281
)
 
(4,882
)
Change in customer deposits at Pitney Bowes Bank
(888
)
 
(23,036
)
Other investing activities
(230
)
 
(7,841
)
   Net cash used in investing activities - continuing operations
(22,956
)
 
(33,827
)
   Net cash used in investing activities - discontinued operations
(2,502
)
 
(1,060
)
   Net cash used in investing activities
(25,458
)
 
(34,887
)
Cash flows from financing activities:
 

 
 

Proceeds from the issuance of long-term debt
816,544

 

Principal payments of long-term debt
(932,600
)
 
(12,541
)
Premiums and fees paid to extinguish debt
(32,645
)
 

Dividends paid to stockholders
(8,523
)
 
(9,408
)
Common stock repurchases

 
(39,142
)
Other financing activities
(2,372
)
 
(2,901
)
   Net cash used in financing activities
(159,596
)
 
(63,992
)
Effect of exchange rate changes on cash and cash equivalents
(10,032
)
 
794

Change in cash and cash equivalents
(261,370
)
 
(28,357
)
Cash and cash equivalents at beginning of period
924,442

 
867,262

Cash and cash equivalents at end of period
$
663,072

 
$
838,905

 
 
 
 
Cash interest paid
$
44,891

 
$
33,393

Cash income tax payments, net of refunds
$
13,270

 
$
10,071



See Notes to Condensed Consolidated Financial Statements

6


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)


1. Description of Business and Basis of Presentation
Description of Business
Pitney Bowes Inc. (we, us, our, or the company) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world rely on the accuracy and precision delivered by our equipment, solutions, analytics, and application programming interface technology in the areas of ecommerce fulfillment, shipping and returns, cross-border ecommerce, office mailing and shipping, presort services and financing. Pitney Bowes Inc. was incorporated in the state of Delaware in 1920. For more information about us, our products, services and solutions, visit www.pitneybowes.com.

Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2019 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In management's opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary to fairly state our financial position, results of operations and cash flows for the periods presented have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2020, particularly in light of the novel coronavirus pandemic (COVID-19) and its effects on domestic and global businesses and economies. These statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report to Stockholders on Form 10-K for the year ended December 31, 2019 (2019 Annual Report). Certain prior year amounts have been reclassified to conform to the current year presentation.
In August 2019, we entered into a definitive agreement to sell our Software Solutions business and recast prior periods to reflect the operating results of the Software Solutions business as discontinued operations. The sale was completed in December 2019, with the exception of the software business in Australia, which closed in January 2020. See Note 4 for additional information.
Accounts and other receivables includes other receivables of $71 million at March 31, 2020 and $91 million at December 31, 2019. In January 2019, we sold the direct operations and moved to a dealer model in six smaller international markets (Market Exits) within Sending Technology Solutions (SendTech Solutions). In connection with the sale, we recognized a receivable for the transfer of the lease portfolio in these international markets of $24 million.

Risks and Uncertainties
On March 11, 2020, the World Health Organization designated COVID-19 as a global pandemic. Through the end of February 2020, consolidated revenue was trending in line with our expectations versus the same two-month period in 2019. Beginning in March, COVID-19 and its impacts on global economies and businesses began to negatively impact our year-over-year consolidated revenue trends and results of operations. We expect COVID-19 and the resulting significantly weaker global economic conditions to negatively impact our operating results for the second quarter of 2020. Additionally, since the severity and duration of this pandemic is uncertain, we are not able to reasonably estimate the full extent of the impact of the pandemic on our operating results, financial position and liquidity for the remainder of the year.
We assessed certain accounting matters that require the use of estimates, assumptions and consideration of forecasted financial information in context with the known and projected future impacts of COVID-19 as of March 31, 2020 and through the date of this report. The most significant impacts for the quarter ended March 31, 2020 are included below. While the outcomes of COVID-19 are uncertain, it is possible that the severity and duration of the pandemic could result in material impacts to our financial condition, results of operations and liquidity in future reporting periods and may cause us to take further cost-savings and cash conservation measures.
The determination of our provision for credit losses is now impacted by changes in forecasted economic conditions (see Accounting Pronouncements Adopted in 2020 below). COVID-19 and its impact on global economies resulted in an increased probability of recessionary conditions, which impacted our current year credit loss provision by $11 million.
At December 31, 2019, the fair value of our Global Ecommerce business exceeded its carrying value by less than 20%. During the first quarter of 2020, our Global Ecommerce reporting unit experienced weaker than expected performance, in part due to the macroeconomic conditions resulting from COVID-19, and we recorded a non-cash, pre-tax goodwill impairment charge of $198 million. See Note 8 for additional information.


7


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Accounting Pronouncements Adopted in 2020
Effective January 1, 2020, we adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses. We adopted this standard using the modified retrospective transition approach with a cumulative effect adjustment to retained earnings. The adoption of the standard resulted in an increase in the opening reserve balance for Accounts and other receivables of $15 million and the opening reserve balance for finance receivables of $10 million and a net reduction to retained earnings of $22 million. The ASU applies to financial assets measured at amortized cost, including finance receivables, trade and other receivables and investments in debt securities classified as available-for-sale and held-to-maturity. The ASU replaces the current incurred loss impairment model that recognizes losses when a probable threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. The models to estimate credit losses are required to be based on historical loss experience, current conditions, reasonable and supportable forecasts and current economic outlook.
Activity in the allowance for credit losses for accounts and other receivables is presented below. See Note 7 for additional information pertaining to our finance receivables.
 
Balance at December 31, 2019
 
Cumulative effect of accounting change
 
Amounts charged to expense
 
Write-offs, recoveries and currency impact
 
Balance at
March 31, 2020
Allowance for credit losses
$
17,830

 
$
15,336

 
$
3,280

 
$
(7,002
)
 
$
29,444


 
Accounts receivable greater than 365 days past due, subject to certain exceptions, are written off against the allowance, although collection efforts may continue.

Accounting Pronouncements Not Yet Adopted
In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles and also clarifies and amends existing guidance. This standard is effective beginning January 1, 2021, with early adoption permitted. We do not expect this standard to have a material impact on our consolidated financial statements.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The transition to new reference interest rates will require certain contracts to be modified and the ASU is intended to mitigate the effects of this transition. The accommodations provided by the ASU are effective as of March 12, 2020 through December 31, 2022 and may be applied at the beginning of any interim period within that time frame. We are currently assessing the impact this standard will have on our consolidated financial statements.

8


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

2. Revenue
Disaggregated Revenue
The following tables disaggregate our revenue by source and timing of recognition:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2020
 
Global Ecommerce
Presort Services
SendTech Solutions
Revenue from products and services
Revenue from leasing transactions and financing
Total consolidated revenue
Major products/service lines
 
 
 
 
 
 
Business services
$
292,323

$
140,720

$
11,336

$
444,379

$

$
444,379

Support services


122,015

122,015


122,015

Financing




89,078

89,078

Equipment sales


17,130

17,130

59,143

76,273

Supplies


45,709

45,709


45,709

Rentals




18,814

18,814

Subtotal
292,323

140,720

196,190

629,233

$
167,035

$
796,268

 
 
 
 
 
 
 
Revenue from leasing transactions and financing
 
 
 
 
 
 
Financing


89,078

89,078

 
 
Equipment sales


59,143

59,143

 
 
Rentals


18,814

18,814

 
 
     Total revenue
$
292,323

$
140,720

$
363,225

$
796,268

 
 
 
 
 
 
 
 
 
Timing of revenue recognition from products and services
 
 
 
 
Products/services transferred at a point in time
$

$

$
78,374

$
78,374

 
 
Products/services transferred over time
292,323

140,720

117,816

550,859

 
 
      Total
$
292,323

$
140,720

$
196,190

$
629,233

 
 


9


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

 
Three Months Ended March 31, 2019
 
Global Ecommerce
Presort Services
SendTech Solutions
Revenue from products and services
Revenue from leasing transactions and financing
Total consolidated revenue
Major products/service lines
 
 
 
 
 
 
Business services
$
266,254

$
134,847

$
5,444

$
406,545

$

$
406,545

Support services


128,599

128,599


128,599

Financing




97,043

97,043

Equipment sales


21,293

21,293

68,494

89,787

Supplies


50,953

50,953


50,953

Rentals




22,157

22,157

Subtotal
266,254

134,847

206,289

607,390

$
187,694

$
795,084

 
 
 
 
 
 
 
Revenue from leasing transactions and financing
 
 
 
 
 
 
Financing


97,043

97,043

 
 
Equipment sales


68,494

68,494

 
 
Rentals


22,157

22,157

 
 
     Total revenue
$
266,254

$
134,847

$
393,983

$
795,084

 
 
 
 
 
 
 
 
 
Timing of revenue recognition from products and services
 
 
 
 
Products/services transferred at a point in time
$

$

$
86,877

$
86,877

 
 
Products/services transferred over time
266,254

134,847

119,412

520,513

 
 
      Total
$
266,254

$
134,847

$
206,289

$
607,390

 
 
Our performance obligations for revenue from products and services are as follows:
Business services includes providing mail processing services, cross-border solutions, shipping solutions and fulfillment, delivery and return services. Revenue is recognized over time as the services are provided. Contract terms for these services range from one to five years followed by annual renewal periods.
Support services includes providing maintenance, professional, meter and other subscription services for our mailing equipment. Contract terms range from one to five years, depending on the term of the lease contract for the related equipment. Revenue for maintenance, meter and other subscription services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided.
Equipment sales generally include the sale of mailing equipment, excluding sales-type leases. We recognize revenue upon delivery for self-install equipment and upon acceptance or installation for other equipment. We provide a warranty that our equipment is free of defects and meets stated specifications. The warranty is not considered a separate performance obligation.
Supplies revenue is recognized upon delivery.
Revenue from leasing transactions and financing includes revenue from sales-type leases, operating leases, finance income and late fees.

Advance Billings from Contracts with Customers
 
Balance sheet location
 
March 31, 2020
 
December 31, 2019
 
Increase/ (decrease)
Advance billings, current
Advance billings
 
$
88,038

 
$
92,464

 
$
(4,426
)
Advance billings, noncurrent
Other noncurrent liabilities
 
$
1,192

 
$
1,245

 
$
(53
)

Advance billings are recorded when cash payments are due in advance of our performance. Items in advance billings primarily relate to support services on mailing equipment. Revenue is recognized ratably over the contract term.
The net decrease in advance billings at March 31, 2020 is due to revenue recognized during the period in excess of advance billings. Revenue recognized during the period includes $55 million of advance billings at the beginning of the period, partially offset by advance billings in the quarter.

10


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

Future Performance Obligations
Future performance obligations include revenue streams bundled with our leasing contracts, primarily maintenance, meter and other subscription services. The transaction prices allocated to future performance obligations will be recognized as follows:
 
 
Remainder of 2020
 
2021
 
2022-2025
 
Total
SendTech Solutions
 
$
219,155

 
$
238,137

 
$
306,647

 
$
763,939

The table above does not include revenue related to performance obligations for contracts with terms less than 12 months and expected consideration for those performance obligations where revenue is recognized based on the amount billable to the customer.
3. Segment Information
Our reportable segments are Global Ecommerce, Presort Services and SendTech Solutions. Global Ecommerce and Presort Services comprise the Commerce Services reporting group. The principal products and services of each reportable segment are as follows:
Global Ecommerce: Includes the revenue and related expenses from products and services that facilitate domestic retail and ecommerce shipping solutions, including fulfillment and returns, and global cross-border ecommerce transactions.
Presort Services: Includes revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail and Bound and Packet Mail (Marketing Mail Flats and Bound Printed Matter) for postal worksharing discounts.
SendTech Solutions: Includes the revenue and related expenses from sending technology solutions for physical mailing, digital mailing and shipping, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters and packages.
Management measures segment profitability and performance using segment earnings before interest and taxes (EBIT). Segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, asset impairment charges and other items not allocated to a particular business segment. Management believes that it provides investors a useful measure of operating performance and underlying trends of the business. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and reconciliation of segment EBIT to net loss.
 
Revenue
 
Three Months Ended March 31,
 
2020
 
2019
Global Ecommerce
$
292,323

 
$
266,254

Presort Services
140,720

 
134,847

Commerce Services
433,043

 
401,101

SendTech Solutions
363,225

 
393,983

Total revenue
$
796,268

 
$
795,084



11


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

 
EBIT
 
Three Months Ended March 31,
 
2020
 
2019
Global Ecommerce
$
(29,475
)
 
$
(14,600
)
Presort Services
15,695

 
15,066

Commerce Services
(13,780
)