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Text: pb.com and by clicking on Investor Relations.
Additionally, we have provided slides that summarize many of the points we will discuss during the call.
These slides can also be found on our Investor Relations website.
Let me start by saying how delighted I am that Ana is joining the team as our Chief Financial Officer.
Ana held several executive positions at GE Capital; most recently been President and CEO of GE Capital's Global Legacy Solutions and prior to that, the Chief Operating Officer and CFO of that business.
Ana brings with her strong financial and operational experience and will fit into the PB culture very well.
No one could have predicted how the world changed in 2020, but I'm very proud of how our team was prepared and managed through the challenges.
Their efforts and hard work show in the progress we made in our business throughout the year.
If I had to choose one word to sum up our employees in 2020, it will be determined.
That is exactly what our team personifies.
The fourth quarter was a remarkable ending to an extraordinary year.
Revenue at constant currency grew 23%.
To the best of our knowledge, this is the highest modern-day organic growth rate on record for Pitney Bowes.
And our shipping-related revenues comprised 54% of our total revenue.
For the quarter, Global Ecommerce grew 60%, with profit improving from prior year and prior quarters, resulting in positive EBITDA.
Presort turned in flat revenue performance, which is a significant improvement from prior quarters and better than the market.
And SendTech turned in strong performance, growing both revenue and profit over prior year.
This was powered by strong equipment sales, double-digit growth in our SaaS-based shipping offerings and a solid performance in our services business.
SendTech is a business that many considered a melting ice cube.
However, the investments we have made in our digital channel and products, while also expanding our shipping offerings, have given new life to this business.
In all, these accomplishments would have been hard to imagine a few short years ago.
But this is what a determined and focused team can do.
Looking at the year from a broader lens, when the pandemic hit, we had two objectives.
First, we needed to focus on the health and well-being of our employees and ensuring the company remains strong financially during this unpredictable time.
Secondly, we wanted to come out of this terrible moment a stronger company.
It is often true that moments of economic dislocation create opportunities, and our team was determined to leverage the investments we have made over the last several years to capture those opportunities.
We pivoted to change our work protocols and practices.
We provided our employees the necessary PPE to be safe, as they did their essential work.
We also took the important actions to fortify our balance sheet by refinancing our debt, and we made prudent decisions to ensure we had a solid liquidity position.
It was apparent early on that the company's financial position was solid and we turned to coming out of this pandemic stronger, which we are well on our way of achieving.
From an annual perspective, Global Ecommerce turned in $1.6 billion in revenue, growing at a record rate of just over 40%.
This business won new customers and achieved scale much earlier than we had planned.
Simultaneously, we accelerated our planned network build out by several years.
This certainly wasn't always smooth sailing, but the business is in a much better place than it was 12 months ago.
While e-commerce's astonishing growth understandably gets a lot of attention, the transformation of our SendTech business tells an equally remarkable story.
Importantly, the business performed well relative to the mail market.
But even more enduring, business has moved to a natural adjacency in shipping.
This is a new large growth area, which, along with the ongoing transformation of our financial services business and a meaningful contribution from our Global Services group, leverages our core strengths.
Epitomizing the transformation of SendTech is the growth of shipping revenue, which is now a meaningful offset to our decline in mail business.
Also notable, U.S. shipments of our low-end and middle-market devices grew 13% for the year.
These multipurpose devices provide new value to clients as compared to our previous generation single-purpose mailing machines.
I'm also particularly pleased with our cash performance in the fourth quarter in the year.
The increase in our cash is a result of disciplined execution and a great team effort.
It's a fairly remarkable accomplishment to meaningfully increase operating cash flow in the middle of a pandemic and one of the most significant economic associations since the depression.
All that being said, transformations are always messy and never a straight line, and transformations in the middle of a pandemic are particularly complicated.
The unprecedented increase in demand in the e-commerce market created cost inflation, particularly in labor and transportation costs in the fourth quarter, which had a deleterious impact on our profit in e-commerce.
This quarter tested capacity throughout [Technical Issues].
Admittedly, it was a challenge.
In order to optimize our service, we more than doubled our labor and set up three new facilities to help meet the demand.
While these facilities, along with the newer flagship sites we opened late last year, works through typical growing pain, they have also become a critical part of our overall network, handling over one-quarter of our total domestic parcels in 2020.
In addition, our use and reliance of third-party transportation this peak, both in cost and service, was challenged, which was in line with the broader industry trends.
To mitigate this, we proactively upgraded packages at a cost to try to maintain service.
Going forward, we see opportunity to balance our use of third-party transportation and our own PB fleet assets, which performed above expectations this peak.
We will continue to invest to become more efficient across each of these areas.
As I've said in the past, it's now within our four walls to manage the cost structure and generate efficiencies.
I'm often asked about the anatomy of transformations and I think it's worth repeating.
Transformations have a certain arc to them; quick wins, sustained investments, revenue growth and then profitable revenue growth.
The most highly correlated factors for successful transformations are revenue growth and employee engagement.
We have achieved revenue growth the last several years, and our employee engagement in the middle of pandemic reached new highs.
While there continues to be tremendous uncertainty in our economy and how the pandemic will play out, we are poised to enter the last stage of successful transformations, profitable revenue growth.
I am proud of what the team has accomplished.
But we all recognize there is more work to do.
I'm excited about this next chapter of our transformation.
We are on the precipice of accomplishing what very few companies have ever done.
Let me start by providing an overview of our full-year results, followed by the details of our fourth quarter.
For the full year, revenue was $3.6 billion, which was growth of 11% over prior year and is our fourth consecutive year of constant currency revenue growth.
Global Ecommerce grew 41%, Presort Services declined less than 2% and SendTech declined 7%.
Adjusted earnings per share was $0.30 and GAAP earnings per share was a loss of $1.06.
As a reminder, GAAP earnings per share includes a non-cash goodwill impairment charge that we recorded in the first quarter.
GAAP cash from operations was $298 million and free cash flow was $279 million.
Free cash flow increased $91 million over prior year.
Through the year, there were a few noteworthy items that principally benefited free cash flow.
First, our focus on collections resulted in a strong improvement in our DSO.
We also saw a higher level of Presort and PB Bank customer deposits, in part due to initiatives to support our clients.
Second, finance receivables declined at a greater rate, largely in the second quarter as a result of the lower placements of our SendTech equipment due to the pandemic.
You can see the trend starting to improve as our SendTech business built momentum through the second half of 2020 as businesses began to reopen.
Early on when the pandemic surfaced, we made the prudent decision to reprioritize investments and reduce spending, given the level of uncertainty in the market at that time.
There were other puts and takes through the year as we typically experience, but these areas are the key drivers to understanding the strong free cash flow we generated for the year.
Looking at our balance sheet and capital allocation, we ended the year with $940 million in cash and short-term investments.
For the year, we used free cash flow to return $34 million to our shareholders in the form of dividends.
Our capital expenditures totaled $105 million and reflect investments made throughout the year in new and existing facilities, our technology and our products.
As part of our ongoing transformation, we also made $20 million in restructuring payments.
Within our Pitney Bowes Bank, customer deposits grew to $617 million and Wheeler Financial funded $16 million in new deals for the year.
From a debt perspective, we ended the year with $102.6 billion in total debt, which is a reduction of $175 million from prior year.
In terms of our net debt, when you take our cash and short-term investments and finance receivables into consideration, our implied net debt position on an operating company basis was about $550 million at year-end.
Turning to the details of the fourth quarter.
We delivered $1 billion in revenue, which represents growth of 23%.
Global Ecommerce grew 60%, and both Presort and SendTech were flat to prior year.
For the quarter, adjusted earnings per share was $0.13 and GAAP earnings per share was $0.11.
EPS for the quarter reflects a $0.03 tax benefit, primarily related to deferred tax balances in certain international tax jurisdictions.
GAAP cash from operations was $111 million in the quarter and free cash flow was $97 million.
Free cash flow grew $16 million over prior year, predominantly driven by the timing of working capital.
During the quarter, we used free cash flow to reduce debt $31 million, invest $24 million in capital expenditures and pay $9 million in dividends.
Turning to the P&L, starting with revenue performance as compared to prior year.
Business services grew 43% and equipment sales grew 15%.
We had declines in support services of 4% and rentals of 8%, while financing and supplies both declined approximately 10%.
Gross profit was $311 million and gross margin was 30%.
This is a decline of about nine points from prior year, which largely reflects the shifting mix of our portfolio and higher cost of service, driven by the influx of parcel demand in Global Ecommerce.
SG&A was $242 million or just under 24% of revenue, which is a six-point improvement from prior year.
Within SG&A, unallocated corporate expenses were $54 million, which were $2.5 million higher than prior year.
It is important to note that full-year unallocated corporate expenses were $200 million, which were $11 million lower than prior year, primarily due to lower employee-related expenses.
R&D expense was $9.5 million or about 1% of revenue, which was about half-point improvement from prior year.
EBIT was $62 million and EBIT margin was 6%.
Compared to prior year, EBIT declined $3 million and EBIT margin declined about 2%, largely driven by the lower gross profit.
Interest expense, including financing interest expense, was $38 million, which was relatively flat to prior year.
The provision for taxes on adjusted earnings was less than $1 million and our tax rate for the quarter was 1%, bringing our annual tax rate to 13%.
Average diluted weighted shares outstanding at the end of the quarter were about $177 million.
Let me now discuss the performance of each of our business segments this quarter.
Within Global Ecommerce, revenue was $518 million, which was growth of 60% over prior year and the first time we achieved over $500 million in quarterly revenue.
Compared to prior year, volumes grew by 50% or more across each of our lines of business.
Domestic parcel volumes grew 76% to just under 65 million parcels.
Digital volumes grew 50%, and cross-border volumes grew 76%.
Looking at EBIT, we recorded a loss of $15 million.
This was an improvement of $3 million from prior year and $5 million from prior quarter.
EBIT margin also improved three points from prior year and two points from prior quarter.
EBITDA was $3 million, which was an improvement from prior year and prior quarters.
Revenue growth over prior year benefited from the significant demand.
This was offset by higher cost, driven partly by the market dynamics, which we are seeing a significant higher transportation spot market and higher labor costs.
The increase in peak demand also put pressure on our productivity.
We will continue to invest across our network to drive efficiencies, reduce costs and improve service for our clients, which will come in part from automation across our network.
We are addressing our labor structure, shifting more from temporary labor to permanent, which will yield a more productive workforce.
We are also looking at our transportation network and opportunities where it makes sense for us to become less reliant on the spot market, along with becoming more efficient at capturing deeper postal discounts.
Additionally, similar to the market, we will capture a surcharge in 2021, along with our annual general rate increase.
Within Presort Services, revenue was $135 million, which is flat to prior year.
Overall average daily volumes declined 2%.
First Class Mail volumes declined 3%, while Marketing Mail volumes grew 2%.
Marketing Mail Flats and Bound Printed Matter volumes grew 26%.
As we have discussed in the past, this is still a relatively small part of the portfolio, but representing new revenue and profit stream for us.
EBIT was $13 million and EBIT margin was 10%.
EBITDA was $21 million and EBITDA margin was 16%.
EBIT and EBITDA margins were relatively in line with prior quarters and declined from prior year, largely due to higher medical claims and increased labor costs as well as COVID-related direct costs for the health and safety of our facility workers.
Turning to our SendTech segment.
Revenue was $376 million, which was flat to prior year, excluding the impact of currency, and represents growth of 1% on a reported basis.
Marc talked about the investments we have made in our SendTech business around our digital capabilities, including our channel and products.
We are bringing new value to our clients through our multi-purpose devices and we are leveraging our digital channel to attract new clients to our offerings.
In the fourth quarter, SendTech's shipping-related revenues grew nearly 30% to $35 million and our SaaS-based SendPro online offering grew its paid subscriptions by over 70%.
Shipping is a high-margin stream that contributes about 10% to SendTech's overall revenue today, with great opportunity for future growth still in front of us.
The impact of shipping is also resonating in our financing portfolio, as those clients through their shipping volumes by 65% over prior year.
Equipment sales grew 15% over prior year, driven by strong placements of our SendPro C and MailStation multipurpose products.
Our value proposition continues to resonate with our clients.
Our SendPro MailStation is a replacement option for lower-volume mailers and ideal for remote setups or branch offices of larger organizations.
Since launching in April, we have shipped approximately 20,000 MailStation units.
The growth in equipment sales is a significant improvement from prior quarters, particularly against the decline of 32% we saw in the second quarter, at the height of the COVID lock-downs.
Supplies declined 10%, which is an improvement from prior quarters on increased usage and demand.
In the U.S., 70% of our supplies transactions were conducted online in the fourth quarter, which is up nine points from the same period last year.
Support services declined 4%, which is also an improvement from recent quarters.
When combined, rentals and financing revenues declined 9% in the quarter.
We turned in strong EBIT performance of $118 million, which represents growth of $5 million over prior year.
EBIT margin was 31%, which improved one point over prior year and is within the range projected in our long-term model.
EBITDA was $126 million and EBITDA margin was 34%, both improving over prior year.
The quality of our financing portfolio remains healthy, and delinquency rates are trending down from the initial small uptick that we saw earlier in the year as a result of the pandemic.
We continually monitor our delinquency rates and take a very disciplined approach to managing our credit risk.
Let me close with an update on 2021.
Given the ongoing uncertainty in the market around the pandemic and uncertain macroeconomic conditions, we will speak more broadly to our 2021 outlook.
We expect annual revenue to grow over prior year in the low-to-mid single digit range, making 2021 the fifth consecutive year of constant currency growth.
We also expect adjusted earnings per share to grow over prior year.
Within our segments, we expect Global Ecommerce revenue to grow in the low double-digit range and we also expect this business to demonstrate significant profit improvement.
We expect the momentum we saw in the second half of 2020 for SendTech, particularly around our shipping capabilities and new multipurpose devices, to continue through 2021 and help partially offset the decline in recurring related revenues.
We also expect the improvement in volume trends we saw in Presort in the second half of 2020 to continue through 2021.
There are also a few headwinds to be aware of on a year-to-year basis that will partly offset the overall business unit improvements.
In 2020, we recorded RIV insurance proceeds.
In 2021, we expect higher employee-related cost as it relates to variable compensation.
Additionally, we expect our annual tax rate on adjusted earnings to be in the 23% to 27% range, which is higher than where we ended 2020.
We expect lower free cash flow in 2021, primarily due to the specific items I discussed earlier in my comments that benefited 2020 and are not expected to continue at the same level in 2021.
Looking at the timing through the year.
Our portfolio continues to shift to markets that are growing, particularly around shipping.
As a result, the fourth quarter will continue to be our largest quarter for the year.
Specifically in the first quarter, we expect revenue to grow over prior year in the high single-digit to low double-digit range and earnings per share to be relatively in line with prior year.

user
q4 adjusted earnings per share $0.13.
q4 gaap earnings per share $0.11.
expects 2021 revenue to grow over prior year in low-to-mid single digit range.
expects 2021 adjusted earnings per share to grow over prior year.

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