| Pitney Bowes Inc. | ||||||||
| Reconciliation of Reported Consolidated Results to Adjusted Results | ||||||||
| (Unaudited) | ||||||||
| (Dollars in thousands, except per share data) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2015 | 2014 | |||||||
|
GAAP income from continuing operations after income taxes, as reported |
$ | 80,455 | $ | 41,872 | ||||
| Restructuring charges, net | (53 | ) | 6,681 | |||||
| Extinguishment of debt | - | 37,833 | ||||||
|
Income from continuing operations after income taxes, as adjusted |
$ | 80,402 | $ | 86,386 | ||||
|
GAAP diluted earnings per share from continuing operations, as reported |
$ | 0.40 | $ | 0.21 | ||||
| Restructuring charges, net | - | 0.03 | ||||||
| Extinguishment of debt | - | 0.19 | ||||||
|
Diluted earnings per share from continuing operations, as adjusted |
$ | 0.40 | $ | 0.42 | ||||
|
GAAP net cash provided by operating activities, as reported |
$ | 103,887 | $ | 105,616 | ||||
| Capital expenditures | (43,908 | ) | (30,143 | ) | ||||
| Restructuring payments | 21,874 | 18,937 | ||||||
| Payments related to investment divestiture | 23,160 | - | ||||||
| Reserve account deposits | (20,077 | ) | (15,159 | ) | ||||
| Extinguishment of debt | - | 58,357 | ||||||
| Free cash flow, as adjusted | $ | 84,936 | $ | 137,608 | ||||
| Note: The sum of the earnings per share amounts may not equal the totals above due to rounding. | ||||||||
| Pitney Bowes Inc. | ||||||||
| Reconciliation of Reported Consolidated Results to Adjusted Results | ||||||||
| (Unaudited) | ||||||||
| (Dollars in thousands, except per share data) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2015 | 2014 | |||||||
|
GAAP income from continuing operations after income taxes, as reported |
$ | 80,455 |
$ |
41,872 |
|
|||
| Restructuring charges, net | (53 | ) | 6,681 | |||||
| Extinguishment of debt | - | 37,833 | ||||||
|
Income from continuing operations after income taxes, as adjusted |
80,402 | 86,386 | ||||||
| Provision for income taxes, as adjusted | 50,519 | 35,020 | ||||||
|
Preferred stock dividends of subsidiaries attributable to noncontrolling interests |
4,594 | 4,594 | ||||||
|
Income from continuing operations before income taxes, as adjusted |
135,515 | 126,000 | ||||||
| Interest, net | 42,834 | 43,717 | ||||||
| Adjusted EBIT | 178,349 | 169,717 | ||||||
| Depreciation and amortization | 42,496 | 43,741 | ||||||
| Adjusted EBITDA | $ | 220,845 | $ | 213,458 | ||||
