Pitney Bowes Announces Third Quarter 2015 Financial Results

Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited; in thousands)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014

GAAP income from continuing operations
after income taxes, as reported	$	89,282		$	111,634		$	322,246		$	241,054
Restructuring charges and asset impairments, net		47			2,903			8,607			15,161
Gain on sale of Imagitas		30			-			(88,399	)		-
Acquisition and disposition transaction costs		5,323			-			11,428			-
Legal settlement		(370	)		-			4,250			-
Acquisition related compensation expense		-			-			7,246			-
Investment divestiture		(7,756	)		(9,774	)		(7,756	)		(9,774	)
Extinguishment of debt		-			-			-			37,833
Income from continuing operations
after income taxes, as adjusted		86,556			104,763			257,622			284,274
Provision for income taxes, as adjusted		43,657			20,788			140,070			104,865
Preferred stock dividends of subsidiaries
attributable to noncontrolling interests		4,594			4,593			13,781			13,781
Income from continuing operations
before income taxes, as adjusted		134,807			130,144			411,473			402,920
Interest, net		37,698			41,825			119,371			127,437
Adjusted EBIT		172,505			171,969			530,844			530,357
Depreciation and amortization		42,333			49,643			127,486			142,506
Adjusted EBITDA	$	214,838		$	221,612		$	658,330		$	672,863

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