Pitney Bowes Announces Third Quarter 2015 Financial Results

Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited; in thousands, except per share data)


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

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


Diluted earnings per share from
continuing operations, as reported:	$	0.44		$	0.55		$	1.60		$	1.18
Restructuring charges and asset impairments, net		-			0.01			0.04			0.07
Gain on sale of Imagitas		-			-			(0.44	)		-
Acquisition and disposition transaction costs		0.03			-			0.06			-
Legal settlement		-			-			0.02			-
Acquisition related compensation expense		-			-			0.04			-
Investment divestiture		(0.04	)		(0.05	)		(0.04	)		(0.05	)
Extinguishment of debt		-			-			-			0.19
Diluted earnings per share from continuing
operations, as adjusted:	$	0.43		$	0.51		$	1.28		$	1.39


Net cash provided by operating activities,
as reported:	$	150,384		$	116,985		$	350,715		$	397,432
Capital expenditures		(40,708	)		(48,920	)		(129,643	)		(121,270	)
Restructuring payments		15,281			8,621			46,056			42,151
(Receipts) payments related to investment divestiture		(5,773	)		53,738			20,602			53,738
Reserve account deposits		(4,166	)		(12,563	)		(25,630	)		(15,919	)
Acquisition related compensation payment		-			-			10,483			-
Tax payment related to sale of Imagitas		15,918			-			15,918			-
Cash transaction fees related to acquisitions
and dispositions		-			-			11,116			-
Extinguishment of debt		-			-			-			61,657

Free cash flow, as adjusted:	$	130,936		$	117,861		$	299,617		$	417,789

Note: The sum of the earnings per share amounts may not equal the totals due to rounding.

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