Pitney Bowes Announces Full Year and Fourth Quarter 2015

Pitney Bowes Announces Full Year and Fourth 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 December 31,						Twelve Months Ended December 31,
	2015			2014			2015			2014

Income from continuing operations
after income taxes, as reported:	$	80,426		$	58,952		$	402,672		$	300,006
Restructuring charges and asset impairments, net		9,481			44,188			18,089			59,349
Loss (gain) on sale/disposition of businesses		4,149			-			(84,250	)		-
Acquisition and disposition transaction costs		48			-			11,475			-
Legal settlement		-			-			4,250			-
Acquisition related compensation expense		-			-			7,246			-
Investment divestiture		-			-			(7,756	)		(9,774	)
Extinguishment of debt		-			-			-			37,833
Income from continuing operations
after income taxes, as adjusted:	$	94,104		$	103,140		$	351,726		$	387,414


Diluted earnings per share from
continuing operations, as reported:	$	0.41		$	0.29		$	2.00		$	1.47
Restructuring charges and asset impairments, net		0.05			0.22			0.09			0.29
Loss (gain) on sale/disposition of businesses		0.02			-			(0.42	)		-
Acquisition and disposition transaction costs		-			-			0.06			-
Legal settlement		-			-			0.02			-
Acquisition related compensation expense		-			-			0.04			-
Investment divestiture		-			-			(0.04	)		(0.05	)
Extinguishment of debt		-			-			-			0.19
Diluted earnings per share from continuing
operations, as adjusted:	$	0.48		$	0.51		$	1.75		$	1.90


Net cash provided by operating activities,
as reported:	$	163,924		$	258,094		$	514,639		$	655,526
Capital expenditures		(36,686	)		(59,286	)		(166,329	)		(180,556	)
Restructuring payments		16,030			14,011			62,086			56,162
(Receipts) payments related to investment divestiture		-			(59,475	)		20,602			(5,737	)
Reserve account deposits		1,428			253			(24,202	)		(15,666	)
Acquisition related compensation payment		-			-			10,483			-
Tax payment related to sale of Imagitas		5,306			-			21,224			-
Cash transaction fees related to acquisitions
and dispositions		6,856			-			17,971			-
Extinguishment of debt		-			-			-			61,657

Free cash flow, as adjusted:	$	156,858		$	153,597		$	456,474		$	571,386



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

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