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)


	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
Provision for income taxes, as adjusted		46,581		50,840		186,651			155,705
Preferred stock dividends of subsidiaries
attributable to noncontrolling interests		4,594		4,594		18,375			18,375
Income from continuing operations
before income taxes, as adjusted		145,279		158,574		556,752			561,494
Interest, net		40,003		42,013		159,374			169,450
Adjusted EBIT		185,282		200,587		716,126			730,944
Depreciation and amortization		45,826		54,728		173,312			197,234
Adjusted EBITDA	$	231,108	$	255,315	$	889,438		$	928,178

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