| Pitney Bowes Inc. | ||||||||||||||||||||
| Reconciliation of Reported Consolidated Results to Adjusted Results | ||||||||||||||||||||
| (Unaudited; in thousands, except per share amounts) | ||||||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
| 2016 | 2015 | Y/Y Chg. | 2016 | 2015 | Y/Y Chg. | |||||||||||||||
|
Reconciliation of reported revenue to revenue excluding
currency
|
||||||||||||||||||||
| Revenue, as reported | $ | 839,031 | $ | 869,541 | (4%) | $ | 2,519,506 | $ | 2,641,113 | (5%) | ||||||||||
| Unfavorable impact on revenue due to currency | 8,436 | - |
NM |
23,157 | - | NM | ||||||||||||||
| Revenue, excluding currency | 847,467 | 869,541 | (3%) | 2,542,663 | 2,641,113 | (4%) | ||||||||||||||
| Less revenue from Market Exits | (1,164 | ) | (8,352 | ) | NM | (3,703 | ) | (19,894 | ) | NM | ||||||||||
| Revenue, excluding currency and Market Exits | $ | 846,303 | $ | 861,189 | (2%) | $ | 2,538,960 | $ | 2,621,219 | (3%) | ||||||||||
| Reconciliation of reported net income to adjusted earnings | ||||||||||||||||||||
| Net income | $ | 70,105 | $ | 93,876 | $ | 190,929 | $ | 335,445 | ||||||||||||
| Loss from discontinued operations, net of tax | 291 | - | 1,951 | 582 | ||||||||||||||||
| Restructuring charges and asset impairments, net | 10,840 | 47 | 32,399 | 8,607 | ||||||||||||||||
| Loss (gain) on disposition of businesses | 275 | 30 | 2,698 | (88,399 | ) | |||||||||||||||
| Transaction costs related to acquisitions and dispositions | 90 | 5,323 | 206 | 11,428 | ||||||||||||||||
| Legal settlement | - | (370 | ) | - | 4,250 | |||||||||||||||
| Investment divestiture | - | (7,756 | ) | - | (7,756 | ) | ||||||||||||||
| Tax cost - preferred stock redemption | 4,847 | - | 4,847 | - | ||||||||||||||||
| Acquisition/disposition related expenses | - | - | - | 7,246 | ||||||||||||||||
| Income from continuing operations, after | ||||||||||||||||||||
| income taxes, as adjusted | 86,448 | 91,150 | 233,030 | 271,403 | ||||||||||||||||
| Provision for income taxes, as adjusted | 24,217 | 43,657 | 107,242 | 140,070 | ||||||||||||||||
| Income from continuing operations before income taxes, as adjusted | 110,665 | 134,807 | 340,272 | 411,473 | ||||||||||||||||
| Interest, net | 35,259 | 37,698 | 103,769 | 119,371 | ||||||||||||||||
| EBIT, as adjusted | 145,924 | 172,505 | 444,041 | 530,844 | ||||||||||||||||
| Depreciation and amortization | 50,687 | 42,333 | 140,225 | 127,486 | ||||||||||||||||
| EBITDA, as adjusted | $ | 196,611 | $ | 214,838 | $ | 584,266 | $ | 658,330 | ||||||||||||
|
Reconciliation of reported diluted earnings per share to
adjusted
|
||||||||||||||||||||
| Diluted earnings per share | $ | 0.35 | $ | 0.44 | $ | 0.93 | $ | 1.59 | ||||||||||||
| Loss from discontinued operations, net of tax | - | - | 0.01 | - | ||||||||||||||||
| Restructuring charges and asset impairments, net | 0.06 | - | 0.17 | 0.04 | ||||||||||||||||
| Loss (gain) on disposition of businesses | - | - | 0.01 | (0.44 | ) | |||||||||||||||
| Transaction costs related to acquisitions and dispositions | - | 0.03 | - | 0.06 | ||||||||||||||||
| Legal settlement | - | - | - | 0.02 | ||||||||||||||||
| Investment divestiture | - | (0.04 | ) | - | (0.04 | ) | ||||||||||||||
| Tax cost - preferred stock redemption | 0.03 | - | 0.03 | - | ||||||||||||||||
| Acquisition/disposition related expenses | - | - | - | 0.04 | ||||||||||||||||
| Diluted earnings per share from continuing | ||||||||||||||||||||
| operations, as adjusted | $ | 0.44 | $ | 0.43 | $ | 1.16 | $ | 1.28 | ||||||||||||
| Note : The sum of the earnings per share amounts may not equal the totals due to rounding. | ||||||||||||||||||||
|
Reconciliation of reported net cash from operating
activities to free
|
||||||||||||||||||||
| Net cash provided by operating activities | $ | 137,342 | $ | 150,392 | $ | 290,929 | $ | 351,400 | ||||||||||||
| Capital expenditures | (44,173 | ) | (40,716 | ) | (115,532 | ) | (130,328 | ) | ||||||||||||
| Restructuring payments | 17,295 | 15,281 | 51,161 | 46,056 | ||||||||||||||||
| Pension contribution | - | - | 36,731 | - | ||||||||||||||||
| Reserve account deposits | 8,956 | (4,166 | ) | 1,813 | (25,630 | ) | ||||||||||||||
| Acquisition/disposition related expenses | - | - | - | 10,483 | ||||||||||||||||
| Tax (receipts) payments related to investment divestiture | - | (5,773 | ) | - | 20,602 | |||||||||||||||
| Tax payment related to sale of Imagitas | - | 15,918 | - | 15,918 | ||||||||||||||||
| Cash transaction fees | - | - | 335 | 11,116 | ||||||||||||||||
| Free cash flow | $ | 119,420 | $ | 130,936 | $ | 265,437 | $ | 299,617 | ||||||||||||
Pitney Bowes Announces Third Quarter 2016 Financial Results
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