| Pitney Bowes Inc. | ||||||||||||||||||||||
| Reconciliation of Reported Consolidated Results to Adjusted Results | ||||||||||||||||||||||
| (Unaudited; in thousands, except per share amounts) | ||||||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||||||||
| 2017 | 2016 | Y/Y Chg. | 2017 | 2016 | Y/Y Chg. | |||||||||||||||||
| Reconciliation of reported revenue to revenue excluding currency | ||||||||||||||||||||||
| Revenue, as reported | $ | 821,371 | $ | 835,886 | (2 | %) | $ | 1,658,011 | $ | 1,680,475 | (1 | %) | ||||||||||
| Unfavorable impact on revenue due to currency | 10,621 | NM | 20,166 | NM | ||||||||||||||||||
| Revenue, excluding currency | $ | 831,992 | $ | 835,886 | (0 | %) | $ | 1,678,177 | $ | 1,680,475 | (0 | %) | ||||||||||
| Reconciliation of reported net income to adjusted earnings | ||||||||||||||||||||||
| Net income | $ | 48,901 | $ | 58,184 | $ | 114,034 | $ | 120,824 | ||||||||||||||
| Loss from discontinued operations, net of tax | - | 1,660 | - | 1,660 | ||||||||||||||||||
| Restructuring charges and asset impairments, net | 17,751 | 16,931 | 19,104 | 21,559 | ||||||||||||||||||
| Gain on sale of technology | (5,605 | ) | - | (5,605 | ) | - | ||||||||||||||||
| Acquisition/disposition related expenses | - | 364 | - | 2,539 | ||||||||||||||||||
| Net income, as adjusted | 61,047 | 77,139 | 127,533 | 146,582 | ||||||||||||||||||
| Provision for income taxes, as adjusted | 13,648 | 42,751 | 45,793 | 83,025 | ||||||||||||||||||
| Income from continuing operations before income taxes, as adjusted | 74,695 | 119,890 | 173,326 | 229,607 | ||||||||||||||||||
| Interest, net | 40,443 | 34,294 | 79,093 | 68,510 | ||||||||||||||||||
| EBIT, as adjusted | 115,138 | 154,184 | 252,419 | 298,117 | ||||||||||||||||||
| Depreciation and amortization | 43,865 | 45,238 | 88,160 | 89,538 | ||||||||||||||||||
| EBITDA, as adjusted | $ | 159,003 | $ | 199,422 | $ | 340,579 | $ | 387,655 | ||||||||||||||
| Reconciliation of reported diluted earnings per share to adjusted diluted earnings per share | ||||||||||||||||||||||
| Diluted earnings per share | $ | 0.26 | $ | 0.28 | $ | 0.61 | $ | 0.59 | ||||||||||||||
| Loss from discontinued operations, net of tax | - | 0.01 | - | 0.01 | ||||||||||||||||||
| Restructuring charges and asset impairments, net | 0.09 | 0.09 | 0.10 | 0.11 | ||||||||||||||||||
| Gain on sale of technology | (0.03 | ) | - | (0.03 | ) | - | ||||||||||||||||
| Acquisition/disposition related expenses | - | - | - | 0.01 | ||||||||||||||||||
| Diluted earnings per share, as adjusted | $ | 0.33 | $ | 0.39 | $ | 0.68 | $ | 0.72 | ||||||||||||||
| 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 cash flow | ||||||||||||||||||||||
| Net cash provided by operating activities (1) | $ | 30,641 | $ | 95,091 | $ | 184,647 | $ | 158,584 | ||||||||||||||
| Capital expenditures | (40,701 | ) | (30,689 | ) | (76,621 | ) | (71,359 | ) | ||||||||||||||
| Restructuring payments | 6,600 | 12,210 | 19,016 | 33,866 | ||||||||||||||||||
| Pension contribution | - | - | - | 36,731 | ||||||||||||||||||
| Reserve account deposits | 21,860 | 9,110 | 2,514 | (7,143 | ) | |||||||||||||||||
| Other | - | 146 | - | 335 | ||||||||||||||||||
| Free cash flow | $ | 18,400 | $ | 85,868 | $ | 129,556 | $ | 151,014 | ||||||||||||||
|
(1) |
Net cash provided by operating activities for the three and six months ended June 30, 2016 has been revised for a new accounting standard adopted January 1, 2017. |
