Pitney Bowes Announces First Quarter 2018 Financial Results

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

	Three months ended March 31,
	2018			2017			Y/Y Chg.

Reconciliation of reported revenue to revenue excluding currency
Revenue, as reported	$	983,182		$	836,640
Favorable impact on revenue due to currency		(19,537	)
Revenue, excluding currency	$	963,645		$	836,640		15	%


Reconciliation of reported net income to adjusted net income
Net income	$	53,513		$	65,133
Restructuring charges, net		755			1,353
Transaction costs		1,932			-
Net income, as adjusted	$	56,200		$	66,486


Reconciliation of reported diluted earnings per share to adjusted diluted earnings per share
Diluted earnings per share	$	0.28		$	0.35
Restructuring charges, net		0.00			0.01
Transaction costs		0.01			-
Diluted earnings per share, as adjusted	$	0.30		$	0.36

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	$	82,672		$	154,006
Capital expenditures		(42,923	)		(35,920	)
Restructuring payments		15,702			12,416
Reserve account deposits		6,654			(19,346	)
Transaction costs		2,594			-
Free cash flow	$	64,699		$	111,156

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