| Pitney Bowes Inc. | ||||||||||||||
| Reconciliation of Reported Consolidated Results to Adjusted Results | ||||||||||||||
| (Unaudited; in thousands, except per share amounts) | ||||||||||||||
| Three months ended March 31, | ||||||||||||||
| 2019 | 2018 |
Y/Y
|
||||||||||||
| Reconciliation of reported revenue to revenue excluding currency | ||||||||||||||
| Revenue, as reported | $ | 868,402 | $ | 896,583 | (3%) | |||||||||
| Currency impact on revenue | 9,981 | - | NM | |||||||||||
| Revenue, at constant currency | 878,383 | 896,583 | (2%) | |||||||||||
| Less revenue from Market Exits | (6,013 | ) | (14,879 | ) | NM | |||||||||
| Revenue, excluding currency and Market Exits | $ | 872,370 | $ | 881,704 | (1%) | |||||||||
| Reconciliation of reported net (loss) income to adjusted earnings | ||||||||||||||
| Net (loss) income | $ | (2,659 | ) | $ | 59,970 | |||||||||
| Loss (income) from discontinued operations, net of tax | 1,230 | (8,487 | ) | |||||||||||
| Restructuring charges | 2,659 | 672 | ||||||||||||
| Loss from market exits | 19,423 | - | ||||||||||||
| Transaction costs | 1,289 | 785 | ||||||||||||
| Adjusted net income | 21,942 | 52,940 | ||||||||||||
| Provision for income taxes, as adjusted | 7,964 | 19,297 | ||||||||||||
| Interest, net | 38,966 | 43,078 | ||||||||||||
| Adjusted EBIT | 68,872 | 115,315 | ||||||||||||
| Depreciation and amortization | 39,365 | 39,738 | ||||||||||||
| Adjusted EBITDA | $ | 108,237 | $ | 155,053 | ||||||||||
|
Reconciliation of reported diluted (loss) earnings per share
to
|
||||||||||||||
| Diluted (loss) earnings per share | $ | (0.01 | ) | $ | 0.32 | |||||||||
| Loss (income) from discontinued operations, net of tax | 0.01 | (0.05 | ) | |||||||||||
| Restructuring charges | 0.01 | - | ||||||||||||
| Loss from market exits | 0.10 | - | ||||||||||||
| Transaction costs | 0.01 | - | ||||||||||||
| Adjusted diluted earnings per share | $ | 0.12 | $ | 0.28 | ||||||||||
| 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 | $ | 69,728 | $ | 69,629 | ||||||||||
| Net cash used in (provided by) operating activities - discontinued operations | 3,614 | (24,856 | ) | |||||||||||
| Capital expenditures | (28,754 | ) | (29,017 | ) | ||||||||||
| Restructuring payments | 8,144 | 15,585 | ||||||||||||
| Reserve account deposits | (23,036 | ) | 6,654 | |||||||||||
| Transaction costs paid | 1,839 | 2,593 | ||||||||||||
| Free cash flow | $ | 31,535 | $ | 40,588 | ||||||||||
Pitney Bowes Announces First Quarter 2019 Financial Results
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