|
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results (Unaudited) |
|||||||
| (Dollars in thousands, except per share data) | |||||||
| Three Months Ended March 31, | |||||||
| 2013 | 2012 | ||||||
|
GAAP income from continuing operations
|
$ | 69,568 | $ | 140,942 | |||
| Extinguishment of debt | 15,325 | - | |||||
| Sale of leveraged lease assets | - | (12,886 | ) | ||||
|
Income from continuing operations
|
$ | 84,893 | $ | 128,056 | |||
|
GAAP diluted earnings per share from
|
$ | 0.34 | $ | 0.70 | |||
| Extinguishment of debt | 0.08 | - | |||||
| Sale of leveraged lease | - | (0.06 | ) | ||||
|
Diluted earnings per share from continuing
|
$ | 0.42 | $ | 0.64 | |||
|
GAAP net cash provided by operating activities,
|
$ | 132,160 | $ | 71,380 | |||
| Capital expenditures | (38,839 | ) | (50,029 | ) | |||
| Restructuring payments | 16,275 | 26,245 | |||||
| Extinguishment of debt | 25,121 | - | |||||
| Pension contribution | - | 95,000 | |||||
| Tax payments on sale of leveraged lease assets | - | 69,233 | |||||
| Reserve account deposits | (27,327 | ) | (25,674 | ) | |||
| Free cash flow, as adjusted | $ | 107,390 | $ | 186,155 | |||
| NOTE: |
| The sum of the earnings per share amounts may not equal the totals above due to rounding. |
|
The above table includes an adjustment to GAAP net cash provided by operating activities due to a reclassification between net cash provided by operating activities and net cash used in investing activities. As a result, GAAP net cash provided by operating activities decreased by $24.6 million for the three months ended March 31, 2012. |
