| Pitney Bowes Inc. | ||||||||||||
| Reconciliation of Reported Consolidated Results to Adjusted Results | ||||||||||||
| (Unaudited; in thousands, except per share amounts) | ||||||||||||
| Three months ended March 31, | ||||||||||||
| 2017 | 2016 | Y/Y Chg. | ||||||||||
| Reconciliation of reported revenue to revenue excluding currency | ||||||||||||
| Revenue, as reported | $ | 836,640 | $ | 844,589 | (0.9 | %) | ||||||
| Unfavorable impact on revenue due to currency | 9,546 | - | NM | |||||||||
| Revenue, excluding currency | $ | 846,186 | $ | 844,589 | 0.2 | % | ||||||
| Reconciliation of reported net income to adjusted earnings | ||||||||||||
| Net income | $ | 65,133 | $ | 62,640 | ||||||||
| Less: Preferred stock dividends attributable to noncontrolling interests | - | 4,594 | ||||||||||
| Net income attributable to PBI | 65,133 | 58,046 | ||||||||||
| Restructuring charges and asset impairments, net | 1,353 | 4,628 | ||||||||||
| Loss on disposition of businesses | - | 2,175 | ||||||||||
| Net income, as adjusted | 66,486 | 64,849 | ||||||||||
| Preferred stock dividends attributable to noncontrolling interests | - | 4,594 | ||||||||||
| Provision for income taxes, as adjusted | 32,145 | 40,274 | ||||||||||
| Income from continuing operations before income taxes, as adjusted | 98,631 | 109,717 | ||||||||||
| Interest, net | 38,650 | 34,216 | ||||||||||
| EBIT, as adjusted | 137,281 | 143,933 | ||||||||||
| Depreciation and amortization | 44,295 | 44,300 | ||||||||||
| EBITDA, as adjusted | $ | 181,576 | $ | 188,233 | ||||||||
| Reconciliation of reported diluted earnings per share to adjusted diluted earnings per share | ||||||||||||
| Diluted earnings per share | $ | 0.35 | $ | 0.30 | ||||||||
| Restructuring charges and asset impairments, net | 0.01 | 0.02 | ||||||||||
| Loss on disposition of businesses | - | 0.01 | ||||||||||
| Diluted earnings per share, as adjusted | $ | 0.36 | $ | 0.34 | ||||||||
| 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) | $ | 154,006 | $ | 63,493 | ||||||||
| Capital expenditures | (35,920 | ) | (40,670 | ) | ||||||||
| Restructuring payments | 12,416 | 21,656 | ||||||||||
| Pension contribution | - | 36,731 | ||||||||||
| Reserve account deposits | (19,346 | ) | (16,253 | ) | ||||||||
| Other | - | 189 | ||||||||||
| Free cash flow | $ | 111,156 | $ | 65,146 | ||||||||
|
(1) |
Net cash provided by operating activities for the three months ended March 31, 2016 has been revised and increased $5 million for a new accounting standard adopted January 1, 2017. |
