Pitney Bowes Announces Third Quarter 2017 Financial Results


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

	Three months ended							Nine months ended
	September 30,							September 30,
		2017			2016		Y/Y Chg.		2017			2016		Y/Y Chg.

Reconciliation of reported revenue to revenue excluding currency
Revenue, as reported	$	842,820		$	839,031			$	2,500,831		$	2,519,506
Unfavorable impact on revenue due to currency		(4,476	)						15,690
Revenue, excluding currency	$	838,344		$	839,031		â�•%	$	2,516,521		$	2,519,506		â�•%


Reconciliation of reported net income to adjusted earnings
Net income	$	57,358		$	70,105			$	171,392		$	190,929
Loss from discontinued operations, net of tax	â�•				291			â�•				1,951
Restructuring charges and asset impairments, net		969			10,840				20,073			32,399
Gain on sale of technology	â�•			â�•					(5,605	)	â�•
Acquisition/disposition related expenses		3,583			365				3,583			2,904
Tax cost - preferred stock redemption	â�•				4,847			â�•				4,847
Net income, as adjusted		61,910			86,448				189,443			233,030
Provision for income taxes, as adjusted		20,230			24,217				66,023			107,242
Income from continuing operations before income taxes, as adjusted		82,140			110,665				255,466			340,272
Interest, net		41,230			35,259				120,323			103,769
EBIT, as adjusted		123,370			145,924				375,789			444,041
Depreciation and amortization		43,829			50,687				131,989			140,225
EBITDA, as adjusted	$	167,199		$	196,611			$	507,778		$	584,266


Reconciliation of reported diluted earnings per share to adjusted diluted earnings per share
Diluted earnings per share	$	0.31		$	0.35			$	0.92		$	0.93
Loss from discontinued operations, net of tax	â�•			â�•				â�•				0.01
Restructuring charges and asset impairments, net		0.01			0.06				0.11			0.17
Gain on sale of technology	â�•			â�•					(0.03	)	â�•
Acquisition/disposition related expenses		0.02		â�•					0.02			0.01
Tax cost - preferred stock redemption	â�•				0.03			â�•				0.03
Diluted earnings per share, as adjusted	$	0.33		$	0.44			$	1.01		$	1.16

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⁾	$	145,930		$	137,775			$	330,577		$	296,359
Capital expenditures		(42,941	)		(44,173	)			(119,562	)		(115,532	)
Restructuring payments		10,960			17,295				29,976			51,161
Pension contribution	â�•			â�•				â�•				36,731
Reserve account deposits		(5,022	)		8,956				(2,508	)		1,813
Other	â�•			â�•				â�•				335
Free cash flow	$	108,927		$	119,853			$	238,483		$	270,867

⁽¹⁾

Net cash provided by operating activities for the three and nine months ended September 30, 2016 has been revised for a new accounting standard adopted January 1, 2017.

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