Pitney Bowes Inc. | ||||||||||||||||||||||||
Reconciliation of Reported Consolidated Results to Adjusted Results | ||||||||||||||||||||||||
(Unaudited; in thousands, except per share amounts) | ||||||||||||||||||||||||
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Six months ended
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2018 | 2017 | Y/Y Chg. | 2018 | 2017 | Y/Y Chg. | |||||||||||||||||||
Reconciliation of reported revenue to revenue excluding currency | ||||||||||||||||||||||||
Revenue, as reported | $ | 861,436 | $ | 730,413 | $ | 1,742,384 | $ | 1,473,593 | ||||||||||||||||
Favorable impact on revenue due to currency | (7,683 | ) | - | (23,609 | ) | - | ||||||||||||||||||
Revenue, excluding currency | $ | 853,753 | $ | 730,413 | 17 | % | $ | 1,718,775 | $ | 1,473,593 | 17 | % | ||||||||||||
Reconciliation of reported net income to adjusted net income | ||||||||||||||||||||||||
Net income | $ | 48,214 | $ | 48,901 | $ | 101,727 | $ | 114,034 | ||||||||||||||||
Income from discontinued operations, net of tax | (1,208 | ) | (7,440 | ) | (9,695 | ) | (15,149 | ) | ||||||||||||||||
Restructuring charges and asset impairments, net | 8,461 | 17,398 | 9,132 | 18,435 | ||||||||||||||||||||
Tax legislation | (5,980 | ) | - | (5,980 | ) | - | ||||||||||||||||||
Transaction costs | - | - | 786 | - | ||||||||||||||||||||
Gain on sale of technology | - | (5,605 | ) | - | (5,605 | ) | ||||||||||||||||||
Net income, as adjusted | $ | 49,487 | $ | 53,254 | $ | 95,970 | $ | 111,715 | ||||||||||||||||
Reconciliation of reported diluted earnings per share to adjusted diluted earnings per share | ||||||||||||||||||||||||
Diluted earnings per share | $ | 0.26 | $ | 0.26 | $ | 0.54 | $ | 0.61 | ||||||||||||||||
Income from discontinued operations, net of tax | (0.01 | ) | (0.04 | ) | (0.05 | ) | (0.08 | ) | ||||||||||||||||
Restructuring charges and asset impairments, net | 0.05 | 0.09 | 0.05 | 0.10 | ||||||||||||||||||||
Tax legislation | (0.03 | ) | - | (0.03 | ) | - | ||||||||||||||||||
Transaction costs | - | - | - | - | ||||||||||||||||||||
Gain on sale of technology | - | (0.03 | ) | - | (0.03 | ) | ||||||||||||||||||
Diluted earnings per share, as adjusted | $ | 0.26 | $ | 0.28 | $ | 0.51 | $ | 0.60 | ||||||||||||||||
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 | $ | 92,362 | $ | 30,641 | $ | 175,034 | $ | 184,647 | ||||||||||||||||
Net cash provided by operating activities - discontinued operations | (16,916 | ) | (10,248 | ) | (41,772 | ) | (14,096 | ) | ||||||||||||||||
Capital expenditures | (57,962 | ) | (40,140 | ) | (100,022 | ) | (75,844 | ) | ||||||||||||||||
Restructuring payments | 11,943 | 5,667 | 27,528 | 17,651 | ||||||||||||||||||||
Reserve account deposits | (695 | ) | 21,860 | 5,959 | 2,514 | |||||||||||||||||||
Transaction costs paid | 1,444 | - | 4,037 | - | ||||||||||||||||||||
Free cash flow | $ | 30,176 | $ | 7,780 | $ | 70,764 | $ | 114,872 |