Pitney Bowes Announces First Quarter 2015 Financial Results

Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited)
 
(Dollars in thousands, except per share data)    
 
Three Months Ended March 31,
2015 2014
 

GAAP income from continuing operations after income taxes, as reported

$ 80,455 $ 41,872
Restructuring charges, net (53 ) 6,681
Extinguishment of debt   -     37,833  

Income from continuing operations after income taxes, as adjusted

$ 80,402   $ 86,386  
 
 

GAAP diluted earnings per share from continuing operations, as reported

$ 0.40 $ 0.21
Restructuring charges, net - 0.03
Extinguishment of debt   -     0.19  

Diluted earnings per share from continuing operations, as adjusted

$ 0.40   $ 0.42  
 
 

GAAP net cash provided by operating activities, as reported

$ 103,887 $ 105,616
Capital expenditures (43,908 ) (30,143 )
Restructuring payments 21,874 18,937
Payments related to investment divestiture 23,160 -
Reserve account deposits (20,077 ) (15,159 )
Extinguishment of debt - 58,357
   
Free cash flow, as adjusted $ 84,936   $ 137,608  
 
Note: The sum of the earnings per share amounts may not equal the totals above due to rounding.
 
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited)
 
(Dollars in thousands, except per share data)  
 
Three Months Ended March 31,
2015   2014
 

GAAP income from continuing operations after income taxes, as reported

$ 80,455

$

41,872

 

Restructuring charges, net (53 ) 6,681
Extinguishment of debt     -     37,833  

Income from continuing operations after income taxes, as adjusted

80,402 86,386
Provision for income taxes, as adjusted 50,519 35,020

Preferred stock dividends of subsidiaries attributable to noncontrolling interests

    4,594     4,594  

Income from continuing operations before income taxes, as adjusted

135,515 126,000
Interest, net     42,834     43,717  
Adjusted EBIT 178,349 169,717
Depreciation and amortization     42,496     43,741  
Adjusted EBITDA   $ 220,845   $ 213,458  

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