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. |