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    

�%

  $ 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�•       0.01      
Restructuring charges and asset impairments, net     0.01       0.06           0.11       0.17      
Gain on sale of technology  

�

    â�•           (0.03 )   â�•      
Acquisition/disposition related expenses     0.02     â�•           0.02       0.01      
Tax cost - preferred stock redemption  

�

      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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