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