Pitney Bowes Announces Full Year and Fourth Quarter 2015 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)
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Three Months Ended December 31,
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Twelve Months Ended December 31,
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2015
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2014
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2015
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2014
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Income from continuing operations
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after income taxes, as reported
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$
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80,426
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$
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58,952
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$
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402,672
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$
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300,006
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Restructuring charges and asset impairments, net
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9,481
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44,188
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18,089
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59,349
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Loss (gain) on sale/disposition of businesses
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4,149
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-
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(84,250
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)
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-
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Acquisition and disposition transaction costs
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48
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-
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11,475
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-
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Legal settlement
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-
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-
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4,250
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-
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Acquisition related compensation expense
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-
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-
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7,246
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-
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Investment divestiture
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-
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-
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(7,756
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)
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(9,774
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)
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Extinguishment of debt
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-
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-
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-
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37,833
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Income from continuing operations
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after income taxes, as adjusted
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94,104
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103,140
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351,726
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387,414
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Provision for income taxes, as adjusted
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46,581
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50,840
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186,651
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155,705
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Preferred stock dividends of subsidiaries
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attributable to noncontrolling interests
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4,594
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4,594
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18,375
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18,375
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Income from continuing operations
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before income taxes, as adjusted
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145,279
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158,574
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556,752
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561,494
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Interest, net
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40,003
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42,013
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159,374
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169,450
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Adjusted EBIT
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185,282
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200,587
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716,126
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730,944
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Depreciation and amortization
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45,826
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54,728
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173,312
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197,234
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Adjusted EBITDA
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$
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231,108
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$
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255,315
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$
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889,438
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$
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928,178
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