Pitney Bowes Announces Second 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 June 30,     Six months ended June 30,  
2017   2016 Y/Y Chg. 2017   2016 Y/Y Chg.
 
Reconciliation of reported revenue to revenue excluding currency
Revenue, as reported $ 821,371 $ 835,886 (2 %) $ 1,658,011 $ 1,680,475 (1 %)
Unfavorable impact on revenue due to currency   10,621     NM     20,166     NM  
Revenue, excluding currency $ 831,992   $ 835,886   (0 %) $ 1,678,177   $ 1,680,475   (0 %)
 
 
Reconciliation of reported net income to adjusted earnings
Net income $ 48,901 $ 58,184 $ 114,034 $ 120,824
Loss from discontinued operations, net of tax - 1,660 - 1,660
Restructuring charges and asset impairments, net 17,751 16,931 19,104 21,559
Gain on sale of technology (5,605 ) - (5,605 ) -
Acquisition/disposition related expenses   -     364     -     2,539  
Net income, as adjusted 61,047 77,139 127,533 146,582
Provision for income taxes, as adjusted   13,648     42,751     45,793     83,025  
Income from continuing operations before income taxes, as adjusted 74,695 119,890 173,326 229,607
Interest, net   40,443     34,294     79,093     68,510  
EBIT, as adjusted 115,138 154,184 252,419 298,117
Depreciation and amortization   43,865     45,238     88,160     89,538  
EBITDA, as adjusted $ 159,003   $ 199,422   $ 340,579   $ 387,655  
 
 
Reconciliation of reported diluted earnings per share to adjusted diluted earnings per share
Diluted earnings per share $ 0.26 $ 0.28 $ 0.61 $ 0.59
Loss from discontinued operations, net of tax - 0.01 - 0.01
Restructuring charges and asset impairments, net 0.09 0.09 0.10 0.11
Gain on sale of technology (0.03 ) - (0.03 ) -
Acquisition/disposition related expenses   -     -     -     0.01  
Diluted earnings per share, as adjusted $ 0.33   $ 0.39   $ 0.68   $ 0.72  
 
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) $ 30,641 $ 95,091 $ 184,647 $ 158,584
Capital expenditures (40,701 ) (30,689 ) (76,621 ) (71,359 )
Restructuring payments 6,600 12,210 19,016 33,866
Pension contribution - - - 36,731
Reserve account deposits 21,860 9,110 2,514 (7,143 )
Other   -     146     -     335  
Free cash flow $ 18,400   $ 85,868   $ 129,556   $ 151,014  

(1)

 

Net cash provided by operating activities for the three and six months ended June 30, 2016 has been revised for a new accounting standard adopted January 1, 2017.


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