Pitney Bowes Announces Third Quarter 2016 Financial Results

 
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited; in thousands, except per share amounts)
 
  Three months ended September 30,     Nine months ended September 30,  
2016   2015 Y/Y Chg. 2016   2015 Y/Y Chg.
 

Reconciliation of reported revenue to revenue excluding currency
and Market Exits

Revenue, as reported $ 839,031 $ 869,541 (4%) $ 2,519,506 $ 2,641,113 (5%)
Unfavorable impact on revenue due to currency   8,436     -  

NM

  23,157     -   NM
Revenue, excluding currency 847,467 869,541 (3%) 2,542,663 2,641,113 (4%)
Less revenue from Market Exits   (1,164 )   (8,352 ) NM   (3,703 )   (19,894 ) NM
Revenue, excluding currency and Market Exits $ 846,303   $ 861,189   (2%) $ 2,538,960   $ 2,621,219   (3%)
 
 
Reconciliation of reported net income to adjusted earnings
Net income $ 70,105 $ 93,876 $ 190,929 $ 335,445
Loss from discontinued operations, net of tax 291 - 1,951 582
Restructuring charges and asset impairments, net 10,840 47 32,399 8,607
Loss (gain) on disposition of businesses 275 30 2,698 (88,399 )
Transaction costs related to acquisitions and dispositions 90 5,323 206 11,428
Legal settlement - (370 ) - 4,250
Investment divestiture - (7,756 ) - (7,756 )
Tax cost - preferred stock redemption 4,847 - 4,847 -
Acquisition/disposition related expenses   -     -     -     7,246  
Income from continuing operations, after
income taxes, as adjusted 86,448 91,150 233,030 271,403
Provision for income taxes, as adjusted   24,217     43,657     107,242     140,070  
Income from continuing operations before income taxes, as adjusted 110,665 134,807 340,272 411,473
Interest, net   35,259     37,698     103,769     119,371  
EBIT, as adjusted 145,924 172,505 444,041 530,844
Depreciation and amortization   50,687     42,333     140,225     127,486  
EBITDA, as adjusted $ 196,611   $ 214,838   $ 584,266   $ 658,330  
 
 

Reconciliation of reported diluted earnings per share to adjusted
diluted earnings per share from continuing operations

Diluted earnings per share $ 0.35 $ 0.44 $ 0.93 $ 1.59
Loss from discontinued operations, net of tax - - 0.01 -
Restructuring charges and asset impairments, net 0.06 - 0.17 0.04
Loss (gain) on disposition of businesses - - 0.01 (0.44 )
Transaction costs related to acquisitions and dispositions - 0.03 - 0.06
Legal settlement - - - 0.02
Investment divestiture - (0.04 ) - (0.04 )
Tax cost - preferred stock redemption 0.03 - 0.03 -
Acquisition/disposition related expenses   -     -     -     0.04  
Diluted earnings per share from continuing
operations, as adjusted $ 0.44   $ 0.43   $ 1.16   $ 1.28  
 
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 $ 137,342 $ 150,392 $ 290,929 $ 351,400
Capital expenditures (44,173 ) (40,716 ) (115,532 ) (130,328 )
Restructuring payments 17,295 15,281 51,161 46,056
Pension contribution - - 36,731 -
Reserve account deposits 8,956 (4,166 ) 1,813 (25,630 )
Acquisition/disposition related expenses - - - 10,483
Tax (receipts) payments related to investment divestiture - (5,773 ) - 20,602
Tax payment related to sale of Imagitas - 15,918 - 15,918
Cash transaction fees   -     -     335     11,116  
 
Free cash flow $ 119,420   $ 130,936   $ 265,437   $ 299,617  

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