Pitney Bowes Announces First 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 March 31,
2017 2016 Y/Y Chg.
 
Reconciliation of reported revenue to revenue excluding currency
Revenue, as reported $ 836,640 $ 844,589 (0.9 %)
Unfavorable impact on revenue due to currency   9,546     -   NM  
Revenue, excluding currency $ 846,186   $ 844,589   0.2 %
 
 
Reconciliation of reported net income to adjusted earnings
Net income $ 65,133 $ 62,640
Less: Preferred stock dividends attributable to noncontrolling interests   -     4,594  
Net income attributable to PBI 65,133 58,046
Restructuring charges and asset impairments, net 1,353 4,628
Loss on disposition of businesses   -     2,175  
Net income, as adjusted 66,486 64,849
Preferred stock dividends attributable to noncontrolling interests - 4,594
Provision for income taxes, as adjusted   32,145     40,274  
Income from continuing operations before income taxes, as adjusted 98,631 109,717
Interest, net   38,650     34,216  
EBIT, as adjusted 137,281 143,933
Depreciation and amortization   44,295     44,300  
EBITDA, as adjusted $ 181,576   $ 188,233  
 
 
Reconciliation of reported diluted earnings per share to adjusted diluted earnings per share
Diluted earnings per share $ 0.35 $ 0.30
Restructuring charges and asset impairments, net 0.01 0.02
Loss on disposition of businesses   -     0.01  
Diluted earnings per share, as adjusted $ 0.36   $ 0.34  
 
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) $ 154,006 $ 63,493
Capital expenditures (35,920 ) (40,670 )
Restructuring payments 12,416 21,656
Pension contribution - 36,731
Reserve account deposits (19,346 ) (16,253 )
Other   -     189  
Free cash flow $ 111,156   $ 65,146  

(1)

 

Net cash provided by operating activities for the three months ended March 31, 2016 has been revised and increased $5 million for a new accounting standard adopted January 1, 2017.


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