Pitney Bowes Announces Full Year and Fourth Quarter 2017

Pitney Bowes Announces Full Year and Fourth Quarter 2017 Financial Results

⁽¹⁾			Prior period amounts have been recast to conform to the current year presentation.
⁽²⁾			Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment.
⁽³⁾			Includes financing interest expense and interest expense, net.


Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited; in thousands, except per share amounts)

	Three months ended December 31,								Twelve months ended December 31,
	2017			2016			Y/Y Chg.		2017			2016			Y/Y Chg.

Reconciliation of reported revenue to revenue excluding currency
Revenue, as reported	$	1,049,117		$	887,069				$	3,549,948		$	3,406,575
(Favorable) unfavorable impact on revenue due to currency		(14,469	)							1,222
Revenue, excluding currency	$	1,034,648		$	887,069		17	%	$	3,551,170		$	3,406,575		4	%


Reconciliation of reported net income (loss) to adjusted earnings
Net income (loss)	$	89,948		$	(79,079	)			$	261,340		$	111,850
Loss from discontinued operations, net of tax		-			750					-			2,701
Restructuring charges and asset impairments, net		19,599			9,945					39,671			42,343
Goodwill impairment		-			169,024					-			169,024
Gain on sale of technology		-			-					(5,605	)		-
Impact of divestiture transactions		-			1,194					-			4,099
Transaction costs		2,178			-					5,762			-
Loss on extinguishment of debt		2,375			-					2,375			-
Tax legislation		(38,774	)		-					(38,774	)		-
Preferred stock redemption		-			(2,047	)				-			2,800
Net income, as adjusted		75,326			99,787					264,769			332,817
Provision for income taxes, as adjusted		18,563			46,820					84,586			154,062
Income from continuing operations before income taxes, as adjusted		93,889			146,607					349,355			486,879
Interest, net		43,839			40,442					164,162			144,211
EBIT, as adjusted		137,728			187,049					513,517			631,090
Depreciation and amortization		50,347			38,261					182,336			178,486
EBITDA, as adjusted	$	188,075		$	225,310				$	695,853		$	809,576


Reconciliation of reported diluted earnings per share to adjusted diluted earnings (loss) per share
Diluted earnings (loss) per share	$	0.48		$	(0.45	)			$	1.39		$	0.49
Loss from discontinued operations, net of tax		-			0.00					-			0.01
Restructuring charges and asset impairments, net		0.10			0.05					0.21			0.22
Goodwill impairment		-			0.90					-			0.89
Gain on sale of technology		-			-					(0.03	)		-
Impact of divestiture transactions		-			0.01					-			0.02
Transaction costs		0.01			-					0.03			-
Loss on extinguishment of debt		0.01			-					0.01			-
Tax legislation		(0.21	)		-					(0.21	)		-
Preferred stock redemption		-			0.01					-			0.03
Diluted earnings per share, as adjusted	$	0.40		$	0.53				$	1.41		$	1.68

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⁾	$	165,236		$	199,763				$	495,813		$	496,122
Capital expenditures		(51,428	)		(45,299	)				(170,990	)		(160,831	)
Restructuring payments		10,828			13,769					40,804			64,930
Pension contribution		-			-					-			36,731
Reserve account deposits		13,462			(3,996	)				10,954			(2,183	)
Other		7,396			-					7,396			335
Free cash flow	$	145,494		$	164,237				$	383,977		$	435,104

⁽¹⁾

Net cash provided by operating activities for the three and twelve months ended December 31, 2016 has been revised for a new accounting standard adopted January 1, 2017.

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