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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