Pitney Bowes Announces Second Quarter 2018 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,

2018 2017 Y/Y Chg. 2018 2017 Y/Y Chg.
 
Reconciliation of reported revenue to revenue excluding currency
Revenue, as reported $ 861,436 $ 730,413 $ 1,742,384 $ 1,473,593
Favorable impact on revenue due to currency   (7,683 )   -       (23,609 )   -    
Revenue, excluding currency $ 853,753   $ 730,413   17 % $ 1,718,775   $ 1,473,593   17 %
 
 
Reconciliation of reported net income to adjusted net income
Net income $ 48,214 $ 48,901 $ 101,727 $ 114,034
Income from discontinued operations, net of tax (1,208 ) (7,440 ) (9,695 ) (15,149 )
Restructuring charges and asset impairments, net 8,461 17,398 9,132 18,435
Tax legislation (5,980 ) - (5,980 ) -
Transaction costs - - 786 -
Gain on sale of technology   -     (5,605 )   -     (5,605 )
Net income, as adjusted $ 49,487   $ 53,254   $ 95,970   $ 111,715  
 
 
Reconciliation of reported diluted earnings per share to adjusted diluted earnings per share
Diluted earnings per share $ 0.26 $ 0.26 $ 0.54 $ 0.61
Income from discontinued operations, net of tax (0.01 ) (0.04 ) (0.05 ) (0.08 )
Restructuring charges and asset impairments, net 0.05 0.09 0.05 0.10
Tax legislation (0.03 ) - (0.03 ) -
Transaction costs - - - -
Gain on sale of technology   -     (0.03 )   -     (0.03 )
Diluted earnings per share, as adjusted $ 0.26   $ 0.28   $ 0.51   $ 0.60  
 
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 $ 92,362 $ 30,641 $ 175,034 $ 184,647
Net cash provided by operating activities - discontinued operations (16,916 ) (10,248 ) (41,772 ) (14,096 )
Capital expenditures (57,962 ) (40,140 ) (100,022 ) (75,844 )
Restructuring payments 11,943 5,667 27,528 17,651
Reserve account deposits (695 ) 21,860 5,959 2,514
Transaction costs paid   1,444     -     4,037     -  
Free cash flow $ 30,176   $ 7,780   $ 70,764   $ 114,872  

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