Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
|(Dollars in thousands, except per share data)|
|Three Months Ended March 31,|
GAAP income from continuing operations
|Extinguishment of debt||15,325||-|
|Sale of leveraged lease assets||-||(12,886||)|
Income from continuing operations
GAAP diluted earnings per share from
|Extinguishment of debt||0.08||-|
|Sale of leveraged lease||-||(0.06||)|
Diluted earnings per share from continuing
GAAP net cash provided by operating activities,
|Extinguishment of debt||25,121||-|
|Tax payments on sale of leveraged lease assets||-||69,233|
|Reserve account deposits||(27,327||)||(25,674||)|
|Free cash flow, as adjusted||$||107,390||$||186,155|
|The sum of the earnings per share amounts may not equal the totals above due to rounding.|
The above table includes an adjustment to GAAP net cash provided by operating activities due to a
reclassification between net cash provided by operating activities and net cash used in investing activities.
As a result, GAAP net cash provided by operating activities decreased by $24.6 million for the three months
ended March 31, 2012.