Pitney Bowes Inc. (NYSE: PBI) today reported financial results
for the second quarter 2013.
SECOND QUARTER HIGHLIGHTS
- Revenue of $1.2 billion, nearly flat to
the prior year excluding the impacts of currency and a decline of
less than 1%, as reported
- Double-digit revenue growth in
Production Mail and Mail Services
- Continued moderation in decline of
recurring revenue streams in the SMB group
- Adjusted EPS from continuing operations
of $0.52
- Operating results and the loss on sale
related to the European businesses of the Management Services
segment recorded in discontinued operations. Prior period results
have been reclassified to reflect this change.
- GAAP EPS loss of $0.05, which includes:
- $0.40 per share charge for goodwill
impairment
- $0.07 per share charge for
restructuring
- $0.10 per share loss in discontinued
operations
- Free cash flow of $124 million; GAAP
cash from operations of $147 million
- Retired $375 million of debt that
matured in June
- Definitive agreement signed to sell the
North America operations of Management Services to funds affiliated
with Apollo Global Management, LLC
- Updates annual guidance for 2013
“Pitney Bowes is making solid progress on its transformative
journey to improve the growth profile and profitability of the
business,” said Marc Lautenbach, President and Chief Executive
Officer. “The actions we have taken over the last six months and
the results for this quarter are consistent with the Company’s
long-term strategies that we detailed at Analyst Day in May.
“We are continuing to invest in the growth areas of our
business, while at the same time becoming more efficient, flexible
and focused to meet the changing needs of our clients. In addition,
we have strengthened our balance sheet by further reducing debt and
continue to drive operational excellence that will further enhance
client and shareholder value.”
SECOND QUARTER 2013 RESULTS
Today, the Company announced that it has entered into a
definitive agreement to sell the North America portion of its
Management Services business to funds affiliated with Apollo Global
Management, LLC. This business will be reflected as a discontinued
operation in the third quarter.
During the second quarter, the Company entered into definitive
agreements to sell the European businesses of Management Services
and has reflected the results of these businesses in discontinued
operations. Prior period results have been reclassified to reflect
this change. Revenue this quarter excludes approximately $45
million for revenue associated with the European operations of
Management Services.
Revenue for the quarter was $1.2 billion, which was a decline of
less than 1% when compared to the prior year and nearly flat to the
prior year excluding the impacts of currency. Revenue for the
quarter benefited from double-digit growth in the Production Mail
and Mail Services segments. International Mailing revenue was flat
with the prior year excluding the impacts of currency. The growth
areas were offset by lower recurring revenue streams in the SMB
group, lower licensing revenue in the Software segment and lower
revenue due to continued pricing pressure on some contract renewals
in the Management Services segment.
As a result of lower than expected first half operating
performance for the North America operations of Management
Services, including pricing pressure on contract renewals and a
longer than anticipated sales cycle for some of the new growth
areas, future near-term cash flows are now estimated to be lower
than originally projected. Accordingly, the Company performed a
goodwill impairment review as of June 30, 2013. As a result, a
non-cash, pre-tax goodwill impairment charge of $98 million was
recorded in the second quarter.
Earnings per diluted share for the quarter, on a Generally
Accepted Accounting Principles (GAAP) basis was a loss of $0.05 per
share compared to income of $0.50 per share for the prior year.
GAAP earnings per share include a non-cash, pre-tax goodwill
impairment charge of $0.40 per share; a restructuring charge of
$0.07 per share; and a loss from discontinued operations of $0.10
per share.
Adjusted earnings per diluted share from continuing operations
for the quarter were $0.52 per share compared to $0.51 per share
for the prior year. Adjusted earnings per share exclude the
goodwill impairment charge; restructuring charge; and the loss from
discontinued operations. Prior year adjusted earnings per share
exclude a $0.02 loss from discontinued operations.
The tax rate on diluted earnings per share declined when
compared to the prior year due to the favorable resolution of
certain outstanding tax issues in several countries. This had a
non-recurring benefit of $0.05 per share this quarter.
Earnings Per Diluted Share Reconciliation*
Q2 2013 Q2 2012 GAAP
EPS ($0.05)
$0.50 Loss from discontinued operations
$0.10 $0.02
GAAP EPS from continuing
operations $0.05
$0.51 Restructuring $0.07
- Goodwill impairment $0.40
-
Adjusted EPS from continuing
operations $0.52
$0.51
* The sum of the earnings per share may
not equal the totals above due to rounding.
FREE CASH FLOW RESULTS
Free cash flow for the quarter was $124 million, while on a GAAP
basis the Company generated $147 million in cash from operations.
Free cash flow this quarter is lower than the prior year due to the
timing of tax payments and working capital. There was also less of
a benefit from the declines in finance receivables and bank reserve
account deposits this quarter. Free cash flow on a year-to-date
basis was $232 million and the Company generated $279 million in
cash from operations on a GAAP basis. During the quarter, the
Company used $47 million of cash for dividends and $11 million for
restructuring payments. Also during the quarter, the Company
retired $375 million of debt that matured in June 2013.
BUSINESS SEGMENT RESULTS
SMB Solutions Group
2Q 2013
Y-O-Y Change
Change ex Currency Revenue $597 million (3%) (3%)
EBIT $186 million
(2%)
Within the SMB Solutions Group:
North America Mailing
2Q 2013 Y-O-Y Change
Change ex Currency Revenue $433 million (5%)
(4%) EBIT $166 million
(1%)
During the quarter, North America Mailing continued to
experience lower rates of decline in recurring revenue streams than
in prior quarters and the prior year. The year-over-year rate of
revenue decline also slowed due to improving trends in equipment
sales in the current year. EBIT margin improved versus the prior
year as a result of improved recurring revenue margins and cost
reduction initiatives that offset the negative impacts of the lower
mix of recurring revenue streams.
International Mailing
2Q 2013 Y-O-Y Change
Change ex Currency Revenue $165 million (1%)
0%
EBIT $19 million (11%)
International Mailing revenue benefited from increased sales of
Connect+™ mailing systems in Europe. Increased equipment sales and
supplies revenue in Asia Pacific also contributed to revenue
performance this quarter. EBIT margin was adversely impacted by the
equipment sales mix, which had lower margins.
Enterprise Business Solutions Group
2Q 2013
Y-O-Y Change
Change ex Currency Revenue $561 million 2% 3%
EBIT $64 million
(1%)
Within the Enterprise Business Solutions Group:
Worldwide Production Mail
2Q 2013 Y-O-Y Change
Change ex Currency Revenue $145 million 18%
18% EBIT $14 million 143%
Production Mail revenue benefited from the installation of large
production print and inserting equipment orders in North America.
Demand for new products and printers resulted in a higher backlog
at the end of the quarter. Supplies revenue grew as a result of the
increased base of production print installations. EBIT margin
improved versus the prior year due to the growth in revenue and
cost reduction initiatives. The Company continued to invest in
Volly™ but the EBIT impact was partially offset by licensing and
services revenue from Australia Post.
Software
2Q 2013 Y-O-Y Change
Change ex Currency Revenue $92 million (8%)
(7%) EBIT $16 million 85%
Software revenue declined compared to the prior year due
primarily to fewer large dollar licensing deals in North America.
In addition, there continued to be weakness in the international
markets, in part due to ongoing austerity measures in the public
sector. Compared to the first quarter results, revenue improved due
to increased sales effectiveness. EBIT margin improved
significantly versus the prior year and the prior quarter due to
cost reduction initiatives that have resulted in a more variable
cost structure.
Management Services
2Q 2013 Y-O-Y Change
Change ex Currency Revenue $175 million (3%)
(3%) EBIT $15 million 4%
Management Services results exclude the European businesses,
which are now reflected as discontinued operations. Revenue for the
quarter declined due to continued pricing pressure on contract
renewals. EBIT margin improved compared to the prior year despite
the decline in revenue due to lower operating costs associated with
ongoing productivity programs.
Mail Services
2Q 2013 Y-O-Y Change
Change ex Currency Revenue $119 million 10%
10% EBIT $15 million
(46%)
Mail Services revenue benefited from increased transactions
associated with the Company’s ecommerce solutions for cross-border
package delivery, as well as growth in presort volumes for both
Standard mail and First Class mail. EBIT margin was impacted by the
ongoing investments and costs related to building out the
infrastructure of the Company’s ecommerce offering. Prior year EBIT
included a $4 million insurance reimbursement related to the fire
at the Company’s Dallas presort facility, which adversely impacted
year-over-year comparisons.
Marketing Services
2Q 2013 Y-O-Y Change
Change ex Currency Revenue $30 million (17%)
(17%) EBIT $4 million
(44%)
Marketing Services revenue and EBIT declined due to lower fees
for certain marketing category contract renewals when compared to
the prior year.
2013 GUIDANCE UPDATE
This guidance discusses future results which are inherently
subject to unforeseen risks and developments. As such, discussions
about the business outlook should be read in the context of an
uncertain future, as well as the risk factors identified in the
safe harbor language at the end of this release and as more fully
outlined in the Company's 2012 Form 10-K Annual Report and other
reports filed with the Securities and Exchange Commission.
The Company is updating its 2013 annual guidance from continuing
operations to reflect results to-date and the Management Services
businesses in discontinued operations in the second half of the
year.
The Company now expects annual revenue, excluding the impacts of
currency, to be in the range of a 1 percent decline to 2 percent
growth when compared to the 2012 pro-forma revenue of $3,983
million, which excludes the revenue of Pitney Bowes Management
Services.
The Company now expects GAAP earnings per diluted share from
continuing operations to be in the range of $1.07 to $1.22. This
guidance includes restructuring charges recorded to date of $0.07
per share and excludes any additional actions that may occur as the
Company implements plans to further streamline its operations and
reduce costs. The guidance includes a goodwill impairment charge of
$0.40 per share related to the Management Services business. This
guidance also includes $0.08 per share for costs associated with
the debt tender in the first quarter.
Adjusted earnings per diluted share from continuing operations
are now expected to be in the range of $1.62 to $1.77.
The Company expects free cash flow to now be in the range of
$575 million to $675 million.
OTHER
As a result of signing the definitive agreement for the sale of
the North America Management Services business in the third
quarter, the Company anticipates recording an after-tax charge in
discontinued operations in the range of $0.40 per share to $0.50
per share primarily related to the difference between the Company’s
book and tax basis in this business.
Conference Call and Webcast
Management of Pitney Bowes will discuss the Company’s results in
a broadcast over the Internet today at 8:00 a.m. EDT. Instructions
for listening to the earnings results via the Web are available on
the Investor Relations page of the Company’s web site at
www.pb.com.
About Pitney Bowes
Pitney Bowes provides technology solutions for small, mid-size
and large firms that help them connect with customers to build
loyalty and grow revenue. Many of the company’s solutions are
delivered on open platforms to best organize, analyze and apply
both public and proprietary data to two-way customer
communications. Pitney Bowes includes direct mail, transactional
mail and call center communications in its solution mix along with
digital channel messaging for the Web, email and mobile
applications.
Pitney Bowes: Every connection is a new opportunity™.
www.pb.com.
The Company's financial results are reported in accordance with
generally accepted accounting principles (GAAP). The Company uses
measures such as adjusted earnings per share, adjusted income from
continuing operations and free cash flow to exclude the impact of
special items like restructuring charges, tax adjustments, and
goodwill and asset write-downs, because, while these are actual
Company expenses, they can mask underlying trends associated with
our business. Such items are often inconsistent in amount and
frequency and as such, the adjustments allow an investor greater
insight into the current underlying operating trends of the
business.
The use of free cash flow provides investors insight into the
amount of cash that management could have available for other
discretionary uses. It adjusts GAAP cash from operations for
capital expenditures, as well as special items like cash used for
restructuring charges, unusual tax payments and contributions to
its pension funds. Management uses segment EBIT to measure
profitability and performance at the segment level. EBIT is
determined by deducting the related costs and expenses attributable
to the segment. Segment EBIT excludes interest, taxes, general
corporate expenses not allocated to a particular business segment,
restructuring charges and goodwill and asset impairments, which are
recognized on a consolidated basis. In addition, financial results
are presented on a constant currency basis to exclude the impact of
changes in foreign currency exchange rates since the prior period
under comparison. Constant currency measures are intended to help
investors better understand the underlying operational performance
of the business excluding the impacts of shifts in currency
exchange rates over the intervening period.
Pitney Bowes has provided a quantitative reconciliation to GAAP
in supplemental schedules. This information may also be found at
the Company's web site www.pb.com/investorrelations.
This document contains “forward-looking statements” about our
expected or potential future business and financial performance.
For us forward-looking statements include, but are not limited to,
statements about our future revenue and earnings guidance and other
statements about future events or conditions. Forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties that could cause actual results to differ
materially from those projected. These risks and uncertainties
include, but are not limited to: mail volumes; the uncertain
economic environment; timely development, market acceptance and
regulatory approvals, if needed, of new products; fluctuations in
customer demand; changes in postal regulations; interrupted use of
key information systems; management of outsourcing arrangements;
changes in business portfolio; foreign currency exchange rates;
changes in our credit ratings; management of credit risk; changes
in interest rates; the financial health of national posts; and
other factors beyond our control as more fully outlined in the
Company's 2012 Form 10-K Annual Report and other reports filed with
the Securities and Exchange Commission. Pitney Bowes assumes no
obligation to update any forward-looking statements contained in
this document as a result of new information, events or
developments.
Note: Consolidated statements of income; revenue and EBIT by
business segment; and reconciliation of GAAP to non-GAAP measures
for the three and six months ended June 30, 2013 and 2012, and
consolidated balance sheets at June 30, 2013 and March 31, 2013 are
attached.
Pitney Bowes Inc. Consolidated Statements of
Income
(Unaudited)
(Dollars in thousands, except per share data)
Three months ended June 30, Six months ended June 30, 2013
2012 2013 2012
Revenue: Equipment sales $ 243,644 $ 224,235 $ 458,643 $ 444,414
Supplies 72,337 70,522 146,624 146,887 Software 100,482 104,551
187,494 208,901 Rentals 136,775 145,497 273,154 285,886 Financing
115,929 122,948 232,691 249,696 Support services 163,178 171,254
328,664 344,772 Business services 325,862
327,350 649,207 655,447
Total revenue 1,158,207 1,166,357
2,276,477 2,336,003 Costs and
expenses: Cost of equipment sales 128,426 106,718 237,763 203,634
Cost of supplies 22,692 20,863 45,954 44,734 Cost of software
21,435 24,404 42,141 45,497 Cost of rentals 26,424 31,851 54,179
62,076 Financing interest expense 19,798 20,642 39,673 41,781 Cost
of support services 104,282 112,123 212,291 227,210 Cost of
business services 248,715 242,010 495,611 485,952 Selling, general
and administrative 376,559 380,656 748,014 779,852 Research and
development 31,501 33,811 64,836 67,884 Restructuring charges and
asset impairments 19,955 (585 ) 19,955 (585 ) Goodwill impairment
97,787 - 97,787 - Other interest expense 31,347 30,353 62,086
59,720 Interest income (1,302 ) (2,003 ) (3,050 ) (3,736 ) Other
income, net - 4,372 25,121
1,138 Total costs and expenses
1,127,619 1,005,215 2,142,361
2,015,157 Income from continuing operations
before income taxes 30,588 161,142 134,116 320,846 Provision
for income taxes 15,160 53,113
42,899 68,211 Income from continuing
operations 15,428 108,029 91,217 252,635 (Loss) income from
discontinued operations, net of income tax (20,067 )
(3,812 ) (23,756 ) 14,846
Net (loss) income before attribution of
noncontrolling interests
(4,639 ) 104,217 67,461 267,481 Less: Preferred stock
dividends of subsidiaries attributable to noncontrolling interests
4,594 4,594 9,188
9,188
Net (loss) income - Pitney Bowes Inc.
$ (9,233 ) $ 99,623 $ 58,273 $ 258,293
Amounts attributable to common stockholders: Income from
continuing operations $ 10,834 $ 103,435 $ 82,029 $ 243,447 Loss
(income) from discontinued operations (20,067 )
(3,812 ) (23,756 ) 14,846
Net (loss) income - Pitney Bowes Inc.
$ (9,233 ) $ 99,623 $ 58,273 $ 258,293
Basic earnings per share attributable to common stockholders (1):
Continuing operations 0.05 0.52 0.41 1.22 Discontinued operations
(0.10 ) (0.02 ) (0.12 ) 0.07
Net (loss) income - Pitney Bowes Inc.
$ (0.05 ) $ 0.50 $ 0.29 $ 1.29 Diluted
earnings per share attributable to common stockholders (1):
Continuing operations 0.05 0.51 0.41 1.21 Discontinued operations
(0.10 ) (0.02 ) (0.12 ) 0.07
Net (loss) income - Pitney Bowes Inc.
$ (0.05 ) $ 0.50 $ 0.29 $ 1.29 (1)
The sum of the earnings per share amounts may not
equal the totals above due to rounding. (2) Certain prior
year amounts have been reclassified to conform to the current year
presentation.
Pitney
Bowes Inc. Consolidated Balance Sheets
(Unaudited in
thousands, except per share data)
Assets
June 30,
2013
December 31,
2012
Current assets: Cash and cash equivalents $ 608,568 $ 913,276
Short-term investments 22,898 36,611 Accounts receivable,
gross 604,068 748,469 Allowance for doubtful accounts receivable
(15,528 ) (20,219 ) Accounts receivable, net 588,540
728,250 Finance receivables 1,158,795 1,213,776 Allowance
for credit losses (26,277 ) (25,484 ) Finance
receivables, net 1,132,518 1,188,292 Inventories 141,061
179,678 Current income taxes 30,578 51,836 Other current assets and
prepayments 158,812 114,184 Assets held for sale 71,052
- Total current assets 2,754,027
3,212,127 Property, plant and equipment, net 351,606 385,377
Rental property and equipment, net 230,759 241,192 Finance
receivables 960,480 1,041,099 Allowance for credit losses
(9,824 ) (14,610 ) Finance receivables, net 950,656
1,026,489 Investment in leveraged leases 33,606 34,546
Goodwill 2,012,752 2,136,138 Intangible assets, net 143,451 166,214
Non-current income taxes 93,318 94,434 Other assets 563,027
563,374 Total assets $ 7,133,202
$ 7,859,891
Liabilities,
noncontrolling interests and stockholders' equity
Current liabilities: Accounts payable and accrued liabilities $
1,563,069 $ 1,809,226 Current income taxes 225,208 240,681 Notes
payable and current portion of long-term obligations - 375,000
Advance billings 448,129 452,130 Liabilities held for sale
50,331 - Total current liabilities
2,286,737 2,877,037 Deferred taxes on income 44,460 69,222
Tax uncertainties and other income tax liabilities 144,260 145,881
Long-term debt 3,654,032 3,642,375 Other non-current liabilities
685,002 718,375 Total
liabilities 6,814,491 7,452,890
Noncontrolling interests (Preferred stockholders' equity in
subsidiaries) 296,370 296,370 Stockholders' equity:
Cumulative preferred stock, $50 par value, 4% convertible 4 4
Cumulative preference stock, no par value, $2.12 convertible 613
648 Common stock, $1 par value 323,338 323,338 Additional
paid-in-capital 198,938 223,847 Retained Earnings 4,689,969
4,744,802 Accumulated other comprehensive loss (723,523 ) (681,213
) Treasury Stock, at cost (4,466,998 ) (4,500,795 )
Total Pitney Bowes Inc. stockholders' equity 22,341
110,631 Total liabilities,
noncontrolling interests and stockholders' equity $ 7,133,202
$ 7,859,891
Pitney Bowes Inc.
Revenue and EBIT Business Segments June 30,
2013
(Unaudited)
(Dollars in thousands)
Three Months Ended June 30,
2013 2012
%
Change
Revenue
North America Mailing $ 432,889 453,484 (5 %) International
Mailing 164,556 165,480 (1 %) Small
& Medium Business Solutions 597,445
618,964 (3 %) Production Mail 144,986 123,067 18 %
Software 92,242 99,874 (8 %) Management Services 174,708 180,562 (3
%) Mail Services 119,058 108,045 10 % Marketing Services
29,768 35,845 (17 %) Enterprise Business
Solutions 560,762 547,393 2 %
Total revenue $ 1,158,207
1,166,357 (1 %)
EBIT
(1)
North America Mailing $ 166,363 $ 167,870 (1 %)
International Mailing 19,285 21,758 (11
%) Small & Medium Business Solutions 185,648
189,628 (2 %) Production Mail 13,617 5,594 143
% Software 15,729 8,487 85 % Management Services 14,735 14,222 4 %
Mail Services 15,484 28,464 (46 %) Marketing Services 4,181
7,503 (44 %) Enterprise Business Solutions
63,746 64,270 (1 %)
Total
EBIT $ 249,394 $ 253,898 (2
%) Unallocated amounts: Interest, net (2) (49,843 )
(48,992 ) Corporate and other expenses (51,221 ) (44,349 )
Restructuring and asset impairments (19,955 ) 585 Goodwill
impairment (97,787 ) -
Income from
continuing operations before income taxes $
30,588 $ 161,142 (1)
Earnings before interest and taxes (EBIT) excludes general
corporate expenses, restructuring, goodwill and asset impairments.
(2) Interest, net includes financing interest expense, other
interest expense and interest income.
Pitney
Bowes Inc. Revenue and EBIT Business Segments
June 30, 2013
(Unaudited)
(Dollars in thousands)
Six Months Ended June 30,
2013 2012
%
Change
Revenue
North America Mailing $ 863,264 914,789 (6 %) International
Mailing 332,011 333,494 (0 %) Small
& Medium Business Solutions 1,195,275
1,248,283 (4 %) Production Mail 263,788 238,083 11 %
Software 172,963 200,201 (14 %) Management Services 351,278 360,702
(3 %) Mail Services 237,913 222,681 7 % Marketing Services
55,260 66,053 (16 %) Enterprise Business
Solutions 1,081,202 1,087,720 (1 %)
Total Revenue $ 2,276,477
2,336,003 (3 %)
EBIT
(1)
North America Mailing $ 320,868 $ 346,041 (7 %)
International Mailing 37,034 41,755 (11
%) Small & Medium Business Solutions 357,902
387,796 (8 %) Production Mail 16,672 8,373 99
% Software 20,619 19,179 8 % Management Services 29,097 26,210 11 %
Mail Services 34,833 62,709 (44 %) Marketing Services 6,167
12,320 (50 %) Enterprise Business Solutions
107,388 128,791 (17 %)
Total
EBIT $ 465,290 $ 516,587 (10
%) Unallocated amounts: Interest, net (2) (98,709 )
(97,765 ) Corporate and other expenses (114,723 ) (98,561 )
Restructuring and asset impairments (19,955 ) 585 Goodwill
impairment (97,787 ) -
Income from
continuing operations before income taxes $
134,116 $ 320,846 (1)
Earnings before interest and taxes (EBIT) excludes general
corporate expenses, restructuring, goodwill and asset impairments.
(2) Interest, net includes financing interest expense, other
interest expense and interest income.
Pitney Bowes
Inc. Reconciliation of Reported Consolidated Results to
Adjusted Results (Unaudited) (Dollars in thousands,
except per share data) Three Months Ended June 30, Six
Months Ended June 30, 2013 2012
2013 2012 GAAP income from continuing
operations after income taxes, as reported $ 10,834 $ 103,435 $
82,029 $ 243,447 Restructuring charges and asset impairments 13,493
(912 ) 13,493 (912 ) Goodwill impairment 81,638 - 81,638 - Sale of
leveraged lease assets - - - (12,886 ) Extinguishment of debt
- - 15,325 -
Income from continuing operations after income taxes, as
adjusted $ 105,965 $ 102,523 $ 192,485 $
229,649 GAAP diluted earnings per share from
continuing operations, as reported $ 0.05 $ 0.51 $ 0.41 $ 1.21
Restructuring charges and asset impairments 0.07 (0.00 ) 0.07 (0.00
) Goodwill impairment 0.40 - 0.40 - Sale of leveraged lease - - -
(0.06 ) Extinguishment of debt - -
0.08 - Diluted earnings per share from
continuing operations, as adjusted $ 0.52 $ 0.51 $
0.95 $ 1.14 GAAP net cash provided by
operating activities, as reported $ 146,875 $ 268,452 $ 279,035 $
339,832 Capital expenditures (34,602 ) (38,722 ) (73,441 ) (88,751
) Restructuring payments 10,980 21,630 27,255 47,875 Pension
contribution - - - 95,000 Tax payments on sale of leveraged lease
assets - 15,671 - 84,904 Reserve account deposits 1,138 28,008
(26,189 ) 2,334 Extinguishment of debt - -
25,121 - Free cash flow,
as adjusted $ 124,391 $ 295,039 $ 231,781 $
481,194
Note: The sum of the earnings per share amounts may not equal the
totals above due to rounding.
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted
Results (Unaudited)
(Dollars in thousands, except
per share data) Three Months Ended June 30, Six Months Ended
June 30, 2013 2012 2013 2012
GAAP income from continuing operations after income
taxes, as reported $ 10,834 $ 103,435 $ 82,029 $ 243,447
Restructuring charges and asset impairments 13,493 (912 ) 13,493
(912 ) Goodwill impairment 81,638 - 81,638 - Sale of leveraged
lease assets - - - (12,886 ) Extinguishment of debt -
- 15,325 - Income from continuing
operations after income taxes, as adjusted 105,965 102,523 192,485
229,649 Provision for income taxes, as adjusted 37,771 53,440
75,306 85,240 Preferred stock dividends of subsidiaries
attributable to noncontrolling
interests
4,594 4,594 9,188
9,188 Income from continuing operations, as adjusted 148,330
160,557 276,979 324,077 Interest expense, net 49,843
48,992 98,709 97,765
Adjusted EBIT
198,173 209,549 375,688 421,842
Depreciation and amortization 56,475 67,237 113,702 131,607
Adjusted EBITDA $ 254,648
$ 276,786 $ 489,390 $
553,449
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