Pitney Bowes (PBI) 8-K Regulation FD Disclosure

Exhibit 99.1

Reconciliation of Reported Cash Flow from Operations to Free Cash Flow
($ millions)
	2012			2013			2014			2015			2016 H1 TTM
Cash Flow from Operating Activities		$660			$625			$656			$515			$469
Capital expenditures		(177	)		(138	)		(181	)		(166	)		(149	)
Restructuring payments		75			60			56			62			65
(Receipts) payments related to investment divestiture		-			-			(6	)		20			(6	)
Pension plan contribution		95			-			-			-			36
Reserve account deposits		2			(20	)		(16	)		(24	)		(10	)
Acquisition and disposition related expenses		-			-			-			10			-
Tax and other payments on sale of businesses and leveraged lease assets		114			75			-			21			21
Cash transactions fees related to acquisitions and dispositions		-			-			-			18			7
Extinguishment of debt		-			33			62			-			-
Free Cash Flow		$769			$635			$571			$456			$433

Reconciliation of reported revenue to revenue excluding divested businesses and currency
($ millions)
	2015														2014
	SMB Solutions			Enterprise Business			Digital Commerce Solutions			Other		Total			SMB Solutions			Enterprise Business			Digital Commerce Solutions			Other		Total
Revenue, as reported	$	1,880		$	895		$	748		$	55	$	3,578		$	2,064		$	919		$	710		$	128	$	3,822
Exclude revenue from divested businesses and impact of currency		66			6			26			-		98			(41	)		(20	)		(1	)		-		(62	)
Revenue, excluding divested businesses and currency	$	1,946		$	901		$	774		$	55	$	3,676		$	2,023		$	899		$	709		$	128	$	3,760
Y/Y revenue change ex divested businesses and currency		-4	%		0	%		9	%		N/M		-2	%

Small & Medium Business Solutions - reconciliation of reported revenue to revenue excluding divested businesses and currency
($ millions)
	2013															2014
	Q1			Q2			Q3			Q4			Total			Q1			Q2			Q3			Q4			Total
Revenue, as reported		$542			$542			$523			$551			$2,158			$534			$524			$496			$510			$2,064
Exclude revenue from divested businesses and impact of currency		(13	)		(13	)		(12	)		(16	)		(54	)		(12	)		(20	)		(8	)		7			(33	)
Revenue, excluding divested businesses and currency		$529			$529			$511			$535			$2,104			$522			$504			$488			$517			$2,031
Y/Y revenue change ex divested businesses and currency		-4.9	%		-3.3	%		-3.7	%		-2.4	%		-3.6	%		-1.1	%		-4.4	%		-4.3	%		-3.2	%		-3.2	%
	2015															2016
	Q1			Q2			Q3			Q4			Total			Q1			Q2
Revenue, as reported		$478			$467			$458			$477			$1,880			$453			$428
Exclude revenue from divested businesses and impact of currency		17			19			16			14			66			6			2
Revenue, excluding divested businesses and currency		$495			$486			$474			$491			$1,946			$459			$430
Y/Y revenue change ex divested businesses and currency		-5.0	%		-4.3	%		-3.1	%		-2.8	%		-3.8	%		-3.0	%		-7.1	%

Small & Medium Business Solutions - EBITDA and EBITDA margin
($ millions)
	2013														2014
	Q1		Q2			Q3			Q4			Total			Q1		Q2			Q3			Q4			Total
Segment EBITDA (1)	$193			$205			$200			$225			$823		$211			$211			$198			$210			$830
Less: segment depreciation and amortization	27			27			26			31			111		26			28			22			23			99
Segment EBIT	$166			$178			$174			$194			$712		$185			$183			$176			$187			$731
Segment EBITDA margin (2)	35.6	%		37.8	%		38.2	%		40.8	%		38.1	%	39.5	%		40.3	%		39.9	%		41.2	%		40.2	%
	2015														2016
	Q1		Q2			Q3			Q4			Total			Q1		Q2
Segment EBITDA (1)	$197			$196			$191			$195			$779		$187			$175
Less: segment depreciation and amortization	22			22			21			16			81		19			20
Segment EBIT	$175			$174			$170			$179			$698		$168			$155
Segment EBITDA margin (2)	41.2	%		42.0	%		41.7	%		40.9	%		41.4	%	41.3	%		40.9	%

(1) EBITDA is a non-GAAP measure. See reconciliation of SMB Solutions EBITDA to total EBITDA and net income.

(2) Segment EBITDA margin is defined as Segment EBITDA divided by segment revenue, as reported.

Enterprise Business Solutions - reconciliation of reported revenue to revenue excluding divested businesses and currency
($ millions)
	2013					2014
	Production Mail		Presort	Total		Production Mail		Presort	Total
Revenue, as reported	$512		$430	$942		$462		$457	$919
Exclude revenue from divested businesses and impact of currency	(23	)	-	(23	)	(17	)	-	(17	)
Revenue, excluding divested businesses and currency	$489		$430	$919		$445		$457	$902
Y/Y revenue change ex divested businesses and currency				3.3	%				-1.7	%
	2015					2016 H1
	Production Mail		Presort	Total		Production Mail		Presort	Total
Revenue, as reported	$421		$474	$895		$183		$243	$426
Exclude revenue from divested businesses and impact of currency	6		-	6		1		-	1
Revenue, excluding divested businesses and currency	$427		$474	$901		$184		$243	$427
Y/Y revenue change ex divested businesses and currency				0.2	%				0.2	%

Enterprise Business Solutions - EBITDA and EBITDA margin
($ millions)
	2013				2014
	Production Mail	Presort	Total		Production Mail	Presort	Total
Segment EBITDA (1)	$71	$113	$184		$55	$127	$182
Less: segment depreciation and amortization	16	30	46		7	29	36
Segment EBIT	$55	$83	$138		$48	$98	$146
Segment EBITDA margin (2)			19.5	%			19.8	%
	2015				2016 H1
	Production Mail	Presort	Total		Production Mail	Presort	Total
Segment EBITDA (1)	$52	$132	$184		$22	$64	$86
Less: segment depreciation and amortization	4	27	31		2	14	16
Segment EBIT	$48	$105	$153		$20	$50	$70
Segment EBITDA margin (2)			20.6	%			20.2	%

(1) EBITDA is a non-GAAP measure. See reconciliation of Enterprise Business Solutions EBITDA to total EBITDA and net income.

(2) Segment EBITDA margin is defined as Segment EBITDA divided by segment revenue, as reported.

Software Solutions - reconciliation of reported revenue to revenue excluding currency and EBITDA and EBITDA margin
($ millions)
	Revenue, as reported		Unfavorable (favorable) impact on revenue due to currency			Revenue, excluding currency		Revenue, excluding currency - TTM		EBITDA (1)		EBITDA - TTM		EBITDA margin (2)
2Q12		$107		$3			$110				$13
3Q12		$96		$1			$97				$9
4Q12		$114		($1	)		$113				$25
1Q13		$88		$1			$89		$409		$11		$58		14	%
2Q13		$100		$1			$101		$400		$21		$66		17	%
3Q13		$95		$2			$97		$400		$14		$71		18	%
4Q13		$112		$1			$113		$400		$18		$64		16	%
1Q14		$91		$1			$92		$403		$5		$58		15	%
2Q14		$109		($1	)		$108		$410		$13		$50		12	%
3Q14		$112		($1	)		$111		$424		$29		$65		15	%
4Q14		$117		$2			$119		$430		$25		$72		17	%
1Q15		$86		$6			$92		$430		$9		$76		18	%
2Q15		$99		$6			$105		$427		$20		$83		20	%
3Q15		$98		$7			$105		$421		$20		$74		19	%
4Q15		$103		$5			$108		$410		$18		$67		17	%
Q116		$78		$2			$80		$398		$1		$59		16	%
Q216		$90		$2			$92		$385		$14		$53		14	%

(1) EBITDA is a non-GAAP measure. See reconciliation of EBITDA to net income.

(2) EBITDA margin is defined as EBITDA divided by revenue, as reported for TTM.

Global Ecommerce - reconciliation of reported revenue to revenue excluding currency
($ millions)
	2013		2014		2015		2016 H1
Revenue, as reported	$170		$282		$362		$204
Exclude impact of currency	-		-		3		1
Revenue, excluding currency	$170		$282		$365		$205
Global Ecommerce - EBITDA and EBITDA margin
	2013		2014		2015		2016 H1
Segment EBITDA (1)	$5		$25		$40		$20
Less: segment depreciation and amortization	4		8		21		16
Segment EBIT	$1		$17		$19		$4
Segment EBITDA margin (2)	2.9	%	8.9	%	11.0	%	9.8	%

(1) EBITDA is a non-GAAP measure. See reconciliation of EBITDA to net income.

(2) Segment EBITDA margin is defined as Segment EBITDA divided by segment revenue, as reported.

2012 - 2014 Reconciliation of Segment EBITDA to Net Income
($ millions)
	2012		2013						2014
	Total		Small & Medium Business Solutions	Enterprise Business Solutions	Digital Commerce Solutions	Other	Total		Small & Medium Business Solutions	Enterprise Business Solutions	Digital Commerce Solutions	Other	Total
Revenue, as reported	$3,824						$3,791						$3,822
Segment EBITDA	$1,132		$823	$184	$69	$10	$1,086		$830	$182	$97	$24	$1,133
Less: segment depreciation and amortization	201		111	46	20	4	181		99	36	29	5	169
Segment EBIT	931		$712	$138	$49	$6	905		$731	$146	$68	$19	964
Reconciling items:
Interest, net	(185	)					(187	)					(169	)
Unallocated corporate expenses	(216	)					(217	)					(233	)
Restructuring charges and asset impairments, net	(17	)					(84	)					(85	)
Acquisition / disposition related expenses	-						-						-
Other income (expense), net	(1	)					(33	)					(46	)
Income from continuing operations	512						384						431
Provision for income taxes	(114	)					(78	)					(113	)
Income (loss) from discontinued operations	66						(145	)					34
Net income	$464						$161						$352
Segment EBITDA margin	30	%					29	%					30	%

2015 and 2016 TTM Reconciliation of Segment EBITDA to Net Income
($ millions)
	2015									2016 TTM
	Small & Medium Business Solutions		Enterprise Business Solutions		Digital Commerce Solutions		Other	Total		Total
Revenue, as reported	$1,880		$895		$748		$55	$3,578		$3,487
Segment EBITDA	$779		$184		$107		$13	$1,083		$1,031
Less: segment depreciation and amortization	81		31		39		3	154		158
Segment EBIT	$698		$153		$68		$10	929		873
Reconciling items:
Interest, net								(159	)	(146	)
Unallocated corporate expenses								(213	)	(217	)
Restructuring charges and asset impairments, net								(26	)	(45	)
Acquisition / disposition related expenses								(15	)	(8	)
Other income (expense), net								95		2
Income from continuing operations								611		459
Provision for income taxes								(190	)	(157	)
Income (loss) from discontinued operations								5		4
Net income								$426		$306
Segment EBITDA margin	n/a		n/a		n/a		n/a	30	%	30	%
Segment EBIT margin	37	%	17	%	9	%	n/a	n/a		n/a