株探米国株
英語
エドガーで原本を確認する
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to ________________
Commission file number: 1-03579
PITNEY BOWES INC.
(Exact name of registrant as specified in its charter)
State of incorporation: Delaware I.R.S. Employer Identification No. 06-0495050
Address of Principal Executive Offices: 3001 Summer Street, Stamford, Connecticut 06926
Telephone Number: (203) 356-5000

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, $1 par value per share PBI New York Stock Exchange
6.7% Notes due 2043 PBI.PRB New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ Accelerated filer Non-accelerated filer o
Smaller reporting company Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ
As of April 30, 2025, 181,253,371 shares of common stock, par value $1 per share, of the registrant were outstanding.



PITNEY BOWES INC.
INDEX
Page Number
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024
Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and 2024
Condensed Consolidated Balance Sheets at March 31, 2025 and December 31, 2024
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024
Item 6:
Exhibits
2



PART I. FINANCIAL INFORMATION
Item 1: Financial Statements
PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share amounts)
Three Months Ended March 31,
2025 2024
Revenue:    
Services $ 318,432  $ 322,690 
Products 93,190  114,124 
Financing and other 81,798  84,455 
Total revenue 493,420  521,269 
Costs and expenses:
Cost of services 155,873  164,481 
Cost of products 50,919  62,754 
Cost of financing and other 17,507  21,287 
Selling, general and administrative 165,915  186,832 
Research and development 4,763  7,626 
Restructuring charges 1,400  3,766 
Interest expense, net 24,270  27,306 
Other components of net pension and postretirement cost 1,854  (387)
Other expense 24,187  — 
Total costs and expenses 446,688  473,665 
Income from continuing operations before taxes 46,732  47,604 
Provision for income taxes 11,310  15,500 
Income from continuing operations
35,422  32,104 
Loss from discontinued operations, net of tax
—  (34,989)
Net income (loss) $ 35,422  $ (2,885)
Basic earnings (loss) per share:
Continuing operations $ 0.19  $ 0.18 
Discontinued operations —  (0.20)
Net income (loss) $ 0.19  $ (0.02)
Diluted earnings (loss) per share:
Continuing operations $ 0.19  $ 0.18 
Discontinued operations —  (0.19)
Net income (loss) $ 0.19  $ (0.02)
`











See Notes to Condensed Consolidated Financial Statements
3


PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in thousands)

Three Months Ended March 31,
2025 2024
Net income (loss) $ 35,422  $ (2,885)
Other comprehensive income (loss), net of tax:
Foreign currency translation, net of tax of $95 and $(496), respectively
19,549  (15,399)
Net unrealized loss on cash flow hedges, net of tax of $(414)
—  (1,241)
Net unrealized gain (loss) on investment securities, net of tax of $939 and $(303), respectively
2,995  (967)
Amortization of pension and postretirement costs, net of tax of $1,666 and $1,628, respectively
5,052  5,041 
Other comprehensive income (loss), net of tax
27,596  (12,566)
Comprehensive income (loss)
$ 63,018  $ (15,451)












































See Notes to Condensed Consolidated Financial Statements
4


PITNEY BOWES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands, except per share amount)

March 31, 2025 December 31, 2024
ASSETS    
Current assets:    
Cash and cash equivalents $ 323,787  $ 469,726 
Short-term investments (includes $3,985 and $3,926, respectively, reported at fair value)
16,175  16,374 
Accounts and other receivables (net of allowance of $7,494 and $7,723, respectively)
160,284  159,951 
Short-term finance receivables (net of allowance of $12,506 and $13,302, respectively)
526,411  535,608 
Inventories 65,103  59,836 
Current income taxes 984  10,429 
Other current assets and prepayments (net of allowance of $17,834 and $19,373, respectively)
92,145  66,030 
Total current assets 1,184,889  1,317,954 
Property, plant and equipment, net 204,380  218,657 
Rental property and equipment, net 24,275  24,587 
Long-term finance receivables (net of allowance of $8,200 and $8,374 respectively)
624,400  610,316 
Goodwill 729,687  721,003 
Intangible assets, net 17,924  15,780 
Operating lease assets 113,433  113,357 
Noncurrent income taxes 101,350  99,773 
Other assets (includes $167,165 and $173,525, respectively, reported at fair value)
269,365  276,089 
Total assets $ 3,269,703  $ 3,397,516 
LIABILITIES AND STOCKHOLDERS’ DEFICIT  
Current liabilities:    
Accounts payable and accrued liabilities $ 743,846  $ 873,626 
Customer deposits at Pitney Bowes Bank 625,095  645,860 
Current operating lease liabilities 27,322  26,912 
Current portion of long-term debt 14,150  53,250 
Advance billings 75,060  70,131 
Current income taxes 3,528  2,948 
Total current liabilities 1,489,001  1,672,727 
Long-term debt 1,899,002  1,866,458 
Deferred taxes on income 50,298  49,187 
Tax uncertainties and other income tax liabilities 14,560  13,770 
Noncurrent operating lease liabilities 100,754  100,804 
Noncurrent customer deposits at Pitney Bowes Bank
51,977  57,977 
Other noncurrent liabilities 199,995  215,026 
Total liabilities 3,805,587  3,975,949 
Commitments and contingencies (See Note 14)
Stockholders’ deficit:
Common stock, $1 par value (480,000 shares authorized; 270,338 shares issued)
270,338  270,338 
Retained earnings 2,651,715  2,671,868 
Accumulated other comprehensive loss (811,575) (839,171)
Treasury stock, at cost (87,825 and 87,932 shares, respectively)
(2,646,362) (2,681,468)
Total stockholders’ deficit (535,884) (578,433)
Total liabilities and stockholders’ deficit $ 3,269,703  $ 3,397,516 





See Notes to Condensed Consolidated Financial Statements
5


PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)

Three Months Ended March 31,
2025 2024
Cash flows from operating activities:    
Net income (loss) $ 35,422  $ (2,885)
Loss from discontinued operations, net of tax —  34,989 
Adjustments to reconcile net income or loss to net cash from operating activities:
   
Depreciation and amortization 28,324  28,850 
Allowance for credit losses 1,978  4,338 
Allowance for DIP Facility
(1,539) — 
Stock-based compensation 2,683  2,153 
Amortization of debt fees 2,152  3,068 
Loss on debt redemption/refinancing 24,646  — 
Restructuring charges 1,400  3,766 
Restructuring payments (13,106) (14,989)
Pension contributions and retiree medical payments (12,671) (11,767)
Loss on sale of assets
5,106  1,591 
Loss (gain) on revaluation of intercompany loans 7,595  (4,638)
Other, net 4,779  (1,587)
Changes in operating assets and liabilities, net of acquisitions/divestitures:    
Accounts and other receivables (131) 14,674 
Finance receivables 34,586  27,716 
Inventories (4,807) (7,980)
Other current assets and prepayments (4,326) (22,117)
Accounts payable and accrued liabilities (141,282) (79,213)
Current and noncurrent income taxes 8,382  19,838 
Advance billings 4,130  3,178 
   Net cash from operating activities - continuing operations (16,679) (1,015)
   Net cash from operating activities - discontinued operations —  (11,594)
   Net cash from operating activities (16,679) (12,609)
Cash flows from investing activities:    
Capital expenditures (16,887) (14,318)
Purchases of investment securities (3,910) (14,197)
Proceeds from sales/maturities of investment securities 13,345  23,624 
Net investment in loan receivables (37,423) (2,115)
DIP Facility reimbursement 1,539  — 
Acquisition
(2,200) — 
Other investing activities, net —  804 
   Net cash from investing activities - continuing operations (45,536) (6,202)
   Net cash from investing activities - discontinued operations —  (5,639)
   Net cash from investing activities (45,536) (11,841)
Cash flows from financing activities:    
Proceeds from the issuance of debt, net of discount 775,000  — 
Principal payments of debt (787,187) (14,132)
Premiums and fees paid to redeem/refinance debt
(20,598) — 
Dividends paid to stockholders (10,980) (8,832)
Customer deposits at Pitney Bowes Bank (26,766) (29,347)
Common stock repurchases (15,000) — 
Other financing activities, net 465  (3,600)
   Net cash from financing activities - continuing operations
(85,066) (55,911)
Net cash from financing activities - discontinued operations
—  (2,522)
Net cash from financing activities
(85,066) (58,433)
Effect of exchange rate changes on cash and cash equivalents 1,342  (2,147)
Change in cash and cash equivalents (145,939) (85,030)
Cash and cash equivalents at beginning of period 469,726  600,054 
Cash and cash equivalents at end of period $ 323,787  $ 515,024 
See Notes to Condensed Consolidated Financial Statements
6


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

1. Description of Business and Basis of Presentation
Description of Business
Pitney Bowes Inc. (we, us, our, or the company) is a technology-driven company that provides SaaS shipping solutions, mailing innovation, and financial services to clients around the world - including more than 90 percent of the Fortune 500. Small businesses to large enterprises, and government entities rely on Pitney Bowes to reduce the complexity of sending mail and parcels.

Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2024 Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. In management's opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary to fairly state our financial position, results of operations and cash flows for the periods presented have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2025. These statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report to Stockholders on Form 10-K for the year ended December 31, 2024 (2024 Annual Report).
Effective January 1, 2025, we revised our reporting presentation of revenue and cost of revenue to better align with our offerings. We now report Services revenue and Cost of services, which includes the previously reported Business services and Support services, Products revenue and Cost of products, which includes the previously reported Equipment sales and Supplies and Financing and other revenue and Cost of financing and other, which includes the previously reported Financing and Rentals. Prior periods have been recast to conform to the current period presentation.
As a result of the wind-down of a majority of the former Global Ecommerce reportable segment in August 2024, certain revenues and expenses for the period ended March 31, 2024 are reported as discontinued operations in our Condensed Consolidated Financial Statements. See Note 4 for further information.
During the first quarter of 2025, we identified an error and recorded an out of period adjustment of $4 million to correct an overstatement of revenue in prior periods. The impact of the adjustment is not material to the consolidated financial statements for any interim or annual periods prior to 2025 and is not expected to be material to the 2025 annual period.
During the first quarter of 2024, we identified an error and recorded an out of period adjustment of $5 million to correct an understatement of revenue in prior periods, of which $4 million originated in 2020 and prior. The impact of the adjustment was not material to the consolidated financial statements for any interim or annual periods.
Accounting Pronouncements Not Yet Adopted
In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed information about specified categories of expenses included in certain expense captions presented on the face of the income statement. This standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently assessing the impact this standard will have on our disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional income tax disclosures, including the rate reconciliation and taxes paid. This standard is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact this standard will have on our disclosures.






7


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
2. Revenue
Disaggregated Revenue
The following tables disaggregate our revenue by source and timing of recognition:
Three Months Ended March 31, 2025
SendTech Solutions Presort Services Other
Revenue from services and products
Revenue from leasing transactions and financing Total consolidated revenue
Major service/product lines
Services $ 123,067  $ 177,814  $ 17,551  $ 318,432  $ —  $ 318,432 
Products 53,252  —  —  53,252  39,938  93,190 
Financing and other —  —  —  —  81,798  81,798 
Subtotal 176,319  177,814  17,551  371,684  $ 121,736  $ 493,420 
Revenue from leasing transactions and financing 121,736  —  —  121,736 
     Total revenue $ 298,055  $ 177,814  $ 17,551  $ 493,420 
Timing of revenue recognition from services and products
Services/products transferred at a point in time
$ 66,403  $ —  $ —  $ 66,403 
Services/products transferred over time
109,916  177,814  17,551  305,281 
      Total $ 176,319  $ 177,814  $ 17,551  $ 371,684 


Three Months Ended March 31, 2024
SendTech Solutions Presort Services Other
Revenue from services and products
Revenue from leasing transactions and financing Total consolidated revenue
Major service/product lines
Services $ 128,858  $ 169,807  $ 24,025  $ 322,690  $ —  $ 322,690 
Products 61,453  —  —  61,453  52,671  114,124 
Financing and other —  —  —  —  84,455  84,455 
Subtotal 190,311  169,807  24,025  384,143  $ 137,126  $ 521,269 
Revenue from leasing transactions and financing 137,126  —  —  137,126 
     Total revenue $ 327,437  $ 169,807  $ 24,025  $ 521,269 
Timing of revenue recognition from services and products
Services/products transferred at a point in time
$ 76,465  $ —  $ —  $ 76,465 
Services/products transferred over time
113,846  169,807  24,025  307,678 
      Total $ 190,311  $ 169,807  $ 24,025  $ 384,143 
Our performance obligations for revenue from services and products are as follows:
Services revenue includes revenues from digital shipping and mailing technology solutions and the maintenance, professional and subscription services related to those solutions, and mail processing services. Revenues for mail processing services and cross-border solutions are recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Contract terms for these services initially range from one to five years and contain annual renewal options. Revenue for shipping subscription solutions is recognized ratably over the contract period as the client obtains equal benefit from these services through the period. Revenue for maintenance and subscription services is recognized ratably over the contract period, which ranges from one to five years, and revenue for professional services is recognized when services are provided.
Products revenue generally includes the sale of mailing and shipping equipment and related supplies. We recognize revenue upon delivery for self-install equipment and supplies and upon acceptance or installation for other equipment.
8


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Financing and other revenue includes revenue from sales-type and operating leases, finance income, late fees and investment income, gains and losses at the Pitney Bowes Bank.
Advance Billings from Contracts with Customers
Balance sheet location March 31, 2025 December 31, 2024 Increase/ (decrease)
Advance billings, current Advance billings $ 66,742  $ 63,732  $ 3,010 
Advance billings, noncurrent Other noncurrent liabilities $ 336  $ 159  $ 177 

Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to maintenance services on mailing equipment. Revenue recognized during the period includes $32 million of advance billings at the beginning of the period. Current advance billings shown above at March 31, 2025 and December 31, 2024 does not include $8 million and $6 million, respectively, from leasing transactions.

Future Performance Obligations
Future performance obligations primarily include maintenance and subscription services bundled with our leasing contracts. The transaction prices allocated to future performance obligations will be recognized as follows:
Remainder of 2025 2026 2027-2030 Total
SendTech Solutions $ 191,529  $ 211,674  $ 285,174  $ 688,377 
The amounts above do not include revenue for performance obligations under contracts with terms less than 12 months or revenue for performance obligations where revenue is recognized based on the amount billable to the customer.
9


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
3. Segment Information
Our reportable segments are SendTech Solutions and Presort Services. SendTech Solutions includes the revenue and related expenses from physical and digital shipping and mailing technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. Presort Services includes the revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.
Other operations includes the revenue and related expenses of a cross-border services contract and prior operations and shared services of our former Global Ecommerce reporting segment that was retained or did not qualify for discontinued operations treatment.
Due to a change in how these functions are now managed, effective January 1, 2025, we revised our corporate expense allocation methodology to allocate all marketing and innovation expenses to our SendTech Solutions segment. Prior periods have been recast to conform to the current period presentation.
Management, including our Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated as segment revenues less the related costs and expenses attributable to the segment. Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items not allocated to our segments. Management believes that adjusted segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. Adjusted segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and a reconciliation of adjusted segment EBIT to income or loss from continuing operations before taxes.
Revenue
Three Months Ended March 31,
2025 2024
SendTech Solutions $ 298,055  $ 327,437 
Presort Services 177,814  169,807 
Total segment revenue 475,869  497,244 
Other
17,551  24,025 
Total revenue $ 493,420  $ 521,269 


Three Months Ended March 31,
2025 2024
SendTech Solutions
Revenue $ 298,055  $ 327,437 
Less:
Cost of revenue 92,688  109,473 
Operating expenses
110,433  124,254 
Adjusted segment EBIT $ 94,934  $ 93,710 
Presort Services
Revenue $ 177,814  $ 169,807 
Less:
Cost of revenue
104,635  107,327 
Operating expenses
18,400  22,151 
Adjusted segment EBIT $ 54,779  $ 40,329 

10


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Adjusted Segment EBIT
Three Months Ended March 31,
2025 2024
SendTech Solutions $ 94,934  $ 93,710 
Presort Services 54,779  40,329 
Total adjusted segment EBIT 149,713  134,039 
Reconciliation of adjusted segment EBIT to income from continuing operations before taxes:
Other operations
1,879  1,494 
Interest expense, net (37,885) (43,909)
Corporate expenses
(31,903) (42,202)
Restructuring charges
(1,400) (3,766)
Loss on debt redemption/refinancing (24,646) — 
Foreign currency (loss) gain on intercompany loans (7,595) 4,638 
Benefit in connection with Ecommerce Restructuring
459  — 
Strategic review costs
(1,890) (2,690)
Income from continuing operations before taxes
$ 46,732  $ 47,604 


4. Discontinued Operations
On August 8, 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority of the Company’s Global Ecommerce reporting segment. In connection with the wind-down, an affiliate of Hilco Commercial Industrial, LLC (“Hilco”) subscribed for 81% of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment’s net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the “Ecommerce Debtors”) for de minimis consideration (the “GEC Sale”), with a subsidiary of Pitney Bowes retaining 19% of the voting interests and 100% of the economic interests.
Subsequent to the GEC Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases and conduct an orderly wind-down of the Ecommerce Debtors (the “GEC Chapter 11 Cases”). As a result of the GEC Chapter 11 Cases, the Company determined that it no longer had control of the Ecommerce Debtors and therefore, the Ecommerce Debtors were deconsolidated. We refer to the GEC Sale, the GEC Chapter 11 Cases and any associated transactions as the “Ecommerce Restructuring”.
On November 25, 2024, the Bankruptcy Court confirmed the Ecommerce Debtors’ Third Amended Joint Plan of Liquidation (the “Plan”) and on December 9, 2024, the Plan became effective in accordance with its terms, substantially consummating the separation of the Company from the Ecommerce Debtors.
In connection with the GEC Chapter 11 Cases, we provided a senior secured, super-priority debtor-in-possession term loan (the "DIP Facility") to the Ecommerce Debtors and provided initial funding of $28 million. Through March 31, 2025, we received payments of $13 million. The remaining balance on the DIP Facility is fully reserved and any future distributions will be recorded as income in the period received.
We account for the investment in the Ecommerce Debtors using the equity method, but have ascribed a fair value of our economic interest in the Ecommerce Debtors of zero. We do not anticipate receiving any recovery or distribution from our economic equity interest and remain exposed to the economic risks and continued costs applicable to the Ecommerce Debtors through our investment in the DIP Facility.









11


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Discontinued operations for the period ended March 31, 2024 is comprised of the following:

Three Months Ended March 31, 2024
Revenue $ 309,240 
Cost of revenue
314,942 
Selling, general and administrative
29,366 
Other
2,862 
Total costs and expenses
347,170 
Loss from discontinued operations before taxes (37,930)
Tax benefit (2,941)
Loss from discontinued operations, net of tax
$ (34,989)
5. Earnings per Share (EPS)
The calculation of basic and diluted EPS is presented below. The sum of the EPS amounts may not equal the totals due to rounding.
Three Months Ended March 31,
2025 2024
Numerator:    
Income from continuing operations
$ 35,422  $ 32,104 
Loss from discontinued operations, net of tax
—  (34,989)
Net income (loss) $ 35,422  $ (2,885)
Denominator:    
Weighted-average shares used in basic EPS
182,872  176,997 
Dilutive effect of common stock equivalents
1,901  4,483 
Weighted-average shares used in diluted EPS 184,773  181,480 
Basic earnings (loss) per share:
   
Continuing operations $ 0.19  $ 0.18 
Discontinued operations —  (0.20)
Net income (loss) $ 0.19  $ (0.02)
Diluted earnings (loss) per share:
Continuing operations $ 0.19  $ 0.18 
Discontinued operations —  (0.19)
Net income (loss) $ 0.19  $ (0.02)
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive: 3,969  7,063 
We utilize the control number concept in the computation of diluted earnings per share to determine whether potential common stock equivalents are dilutive. The control number used is income from continuing operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories.




12


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
6. Inventories
Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or net realizable value. Inventories consisted of the following:
March 31,
2025
December 31,
2024
Raw materials $ 21,999  $ 20,405 
Supplies and service parts 18,472  15,095 
Finished products 24,632  24,336 
Total inventories $ 65,103  $ 59,836 

7. Finance Assets and Lessor Operating Leases
Finance Assets
Finance receivables are comprised of sales-type leases, secured loans and unsecured loans. Sales-type leases and secured loans are financing options for the purchase or lease of Pitney Bowes equipment or other manufacturers' equipment and are generally due in installments over periods ranging from three to five years. Unsecured loans are revolving credit lines offered to our clients for postage, supplies and working capital purposes. Unsecured loans are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on finance receivables using the effective interest method. Annual fees are recognized ratably over the period covered and client acquisition costs are expensed as incurred. All finance receivables are in our SendTech Solutions segment and we segregate finance receivables into a North America portfolio and an International portfolio.
Finance receivables consisted of the following:
March 31, 2025 December 31, 2024
North America International Total North America International Total
Sales-type lease receivables            
Gross finance receivables $ 924,060  $ 117,395  $ 1,041,455  $ 946,294  $ 120,109  $ 1,066,403 
Unguaranteed residual values 35,581  5,968  41,549  36,361  5,890  42,251 
Unearned income (259,886) (35,621) (295,507) (257,971) (34,674) (292,645)
Allowance for credit losses (12,303) (2,165) (14,468) (12,659) (2,324) (14,983)
Net investment in sales-type lease receivables 687,452  85,577  773,029  712,025  89,001  801,026 
Loan receivables          
Loan receivables 367,054  16,966  384,020  334,717  16,874  351,591 
Allowance for credit losses (6,095) (143) (6,238) (6,549) (144) (6,693)
Net investment in loan receivables 360,959  16,823  377,782  328,168  16,730  344,898 
Net investment in finance receivables $ 1,048,411  $ 102,400  $ 1,150,811  $ 1,040,193  $ 105,731  $ 1,145,924 

Maturities of gross finance receivables at March 31, 2025 were as follows:
Sales-type Lease Receivables Loan Receivables
North America International Total North America International Total
Remainder 2025 $ 264,931  $ 42,469  $ 307,400  $ 189,629  $ 16,966  $ 206,595 
2026 293,370  34,911  328,281  53,160  —  53,160 
2027 203,728  21,949  225,677  50,759  —  50,759 
2028 112,503  12,098  124,601  38,404  —  38,404 
2029 44,771  4,808  49,579  22,055  —  22,055 
Thereafter 4,757  1,160  5,917  13,047  —  13,047 
Total $ 924,060  $ 117,395  $ 1,041,455  $ 367,054  $ 16,966  $ 384,020 


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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Aging of Receivables
The aging of gross finance receivables was as follows:
March 31, 2025
Sales-type Lease Receivables Loan Receivables
North America International North America International Total
Past due amounts 0 - 90 days $ 913,405  $ 115,830  $ 363,953  $ 16,866  $ 1,410,054 
Past due amounts > 90 days 10,655  1,565  3,101  100  15,421 
Total $ 924,060  $ 117,395  $ 367,054  $ 16,966  $ 1,425,475 

December 31, 2024
Sales-type Lease Receivables Loan Receivables
North America International North America International Total
Past due amounts 0 - 90 days $ 932,948  $ 117,908  $ 331,411  $ 16,809  $ 1,399,076 
Past due amounts > 90 days 13,346  2,201  3,306  65  18,918 
Total $ 946,294  $ 120,109  $ 334,717  $ 16,874  $ 1,417,994 

Allowance for Credit Losses
We provide an allowance for credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay and current economic conditions and outlook based on reasonable and supportable forecasts. We continually evaluate the adequacy of the allowance for credit losses and adjust as necessary. The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves.
We establish credit approval limits based on the client's credit quality and the type of equipment financed. We cease financing revenue recognition for lease receivables and unsecured loan receivables that are more than 90 days past due. Revenue recognition is resumed when the client's payments reduce the account aging to less than 60 days past due. Finance receivables are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. We believe that our credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients.
Activity in the allowance for credit losses for finance receivables was as follows:
Sales-type Lease Receivables Loan Receivables
North America International North America International Total
Balance at January 1, 2025 $ 12,659  $ 2,324  $ 6,549  $ 144  $ 21,676 
Amounts charged to expense 644  (105) 582  42  1,163 
Write-offs (1,536) (186) (1,543) (48) (3,313)
Recoveries 492  48  328  —  868 
Other 44  84  179  312 
Balance at March 31, 2025 $ 12,303  $ 2,165  $ 6,095  $ 143  $ 20,706 
Sales-type Lease Receivables Loan Receivables
North America International North America International Total
Balance at January 1, 2024 $ 13,942  $ 2,786  $ 6,346  $ 153  $ 23,227 
Amounts charged to expense 62  (123) 631  70  640 
Write-offs (1,178) (156) (1,260) (67) (2,661)
Recoveries 398  113  408  —  919 
Other (11) (141) (1) (4) (157)
Balance at March 31, 2024 $ 13,213  $ 2,479  $ 6,124  $ 152  $ 21,968 


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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
The table below shows write-offs of gross finance receivables by year of origination.
March 31, 2025
Sales Type Lease Receivables Loan Receivables Total
2025 2024 2023 2022 2021 Prior
Write-offs $ 64  $ 124  $ 383  $ 518  $ 396  $ 237  $ 1,591  $ 3,313 

March 31, 2024
Sales Type Lease Receivables Loan Receivables Total
2024 2023 2022 2021 2020 Prior
Write-offs $ 21  $ 193  $ 566  $ 249  $ 172  $ 133  $ 1,327  $ 2,661 
Credit Quality
The extension and management of credit lines to new and existing clients uses a combination of a client's credit score, where available, a detailed manual review of their financial condition and payment history, or an automated process. Once credit is granted, the payment performance of the client is managed through automated collections processes and is supplemented with direct follow-up should an account become delinquent. We have robust automated collections and extensive portfolio management processes to ensure that our global strategy is executed, collection resources are allocated and enhanced tools and processes are implemented as needed.
Over 85% of our finance receivables are within the North American portfolio. We use a third-party to score the majority of this portfolio on a quarterly basis using a proprietary commercial credit score. The relative scores are determined based on a number of factors, including financial information, payment history, company type and ownership structure. We stratify the credit scores of our clients into low, medium and high-risk accounts. Due to timing and other issues, our entire portfolio may not be scored at period end. We report these amounts as "Not Scored"; however, absence of a score is not indicative of the credit quality of the account. The credit score is used to predict the payment behaviors of our clients and the probability that an account will become greater than 90 days past due during the subsequent 12-month period.
•Low risk accounts are companies with very good credit scores and a predicted delinquency rate of less than 5%.
•Medium risk accounts are companies with average to good credit scores and a predicted delinquency rate between 5% and 10%.
•High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent. The predicted delinquency rate would be greater than 10%.
We do not use a third-party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Accordingly, the entire International portfolio is reported in the Not Scored category. Most of the International credit applications are small dollar applications (i.e. below $50 thousand) and are subjected to an automated review process. Larger credit applications are manually reviewed, which includes obtaining client financial information, credit reports and other available financial information.












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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class.
March 31, 2025
Sales Type Lease Receivables Loan Receivables Total
2025 2024 2023 2022 2021 Prior
Low $ 41,655  $ 176,645  $ 191,448  $ 146,902  $ 91,835  $ 100,342  $ 305,415  $ 1,054,242 
Medium 8,064  37,437  33,324  25,302  18,973  19,378  38,979  181,457 
High 1,101  4,230  3,867  3,345  2,100  2,454  9,678  26,775 
Not Scored 30,016  38,875  30,415  20,246  9,259  4,242  29,948  163,001 
Total $ 80,836  $ 257,187  $ 259,054  $ 195,795  $ 122,167  $ 126,416  $ 384,020  $ 1,425,475 
December 31, 2024
Sales Type Lease Receivables Loan Receivables Total
2024 2023 2022 2021 2020 Prior
Low $ 188,847  $ 210,547  $ 163,892  $ 104,269  $ 66,673  $ 42,586  $ 273,736  $ 1,050,550 
Medium 31,970  31,839  26,652  19,180  10,556  10,512  34,376  165,085 
High 4,633  4,488  3,753  2,415  2,038  684  11,826  29,837 
Not Scored 49,835  38,659  28,250  17,131  5,400  1,594  31,653  172,522 
Total $ 275,285  $ 285,533  $ 222,547  $ 142,995  $ 84,667  $ 55,376  $ 351,591  $ 1,417,994 


Lease Income
Lease income from sales-type leases, excluding variable lease payments, was as follows:
Three Months Ended March 31,
2025 2024
Profit recognized at commencement $ 19,760  $ 26,977 
Interest income 37,763  37,968 
Total lease income from sales-type leases $ 57,523  $ 64,945 

Lessor Operating Leases
We also lease mailing equipment under operating leases with terms of one to five years. For the three months ended March 31, 2025 and 2024, revenue includes $15 million and $17 million, respectively, of lease income under operating leases. Maturities of operating leases are as follows:
Remainder 2025 $ 17,658 
2026 19,388 
2027 14,585 
2028 5,620 
2029 2,927 
Thereafter 760 
Total $ 60,938 





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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
8. Intangible Assets and Goodwill
Intangible Assets
Intangible assets consisted of the following:
March 31, 2025 December 31, 2024
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Customer relationships $ 46,899  $ (30,263) $ 16,636  $ 43,569  $ (29,179) $ 14,390 
Software & technology 2,993  (1,705) 1,288  2,944  (1,554) 1,390 
Total intangible assets $ 49,892  $ (31,968) $ 17,924  $ 46,513  $ (30,733) $ 15,780 

Amortization expense for both the three months ended March 31, 2025 and 2024 was $1 million.
Future amortization expense as of March 31, 2025 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges.
Remainder 2025 $ 3,468 
2026 3,702 
2027 3,437 
2028 2,771 
2029 1,689 
Thereafter 2,857 
Total $ 17,924 

Goodwill
Changes in the carrying value of goodwill by reporting segment are shown in the table below.
December 31, 2024 Currency impact March 31,
2025
SendTech Solutions $ 497,240  $ 8,684  $ 505,924 
Presort Services 223,763  —  223,763 
Total goodwill $ 721,003  $ 8,684  $ 729,687 














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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
9. Fair Value Measurements and Derivative Instruments
We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value:
Level 1 –    Unadjusted quoted prices in active markets for identical assets and liabilities.
Level 2 –    Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3– Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management’s best estimate of fair value and that are significant to the fair value of the asset or liability.
Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.
March 31, 2025
Level 1 Level 2 Level 3 Total
Assets:        
Money market funds $ 7,329  $ 72,374  $ —  $ 79,703 
Equity securities —  11,607  —  11,607 
Commingled fixed income securities 1,646  494  —  2,140 
Government and related securities
2,359  13,119  —  15,478 
Corporate debt securities —  42,912  —  42,912 
Mortgage-backed / asset-backed securities —  91,689  —  91,689 
Total assets $ 11,334  $ 232,195  $ —  $ 243,529 

December 31, 2024
Level 1 Level 2 Level 3 Total
Assets:        
Money market funds $ 6,435  $ 140,125  $ —  $ 146,560 
Equity securities —  12,518  —  12,518 
Commingled fixed income securities 1,612  534  —  2,146 
Government and related securities
2,334  13,410  —  15,744 
Corporate debt securities —  42,159  —  42,159 
Mortgage-backed / asset-backed securities —  98,464  —  98,464 
Total assets $ 10,381  $ 307,210  $ —  $ 317,591 
Investment Securities
The valuation of investment securities is based on a market approach using inputs that are observable, or can be corroborated by observable data, in an active marketplace. The following information relates to our classification within the fair value hierarchy:
•Money Market Funds: Money market funds typically invest in government securities, certificates of deposit, commercial paper and other highly liquid, low risk securities. Money market funds are principally used for overnight deposits and are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange.
•Equity Securities: Equity securities are comprised of mutual funds investing in U.S. and foreign stocks. These mutual funds are classified as Level 2.
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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
•Commingled Fixed Income Securities: Commingled fixed income securities are comprised of mutual funds that invest in a variety of fixed income securities, including securities of the U.S. government and its agencies, corporate debt, mortgage-backed securities and asset-backed securities. Fair value is based on the value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding, as reported by the fund manager. These mutual funds are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange.
•Government and Related Securities: Debt securities are classified as Level 1 when unadjusted quoted prices in active markets are available. Debt securities are classified as Level 2 where fair value is determined using quoted market prices for similar securities or benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities.
•Corporate Debt Securities: Corporate debt securities are valued using recently executed comparable transactions, market price quotations or bond spreads for the same maturity as the security. These securities are classified as Level 2.
•Mortgage-Backed / Asset-Backed Securities: These securities are valued based on external pricing indices or external price/spread data. These securities are classified as Level 2.

Available-For-Sale Securities
Investment securities classified as available-for-sale are recorded at fair value. Changes in fair value due to market conditions are recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions are recorded in earnings. There were no changes in fair value charged to earnings in the three months ended March 31, 2025 or 2024.

Available-for-sale securities consisted of the following:
March 31, 2025
Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value
Government and related securities $ 21,411  $ $ (5,937) $ 15,478 
Corporate debt securities 50,170  —  (7,258) 42,912 
Commingled fixed income securities 1,847  —  (201) 1,646 
Mortgage-backed / asset-backed securities 113,307  —  (21,618) 91,689 
Total $ 186,735  $ $ (35,014) $ 151,725 
December 31, 2024
Amortized cost Gross unrealized losses Estimated fair value
Government and related securities $ 21,432  $ (5,688) $ 15,744 
Corporate debt securities 50,367  (8,208) 42,159 
Commingled fixed income securities 1,835  (223) 1,612 
Mortgage-backed / asset-backed securities 123,289  (24,825) 98,464 
Total $ 196,923  $ (38,944) $ 157,979 














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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Investment securities in a loss position were as follows:
March 31, 2025 December 31, 2024
Fair Value Gross unrealized losses Fair Value Gross unrealized losses
Greater than 12 continuous months
Government and related securities $ 15,478  $ 5,937  $ 15,744  $ 5,688 
Corporate debt securities 42,912  7,258  39,845  8,206 
Commingled fixed income securities 1,646  201  —  — 
Mortgage-backed / asset-backed securities 91,576  21,617  98,464  24,825 
Total $ 151,612  $ 35,013  $ 154,053  $ 38,719 
Less than 12 continuous months
Corporate debt securities $ —  $ —  $ 2,314  $
Commingled fixed income securities —  —  1,612  223 
Mortgage-backed / asset-backed securities 113  —  — 
Total $ 113  $ $ 3,926  $ 225 
At March 31, 2025, substantially all securities in the investment portfolio were in an unrealized loss position. However, we have not recorded an allowance for credit loss or an impairment charge as we have the ability and intent to hold these securities until recovery of the unrealized losses or expect to receive the stated principal and interest at maturity.
Scheduled maturities of available-for-sale securities at March 31, 2025 were as follows:
Amortized cost Estimated fair value
Within 1 year $ 4,181  $ 3,985 
After 1 year through 5 years 9,521  8,469 
After 5 years through 10 years 37,620  32,636 
After 10 years 135,413  106,635 
Total $ 186,735  $ 151,725 
Actual maturities may not coincide with scheduled maturities as certain securities contain early redemption features and/or allow for the prepayment of obligations.

Held-to-Maturity Securities
Certain investment securities are classified as held-to-maturity and include certificates of deposits with maturities less than 90 days and highly-liquid government securities with maturities less than two years. Held-to-maturity securities at March 31, 2025 and December 31, 2024 totaled $133 million and $203 million, respectively.

Derivative Instruments
We are exposed to the impact of changes in interest rates and foreign currency exchange rates. We may use derivative instruments to limit the effects on our financial results from changes in interest rates and currency exchange rates. We do not use derivatives for trading or speculative purposes. We did not enter into any derivative instruments during the quarter ended March 31, 2025.

Interest Rate Swaps
At March 31, 2024, we had outstanding interest rate swap agreements that effectively converted $200 million of variable rate debt to fixed rates. These swaps were designated as cash flow hedges. The swaps were recorded at fair value at the end of each reporting period with the change in fair value reflected in AOCL. For the three months ended March 31, 2024, the amount recognized in AOCL was a loss of $2 million and the amount reclassified from AOCL to earnings was a gain of $3 million.

20


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Fair Value of Financial Instruments
Our financial instruments include cash and cash equivalents, available-for-sale and held-to-maturity investment securities, accounts receivable, loan receivables, accounts payable and debt. The carrying value of cash and cash equivalents, held-to-maturity investment securities, accounts receivable, loans receivable, and accounts payable approximate fair value. The fair value of available-for-sale investment securities is presented above. The inputs used to estimate the fair value of debt included recently executed transactions and market price quotations (Level 2 inputs within the fair value hierarchy).
The carrying value and estimated fair value of debt was as follows:
March 31, 2025 December 31, 2024
Carrying value $ 1,913,152  $ 1,919,708 
Fair value $ 1,820,224  $ 1,823,430 


10. Restructuring Charges
2024 Plan
We continue to take actions and incur charges under this plan. Through March 31, 2025, we eliminated approximately 2,800 positions and incurred cumulative charges of $75 million. We expect the 2024 Plan to be completed by the end of the first half of 2025.
Activity in our restructuring reserves was as follows:
2024 Plan
Balance at January 1, 2025 $ 23,164 
Amounts charged to expense
1,400 
Cash payments (13,106)
Noncash activity (568)
Balance at March 31, 2025 $ 10,890 
2023 Plan
Balance at January 1, 2024 $ 26,128 
Amounts charged to expense - continuing operations
3,766 
Amounts charged to expense - discontinued operations
549 
Cash payments (14,989)
Noncash activity (875)
Balance at March 31, 2024 $ 14,579 

Components of restructuring expense were as follows:
Three Months Ended March 31, 2025 Three Months Ended March 31, 2024
2024 Plan 2023 Plan
Severance $ 832  $ 2,870 
Facilities and other 568  896 
Total $ 1,400  $ 3,766 
Components of restructuring expense in discontinued operations primarily included severance charges.



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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

11. Debt
Total debt consisted of the following:


Interest rate March 31, 2025 December 31, 2024
Term loan due March 2026
SOFR + 2.25%
$ —  $ 235,000 
Notes due March 2027 6.875% 372,500  380,000 
Notes due March 2028
SOFR + 6.9%
—  96,563 
Term loan due March 2028
SOFR + 4.0%
—  433,125 
Term loan due March 2028
SOFR + 2.35%
160,000  — 
Notes due March 2029 7.25% 335,000  350,000 
Term loan due March 2032
SOFR + 3.75%
615,000  — 
Notes due January 2037 5.25% 35,841  35,841 
Notes due March 2043 6.70% 425,000  425,000 
Principal amount 1,943,341  1,955,529 
Less: unamortized costs, net 30,189  35,821 
Total debt 1,913,152  1,919,708 
Less: current portion long-term debt 14,150  53,250 
Long-term debt $ 1,899,002  $ 1,866,458 

In the first quarter of 2025, we redeemed the remaining outstanding balance of the Notes due March 2028 and recorded a loss of $17 million in other expense. Additionally, we entered into a new senior secured credit agreement (the "New Credit Agreement"), which provides for $265 million revolving credit facility maturing March 2028, a $160 million term loan maturing March 2028 and a $615 million term loan maturing March 2032. The proceeds were used to repay the outstanding balances of the Term loan due March 2026 and Term loan due March 2028 and for general corporate purposes. We recorded a loss of $8 million in connection with this refinance in other expense. We also purchased an aggregate $23 million of the Notes due March 2027 and Notes due March 2029.
From April 1, 2025 through May 2, 2025, we purchased an additional aggregate $14 million of the Notes due March 2027 and Notes due March 2029.
Under the New Credit Agreement, we are required to maintain (with maintenance tested quarterly) (i) a Consolidated Interest Coverage Ratio (as defined in the New Credit Agreement) of not less than 2.00 to 1.00, (ii) a Consolidated Secured Net Leverage Ratio (as defined in the New Credit Agreement) of no greater than 3.00 to 1.00 and (iii) a Consolidated Total Net Leverage Ratio (as defined in the New Credit Agreement) of no greater than (a) 5.25 to 1.00 for the fiscal quarters ending March 31, 2025 and June 30, 2025, (b) 5.00 to 1.00 for the fiscal quarters ending September 30, 2025 and December 31, 2025 and (c) 4.75 to 1.00 for each fiscal quarter ending on or after March 31, 2026. At March 31, 2025, we were in compliance with these financial covenants and there were no outstanding borrowings under the revolving credit facility. Borrowings under our New Credit Agreement are secured by assets of the Company.
The New Credit Agreement also contains provisions whereby if, on any day between the period commencing on September 14, 2026 and ending on March 15, 2027 the Notes due March 2027 have not been redeemed in full and liquidity is less than an amount equal to the amount to redeem the Notes due March 2027 plus $100 million, the Term loan due March 2028 and any borrowings under the revolving credit facility would become due on such date (the "Pro Rata Springing Maturity Date"), and if on any date during the period beginning on December 14, 2026 and ending on March 15, 2027, the Notes due March 2027 remain outstanding and the Pro Rata Springing Maturity Date has occurred, the Term loan due March 2032 would be become due on such date. We are considering various strategies and fully intend to redeem the Notes due March 2027 before September 2026 either with available cash on hand or refinance through the capital markets.




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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
12. Pensions and Other Benefit Programs
The components of net periodic benefit (income) cost were as follows:
Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans
United States Foreign
Three Months Ended Three Months Ended Three Months Ended
March 31, March 31, March 31,
2025 2024 2025 2024 2025 2024
Service cost $ $ 12  $ 278  $ 188  $ 70  $ 92 
Interest cost 13,522  14,966  5,608  5,201  1,038  1,136 
Expected return on plan assets (18,650) (21,909) (6,382) (6,450) —  — 
Amortization of prior service (credit) cost (5) (5) 73  74  —  — 
Amortization of net actuarial loss (gain) 5,071  4,972  2,183  1,923  (604) (295)
Net periodic benefit (income) cost $ (56) $ (1,964) $ 1,760  $ 936  $ 504  $ 933 
Contributions to benefit plans $ 1,613  $ 1,069  $ 7,356  $ 6,998  $ 3,702  $ 3,700 

13. Income Taxes
The effective tax rate for the three months ended March 31, 2025 is 24.2% and includes a benefit of $2 million for the vesting of restricted stock. The effective tax rate for the three months ended March 31, 2024 is 32.6% and includes a charge of $1 million for the vesting of restricted stock.
On a regular basis, we conclude tax return examinations, statutes of limitation expire, and court decisions interpret tax law. We regularly assess tax uncertainties in light of these developments; and as a result, it is reasonably possible that the amount of unrecognized tax benefits will decrease in the next 12 months, and this decrease could be up to 45% of our unrecognized tax benefits.
With regard to U.S. Federal income tax, the Internal Revenue Service examination of our consolidated U.S. income tax returns for tax years prior to 2020 are closed to audit, except for review of the Tax Cuts and Jobs Act Sec. 965 transition tax. On a state and local level, returns for most jurisdictions are closed through 2019. For our significant non-U.S. jurisdictions, Canada is closed to examination through 2019 except for a specific issue under current exam, and France, Germany and the U.K. are closed through 2019, 2017 and 2022, respectively. We also have other less significant tax filings currently subject to examination.


14. Commitments and Contingencies
From time to time, in the ordinary course of business, we are involved in litigation pertaining to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of customers, employees, or others.
On October 1, 2024, one of the Ecommerce Debtors filed a complaint against Trilogy Leasing Co., LLC (“Trilogy”) in the United States Bankruptcy Court for the Southern District of Texas seeking to recharacterize certain Equipment Supplements to which they are parties as disguised financings ("Recharacterization Proceeding"). On October 8, 2024, we filed a motion to intervene in support of the Ecommerce Debtors' position, which the court granted on April 1, 2025. The case is now proceeding.
On November 7, 2024, Trilogy and its parent company Kingsbridge Holdings, LLC brought suit against us in the Circuit Court of Cook County, Illinois, alleging that we are liable for certain Equipment Supplements that were executed by the Ecommerce Debtors and by Pitney Bowes Presort Services, LLC. On December 16, 2024, we removed the litigation to the Northern District of Illinois based on diversity jurisdiction and subsequently filed a motion to dismiss, and to the extent not dismissed, stay the action pending the conclusion of the Recharacterization Proceeding.
Due to uncertainties inherent in litigation, any actions could have a material adverse effect on our financial position, results of operations or cash flows; however, in management's opinion, the final outcome of outstanding matters will not have a material adverse effect on our business.
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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
15. Stockholders’ Deficit
Changes in stockholders’ deficit were as follows:
Common stock Retained earnings Accumulated other comprehensive loss Treasury stock Total deficit
Balance at January 1, 2025 $ 270,338  $ 2,671,868  $ (839,171) $ (2,681,468) $ (578,433)
Net income —  35,422  —  —  35,422 
Other comprehensive income
—  —  27,596  —  27,596 
Dividends paid ($0.06 per common share)
—  (10,980) —  —  (10,980)
Issuance of common stock —  (47,278) —  50,106  2,828 
Stock-based compensation expense
—  2,683  —  —  2,683 
Repurchase of common stock —  —  —  (15,000) (15,000)
Balance at March 31, 2025 $ 270,338  $ 2,651,715  $ (811,575) $ (2,646,362) $ (535,884)

Common stock Retained earnings Accumulated other comprehensive loss Treasury stock Total deficit
Balance at January 1, 2024 $ 270,338  $ 3,077,988  $ (851,245) $ (2,865,657) $ (368,576)
Net loss —  (2,885) —  —  (2,885)
Other comprehensive loss
—  —  (12,566) —  (12,566)
Dividends paid ($0.05 per common share)
—  (8,832) —  —  (8,832)
Issuance of common stock —  (41,631) —  39,745  (1,886)
Stock-based compensation expense
—  2,390  —  —  2,390 
Balance at March 31, 2024 $ 270,338  $ 3,027,030  $ (863,811) $ (2,825,912) $ (392,355)


16. Accumulated Other Comprehensive Loss
Reclassifications out of AOCL were as follows:
Gain (Loss) Reclassified from AOCL
Three Months Ended March 31,
2025 2024
Cash flow hedges
Interest expense, net $ —  $ 2,591 
Income tax provision —  648 
Net of tax $ —  $ 1,943 
Available-for-sale securities
Financing revenue $ (505) $ (648)
Income tax benefit
(126) (162)
Net of tax $ (379) $ (486)
Pension and postretirement benefit plans
Prior service costs $ (68) $ (69)
Actuarial losses (6,650) (6,600)
Total before tax (6,718) (6,669)
Income tax benefit (1,666) (1,628)
Net of tax $ (5,052) $ (5,041)
24


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Changes in AOCL, net of tax were as follows:
Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total
Balance at January 1, 2025 $ (29,597) $ (704,818) $ (104,756) $ (839,171)
Other comprehensive income before reclassifications
2,616  —  19,549  22,165 
Reclassifications into earnings 379  5,052  —  5,431 
Net other comprehensive income
2,995  5,052  19,549  27,596 
Balance at March 31, 2025 $ (26,602) $ (699,766) $ (85,207) $ (811,575)

Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total
Balance at January 1, 2024 $ 6,962  $ (33,463) $ (757,452) $ (67,292) $ (851,245)
Other comprehensive income (loss) before reclassifications 702  (1,453) —  (15,399) (16,150)
Reclassifications into earnings (1,943) 486  5,041  —  3,584 
Net other comprehensive (loss) income (1,241) (967) 5,041  (15,399) (12,566)
Balance at March 31, 2024 $ 5,721  $ (34,430) $ (752,411) $ (82,691) $ (863,811)


17. Supplemental Financial Statement Information
Activity in the allowance for credit losses, other than finance receivables (see Note 7 for further information) is presented below.
Three Months Ended March 31,
2025 2024
Balance at beginning of year $ 27,096  $ 5,292 
Amounts charged to expense (724) 3,699 
Write-offs, recoveries and other (1,044) (808)
Balance at end of period $ 25,328  $ 8,183 
Accounts and other receivables $ 7,494  $ 8,183 
Other current assets and prepayments
17,834  — 
Total $ 25,328  $ 8,183 
Interest expense, net
Interest expense, net for the three months ended March 31, 2025 and 2024 includes $2 million and $4 million of interest income, respectively.

Supplemental cash flow information is as follows:
Three Months Ended March 31,
2025 2024
Cash interest paid $ 49,273  $ 56,013 
Cash income tax payments (refunds), net $ 2,980  $ (4,352)
Noncash activity
Capital assets obtained under capital lease obligations $ 857  $ 5,459 





25




Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains statements that are forward-looking. We caution readers that any forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (Securities Act) and Section 21E of the Securities Exchange Act of 1934 (Exchange Act) may change based on various factors. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on current expectations and assumptions, which we believe are reasonable; however, such statements are subject to risks and uncertainties, and actual results could differ materially from those projected or assumed in any of our forward-looking statements. Words such as "estimate," "target," "project," "plan," "believe," "expect," "anticipate," "intend," "will," "forecast," "strategy," "goal," "should," "would," "could," "may" and similar expressions may identify such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements in this Form 10-Q speak only as of the date hereof.
Although we believe the expectations reflected in any of our forward-looking statements are reasonable, our results of operations, financial condition and forward-looking statements are subject to change and to inherent risks and uncertainties disclosed or incorporated by reference in our filings with the Securities and Exchange Commission. Other factors which could cause future financial performance to differ materially from expectations, include, without limitation:
•changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets, or changes to the broader postal or shipping markets
•accelerated or sudden decline in physical mail volumes
•inability to compete effectively with our Sending Technology Solutions competitors
•changes in trade policies, tariffs and regulations
•the loss of some of our larger clients in our Presort Services segment
•global supply chain issues adversely impacting our third party suppliers' ability to provide us products and services
•periods of difficult economic conditions, the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, or a U.S. government shutdown, to the company and our clients
•changes in foreign currency exchange rates
•changes in labor and transportation availability and costs
•inability to successfully execute on our strategic initiatives
•loss of key employees and accumulated knowledge and ability to attract and retain employees
•changes in government contracting regulations and inability to comply
•inability to protect our intellectual property rights and intellectual property infringement claims
•our success in developing and marketing new products and services and obtaining regulatory approvals, if required
•changes within our senior management and Board of Directors
•expenses and potential impacts resulting from cyber-attacks or other cybersecurity incidents affecting us or our suppliers
•inability to comply with data privacy and protection laws and regulations
•interruptions or difficulties in the operation of our cloud-based applications and systems or those of our suppliers
•changes in credit ratings, capital market disruptions, decline in cash flows, noncompliance with debt covenants or significant withdrawals by depositors at the Pitney Bowes Bank that adversely impact our ability to access capital markets at reasonable costs
•the potential for future interest rate increases on our cost of debt
•our success at managing customer credit risk
•the risks and uncertainties associated with the Ecommerce Restructuring
•changes in banking regulations, major bank failures or the loss of our Industrial Bank charter
•changes in tax rates, laws or regulations
•changing expectations and regulations in the areas of Environmental, Social and Governance ("ESG")
•acts of nature and the impact of a pandemic on the Company and the services and solutions we offer
•shareholder activism
Further information about factors that could materially affect us, including our results of operations and financial condition, is contained in Item 1A. "Risk Factors" in our 2024 Annual Report, as supplemented by Part II, Item 1A in this Quarterly Report on Form 10-Q.
26




Ecommerce Restructuring
On August 8, 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority the Company’s Global Ecommerce reporting segment. In connection with the wind-down, an affiliate of Hilco Commercial Industrial, LLC (“Hilco”) subscribed for 81% of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment’s net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the “Ecommerce Debtors”) for de minimis consideration (the “GEC Sale”), with a subsidiary of Pitney Bowes retaining 19% of the voting interests and 100% of the economic interests. Subsequent to the GEC Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases and conduct an orderly wind down of the Ecommerce Debtors (the “GEC Chapter 11 Cases”). We refer to the GEC Sale, the GEC Chapter 11 Cases and any associated transactions as the “Ecommerce Restructuring”.
As a result of the Ecommerce Restructuring, certain revenues and expenses for the period ended March 31, 2024 are reported as discontinued operations in our Condensed Consolidated Financial Statements. Prior periods have been recast to conform to the current period presentation. For segment reporting purposes, the remaining portion of Global Ecommerce in continuing operations is now reported as "Other" and includes the revenue and related expenses of a cross-border services contract and prior operations and shared services. See Note 4 for further information.

Outlook
Within SendTech Solutions, mailing-related revenues are expected to decline driven by lower meter populations and a higher mix of lease extensions versus new equipment sales and leases. We expect this decline to be partially offset by growth in our shipping offerings, particularly our SaaS solutions. The shift to lease extensions will result in declining equipment sales in the near term, but more stable and continued cash flows over the lease term.
Within Presort Services, we expect revenue and margin improvements from the investments we made in automation and technology to drive increased efficiencies and productivity.
The U.S. government has recently announced a broad range of tariffs on goods imported into the United States. The amount of tariffs imposed has been volatile and is different for each country of origin. We are continuously assessing the potential impact these tariffs may have on our operations and considering various mitigating actions.




















27




RESULTS OF OPERATIONS
OVERVIEW OF CONSOLIDATED RESULTS
Constant Currency
In the tables below, we report the change in revenue on a reported basis and a constant currency basis. Constant currency measures exclude the impact of changes in currency exchange rates from the prior period under comparison. We believe that excluding the impacts of currency exchange rates provides investors with a better understanding of the underlying revenue performance. Constant currency change is calculated by converting the current period non-U.S. dollar denominated revenue using the prior year’s exchange rate.
Financial Results Summary - Three Months Ended March 31:
Three Months Ended March 31,
Favorable/(Unfavorable)
2025 2024 Actual % Change Constant Currency % change
Total revenue $ 493,420  $ 521,269  (5) % (5) %
Cost of revenue 224,299  248,522  10  %
Operating expenses 222,389  225,143  %
Income from continuing operations before taxes 46,732  47,604  (2) %
Provision for income taxes 11,310  15,500  27  %
Income from continuing operations 35,422  32,104  10  %
Loss from discontinued operations, net of tax —  (34,989) 100  %
Net income (loss) $ 35,422  $ (2,885) >100%
Revenue decreased $28 million in the first quarter of 2025 compared to the prior year period due to lower products revenue of $21 million, lower services revenue of $4 million and lower financing and other revenue of $3 million.
Costs of revenue decreased $24 million primarily due to lower cost of products of $12 million, lower cost of services of $9 million and lower cost of financing and other of $3 million.
Total operating expenses decreased $3 million compared to the prior year period primarily due to:
•lower selling, general and administrative (SG&A) expense of $21 million primarily due to lower employee-related expenses of $25 million driven by actions taken under the 2024 Plan;
•lower research and development costs of $3 million primarily due to cost savings initiatives; and
•lower restructuring charges of $2 million driven by actions taken under the 2023 and 2024 Plans; partially offset by
•Other expense in the first quarter of 2025 of $24 million, primarily due to a loss on the redemption/refinancing of debt.
The effective tax rate for the three months ended March 31, 2025 includes a benefit of $2 million for the vesting of restricted stock and the effective tax rate for the three months ended March 31, 2024 includes a charge of $1 million for the vesting of restricted stock. See Note 13 for more information.
As a result of the above, income from continuing operations for the first quarter of 2025 was $35 million compared to $32 million in the prior year period. Net loss for the first quarter of 2024 was $3 million and includes a loss from discontinued operations, net of tax of $35 million. See Note 4 for more information.





28




SEGMENT RESULTS
Effective January 1, 2025, we revised our reporting presentation of revenue and cost of revenue in order to better align with our offerings. Additionally, due to a change in how these functions are now managed, we revised our corporate expense allocation methodology to allocate all marketing and innovation expenses to our SendTech Solutions segment. Prior periods have been recast to conform to the current period presentation.
We allocate a portion our total interest expense to finance interest expense, included in Cost of financing and other in our Condensed Consolidated Statements of Operations.
Management measures segment profitability and performance as segment revenues less the related costs and expenses attributable to the segment. Segment results exclude interest, including finance interest expense, taxes, corporate expenses, restructuring charges and other items not allocated to the segments.

SendTech Solutions
SendTech Solutions provides clients with physical and digital shipping and mailing technology solutions and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats, as well as supplies and maintenance services for these offerings. We offer financing alternatives that enable clients to finance equipment and product purchases, a revolving credit solution that enables clients to make meter rental payments and purchase postage, services and supplies, and an interest-bearing deposit solution to clients who prefer to prepay postage. We also offer financing alternatives that enable clients to finance or lease other manufacturers’ equipment and provide working capital.
Financial performance for the SendTech Solutions segment was as follows:
Three Months Ended March 31,
Favorable/(Unfavorable)
2025 2024 Actual % change Constant Currency % change
Services $ 123,067  $ 128,858  (4) % (4) %
Products 93,190  114,124  (18) % (18) %
Financing and other 81,798  84,455  (3) % (3) %
Total revenue 298,055  327,437  (9) % (8) %
Cost of services 37,877  42,035  10  %
Cost of products 50,919  62,754  19  %
Cost of financing and other
3,892  4,684  17  %
Total costs of revenue 92,688  109,473  15  %
Gross margin 205,367  217,964  (6) %
Gross margin % 68.9  % 66.6  %
Selling, general and administrative 105,098  117,026  10  %
Research and development 3,528  7,765  55  %
Other components of pension and post retirement cost
1,807  (537) >(100%)
Adjusted Segment EBIT $ 94,934  $ 93,710  %
SendTech Solutions revenue decreased $29 million in the first quarter of 2025 compared to the prior year period, which includes an unfavorable adjustment of $4 million related to prior periods. Products revenue declined $21 million primarily due to customers opting to extend leases of their existing advanced-technology equipment rather than purchase new equipment, the impact of the prior year product migration and a significant deal in the prior year. Services revenue declined $6 million primarily due to the declining meter population, which was partially offset by growth in our shipping subscriptions. Financing and other revenue declined $3 million.
Gross margin declined $13 million compared to the prior year period primarily driven by lower revenue; however, gross margin percentage increased to 68.9% from 66.6% driven by headcount reductions and other cost savings initiatives.
29




SG&A expense declined $12 million, primarily driven by lower employee-related expenses and overall cost savings initiatives.
Adjusted segment EBIT was $95 million in the first quarter of 2025, which includes the $4 million charge from the unfavorable revenue adjustment related to prior periods compared to $94 million for the prior year period.

Presort Services
Presort Services is the largest workshare partner of the USPS and national outsource provider of mail sortation services that allow clients to qualify large volumes of First Class Mail, Marketing Mail, and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.
Financial performance for the Presort Services segment was as follows:
Three Months Ended March 31,
Favorable/(Unfavorable)
2025 2024 Actual % Change Constant Currency % change
Services $ 177,814  $ 169,807  % %
Cost of services 104,635  107,327  %
Gross Margin 73,179  62,480  17  %
Gross Margin % 41.2  % 36.8  %
Selling, general and administrative 18,353  22,101  17  %
Other components of net pension and postretirement cost
47  50  %
Adjusted segment EBIT $ 54,779  $ 40,329  36  %
Revenue increased $8 million in the first quarter of 2025 compared to the prior year period primarily due to pricing actions despite a 2% decline in total mail volumes. The processing of First Class Mail and Marketing Mail contributed revenue increases of $13 million and $1 million, respectively, which was partially offset by a revenue decrease from Marketing Mail Flats/Bound Printed Matter of $6 million. Prior year revenue includes a $5 million favorable adjustment related to prior periods. See Note 1 for more information.
Gross margin increased $11 million and gross margin percentage increased from 36.8% in the prior period to 41.2% primarily due to the increase in revenue, lower transportation costs of $1 million driven by lane optimization and lower labor costs of $1 million.
SG&A expense declined $4 million compared to the prior year period driven primarily by lower credit loss provision of $2 million and lower employee related expenses of $1 million.
Adjusted segment EBIT was $55 million in the first quarter of 2025 compared to $40 million in the prior year period, which includes the $5 million benefit from the favorable revenue adjustment.









30




CORPORATE EXPENSES
The majority of operating expenses are recorded directly or allocated to our reportable segments. Operating expenses not recorded directly or allocated to our reportable segments are reported as corporate expenses. Corporate expenses primarily represents corporate administrative functions such as finance, human resources, legal and information technology.
Corporate expenses were as follows:
Three Months Ended March 31,
Favorable/(Unfavorable)
2025 2024 Actual % change
Corporate expenses
$ 31,903  $ 42,202  24  %
Corporate expenses for the first quarter of 2025 decreased $10 million compared to the prior year period primarily due to lower salary expense of $12 million driven by actions taken under the 2024 Plan and lower variable compensation expense of $3 million.
31




LIQUIDITY AND CAPITAL RESOURCES
Our ability to maintain adequate liquidity for our operations is dependent upon a number of factors, including our revenue and earnings, our ability to manage costs and improve productivity, our clients' ability to pay their balances on a timely basis and the impacts of changing macroeconomic and geopolitical conditions. At March 31, 2025, we had cash, cash equivalents and short-term investments of $340 million, which includes $43 million held at our foreign subsidiaries used to support their liquidity needs. At this time, we believe that existing cash and investments, cash generated from operations and borrowing capacity under our revolving credit facility will be sufficient to fund our cash needs for the next 12 months.
Cash Flow Summary
Changes in cash and cash equivalents were as follows:
2025 2024 Change
Net cash from operating activities $ (16,679) $ (12,609) $ (4,070)
Net cash from investing activities (45,536) (11,841) (33,695)
Net cash from financing activities (85,066) (58,433) (26,633)
Effect of exchange rate changes on cash and cash equivalents 1,342  (2,147) 3,489 
Change in cash and cash equivalents $ (145,939) $ (85,030) $ (60,909)
Operating Activities
Cash flows from operating activities for the first quarter of 2025 declined $4 million compared to the prior year period driven primarily by the annual payment of incentive awards, partially offset by higher income and lower cash outflows from discontinued operations.
Investing Activities
Cash flows from investing activities for the first quarter of 2025 declined $34 million compared to the prior year period primarily due to higher investments in loan receivables of $35 million, higher capital expenditures of $3 million and $2 million for a Presort Services acquisition, partially offset by lower cash outflows from discontinued operations of $6 million.
Financing Activities
Cash flows from financing activities for the first quarter of 2025 declined $27 million compared to the prior year period primarily due to the fees to redeem and refinance debt of $21 million and repurchases of our common stock of $15 million.
We paid dividends of $11 million in the quarter. Each quarter, our Board of Directors considers whether to approve the payment of a dividend. We currently expect to continue paying a quarterly dividend; however, no assurances can be given.

Debt and Financing Activities
In the first quarter of 2025, we redeemed the remaining outstanding balance of the Notes due March 2028 and recorded a loss of $17 million in other expense. Additionally, we entered into a new senior secured credit agreement (the "New Credit Agreement"), which provides for $265 million revolving credit facility maturing March 2028, a $160 million term loan maturing March 2028 and a $615 million term loan maturing March 2032. The proceeds were used to repay the outstanding balances of the Term loan due March 2026 and Term loan due March 2028 and for general corporate purposes. We recorded a loss of $8 million in connection with this refinance in other expense. We also purchased an aggregate $23 million of the Notes due March 2027 and Notes due March 2029.
From April 1, 2025 through May 2, 2025, we purchased an additional aggregate 14 million of the Notes due March 2027 and Notes due March 2029.
Under the New Credit Agreement, we are required to maintain (with maintenance tested quarterly) (i) a Consolidated Interest Coverage Ratio (as defined in the New Credit Agreement) of not less than 2.00 to 1.00, (ii) a Consolidated Secured Net Leverage Ratio (as defined in the New Credit Agreement) of no greater than 3.00 to 1.00 and (iii) a Consolidated Total Net Leverage Ratio (as defined in the New Credit Agreement) of no greater than (a) 5.25 to 1.00 for the fiscal quarters ending March 31, 2025 and June 30, 2025, (b) 5.00 to 1.00 for the fiscal quarters ending September 30, 2025 and December 31, 2025 and (c) 4.75 to 1.00 for each fiscal quarter ending on or after March 31, 2026. At March 31, 2025, we were in compliance with these financial covenants and there were no outstanding borrowings under the revolving credit facility. Borrowings under our New Credit Agreement are secured by assets of the Company.
32




The New Credit Agreement also contains provisions whereby if, on any day between the period commencing on September 14, 2026 and ending on March 15, 2027 the Notes due March 2027 have not been redeemed in full and liquidity is less than an amount equal to the amount to redeem the Notes due March 2027 plus $100 million, the Term loan due March 2028 and any borrowings under the revolving credit facility would become due on such date (the "Pro Rata Springing Maturity Date"), and if on any date during the period beginning on December 14, 2026 and ending on March 15, 2027, the Notes due March 2027 remain outstanding and the Pro Rata Springing Maturity Date has occurred, the Term loan due March 2032 would be become due on such date. We are considering various strategies and fully intend to redeem the Notes due March 2027 before September 2026 either with available cash on hand or refinance through the capital markets.
In connection with the GEC Chapter 11 Cases, the Company, through one of its wholly owned subsidiaries, agreed to provide funding to the Ecommerce Debtors through a DIP Facility. We provided initial funding of $28 million and to-date, have received repayments of $13 million. The remaining balance on the DIP Facility is fully reserved and any future distributions will be recorded as income in the period received.
Off-Balance Sheet Arrangements
At March 31, 2025, there are no off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on our financial condition, results of operations or liquidity.

Regulatory Matters
There have been no significant changes to the regulatory matters disclosed in our 2024 Annual Report.

Critical Accounting Estimates
There have been no significant changes to the Critical Accounting Estimates disclosed in our 2024 Annual Report.

Item 3: Quantitative and Qualitative Disclosures About Market Risk
There were no material changes to the disclosures made in our 2024 Annual Report.

Item 4: Controls and Procedures
Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures are also designed to reasonably ensure that such information is accumulated and communicated to management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), to allow timely decisions regarding disclosures.
With the participation of our CEO and CFO, management evaluated our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) and internal controls over financial reporting as of the end of the period covered by this report. Our CEO and CFO concluded that, as of the end of the period covered by this report, such disclosure controls and procedures were effective to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the required time periods. In addition, no changes in internal control over financial reporting occurred during the quarter covered by this report that materially affected, or are reasonably likely to materially affect, such internal control over financial reporting.
It should be noted that any system of controls is based in part upon certain assumptions designed to obtain reasonable (and not absolute) assurance as to its effectiveness, and there can be no assurance that any design will succeed in achieving its stated goals. Notwithstanding this caution, the CEO and CFO have reasonable assurance that the disclosure controls and procedures were effective as of March 31, 2025.








33




PART II. OTHER INFORMATION
Item 1: Legal Proceedings
See Note 14 to the Condensed Consolidated Financial Statements.

Item 1A: Risk Factors
There were no material changes to the risk factors identified in Item 1A of our 2024 Annual Report.

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Repurchases of Equity Securities
On February 11, 2025, our Board of Directors authorized a new $150 million share repurchase program. In connection with the new share repurchase program, the Board of Directors terminated and replaced our prior share repurchase program authorized on February 4, 2019. Subject to limitations in our New Credit Agreement, purchases by the Company under the new share repurchase program may be made from time to time in open market or private transactions in such manner as may be deemed advisable from time to time (including, without limitation, pursuant to one or more 10b5-1 trading plans, accelerated share repurchase programs, and any other method that the Company may deem advisable) and may be discontinued at any time. We may also repurchase shares of our common stock to manage the dilution created by shares issued under employee stock plans and for other purposes. The following table provides information about purchases of our common stock during the three months ended March 31, 2025:
Total number of
shares purchased
Average price
paid per share
Total number of
shares purchased
as part of
publicly
announced plans or programs
Approximate
dollar value of
shares that may
yet be purchased
under the plans or programs (in
thousands)
Beginning balance       $150,000
January 2025 —  $ —  —  $150,000
February 2025 244,929  $ 10.73  244,929  $147,373
March 2025 1,291,036  $ 9.58  1,291,036  $135,000
  1,535,965  $ 9.77  1,535,965 
From April 1, 2025 through May 2, 2025, we purchased an additional 1,434,850 shares for a total of $12 million.

Item 3: Defaults Upon Senior Securities
None.

Item 4: Mine Safety Disclosures
Not applicable.









34




Item 5: Other Information
During the three months ended March 31, 2025, certain directors and officers of the Company adopted a "Rule 10b5-1 trading arrangement," as defined in Item 408(a) of Regulation S-K, as set forth in the table below:
Action
Date
Trading Arrangement
Total Shares to be Sold(3)
Expiration Date
Rule 10b5-1(1)
Non-Rule 10b5-1(2)
Lauren Thomas DeFina (Vice President, Chief Accounting Officer)
Adopt
March 10, 2025(4)
x
11,000 April 30, 2026
(1) Intended to satisfy the affirmative defense of Rule 10b5-1(c).
(2) Not intended to satisfy the affirmative defense of Rule 10b5-1(c).
(3) Represents the maximum number of shares that may be sold pursuant to the 10b5-1 trading arrangement. The actual number of shares sold will be dependent on the terms of, and the satisfaction of the conditions as set forth in, the written plan.
(4) The Rule 10b5-1 trading arrangement was entered into prior to the date Ms. Thomas DeFina became a Section 16 officer (as defined in Rule 16a-1 under the Exchange Act) of the Company.

35




Item 6: Exhibits
Exhibit
Number
Description   Exhibit Number in this Form 10-Q
3.1 3.2
3.2 3.4
10.1 10.1
10.2*
10.2
10.3*
10.3
31.1   31.1
31.2   31.2
32.1   32.1
32.2   32.2
101.SCH Inline XBRL Taxonomy Extension Schema Document    
101.CAL Inline XBRL Taxonomy Calculation Linkbase Document    
101.DEF Inline XBRL Taxonomy Definition Linkbase Document    
101.LAB Inline XBRL Taxonomy Label Linkbase Document    
101.PRE Inline XBRL Taxonomy Presentation Linkbase Document    
104 The cover page from the Company's Quarterly Report on Form 10-Q for the current quarter, formatted in Inline XBRL. (included as Exhibit 101).
* The Exhibits identified above with an asterisk (*) are management contracts or compensatory plans or arrangements.

36




Signatures  
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
  PITNEY BOWES INC.
   
Date: May 8, 2025  
 
/s/ Robert J. Gold
 
Robert J. Gold
 
Executive Vice President and Chief Financial Officer
(Duly Authorized Officer, Principal Financial Officer)
   
  /s/ Lauren Thomas DeFina
  Lauren Thomas DeFina
  Vice President and Chief Accounting Officer
  (Duly Authorized Officer, Principal Accounting Officer)

37
EX-31.1 2 pbi-20250331ex311.htm EX-31.1 Document

Exhibit 31.1
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Lance Rosenzweig, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Pitney Bowes Inc.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: May 8, 2025
/s/ Lance Rosenzweig
Lance Rosenzweig
Chief Executive Officer



EX-31.2 3 pbi-20250331ex312.htm EX-31.2 Document

Exhibit 31.2
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert J. Gold, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Pitney Bowes Inc.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.    The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 8, 2025
/s/ Robert J. Gold
Robert J. Gold
Executive Vice President and Chief Financial Officer (Principal Financial Officer)

EX-32.1 4 pbi-20250331ex321.htm EX-32.1 Document

Exhibit 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of Pitney Bowes Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Lance Rosenzweig, Chief Executive Officer of the Company, certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Lance Rosenzweig
Lance Rosenzweig
Chief Executive Officer
Date:    May 8, 2025



The foregoing certification is being furnished solely to accompany this report pursuant to 18 U.S.C. §1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company.


EX-32.2 5 pbi-20250331ex322.htm EX-32.2 Document

Exhibit 32.2

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Pitney Bowes Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert J. Gold, Executive Vice President and Chief Financial Officer of the Company, certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
/s/ Robert J. Gold
Robert J. Gold
Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date:    May 8, 2025




The foregoing certification is being furnished solely to accompany this report pursuant to 18 U.S.C. §1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company.