PITNEY BOWES INC DE
For the period ended Mar 31, 2024. Filed May 2, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 2024
PBI$15.70+1.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. : Financial Statements
PART I. FINANCIAL INFORMATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share amounts)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Revenue: | ||
| Business services | $535,597 | $523,491 |
| Support services | 96,333 | 105,284 |
| Financing | 67,663 | 67,049 |
| Equipment sales | 77,403 | 82,610 |
| Supplies | 36,721 | 38,835 |
| Rentals | 16,792 | 17,269 |
| Total revenue | 830,509 | 834,538 |
| Costs and expenses: | ||
| Cost of business services | 446,367 | 446,317 |
| Cost of support services | 33,055 | 36,840 |
| Financing interest expense | 16,603 | 14,536 |
| Cost of equipment sales | 52,559 | 57,171 |
| Cost of supplies | 10,195 | 11,225 |
| Cost of rentals | 4,684 | 5,428 |
| Selling, general and administrative | 216,197 | 242,120 |
| Research and development | 9,481 | 10,493 |
| Restructuring charges | 4,315 | 3,599 |
| Interest expense, net | 27,766 | 22,342 |
| Other components of net pension and postretirement income | (387) | (1,710) |
| Other income | — | (2,836) |
| Total costs and expenses | 820,835 | 845,525 |
| Income (loss) before taxes | 9,674 | (10,987) |
| Provision (benefit) for income taxes | 12,559 | (3,250) |
| Net loss | $(2,885) | $(7,737) |
| Basic net loss per share | $(0.02) | $(0.04) |
| Diluted net loss per share | $(0.02) | $(0.04) |
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Net loss | $(2,885) | $(7,737) |
| Other comprehensive (loss) income, net of tax: | ||
| Foreign currency translation, net of tax of $(496) and $174, respectively | (15,399) | 10,887 |
| Net unrealized loss on cash flow hedges, net of tax of $(414) and $(687), respectively | (1,241) | (2,062) |
| Net unrealized (loss) gain on investment securities, net of tax of $(303) and $1,028, respectively | (967) | 3,272 |
| Amortization of pension and postretirement costs, net of tax of $1,628 and $1,142, respectively | 5,041 | 3,489 |
| Other comprehensive (loss) income, net of tax | (12,566) | 15,586 |
| Comprehensive (loss) income | $(15,451) | $7,849 |
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands, except per share amount)
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $516,092 | $601,053 |
| Short-term investments (includes $1,858 and $2,382, respectively, reported at fair value) | 21,859 | 22,166 |
| Accounts and other receivables (net of allowance of $8,948 and $6,139, respectively) | 307,201 | 342,236 |
| Short-term finance receivables (net of allowance of $13,536 and $14,347, respectively) | 547,235 | 563,536 |
| Inventories | 78,683 | 70,053 |
| Current income taxes | 987 | 564 |
| Other current assets and prepayments | 110,041 | 92,309 |
| Total current assets | 1,582,098 | 1,691,917 |
| Property, plant and equipment, net | 370,110 | 383,628 |
| Rental property and equipment, net | 22,580 | 23,583 |
| Long-term finance receivables (net of allowance of $8,432 and $8,880 respectively) | 638,380 | 653,085 |
| Goodwill | 729,291 | 734,409 |
| Intangible assets, net | 58,277 | 62,250 |
| Operating lease assets | 304,939 | 309,958 |
| Noncurrent income taxes | 58,884 | 60,995 |
| Other assets (includes $217,746 and $227,131, respectively, reported at fair value) | 338,488 | 352,360 |
| Total assets | $4,103,047 | $4,272,185 |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $784,020 | $875,476 |
| Customer deposits at Pitney Bowes Bank | 599,976 | 640,323 |
| Current operating lease liabilities | 60,087 | 60,069 |
| Current portion of long-term debt | 58,111 | 58,931 |
| Advance billings | 89,014 | 89,087 |
| Current income taxes | 34,212 | 6,523 |
| Total current liabilities | 1,625,420 | 1,730,409 |
| Long-term debt | 2,076,054 | 2,087,101 |
| Deferred taxes on income | 199,769 | 211,477 |
| Tax uncertainties and other income tax liabilities | 19,054 | 19,091 |
| Noncurrent operating lease liabilities | 272,024 | 277,981 |
| Other noncurrent liabilities | 303,081 | 314,702 |
| Total liabilities | 4,495,402 | 4,640,761 |
| Commitments and contingencies (See Note 13) | ||
| Stockholders’ deficit: | ||
| Common stock, $1 par value (480,000 shares authorized; 270,338 shares issued) | 270,338 | 270,338 |
| Retained earnings | 3,027,030 | 3,077,988 |
| Accumulated other comprehensive loss | (863,811) | (851,245) |
| Treasury stock, at cost (92,669 and 93,972 shares, respectively) | (2,825,912) | (2,865,657) |
| Total stockholders’ deficit | (392,355) | (368,576) |
| Total liabilities and stockholders’ deficit | $4,103,047 | $4,272,185 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)
| Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(2,885) | $(7,737) |
| Adjustments to reconcile net income or loss to net cash from operating activities: | ||
| Depreciation and amortization | 40,879 | 39,897 |
| Allowance for credit losses | 4,665 | 4,308 |
| Stock-based compensation | 2,390 | 3,245 |
| Amortization of debt fees | 3,068 | 2,118 |
| Gain on debt redemption | — | (2,836) |
| Restructuring charges | 4,315 | 3,599 |
| Restructuring payments | (14,989) | (4,641) |
| Pension contributions and retiree medical payments | (11,767) | (19,938) |
| Other, net | (1,548) | 4,172 |
| Changes in operating assets and liabilities, net of acquisitions/divestitures: | ||
| Accounts and other receivables | 30,053 | 69,841 |
| Finance receivables | 27,716 | 15,596 |
| Inventories | (9,005) | (10,226) |
| Other current assets and prepayments | (19,471) | (8,380) |
| Accounts payable and accrued liabilities | (83,398) | (103,990) |
| Current and noncurrent income taxes | 16,897 | (6,070) |
| Advance billings | 555 | (18,672) |
| Net cash from operating activities | (12,525) | (39,714) |
| Cash flows from investing activities: | ||
| Capital expenditures | (19,957) | (28,666) |
| Purchases of investment securities | (14,197) | (5,180) |
| Proceeds from sales/maturities of investment securities | 23,624 | 5,976 |
| Net investment in loan receivables | (2,115) | (12,879) |
| Other investing activities, net | 804 | (664) |
| Net cash from investing activities | (11,841) | (41,413) |
| Cash flows from financing activities: | ||
| Principal payments of debt | (14,132) | (31,018) |
| Dividends paid to stockholders | (8,832) | (8,725) |
| Customer deposits at Pitney Bowes Bank | (29,347) | (33,526) |
| Other financing activities, net | (6,122) | (6,173) |
| Net cash from financing activities | (58,433) | (79,442) |
| Effect of exchange rate changes on cash and cash equivalents | (2,162) | 2,349 |
| Change in cash and cash equivalents | (84,961) | (158,220) |
| Cash and cash equivalents at beginning of period | 601,053 | 669,981 |
| Cash and cash equivalents at end of period | $516,092 | $511,761 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.