PITNEY BOWES INC DE

For the period ended Jun 30, 2024. Filed Aug 9, 2024.

About 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.

Jun 30, 2024 · Filed Aug 9, 2024

PBI$15.70+1.9%Stored close · as of Nov 10, 2026

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Contents

Item 1. : Financial Statements

PART I. FINANCIAL INFORMATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in thousands, except per share amounts)

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Revenue:
Business services	$506,666	$473,497	$1,042,263	$996,988
Support services	94,012	103,315	190,345	208,599
Financing	67,539	66,702	135,202	133,751
Equipment sales	72,753	79,451	150,156	162,061
Supplies	35,509	36,505	72,230	75,340
Rentals	16,691	17,011	33,483	34,280
Total revenue	793,170	776,481	1,623,679	1,611,019
Costs and expenses:
Cost of business services	429,756	410,638	876,123	856,955
Cost of support services	31,664	35,018	64,719	71,858
Financing interest expense	15,965	14,763	32,568	29,299
Cost of equipment sales	50,314	56,180	102,873	113,351
Cost of supplies	10,358	10,884	20,553	22,109
Cost of rentals	4,433	5,142	9,117	10,570
Selling, general and administrative	220,008	222,549	436,205	464,669
Research and development	9,108	10,274	18,589	20,767
Restructuring charges	31,843	22,443	36,158	26,042
Goodwill impairment	—	118,599	—	118,599
Interest expense, net	28,767	22,920	56,533	45,262
Other components of net pension and postretirement income	(382)	(1,751)	(769)	(3,461)
Other income	—	(228)	—	(3,064)
Total costs and expenses	831,834	927,431	1,652,669	1,772,956
Loss before taxes	(38,664)	(150,950)	(28,990)	(161,937)
Benefit for income taxes	(13,797)	(9,415)	(1,238)	(12,665)
Net loss	$(24,867)	$(141,535)	$(27,752)	$(149,272)
Basic net loss per share	$(0.14)	$(0.81)	$(0.16)	$(0.85)
Diluted net loss per share	$(0.14)	$(0.81)	$(0.16)	$(0.85)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited; in thousands)

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Net loss	$(24,867)	$(141,535)	$(27,752)	$(149,272)
Other comprehensive (loss) income, net of tax:
Foreign currency translation, net of tax of $(158), $403, $(654) and $576, respectively	(5,018)	9,193	(20,417)	20,080
Net unrealized (loss) gain on cash flow hedges, net of tax of $(559), $125, $(972) and $(562), respectively	(1,676)	375	(2,917)	(1,687)
Net unrealized (loss) gain on investment securities, net of tax of $(8), $(415), $(312) and $612, respectively	(25)	(1,322)	(992)	1,950
Amortization of pension and postretirement costs, net of tax of $1,654, $1,223, $3,282 and $2,365, respectively	5,007	3,739	10,048	7,228
Other comprehensive (loss) income, net of tax	(1,712)	11,985	(14,278)	27,571
Comprehensive loss	$(26,579)	$(129,550)	$(42,030)	$(121,701)

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; in thousands, except per share amount)

	June 30, 2024	December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$590,147	$601,053
Short-term investments (includes $1,752 and $2,382, respectively, reported at fair value)	21,852	22,166
Accounts and other receivables (net of allowance of $10,079 and $6,139, respectively)	266,172	342,236
Short-term finance receivables (net of allowance of $14,418 and $14,347, respectively)	541,957	563,536
Inventories	76,500	70,053
Current income taxes	7,850	564
Other current assets and prepayments	101,263	92,309
Total current assets	1,605,741	1,691,917
Property, plant and equipment, net	359,452	383,628
Rental property and equipment, net	22,334	23,583
Long-term finance receivables (net of allowance of $8,341 and $8,880 respectively)	625,734	653,085
Goodwill	727,613	734,409
Intangible assets, net	54,339	62,250
Operating lease assets	297,638	309,958
Noncurrent income taxes	58,063	60,995
Other assets (includes $209,711 and $227,131, respectively, reported at fair value)	327,488	352,360
Total assets	$4,078,402	$4,272,185
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued liabilities	$843,148	$875,476
Customer deposits at Pitney Bowes Bank	628,711	640,323
Current operating lease liabilities	61,143	60,069
Current portion of long-term debt	57,290	58,931
Advance billings	86,339	89,087
Current income taxes	1,556	6,523
Total current liabilities	1,678,187	1,730,409
Long-term debt	2,065,034	2,087,101
Deferred taxes on income	193,835	211,477
Tax uncertainties and other income tax liabilities	14,538	19,091
Noncurrent operating lease liabilities	263,758	277,981
Other noncurrent liabilities	290,939	314,702
Total liabilities	4,506,291	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	2,948,959	3,077,988
Accumulated other comprehensive loss	(865,523)	(851,245)
Treasury stock, at cost (91,217 and 93,972 shares, respectively)	(2,781,663)	(2,865,657)
Total stockholders’ deficit	(427,889)	(368,576)
Total liabilities and stockholders’ deficit	$4,078,402	$4,272,185

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in thousands)

	Six Months Ended June 30,
	2024	2023
Cash flows from operating activities:
Net loss	$(27,752)	$(149,272)
Adjustments to reconcile net income or loss to net cash from operating activities:
Depreciation and amortization	81,613	79,770
Allowance for credit losses	9,087	7,164
Stock-based compensation	6,567	6,075
Amortization of debt fees	6,167	4,413
Gain on debt redemption	—	(3,064)
Restructuring charges	36,158	26,042
Restructuring payments	(26,697)	(12,883)
Pension contributions and retiree medical payments	(17,300)	(25,196)
Goodwill impairment	—	118,599
Other, net	5,558	7,564
Changes in operating assets and liabilities, net of acquisitions/divestitures:
Accounts and other receivables	68,922	67,506
Finance receivables	42,412	3,837
Inventories	(7,068)	(9,065)
Other current assets and prepayments	(12,902)	(1,561)
Accounts payable and accrued liabilities	(49,336)	(108,836)
Current and noncurrent income taxes	(33,142)	(27,903)
Advance billings	(1,958)	(22,948)
Net cash from operating activities	80,329	(39,758)
Cash flows from investing activities:
Capital expenditures	(41,093)	(54,646)
Purchases of investment securities	(19,909)	(9,973)
Proceeds from sales/maturities of investment securities	36,377	12,088
Net investment in loan receivables	(3,892)	(14,835)
Settlement of derivative contracts	—	6,185
Other investing activities, net	804	485
Net cash from investing activities	(27,713)	(60,696)
Cash flows from financing activities:
Principal payments of debt	(28,266)	(53,803)
Premiums and fees paid to redeem debt	—	(4,464)
Dividends paid to stockholders	(17,785)	(17,525)
Customer deposits at Pitney Bowes Bank	(612)	52,348
Other financing activities, net	(14,144)	(9,109)
Net cash from financing activities	(60,807)	(32,553)
Effect of exchange rate changes on cash and cash equivalents	(2,714)	4,730
Change in cash and cash equivalents	(10,905)	(128,277)
Cash and cash equivalents at beginning of period	601,052	669,981
Cash and cash equivalents at end of period	$590,147	$541,704

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.