PITNEY BOWES INC DE
For the period ended Sep 30, 2024. Filed Nov 8, 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.
Sep 30, 2024 · Filed Nov 8, 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 September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue: | ||||
| Business services | $221,791 | $203,269 | $651,389 | $638,714 |
| Support services | 90,956 | 101,855 | 281,301 | 310,454 |
| Financing | 68,614 | 68,572 | 203,816 | 202,323 |
| Equipment sales | 66,418 | 76,705 | 216,574 | 238,766 |
| Supplies | 35,428 | 35,695 | 107,658 | 111,035 |
| Rentals | 16,256 | 16,937 | 49,739 | 51,217 |
| Total revenue | 499,463 | 503,033 | 1,510,477 | 1,552,509 |
| Costs and expenses: | ||||
| Cost of business services | 128,573 | 130,141 | 386,531 | 424,661 |
| Cost of support services | 30,117 | 33,332 | 94,836 | 105,190 |
| Financing interest expense | 16,095 | 16,813 | 48,663 | 46,112 |
| Cost of equipment sales | 49,075 | 52,952 | 151,948 | 166,303 |
| Cost of supplies | 10,051 | 10,498 | 30,604 | 32,607 |
| Cost of rentals | 4,079 | 4,289 | 13,196 | 14,859 |
| Selling, general and administrative | 189,989 | 182,744 | 569,625 | 583,174 |
| Research and development | 7,580 | 7,715 | 22,465 | 21,380 |
| Restructuring charges | 30,694 | 13,942 | 64,859 | 34,768 |
| Goodwill impairment | — | — | — | 43,209 |
| Interest expense, net | 27,764 | 26,363 | 83,323 | 70,822 |
| Other components of net pension and postretirement income | (961) | (2,683) | (1,730) | (6,144) |
| Other expense (income) | 50,287 | — | 50,287 | (3,064) |
| Total costs and expenses | 543,343 | 476,106 | 1,514,607 | 1,533,877 |
| (Loss) income from continuing operations before taxes | (43,880) | 26,927 | (4,130) | 18,632 |
| (Benefit) provision for income taxes | (166,466) | 9,115 | (148,695) | 18,331 |
| Income from continuing operations | 122,586 | 17,812 | 144,565 | 301 |
| Loss from discontinued operations, net of tax | (261,058) | (30,331) | (310,789) | (162,092) |
| Net loss | $(138,472) | $(12,519) | $(166,224) | $(161,791) |
| Basic earnings (loss) per share: | ||||
| Continuing operations | $0.68 | $0.10 | $0.81 | $— |
| Discontinued operations | (1.45) | (0.17) | (1.74) | (0.92) |
| Net loss | $(0.77) | $(0.07) | $(0.93) | $(0.92) |
| Diluted earnings (loss) per share: | ||||
| Continuing operations | $0.67 | $0.10 | $0.79 | $— |
| Discontinued operations | (1.42) | (0.17) | (1.70) | (0.90) |
| Net loss | $(0.75) | $(0.07) | $(0.91) | $(0.90) |
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net loss | $(138,472) | $(12,519) | $(166,224) | $(161,791) |
| Other comprehensive income (loss), net of tax: | ||||
| Foreign currency translation, net of tax of $985, $(262), $330 and $314, respectively | 34,738 | (25,640) | 14,321 | (5,560) |
| Net unrealized loss on cash flow hedges, net of tax of $(721), $(439), $(1,693) and $(1,001), respectively | (2,136) | (1,316) | (5,053) | (3,003) |
| Net unrealized gain (loss) on investment securities, net of tax of $2,299, $(1,972), $1,987 and $(1,360), respectively | 7,320 | (6,280) | 6,328 | (4,330) |
| Amortization of pension and postretirement costs, net of tax of $1,560, $1,032, $4,842 and $3,397, respectively | 4,731 | 3,158 | 14,779 | 10,386 |
| Other comprehensive income (loss), net of tax | 44,653 | (30,078) | 30,375 | (2,507) |
| Comprehensive loss | $(93,819) | $(42,597) | $(135,849) | $(164,298) |
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands, except per share amount)
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $561,538 | $600,054 |
| Short-term investments (includes $1,823 and $2,382, respectively, reported at fair value) | 13,972 | 22,166 |
| Accounts and other receivables (net of allowance of $7,480 and $5,292, respectively) | 188,794 | 200,242 |
| Short-term finance receivables (net of allowance of $13,612 and $14,347, respectively) | 530,698 | 563,536 |
| Inventories | 71,642 | 63,048 |
| Current income taxes | 19,730 | 564 |
| Other current assets and prepayments (net of allowance of $29,311 as of September 30, 2024) | 99,778 | 76,039 |
| Assets of discontinued operations | — | 532,441 |
| Total current assets | 1,486,152 | 2,058,090 |
| Property, plant and equipment, net | 228,826 | 254,078 |
| Rental property and equipment, net | 23,664 | 23,583 |
| Long-term finance receivables (net of allowance of $8,088 and $8,880 respectively) | 622,378 | 653,085 |
| Goodwill | 737,281 | 734,409 |
| Intangible assets, net | 17,014 | 20,400 |
| Operating lease assets | 121,533 | 126,492 |
| Noncurrent income taxes | 90,832 | 60,995 |
| Other assets (includes $212,647 and $227,131, respectively, reported at fair value) | 320,036 | 341,053 |
| Total assets | $3,647,716 | $4,272,185 |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $852,566 | $829,419 |
| Customer deposits at Pitney Bowes Bank | 670,678 | 640,323 |
| Current operating lease liabilities | 29,218 | 29,882 |
| Current portion of long-term debt | 56,466 | 58,931 |
| Advance billings | 74,153 | 76,258 |
| Current income taxes | 1,471 | 6,523 |
| Liabilities of discontinued operations | — | 257,106 |
| Total current liabilities | 1,684,552 | 1,898,442 |
| Long-term debt | 2,052,298 | 2,087,101 |
| Deferred taxes on income | 56,563 | 211,477 |
| Tax uncertainties and other income tax liabilities | 12,898 | 19,091 |
| Noncurrent operating lease liabilities | 117,812 | 126,568 |
| Noncurrent customer deposits at Pitney Bowes Bank | 58,977 | 73,972 |
| Other noncurrent liabilities | 183,495 | 224,110 |
| Total liabilities | 4,166,595 | 4,640,761 |
| 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 | 2,748,407 | 3,077,988 |
| Accumulated other comprehensive loss | (820,870) | (851,245) |
| Treasury stock, at cost (88,994 and 93,972 shares, respectively) | (2,716,754) | (2,865,657) |
| Total stockholders’ deficit | (518,879) | (368,576) |
| Total liabilities and stockholders’ deficit | $3,647,716 | $4,272,185 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net loss | $(166,224) | $(161,791) |
| Loss from discontinued operations, net of tax | 310,789 | 162,092 |
| Adjustments to reconcile net income or loss to net cash from operating activities: | ||
| Depreciation and amortization | 85,897 | 84,500 |
| Allowance for credit losses | 9,388 | 9,338 |
| Allowance for DIP Facility | 29,311 | — |
| Stock-based compensation | 10,321 | 6,725 |
| Amortization of debt fees | 9,462 | 7,604 |
| Loss (gain) on debt refinancing | 2,142 | (3,064) |
| Restructuring charges | 64,859 | 34,768 |
| Restructuring payments | (53,919) | (25,152) |
| Pension contributions and retiree medical payments | (21,273) | (30,739) |
| Loss on sale of assets | 8,068 | 8,294 |
| Loss on revaluation of intercompany loans | 13,481 | — |
| Impairment charges | 10,000 | 43,209 |
| Other, net | (4,685) | 3,328 |
| Changes in operating assets and liabilities, net of acquisitions/divestitures: | ||
| Accounts and other receivables | 6,964 | 27,822 |
| Finance receivables | 57,238 | 8,427 |
| Inventories | (8,609) | 3,847 |
| Other current assets and prepayments | (25,411) | (4,333) |
| Accounts payable and accrued liabilities | 1,522 | (98,444) |
| Current and noncurrent income taxes | (192,179) | 377 |
| Advance billings | (2,526) | (4,926) |
| Net cash from operating activities - continuing operations | 144,616 | 71,882 |
| Net cash from operating activities - discontinued operations | (49,925) | (85,792) |
| Net cash from operating activities | 94,691 | (13,910) |
| Cash flows from investing activities: | ||
| Capital expenditures | (50,221) | (50,226) |
| Purchases of investment securities | (28,360) | (11,248) |
| Proceeds from sales/maturities of investment securities | 48,719 | 16,100 |
| Net investment in loan receivables | 875 | (17,039) |
| DIP Facility disbursement | (27,789) | — |
| Settlement of derivative contracts | — | (6,988) |
| Other investing activities, net | 1,565 | 1,337 |
| Net cash from investing activities - continuing operations | (55,211) | (68,064) |
| Net cash from investing activities - discontinued operations | (11,137) | (27,372) |
| Net cash from investing activities | (66,348) | (95,436) |
| Cash flows from financing activities: | ||
| Proceeds from the issuance of debt, net of discount | — | 266,750 |
| Principal payments of debt | (42,401) | (308,755) |
| Premiums and fees paid to redeem debt | (4,938) | (10,531) |
| Dividends paid to stockholders | (26,846) | (26,330) |
| Customer deposits at Pitney Bowes Bank | 15,359 | 88,456 |
| Other financing activities, net | (2,340) | (6,032) |
| Net cash from financing activities - continuing operations | (61,166) | 3,558 |
| Net cash from financing activities - discontinued operations | (6,855) | (5,617) |
| Net cash from financing activities | (68,021) | (2,059) |
| Effect of exchange rate changes on cash and cash equivalents | 1,162 | (311) |
| Change in cash and cash equivalents | (38,516) | (111,716) |
| Cash and cash equivalents at beginning of period | 600,054 | 668,331 |
| Cash and cash equivalents at end of period | $561,538 | $556,615 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.