PITNEY BOWES INC /DE/

For the period ended Mar 31, 2025. Filed May 8, 2025.

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.

Mar 31, 2025 · Filed May 8, 2025

PBI$15.40-1.0%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

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,
	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)

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)

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

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

ContentsView on SEC.gov

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