Companies: 10,786     total market cap: $133.927 T
โ‚ฌEUR๐Ÿ‡ช๐Ÿ‡บโ‚นINR๐Ÿ‡ฎ๐Ÿ‡ณยฃGBP๐Ÿ‡ฌ๐Ÿ‡ง$CAD๐Ÿ‡จ๐Ÿ‡ฆ$AUD๐Ÿ‡ฆ๐Ÿ‡บ$NZD๐Ÿ‡ณ๐Ÿ‡ฟ$HKD๐Ÿ‡ญ๐Ÿ‡ฐ$SGD๐Ÿ‡ธ๐Ÿ‡ฌ
Pitney Bowes
PBI
#4903
Rank
$1.77 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$11.05
Share price
1.75%
Change (1 day)
23.88%
Change (1 year)
๐Ÿ“ฆ Courier๐Ÿšš Transportation
Categories
  1. Pitney Bowes
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2021 Q2

Pitney Bowes - 10-Q quarterly report FY2021 Q2


Text size:
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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 June 30, 2021
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:DelawareI.R.S. Employer Identification No.06-0495050
Address of Principal Executive Offices:3001 Summer Street,Stamford,Connecticut06926
Telephone Number:(203)356-5000

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $1 par value per sharePBINew York Stock Exchange
6.7% Notes due 2043PBI.PRBNew 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☐Accelerated filer þNon-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 July 30, 2021, 175,915,380 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 and Six Months Ended June 30, 2021 and 2020
3
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2021 and 2020
4
Condensed Consolidated Balance Sheets at June 30, 2021 and December 31, 2020
5
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020
6
Notes to Condensed Consolidated Financial Statements
7
31
40
40
41
41
41
Item 6:
Exhibits
42
43
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 June 30,Six Months Ended June 30,
2021202020212020
Revenue:    
Business services$567,022 $528,990 $1,137,476 $973,369 
Support services115,156 113,786 233,853 235,801 
Financing73,453 85,462 151,265 174,540 
Equipment sales86,267 57,837 173,070 134,110 
Supplies38,655 32,773 80,879 78,482 
Rentals18,650 18,644 37,857 37,458 
Total revenue899,203 837,492 1,814,400 1,633,760 
Costs and expenses:
Cost of business services482,814 454,311 982,348 828,976 
Cost of support services37,679 36,725 74,396 76,485 
Financing interest expense11,773 11,939 23,659 24,428 
Cost of equipment sales61,561 47,920 123,401 105,279 
Cost of supplies10,467 8,379 21,678 20,619 
Cost of rentals6,013 6,022 12,460 12,400 
Selling, general and administrative236,190 233,631 474,292 482,264 
Research and development11,059 7,467 22,375 19,583 
Restructuring charges4,844 4,922 7,733 8,739 
Goodwill impairment— — — 198,169 
Interest expense, net24,346 26,446 49,504 52,329 
Other components of net pension and postretirement cost312 386 662 235 
Other (income) expense(13,646)(17,375)37,748 16,112 
Total costs and expenses873,412 820,773 1,830,256 1,845,618 
Income (loss) from continuing operations before taxes25,791 16,719 (15,856)(211,858)
Provision (benefit) for income taxes4,915 17,016 (9,077)6,986 
Income (loss) from continuing operations20,876 (297)(6,779)(218,844)
(Loss) income from discontinued operations, net of tax(1,020)(3,032)(4,906)7,032 
Net income (loss)$19,856 $(3,329)$(11,685)$(211,812)
Basic earnings (loss) per share (1):
Continuing operations$0.12 $— $(0.04)$(1.28)
Discontinued operations(0.01)(0.02)(0.03)0.04 
Net income (loss)$0.11 $(0.02)$(0.07)$(1.24)
Diluted earnings (loss) per share (1):
Continuing operations$0.12 $— $(0.04)$(1.28)
Discontinued operations(0.01)(0.02)(0.03)0.04 
Net income (loss)$0.11 $(0.02)$(0.07)$(1.24)

(1) The sum of the earnings per share amounts may not equal the totals due to rounding.




See Notes to Condensed Consolidated Financial Statements
3

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

Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Net income (loss)$19,856 $(3,329)$(11,685)$(211,812)
Other comprehensive income, net of tax:
Foreign currency translation, net of tax of $309, $1,105, $297 and $(1,712), respectively
3,509 10,099 (10,749)(17,636)
Net unrealized (loss) gain on cash flow hedges, net of tax of $(466), $(421), $1,135 and $(479), respectively
(1,406)(1,271)3,424 (1,445)
Net unrealized gain (loss) on investment securities, net of tax of $1,306, $467, $(1,650) and $900, respectively
3,939 1,407 (4,977)2,715 
Amortization of pension and postretirement costs, net of tax of $3,303, $3,502, $6,511 and $6,152, respectively
10,193 11,377 20,130 20,247 
Other comprehensive income, net of tax16,235 21,612 7,828 3,881 
Comprehensive income (loss)$36,091 $18,283 $(3,857)$(207,931)








































See Notes to Condensed Consolidated Financial Statements
4

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

June 30, 2021December 31, 2020
ASSETS  
Current assets:  
Cash and cash equivalents$799,470 $921,450 
Short-term investments, reported at fair value14,904 18,974 
Accounts and other receivables (net of allowance of $13,959 and $18,899, respectively)
309,177 389,240 
Short-term finance receivables (net of allowance of $18,313 and $18,012, respectively)
552,858 568,050 
Inventories67,538 65,845 
Current income taxes37,384 23,219 
Other current assets and prepayments117,425 120,145 
Total current assets1,898,756 2,106,923 
Property, plant and equipment, net429,785 391,280 
Rental property and equipment, net38,814 38,435 
Long-term finance receivables (net of allowance of $17,253 and $17,857 respectively)
588,602 605,292 
Goodwill1,130,164 1,152,285 
Intangible assets, net144,692 159,839 
Operating lease assets205,584 201,916 
Noncurrent income taxes69,150 72,653 
Other assets (includes $363,613 and $355,799, respectively, reported at fair value)
507,748 491,514 
Total assets$5,013,295 $5,220,137 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Current liabilities:  
Accounts payable and accrued liabilities$820,065 $880,616 
Customer deposits at Pitney Bowes Bank632,833 617,200 
Current operating lease liabilities41,835 39,182 
Current portion of long-term debt97,015 216,032 
Advance billings119,645 114,550 
Current income taxes5,844 2,880 
Total current liabilities1,717,237 1,870,460 
Long-term debt2,330,698 2,348,361 
Deferred taxes on income286,338 279,451 
Tax uncertainties and other income tax liabilities37,155 38,163 
Noncurrent operating lease liabilities182,746 180,292 
Other noncurrent liabilities405,751 437,015 
Total liabilities4,959,925 5,153,742 
Commitments and contingencies (See Note 14)
Stockholders’ equity:
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued)
323,338 323,338 
Additional paid-in capital5,903 68,502 
Retained earnings5,172,185 5,201,195 
Accumulated other comprehensive loss(831,303)(839,131)
Treasury stock, at cost (149,078,067 and 151,362,724 shares, respectively)
(4,616,753)(4,687,509)
Total stockholders’ equity53,370 66,395 
Total liabilities and stockholders’ equity$5,013,295 $5,220,137 





See Notes to Condensed Consolidated Financial Statements
5

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

Six Months Ended June 30,
20212020
Cash flows from operating activities:  
Net loss$(11,685)$(211,812)
Loss (income) from discontinued operations, net of tax4,906 (7,032)
Restructuring payments(8,825)(11,365)
Adjustments to reconcile net loss to net cash from operating activities:  
Depreciation and amortization79,416 81,787 
Allowance for credit losses4,988 27,941 
Stock-based compensation12,278 6,950 
Restructuring charges7,733 8,739 
Amortization of debt fees4,103 5,054 
Goodwill impairment— 198,169 
Loss on debt refinancing52,383 36,987 
Gain on sale of equity investment— (11,908)
Gain on sale of business(10,201)— 
Gain on sale of assets(1,434)— 
Changes in operating assets and liabilities, net of acquisitions/divestitures:  
Accounts and other receivables72,791 (49,403)
Finance receivables30,620 83,955 
Inventories(1,884)(6,306)
Other current assets and prepayments1,567 (24,067)
Accounts payable and accrued liabilities(56,038)(25,168)
Current and noncurrent income taxes(11,807)29,959 
Advance billings5,271 21,402 
Pension and retiree medical liabilities(42,407)(22,735)
Other, net12,954 (6,302)
   Net cash from operating activities - continuing operations144,729 124,845 
   Net cash from operating activities - discontinued operations— (38,423)
   Net cash from operating activities144,729 86,422 
Cash flows from investing activities:  
Capital expenditures(83,703)(59,954)
Purchases of investment securities(68,143)(282,065)
Proceeds from sales/maturities of investment securities58,870 214,466 
Net investment in loan receivables(2,964)387 
Proceeds from sale of other investments— 58,248 
Acquisitions, net of cash acquired— (6,608)
Proceeds from sale of business, net of cash sold27,573 — 
Proceeds from sale of assets1,840 — 
Other investing activities— 1,539 
   Net cash from investing activities - continuing operations(66,527)(73,987)
   Net cash from investing activities - discontinued operations(1,507)(2,502)
   Net cash from investing activities(68,034)(76,489)
Cash flows from financing activities:  
Increase in short-term borrowings— 100,000 
Proceeds from the issuance of debt, net of discount1,195,500 816,544 
Principal payments of debt(1,339,568)(948,224)
Premiums and fees paid to refinance debt(46,937)(32,645)
Dividends paid to stockholders(17,325)(17,099)
Customer deposits at Pitney Bowes Bank15,633 22,331 
Other financing activities(6,327)(3,174)
   Net cash from financing activities(199,024)(62,267)
Effect of exchange rate changes on cash and cash equivalents349 (9,211)
Change in cash and cash equivalents(121,980)(61,545)
Cash and cash equivalents at beginning of period921,450 924,442 
Cash and cash equivalents at end of period$799,470 $862,897 


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 global technology company providing commerce solutions. Clients around the world rely on the accuracy and precision delivered by our equipment, solutions, analytics, and application programming interface technology in the areas of ecommerce fulfillment, shipping and returns, cross-border ecommerce, office mailing and shipping, presort services and financing. For more information, visit www.pitneybowes.com.

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, 2020 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, 2021, particularly in light of the coronavirus pandemic (COVID-19) and its effect on global businesses and economies. 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, 2020 (2020 Annual Report).

In the fourth quarter 2020, we determined that based on their nature, certain cash flows from loan receivables classified as cash flows from operating activities should have been classified as investment in loans receivables within cash flows from investing activities. It was also determined that certain investment purchases and maturities that were previously reported on a net basis should have been reported on a gross basis. Finally, previously reported cash flows from investing activities resulting from changes in customer deposits at the Pitney Bowes Bank (the Bank) are now reported as cash flows from financing activities. These adjustments were not material to the previously issued 2020 interim financial statements; however, the cash flow statement for the period ended June 30, 2020 has been revised and the impact on our previously issued interim Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 is as follows:
Six Months Ended June 30, 2020
(unaudited)As Previously ReportedAdjustmentsAs Revised
Cash flows from operating activities
Changes in finance receivables$84,342 $(387)$83,955 
Net cash from operating activities: continuing operations$125,232 $(387)$124,845 
Net cash from operating activities$86,809 $(387)$86,422 
Cash flows from investing activities
Purchases of investment securities$(115,565)$(166,500)$(282,065)
Proceeds from sales/maturities of investment securities$94,425 $120,041 $214,466 
Net change in short-term and other investing activities$(44,035)$44,035 $— 
Net investment in loan receivables$— $387 $387 
Customer deposits at the Bank$22,331 $(22,331)$— 
Other investing activities$(885)$2,424 $1,539 
Net cash from investing activities: continuing operations$(52,043)$(21,944)$(73,987)
Net cash from investing activities$(54,545)$(21,944)$(76,489)
Cash flows from financing activities
Customer deposits at the Bank$— $22,331 $22,331 
Net cash from financing activities$(84,598)$22,331 $(62,267)

7

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Risks and Uncertainties
The effects of COVID-19 on global economies and businesses continues to impact how we conduct business and our operating results, financial position and cash flows. Its impact on our business remains unpredictable and accordingly, we are not able to reasonably estimate the full extent of the impact of COVID-19 on our operating results, financial position and cash flows.

Accounting Pronouncements Adopted in 2021
In January 2021 we adopted ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles and also clarifies and amends existing guidance. The adoption of this standard did not have a material impact on our consolidated financial statements.

Accounting Pronouncements Not Yet Adopted
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The transition to new reference interest rates will require certain contracts to be modified and the ASU is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The accommodations provided by the ASU are effective through December 31, 2022 and may be applied at the beginning of any interim period within that time frame. We are currently assessing the impact this standard will have on our consolidated financial statements.
8

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 June 30, 2021
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$418,429 $134,619 $13,974 $567,022 $— $567,022 
Support services— — 115,156 115,156 — 115,156 
Financing— — — — 73,453 73,453 
Equipment sales— — 22,394 22,394 63,873 86,267 
Supplies— — 38,655 38,655 — 38,655 
Rentals— — — — 18,650 18,650 
Subtotal418,429 134,619 190,179 743,227 $155,976 $899,203 
Revenue from leasing transactions and financing
Financing — — 73,453 73,453 
Equipment sales— — 63,873 63,873 
Rentals— — 18,650 18,650 
     Total revenue$418,429 $134,619 $346,155 $899,203 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$— $— $77,275 $77,275 
Products/services transferred over time418,429 134,619 112,904 665,952 
      Total$418,429 $134,619 $190,179 $743,227 

Three Months Ended June 30, 2020
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$398,453 $118,127 $12,410 $528,990 $— $528,990 
Support services— — 113,786 113,786 — 113,786 
Financing— — — — 85,462 85,462 
Equipment sales— — 14,492 14,492 43,345 57,837 
Supplies— — 32,773 32,773 — 32,773 
Rentals— — — — 18,644 18,644 
Subtotal398,453 118,127 173,461 690,041 $147,451 $837,492 
Revenue from leasing transactions and financing
Financing — — 85,462 85,462 
Equipment sales— — 43,345 43,345 
Rentals— — 18,644 18,644 
     Total revenue$398,453 $118,127 $320,912 $837,492 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$— $— $58,750 $58,750 
Products/services transferred over time398,453 118,127 114,711 631,291 
      Total$398,453 $118,127 $173,461 $690,041 
9

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Six Months Ended June 30, 2021
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$831,515 $277,745 $28,216 $1,137,476 $— $1,137,476 
Support services— — 233,853 233,853 — 233,853 
Financing — — — — 151,265 151,265 
Equipment sales— — 41,511 41,511 131,559 173,070 
Supplies— — 80,879 80,879 — 80,879 
Rentals— — — — 37,857 37,857 
Subtotal831,515 277,745 384,459 1,493,719 $320,681 $1,814,400 
Revenue from leasing transactions and financing
Financing — — 151,265 151,265 
Equipment sales— — 131,559 131,559 
Rentals— — 37,857 37,857 
     Total revenue$831,515 $277,745 $705,140 $1,814,400 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$— $— $154,811 $154,811 
Products/services transferred over time831,515 277,745 229,648 1,338,908 
      Total$831,515 $277,745 $384,459 $1,493,719 

Six Months Ended June 30, 2020
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$690,776 $258,847 $23,746 $973,369 $— $973,369 
Support services— — 235,801 235,801 — 235,801 
Financing — — — — 174,540 174,540 
Equipment sales— — 31,621 31,621 102,489 134,110 
Supplies— — 78,482 78,482 — 78,482 
Rentals— — — — 37,458 37,458 
Subtotal690,776 258,847 369,650 1,319,273 $314,487 $1,633,760 
Revenue from leasing transactions and financing
Financing — — 174,540 174,540 
Equipment sales— — 102,489 102,489 
Rentals— — 37,458 37,458 
     Total revenue$690,776 $258,847 $684,137 $1,633,760 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$— $— $137,124 $137,124 
Products/services transferred over time690,776 258,847 232,526 1,182,149 
      Total$690,776 $258,847 $369,650 $1,319,273 



10

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Our performance obligations for revenue from products and services are as follows:
Business services includes providing mail processing services, shipping subscription solutions, fulfillment, delivery and return services and cross-border solutions. 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 mail processing services, fulfillment, delivery and return services and cross-border solutions is 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 range from one to five years followed by annual renewal periods.
Support services includes providing maintenance, professional and subscription services for our equipment and digital mailing and shipping technology solutions. Contract terms range from one to five years, depending on the lease term of the related equipment. Revenue for maintenance and subscription services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided.
Equipment sales, excluding sales-type leases, generally includes the sale of mailing and shipping equipment. We recognize revenue upon delivery for self-install equipment and upon acceptance or installation for other equipment. We provide a warranty that our equipment is free of defects and meets stated specifications. The warranty is not considered a separate performance obligation.
Supplies revenue is recognized upon delivery.
Revenue from leasing transactions and financing includes revenue from sales-type and operating leases, finance income, late fees and investment income, gains and losses at the Bank.

Advance Billings from Contracts with Customers
Balance sheet locationJune 30, 2021December 31, 2020Increase/ (decrease)
Advance billings, currentAdvance billings$110,812 $106,498 $4,314 
Advance billings, noncurrent Other noncurrent liabilities$1,304 $1,277 $27 

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 support services for our equipment and digital mailing and shipping technology solutions. Revenue recognized during the period includes $92 million of advance billings at the beginning of the period. Advance billings above at June 30, 2021 and December 31, 2020 excludes $9 million and $8 million, respectively, from leasing transactions.

Future Performance Obligations
Future performance obligations include revenue streams bundled with our leasing contracts, primarily maintenance and subscription services. The transaction prices allocated to future performance obligations will be recognized as follows:
Remainder of 202120222023-2026Total
SendTech Solutions$152,778 $240,694 $321,288 $714,760 
The amounts above exclude revenue related to performance obligations for contracts with terms less than 12 months and expected consideration for those performance obligations where revenue is recognized based on the amount billable to the customer.
11

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 Global Ecommerce, Presort Services and Sending Technology Solutions (SendTech Solutions). The principal products and services of each reportable segment are as follows:
Global Ecommerce: Includes the revenue and related expenses from domestic parcel services, cross-border solutions and digital delivery services.
Presort Services: Includes revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter for postal worksharing discounts.
SendTech Solutions: Includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.
Management measures segment profitability and performance using segment earnings before interest and taxes (EBIT). Segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, asset impairment charges and other items not allocated to a particular business segment. Management believes that it provides investors a useful measure of operating performance and underlying trends of the business. 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 reconciliation of segment EBIT to net income (loss).
Revenue
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Global Ecommerce$418,429 $398,453 $831,515 $690,776 
Presort Services134,619 118,127 277,745 258,847 
SendTech Solutions346,155 320,912 705,140 684,137 
Total revenue$899,203 $837,492 $1,814,400 $1,633,760 

EBIT
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Global Ecommerce$(10,831)$(18,894)$(37,207)$(48,369)
Presort Services16,134 12,582 35,185 28,277 
SendTech Solutions107,121 104,268 221,591 210,830 
Total segment EBIT112,424 97,956 219,569 190,738 
Reconciliation of Segment EBIT to net income (loss):  
Unallocated corporate expenses(56,316)(49,489)(113,781)(93,211)
Restructuring charges(4,844)(4,922)(7,733)(8,739)
Interest expense, net(36,119)(38,385)(73,163)(76,757)
Gain on sale of equity investment— 11,908 — 11,908 
Goodwill impairment— — — (198,169)
Loss on debt refinancing(989)— (52,383)(36,987)
Gain on sale of business10,201 — 10,201 — 
Gain on sale of assets1,434 — 1,434 — 
Transaction costs— (349)— (641)
(Provision) benefit for income taxes(4,915)(17,016)9,077 (6,986)
Income (loss) from continuing operations 20,876 (297)(6,779)(218,844)
(Loss) income from discontinued operations, net of tax(1,020)(3,032)(4,906)7,032 
Net income (loss)$19,856 $(3,329)$(11,685)$(211,812)
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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)

4. Discontinued Operations
Discontinued operations for the quarter ended June 30, 2021 includes a working capital adjustment payment related to the sale of our Software Solutions business. Discontinued operations for the six months ended June 30, 2021 also includes a tax charge related to the sale of our Production Mail business. Discontinued operations for the three months ended June 30, 2020 includes a pension settlement charge related to the sale of our Software Solutions business. Discontinued operations for the six months ended June 30, 2020 also includes the gain on the sale of our software business in Australia.
5. Earnings per Share (EPS)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Numerator:    
Income (loss) from continuing operations$20,876 $(297)$(6,779)$(218,844)
(Loss) income from discontinued operations, net of tax(1,020)(3,032)(4,906)7,032 
Net income (loss)$19,856 $(3,329)$(11,685)$(211,812)
Denominator:    
Weighted-average shares used in basic EPS173,970 171,478 173,367 171,167 
Dilutive effect of common stock equivalents (1)
5,009 — — — 
Weighted-average shares used in diluted EPS178,979 171,478 173,367 171,167 
Basic earnings (loss) per share (2):
    
Continuing operations$0.12 $— $(0.04)$(1.28)
Discontinued operations(0.01)(0.02)(0.03)0.04 
Net income (loss)$0.11 $(0.02)$(0.07)$(1.24)
Diluted earnings (loss) per share (2):
Continuing operations$0.12 $— $(0.04)$(1.28)
Discontinued operations(0.01)(0.02)(0.03)0.04 
Net income (loss)$0.11 $(0.02)$(0.07)$(1.24)
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:
6,451 19,963 6,451 18,297 
(1)     Due to the net loss for the three months ended June 30, 2020 and the six months ended June 30, 2021 and 2020, common stock equivalents of 1,019, 5,382 and 1,190, respectively, were also excluded from the calculation of diluted earnings per share as the impact would have been anti-dilutive.
(2)     The sum of the earnings per share amounts may not equal the totals due to rounding.

6. Inventories
Inventories are stated at the lower of cost or market. Cost is determined on the last-in, first-out (LIFO) basis, the first-in, first-out (FIFO) basis or average cost. Inventories consisted of the following:
June 30,
2021		December 31,
2020
Raw materials$17,833 $16,570 
Supplies and service parts25,073 24,061 
Finished products30,267 30,849 
Inventory at FIFO cost73,173 71,480 
Excess of FIFO cost over LIFO cost(5,635)(5,635)
Total inventory, net$67,538 $65,845 
13

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
7. Finance Assets and Lessor Operating Leases
Finance Assets
Finance receivables are comprised of sales-type lease receivables and unsecured revolving loan receivables. Sales-type lease receivables are generally due in installments over periods ranging from three to five years. Loan receivables arise primarily from financing services offered to our clients for postage and supplies and are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on loan receivables using the effective interest method. Annual fees are recognized ratably over the annual period covered and client acquisition costs are expensed as incurred.
Finance receivables consisted of the following:
June 30, 2021December 31, 2020
North AmericaInternationalTotalNorth AmericaInternationalTotal
Sales-type lease receivables      
Gross finance receivables$974,109 $195,085 $1,169,194 $994,985 $211,944 $1,206,929 
Unguaranteed residual values37,576 11,681 49,257 36,405 12,140 48,545 
Unearned income(262,058)(60,825)(322,883)(275,359)(61,686)(337,045)
Allowance for credit losses(23,352)(5,362)(28,714)(22,917)(6,006)(28,923)
Net investment in sales-type lease receivables726,275 140,579 866,854 733,114 156,392 889,506 
Loan receivables     
Loan receivables257,766 23,692 281,458 268,690 22,092 290,782 
Allowance for credit losses(6,436)(416)(6,852)(6,484)(462)(6,946)
Net investment in loan receivables251,330 23,276 274,606 262,206 21,630 283,836 
Net investment in finance receivables$977,605 $163,855 $1,141,460 $995,320 $178,022 $1,173,342 


Maturities of gross sales-type lease receivables and gross loan receivables at June 30, 2021 were as follows:
Sales-type Lease ReceivablesLoan Receivables
North AmericaInternationalTotalNorth AmericaInternationalTotal
Remaining for year ending December 31, 2021$202,304 $34,907 $237,211 $203,523 $23,692 $227,215 
Year ending December 31, 2022331,782 69,397 401,179 16,556 — 16,556 
Year ending December 31, 2023228,869 46,650 275,519 10,797 — 10,797 
Year ending December 31, 2024131,795 26,584 158,379 13,140 — 13,140 
Year ending December 31, 202562,734 12,918 75,652 11,449 — 11,449 
Thereafter16,625 4,629 21,254 2,301 — 2,301 
Total$974,109 $195,085 $1,169,194 $257,766 $23,692 $281,458 

14

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:
June 30, 2021
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Past due amounts 0 - 90 days$962,059 $193,747 $253,061 $23,486 $1,432,353 
Past due amounts > 90 days12,050 1,338 4,705 206 18,299 
Total$974,109 $195,085 $257,766 $23,692 $1,450,652 
Past due amounts > 90 days     
Still accruing interest$2,449 $275 $— $— $2,724 
Not accruing interest9,601 1,063 4,705 206 15,575 
Total$12,050 $1,338 $4,705 $206 $18,299 

December 31, 2020
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Past due amounts 0 - 90 days$972,266 $208,968 $264,484 $21,932 $1,467,650 
Past due amounts > 90 days22,719 2,976 4,206 160 30,061 
Total$994,985 $211,944 $268,690 $22,092 $1,497,711 
Past due amounts > 90 days     
Still accruing interest$5,128 $463 $1,797 $59 $7,447 
Not accruing interest17,591 2,513 2,409 101 22,614 
Total$22,719 $2,976 $4,206 $160 $30,061 

Allowance for Credit Losses
We estimate 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, current conditions, management forecasts and independent economic forecasts. Credit losses are estimated at the portfolio level based on asset type and geographic market. Historical loss experience is based on actual loss rates over the average term of the asset of five years for sales-type lease receivables and three years for loan receivables (including accrued interest). 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 credit quality of the client and the type of equipment financed. Our policy is to discontinue revenue recognition for lease receivables that are more than 120 days past due and for loan receivables that are more than 90 days past due. We resume revenue recognition when the client's payments reduce the account aging to less than 60 days past due. Finance receivables deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. However, 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.

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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)
Activity in the allowance for credit losses for finance receivables was as follows:
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Balance at January 1, 2021$22,917 $6,006 $6,484 $462 $35,869 
Amounts charged to expense1,127 (81)1,477 (23)2,500 
Write-offs(2,226)(631)(3,392)(29)(6,278)
Recoveries1,500 146 1,862 1 3,509 
Other34 (78)5 5 (34)
Balance at June 30, 2021$23,352 $5,362 $6,436 $416 $35,566 
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Balance at December 31, 2019$10,920 $2,085 $5,906 $740 $19,651 
Cumulative effect of accounting change9,271 1,750 (1,116)(402)9,503 
Amounts charged to expense9,025 1,257 4,758 208 15,248 
Write-offs (3,536)(386)(4,542)(297)(8,761)
Recoveries946 44 1,386 1 2,377 
Other(23)(7)90 36 96 
Balance at June 30, 2020$26,603 $4,743 $6,482 $286 $38,114 

Credit Quality
The extension of credit and management of credit lines to new and existing clients uses a combination of a client's credit score, where available, and a detailed manual review of their financial condition and payment history or an automated process for certain small dollar applications. 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 appropriately and enhanced tools and processes are implemented as needed.
We use a third party to score the majority of the North America 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 third party's 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 third-party 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%.










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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 the gross sales-type lease receivable and loan receivable balances by relative risk class and year of origination based on the relative scores of the accounts within each class as of June 30, 2021 and December 30, 2020.
Sales Type Lease ReceivablesLoan ReceivablesTotal
20212020201920182017Prior
Low$145,875 $218,083 $189,322 $127,968 $55,954 $25,132 $191,571 $953,905 
Medium27,370 44,107 43,995 29,079 15,255 5,737 51,877 217,420 
High2,866 5,405 4,959 2,952 1,475 1,335 4,610 23,602 
Not Scored47,676 64,035 59,108 33,966 13,581 3,959 33,400 255,725 
Total$223,787 $331,630 $297,384 $193,965 $86,265 $36,163 $281,458 $1,450,652 
Sales Type Lease ReceivablesLoan ReceivablesTotal
20202019201820172016Prior
Low$256,573 $228,344 $165,244 $87,346 $30,518 $12,249 $192,971 $973,245 
Medium50,785 49,946 37,168 21,388 6,470 2,375 61,625 229,757 
High6,182 5,396 3,782 1,974 1,051 143 4,518 23,046 
Not Scored80,854 77,362 48,704 24,291 7,813 971 31,668 271,663 
Total$394,394 $361,048 $254,898 $134,999 $45,852 $15,738 $290,782 $1,497,711 

The majority of the Not Scored amounts above is within our International portfolio. 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. Approximately 80% of credit applications are approved or denied through the automated review process. All other credit applications are manually reviewed by obtaining client financial information, credit reports and other available financial information.

Lease Income
Lease income from sales-type leases was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Profit recognized at commencement (1)
$32,057 $21,271 $64,365 $51,179 
Interest income47,770 52,277 96,266 106,083 
Total lease income from sales-type leases$79,827 $73,548 $160,631 $157,262 
(1) Lease contracts do not include variable lease payments.

The disclosure of total lease income from sales-type leases for the three and six months ended June 30, 2020 has been revised from $55 million to $74 million and from $119 million to $157 million, respectively. The revision did not have any impact on our Condensed Consolidated Statements of Operations.

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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)
Lessor Operating Leases
We also lease mailing equipment under operating leases with terms of one to five years. Maturities of these operating leases are as follows:
Remaining for year ending December 31, 2021$19,276 
Year ending December 31, 202222,961 
Year ending December 31, 202313,010 
Year ending December 31, 20249,968 
Year ending December 31, 20253,760 
Thereafter196 
Total$69,171 

8. Intangible Assets and Goodwill
Intangible Assets
Intangible assets consisted of the following:
June 30, 2021December 31, 2020
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships$268,188 $(128,247)$139,941 $268,199 $(115,010)$153,189 
Software & technology19,000 (14,249)4,751 19,000 (12,350)6,650 
Total intangible assets$287,188 $(142,496)$144,692 $287,199 $(127,360)$159,839 

Amortization expense for the three months ended June 30, 2021 and 2020 was $8 million and $9 million, respectively. Amortization expense for the six months ended June 30, 2021 and 2020 was $15 million and $18 million, respectively.
Future amortization expense as of June 30, 2021 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, impairments, acquisitions and accelerated amortization.
Remaining for year ending December 31, 2021$15,147 
Year ending December 31, 202229,315 
Year ending December 31, 202326,465 
Year ending December 31, 202426,465 
Year ending December 31, 202519,805 
Thereafter27,495 
Total$144,692 

Goodwill
Changes in the carrying value of goodwill, by reporting segment, are shown in the table below.
Gross value before accumulated impairmentAccumulated impairmentDecember 31, 2020DispositionCurrency impactJune 30,
2021
Global Ecommerce$609,431 $(198,169)$411,262 $(16,200)$— $395,062 
Presort Services220,992 — 220,992 — — 220,992 
SendTech Solutions520,031 — 520,031 — (5,921)514,110 
Total goodwill$1,350,454 $(198,169)$1,152,285 $(16,200)$(5,921)$1,130,164 

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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)
During the second quarter, we sold a U.K. based software consultancy business ("Tacit") acquired as part of our 2017 acquisition of Newgistics. We received net proceeds of $28 million and recognized a pre-tax gain of $10 million (after-tax gain of $4 million), which included a goodwill allocation of $16 million attributable to Tacit.
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.
June 30, 2021
Level 1Level 2Level 3Total
Assets:    
Investment securities    
Money market funds $49,696 $362,892 $— $412,588 
Equity securities— 30,115 — 30,115 
Commingled fixed income securities1,706 19,325 — 21,031 
Government and related securities
26,052 25,974 — 52,026 
Corporate debt securities— 67,674 — 67,674 
Mortgage-backed / asset-backed securities— 206,520 — 206,520 
Derivatives 
Interest rate swap— 445 — 445 
Foreign exchange contracts— 438 — 438 
Total assets$77,454 $713,383 $— $790,837 
Liabilities:    
Derivatives    
Foreign exchange contracts$— $(1,722)$— $(1,722)
Total liabilities$— $(1,722)$— $(1,722)
19

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
December 31, 2020
Level 1Level 2Level 3Total
Assets:    
Investment securities    
Money market funds $73,228 $434,791 $— $508,019 
Equity securities— 26,583 — 26,583 
Commingled fixed income securities1,722 19,669 — 21,391 
Government and related securities
16,776 16,757 — 33,533 
Corporate debt securities — 71,433 — 71,433 
Mortgage-backed / asset-backed securities— 220,678 — 220,678 
Derivatives   
Foreign exchange contracts— 3,776 — 3,776 
Total assets$91,726 $793,687 $— $885,413 
Liabilities:    
Derivatives    
Interest rate swap$— $(2,163)$— $(2,163)
Foreign exchange contracts— (1,960)— (1,960)
Total liabilities$— $(4,123)$— $(4,123)
Investment Securities
The valuation of investment securities is based on the 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.
•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 where active, high volume trades for identical securities exist. Valuation adjustments are not applied to these securities. 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 Securities / Asset-Backed Securities: These securities are valued based on external pricing indices or external price/spread data. These securities are classified as Level 2.

Derivative Securities
•Foreign Exchange Contracts: The valuation of foreign exchange derivatives is based on the market approach using observable market inputs, such as foreign currency spot and forward rates and yield curves. We have not seen a material change in the creditworthiness of those banks acting as derivative counterparties. These securities are classified as Level 2.
•Interest Rate Swaps: The valuation of interest rate swaps is based on an income approach using inputs that are observable or that can be derived from, or corroborated by, observable market data. These securities are classified as Level 2.
20

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

Available-For-Sale Securities
Available-for-sale securities are predominantly held at the Pitney Bowes Bank. Investment securities classified as available-for-sale are recorded at fair value with changes in fair value due to market conditions (i.e., interest rates) recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions recorded in earnings. There were no unrealized losses due to credit losses charged to earnings through the six months ended June 30, 2021.

Available-for-sale securities consisted of the following:
June 30, 2021
Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Government and related securities$51,055 $107 $(636)$50,526 
Corporate debt securities69,475 357 (2,158)67,674 
Commingled fixed income securities1,716 — (10)1,706 
Mortgage-backed / asset-backed securities210,012 247 (3,739)206,520 
Total$332,258 $711 $(6,543)$326,426 
December 31, 2020
Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Government and related securities$31,882 $157 $(78)$31,961 
Corporate debt securities71,174 614 (355)71,433 
Commingled fixed income securities1,706 16 — 1,722 
Mortgage-backed / asset-backed securities220,659 734 (715)220,678 
Total$325,421 $1,521 $(1,148)$325,794 

Investment securities in a loss position were as follows:
June 30, 2021December 31, 2020
Fair ValueGross unrealized lossesFair ValueGross unrealized losses
Less than 12 continuous months$287,161 $6,483 $132,267 $1,072 
Greater than 12 continuous months2,016 60 2,369 76 
Total$289,177 $6,543 $134,636 $1,148 
At June 30, 2021, 33% of the securities in the investment portfolio were in a loss position. We believe our allowance for credit losses on available-for-sale investment securities is adequate as our investments are primarily in highly liquid U.S. government and agency securities, high grade corporate bonds and municipal bonds. The majority of our mortgage-backed securities are either guaranteed or supported by the U.S. Government. We have not recognized an impairment on investment securities in an unrealized loss position because we have the ability and intent to hold these securities until recovery of the unrealized losses or we receive the stated principal and interest at maturity.

21

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Scheduled maturities of available-for-sale securities at June 30, 2021 were as follows:
Amortized costEstimated fair value
Within 1 year$13,147 $13,149 
After 1 year through 5 years21,318 21,261 
After 5 years through 10 years60,188 58,612 
After 10 years237,605 233,404 
Total$332,258 $326,426 
The scheduled maturities of mortgage-backed and asset-backed securities may not coincide with the actual payment, as borrowers have the right to prepay obligations.

Held-to-Maturity Securities
Held-to-maturity securities at June 30, 2021 were not material and at December 31, 2020 include $75 million of short-term, highly liquid time deposits. Due to the short-term nature of these securities, the carrying value approximated fair value.

Derivative Instruments
In the normal course of business, we are exposed to the impact of changes in foreign currency exchange rates and interest rates. We mitigate these exposures by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to limit the effects of exchange rate fluctuations on financial results and manage the cost of debt. We do not use derivatives for trading or speculative purposes. We record derivative instruments at fair value and the accounting for changes in the fair value depends on the intended use of the derivative, the resulting designation and the effectiveness of the instrument in offsetting the risk exposure it is designed to hedge.

Foreign Exchange Contracts
We enter into foreign exchange contracts to mitigate the currency risk associated with the anticipated purchase of inventory between affiliates and from third parties. These contracts are designated as cash flow hedges. The effective portion of the gain or loss on cash flow hedges is included in AOCL in the period that the change in fair value occurs and is reclassified to earnings in the period that the hedged item is recorded in earnings. No amount of ineffectiveness was recorded in earnings for these designated cash flow hedges. At June 30, 2021 and December 31, 2020, we had outstanding contracts associated with these anticipated transactions with notional amounts of less than $1 million and $8 million, respectively. Amounts included in AOCL at June 30, 2021 will be recognized in earnings within the next 12 months.

Interest Rate Swaps
In May 2021, we terminated our $500 million aggregate notional amount of interest rate swap agreements. We received $2 million that was recorded in AOCL and will be recognized ratably in income through 2024. We concurrently entered into new interest rate swap agreements with an aggregate notional amount of $200 million and designated these instruments as cash flow hedges. The fair value of the interest rate swaps is recorded as a derivative asset or liability at the end of each reporting period with the change in fair value reflected in AOCL.

22

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
The fair value of derivative instruments was as follows:
Designation of DerivativesBalance Sheet LocationJune 30,
2021		December 31,
2020
Derivatives designated as
hedging instruments		  
Foreign exchange contractsOther current assets and prepayments$60 $96 
 Accounts payable and accrued liabilities(41)(112)
Interest rate swapsOther assets (Other noncurrent liabilities)445 (2,163)
Derivatives not designated as
hedging instruments		  
Foreign exchange contractsOther current assets and prepayments378 3,680 
 Accounts payable and accrued liabilities(1,681)(1,848)
 Total derivative assets$883 $3,776 
 Total derivative liabilities(1,722)(4,123)
 Total net derivative liability$(839)$(347)

Results of cash flow hedging relationships were as follows:
Three Months Ended June 30,
Derivative Gain (Loss)
Recognized in AOCL
(Effective Portion)		Location of Gain (Loss)
(Effective Portion)		Gain (Loss) Reclassified
from AOCL to Earnings
(Effective Portion)
Derivative Instrument2021202020212020
Foreign exchange contracts$(54)$(121)Revenue$118 $(64)
   Cost of sales(47)32 
Interest rate swap(3,672)(1,605)Interest expense— — 
 $(3,726)$(1,726) $71 $(32)
 Six Months Ended June 30,
 Derivative Gain (Loss)
Recognized in AOCI
(Effective Portion)		Location of Gain (Loss)
(Effective Portion)		Gain (Loss) Reclassified
from AOCI to Earnings
(Effective Portion)
Derivative Instrument2021202020212020
Foreign exchange contracts$174 $(281)Revenue$244 $(3)
   Cost of sales(105)42 
Interest rate swap2,608 (1,605)Interest expense— — 
 $2,782 $(1,886) $139 $39 

We enter into foreign exchange contracts to minimize the impact of exchange rate fluctuations on short-term intercompany loans and related interest that are denominated in a foreign currency. The revaluation of intercompany loans and interest and the corresponding mark-to-market adjustment on derivatives are recorded in earnings. All outstanding contracts at June 30, 2021 mature within 12 months.

23

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
The mark-to-market adjustments of non-designated derivative instruments were as follows:
Three Months Ended June 30,
Derivative Gain (Loss) Recognized in Earnings
Derivatives InstrumentLocation of Derivative Gain (Loss)20212020
Foreign exchange contractsSelling, general and administrative expense$514 $1,200 
Six Months Ended June 30,
Derivative Gain (Loss) Recognized in Earnings
Derivatives InstrumentLocation of Derivative Gain (Loss)20212020
Foreign exchange contractsSelling, general and administrative expense$1,067 $(3,667)

Fair Value of Financial Instruments
Financial instruments not reported at fair value on a recurring basis include cash and cash equivalents, accounts receivable, loan receivables, accounts payable and debt. The carrying value for cash and cash equivalents, accounts receivable, loans receivable and accounts payable approximate fair value. The fair value of debt is estimated based on recently executed transactions and market price quotations. The inputs used to determine the fair value of debt are classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of debt was as follows:
June 30, 2021December 31, 2020
Carrying value$2,427,713 $2,564,393 
Fair value$2,482,619 $2,479,895 



10. Restructuring Charges
Activity in our restructuring reserves was as follows:
Severance and other exit costs
Balance at January 1, 2021$10,063 
Expenses, net7,733 
Cash payments(8,825)
Noncash activity(541)
Balance at June 30, 2021$8,430 
Balance at January 1, 2020$12,006 
Expenses, net8,739 
Cash payments(11,365)
Noncash activity(1,836)
Balance at June 30, 2020$7,544 
The majority of the restructuring reserves are expected to be paid over the next 12 to 24 months.







24

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 rateJune 30, 2021December 31, 2020
Notes due October 20214.875%$— $152,588 
Notes due May 20225.625%72,447 148,792 
Notes due April 20236.20%93,394 271,000 
Notes due March 20244.625%260,826 374,000 
Notes due March 20276.875%400,000 — 
Notes due March 20297.25%350,000 — 
Notes due January 20375.25%35,841 35,841 
Notes due March 20436.70%425,000 425,000 
Term loan due March 2026
LIBOR + 1.75%
380,000 380,000 
Term loan due January 2025
LIBOR + 5.5%
— 818,125 
Term loan due March 2028
LIBOR + 4.0%
448,875 — 
Other debt4,295 4,900 
Principal amount2,470,678 2,610,246 
Less: unamortized costs, net42,965 45,853 
Total debt2,427,713 2,564,393 
Less: current portion long-term debt97,015 216,032 
Long-term debt$2,330,698 $2,348,361 

In 2021, we issued a $400 million 6.875% unsecured note due March 2027 and a $350 million 7.25% unsecured note due March 2029. We also entered into a new seven-year $450 million secured term loan maturing March 2028. We redeemed the remaining $153 million balance of the October 2021 notes and, under a tender offer, redeemed an aggregate $363 million of the May 2022 notes, April 2023 notes and March 2024 notes. We also repaid the remaining $818 million balance of our term loan that was scheduled to mature in January 2025. A $52 million pre-tax loss was incurred on the refinancing of debt.

We also amended our $500 million secured revolving credit facility and our $380 million secured term loan to extend their maturities from November 2024 to March 2026. The credit agreement that governs the revolving credit facility and term loans contains financial and non-financial covenants. At June 30, 2021, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility.
In May 2021, we terminated our existing $500 million interest rate swap agreements and entered into new interest rate swap agreements with an aggregate notional amount of $200 million. Under the terms of the new swap agreements, we pay fixed-rate interest of 0.56% and receive variable-rate interest based on one-month LIBOR. The variable interest rate under the term loans and the swaps reset monthly.
At June 30, 2021, the interest rate of the 2028 Term Loan was 4.1% and the interest rate on the 2026 Term Loan was 1.9%.








25

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 cost (income) were as follows:
Defined Benefit Pension PlansNonpension Postretirement Benefit Plans
United StatesForeign
Three Months EndedThree Months EndedThree Months Ended
June 30,June 30,June 30,
202120202021202020212020
Service cost$105 $27 $314 $399 $226 $217 
Interest cost10,744 13,179 3,007 3,407 964 1,242 
Expected return on plan assets(19,478)(21,303)(8,107)(7,969)— — 
Amortization of transition credit— — — (1)— — 
Amortization of prior service (credit) cost(15)(15)68 59 33 94 
Amortization of net actuarial loss9,639 8,197 2,380 2,005 1,077 738 
Settlement314 612 — 3,190 — — 
Net periodic benefit cost (income) $1,309 $697 $(2,338)$1,090 $2,300 $2,291 
Contributions to benefit plans$1,845 $1,969 $328 $580 $3,380 $3,616 
Defined Benefit Pension PlansNonpension Postretirement Benefit Plans
United StatesForeign
Six Months EndedSix Months EndedSix Months Ended
June 30,June 30,June 30,
202120202021202020212020
Service cost$131 $53 $709 $798 $450 $434 
Interest cost21,489 26,358 5,968 6,925 1,925 2,487 
Expected return on plan assets(38,956)(42,607)(16,091)(16,177)— — 
Amortization of transition credit— — — (2)— — 
Amortization of prior service (credit) cost(30)(30)135 120 65 187 
Amortization of net actuarial loss19,277 16,395 4,725 4,064 2,155 1,474 
Settlement314 1,001 — 3,190 — — 
Net periodic benefit cost (income) $2,225 $1,170 $(4,554)$(1,082)$4,595 $4,582 
Contributions to benefit plans$2,860 $3,898 $9,024 $8,568 $6,900 $8,071 








26

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

13. Income Taxes
The effective tax rate for the three and six months ended June 30, 2021 was 19.1% and 57.2%, respectively, and includes a tax benefit of $5 million due to tax legislation in the U.K. and a tax charge of $6 million on the pre-tax gain of $10 million from the sale of Tacit as the tax basis was lower than the book basis. The effective tax rate for the six months ended June 30, 2021 also includes benefits of $3 million from an affiliate reorganization and $2 million from the vesting of restricted stock, partially offset by a charge of $1 million for the write-off of deferred tax assets associated with the expiration of out-of-the-money stock options.
The effective tax rate for the three and six months ended June 30, 2020 was 101.8% and (3.3)%, respectively, and includes a $12 million charge for the surrender of company owned life insurance policies. The effective tax rate for the six months ended June 30, 2020 also includes a benefit of $2 million on the $198 million goodwill impairment charge as the majority of this charge is nondeductible, a benefit of $2 million from the resolution of certain tax examinations and a charge of $3 million for the write-off of deferred tax assets associated with the expiration of out-of-the-money stock options and the vesting of restricted stock.
As is the case with other large corporations, our tax returns are examined by tax authorities in the U.S. and other global taxing jurisdictions in which we have operations. 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 15% of our unrecognized tax benefits.
The Internal Revenue Service examinations of our consolidated U.S. income tax returns for tax years prior to 2017 are closed to audit; however, various post-2014 U.S. state and local tax returns are still subject to examination, with some states in appeals from 2011. For our significant non-U.S. jurisdictions, Canada is closed to examination through 2014, France is closed through 2013, Germany is closed through 2016 and the U.K. is closed through 2018. We also have other less significant tax filings currently subject to examination.

14. Commitments and Contingencies
In the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. These may involve litigation by or against us relating 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 employees, customers or others. In management's opinion, as of June 30, 2021, the potential liability, if any, that may result from these actions, either individually or collectively, is not reasonably expected to have a material effect on our financial position, results of operations or cash flows. However, as litigation is inherently unpredictable, there can be no assurances in this regard.
At June 30, 2021, we have entered into leases with aggregate lease payments of approximately $38 million and terms ranging from seven to ten years, that have not commenced.

15. Stockholders’ Equity
Changes in stockholders’ equity were as follows:
Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossTreasury stockTotal equity
Balance at April 1, 2021$323,338 $15,269 $5,161,029 $(847,538)$(4,632,935)$19,163 
Net income— — 19,856 — — 19,856 
Other comprehensive income— — — 16,235 — 16,235 
Dividends paid ($0.05 per common share)
— — (8,700)— — (8,700)
Issuance of common stock— (16,423)— — 16,182 (241)
Stock-based compensation expense
— 7,057 — — — 7,057 
Balance at June 30, 2021$323,338 $5,903 $5,172,185 $(831,303)$(4,616,753)$53,370 

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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)
Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossTreasury stockTotal equity
Balance at April 1, 2020$323,338 $69,553 $5,200,024 $(857,874)$(4,705,611)$29,430 
Net loss— — (3,329)— — (3,329)
Other comprehensive income— — — 21,612 — 21,612 
Dividends paid ($0.05 per common share)
— — (8,576)— — (8,576)
Issuance of common stock— (6,484)— — 6,498 14 
Stock-based compensation expense
— 5,429 — — — 5,429 
Balance at June 30, 2020$323,338 $68,498 $5,188,119 $(836,262)$(4,699,113)$44,580 

Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossTreasury stockTotal equity
Balance at January 1, 2021$323,338 $68,502 $5,201,195 $(839,131)$(4,687,509)$66,395 
Net loss— — (11,685)— — (11,685)
Other comprehensive income— — — 7,828 — 7,828 
Dividends paid ($0.10 per common share)
— — (17,325)— — (17,325)
Issuance of common stock— (74,877)— — 70,756 (4,121)
Stock-based compensation expense
— 12,278 — — — 12,278 
Balance at June 30, 2021$323,338 $5,903 $5,172,185 $(831,303)$(4,616,753)$53,370 

Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossTreasury stockTotal equity
Balance at January 1, 2020$323,338 $98,748 $5,438,930 $(840,143)$(4,734,777)$286,096 
Cumulative effect of accounting change— — (21,900)— — (21,900)
Net loss— — (211,812)— — (211,812)
Other comprehensive income— — — 3,881 — 3,881 
Dividends paid ($0.10 per common share)
— — (17,099)— — (17,099)
Issuance of common stock— (37,200)— — 35,664 (1,536)
Stock-based compensation expense
— 6,950 — — — 6,950 
Balance at June 30, 2020$323,338 $68,498 $5,188,119 $(836,262)$(4,699,113)$44,580 




















28

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
16. Accumulated Other Comprehensive Loss
Reclassifications out of AOCL were as follows:
Gain (Loss) Reclassified from AOCL
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Cash flow hedges
Revenue$118 $(64)$244 $(3)
Cost of sales(47)32 (105)42 
Interest expense, net(96)— (96)— 
Total before tax(25)(32)43 39 
Income tax provision(6)(8)11 10 
Net of tax$(19)$(24)$32 $29 
Available-for-sale securities
Financing revenue$1 $3,233 $— $3,517 
Selling, general and administrative expense217 — 259 — 
Total before tax218 3,233 259 3,517 
Income tax provision 55 805 65 876 
Net of tax$163 $2,428 $194 $2,641 
Pension and postretirement benefit plans
Transition credit$— $1 $— $2 
Prior service costs (86)(138)(170)(277)
Actuarial losses (13,096)(10,940)(26,157)(21,933)
Settlement (314)(3,802)(314)(4,191)
Total before tax(13,496)(14,879)(26,641)(26,399)
Income tax benefit(3,303)(3,502)(6,511)(6,152)
Net of tax$(10,193)$(11,377)$(20,130)$(20,247)

Changes in AOCL were as follows:
Cash flow hedgesAvailable for sale securitiesPension and postretirement benefit plansForeign currency adjustmentsTotal
Balance at January 1, 2021$(1,411)$402 $(851,063)$12,941 $(839,131)
Other comprehensive income (loss) before reclassifications (1)
3,456 (4,783)— (10,749)(12,076)
Reclassifications into earnings (1)
(32)(194)20,130 — 19,904 
Net other comprehensive income (loss)3,424 (4,977)20,130 (10,749)7,828 
Balance at June 30, 2021$2,013 $(4,575)$(830,933)$2,192 $(831,303)

Cash flow hedgesAvailable for sale securitiesPension and postretirement benefit plansForeign currency adjustmentsTotal
Balance at January 1, 2020$337 $2,849 $(819,018)$(24,311)$(840,143)
Other comprehensive (loss) income before reclassifications (1)
(1,416)5,356 — (17,636)(13,696)
Reclassifications into earnings (1)
(29)(2,641)20,247 — 17,577 
Net other comprehensive (loss) income(1,445)2,715 20,247 (17,636)3,881 
Balance at June 30, 2020$(1,108)$5,564 $(798,771)$(41,947)$(836,262)
(1)     Amounts are net of tax.
29

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
17. Supplemental Financial Statement Information
Activity in the allowance for credit losses on accounts receivables for the six months ended June 30, 2021 and 2020 is presented below. See Note 7 for additional information pertaining to our finance receivables.
Balance at beginning of yearCumulative effect of accounting changeAmounts charged to expenseWrite-offs, recoveries and otherBalance at end of periodAccounts and other receivablesOther assets
June 30, 2021$35,344 $— $2,488 $(7,085)$30,747 $13,959 $16,788 
June 30, 2020$17,830 $15,336 $12,692 $(13,384)$32,474 $32,474 $— 
Other (income) expense consisted of the following:

Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Loss on debt refinancing$989 $— $52,383 $36,987 
Insurance proceeds(3,000)(5,467)(3,000)(8,967)
Gain on sale of equity investment— (11,908)— (11,908)
Gain on sale of business(10,201)— (10,201)— 
Gain on sale of assets(1,434)— (1,434)— 
Other (income) expense$(13,646)$(17,375)$37,748 $16,112 

Supplemental cash flow information is as follows:
Six Months Ended June 30,
20212020
Cash interest paid$58,501 $82,732 
Cash income tax payments, net of refunds$2,180 $12,176 
Finance leased assets obtained in exchange for new lease obligations$19,568 $2,756 


30



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 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" 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, and forward-looking statements in documents that are incorporated by reference speak only as of the date of those documents.
Our results of operations, financial condition and forward-looking statements are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the Securities and Exchange Commission. In particular, we continue to navigate the impacts of the COVID-19 pandemic (COVID-19), including its effects on the cost and availability of labor and transportation and global supply chains. Other factors which could cause future financial performance to differ materially from the expectations, and which may also be exacerbated by COVID-19 or a negative change in the economy, include, without limitation:
•declining physical mail volumes
•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
•the loss of, or significant changes to, our contractual relationships with the United States Postal Service (USPS) or USPS' performance under those contracts
•our ability to continue to grow and manage volumes, gain additional economies of scale and improve profitability within our Global Ecommerce and Presort Services segments
•changes in labor and transportation availability and costs
•third-party suppliers' ability to provide products and services required by us and our clients
•competitive factors, including pricing pressures, technological developments and the introduction of new products and services by competitors
•the loss of some of our larger clients in our Global Ecommerce and Presort Services segments
•expenses and potential impacts resulting from a breach of security, including cyber-attacks or other comparable events
•our success at managing customer credit risk
•capital market disruptions or credit rating downgrades that adversely impact our ability to access capital markets at reasonable costs
•our success in developing and marketing new products and services and obtaining regulatory approvals, if required
•the continued availability and security of key information technology systems and the cost to comply with information security requirements and privacy laws
•changes in international trade policies, including the imposition or expansion of trade tariffs
•changes in tax laws, rulings or regulations, including the impact of potential U.S. tax reform
•our success at managing relationships and costs with outsource providers of certain functions and operations
•changes in banking regulations or the loss of our Industrial Bank charter
•changes in foreign currency exchange rates and interest rates
•increased environmental and climate change requirements or other developments in these areas
•the United Kingdom's exit from the European Union
•intellectual property infringement claims
•the use of the postal system for transmitting harmful biological agents, illegal substances or other terrorist attacks
•impact of acts of nature on the services and solutions we offer

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 2020 Annual Report, as supplemented by Part II, Item 1A in this Quarterly Report on Form 10-Q.
31



Overview
Financial Results Summary - Three and Six Months Ended June 30:
Revenue
Three Months Ended June 30,Six Months Ended June 30,
20212020Actual % changeConstant Currency % Change20212020Actual % changeConstant Currency % change
Business services$567,022 $528,990 7 %6 %$1,137,476 $973,369 17 %16 %
Support services115,156 113,786 1 %(1)%233,853 235,801 (1)%(2)%
Financing73,453 85,462 (14)%(16)%151,265 174,540 (13)%(15)%
Equipment sales86,267 57,837 49 %46 %173,070 134,110 29 %27 %
Supplies38,655 32,773 18 %14 %80,879 78,482 3 %— %
Rentals18,650 18,644 — %(2)%37,857 37,458 1 %(1)%
Total revenue$899,203 $837,492 7 %6 %$1,814,400 $1,633,760 11 %10 %

Revenue
Three Months Ended June 30,Six Months Ended June 30,
20212020Actual % changeConstant currency % change20212020Actual % changeConstant currency % change
Global Ecommerce$418,429 $398,453 5 %3 %$831,515 $690,776 20 %19 %
Presort Services134,619 118,127 14 %14 %277,745 258,847 7 %7 %
SendTech Solutions346,155 320,912 8 %6 %705,140 684,137 3 %1 %
Total$899,203 $837,492 7 %6 %$1,814,400 $1,633,760 11 %10 %

EBIT
Three Months Ended June 30,Six Months Ended June 30,
20212020% change20212020% change
Global Ecommerce$(10,831)$(18,894)43 %$(37,207)$(48,369)23 %
Presort Services16,134 12,582 28 %35,185 28,277 24 %
SendTech Solutions107,121 104,268 3 %221,591 210,830 5 %
Total Segment EBIT$112,424 $97,956 15 %$219,569 $190,738 15 %

Beginning primarily in the second quarter of 2020, COVID-19 impacted our financial results in different ways in each of our businesses. Global Ecommerce experienced a significant increase in volumes and revenue due to the demand for ecommerce solutions; however, the increase in volumes resulted in higher postal costs driven by capacity constraints and higher labor and transportation costs due to increased demand and competition for these resources. Presort Services experienced a decline in both First Class and Marketing Mail and higher labor costs. Global Ecommerce and Presort Services also incurred additional costs and experienced lower productivity as a result of the health and safety measures implemented in their facilities. In SendTech Solutions, the increase in the number of clients working remotely adversely impacted demand for and usage of our mailing equipment and supplies, and our ability to perform on-site service and installations.

Revenue increased 7% as reported and 6% at constant currency in the second quarter of 2021 compared to the prior year, primarily driven by higher business services revenue, equipment sales and supplies revenue, partially offset by lower financing income. Business services revenue increased 7% as reported and 6% at constant currency driven by a 14% increase in Presort Services revenue due to higher Marketing Mail and First Class mail volumes, and a 5% increase (3% at constant currency) in Global Ecommerce due to higher cross-border volumes. Equipment sales increased 49% (46% at constant currency) and supplies increased 18% (14% at constant currency) primarily due to the impacts of COVID-19 on the prior year quarter. The decline in financing income is primarily due to a declining financing portfolio.

Segment EBIT in the quarter increased 15% as all segments reported improvements over the prior year. Global Ecommerce EBIT improved 43% primarily due to higher revenue and lower operating expense, primarily due to higher credit loss provision and costs in
32



the prior year due to COVID-19. Presort Services EBIT increased 28% and SendTech Solutions EBIT improved 3% over the prior year quarter primarily due to higher revenue. Refer to Results of Operations section for further information.

During the quarter, we also received proceeds of $28 million and recognized a pre-tax gain of $10 million recognized in other (income) expense from the sale of a U.K. based software consultancy business ("Tacit") acquired as part of our 2017 acquisition of Newgistics.


Outlook

The impacts of COVID-19 on our business, operations and financial performance remain uncertain, especially in light of new variants of COVID-19 and increased cases in certain parts of the country and world. Supply chain issues continue to pose challenges. Specifically, the global semiconductor chip shortage may adversely affect our needed supply for SendTech equipment for the remainder of 2021. The extent of that impact will depend upon the duration and severity of the shortage, as well as our success in mitigating against its impact. Accordingly, there are some unique factors not within our control that could affect our business and current outlook for 2021. However, we believe we are well positioned to navigate the current conditions and will continue to take proactive steps to manage our operations and related financial impacts.

Despite some of these ongoing uncertainties, we do not expect the global economy or our individual businesses to be affected to the same extent in 2021 as in 2020. Within Global Ecommerce, we anticipate revenue growth in 2021, although not at the growth rates experienced in 2020. We expect margin and profit improvements in 2021 from pricing initiatives and operational improvements within our facilities and network designed to drive efficiencies and increase productivity; however, we also expect continued growth of the market's need for transportation services and labor to generate increased costs. Within Presort Services, we expect continued growth throughout 2021 and margin improvements from productivity initiatives, increased automation and facilities consolidation and optimization. Within SendTech Solutions, we expect revenue to decline, but growth in our cloud-enabled shipping solutions and sales of our multi-purpose devices to partially offset these declines. On a consolidated basis, we expect revenue growth in the low to mid-single digit range in 2021 compared to 2020.


33



RESULTS OF OPERATIONS
In our revenue discussion, we may refer to revenue growth on a constant currency basis. Constant currency measures exclude the impact of changes in currency exchange rates since 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. Where constant currency measures are not provided, the actual change and constant currency change are the same.  
Management measures segment profitability and performance using segment earnings before interest and taxes (EBIT). Segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, asset impairment charges, goodwill impairment charges and other items not allocated to a particular business segment. Management believes that it provides investors a useful measure of operating performance and underlying trends of the business. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations.

REVENUE AND SEGMENT EBIT
Global Ecommerce
Global Ecommerce includes the revenue and related expenses from domestic parcel services, cross-border solutions and digital delivery services.
RevenueCost of RevenueGross Margin
Three Months Ended June 30,Three Months Ended June 30,Three Months Ended June 30,
20212020Actual % changeConstant Currency % change2021202020212020
Business services$418,429 $398,453 5 %3 %$373,347 $355,861 10.8 %10.7 %
Segment EBIT
Three Months Ended June 30,
20212020Actual % change
Segment EBIT$(10,831)$(18,894)43 %
Global Ecommerce revenue increased 5% as reported and 3% at constant currency in the second quarter of 2021 compared to the prior year period due to volume growth in cross-border contributing revenue of 12%, partially offset by lower revenue contribution of domestic parcel delivery volumes and digital delivery volumes of 6% and 3%, respectively.
Total gross margin increased $2 million and gross margin percentage remained flat compared to the prior year primarily due to the increase in revenue partially offset by higher transportation and postal costs.
Segment EBIT for the second quarter of 2021 was a loss of $11 million compared to a loss of $19 million in the prior year period. The reduction in loss was primarily driven by the increase in gross margin of $2 million and a $6 million credit loss charge in the prior year associated with COVID-19.
RevenueCost of RevenueGross Margin
Six Months Ended June 30,Six Months Ended June 30,Six Months Ended June 30,
20212020Actual % changeConstant Currency % change2021202020212020
Business services$831,515 $690,776 20 %19 %$757,655 $621,082 8.9 %10.1 %
Segment EBIT
Six Months Ended June 30,
20212020Actual % change
Segment EBIT$(37,207)$(48,369)23 %
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Global Ecommerce revenue increased 20% as reported and 19% at constant currency in the first six months of 2021 compared to the prior year period due to an increase in cross-border volumes and domestic parcel delivery volumes each contributing to revenue growth of 13% and 6%, respectively.
Total gross margin increased $4 million due to higher revenue, but the gross margin percentage declined to 8.9% from 10.1% primarily due to higher transportation, postal and labor costs.
Segment EBIT for the first six months of 2021 was a loss of $37 million compared to a loss of $48 million in the prior year period. The reduction in loss was driven by the increase in gross margin and $7 million in lower operating expenses, including lower credit loss provision.

Presort Services
Presort Services includes revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter for postal worksharing discounts.
RevenueCost of RevenueGross Margin
Three Months Ended June 30,Three Months Ended June 30,Three Months Ended June 30,
20212020Actual % changeConstant Currency % change2021202020212020
Business services$134,619 $118,127 14 %14 %$103,175 $93,542 23.4 %20.8 %
Segment EBIT
Three Months Ended June 30,
20212020Actual % change
Segment EBIT$16,134 $12,582 28 %
Presort Services revenue increased 14% in the second quarter of 2021 compared to the prior year period. Marketing Mail volumes and First Class Mail volumes each contributed revenue growth of 7% primarily due to the impact of COVID-19 on the prior year period.
Gross margin increased to 23.4% from 20.8% primarily due to the increase in revenue, partially offset by higher labor costs driven by wage increases to address the increase in competition for labor resources.

Segment EBIT increased $4 million or 28% in the second quarter of 2021, due to a $7 million increase in gross margin partially offset by $3 million of insurance proceeds related to a malware attack received in the prior year.

RevenueCost of RevenueGross Margin
Six Months Ended June 30,Six Months Ended June 30,Six Months Ended June 30,
20212020Actual % changeConstant Currency % change2021202020212020
Business services$277,745 $258,847 7 %7 %$212,174 $198,781 23.6 %23.2 %
Segment EBIT
Six Months Ended June 30,
20212020Actual % change
Segment EBIT$35,185 $28,277 24 %

Presort Services revenue increased 7% in the first six months of 2021 compared to the prior year period primarily due higher volumes of Marketing Mail and First Class Mail, which contributed revenue growth of 4% and 3%, respectively primarily due to the impact of COVID-19 on the prior year period.
Gross margin increased $6 million and gross margin percentage increased slightly to 23.6% from 23.2% primarily due to the increase in revenue.
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Segment EBIT increased $7 million or 24% in the first six months of 2021, primarily due to the increase in gross margin of $6 million and lower operating expenses of $1 million.

SendTech Solutions
SendTech Solutions includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.
RevenueCost of RevenueGross Margin
Three Months Ended June 30,Three Months Ended June 30,Three Months Ended June 30,
20212020Actual % changeConstant Currency % change2021202020212020
Business services$13,974 $12,410 13 %12 %$6,247 $4,856 55.3 %60.9 %
Support services115,156 113,786 1 %(1)%37,095 36,196 67.8 %68.2 %
Financing73,453 85,462 (14)%(16)%11,773 11,939 84.0 %86.0 %
Equipment sales86,267 57,837 49 %46 %61,503 47,866 28.7 %17.2 %
Supplies38,655 32,773 18 %14 %10,467 8,377 72.9 %74.4 %
Rentals18,650 18,644 — %(2)%6,013 6,021 67.8 %67.7 %
Total revenue
$346,155 $320,912 8 %6 %$133,098 $115,255 61.5 %64.1 %
Segment EBIT
Three Months Ended June 30,
20212020Actual % change
Segment EBIT$107,121 $104,268 3 %
SendTech Solutions revenue increased 8% as reported and 6% at constant currency in the second quarter of 2021 compared to the prior year. Equipment sales increased 49% as reported and 46% at constant currency and supplies revenue increased 18% as reported and 14% at constant currency primarily due to the effect on the prior year from COVID-19 that impacted our ability to contact and service clients and perform on-site installations and reduced usage and demand for supplies. Business services revenue increased 13% as reported and 12% at constant currency primarily due to an increased use of our shipping products. These increases were partially offset by a decline in financing income of 14% as reported and 16% at constant currency primarily driven by a declining financing portfolio.
Gross margin for the second quarter of 2021 decreased to 61.5% from 64.1% in the prior year period. Equipment sales gross margin increased to 28.7% from 17.2% primarily due to the increase in revenue. Supplies gross margin decreased to 72.9% from 74.4% primarily due to product mix.
Segment EBIT increased $3 million or 3% in the second quarter of 2021 compared to the prior year, primarily driven by the increase in gross margin of $7 million, partially offset by higher operating expenses of $4 million.
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RevenueCost of RevenueGross Margin
Six Months Ended June 30,Six Months Ended June 30,Six Months Ended June 30,
20212020Actual % changeConstant Currency % change2021202020212020
Business services$28,216 $23,746 19 %19 %$12,315 $9,042 56.4 %61.9 %
Support services233,853 235,801 (1)%(2)%73,323 75,823 68.6 %67.8 %
Financing151,265 174,540 (13)%(15)%23,659 24,428 84.4 %86.0 %
Equipment sales173,070 134,110 29 %27 %123,293 105,214 28.8 %21.5 %
Supplies80,879 78,482 3 %— %21,678 20,619 73.2 %73.7 %
Rentals37,857 37,458 1 %(1)%12,460 12,400 67.1 %66.9 %
Total revenue
$705,140 $684,137 3 %1 %$266,728 $247,526 62.2 %63.8 %
Segment EBIT
Six Months Ended June 30,
20212020Actual % change
Segment EBIT$221,591 $210,830 5 %

SendTech Solutions revenue increased 3% as reported and 1% at constant currency in the first six months of 2021 compared to the prior year. Equipment sales increased 29% as reported and 27% at constant currency and supplies revenue increased 3% as reported and was flat at constant currency primarily due to the effect on the prior year from COVID-19 that impacted our ability to contact and service clients and perform on-site installations and reduced usage and demand for supplies. Business services revenue increased 19% primarily due to an increased use of our shipping products. These increases were partially offset by declines in financing income and support services revenue. Financing income decreased 13% as reported and 15% at constant currency primarily driven by a declining financing portfolio and support services revenue decreased 1% as reported and 2% at constant currency primarily due to the declining meter population.

Gross margin for the first six months of 2021 decreased to 62.2% from 63.8% compared to the prior year period. Business services gross margin decreased to 56.4% from 61.9% primarily driven by a shift to lower margin products and financing income margin decreased to 84.4% from 86% due to rising interest rates. Equipment sales gross margin increased to 28.8% from 21.5% primarily due the increase in revenue.
Segment EBIT increased $11 million or 5% in the first six months of 2021 compared to the prior year, primarily driven by a $10 million credit loss charge in the prior year associated with COVID-19.

UNALLOCATED CORPORATE EXPENSES

The majority of our SG&A expense is recorded directly or allocated to our reportable segments. Those expenses not recorded directly or allocated to our reportable segments are reported as unallocated corporate expenses. Unallocated corporate expenses primarily represents corporate administrative functions such as finance, marketing, human resources, legal, information technology and innovation.

Three Months Ended June 30,Six Months Ended June 30,
20212020Actual % change20212020Actual % change
Unallocated corporate expenses$56,316 $49,489 14 %$113,781 $93,211 22 %

The increase in unallocated corporate expenses in the quarter compared to the prior year period was driven primarily by higher employee-related expenses of $10 million partially offset by lower professional fees of $5 million. The increase in unallocated corporate expenses for the first six months of 2021 compared to the prior year was primarily due to higher employee-related expenses of $18 million, insurance costs of $2 million and marketing expenses of $1 million.

37



CONSOLIDATED EXPENSES
Selling, general and administrative (SG&A)
SG&A expense of $236 million in the quarter increased 1% compared to the prior period, primarily due higher employee-related expenses of $18 million and higher insurance costs of $3 million, partially offset by lower professional fees of $10 million and lower provision for credit losses of $11 million. SG&A expense of $474 million for the first six months of 2021 decreased 2% compared to the prior year period, primarily due to lower credit loss provision of $23 million and professional fees of $15 million, partially offset by higher employee-related expenses of $29 million.
Research and development (R&D)
R&D expense increased 48%, or $4 million in the second quarter of 2021 and increased 14%, or $3 million in the first six months of 2021 compared to the prior year period, primarily due to a shift in the mix of projects as well as the timing of project spending.
Restructuring charges
Restructuring charges primarily includes costs for employee severance and facility closures. See Note 10 to the Condensed Consolidated Financial Statements for further information.
Other (income) expense
Other income of $14 million in the second quarter of 2021 includes a $10 million gain from the sale of Tacit, $3 million of insurance proceeds, a $1 million gain from an asset sale and a $1 million loss on the early repayment of debt. Other expense of $38 million for the first six months of 2021 also includes a $51 million loss on debt refinancing recognized in the first quarter. See Note 17 to the Condensed Consolidated Financial Statements for further information.

INCOME TAXES AND DISCONTINUED OPERATIONS
Income taxes
The effective tax rate for the three and six months ended June 30, 2021 was 19.1% and 57.2%, respectively, and includes a tax benefit of $5 million due to tax legislation in the U.K. and a tax charge of $6 million on the pre-tax gain of $10 million from the sale of Tacit. See Note 13 to the Condensed Consolidated Financial Statements for further information.
Discontinued Operations
Discontinued operations for the quarter ended June 30, 2021 includes a working capital adjustment payment related to the sale of our Software Solutions business. Discontinued operations for the six months ended June 30, 2021 also includes a tax charge related to the sale of our Production Mail business.
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LIQUIDITY AND CAPITAL RESOURCES
At June 30, 2021, we had cash, cash equivalents and short-term investments of $814 million. This includes $211 million held at our foreign subsidiaries used to support the liquidity needs of those subsidiaries. Our ability to maintain adequate liquidity for our operations is dependent upon a number of factors, including our revenue and earnings, our clients ability to pay their balances on a timely basis, the length and severity of COVID-19 and its impact on macroeconomic conditions and our ability to take further cost savings and cash conservation measures if necessary. At this time, we believe that existing cash and investments, cash generated from operations and borrowing capacity under our $500 million 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:
20212020Change
Net cash provided by operating activities$144,729 $86,422 $58,307 
Net cash used in investing activities (68,034)(76,489)8,455 
Net cash used in financing activities(199,024)(62,267)(136,757)
Effect of exchange rate changes on cash and cash equivalents349 (9,211)9,560 
Change in cash and cash equivalents$(121,980)$(61,545)$(60,435)
Operating Activities
Cash provided by operating activities was $145 million for the six months ended June 30, 2021 compared to $86 million in the prior year period. The increase of $58 million is primarily due to higher collections of receivables.

Investing Activities
Cash used in investing activities for the six months ended June 30, 2021 improved $8 million compared to the prior year period. Net cash from investing activities benefited $58 million from investment activities due to the timing of purchases and maturities, but was partially offset by higher capital expenditures of $24 million as we prioritized and limited our capital expenditures in 2020 in connection with COVID-19.
Cash flows from investing activities in 2021 were also negatively impacted by lower proceeds from asset, business and other invest sales of $29 million. Cash flows from investing activities in 2021 include net proceeds of $28 million from the sale of Tacit and $2 million for other asset sales, whereas cash flows from investing activities in 2020 included proceeds of $46 million from the surrender of company-owned life insurance policies and $12 million from the sale of an equity investment.

Financing Activities
Cash used in financing activities for the six months ended June 30, 2021 was $199 million compared to $62 million in the prior year period. The increase of $137 million is primarily due to higher net repayments of debt of $112 million, higher premiums and fees to extinguish debt of $14 million and lower cash from customer deposits at PB Bank of $7 million.

Financings and Capitalization
During 2021, we issued a $400 million 6.875% unsecured note due March 2027 and a $350 million 7.25% unsecured note due March 2029. We also entered into a new seven-year $450 million secured term loan maturing March 2028.
We redeemed the remaining $153 million balance of the October 2021 notes and, under a tender offer, redeemed an aggregate $363 million of the May 2022 notes, April 2023 notes and March 2024 notes. We also repaid the remaining $818 million balance of our term loan that was scheduled to mature in January 2025.
We also amended our $500 million secured revolving credit facility and our $380 million secured term loan to extend their maturities from November 2024 to March 2026. The credit agreement that governs the revolving credit facility and term loans contains financial and non-financial covenants. At June 30, 2021, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility.
In May 2021, we terminated our existing $500 million interest rate swap agreements and entered into new interest rate swap agreements with an aggregate notional amount of $200 million. Under the terms of the swap agreements, we pay fixed-rate interest of
39



0.56% and receive variable-rate interest based on one-month LIBOR. The variable interest rate under the term loans and the swaps reset monthly.
Each quarter, our Board of Directors considers whether to approve the payment, as well as the amount, of a dividend. There are no material restrictions on our ability to declare dividends. We expect to continue to pay a quarterly dividend; however, no assurances can be given.
Contractual Obligations and Off-Balance Sheet Arrangements
At June 30, 2021, we have entered into leases with aggregate lease payments of approximately $38 million and terms ranging from seven to ten years, that have not commenced.

At June 30, 2021, 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 2020 Annual Report.
Item 3: Quantitative and Qualitative Disclosures About Market Risk
There were no material changes to the disclosures made in our 2020 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. Further, we have not experienced any material impact to our internal controls over financial reporting given that most of our employees are working remotely due to COVID-19. We are continually monitoring and assessing the COVID-19 situation on our internal controls to minimize the impact to their design and operating effectiveness.
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 June 30, 2021.
40



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 our 2020 Annual Report.
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Repurchases of Equity Securities
We periodically repurchase shares of our common stock in the open market to manage the dilution created by shares issued under employee stock plans and for other purposes and currently have Board authorization to repurchase up to $16 million of our common stock. There were no repurchases of our common stock during the first six months of 2021.
41



Item 6: Exhibits
Exhibit
Number		Description Exhibit Number in this Form 10-Q
3(i)(a)3(i)(a)
33
4.14.1
4.24.2
10.110.1
10.210.2
31.1 31.1
31.2 31.2
32.1 32.1
32.2 32.2
101.SCHInline XBRL Taxonomy Extension Schema Document  
101.CALInline XBRL Taxonomy Calculation Linkbase Document  
101.DEFInline XBRL Taxonomy Definition Linkbase Document  
101.LABInline XBRL Taxonomy Label Linkbase Document  
101.PREInline XBRL Taxonomy Presentation Linkbase Document  
104The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, formatted in Inline XBRL. (included as Exhibit 101).
* Pursuant to Item 601(a)(5) of Regulation S-K, certain exhibits and schedules have been omitted. The registrant hereby agrees to furnish
supplementally a copy of any omitted attachment to the SEC upon request.

42



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:August 3, 2021 
  
 /s/ Ana Maria Chadwick
 Ana Maria Chadwick
 Executive Vice President and Chief Financial Officer
(Duly Authorized Officer and Principal Financial Officer)
  
 /s/ Joseph R. Catapano
 Joseph R. Catapano
 Vice President and Chief Accounting Officer
 (Duly Authorized Officer and Principal Accounting Officer)

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