Companies: 10,785     total market cap: $133.887 T
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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 FY2023 Q2

Pitney Bowes - 10-Q quarterly report FY2023 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, 2023
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 filerþAccelerated filer ☐Non-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 28, 2023, 176,026,252 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, 2023 and 2022
3
Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2023 and 2022
4
Condensed Consolidated Balance Sheets at June 30, 2023 and December 31, 2022
5
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022
6
Notes to Condensed Consolidated Financial Statements
7
32
44
44
45
45
45
45
Item 6:
Exhibits
46
47
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,
2023202220232022
Revenue:    
Business services$473,497 $551,478 $996,988 $1,148,862 
Support services103,315 107,625 208,599 217,977 
Financing66,702 67,298 133,751 139,327 
Equipment sales79,451 89,986 162,061 179,282 
Supplies36,505 38,245 75,340 79,306 
Rentals17,011 16,863 34,280 33,683 
Total revenue776,481 871,495 1,611,019 1,798,437 
Costs and expenses:
Cost of business services410,638 477,544 856,955 980,759 
Cost of support services35,018 37,711 71,858 74,845 
Financing interest expense14,763 12,533 29,299 24,135 
Cost of equipment sales56,180 63,815 113,351 127,586 
Cost of supplies10,884 11,028 22,109 22,545 
Cost of rentals5,142 7,473 10,570 12,782 
Selling, general and administrative222,549 226,638 464,669 469,423 
Research and development10,274 11,254 20,767 22,588 
Restructuring charges22,443 4,224 26,042 8,408 
Goodwill impairment118,599 — 118,599 — 
Interest expense, net22,920 21,007 45,262 43,131 
Other components of net pension and postretirement (income) cost(1,751)958 (3,461)1,802 
Other income, net(228)— (3,064)(11,901)
Total costs and expenses927,431 874,185 1,772,956 1,776,103 
(Loss) income before taxes(150,950)(2,690)(161,937)22,334 
Benefit for income taxes(9,415)(7,026)(12,665)(2,823)
Net (loss) income$(141,535)$4,336 $(149,272)$25,157 
Basic net (loss) earnings per share$(0.81)$0.02 $(0.85)$0.14 
Diluted net (loss) earnings per share $(0.81)$0.02 $(0.85)$0.14 
`











See Notes to Condensed Consolidated Financial Statements
3

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

Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Net (loss) income $(141,535)$4,336 $(149,272)$25,157 
Other comprehensive income (loss), net of tax:
Foreign currency translation, net of tax of $403, $(2,907), $576 and $(3,074), respectively
9,193 (48,138)20,080 (65,703)
Net unrealized gain (loss) on cash flow hedges, net of tax of $125, $407, $(562) and $2,176, respectively
375 1,229 (1,687)6,562 
Net unrealized (loss) gain on investment securities, net of tax of $(415), $(3,661), $612 and $(8,808), respectively
(1,322)(11,043)1,950 (26,565)
Amortization of pension and postretirement costs, net of tax of $1,223, $1,870, $2,365 and $4,331, respectively
3,739 8,229 7,228 15,965 
Other comprehensive income (loss), net of tax11,985 (49,723)27,571 (69,741)
Comprehensive loss$(129,550)$(45,387)$(121,701)$(44,584)








































See Notes to Condensed Consolidated Financial Statements
4

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

June 30, 2023December 31, 2022
ASSETS  
Current assets:  
Cash and cash equivalents$541,704 $669,981 
Short-term investments (includes $2,399 and $1,882, respectively, reported at fair value)
18,972 11,172 
Accounts and other receivables (net of allowance of $4,217 and $5,344, respectively)
272,963 343,557 
Short-term finance receivables (net of allowance of $11,522 and $11,395, respectively)
559,979 564,972 
Inventories92,783 83,720 
Current income taxes11,159 8,790 
Other current assets and prepayments117,132 115,824 
Total current assets1,614,692 1,798,016 
Property, plant and equipment, net401,905 420,672 
Rental property and equipment, net25,936 27,487 
Long-term finance receivables (net of allowance of $10,595 and $10,555 respectively)
640,097 627,124 
Goodwill952,302 1,066,951 
Intangible assets, net70,062 77,944 
Operating lease assets284,783 296,129 
Noncurrent income taxes44,859 46,613 
Other assets (includes $227,583 and $229,936, respectively, reported at fair value)
388,728 380,419 
Total assets$4,423,364 $4,741,355 
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY 
Current liabilities:  
Accounts payable and accrued liabilities$812,474 $907,083 
Customer deposits at Pitney Bowes Bank639,425 628,072 
Current operating lease liabilities53,984 52,576 
Current portion of long-term debt264,980 32,764 
Advance billings82,828 105,207 
Current income taxes2,929 2,101 
Total current liabilities1,856,620 1,727,803 
Long-term debt1,884,798 2,172,502 
Deferred taxes on income236,859 263,131 
Tax uncertainties and other income tax liabilities24,745 23,841 
Noncurrent operating lease liabilities254,051 265,696 
Other noncurrent liabilities241,778 227,729 
Total liabilities4,498,851 4,680,702 
Commitments and contingencies (See Note 13)
Stockholders’ (deficit) equity:
Common stock, $1 par value (480,000 shares authorized; 323,338 shares issued)
323,338 323,338 
Retained earnings4,908,641 5,125,677 
Accumulated other comprehensive loss(807,993)(835,564)
Treasury stock, at cost (147,557 and 149,307 shares, respectively)
(4,499,473)(4,552,798)
Total stockholders’ (deficit) equity(75,487)60,653 
Total liabilities and stockholders’ (deficit) equity$4,423,364 $4,741,355 





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,
20232022
Cash flows from operating activities:  
Net (loss) income $(149,272)$25,157 
Adjustments to reconcile net (loss) income to net cash from operating activities:  
Depreciation and amortization79,770 85,472 
Allowance for credit losses7,164 7,092 
Stock-based compensation6,075 9,866 
Amortization of debt fees4,413 2,985 
(Gain) loss on debt redemption/refinancing(3,064)4,993 
Restructuring charges26,042 8,408 
Restructuring payments(12,883)(8,255)
Pension contributions and retiree medical payments(25,196)(18,559)
Gain on sale of assets— (14,372)
Gain on sale of businesses— (2,522)
Goodwill impairment118,599 — 
Changes in operating assets and liabilities, net of acquisitions/divestitures:  
Accounts and other receivables67,506 50,340 
Finance receivables3,837 1,260 
Inventories(9,065)(4,078)
Other current assets and prepayments(1,561)(33,833)
Accounts payable and accrued liabilities(108,836)(72,101)
Current and noncurrent income taxes(27,903)(14,069)
Advance billings(22,948)(285)
Other, net7,564 18,195 
   Net cash from operating activities(39,758)45,694 
Cash flows from investing activities:  
Capital expenditures(54,646)(64,174)
Purchases of investment securities(9,973)(3,988)
Proceeds from sales/maturities of investment securities12,088 18,601 
Net investment in loan receivables(14,835)(22,537)
Proceeds from asset sales— 50,766 
Proceeds from sale of businesses— 3,284 
Settlement of derivative contracts6,185 (19,470)
Other investing activities485 10,000 
   Net cash from investing activities(60,696)(27,518)
Cash flows from financing activities:  
Repayments of debt(53,803)(106,779)
Premiums and fees paid to redeem/refinance debt(4,464)(4,759)
Dividends paid to stockholders(17,525)(17,313)
Customer deposits at Pitney Bowes Bank52,348 (15,912)
Common stock repurchases— (13,446)
Other financing activities(9,109)(8,295)
   Net cash from financing activities(32,553)(166,504)
Effect of exchange rate changes on cash and cash equivalents4,730 (13,455)
Change in cash and cash equivalents(128,277)(161,783)
Cash and cash equivalents at beginning of period669,981 732,480 
Cash and cash equivalents at end of period$541,704 $570,697 







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 shipping and mailing company that provides technology, logistics, and financial services to small and medium sized businesses, large enterprises, including more than 90 percent of the Fortune 500, retailers and government clients around the world. These clients rely on us to remove the complexity and increase the efficiency in their sending of mail and parcels. For additional 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, 2022 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, 2023. 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, 2022 (2022 Annual Report).
Factors Affecting Comparability
Certain transactions and changes occurred during 2022 that impact the comparability of our 2023 financial results to the prior periods. These transactions and changes include:
•the sale of our Borderfree cross-border ecommerce solutions business (Borderfree) in July 2022. Accordingly, reported revenue and costs for the three and six months ended June 30, 2022 include revenue and costs for Borderfree. Net income of Borderfree for these periods was not significant.
•a change in the presentation of revenue for digital delivery services effective October 1, 2022, from a gross basis to a net basis. Accordingly, in 2023, revenue and costs of revenue for certain digital delivery services are reported on a net basis as business services revenue; whereas for the three and six months ended June 30, 2022, revenue and cost of revenue for these services were reported as business services revenue and cost of business services, respectively. The change primarily impacts our Global Ecommerce business.

Accounting Pronouncements Adopted in 2023
On January 1, 2023, we adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which requires disclosure of gross write-offs of finance receivables by year of origination. The adoption of this standard did not have a material impact on our financial statement disclosures.

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, 2024, and may be applied at the beginning of any interim period within that time frame. We continue to assess the impact of this standard on our condensed consolidated financial statements.









7

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, 2023
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$312,754 $143,107 $17,636 $473,497 $— $473,497 
Support services— — 103,315 103,315 — 103,315 
Financing— — — — 66,702 66,702 
Equipment sales— — 19,060 19,060 60,391 79,451 
Supplies— — 36,505 36,505 — 36,505 
Rentals— — — — 17,011 17,011 
Subtotal312,754 143,107 176,516 632,377 $144,104 $776,481 
Revenue from leasing transactions and financing— — 144,104 144,104 
     Total revenue$312,754 $143,107 $320,620 $776,481 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$— $— $73,495 $73,495 
Products/services transferred over time312,754 143,107 103,021 558,882 
      Total$312,754 $143,107 $176,516 $632,377 


Three Months Ended June 30, 2022
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$393,770 $138,934 $18,774 $551,478 $— $551,478 
Support services— — 107,625 107,625 — 107,625 
Financing— — — — 67,298 67,298 
Equipment sales— — 21,400 21,400 68,586 89,986 
Supplies— — 38,245 38,245 — 38,245 
Rentals— — — — 16,863 16,863 
Subtotal393,770 138,934 186,044 718,748 $152,747 $871,495 
Revenue from leasing transactions and financing— — 152,747 152,747 
     Total revenue$393,770 $138,934 $338,791 $871,495 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$— $— $76,153 $76,153 
Products/services transferred over time393,770 138,934 109,891 642,595 
      Total$393,770 $138,934 $186,044 $718,748 
8

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, 2023
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$661,145 $302,009 $33,834 $996,988 $— $996,988 
Support services— — 208,599 208,599 — 208,599 
Financing — — — — 133,751 133,751 
Equipment sales— — 39,055 39,055 123,006 162,061 
Supplies— — 75,340 75,340 — 75,340 
Rentals— — — — 34,280 34,280 
Subtotal661,145 302,009 356,828 1,319,982 $291,037 $1,611,019 
Revenue from leasing transactions and financing— — 291,037 291,037 
     Total revenue$661,145 $302,009 $647,865 $1,611,019 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$— $— $150,559 $150,559 
Products/services transferred over time661,145 302,009 206,269 1,169,423 
      Total$661,145 $302,009 $356,828 $1,319,982 


Six Months Ended June 30, 2022
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$812,297 $299,478 $37,087 $1,148,862 $— $1,148,862 
Support services— — 217,977 217,977 — 217,977 
Financing — — — — 139,327 139,327 
Equipment sales— — 42,699 42,699 136,583 179,282 
Supplies— — 79,306 79,306 — 79,306 
Rentals— — — — 33,683 33,683 
Subtotal812,297 299,478 377,069 1,488,844 $309,593 $1,798,437 
Revenue from leasing transactions and financing— — 309,593 309,593 
     Total revenue$812,297 $299,478 $686,662 $1,798,437 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$— $— $154,526 $154,526 
Products/services transferred over time812,297 299,478 222,543 1,334,318 
      Total$812,297 $299,478 $377,069 $1,488,844 







9

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 fulfillment, delivery and return services, cross-border solutions, mail processing services and shipping subscription solutions. Revenue for fulfillment, delivery and return services and cross-border solutions and mail processing services 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 initially range from one to five years and contain annual renewal options. Revenue for shipping subscription solutions is recognized ratably over the contract period as the client obtains equal benefit from these services through the period.
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 term of the lease contract for 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 generally includes the sale of mailing and shipping equipment, excluding sales-type leases. We recognize revenue upon delivery for self-install equipment and upon acceptance or installation for other equipment. We provide a warranty that the equipment is free of defects and meets stated specifications. The warranty is not considered a separate performance obligation.
Supplies includes revenue from supplies for our mailing equipment and 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 Pitney Bowes Bank.

Advance Billings from Contracts with Customers
Balance sheet locationJune 30, 2023December 31, 2022Increase/ (decrease)
Advance billings, currentAdvance billings$74,743 $97,904 $(23,161)
Advance billings, noncurrent Other noncurrent liabilities$828 $906 $(78)

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 on mailing equipment. Revenue recognized during the period includes $80 million of advance billings at the beginning of the period. Advance billings, current, at June 30, 2023 and December 31, 2022 also includes $8 million and $7 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 202320242025-2028Total
SendTech Solutions$131,067 $227,613 $341,507 $700,187 
The amounts above do not include revenue for performance obligations under contracts with terms less than 12 months or revenue for performance obligations where revenue is recognized based on the amount billable to the customer.
10

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 SendTech Solutions. The principal products and services of each reportable segment are as follows:
Global Ecommerce: Includes the revenue and related expenses from business to consumer logistics services for domestic and cross-border delivery, returns and fulfillment.
Presort Services: Includes revenue and related expenses from sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter.
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 clients simplify and save on the sending, tracking and receiving of letters, parcels and flats.
Management measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Adjusted segment EBIT excludes interest, taxes, unallocated corporate expenses, restructuring charges, goodwill impairment, and other items not allocated to business segments. Costs related to shared assets are allocated to the relevant segments. Management believes that adjusted segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. Adjusted 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 a reconciliation of adjusted segment EBIT to net (loss) income.
Revenue
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Global Ecommerce$312,754 $393,770 $661,145 $812,297 
Presort Services143,107 138,934 302,009 299,478 
SendTech Solutions320,620 338,791 647,865 686,662 
Total revenue$776,481 $871,495 $1,611,019 $1,798,437 

Adjusted Segment EBIT
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Global Ecommerce$(38,115)$(28,825)$(72,321)$(42,521)
Presort Services20,429 12,851 47,334 32,483 
SendTech Solutions97,480 95,565 194,151 200,140 
Total adjusted segment EBIT79,794 79,591 169,164 190,102 
Reconciliation of adjusted segment EBIT to net (loss) income:  
Unallocated corporate expenses(47,709)(40,761)(104,058)(98,595)
Restructuring charges(22,443)(4,224)(26,042)(8,408)
Interest expense, net(37,683)(33,540)(74,561)(67,266)
Proxy solicitation fees(4,538)— (10,905)— 
Goodwill impairment(118,599)— (118,599)— 
Gain (loss) on debt redemption/refinancing228 — 3,064 (4,993)
Gain on sale of assets— — — 14,372 
Loss on sale of businesses, including transaction costs— (3,756)— (2,878)
Benefit for income taxes9,415 7,026 12,665 2,823 
Net (loss) income$(141,535)$4,336 $(149,272)$25,157 


11

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
4. Earnings per Share
The calculation of basic and diluted earnings per share (EPS) is presented below.
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Numerator:    
Net (loss) income$(141,535)$4,336 $(149,272)$25,157 
Denominator:    
Weighted-average shares used in basic EPS175,695 173,490 175,094 173,859 
Dilutive effect of common stock equivalents (1)
— 3,479 — 3,814 
Weighted-average shares used in diluted EPS175,695 176,969 175,094 177,673 
    
Basic net (loss) earnings per share$(0.81)$0.02 $(0.85)$0.14 
Diluted net (loss) earnings per share$(0.81)$0.02 $(0.85)$0.14 
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:
11,426 9,602 9,833 9,602 
(1) Due to the net loss for the three and six months ended June 30, 2023, an additional 3.7 million and 4.1 million, respectively, of common stock equivalents were also excluded from the calculation of diluted earnings per share.


5. Inventories
Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or net realizable value. Inventories consisted of the following:
June 30,
2023		December 31,
2022
Raw materials$28,137 $25,539 
Supplies and service parts33,046 27,573 
Finished products31,600 30,608 
Total inventory, net$92,783 $83,720 















12

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
6. Finance Assets and Lessor Operating Leases
Finance Assets
Finance receivables are comprised of sales-type lease receivables, secured loans and unsecured loans. Sales-type leases and secured loans are from financing options for the purchase or lease of Pitney Bowes equipment or other manufacturers' equipment and are generally due in installments over periods ranging from three to five years. Unsecured loans comprise revolving credit lines offered to our clients for postage, supplies and working capital purposes. These revolving credit lines are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on finance receivables using the effective interest method. Annual fees are recognized ratably over the period covered and client acquisition costs are expensed as incurred. All finance receivables are in our SendTech Solutions segment and we segregate finance receivables into a North America portfolio and an International portfolio.
Finance receivables consisted of the following:
June 30, 2023December 31, 2022
North AmericaInternationalTotalNorth AmericaInternationalTotal
Sales-type lease receivables      
Gross finance receivables$986,317 $143,792 $1,130,109 $967,298 $158,167 $1,125,465 
Unguaranteed residual values38,837 8,346 47,183 38,832 8,798 47,630 
Unearned income(246,871)(45,218)(292,089)(239,238)(48,334)(287,572)
Allowance for credit losses(14,255)(2,434)(16,689)(14,131)(2,893)(17,024)
Net investment in sales-type lease receivables764,028 104,486 868,514 752,761 115,738 868,499 
Loan receivables     
Loan receivables317,513 19,477 336,990 311,887 16,636 328,523 
Allowance for credit losses(5,264)(164)(5,428)(4,787)(139)(4,926)
Net investment in loan receivables312,249 19,313 331,562 307,100 16,497 323,597 
Net investment in finance receivables$1,076,277 $123,799 $1,200,076 $1,059,861 $132,235 $1,192,096 


Maturities of gross finance receivables at June 30, 2023 were as follows:

Sales-type Lease ReceivablesLoan Receivables
North AmericaInternationalTotalNorth AmericaInternationalTotal
Remainder 2023$197,140 $43,305 $240,445 $224,057 $19,477 $243,534 
2024323,973 45,253 369,226 33,442 — 33,442 
2025232,550 28,915 261,465 26,991 — 26,991 
2026148,495 16,607 165,102 18,104 — 18,104 
202772,840 7,306 80,146 11,659 — 11,659 
Thereafter11,319 2,406 13,725 3,260 — 3,260 
Total$986,317 $143,792 $1,130,109 $317,513 $19,477 $336,990 








13

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, 2023
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Past due amounts 0 - 90 days$981,470 $141,849 $314,794 $19,285 $1,457,398 
Past due amounts > 90 days4,847 1,943 2,719 192 9,701 
Total$986,317 $143,792 $317,513 $19,477 $1,467,099 

December 31, 2022
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Past due amounts 0 - 90 days$959,203 $155,596 $308,872 $16,503 $1,440,174 
Past due amounts > 90 days8,095 2,571 3,015 133 13,814 
Total$967,298 $158,167 $311,887 $16,636 $1,453,988 

Allowance for Credit Losses
We provide 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 and current economic conditions and outlook based on reasonable and supportable forecasts. We continually evaluate the adequacy of the allowance for credit losses and adjust as necessary. The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves.
We established credit approval limits based on the credit quality of the client and the type of equipment financed. We cease financing revenue recognition for lease receivables and for unsecured loan receivables that are more than 90 days past due. Revenue recognition is resumed when the client's payments reduce the account aging to less than 60 days past due. Finance receivables are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. 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.























14

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, 2023$14,131 $2,893 $4,787 $139 $21,950 
Amounts charged to expense1,035 250 2,067 160 3,512 
Write-offs(2,374)(779)(2,668)(145)(5,966)
Recoveries1,460 134 1,061 — 2,655 
Other3 (64)17 10 (34)
Balance at June 30, 2023$14,255 $2,434 $5,264 $164 $22,117 
Sales-type Lease ReceivablesLoan Receivables
North
America		InternationalNorth
America		InternationalTotal
Balance at January 1, 2022$19,546 $3,246 $3,259 $167 $26,218 
Amounts charged to expense145 73 1,408 186 1,812 
Write-offs (2,806)(433)(2,491)(152)(5,882)
Recoveries1,572 — 1,354 — 2,926 
Other(19)(364)(2)(31)(416)
Balance at June 30, 2022$18,438 $2,522 $3,528 $170 $24,658 

The table below shows write-offs of gross finance receivables by year of origination.

June 30, 2023
Sales Type Lease ReceivablesLoan ReceivablesTotal
20232022202120202019Prior
Write-offs$272 $688 $936 $601 $366 $290 $2,813 $5,966 
















15

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
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, a detailed manual review of their financial condition and payment history, or an automated process. 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 and enhanced tools and processes are implemented as needed.
Over 85% of our finance receivables are within the North American portfolio. We use a third-party to score the majority of this 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%.

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. Accordingly, the entire International portfolio is reported in the Not Scored category. This portfolio comprises less than 15% of total finance receivables. Most of the International credit applications are small dollar applications (i.e. below $50 thousand) and are subjected to an automated review process. Larger credit applications are manually reviewed, which includes obtaining client financial information, credit reports and other available financial information.

The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class.

June 30, 2023
Sales Type Lease ReceivablesLoan ReceivablesTotal
20232022202120202019Prior
Low$144,677 $255,499 $183,923 $119,576 $68,835 $25,262 $252,372 $1,050,144 
Medium27,214 45,522 33,343 22,615 16,592 6,076 49,631 200,993 
High2,345 4,581 3,055 2,482 1,214 850 6,416 20,943 
Not Scored48,423 50,455 37,337 17,854 9,379 3,000 28,571 195,019 
Total$222,659 $356,057 $257,658 $162,527 $96,020 $35,188 $336,990 $1,467,099 
December 31, 2022
Sales Type Lease ReceivablesLoan ReceivablesTotal
20222021202020192018Prior
Low$286,297 $206,511 $140,800 $95,485 $34,721 $12,674 $239,635 $1,016,123 
Medium53,419 40,669 27,013 19,668 6,751 3,441 56,048 207,009 
High6,492 3,840 3,119 1,942 750 508 6,800 23,451 
Not Scored71,435 53,831 29,957 19,232 5,889 1,021 26,040 207,405 
Total$417,643 $304,851 $200,889 $136,327 $48,111 $17,644 $328,523 $1,453,988 






16

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Lease Income
Lease income from sales-type leases, excluding variable lease payments, was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Profit recognized at commencement$30,839 $34,337 $62,661 $69,378 
Interest income39,181 41,021 78,112 83,304 
Total lease income from sales-type leases$70,020 $75,358 $140,773 $152,682 

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:
Remainder 2023$10,241 
202417,361 
202518,934 
20269,561 
20272,779 
Thereafter607 
Total$59,483 























17

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
7. Intangible Assets and Goodwill
Intangible Assets
Intangible assets consisted of the following:
June 30, 2023December 31, 2022
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships$155,719 $(87,804)$67,915 $155,715 $(80,188)$75,527 
Software & technology21,973 (19,826)2,147 22,000 (19,583)2,417 
Total intangible assets$177,692 $(107,630)$70,062 $177,715 $(99,771)$77,944 

Amortization expense for the three months ended June 30, 2023 and 2022 was $4 million and $8 million, respectively and amortization expense for the six months ended June 30, 2023 and 2022 was $8 million and $15 million, respectively.
Future amortization expense as of June 30, 2023 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges.

Remainder 2023$7,859 
202415,719 
202515,515 
202614,526 
202711,471 
Thereafter4,972 
Total$70,062 

Goodwill
Changes in the carrying value of goodwill by reporting segment are shown in the table below.
December 31, 2022ImpairmentCurrency impactJune 30,
2023
Global Ecommerce$339,184 $(118,599)$— $220,585 
Presort Services223,763 — — 223,763 
SendTech Solutions504,004 — 3,950 507,954 
Total goodwill$1,066,951 $(118,599)$3,950 $952,302 

Global Ecommerce goodwill is net of accumulated goodwill impairment charges of $317 million and $198 million at June 30, 2023 and December 31, 2022, respectively.
We determined that the performance of our Global Ecommerce reporting unit through June 30, 2023 and continuing changes in macroeconomic conditions, was a triggering event causing us to evaluate the Global Ecommerce goodwill for impairment at June 30, 2023. To assess Global Ecommerce goodwill for impairment, we determined the fair value of the Global Ecommerce reporting unit and compared it to the unit's carrying value, including goodwill. We engaged a third-party to assist in the determination of the fair value of the reporting unit. The fair value of the reporting unit was estimated using a discounted cash flow model based on management developed cash flow projections, which included judgements and assumptions related to revenue growth rates, operating margins, operating income, and a discount rate. We determined that the estimated fair value of the Global Ecommerce reporting unit was less than its carrying value and recorded a non-cash, pre-tax goodwill impairment charge of $119 million. Future changes in any of these judgements or assumptions could materially affect the determination of fair value and result in an additional impairment charge in the future. The estimates and assumptions are considered Level 3 inputs under the fair value hierarchy.


18

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
8. 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, 2023
Level 1Level 2Level 3Total
Assets:    
Investment securities    
Money market funds $9,804 $178,973 $— $188,777 
Equity securities— 14,888 — 14,888 
Commingled fixed income securities1,538 6,318 — 7,856 
Government and related securities
10,339 18,674 — 29,013 
Corporate debt securities— 52,907 — 52,907 
Mortgage-backed / asset-backed securities— 123,009 — 123,009 
Derivatives 
Interest rate swap— 13,283 — 13,283 
Total assets$21,681 $408,052 $— $429,733 
Liabilities:    
Derivatives    
Foreign exchange contracts$— $(1,314)$— $(1,314)
Total liabilities$— $(1,314)$— $(1,314)
19

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
December 31, 2022
Level 1Level 2Level 3Total
Assets:    
Investment securities    
Money market funds $29,087 $238,536 $— $267,623 
Equity securities— 13,233 — 13,233 
Commingled fixed income securities1,520 6,526 — 8,046 
Government and related securities
10,253 18,796 — 29,049 
Corporate debt securities — 52,319 — 52,319 
Mortgage-backed / asset-backed securities— 126,882 — 126,882 
Derivatives   
Interest rate swap— 15,283 — 15,283 
Foreign exchange contracts— 479 — 479 
Total assets$40,860 $472,054 $— $512,914 
Liabilities:    
Derivatives    
Foreign exchange contracts$— $(1,472)$— $(1,472)
Total liabilities$— $(1,472)$— $(1,472)
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 when unadjusted quoted prices in active markets are available. 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. 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
Investment securities classified as available-for-sale are recorded at fair value with changes in fair value due to market conditions 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 in the six months ended June 30, 2023.

Available-for-sale securities consisted of the following:
June 30, 2023
Amortized costGross unrealized lossesEstimated fair value
Government and related securities$35,186 $(7,694)$27,492 
Corporate debt securities65,638 (12,731)52,907 
Commingled fixed income securities1,768 (230)1,538 
Mortgage-backed / asset-backed securities151,671 (28,662)123,009 
Total$254,263 $(49,317)$204,946 
December 31, 2022
Amortized costGross unrealized gainsGross unrealized lossesEstimated fair value
Government and related securities$35,744 $11 $(8,210)$27,545 
Corporate debt securities66,300 — (13,981)52,319 
Commingled fixed income securities1,749 — (229)1,520 
Mortgage-backed / asset-backed securities156,352 — (29,470)126,882 
Total$260,145 $11 $(51,890)$208,266 


Investment securities in a loss position were as follows:
June 30, 2023December 31, 2022
Fair ValueGross unrealized lossesFair ValueGross unrealized losses
Greater than 12 continuous months
Government and related securities$22,263 $5,001 $17,063 $2,753 
Corporate debt securities52,440 12,715 48,812 13,749 
Mortgage-backed / asset-backed securities122,646 28,642 114,839 28,040 
Total$197,349 $46,358 $180,714 $44,542 
Less than 12 continuous months
Government and related securities$5,229 $2,693 $10,061 $5,457 
Corporate debt securities467 16 3,508 232 
Commingled fixed income securities1,538 230 1,520 229 
Mortgage-backed / asset-backed securities363 20 12,042 1,430 
Total$7,597 $2,959 $27,131 $7,348 
At June 30, 2023, all securities in the investment portfolio were in an unrealized loss position. However, we have the ability and intent to hold these securities until recovery of the unrealized losses or expect to receive the stated principal and interest at maturity. Accordingly, we have not recognized an impairment loss and our allowance for credit losses on these investment securities is not significant.

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, 2023 were as follows:
Amortized costEstimated fair value
Within 1 year$2,640 $2,399 
After 1 year through 5 years14,947 13,501 
After 5 years through 10 years72,584 59,847 
After 10 years164,092 129,199 
Total$254,263 $204,946 
Actual maturities may not coincide with scheduled maturities as certain securities contain early redemption features and/or allow for the prepayment of obligations.

Held-to-Maturity Securities
Held-to-maturity securities at June 30, 2023 and December 31, 2022 totaled $24 million and $22 million, respectively. Held-to-maturity securities primarily consist of highly-liquid government securities with maturities less than two years.

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 limit these risks by following established risk management policies and procedures, including the use of derivatives. We use derivative instruments to limit the effects of currency exchange rate fluctuations on financial results and manage the cost of debt. We do not use derivatives for trading or speculative purposes. Derivative instruments are recorded at fair value and the accounting for changes in 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 may enter into foreign exchange contracts to mitigate the currency risk associated with anticipated inventory purchases 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. There were no outstanding contracts associated with these anticipated transactions at June 30, 2023. At December 31, 2022, outstanding contracts associated with these anticipated transactions had a notional value of $1 million.

Interest Rate Swaps
We have interest rate swap agreements with an aggregate notional value of $200 million that are designated 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,
2023		December 31,
2022
Derivatives designated as
hedging instruments		  
Foreign exchange contractsOther current assets and prepayments$— $15 
 Accounts payable and accrued liabilities— (23)
Interest rate swapsOther assets 13,283 15,283 
Derivatives not designated as
hedging instruments		  
Foreign exchange contractsOther current assets and prepayments— 464 
 Accounts payable and accrued liabilities(1,314)(1,449)
 Total derivative assets$13,283 $15,762 
 Total derivative liabilities(1,314)(1,472)
 Total net derivative asset$11,969 $14,290 

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 Instrument2023202220232022
Foreign exchange contracts$— $100 Revenue$— $— 
   Cost of sales(34)49 
Interest rate swap586 1,717 Interest expense138 138 
 $586 $1,817  $104 $187 
 Six Months Ended June 30,
 Derivative Gain (Loss)
Recognized in AOCL
(Effective Portion)		Location of Gain (Loss)
(Effective Portion)		Gain (Loss) Reclassified
from AOCL to Earnings
(Effective Portion)
Derivative Instrument2023202220232022
Foreign exchange contracts$(25)$123 Revenue$— $— 
   Cost of sales(33)63 
Interest rate swap(2,000)8,927 Interest expense275 275 
 $(2,025)$9,050  $242 $338 










23

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Nondesignated Derivative Instruments
We also enter into foreign exchange contracts to minimize the impact on earnings from the revaluation of short-term intercompany loans and related interest denominated in a foreign currency. These foreign exchange contracts are not designated as hedging instruments. Accordingly, the revaluation of intercompany loans and interest and the change in fair value of these derivatives are recorded in earnings. All outstanding contracts at June 30, 2023 mature within three months.
The impact on earnings from the change in fair value of these foreign exchange contracts, exclusive of the corresponding impact on earnings from the revaluation of the intercompany loans and related interest, was as follows:
Three Months Ended June 30,
Derivative Gain (Loss) Recognized in Earnings
Derivatives InstrumentLocation of Derivative Gain (Loss)20232022
Foreign exchange contractsSelling, general and administrative expense$5,893 $(17,769)
Six Months Ended June 30,
Derivative Gain (Loss) Recognized in Earnings
Derivatives InstrumentLocation of Derivative Gain (Loss)20232022
Foreign exchange contractsSelling, general and administrative expense$7,464 $(21,183)


Fair Value of Financial Instruments
Our financial instruments include cash and cash equivalents, available-for-sale and held-to-maturity investment securities, accounts receivable, loan receivables, derivative instruments, accounts payable and debt. The carrying value of cash and cash equivalents, held-to-maturity investment securities, accounts receivable, loans receivable, and accounts payable approximate fair value. The fair value of available-for-sale investment securities and derivative instruments are presented above. 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 were classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of debt was as follows:
June 30, 2023December 31, 2022
Carrying value$2,149,778 $2,205,266 
Fair value$1,744,098 $1,856,878 
















24

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
9. Restructuring Charges
In May 2023, we approved a worldwide plan (the 2023 Plan) designed to improve profitability and cash flow by reducing complexity, streamlining processes, and driving further operational efficiencies. This will be achieved in part, through the expansion of the Company's shared services activities, further centralization and standardization of processes, increased automation and the closure and consolidation of select facilities in North America.
We expect to eliminate 400-500 positions worldwide. Total charges are expected to be $40 million-$50 million, consisting of employee severance and facility consolidation costs. We expect to substantially complete these actions by the first half of 2024.
Activity in our restructuring reserves was as follows:
2023 PlanPrior PlanTotal
Balance at January 1, 2023$— $7,647 $7,647 
Amounts charged to expense22,443 3,599 26,042 
Cash payments(1,637)(11,246)(12,883)
Noncash activity(1,478)— (1,478)
Balance at June 30, 2023$19,328 $— $19,328 
Balance at January 1, 2022$— $5,747 $5,747 
Amounts charged to expense— 8,408 8,408 
Cash payments— (8,255)(8,255)
Noncash activity— (275)(275)
Balance at June 30, 2022$— $5,625 $5,625 

Components of restructuring expense were as follows:
Three Months Ended June 30, 2023Three Months Ended June 30, 2022
2023 PlanPrior PlanTotalPrior Plan
Severance$20,965 $— $20,965 $3,170 
Facilities and other1,478 — 1,478 1,054 
Total$22,443 $— $22,443 $4,224 
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
2023 PlanPrior PlanTotalPrior Plan
Severance$20,965 $3,057 $24,022 $6,377 
Facilities and other1,478 542 2,020 2,031 
Total$22,443 $3,599 $26,042 $8,408 







25

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
10. Debt
Total debt consisted of the following:


Interest rateJune 30, 2023December 31, 2022
Notes due March 20244.625%$214,510 $236,749 
Term loan due March 2026
SOFR + 2.25%
336,500 351,500 
Notes due March 20276.875%380,000 396,750 
Term loan due March 2028
SOFR + 4.0%
439,875 442,125 
Notes due March 20297.25%350,000 350,000 
Notes due January 20375.25%35,841 35,841 
Notes due March 20436.70%425,000 425,000 
Other debt1,817 2,446 
Principal amount2,183,543 2,240,411 
Less: unamortized costs, net33,765 35,145 
Total debt2,149,778 2,205,266 
Less: current portion long-term debt264,980 32,764 
Long-term debt$1,884,798 $2,172,502 

Through June 30, 2023, we purchased an aggregate $39 million of the March 2024 notes and March 2027 notes and recognized a gain of $3 million. Additionally, we made scheduled principal repayments of $17 million on our term loans. At June 30, 2023, the interest rate on the 2026 Term Loan was 7.5% and the interest rate of the 2028 Term Loan was 9.2%.
The credit agreement that governs our $500 million secured revolving credit facility and term loans contains financial and non-financial covenants. In June 2023, we amended this credit agreement to provide additional flexibility in managing our capital structure. At June 30, 2023, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility. Borrowings under the revolving credit facility and term loans are secured by assets of the company.
We have outstanding interest rate swaps that effectively convert $200 million of our variable rate debt to fixed rates. In January 2023, the reference rate of the interest rate swaps was amended to align with the secured revolving credit facility. Under the terms of the interest rate swaps, we pay fixed-rate interest of 0.585% and receive variable-rate interest based on one-month SOFR plus 0.1%. The variable interest rates under the term loans and the swaps reset monthly.
The Pitney Bowes Bank (the Bank), a wholly owned subsidiary, is a member of the Federal Home Loan Bank of Des Moines and has access to certain credit products as a funding source known as "advances." As of June 30, 2023, the Bank had yet to apply for any advances.

In July 2023, we issued senior secured notes in an aggregate principal amount of $275 million, pursuant to a private placement. The notes mature in March 2028 and bear interest of SOFR plus 6.9%, payable quarterly, and were issued with original issue discount of 3%. The net proceeds will be used to redeem our March 2024 notes and a portion of our tranche A term loan due March 2026.
















26

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
11. Pensions and Other Benefit Programs
The components of net periodic benefit (income) cost 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,
202320222023202220232022
Service cost$10 $24 $194 $332 $88 $179 
Interest cost16,089 11,141 5,334 3,450 1,306 939 
Expected return on plan assets(21,613)(17,862)(7,515)(6,809)— — 
Amortization of prior service (credit) cost(5)(11)72 64 — — 
Amortization of net actuarial loss (gain)4,416 8,232 522 1,726 (357)88 
Settlement314 — — — — — 
Net periodic benefit (income) cost$(789)$1,524 $(1,393)$(1,237)$1,037 $1,206 
Contributions to benefit plans$1,908 $1,148 $512 $392 $2,838 $3,490 
Defined Benefit Pension PlansNonpension Postretirement Benefit Plans
United StatesForeign
 Six Months Ended Six Months Ended Six Months Ended
June 30, June 30, June 30,
202320222023202220232022
Service cost$20 $48 $388 $687 $177 $358 
Interest cost32,178 22,282 10,556 7,084 2,611 1,879 
Expected return on plan assets(43,226)(35,725)(14,859)(14,014)— — 
Amortization of prior service (credit) cost(10)(22)142 132 — — 
Amortization of net actuarial loss (gain)8,833 16,464 1,027 3,547 (713)175 
Settlement314 — — — — — 
Net periodic benefit (income) cost$(1,891)$3,047 $(2,746)$(2,564)$2,075 $2,412 
Contributions to benefit plans$3,035 $2,298 $15,545 $8,613 $6,616 $7,648 











27

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
12. Income Taxes
The effective tax rate for the three and six months ended June 30, 2023 was 6.2% and 7.8%, respectively, primarily due to a benefit of $1 million on the $119 million goodwill impairment charge as the majority of this charge is nondeductible.
For the three months ended June 30, 2022, we reported a tax benefit of $7 million on a pre-tax loss of $3 million primarily due to the recognition of a one-time tax benefit from a tax basis adjustment resulting from the Borderfree business being classified as assets held for sale. For the six months ended June 30, 2022, we reported a tax benefit of $3 million on pre-tax income of $22 million primarily due to the benefit related to the Borderfree business and a $1 million benefit associated with the 2019 sale of a business.
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.
With regard to U.S Federal income tax, the Internal Revenue Service examination of our consolidated U.S. income tax returns for tax years prior to 2019 are closed to audit, but for review of the Tax Cuts and Jobs Act Sec. 965 transition tax. On a state and local level, the company is closed through 2017 in most jurisdictions. For our significant non-U.S. jurisdictions, Canada is closed to examination through 2017 except for a specific issue under current exam. For France, Germany and the U.K., the company is closed through 2019, 2016, and 2020 respectively. We also have other less significant tax filings currently subject to examination.


13. Commitments and Contingencies
From time to time, in the ordinary course of business, we are involved in litigation pertaining 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 customers, employees, or others. Due to uncertainties inherent in litigation, any actions could have an adverse effect on our financial position, results of operations or cash flows; however, in management's opinion, the final outcome of outstanding matters will not have a material adverse effect on our business.
As of June 30, 2023, we have entered into real estate and equipment leases with aggregate payments of $59 million and terms ranging from three to seven years that have not commenced.


















28

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
14. Stockholders’ (Deficit) Equity
Changes in stockholders’ (deficit) equity were as follows:
Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossTreasury stockTotal (deficit) equity
Balance at April 1, 2023$323,338 $— $5,060,852 $(819,978)$(4,504,248)$59,964 
Net loss— — (141,535)— — (141,535)
Other comprehensive income— — — 11,985 — 11,985 
Dividends paid ($0.05 per common share)
— — (8,800)— — (8,800)
Issuance of common stock— (2,830)(1,876)— 4,775 69 
Stock-based compensation expense
— 2,830 — — — 2,830 
Balance at June 30, 2023$323,338 $— $4,908,641 $(807,993)$(4,499,473)$(75,487)

Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossTreasury stockTotal equity
Balance at April 1, 2022$323,338 $— $5,141,636 $(800,330)$(4,571,762)$92,882 
Net income— — 4,336 — — 4,336 
Other comprehensive loss— — — (49,723)— (49,723)
Dividends paid ($0.05 per common share)
— — (8,625)— — (8,625)
Issuance of common stock— (5,371)(99)— 5,383 (87)
Stock-based compensation expense
— 5,371 — — — 5,371 
Balance at June 30, 2022$323,338 $— $5,137,248 $(850,053)$(4,566,379)$44,154 

Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossTreasury stockTotal (deficit) equity
Balance at January 1, 2023$323,338 $— $5,125,677 $(835,564)$(4,552,798)$60,653 
Net loss— — (149,272)— — (149,272)
Other comprehensive income— — — 27,571 — 27,571 
Dividends paid ($0.10 per common share)
— — (17,525)— — (17,525)
Issuance of common stock— (6,075)(50,239)— 53,325 (2,989)
Stock-based compensation expense
— 6,075 — — — 6,075 
Balance at June 30, 2023$323,338 $— $4,908,641 $(807,993)$(4,499,473)$(75,487)

Common stockAdditional paid-in capitalRetained earningsAccumulated other comprehensive lossTreasury stockTotal equity
Balance at January 1, 2022$323,338 $2,485 $5,169,270 $(780,312)$(4,602,149)$112,632 
Net income— — 25,157 — — 25,157 
Other comprehensive loss— — — (69,741)— (69,741)
Dividends paid ($0.10 per common share)
— — (17,313)— — (17,313)
Issuance of common stock— (12,351)(39,866)— 49,216 (3,001)
Stock-based compensation expense
— 9,866 — — — 9,866 
Repurchase of common stock— — — — (13,446)(13,446)
Balance at June 30, 2022$323,338 $— $5,137,248 $(850,053)$(4,566,379)$44,154 



29

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
15. 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,
2023202220232022
Cash flow hedges
Cost of sales(34)49 $(33)$63 
Interest expense, net138 138 275 275 
Total before tax104 187 242 338 
Income tax provision 26 47 61 83 
Net of tax$78 $140 $181 $255 
Available-for-sale securities
Financing revenue$(1)$(4)$9 $(6)
Selling, general and administrative expense— 35 — 22 
Total before tax(1)31 9 16 
Income tax provision— 8 2 5 
Net of tax$(1)$23 $7 $11 
Pension and postretirement benefit plans
Prior service costs (67)(53)$(132)$(110)
Actuarial losses (4,581)(10,046)(9,147)(20,186)
Settlement (314)— (314)— 
Total before tax(4,962)(10,099)(9,593)(20,296)
Income tax benefit(1,223)(1,870)(2,365)(4,331)
Net of tax$(3,739)$(8,229)$(7,228)$(15,965)

Changes in AOCL, net of tax were as follows:
Cash flow hedgesAvailable for sale securitiesPension and postretirement benefit plansForeign currency adjustmentsTotal
Balance at January 1, 2023$12,503 $(39,440)$(716,056)$(92,571)$(835,564)
Other comprehensive (loss) income before reclassifications (1,506)1,957 — 20,080 20,531 
Reclassifications into earnings (181)(7)7,228 — 7,040 
Net other comprehensive (loss) income (1,687)1,950 7,228 20,080 27,571 
Balance at June 30, 2023$10,816 $(37,490)$(708,828)$(72,491)$(807,993)

Cash flow hedgesAvailable for sale securitiesPension and postretirement benefit plansForeign currency adjustmentsTotal
Balance at January 1, 2022$3,803 $(6,249)$(756,639)$(21,227)$(780,312)
Other comprehensive income (loss) before reclassifications 6,817 (26,554)— (65,703)(85,440)
Reclassifications into earnings(255)(11)15,965 — 15,699 
Net other comprehensive income (loss)6,562 (26,565)15,965 (65,703)(69,741)
Balance at June 30, 2022$10,365 $(32,814)$(740,674)$(86,930)$(850,053)




30

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
16. Supplemental Financial Statement Information
Activity in the allowance for credit losses on accounts and other receivables and other assets is presented below. See Note 7 for information regarding the allowance for credit losses on finance receivables.
Six Months Ended June 30,
20232022
Balance at beginning of year$5,864 $29,179 
Amounts charged to expense3,652 5,280 
Write-offs, recoveries and other(5,299)(21,763)
Balance at end of period$4,217 $12,696 
Accounts and other receivables$4,217 $12,176 
Other assets— 520 
Total$4,217 $12,696 
Other income, net consisted of the following:
Three Months Ended June 30,Six Months Ended June 30,
202320232022
(Gain) loss on debt redemption/refinancing$(228)$(3,064)$4,993 
Gain on sale of assets— — (14,372)
Gain on sale of businesses— — (2,522)
Other income, net$(228)$(3,064)$(11,901)



Supplemental cash flow information is as follows:
Six Months Ended June 30,
20232022
Cash interest paid$75,425 $64,511 
Cash income tax payments, net of refunds$15,100 $11,164 
Noncash activity
Capital assets obtained under capital lease obligations$1,495 $14,017 


31



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.
Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements. 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. Other factors which could cause future financial performance to differ materially from expectations, 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
•our ability to continue to grow and manage unexpected fluctuations in volumes, gain additional economies of scale and improve profitability within our Global Ecommerce segment
•the loss of some of our larger clients in our Global Ecommerce and Presort Services segments
•the loss of, or significant changes to, United States Postal Service (USPS) commercial programs or our contractual relationships with the USPS or USPS' performance under those contracts
•the impacts on our cost of debt due to recent increases in interest rates and the potential for future interest rate hikes
•declines in demand for our ecommerce services resulting from supply chain delays or interruptions affecting our retail clients, or changes in retail consumer behavior or spending patterns
•changes in international trade policies, including the imposition or expansion of trade tariffs, and other geopolitical risks, including those related to China
•global supply chain issues adversely impacting our third-party suppliers' ability to provide us products and services
•expenses and potential impacts resulting from a breach of security, including cyber-attacks or other comparable events
•changes in labor and transportation availability and costs
•competitive factors, including pricing pressures, technological developments and the introduction of new products and services by competitors
•capital market disruptions or credit rating downgrades that adversely impact our ability to access capital markets at reasonable costs
•the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, to the company, our clients and retail consumers
•changes in foreign currency exchange rates, especially the impact a strengthening U.S. dollar could have on our global operations
•our success at managing customer credit risk
•changes in banking regulations, major bank failures or the loss of our Industrial Bank charter
•changes in tax laws, rulings or regulations
•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
•our success at managing relationships and costs with outsource providers of certain functions and operations
•increased environmental and climate change requirements or other developments in these areas
•intellectual property infringement claims
•the use of the postal system for transmitting harmful biological agents, illegal substances or other terrorist attacks
•impact of pandemics (including the lingering effects of COVID-19) and acts of nature on the Company and 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 2022 Annual Report, as supplemented by Part II, Item 1A in this Quarterly Report on Form 10-Q.
32



RESULTS OF OPERATIONS

OUTLOOK
For the full year 2023, we expect consolidated revenue on a comparable basis (see Factors Affecting Comparability below), to be relatively flat compared to 2022, and the percentage of adjusted EBIT growth to outpace revenue performance.
Within Global Ecommerce, we anticipate growth in Domestic Parcel operations, partially offset by continued softness in our Cross-border operations. We anticipate Domestic Parcel margin and profit improvements from higher parcel volumes and the investments we made in our facilities and network. We expect our cross-border operations to be adversely impacted by macroeconomic challenges and a reduction in parcel volumes, primarily from two clients in 2023 compared to 2022.
Presort Services revenue is expected to benefit from pricing actions designed to offset inflationary pressure on costs, a full year of mail volumes from prior year acquisitions and growth in Marketing Mail Flats and Bound Printed Matter volumes, which are expected to offset the impact on revenue from the expected decline in First Class Mail volumes. We expect margin and profit improvements driven by our investments in automation and facilities consolidation.
In SendTech Solutions, we expect revenue growth from new products and our cloud-enabled shipping solutions to partially offset an expected decline in mailing related revenues. Overall segment margins are expected to remain within their historical range.
In May 2023, we approved a worldwide plan (the 2023 Plan) designed to improve profitability and cash flow by reducing complexity, streamlining operating processes, and drive further operational efficiencies. The 2023 Plan includes the elimination of 400-500 positions worldwide through the expansion of our shared services activities, further centralization and standardization of processes, increased automation, and the closure and consolidation of select facilities in North America. Total charges are expected to be $40 million-$50 million. Total cash payments are expected to be $20 million-$30 million, a majority of which will be paid in 2023. We expect to substantially complete these actions by the first half of 2024. As a result of the 2023 Plan, we expect annualized cost savings of $35 million- $45 million by the end of 2024.
Certain factors beyond our control could have adverse impacts on our 2023 results including, but not limited to, reduced consumer spending due to inflationary pressures and rising prices, higher interest rates, a slow-down in economic activity, higher fuel and transportation costs and other adverse geopolitical developments, including those related to China. Inflationary pressures and rising prices could put increased pressure on wages, particularly warehouse and transportation employees, and result in higher component costs. Higher fuel and freight costs could also adversely impact our operations. We expect interest expense for 2023 will be about $30 million higher than 2022 due to the recent increases in interest rates and additional increases anticipated in 2023.

OVERVIEW OF CONSOLIDATED RESULTS
Factors Affecting Comparability
Certain transactions and changes occurred in 2022 that impact the comparability of our 2023 financial results to the prior periods. These transactions and changes include:

•the sale of our Borderfree cross-border ecommerce solutions business (Borderfree) in July 2022. Accordingly, reported revenue and costs for the three and six months ended June 30, 2022 include revenue and costs for Borderfree. Net income of Borderfree for these periods was not significant.
•a change in the presentation of revenue for digital delivery services effective October 1, 2022, from a gross basis to a net basis. Accordingly, in 2023, revenue and costs of revenue for certain digital delivery services are reported on a net basis as business services revenue; whereas for the three and six months ended June 30, 2022, revenue and cost of revenue for these services were reported as business services revenue and cost of business services, respectively. The change primarily impacts our Global Ecommerce business.

Constant Currency
In the tables below, we report the change in revenue on a reported basis and a constant currency basis. Constant currency measures exclude the impact of changes in currency exchange rates from 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.



33



Financial Results Summary - Three and Six Months Ended June 30:
Three Months Ended June 30,
Favorable/(Unfavorable)
20232022Actual % ChangeConstant Currency % change
Total revenue$776,481 $871,495 (11)%(11)%
Total costs and expenses927,431 874,185 (6)%
Loss before taxes(150,950)(2,690)>(100%)
Benefit for income taxes(9,415)(7,026)34 %
Net (loss) income$(141,535)$4,336 >(100%)

Revenue decreased $95 million in the second quarter of 2023 compared to the prior year primarily due to a decrease in business services revenue of $78 million, lower equipment sales of $11 million and lower support services revenue of $4 million.

Total costs and expenses increased $53 million compared to the prior year primarily due to:

•Costs of revenue (excluding financing interest expense) decreased $80 million primarily due to lower cost of business services of $67 million and lower cost of equipment sales of $8 million.

•Selling, general and administrative (SG&A) expense declined $4 million, compared to the prior year period primarily driven by lower amortization expense of $4 million, lower credit card fees of $3 million, lower marketing expenses of $2 million and lower credit loss provision of $2 million, partially offset by incremental proxy solicitation fees of $5 million and higher variable compensation expense of $4 million.

•Restructuring expense increased $18 million compared to the prior year period primarily driven by actions taken in connection with the 2023 Plan.

•During the quarter, we recorded a non-cash goodwill impairment charge of $119 million associated with our Global Ecommerce reporting unit. See Note 7 for more information.

•Interest expense represents interest on our outstanding debt, net of interest income. We allocate a portion of total interest expense to financing interest expense based on our effective interest rate and average finance receivables for the period. Total interest expense, including financing interest expense, for the second quarter of 2023 increased $4 million compared to the prior year period primarily due to rising interest rates resulting in higher interest expense on our debt of $7 million, partially offset by higher interest income of $3 million.

The effective tax rate for the three months ended June 30, 2023 was 6.2%, primarily due to the nondeductibility of the goodwill impairment charge. See Note 12 for more information.

Net loss for the second quarter was $142 million compared to net income of $4 million in the prior year period.








34



Six Months Ended June 30,
Favorable/(Unfavorable)
20232022Actual % ChangeConstant Currency % change
Total revenue$1,611,019 $1,798,437 (10)%(10)%
Total costs and expenses1,772,956 1,776,103 — %
(Loss) income before taxes(161,937)22,334 >(100%)
Benefit for income taxes(12,665)(2,823)>100%
Net (loss) income$(149,272)$25,157 >(100%)

Revenue decreased $187 million in the first half of 2023 compared to the prior year primarily due to a decrease in business services revenue of $152 million, lower equipment sales of $17 million, lower support services revenue of $9 million and lower financing revenue of $6 million.

Total costs and expenses decreased $3 million compared to the prior year primarily due to:

•Costs of revenue (excluding financing interest expense) decreased $144 million primarily due to lower cost of business services of $124 million and lower cost of equipment sales of $14 million.

•SG&A expense declined $5 million compared to the prior year period primarily driven by lower amortization expense of $8 million and lower credit card fees of $7 million, partially offset by incremental proxy solicitation fees of $11 million.

•Restructuring expense increased $18 million compared to the prior year period primarily driven by actions taken in connection with the 2023 Plan.

•During the second quarter, we recorded a non-cash goodwill impairment charge of $119 million associated with our Global Ecommerce reporting unit.

•Interest expense represents interest on our outstanding debt, net of interest income. We allocate a portion of total interest expense to financing interest expense based on our effective interest rate and average finance receivables for the period. Total interest expense, including financing interest expense, for the first half of 2023 increased $7 million compared to the prior year period primarily due to rising interest rates resulting in higher interest expense on our debt of $13 million, partially offset by higher interest income of $6 million.

•Other income, net declined $9 million compared to the prior year period primarily driven by prior year gains of $17 million, partially offset by a favorable year-over-year impact of $8 million associated with the redemption/refinancing of debt.

The effective tax rate for the six months ended June 30, 2023 was 7.8%, primarily due to the nondeductibility of the goodwill impairment charge. See Note 12 for more information..

Net loss for the first half of 2023 was $149 million compared to net income of $25 million in the prior year period.

35



SEGMENT RESULTS
Management measures segment profitability and performance by deducting from segment revenue the related costs and expenses attributable to the segment. Segment results exclude interest, taxes, unallocated corporate expenses, restructuring charges, and other items not allocated to a business segment.
Global Ecommerce
Global Ecommerce includes the revenue and related expenses from business to consumer logistics services for domestic and cross-border delivery, returns and fulfillment. Our domestic parcel services provide retailers domestic parcel delivery and returns services for its end consumers through our nationwide parcel sortation centers and transportation network. Our cross-border services offers our clients a range of services to manage their international shopping and parcel shipping experience. Using our digital delivery services, clients can purchase postage, print shipping labels and access shipping and tracking services from multiple carriers. Delivery and return parcels using our digital delivery services are not physically processed through our network.
Financial performance for the Global Ecommerce segment was as follows:
Three Months Ended June 30,
Favorable/(Unfavorable)
20232022Actual % ChangeConstant Currency % change
Business Services Revenue$312,754 $393,770 (21)%(20)%
Cost of Business Services299,072 356,025 16 %
Gross Margin13,682 37,745 (64)%
Gross Margin %4.4 %9.6 %
Selling, general and administrative 48,678 63,276 23 %
Research and development3,119 3,294 5 %
Adjusted segment EBIT$(38,115)$(28,825)(32)%
Global Ecommerce revenue decreased $81 million in the second quarter of 2023 compared to the prior year period. The change in revenue presentation for digital delivery services and the sale of Borderfree accounted for $49 million of this decrease. Cross-border revenue declined $55 million due to lower volumes, primarily driven by changes in how two of our largest clients access our services and digital delivery services revenue declined $12 million due to a decrease in the number of shipping labels printed. These declines were partially offset by domestic parcel delivery revenue growth of $41 million, driven by an increase in domestic parcel volumes.
Gross margin decreased $24 million and gross margin percentage decreased to 4.4% from 9.6% compared to the prior year period. Cross-border services gross margin declined $13 million, primarily due to the decline in volumes. Digital delivery services gross margin declined $5 million primarily due to the decline in the number of shipping labels printed. The sale of Borderfree contributed a decline in gross margin of $4 million. Offsetting these declines, domestic parcel delivery services gross margin increased $1 million compared to the prior year primarily due to higher parcel volumes.
SG&A expenses declined $15 million compared to the prior year period, primarily due to lower amortization expense of $4 million, lower employee-related expenses of $3 million, lower credit card fees of $3 million and lower credit loss provision of $2 million.
Adjusted segment EBIT was a loss of $38 million for the second quarter of 2023 compared to a loss of $29 million in the prior year period.

36



Six Months Ended June 30,
Favorable/(Unfavorable)
20232022Actual % ChangeConstant Currency % change
Business Services Revenue$661,145 $812,297 (19)%(18)%
Cost of Business Services625,818 724,493 14 %
Gross Margin35,327 87,804 (60)%
Gross Margin %5.3 %10.8 %
Selling, general and administrative 101,888 124,137 18 %
Research and development5,760 6,188 7 %
Adjusted segment EBIT$(72,321)$(42,521)(70)%
Global Ecommerce revenue decreased $151 million in the first half of 2023 compared to the prior year period. The change in revenue presentation for digital delivery services and the sale of Borderfree accounted for $98 million of the decrease. Cross-border revenue declined $86 million due to lower volumes, primarily driven by changes in how two of our largest clients access our services and digital delivery services revenue declined $24 million due to a decrease in the number of shipping labels printed. These declines were partially offset by domestic parcel delivery revenue growth of $78 million, driven by an increase in domestic parcel volumes.
Gross margin decreased $52 million and gross margin percentage decreased to 5.3% from 10.8% compared to the prior year period. Cross-border services gross margin declined $28 million, primarily due to the decline in volumes. Digital delivery services gross margin declined $10 million primarily due to the decline in the number of shipping labels printed. The sale of Borderfree contributed a decline in gross margin of $8 million. Offsetting these declines, domestic parcel delivery services gross margin increased $2 million compared to the prior year primarily due to higher parcel volumes.
SG&A expenses declined $22 million compared to the prior year period, primarily due to lower amortization expense of $8 million, lower credit card fees of $7 million and lower employee-related expenses of $4 million.
Adjusted segment EBIT was a loss of $72 million for the first half of 2023 compared to a loss of $43 million in the prior year period.













37



Presort Services
We are the largest workshare partner of the USPS and national outsource provider of mail sortation services that allow clients to qualify large volumes of First Class Mail, Marketing Mail, and Marketing Mail Flats and Bound Printed Matter for postal worksharing discounts.
Financial performance for the Presort Services segment was as follows:
Three Months Ended June 30,
Favorable/(Unfavorable)
20232022Actual % ChangeConstant Currency % change
Business Services Revenue$143,107 $138,934 3 %3 %
Cost of Business Services104,068 111,305 7 %
Gross Margin39,039 27,629 41 %
Gross Margin %27.3 %19.9 %
Selling, general and administrative 18,555 14,730 (26)%
Other components of net pension and postretirement costs55 48 (15)%
Adjusted segment EBIT$20,429 $12,851 59 %
Revenue increased $4 million driven by pricing actions to mitigate inflationary pressures on costs, which offset the revenue decline driven by a 5% decrease in total mail volumes compared to the prior year quarter. The processing of Marketing Mail Flats and Bound Printed Matter and First Class Mail each contributed revenue increases of $3 million, which was partially offset by a decline in revenue of $2 million from the processing of Marketing Mail.
Gross margin increased $11 million and gross margin percentage increased from 19.9% to 27.3% compared to the prior year period. These margin improvements were driven by pricing actions and investments we made in network management, automation and higher-throughput sortation equipment. Transportation costs declined $5 million due to improved network management and production labor costs declined $1 million due to higher mail throughput per labor hour.
Selling, general and administrative expenses increased $4 million, primarily due to higher employee-related expenses of $3 million and higher professional fees of $1 million.
Adjusted segment EBIT was $20 million for the second quarter of 2023 compared to $13 million in the prior year period.






38



Six Months Ended June 30,
Favorable/(Unfavorable)
20232022Actual % ChangeConstant Currency % change
Business Services Revenue$302,009 $299,478 1 %1 %
Cost of Business Services216,564 235,956 8 %
Gross Margin85,445 63,522 35 %
Gross Margin %28.3 %21.2 %
Selling, general and administrative 38,000 30,943 (23)%
Other components of net pension and postretirement costs111 96 (16)%
Adjusted segment EBIT$47,334 $32,483 46 %

Revenue increased $3 million driven by pricing actions to mitigate inflationary pressures on costs, which offset the revenue decline driven by a 7% decrease in total mail volumes compared to the prior year period. The processing of Marketing Mail Flats and Bound Printed Matter contributed a revenue increase of $6 million, which was partially offset by a decrease in revenue from the processing of Marketing Mail of $5 million.
Gross margin increased $22 million and gross margin percentage increased from 21.2% to 28.3% compared to the prior year period. These margin improvements were driven by pricing actions and investments we made in network management, automation and higher-throughput sortation equipment. Transportation costs declined $10 million due to improved network management and production labor costs declined $5 million due to higher mail throughput per labor hour.
Selling, general and administrative expenses increased $7 million primarily due to higher employee-related expenses.
Adjusted segment EBIT was $47 million in the first half of 2023 compared to $32 million in the prior year period.




















39



SendTech Solutions
SendTech Solutions provides clients with physical and digital mailing and shipping technology solutions and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats, as well as supplies and maintenance services for these offerings. We offer financing alternatives that enable clients to finance equipment and product purchases, a revolving credit solution that enables clients to make meter rental payments and purchase postage, services and supplies, and an interest-bearing deposit solution to clients who prefer to prepay postage. We also offer financing alternatives that enable clients to finance or lease other manufacturers’ equipment and provide working capital.

Financial performance for the SendTech Solutions segment was as follows:
Three Months Ended June 30,
Favorable/(Unfavorable)
20232022Actual % changeConstant Currency % change
Business services$17,636 $18,774 (6)%(6)%
Support services103,315 107,625 (4)%(4)%
Financing66,702 67,298 (1)%(1)%
Equipment sales79,451 89,986 (12)%(11)%
Supplies36,505 38,245 (5)%(4)%
Rentals17,011 16,863 1 %1 %
Total revenue320,620 338,791 (5)%(5)%
Cost of business services7,148 9,858 27 %
Cost of support services34,798 37,365 7 %
Cost of equipment sales55,751 63,232 12 %
Cost of supplies10,826 10,957 1 %
Cost of rentals5,084 7,401 31 %
Total costs of revenue113,607 128,813 12 %
Gross margin207,013 209,978 (1)%
Gross margin %64.6 %62.0 %
Selling, general and administrative105,423 109,016 3 %
Research and development4,635 5,481 15 %
Other components of pension and post retirement costs(525)(84)>100%
Adjusted Segment EBIT$97,480 $95,565 2 %
SendTech Solutions revenue decreased $18 million in the second quarter of 2023 compared to the prior year period, primarily driven by lower equipment sales, support services revenue and supplies revenue. Equipment sales declined $11 million as we are seeing initial leases of some of our advanced technology products expiring and customers opting to extend these leases rather than purchase new equipment. Support services revenue declined $4 million primarily due to the continuing shift to cloud-enabled products that do not include an annual maintenance agreement option. Supplies revenue declined $2 million primarily driven by a declining meter population. Business services revenue decreased $1 million; however, the change in revenue presentation for digital delivery services reduced revenue by $5 million. The underlying increase of $4 million is primarily due to growth in enterprise shipping subscriptions.
Gross margin decreased $3 million primarily due to the decline in revenue. Gross margin percentage increased to 64.6% from 62.0% compared to the prior year period, primarily due to an improvement in business services gross margin, support services gross margin driven by a shift away from lower margin clients, and rentals gross margin primarily due to a $2 million prior year unfavorable scrap adjustment.
Selling, general and administrative expenses decreased $4 million compared to the prior year period, primarily driven by lower professional fees of $2 million and lower marketing expenses of $1 million.
Adjusted segment EBIT was $97 million in the second quarter of 2023 compared to $96 million in the prior year period.
40




Six Months Ended June 30,
Favorable/(Unfavorable)
20232022Actual % changeConstant Currency % change
Business services$33,834 $37,087 (9)%(9)%
Support services208,599 217,977 (4)%(4)%
Financing133,751 139,327 (4)%(3)%
Equipment sales162,061 179,282 (10)%(9)%
Supplies75,340 79,306 (5)%(4)%
Rentals34,280 33,683 2 %3 %
Total revenue647,865 686,662 (6)%(5)%
Cost of business services13,816 19,740 30 %
Cost of support services71,330 74,300 4 %
Cost of equipment sales112,466 126,673 11 %
Cost of supplies21,983 22,431 2 %
Cost of rentals10,444 12,668 18 %
Total costs of revenue230,039 255,812 10 %
Gross margin417,826 430,850 (3)%
Gross margin %64.5 %62.7 %
Selling, general and administrative215,121 219,859 2 %
Research and development9,678 11,020 12 %
Other components of pension and post retirement costs(1,124)(169)>100%
Adjusted Segment EBIT$194,151 $200,140 (3)%
SendTech Solutions revenue decreased $39 million in the first half of 2023 compared to the prior year period. Equipment sales declined $17 million primarily due to customers opting to extend leases of their existing advanced-technology equipment rather than purchase new equipment and lower sales in the first quarter relative to the first quarter of 2022 driven by the timing of installations. Support services revenue declined $9 million primarily due to the continuing shift to cloud-enabled products that do not include an annual maintenance agreement option. Financing revenue declined $6 million primarily due to $4 million of lower lease extensions and lower late fees of $2 million. Supplies revenue declined $4 million primarily driven by a declining meter population. Business services revenue decreased $3 million; however, the change in revenue presentation for digital delivery services reduced revenue by $8 million. The underlying increase of $5 million is primarily due to growth in enterprise shipping subscriptions.
Gross margin decreased $13 million primarily due to the decline in revenue. Gross margin percentage increased to 64.5% from 62.7% compared to the prior year period, primarily due to an improvement in business services gross margin, equipment sales gross margin, support services margin gross which was driven by a shift away from low margin clients, and rentals gross margin primarily due to a $2 million prior year unfavorable scrap adjustment.
Selling, general and administrative expenses declined $5 million primarily driven by lower outsourcing and professional fees of $4 million.
Adjusted segment EBIT was $194 million in the first half of 2023 compared to $200 million for the prior year period.



41




UNALLOCATED CORPORATE EXPENSES
The majority of our operating expenses are recorded directly or allocated to our reportable segments. Operating 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 research and development.
Unallocated corporate expenses were as follows:
Three Months Ended June 30,
Favorable/(Unfavorable)
20232022Actual % change
Unallocated corporate expenses$47,709 $40,761 (17)%
Unallocated corporate expenses for the second quarter of 2023 increased $7 million compared to the prior year period primarily due to higher variable compensation expense of $4 million, higher professional and outsourcing fees of $1 million, and higher insurance costs of $1 million.


Six Months Ended June 30,
Favorable/(Unfavorable)
20232022Actual % change
Unallocated corporate expenses$104,058 $98,595 (6)%
Unallocated corporate expenses for the first half of 2023 increased $5 million compared to the prior year period primarily due to higher insurance costs of $2 million and higher professional and outsourcing fees of $2 million.
42



LIQUIDITY AND CAPITAL RESOURCES
At June 30, 2023, we had cash, cash equivalents and short-term investments of $561 million, which includes $104 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 impacts of changing macroeconomic and geopolitical conditions and our ability to manage costs and improve productivity. 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:
20232022Change
Net cash from operating activities$(39,758)$45,694 $(85,452)
Net cash from investing activities (60,696)(27,518)(33,178)
Net cash from financing activities(32,553)(166,504)133,951 
Effect of exchange rate changes on cash and cash equivalents4,730 (13,455)18,185 
Change in cash and cash equivalents$(128,277)$(161,783)$33,506 
Operating Activities
Cash flows from operating activities in 2023 declined $85 million compared to the prior year period. This decline was driven by lower earnings and higher payments of accounts payable and accrued liabilities ($37 million), pension contributions and retiree medical payments ($7 million) and restructuring payments ($5 million).
Investing Activities
Cash flows from investing activities for 2023 declined $33 million compared to the prior year period primarily due to prior year proceeds of $54 million from the sale of a business and our Shelton, Connecticut office building and lower cash from investment-related activities of $22 million, partially offset by year-over-year cash improvement of $26 million from settlements of derivative contracts and lower capital expenditures of $10 million.
Financing Activities
Cash flows from financing activities for 2023 improved $134 million compared to the prior year period primarily due to an increase in customer account deposits at the Bank of $68 million, lower net repayments of debt of $53 million and prior year common stock repurchases of $13 million.

Financings and Capitalization
During 2023, we purchased an aggregate $39 million of the March 2024 notes and March 2027 notes in the open market and made scheduled term loan principal repayments of $17 million.
The credit agreement that governs our $500 million secured revolving credit facility and term loans contains financial and non-financial covenants. In June 2023, we amended the credit agreement to provide additional flexibility in managing our capital structure. At June 30, 2023, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility. Borrowings under the revolving credit facility and term loans are secured by assets of the company.
We have $265 million of debt that is due within the next 12 months, including our March 2024 notes. In July 2023, we issued senior secured notes in an aggregate principal amount of $275 million, pursuant to a private placement. The notes mature in March 2028 and bear interest of SOFR plus 6.9%, payable quarterly, and were issued with original issue discount of 3%. The net proceeds will be used to redeem our March 2024 notes and a portion of our tranche A term loan due March 2026
The Pitney Bowes Bank, a wholly owned subsidiary, is a member of the Federal Home Loan Bank of Des Moines. As a member, the Bank has access to certain credit products as a funding source known as "advances." As of June 30, 2023, the Bank had yet to apply for any advances.
Each quarter, our Board of Directors considers whether to approve the payment of a dividend. Under the terms of the note purchase agreement entered into in July 2023 and the credit agreement, as amended in July 2023, the annual amount of permitted dividend payments is capped at the lesser of $36 million or a maximum dividend yield of 6.25%. In addition, share repurchases would further limit this amount. We currently expect to continue paying a quarterly dividend; however, no assurances can be given.
43



Contractual Obligations and Off-Balance Sheet Arrangements
At June 30, 2023, we have entered into real estate and equipment leases with aggregate payments of $59 million and terms ranging from three to seven years that have not commenced. Most of these leases are expected to commence in the third quarter of 2023.
At June 30, 2023, 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.

Critical Accounting Estimates

Goodwill
The performance of our Global Ecommerce reporting unit through June 30, 2023, and continuing changes in macroeconomic conditions, was a triggering event causing us to evaluate the Global Ecommerce goodwill for impairment at June 30, 2023. To assess Global Ecommerce goodwill for impairment, we determined the fair value of the Global Ecommerce reporting unit and compared it to the unit's carrying value, including goodwill. We engaged a third-party to assist in the determination of the fair value of the reporting unit. We determined that the reporting unit's estimated fair value was less than its carrying value and recorded a non-cash, pre-tax goodwill impairment charge of $119 million to reduce the carrying value of the Global Ecommerce reporting unit to its estimated fair value.
The fair value of the reporting unit was estimated using a discounted cash flow model based on management developed cash flow projections, which included judgements and assumptions related to revenue growth rates, operating margins, operating income, and a discount rate. The judgements and assumptions used to estimate the fair value were inherently subjective and changes in any of the judgements or assumptions could materially affect the determination of fair value and result in an additional impairment charge in the future.

Regulatory Matters
There have been no significant changes to the regulatory matters disclosed in our 2022 Annual Report.
Item 3: Quantitative and Qualitative Disclosures About Market Risk
There were no material changes to the disclosures made in our 2022 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.
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, 2023.



44



PART II. OTHER INFORMATION
Item 1: Legal Proceedings
See Note 13 to the Condensed Consolidated Financial Statements.
Item 1A: Risk Factors
There were no material changes to the risk factors identified in our 2022 Annual Report.
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Repurchases of Equity Securities
There were no purchases of our common stock during the three months ended June 30, 2023. We have remaining authorization to purchase up to $3 million of our common stock.
Item 5: Other Information
None
45



Item 6: Exhibits
Exhibit
Number		Description Exhibit Number in this Form 10-Q
3(i)(a)
Amended and Restated Certificate of Incorporation of Pitney Bowes Inc. (incorporated by reference to Exhibit 3(i)(a) to the Form 8-K filed with the Commission on September 30, 2019)
3(i)(a)
3
Pitney Bowes Inc. Amended and Restated By-laws effective May 13, 2013 (incorporated by reference to Exhibit 3 to the Form 8-K filed with the Commission on May 15, 2013)
3
10.1
Fifth Amendment, dated as of June 6, 2023, among Pitney Bowes Inc., the subsidiaries of Pitney Bowes Inc. party thereto, the lenders and issuing banks party thereto, and JP Morgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on June 6, 2023)
10.1
31.1
Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended
 31.1
31.2
Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended
 31.2
32.1
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350
 32.1
32.2
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350
 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, 2023, 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.

46



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, 2023 
  
 /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)

47

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