PBI 10-Q Quarterly Report March 31, 2025 | Alphaminr
PITNEY BOWES INC /DE/

PBI 10-Q Quarter ended March 31, 2025

PITNEY BOWES INC /DE/
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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 March 31, 2025
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: Delaware I.R.S. Employer Identification No. 06-0495050
Address of Principal Executive Offices: 3001 Summer Street, Stamford, Connecticut 06926
Telephone Number: (203) 356-5000

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, $1 par value per share PBI New York Stock Exchange
6.7% Notes due 2043 PBI.PRB New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ Accelerated 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 April 30, 2025, 181,253,371 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 Months Ended March 31, 2025 and 2024
Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and 2024
Condensed Consolidated Balance Sheets at March 31, 2025 and December 31, 2024
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024
Item 6:
Exhibits
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 March 31,
2025 2024
Revenue:
Services $ 318,432 $ 322,690
Products 93,190 114,124
Financing and other 81,798 84,455
Total revenue 493,420 521,269
Costs and expenses:
Cost of services 155,873 164,481
Cost of products 50,919 62,754
Cost of financing and other 17,507 21,287
Selling, general and administrative 165,915 186,832
Research and development 4,763 7,626
Restructuring charges 1,400 3,766
Interest expense, net 24,270 27,306
Other components of net pension and postretirement cost 1,854 ( 387 )
Other expense 24,187
Total costs and expenses 446,688 473,665
Income from continuing operations before taxes 46,732 47,604
Provision for income taxes 11,310 15,500
Income from continuing operations
35,422 32,104
Loss from discontinued operations, net of tax
( 34,989 )
Net income (loss) $ 35,422 $ ( 2,885 )
Basic earnings (loss) per share:
Continuing operations $ 0.19 $ 0.18
Discontinued operations ( 0.20 )
Net income (loss) $ 0.19 $ ( 0.02 )
Diluted earnings (loss) per share:
Continuing operations $ 0.19 $ 0.18
Discontinued operations ( 0.19 )
Net income (loss) $ 0.19 $ ( 0.02 )
`











See Notes to Condensed Consolidated Financial Statements
3


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

Three Months Ended March 31,
2025 2024
Net income (loss) $ 35,422 $ ( 2,885 )
Other comprehensive income (loss), net of tax:
Foreign currency translation, net of tax of $ 95 and $( 496 ), respectively
19,549 ( 15,399 )
Net unrealized loss on cash flow hedges, net of tax of $( 414 )
( 1,241 )
Net unrealized gain (loss) on investment securities, net of tax of $ 939 and $( 303 ), respectively
2,995 ( 967 )
Amortization of pension and postretirement costs, net of tax of $ 1,666 and $ 1,628 , respectively
5,052 5,041
Other comprehensive income (loss), net of tax
27,596 ( 12,566 )
Comprehensive income (loss)
$ 63,018 $ ( 15,451 )












































See Notes to Condensed Consolidated Financial Statements
4


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

March 31, 2025 December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents $ 323,787 $ 469,726
Short-term investments (includes $ 3,985 and $ 3,926 , respectively, reported at fair value)
16,175 16,374
Accounts and other receivables (net of allowance of $ 7,494 and $ 7,723 , respectively)
160,284 159,951
Short-term finance receivables (net of allowance of $ 12,506 and $ 13,302 , respectively)
526,411 535,608
Inventories 65,103 59,836
Current income taxes 984 10,429
Other current assets and prepayments (net of allowance of $ 17,834 and $ 19,373 , respectively)
92,145 66,030
Total current assets 1,184,889 1,317,954
Property, plant and equipment, net 204,380 218,657
Rental property and equipment, net 24,275 24,587
Long-term finance receivables (net of allowance of $ 8,200 and $ 8,374 respectively)
624,400 610,316
Goodwill 729,687 721,003
Intangible assets, net 17,924 15,780
Operating lease assets 113,433 113,357
Noncurrent income taxes 101,350 99,773
Other assets (includes $ 167,165 and $ 173,525 , respectively, reported at fair value)
269,365 276,089
Total assets $ 3,269,703 $ 3,397,516
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued liabilities $ 743,846 $ 873,626
Customer deposits at Pitney Bowes Bank 625,095 645,860
Current operating lease liabilities 27,322 26,912
Current portion of long-term debt 14,150 53,250
Advance billings 75,060 70,131
Current income taxes 3,528 2,948
Total current liabilities 1,489,001 1,672,727
Long-term debt 1,899,002 1,866,458
Deferred taxes on income 50,298 49,187
Tax uncertainties and other income tax liabilities 14,560 13,770
Noncurrent operating lease liabilities 100,754 100,804
Noncurrent customer deposits at Pitney Bowes Bank
51,977 57,977
Other noncurrent liabilities 199,995 215,026
Total liabilities 3,805,587 3,975,949
Commitments and contingencies (See Note 14)
Stockholders’ deficit:
Common stock, $ 1 par value ( 480,000 shares authorized; 270,338 shares issued)
270,338 270,338
Retained earnings 2,651,715 2,671,868
Accumulated other comprehensive loss ( 811,575 ) ( 839,171 )
Treasury stock, at cost ( 87,825 and 87,932 shares, respectively)
( 2,646,362 ) ( 2,681,468 )
Total stockholders’ deficit ( 535,884 ) ( 578,433 )
Total liabilities and stockholders’ deficit $ 3,269,703 $ 3,397,516





See Notes to Condensed Consolidated Financial Statements
5


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

Three Months Ended March 31,
2025 2024
Cash flows from operating activities:
Net income (loss) $ 35,422 $ ( 2,885 )
Loss from discontinued operations, net of tax 34,989
Adjustments to reconcile net income or loss to net cash from operating activities:
Depreciation and amortization 28,324 28,850
Allowance for credit losses 1,978 4,338
Allowance for DIP Facility
( 1,539 )
Stock-based compensation 2,683 2,153
Amortization of debt fees 2,152 3,068
Loss on debt redemption/refinancing 24,646
Restructuring charges 1,400 3,766
Restructuring payments ( 13,106 ) ( 14,989 )
Pension contributions and retiree medical payments ( 12,671 ) ( 11,767 )
Loss on sale of assets
5,106 1,591
Loss (gain) on revaluation of intercompany loans 7,595 ( 4,638 )
Other, net 4,779 ( 1,587 )
Changes in operating assets and liabilities, net of acquisitions/divestitures:
Accounts and other receivables ( 131 ) 14,674
Finance receivables 34,586 27,716
Inventories ( 4,807 ) ( 7,980 )
Other current assets and prepayments ( 4,326 ) ( 22,117 )
Accounts payable and accrued liabilities ( 141,282 ) ( 79,213 )
Current and noncurrent income taxes 8,382 19,838
Advance billings 4,130 3,178
Net cash from operating activities - continuing operations ( 16,679 ) ( 1,015 )
Net cash from operating activities - discontinued operations ( 11,594 )
Net cash from operating activities ( 16,679 ) ( 12,609 )
Cash flows from investing activities:
Capital expenditures ( 16,887 ) ( 14,318 )
Purchases of investment securities ( 3,910 ) ( 14,197 )
Proceeds from sales/maturities of investment securities 13,345 23,624
Net investment in loan receivables ( 37,423 ) ( 2,115 )
DIP Facility reimbursement 1,539
Acquisition
( 2,200 )
Other investing activities, net 804
Net cash from investing activities - continuing operations ( 45,536 ) ( 6,202 )
Net cash from investing activities - discontinued operations ( 5,639 )
Net cash from investing activities ( 45,536 ) ( 11,841 )
Cash flows from financing activities:
Proceeds from the issuance of debt, net of discount 775,000
Principal payments of debt ( 787,187 ) ( 14,132 )
Premiums and fees paid to redeem/refinance debt
( 20,598 )
Dividends paid to stockholders ( 10,980 ) ( 8,832 )
Customer deposits at Pitney Bowes Bank ( 26,766 ) ( 29,347 )
Common stock repurchases ( 15,000 )
Other financing activities, net 465 ( 3,600 )
Net cash from financing activities - continuing operations
( 85,066 ) ( 55,911 )
Net cash from financing activities - discontinued operations
( 2,522 )
Net cash from financing activities
( 85,066 ) ( 58,433 )
Effect of exchange rate changes on cash and cash equivalents 1,342 ( 2,147 )
Change in cash and cash equivalents ( 145,939 ) ( 85,030 )
Cash and cash equivalents at beginning of period 469,726 600,054
Cash and cash equivalents at end of period $ 323,787 $ 515,024
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 technology-driven company that provides SaaS shipping solutions, mailing innovation, and financial services to clients around the world - including more than 90 percent of the Fortune 500. Small businesses to large enterprises, and government entities rely on Pitney Bowes to reduce the complexity of sending mail and parcels.

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, 2024 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, 2025. 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, 2024 (2024 Annual Report).
Effective January 1, 2025, we revised our reporting presentation of revenue and cost of revenue to better align with our offerings. We now report Services revenue and Cost of services, which includes the previously reported Business services and Support services, Products revenue and Cost of products, which includes the previously reported Equipment sales and Supplies and Financing and other revenue and Cost of financing and other, which includes the previously reported Financing and Rentals. Prior periods have been recast to conform to the current period presentation.
As a result of the wind-down of a majority of the former Global Ecommerce reportable segment in August 2024, certain revenues and expenses for the period ended March 31, 2024 are reported as discontinued operations in our Condensed Consolidated Financial Statements. See Note 4 for further information.
During the first quarter of 2025, we identified an error and recorded an out of period adjustment of $ 4 million to correct an overstatement of revenue in prior periods. The impact of the adjustment is not material to the consolidated financial statements for any interim or annual periods prior to 2025 and is not expected to be material to the 2025 annual period.
During the first quarter of 2024, we identified an error and recorded an out of period adjustment of $ 5 million to correct an understatement of revenue in prior periods, of which $ 4 million originated in 2020 and prior. The impact of the adjustment was not material to the consolidated financial statements for any interim or annual periods.
Accounting Pronouncements Not Yet Adopted
In November 2024, the Financial Accounting Standards Board (FASB) issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed information about specified categories of expenses included in certain expense captions presented on the face of the income statement. This standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently assessing the impact this standard will have on our disclosures.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires additional income tax disclosures, including the rate reconciliation and taxes paid. This standard is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact this standard will have on our disclosures.






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 March 31, 2025
SendTech Solutions Presort Services Other
Revenue from services and products
Revenue from leasing transactions and financing Total consolidated revenue
Major service/product lines
Services $ 123,067 $ 177,814 $ 17,551 $ 318,432 $ $ 318,432
Products 53,252 53,252 39,938 93,190
Financing and other 81,798 81,798
Subtotal 176,319 177,814 17,551 371,684 $ 121,736 $ 493,420
Revenue from leasing transactions and financing 121,736 121,736
Total revenue $ 298,055 $ 177,814 $ 17,551 $ 493,420
Timing of revenue recognition from services and products
Services/products transferred at a point in time
$ 66,403 $ $ $ 66,403
Services/products transferred over time
109,916 177,814 17,551 305,281
Total $ 176,319 $ 177,814 $ 17,551 $ 371,684


Three Months Ended March 31, 2024
SendTech Solutions Presort Services Other
Revenue from services and products
Revenue from leasing transactions and financing Total consolidated revenue
Major service/product lines
Services $ 128,858 $ 169,807 $ 24,025 $ 322,690 $ $ 322,690
Products 61,453 61,453 52,671 114,124
Financing and other 84,455 84,455
Subtotal 190,311 169,807 24,025 384,143 $ 137,126 $ 521,269
Revenue from leasing transactions and financing 137,126 137,126
Total revenue $ 327,437 $ 169,807 $ 24,025 $ 521,269
Timing of revenue recognition from services and products
Services/products transferred at a point in time
$ 76,465 $ $ $ 76,465
Services/products transferred over time
113,846 169,807 24,025 307,678
Total $ 190,311 $ 169,807 $ 24,025 $ 384,143
Our performance obligations for revenue from services and products are as follows:
Services revenue includes revenues from digital shipping and mailing technology solutions and the maintenance, professional and subscription services related to those solutions, and mail processing services. Revenues for mail processing services and cross-border solutions are 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. Revenue for maintenance and subscription services is recognized ratably over the contract period, which ranges from one to five years, and revenue for professional services is recognized when services are provided.
Products revenue generally includes the sale of mailing and shipping equipment and related supplies. We recognize revenue upon delivery for self-install equipment and supplies and upon acceptance or installation for other equipment.
8


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Financing and other revenue 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 location March 31, 2025 December 31, 2024 Increase/ (decrease)
Advance billings, current Advance billings $ 66,742 $ 63,732 $ 3,010
Advance billings, noncurrent Other noncurrent liabilities $ 336 $ 159 $ 177

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 maintenance services on mailing equipment. Revenue recognized during the period includes $ 32 million of advance billings at the beginning of the period. Current advance billings shown above at March 31, 2025 and December 31, 2024 does not include $ 8 million and $ 6 million, respectively, from leasing transactions.

Future Performance Obligations
Future performance obligations primarily include maintenance and subscription services bundled with our leasing contracts. The transaction prices allocated to future performance obligations will be recognized as follows:
Remainder of 2025 2026 2027-2030 Total
SendTech Solutions $ 191,529 $ 211,674 $ 285,174 $ 688,377
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.
9


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 SendTech Solutions and Presort Services. SendTech Solutions includes the revenue and related expenses from physical and digital shipping and mailing technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. Presort Services includes the revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.
Other operations includes the revenue and related expenses of a cross-border services contract and prior operations and shared services of our former Global Ecommerce reporting segment that was retained or did not qualify for discontinued operations treatment.
Due to a change in how these functions are now managed, effective January 1, 2025, we revised our corporate expense allocation methodology to allocate all marketing and innovation expenses to our SendTech Solutions segment. Prior periods have been recast to conform to the current period presentation.
Management, including our Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated as segment revenues less the related costs and expenses attributable to the segment. Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items not allocated to our 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 income or loss from continuing operations before taxes.
Revenue
Three Months Ended March 31,
2025 2024
SendTech Solutions $ 298,055 $ 327,437
Presort Services 177,814 169,807
Total segment revenue 475,869 497,244
Other
17,551 24,025
Total revenue $ 493,420 $ 521,269


Three Months Ended March 31,
2025 2024
SendTech Solutions
Revenue $ 298,055 $ 327,437
Less:
Cost of revenue 92,688 109,473
Operating expenses
110,433 124,254
Adjusted segment EBIT $ 94,934 $ 93,710
Presort Services
Revenue $ 177,814 $ 169,807
Less:
Cost of revenue
104,635 107,327
Operating expenses
18,400 22,151
Adjusted segment EBIT $ 54,779 $ 40,329

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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Adjusted Segment EBIT
Three Months Ended March 31,
2025 2024
SendTech Solutions $ 94,934 $ 93,710
Presort Services 54,779 40,329
Total adjusted segment EBIT 149,713 134,039
Reconciliation of adjusted segment EBIT to income from continuing operations before taxes:
Other operations
1,879 1,494
Interest expense, net ( 37,885 ) ( 43,909 )
Corporate expenses
( 31,903 ) ( 42,202 )
Restructuring charges
( 1,400 ) ( 3,766 )
Loss on debt redemption/refinancing ( 24,646 )
Foreign currency (loss) gain on intercompany loans ( 7,595 ) 4,638
Benefit in connection with Ecommerce Restructuring
459
Strategic review costs
( 1,890 ) ( 2,690 )
Income from continuing operations before taxes
$ 46,732 $ 47,604


4. Discontinued Operations
On August 8, 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority of the Company’s Global Ecommerce reporting segment. In connection with the wind-down, an affiliate of Hilco Commercial Industrial, LLC (“Hilco”) subscribed for 81 % of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment’s net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the “Ecommerce Debtors”) for de minimis consideration (the “GEC Sale”), with a subsidiary of Pitney Bowes retaining 19 % of the voting interests and 100 % of the economic interests.
Subsequent to the GEC Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases and conduct an orderly wind-down of the Ecommerce Debtors (the “GEC Chapter 11 Cases”). As a result of the GEC Chapter 11 Cases, the Company determined that it no longer had control of the Ecommerce Debtors and therefore, the Ecommerce Debtors were deconsolidated. We refer to the GEC Sale, the GEC Chapter 11 Cases and any associated transactions as the “Ecommerce Restructuring”.
On November 25, 2024, the Bankruptcy Court confirmed the Ecommerce Debtors’ Third Amended Joint Plan of Liquidation (the “Plan”) and on December 9, 2024, the Plan became effective in accordance with its terms, substantially consummating the separation of the Company from the Ecommerce Debtors.
In connection with the GEC Chapter 11 Cases, we provided a senior secured, super-priority debtor-in-possession term loan (the "DIP Facility") to the Ecommerce Debtors and provided initial funding of $ 28 million. Through March 31, 2025, we received payments of $ 13 million. The remaining balance on the DIP Facility is fully reserved and any future distributions will be recorded as income in the period received.
We account for the investment in the Ecommerce Debtors using the equity method, but have ascribed a fair value of our economic interest in the Ecommerce Debtors of zero . We do not anticipate receiving any recovery or distribution from our economic equity interest and remain exposed to the economic risks and continued costs applicable to the Ecommerce Debtors through our investment in the DIP Facility.









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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Discontinued operations for the period ended March 31, 2024 is comprised of the following:

Three Months Ended March 31, 2024
Revenue $ 309,240
Cost of revenue
314,942
Selling, general and administrative
29,366
Other
2,862
Total costs and expenses
347,170
Loss from discontinued operations before taxes ( 37,930 )
Tax benefit ( 2,941 )
Loss from discontinued operations, net of tax
$ ( 34,989 )
5. Earnings per Share (EPS)
The calculation of basic and diluted EPS is presented below. The sum of the EPS amounts may not equal the totals due to rounding.
Three Months Ended March 31,
2025 2024
Numerator:
Income from continuing operations
$ 35,422 $ 32,104
Loss from discontinued operations, net of tax
( 34,989 )
Net income (loss) $ 35,422 $ ( 2,885 )
Denominator:
Weighted-average shares used in basic EPS
182,872 176,997
Dilutive effect of common stock equivalents
1,901 4,483
Weighted-average shares used in diluted EPS 184,773 181,480
Basic earnings (loss) per share:
Continuing operations $ 0.19 $ 0.18
Discontinued operations ( 0.20 )
Net income (loss) $ 0.19 $ ( 0.02 )
Diluted earnings (loss) per share:
Continuing operations $ 0.19 $ 0.18
Discontinued operations ( 0.19 )
Net income (loss) $ 0.19 $ ( 0.02 )
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive: 3,969 7,063
We utilize the control number concept in the computation of diluted earnings per share to determine whether potential common stock equivalents are dilutive. The control number used is income from continuing operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories.




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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
6. 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:
March 31,
2025
December 31,
2024
Raw materials $ 21,999 $ 20,405
Supplies and service parts 18,472 15,095
Finished products 24,632 24,336
Total inventories $ 65,103 $ 59,836

7. Finance Assets and Lessor Operating Leases
Finance Assets
Finance receivables are comprised of sales-type leases, secured loans and unsecured loans. Sales-type leases and secured loans are 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 are revolving credit lines offered to our clients for postage, supplies and working capital purposes. Unsecured loans 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:
March 31, 2025 December 31, 2024
North America International Total North America International Total
Sales-type lease receivables
Gross finance receivables $ 924,060 $ 117,395 $ 1,041,455 $ 946,294 $ 120,109 $ 1,066,403
Unguaranteed residual values 35,581 5,968 41,549 36,361 5,890 42,251
Unearned income ( 259,886 ) ( 35,621 ) ( 295,507 ) ( 257,971 ) ( 34,674 ) ( 292,645 )
Allowance for credit losses ( 12,303 ) ( 2,165 ) ( 14,468 ) ( 12,659 ) ( 2,324 ) ( 14,983 )
Net investment in sales-type lease receivables 687,452 85,577 773,029 712,025 89,001 801,026
Loan receivables
Loan receivables 367,054 16,966 384,020 334,717 16,874 351,591
Allowance for credit losses ( 6,095 ) ( 143 ) ( 6,238 ) ( 6,549 ) ( 144 ) ( 6,693 )
Net investment in loan receivables 360,959 16,823 377,782 328,168 16,730 344,898
Net investment in finance receivables $ 1,048,411 $ 102,400 $ 1,150,811 $ 1,040,193 $ 105,731 $ 1,145,924

Maturities of gross finance receivables at March 31, 2025 were as follows:
Sales-type Lease Receivables Loan Receivables
North America International Total North America International Total
Remainder 2025 $ 264,931 $ 42,469 $ 307,400 $ 189,629 $ 16,966 $ 206,595
2026 293,370 34,911 328,281 53,160 53,160
2027 203,728 21,949 225,677 50,759 50,759
2028 112,503 12,098 124,601 38,404 38,404
2029 44,771 4,808 49,579 22,055 22,055
Thereafter 4,757 1,160 5,917 13,047 13,047
Total $ 924,060 $ 117,395 $ 1,041,455 $ 367,054 $ 16,966 $ 384,020


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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Aging of Receivables
The aging of gross finance receivables was as follows:
March 31, 2025
Sales-type Lease Receivables Loan Receivables
North America International North America International Total
Past due amounts 0 - 90 days $ 913,405 $ 115,830 $ 363,953 $ 16,866 $ 1,410,054
Past due amounts > 90 days 10,655 1,565 3,101 100 15,421
Total $ 924,060 $ 117,395 $ 367,054 $ 16,966 $ 1,425,475

December 31, 2024
Sales-type Lease Receivables Loan Receivables
North America International North America International Total
Past due amounts 0 - 90 days $ 932,948 $ 117,908 $ 331,411 $ 16,809 $ 1,399,076
Past due amounts > 90 days 13,346 2,201 3,306 65 18,918
Total $ 946,294 $ 120,109 $ 334,717 $ 16,874 $ 1,417,994

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 establish credit approval limits based on the client's credit quality and the type of equipment financed. We cease financing revenue recognition for lease receivables and 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.
Activity in the allowance for credit losses for finance receivables was as follows:
Sales-type Lease Receivables Loan Receivables
North America International North America International Total
Balance at January 1, 2025 $ 12,659 $ 2,324 $ 6,549 $ 144 $ 21,676
Amounts charged to expense 644 ( 105 ) 582 42 1,163
Write-offs ( 1,536 ) ( 186 ) ( 1,543 ) ( 48 ) ( 3,313 )
Recoveries 492 48 328 868
Other 44 84 179 5 312
Balance at March 31, 2025 $ 12,303 $ 2,165 $ 6,095 $ 143 $ 20,706
Sales-type Lease Receivables Loan Receivables
North America International North America International Total
Balance at January 1, 2024 $ 13,942 $ 2,786 $ 6,346 $ 153 $ 23,227
Amounts charged to expense 62 ( 123 ) 631 70 640
Write-offs ( 1,178 ) ( 156 ) ( 1,260 ) ( 67 ) ( 2,661 )
Recoveries 398 113 408 919
Other ( 11 ) ( 141 ) ( 1 ) ( 4 ) ( 157 )
Balance at March 31, 2024 $ 13,213 $ 2,479 $ 6,124 $ 152 $ 21,968


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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
The table below shows write-offs of gross finance receivables by year of origination.
March 31, 2025
Sales Type Lease Receivables Loan Receivables Total
2025 2024 2023 2022 2021 Prior
Write-offs $ 64 $ 124 $ 383 $ 518 $ 396 $ 237 $ 1,591 $ 3,313

March 31, 2024
Sales Type Lease Receivables Loan Receivables Total
2024 2023 2022 2021 2020 Prior
Write-offs $ 21 $ 193 $ 566 $ 249 $ 172 $ 133 $ 1,327 $ 2,661
Credit Quality
The extension 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 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 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. 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.












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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class.
March 31, 2025
Sales Type Lease Receivables Loan Receivables Total
2025 2024 2023 2022 2021 Prior
Low $ 41,655 $ 176,645 $ 191,448 $ 146,902 $ 91,835 $ 100,342 $ 305,415 $ 1,054,242
Medium 8,064 37,437 33,324 25,302 18,973 19,378 38,979 181,457
High 1,101 4,230 3,867 3,345 2,100 2,454 9,678 26,775
Not Scored 30,016 38,875 30,415 20,246 9,259 4,242 29,948 163,001
Total $ 80,836 $ 257,187 $ 259,054 $ 195,795 $ 122,167 $ 126,416 $ 384,020 $ 1,425,475
December 31, 2024
Sales Type Lease Receivables Loan Receivables Total
2024 2023 2022 2021 2020 Prior
Low $ 188,847 $ 210,547 $ 163,892 $ 104,269 $ 66,673 $ 42,586 $ 273,736 $ 1,050,550
Medium 31,970 31,839 26,652 19,180 10,556 10,512 34,376 165,085
High 4,633 4,488 3,753 2,415 2,038 684 11,826 29,837
Not Scored 49,835 38,659 28,250 17,131 5,400 1,594 31,653 172,522
Total $ 275,285 $ 285,533 $ 222,547 $ 142,995 $ 84,667 $ 55,376 $ 351,591 $ 1,417,994


Lease Income
Lease income from sales-type leases, excluding variable lease payments, was as follows:
Three Months Ended March 31,
2025 2024
Profit recognized at commencement $ 19,760 $ 26,977
Interest income 37,763 37,968
Total lease income from sales-type leases $ 57,523 $ 64,945

Lessor Operating Leases
We also lease mailing equipment under operating leases with terms of one to five years . For the three months ended March 31, 2025 and 2024, revenue includes $ 15 million and $ 17 million, respectively, of lease income under operating leases. Maturities of operating leases are as follows:
Remainder 2025 $ 17,658
2026 19,388
2027 14,585
2028 5,620
2029 2,927
Thereafter 760
Total $ 60,938





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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
8. Intangible Assets and Goodwill
Intangible Assets
Intangible assets consisted of the following:
March 31, 2025 December 31, 2024
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Gross
Carrying
Amount
Accumulated
Amortization
Net
Carrying
Amount
Customer relationships $ 46,899 $ ( 30,263 ) $ 16,636 $ 43,569 $ ( 29,179 ) $ 14,390
Software & technology 2,993 ( 1,705 ) 1,288 2,944 ( 1,554 ) 1,390
Total intangible assets $ 49,892 $ ( 31,968 ) $ 17,924 $ 46,513 $ ( 30,733 ) $ 15,780

Amortization expense for both the three months ended March 31, 2025 and 2024 was $ 1 million.
Future amortization expense as of March 31, 2025 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 2025 $ 3,468
2026 3,702
2027 3,437
2028 2,771
2029 1,689
Thereafter 2,857
Total $ 17,924

Goodwill
Changes in the carrying value of goodwill by reporting segment are shown in the table below.
December 31, 2024 Currency impact March 31,
2025
SendTech Solutions $ 497,240 $ 8,684 $ 505,924
Presort Services 223,763 223,763
Total goodwill $ 721,003 $ 8,684 $ 729,687














17


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
9. Fair Value Measurements and Derivative Instruments
We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value:
Level 1 –    Unadjusted quoted prices in active markets for identical assets and liabilities.
Level 2 –    Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management’s best estimate of fair value and that are significant to the fair value of the asset or liability.
Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.
March 31, 2025
Level 1 Level 2 Level 3 Total
Assets:
Money market funds $ 7,329 $ 72,374 $ $ 79,703
Equity securities 11,607 11,607
Commingled fixed income securities 1,646 494 2,140
Government and related securities
2,359 13,119 15,478
Corporate debt securities 42,912 42,912
Mortgage-backed / asset-backed securities 91,689 91,689
Total assets $ 11,334 $ 232,195 $ $ 243,529

December 31, 2024
Level 1 Level 2 Level 3 Total
Assets:
Money market funds $ 6,435 $ 140,125 $ $ 146,560
Equity securities 12,518 12,518
Commingled fixed income securities 1,612 534 2,146
Government and related securities
2,334 13,410 15,744
Corporate debt securities 42,159 42,159
Mortgage-backed / asset-backed securities 98,464 98,464
Total assets $ 10,381 $ 307,210 $ $ 317,591
Investment Securities
The valuation of investment securities is based on a 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.
18


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
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 / Asset-Backed Securities: These securities are valued based on external pricing indices or external price/spread data. These securities are classified as Level 2.

Available-For-Sale Securities
Investment securities classified as available-for-sale are recorded at fair value. Changes in fair value due to market conditions are recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions are recorded in earnings. There were no changes in fair value charged to earnings in the three months ended March 31, 2025 or 2024.

Available-for-sale securities consisted of the following:
March 31, 2025
Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value
Government and related securities $ 21,411 $ 4 $ ( 5,937 ) $ 15,478
Corporate debt securities 50,170 ( 7,258 ) 42,912
Commingled fixed income securities 1,847 ( 201 ) 1,646
Mortgage-backed / asset-backed securities 113,307 ( 21,618 ) 91,689
Total $ 186,735 $ 4 $ ( 35,014 ) $ 151,725
December 31, 2024
Amortized cost Gross unrealized losses Estimated fair value
Government and related securities $ 21,432 $ ( 5,688 ) $ 15,744
Corporate debt securities 50,367 ( 8,208 ) 42,159
Commingled fixed income securities 1,835 ( 223 ) 1,612
Mortgage-backed / asset-backed securities 123,289 ( 24,825 ) 98,464
Total $ 196,923 $ ( 38,944 ) $ 157,979














19


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Investment securities in a loss position were as follows:
March 31, 2025 December 31, 2024
Fair Value Gross unrealized losses Fair Value Gross unrealized losses
Greater than 12 continuous months
Government and related securities $ 15,478 $ 5,937 $ 15,744 $ 5,688
Corporate debt securities 42,912 7,258 39,845 8,206
Commingled fixed income securities 1,646 201
Mortgage-backed / asset-backed securities 91,576 21,617 98,464 24,825
Total $ 151,612 $ 35,013 $ 154,053 $ 38,719
Less than 12 continuous months
Corporate debt securities $ $ $ 2,314 $ 2
Commingled fixed income securities 1,612 223
Mortgage-backed / asset-backed securities 113 1
Total $ 113 $ 1 $ 3,926 $ 225
At March 31, 2025, substantially all securities in the investment portfolio were in an unrealized loss position. However, we have not recorded an allowance for credit loss or an impairment charge as 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.
Scheduled maturities of available-for-sale securities at March 31, 2025 were as follows:
Amortized cost Estimated fair value
Within 1 year $ 4,181 $ 3,985
After 1 year through 5 years 9,521 8,469
After 5 years through 10 years 37,620 32,636
After 10 years 135,413 106,635
Total $ 186,735 $ 151,725
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
Certain investment securities are classified as held-to-maturity and include certificates of deposits with maturities less than 90 days and highly-liquid government securities with maturities less than two years . Held-to-maturity securities at March 31, 2025 and December 31, 2024 totaled $ 133 million and $ 203 million, respectively.

Derivative Instruments
We are exposed to the impact of changes in interest rates and foreign currency exchange rates. We may use derivative instruments to limit the effects on our financial results from changes in interest rates and currency exchange rates. We do not use derivatives for trading or speculative purposes. We did not enter into any derivative instruments during the quarter ended March 31, 2025.

Interest Rate Swaps
At March 31, 2024, we had outstanding interest rate swap agreements that effectively converted $ 200 million of variable rate debt to fixed rates. These swaps were designated as cash flow hedges. The swaps were recorded at fair value at the end of each reporting period with the change in fair value reflected in AOCL. For the three months ended March 31, 2024, the amount recognized in AOCL was a loss of $ 2 million and the amount reclassified from AOCL to earnings was a gain of $ 3 million.

20


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
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, 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 is presented above. The inputs used to estimate the fair value of debt included recently executed transactions and market price quotations (Level 2 inputs within the fair value hierarchy).
The carrying value and estimated fair value of debt was as follows:
March 31, 2025 December 31, 2024
Carrying value $ 1,913,152 $ 1,919,708
Fair value $ 1,820,224 $ 1,823,430


10. Restructuring Charges
2024 Plan
We continue to take actions and incur charges under this plan. Through March 31, 2025, we eliminated approximately 2,800 positions and incurred cumulative charges of $ 75 million. We expect the 2024 Plan to be completed by the end of the first half of 2025.
Activity in our restructuring reserves was as follows:
2024 Plan
Balance at January 1, 2025 $ 23,164
Amounts charged to expense
1,400
Cash payments ( 13,106 )
Noncash activity ( 568 )
Balance at March 31, 2025 $ 10,890
2023 Plan
Balance at January 1, 2024 $ 26,128
Amounts charged to expense - continuing operations
3,766
Amounts charged to expense - discontinued operations
549
Cash payments ( 14,989 )
Noncash activity ( 875 )
Balance at March 31, 2024 $ 14,579

Components of restructuring expense were as follows:
Three Months Ended March 31, 2025 Three Months Ended March 31, 2024
2024 Plan 2023 Plan
Severance $ 832 $ 2,870
Facilities and other 568 896
Total $ 1,400 $ 3,766
Components of restructuring expense in discontinued operations primarily included severance charges.



21


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

11. Debt
Total debt consisted of the following:


Interest rate March 31, 2025 December 31, 2024
Term loan due March 2026
SOFR + 2.25 %
$ $ 235,000
Notes due March 2027 6.875 % 372,500 380,000
Notes due March 2028
SOFR + 6.9 %
96,563
Term loan due March 2028
SOFR + 4.0 %
433,125
Term loan due March 2028
SOFR + 2.35 %
160,000
Notes due March 2029 7.25 % 335,000 350,000
Term loan due March 2032
SOFR + 3.75 %
615,000
Notes due January 2037 5.25 % 35,841 35,841
Notes due March 2043 6.70 % 425,000 425,000
Principal amount 1,943,341 1,955,529
Less: unamortized costs, net 30,189 35,821
Total debt 1,913,152 1,919,708
Less: current portion long-term debt 14,150 53,250
Long-term debt $ 1,899,002 $ 1,866,458

In the first quarter of 2025, we redeemed the remaining outstanding balance of the Notes due March 2028 and recorded a loss of $ 17 million in other expense. Additionally, we entered into a new senior secured credit agreement (the "New Credit Agreement"), which provides for $ 265 million revolving credit facility maturing March 2028, a $ 160 million term loan maturing March 2028 and a $ 615 million term loan maturing March 2032. The proceeds were used to repay the outstanding balances of the Term loan due March 2026 and Term loan due March 2028 and for general corporate purposes. We recorded a loss of $ 8 million in connection with this refinance in other expense. We also purchased an aggregate $ 23 million of the Notes due March 2027 and Notes due March 2029.
From April 1, 2025 through May 2, 2025, we purchased an additional aggregate $ 14 million of the Notes due March 2027 and Notes due March 2029.
Under the New Credit Agreement, we are required to maintain (with maintenance tested quarterly) (i) a Consolidated Interest Coverage Ratio (as defined in the New Credit Agreement) of not less than 2.00 to 1.00, (ii) a Consolidated Secured Net Leverage Ratio (as defined in the New Credit Agreement) of no greater than 3.00 to 1.00 and (iii) a Consolidated Total Net Leverage Ratio (as defined in the New Credit Agreement) of no greater than (a) 5.25 to 1.00 for the fiscal quarters ending March 31, 2025 and June 30, 2025, (b) 5.00 to 1.00 for the fiscal quarters ending September 30, 2025 and December 31, 2025 and (c) 4.75 to 1.00 for each fiscal quarter ending on or after March 31, 2026. At March 31, 2025, we were in compliance with these financial covenants and there were no outstanding borrowings under the revolving credit facility. Borrowings under our New Credit Agreement are secured by assets of the Company.
The New Credit Agreement also contains provisions whereby if, on any day between the period commencing on September 14, 2026 and ending on March 15, 2027 the Notes due March 2027 have not been redeemed in full and liquidity is less than an amount equal to the amount to redeem the Notes due March 2027 plus $ 100 million, the Term loan due March 2028 and any borrowings under the revolving credit facility would become due on such date (the "Pro Rata Springing Maturity Date"), and if on any date during the period beginning on December 14, 2026 and ending on March 15, 2027, the Notes due March 2027 remain outstanding and the Pro Rata Springing Maturity Date has occurred, the Term loan due March 2032 would be become due on such date. We are considering various strategies and fully intend to redeem the Notes due March 2027 before September 2026 either with available cash on hand or refinance through the capital markets.




22


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
12. Pensions and Other Benefit Programs
The components of net periodic benefit (income) cost were as follows:
Defined Benefit Pension Plans Nonpension Postretirement Benefit Plans
United States Foreign
Three Months Ended Three Months Ended Three Months Ended
March 31, March 31, March 31,
2025 2024 2025 2024 2025 2024
Service cost $ 6 $ 12 $ 278 $ 188 $ 70 $ 92
Interest cost 13,522 14,966 5,608 5,201 1,038 1,136
Expected return on plan assets ( 18,650 ) ( 21,909 ) ( 6,382 ) ( 6,450 )
Amortization of prior service (credit) cost ( 5 ) ( 5 ) 73 74
Amortization of net actuarial loss (gain) 5,071 4,972 2,183 1,923 ( 604 ) ( 295 )
Net periodic benefit (income) cost $ ( 56 ) $ ( 1,964 ) $ 1,760 $ 936 $ 504 $ 933
Contributions to benefit plans $ 1,613 $ 1,069 $ 7,356 $ 6,998 $ 3,702 $ 3,700

13. Income Taxes
The effective tax rate for the three months ended March 31, 2025 is 24.2 % and includes a benefit of $ 2 million for the vesting of restricted stock. The effective tax rate for the three months ended March 31, 2024 is 32.6 % and includes a charge of $ 1 million for the vesting of restricted stock.
On a regular basis, we conclude tax return examinations, statutes of limitation expire, and court decisions interpret tax law. We regularly assess tax uncertainties in light of these developments; and 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 45 % 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 2020 are closed to audit, except for review of the Tax Cuts and Jobs Act Sec. 965 transition tax. On a state and local level, returns for most jurisdictions are closed through 2019. For our significant non-U.S. jurisdictions, Canada is closed to examination through 2019 except for a specific issue under current exam, and France, Germany and the U.K. are closed through 2019, 2017 and 2022, respectively. We also have other less significant tax filings currently subject to examination.


14. 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.
On October 1, 2024, one of the Ecommerce Debtors filed a complaint against Trilogy Leasing Co., LLC (“Trilogy”) in the United States Bankruptcy Court for the Southern District of Texas seeking to recharacterize certain Equipment Supplements to which they are parties as disguised financings ("Recharacterization Proceeding"). On October 8, 2024, we filed a motion to intervene in support of the Ecommerce Debtors' position, which the court granted on April 1, 2025. The case is now proceeding.
On November 7, 2024, Trilogy and its parent company Kingsbridge Holdings, LLC brought suit against us in the Circuit Court of Cook County, Illinois, alleging that we are liable for certain Equipment Supplements that were executed by the Ecommerce Debtors and by Pitney Bowes Presort Services, LLC. On December 16, 2024, we removed the litigation to the Northern District of Illinois based on diversity jurisdiction and subsequently filed a motion to dismiss, and to the extent not dismissed, stay the action pending the conclusion of the Recharacterization Proceeding.
Due to uncertainties inherent in litigation, any actions could have a material 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.
23


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
15. Stockholders’ Deficit
Changes in stockholders’ deficit were as follows:
Common stock Retained earnings Accumulated other comprehensive loss Treasury stock Total deficit
Balance at January 1, 2025 $ 270,338 $ 2,671,868 $ ( 839,171 ) $ ( 2,681,468 ) $ ( 578,433 )
Net income 35,422 35,422
Other comprehensive income
27,596 27,596
Dividends paid ($ 0.06 per common share)
( 10,980 ) ( 10,980 )
Issuance of common stock ( 47,278 ) 50,106 2,828
Stock-based compensation expense
2,683 2,683
Repurchase of common stock ( 15,000 ) ( 15,000 )
Balance at March 31, 2025 $ 270,338 $ 2,651,715 $ ( 811,575 ) $ ( 2,646,362 ) $ ( 535,884 )

Common stock Retained earnings Accumulated other comprehensive loss Treasury stock Total deficit
Balance at January 1, 2024 $ 270,338 $ 3,077,988 $ ( 851,245 ) $ ( 2,865,657 ) $ ( 368,576 )
Net loss ( 2,885 ) ( 2,885 )
Other comprehensive loss
( 12,566 ) ( 12,566 )
Dividends paid ($ 0.05 per common share)
( 8,832 ) ( 8,832 )
Issuance of common stock ( 41,631 ) 39,745 ( 1,886 )
Stock-based compensation expense
2,390 2,390
Balance at March 31, 2024 $ 270,338 $ 3,027,030 $ ( 863,811 ) $ ( 2,825,912 ) $ ( 392,355 )


16. Accumulated Other Comprehensive Loss
Reclassifications out of AOCL were as follows:
Gain (Loss) Reclassified from AOCL
Three Months Ended March 31,
2025 2024
Cash flow hedges
Interest expense, net $ $ 2,591
Income tax provision 648
Net of tax $ $ 1,943
Available-for-sale securities
Financing revenue $ ( 505 ) $ ( 648 )
Income tax benefit
( 126 ) ( 162 )
Net of tax $ ( 379 ) $ ( 486 )
Pension and postretirement benefit plans
Prior service costs $ ( 68 ) $ ( 69 )
Actuarial losses ( 6,650 ) ( 6,600 )
Total before tax ( 6,718 ) ( 6,669 )
Income tax benefit ( 1,666 ) ( 1,628 )
Net of tax $ ( 5,052 ) $ ( 5,041 )
24


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Changes in AOCL, net of tax were as follows:
Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total
Balance at January 1, 2025 $ ( 29,597 ) $ ( 704,818 ) $ ( 104,756 ) $ ( 839,171 )
Other comprehensive income before reclassifications
2,616 19,549 22,165
Reclassifications into earnings 379 5,052 5,431
Net other comprehensive income
2,995 5,052 19,549 27,596
Balance at March 31, 2025 $ ( 26,602 ) $ ( 699,766 ) $ ( 85,207 ) $ ( 811,575 )

Cash flow hedges Available for sale securities Pension and postretirement benefit plans Foreign currency adjustments Total
Balance at January 1, 2024 $ 6,962 $ ( 33,463 ) $ ( 757,452 ) $ ( 67,292 ) $ ( 851,245 )
Other comprehensive income (loss) before reclassifications 702 ( 1,453 ) ( 15,399 ) ( 16,150 )
Reclassifications into earnings ( 1,943 ) 486 5,041 3,584
Net other comprehensive (loss) income ( 1,241 ) ( 967 ) 5,041 ( 15,399 ) ( 12,566 )
Balance at March 31, 2024 $ 5,721 $ ( 34,430 ) $ ( 752,411 ) $ ( 82,691 ) $ ( 863,811 )


17. Supplemental Financial Statement Information
Activity in the allowance for credit losses, other than finance receivables (see Note 7 for further information) is presented below.
Three Months Ended March 31,
2025 2024
Balance at beginning of year $ 27,096 $ 5,292
Amounts charged to expense ( 724 ) 3,699
Write-offs, recoveries and other ( 1,044 ) ( 808 )
Balance at end of period $ 25,328 $ 8,183
Accounts and other receivables $ 7,494 $ 8,183
Other current assets and prepayments
17,834
Total $ 25,328 $ 8,183
Interest expense, net
Interest expense, net for the three months ended March 31, 2025 and 2024 includes $ 2 million and $ 4 million of interest income, respectively.

Supplemental cash flow information is as follows:
Three Months Ended March 31,
2025 2024
Cash interest paid $ 49,273 $ 56,013
Cash income tax payments (refunds), net $ 2,980 $ ( 4,352 )
Noncash activity
Capital assets obtained under capital lease obligations $ 857 $ 5,459





25




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 neither historical facts nor assurances of future performance. Instead, they 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," "will," "forecast," "strategy," "goal," "should," "would," "could," "may" 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.
Although we believe the expectations reflected in any of our forward-looking statements are reasonable, our results of operations, financial condition and forward-looking statements are subject to change and to inherent risks and uncertainties 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:
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
accelerated or sudden decline in physical mail volumes
inability to compete effectively with our Sending Technology Solutions competitors
changes in trade policies, tariffs and regulations
the loss of some of our larger clients in our Presort Services segment
global supply chain issues adversely impacting our third party suppliers' ability to provide us products and services
periods of difficult economic conditions, the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, or a U.S. government shutdown, to the company and our clients
changes in foreign currency exchange rates
changes in labor and transportation availability and costs
inability to successfully execute on our strategic initiatives
loss of key employees and accumulated knowledge and ability to attract and retain employees
changes in government contracting regulations and inability to comply
inability to protect our intellectual property rights and intellectual property infringement claims
our success in developing and marketing new products and services and obtaining regulatory approvals, if required
changes within our senior management and Board of Directors
expenses and potential impacts resulting from cyber-attacks or other cybersecurity incidents affecting us or our suppliers
inability to comply with data privacy and protection laws and regulations
interruptions or difficulties in the operation of our cloud-based applications and systems or those of our suppliers
changes in credit ratings, capital market disruptions, decline in cash flows, noncompliance with debt covenants or significant withdrawals by depositors at the Pitney Bowes Bank that adversely impact our ability to access capital markets at reasonable costs
the potential for future interest rate increases on our cost of debt
our success at managing customer credit risk
the risks and uncertainties associated with the Ecommerce Restructuring
changes in banking regulations, major bank failures or the loss of our Industrial Bank charter
changes in tax rates, laws or regulations
changing expectations and regulations in the areas of Environmental, Social and Governance ("ESG")
acts of nature and the impact of a pandemic on the Company and the services and solutions we offer
shareholder activism
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 2024 Annual Report, as supplemented by Part II, Item 1A in this Quarterly Report on Form 10-Q.
26




Ecommerce Restructuring
On August 8, 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority the Company’s Global Ecommerce reporting segment. In connection with the wind-down, an affiliate of Hilco Commercial Industrial, LLC (“Hilco”) subscribed for 81% of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment’s net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the “Ecommerce Debtors”) for de minimis consideration (the “GEC Sale”), with a subsidiary of Pitney Bowes retaining 19% of the voting interests and 100% of the economic interests. Subsequent to the GEC Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases and conduct an orderly wind down of the Ecommerce Debtors (the “GEC Chapter 11 Cases”). We refer to the GEC Sale, the GEC Chapter 11 Cases and any associated transactions as the “Ecommerce Restructuring”.
As a result of the Ecommerce Restructuring, certain revenues and expenses for the period ended March 31, 2024 are reported as discontinued operations in our Condensed Consolidated Financial Statements. Prior periods have been recast to conform to the current period presentation. For segment reporting purposes, the remaining portion of Global Ecommerce in continuing operations is now reported as "Other" and includes the revenue and related expenses of a cross-border services contract and prior operations and shared services. See Note 4 for further information.

Outlook
Within SendTech Solutions, mailing-related revenues are expected to decline driven by lower meter populations and a higher mix of lease extensions versus new equipment sales and leases. We expect this decline to be partially offset by growth in our shipping offerings, particularly our SaaS solutions. The shift to lease extensions will result in declining equipment sales in the near term, but more stable and continued cash flows over the lease term.
Within Presort Services, we expect revenue and margin improvements from the investments we made in automation and technology to drive increased efficiencies and productivity.
The U.S. government has recently announced a broad range of tariffs on goods imported into the United States. The amount of tariffs imposed has been volatile and is different for each country of origin. We are continuously assessing the potential impact these tariffs may have on our operations and considering various mitigating actions.




















27




RESULTS OF OPERATIONS
OVERVIEW OF CONSOLIDATED RESULTS
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.
Financial Results Summary - Three Months Ended March 31:
Three Months Ended March 31,
Favorable/(Unfavorable)
2025 2024 Actual % Change Constant Currency % change
Total revenue $ 493,420 $ 521,269 (5) % (5) %
Cost of revenue 224,299 248,522 10 %
Operating expenses 222,389 225,143 1 %
Income from continuing operations before taxes 46,732 47,604 (2) %
Provision for income taxes 11,310 15,500 27 %
Income from continuing operations 35,422 32,104 10 %
Loss from discontinued operations, net of tax (34,989) 100 %
Net income (loss) $ 35,422 $ (2,885) >100%
Revenue decreased $28 million in the first quarter of 2025 compared to the prior year period due to lower products revenue of $21 million, lower services revenue of $4 million and lower financing and other revenue of $3 million.
Costs of revenue decreased $24 million primarily due to lower cost of products of $12 million, lower cost of services of $9 million and lower cost of financing and other of $3 million.
Total operating expenses decreased $3 million compared to the prior year period primarily due to:
lower selling, general and administrative (SG&A) expense of $21 million primarily due to lower employee-related expenses of $25 million driven by actions taken under the 2024 Plan;
lower research and development costs of $3 million primarily due to cost savings initiatives; and
lower restructuring charges of $2 million driven by actions taken under the 2023 and 2024 Plans; partially offset by
Other expense in the first quarter of 2025 of $24 million, primarily due to a loss on the redemption/refinancing of debt.
The effective tax rate for the three months ended March 31, 2025 includes a benefit of $2 million for the vesting of restricted stock and the effective tax rate for the three months ended March 31, 2024 includes a charge of $1 million for the vesting of restricted stock. See Note 13 for more information.
As a result of the above, income from continuing operations for the first quarter of 2025 was $35 million compared to $32 million in the prior year period. Net loss for the first quarter of 2024 was $3 million and includes a loss from discontinued operations, net of tax of $35 million. See Note 4 for more information.





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SEGMENT RESULTS
Effective January 1, 2025, we revised our reporting presentation of revenue and cost of revenue in order to better align with our offerings. Additionally, due to a change in how these functions are now managed, we revised our corporate expense allocation methodology to allocate all marketing and innovation expenses to our SendTech Solutions segment. Prior periods have been recast to conform to the current period presentation.
We allocate a portion our total interest expense to finance interest expense, included in Cost of financing and other in our Condensed Consolidated Statements of Operations.
Management measures segment profitability and performance as segment revenues less the related costs and expenses attributable to the segment. Segment results exclude interest, including finance interest expense, taxes, corporate expenses, restructuring charges and other items not allocated to the segments.

SendTech Solutions
SendTech Solutions provides clients with physical and digital shipping and mailing 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 March 31,
Favorable/(Unfavorable)
2025 2024 Actual % change Constant Currency % change
Services $ 123,067 $ 128,858 (4) % (4) %
Products 93,190 114,124 (18) % (18) %
Financing and other 81,798 84,455 (3) % (3) %
Total revenue 298,055 327,437 (9) % (8) %
Cost of services 37,877 42,035 10 %
Cost of products 50,919 62,754 19 %
Cost of financing and other
3,892 4,684 17 %
Total costs of revenue 92,688 109,473 15 %
Gross margin 205,367 217,964 (6) %
Gross margin % 68.9 % 66.6 %
Selling, general and administrative 105,098 117,026 10 %
Research and development 3,528 7,765 55 %
Other components of pension and post retirement cost
1,807 (537) >(100%)
Adjusted Segment EBIT $ 94,934 $ 93,710 1 %
SendTech Solutions revenue decreased $29 million in the first quarter of 2025 compared to the prior year period, which includes an unfavorable adjustment of $4 million related to prior periods. Products revenue declined $21 million primarily due to customers opting to extend leases of their existing advanced-technology equipment rather than purchase new equipment, the impact of the prior year product migration and a significant deal in the prior year. Services revenue declined $6 million primarily due to the declining meter population, which was partially offset by growth in our shipping subscriptions. Financing and other revenue declined $3 million.
Gross margin declined $13 million compared to the prior year period primarily driven by lower revenue; however, gross margin percentage increased to 68.9% from 66.6% driven by headcount reductions and other cost savings initiatives.
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SG&A expense declined $12 million, primarily driven by lower employee-related expenses and overall cost savings initiatives.
Adjusted segment EBIT was $95 million in the first quarter of 2025, which includes the $4 million charge from the unfavorable revenue adjustment related to prior periods compared to $94 million for the prior year period.

Presort Services
Presort Services is 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/Bound Printed Matter for postal worksharing discounts.
Financial performance for the Presort Services segment was as follows:
Three Months Ended March 31,
Favorable/(Unfavorable)
2025 2024 Actual % Change Constant Currency % change
Services $ 177,814 $ 169,807 5 % 5 %
Cost of services 104,635 107,327 3 %
Gross Margin 73,179 62,480 17 %
Gross Margin % 41.2 % 36.8 %
Selling, general and administrative 18,353 22,101 17 %
Other components of net pension and postretirement cost
47 50 6 %
Adjusted segment EBIT $ 54,779 $ 40,329 36 %
Revenue increased $8 million in the first quarter of 2025 compared to the prior year period primarily due to pricing actions despite a 2% decline in total mail volumes. The processing of First Class Mail and Marketing Mail contributed revenue increases of $13 million and $1 million, respectively, which was partially offset by a revenue decrease from Marketing Mail Flats/Bound Printed Matter of $6 million. Prior year revenue includes a $5 million favorable adjustment related to prior periods. See Note 1 for more information.
Gross margin increased $11 million and gross margin percentage increased from 36.8% in the prior period to 41.2% primarily due to the increase in revenue, lower transportation costs of $1 million driven by lane optimization and lower labor costs of $1 million.
SG&A expense declined $4 million compared to the prior year period driven primarily by lower credit loss provision of $2 million and lower employee related expenses of $1 million.
Adjusted segment EBIT was $55 million in the first quarter of 2025 compared to $40 million in the prior year period, which includes the $5 million benefit from the favorable revenue adjustment.









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CORPORATE EXPENSES
The majority of 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 corporate expenses. Corporate expenses primarily represents corporate administrative functions such as finance, human resources, legal and information technology.
Corporate expenses were as follows:
Three Months Ended March 31,
Favorable/(Unfavorable)
2025 2024 Actual % change
Corporate expenses
$ 31,903 $ 42,202 24 %
Corporate expenses for the first quarter of 2025 decreased $10 million compared to the prior year period primarily due to lower salary expense of $12 million driven by actions taken under the 2024 Plan and lower variable compensation expense of $3 million.
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LIQUIDITY AND CAPITAL RESOURCES
Our ability to maintain adequate liquidity for our operations is dependent upon a number of factors, including our revenue and earnings, our ability to manage costs and improve productivity, our clients' ability to pay their balances on a timely basis and the impacts of changing macroeconomic and geopolitical conditions. At March 31, 2025, we had cash, cash equivalents and short-term investments of $340 million, which includes $43 million held at our foreign subsidiaries used to support their liquidity needs. At this time, we believe that existing cash and investments, cash generated from operations and borrowing capacity under our 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:
2025 2024 Change
Net cash from operating activities $ (16,679) $ (12,609) $ (4,070)
Net cash from investing activities (45,536) (11,841) (33,695)
Net cash from financing activities (85,066) (58,433) (26,633)
Effect of exchange rate changes on cash and cash equivalents 1,342 (2,147) 3,489
Change in cash and cash equivalents $ (145,939) $ (85,030) $ (60,909)
Operating Activities
Cash flows from operating activities for the first quarter of 2025 declined $4 million compared to the prior year period driven primarily by the annual payment of incentive awards, partially offset by higher income and lower cash outflows from discontinued operations.
Investing Activities
Cash flows from investing activities for the first quarter of 2025 declined $34 million compared to the prior year period primarily due to higher investments in loan receivables of $35 million, higher capital expenditures of $3 million and $2 million for a Presort Services acquisition, partially offset by lower cash outflows from discontinued operations of $6 million.
Financing Activities
Cash flows from financing activities for the first quarter of 2025 declined $27 million compared to the prior year period primarily due to the fees to redeem and refinance debt of $21 million and repurchases of our common stock of $15 million.
We paid dividends of $11 million in the quarter. Each quarter, our Board of Directors considers whether to approve the payment of a dividend. We currently expect to continue paying a quarterly dividend; however, no assurances can be given.

Debt and Financing Activities
In the first quarter of 2025, we redeemed the remaining outstanding balance of the Notes due March 2028 and recorded a loss of $17 million in other expense. Additionally, we entered into a new senior secured credit agreement (the "New Credit Agreement"), which provides for $265 million revolving credit facility maturing March 2028, a $160 million term loan maturing March 2028 and a $615 million term loan maturing March 2032. The proceeds were used to repay the outstanding balances of the Term loan due March 2026 and Term loan due March 2028 and for general corporate purposes. We recorded a loss of $8 million in connection with this refinance in other expense. We also purchased an aggregate $23 million of the Notes due March 2027 and Notes due March 2029.
From April 1, 2025 through May 2, 2025, we purchased an additional aggregate 14 million of the Notes due March 2027 and Notes due March 2029.
Under the New Credit Agreement, we are required to maintain (with maintenance tested quarterly) (i) a Consolidated Interest Coverage Ratio (as defined in the New Credit Agreement) of not less than 2.00 to 1.00, (ii) a Consolidated Secured Net Leverage Ratio (as defined in the New Credit Agreement) of no greater than 3.00 to 1.00 and (iii) a Consolidated Total Net Leverage Ratio (as defined in the New Credit Agreement) of no greater than (a) 5.25 to 1.00 for the fiscal quarters ending March 31, 2025 and June 30, 2025, (b) 5.00 to 1.00 for the fiscal quarters ending September 30, 2025 and December 31, 2025 and (c) 4.75 to 1.00 for each fiscal quarter ending on or after March 31, 2026. At March 31, 2025, we were in compliance with these financial covenants and there were no outstanding borrowings under the revolving credit facility. Borrowings under our New Credit Agreement are secured by assets of the Company.
The New Credit Agreement also contains provisions whereby if, on any day between the period commencing on September 14, 2026 and ending on March 15, 2027 the Notes due March 2027 have not been redeemed in full and liquidity is less than an amount equal to
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the amount to redeem the Notes due March 2027 plus $100 million, the Term loan due March 2028 and any borrowings under the revolving credit facility would become due on such date (the "Pro Rata Springing Maturity Date"), and if on any date during the period beginning on December 14, 2026 and ending on March 15, 2027, the Notes due March 2027 remain outstanding and the Pro Rata Springing Maturity Date has occurred, the Term loan due March 2032 would be become due on such date. We are considering various strategies and fully intend to redeem the Notes due March 2027 before September 2026 either with available cash on hand or refinance through the capital markets.
In connection with the GEC Chapter 11 Cases, the Company, through one of its wholly owned subsidiaries, agreed to provide funding to the Ecommerce Debtors through a DIP Facility. We provided initial funding of $28 million and to-date, have received repayments of $13 million. The remaining balance on the DIP Facility is fully reserved and any future distributions will be recorded as income in the period received.
Off-Balance Sheet Arrangements
At March 31, 2025, there are no off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on our financial condition, results of operations or liquidity.

Regulatory Matters
There have been no significant changes to the regulatory matters disclosed in our 2024 Annual Report.

Critical Accounting Estimates
There have been no significant changes to the Critical Accounting Estimates disclosed in our 2024 Annual Report.

Item 3: Quantitative and Qualitative Disclosures About Market Risk
There were no material changes to the disclosures made in our 2024 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 March 31, 2025.








33




PART II. OTHER INFORMATION
Item 1: Legal Proceedings
See Note 14 to the Condensed Consolidated Financial Statements.

Item 1A: Risk Factors
There were no material changes to the risk factors identified in Item 1A of our 2024 Annual Report.

Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Repurchases of Equity Securities
On February 11, 2025, our Board of Directors authorized a new $150 million share repurchase program. In connection with the new share repurchase program, the Board of Directors terminated and replaced our prior share repurchase program authorized on February 4, 2019. Subject to limitations in our New Credit Agreement, purchases by the Company under the new share repurchase program may be made from time to time in open market or private transactions in such manner as may be deemed advisable from time to time (including, without limitation, pursuant to one or more 10b5-1 trading plans, accelerated share repurchase programs, and any other method that the Company may deem advisable) and may be discontinued at any time. We may also repurchase shares of our common stock to manage the dilution created by shares issued under employee stock plans and for other purposes. The following table provides information about purchases of our common stock during the three months ended March 31, 2025:
Total number of
shares purchased
Average price
paid per share
Total number of
shares purchased
as part of
publicly
announced plans or programs
Approximate
dollar value of
shares that may
yet be purchased
under the plans or programs (in
thousands)
Beginning balance $150,000
January 2025 $ $150,000
February 2025 244,929 $ 10.73 244,929 $147,373
March 2025 1,291,036 $ 9.58 1,291,036 $135,000
1,535,965 $ 9.77 1,535,965
From April 1, 2025 through May 2, 2025, we purchased an additional 1,434,850 shares for a total of $12 million.

Item 3: Defaults Upon Senior Securities
None.

Item 4: Mine Safety Disclosures
Not applicable.









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Item 5: Other Information
During the three months ended March 31, 2025, certain directors and officers of the Company adopted a "Rule 10b5-1 trading arrangement ," as defined in Item 408(a) of Regulation S-K, as set forth in the table below:
Action
Date
Trading Arrangement
Total Shares to be Sold (3)
Expiration Date
Rule 10b5-1 (1)
Non-Rule 10b5-1 (2)
Lauren Thomas DeFina ( Vice President, Chief Accounting Officer )
Adopt
March 10, 2025 (4)
x
11,000 April 30, 2026
(1) Intended to satisfy the affirmative defense of Rule 10b5-1(c).
(2) Not intended to satisfy the affirmative defense of Rule 10b5-1(c).
(3) Represents the maximum number of shares that may be sold pursuant to the 10b5-1 trading arrangement. The actual number of shares sold will be dependent on the terms of, and the satisfaction of the conditions as set forth in, the written plan.
(4) The Rule 10b5-1 trading arrangement was entered into prior to the date Ms. Thomas DeFina became a Section 16 officer (as defined in Rule 16a-1 under the Exchange Act) of the Company.

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Item 6: Exhibits
Exhibit
Number
Description Exhibit Number in this Form 10-Q
3.1 3.2
3.2 3.4
10.1 10.1
10.2*
10.2
10.3*
10.3
31.1 31.1
31.2 31.2
32.1 32.1
32.2 32.2
101.SCH Inline XBRL Taxonomy Extension Schema Document
101.CAL Inline XBRL Taxonomy Calculation Linkbase Document
101.DEF Inline XBRL Taxonomy Definition Linkbase Document
101.LAB Inline XBRL Taxonomy Label Linkbase Document
101.PRE Inline XBRL Taxonomy Presentation Linkbase Document
104 The cover page from the Company's Quarterly Report on Form 10-Q for the current quarter, formatted in Inline XBRL. (included as Exhibit 101).
* The Exhibits identified above with an asterisk (*) are management contracts or compensatory plans or arrangements.

36




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: May 8, 2025
/s/ Robert J. Gold
Robert J. Gold
Executive Vice President and Chief Financial Officer
(Duly Authorized Officer, Principal Financial Officer)
/s/ Lauren Thomas DeFina
Lauren Thomas DeFina
Vice President and Chief Accounting Officer
(Duly Authorized Officer, Principal Accounting Officer)

37
TABLE OF CONTENTS
Part I. Financial InformationprintItem 1: Financial StatementsprintItem 2: Management S Discussion and Analysis Of Financial Condition and Results Of OperationsprintItem 2: Management S Discussion and Analysis OfprintItem 3: Quantitative and Qualitative Disclosures About Market RiskprintItem 4: Controls and ProceduresprintPart II. Other InformationprintItem 1: Legal ProceedingsprintItem 1A: Risk FactorsprintItem 2: Unregistered Sales Of Equity Securities and Use Of ProceedsprintItem 3: Defaults Upon Senior SecuritiesprintItem 4: Mine Safety DisclosuresprintItem 5: Other InformationprintItem 6: Exhibitsprint

Exhibits

3.1 Amended and Restated Certificate of Incorporation of Pitney Bowes Inc. (incorporated by reference to Exhibit 3.2 to the Form 8-K filed with the Commission on May 8, 2024) 3.2 3.2 Pitney Bowes Inc. Amended and Restated By-laws effective May 6, 2024 (incorporated by reference to Exhibit 3.4 to the Form 8-K filed with the Commission on May 8, 2024) 3.4 10.1 Credit Agreement, dated as of February 7, 2025, among Pitney Bowes Inc., a Delaware corporation, the lenders and issuing banks thereto from time to time and Bank of America, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on February 12, 2025) 10.1 10.2* Offer Letter, executed as of February 10, 2025, between Bob Gold and Pitney Bowes Inc. (incorporated by reference to Exhibit 10.2 to the Form 8-K filed with the Commission on February 12, 2025) 10.2 10.3* Separation Agreement, dated as of February 11, 2025, by and between the Company and John Witek (incorporated by reference to Exhibit 10.3 to the Form 8-K filed with the Commission on February 12, 2025) 10.3 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