Pitney Bowes Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Pitney Bowes Inc. has filed its 2023 Form 10-K, detailing its financial performance and position for the fiscal year ending December 31, 2023.</b>

AI Summary

PITNEY BOWES INC /DE/ (PBI-PB) filed a Annual Report (10-K) with the SEC on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. Pitney Bowes Inc. is incorporated in Delaware and operates in the Office Machines, NEC industry (SIC 3579). The company's principal business address is 3001 Summer Street, Stamford, CT 06926-0700. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement components like Revenues, Property, Plant and Equipment, and Liabilities are referenced.

Why It Matters

For investors and stakeholders tracking PITNEY BOWES INC /DE/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Pitney Bowes' financial health and operational results for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed financial data and disclosures within the report are essential for understanding the company's revenue streams, asset base, liabilities, and equity structure, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — PITNEY BOWES INC /DE/ shows moderate risk based on this filing. The company's financial performance over the past three fiscal years (2021-2023) is detailed, but specific growth rates or profitability trends are not immediately apparent from the header information, requiring a deeper dive into the full report.

Analyst Insight

Review the full 10-K filing to analyze detailed financial statements, segment performance, and management's discussion and analysis to understand the company's strategic direction and financial outlook.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-02-20 — Filing Date (Date the 10-K was filed)
• 149 — Public Document Count (Number of documents in the filing)
• 3579 — Standard Industrial Classification (Industry code for Office Machines, NEC)

Key Players & Entities

• PITNEY BOWES INC /DE/ (company) — Filer name
• PBI (company) — Ticker symbol
• 2024-02-20 (date) — Filing date
• 2023-12-31 (date) — Period of report
• 3001 SUMMER STREET (address) — Business address
• STAMFORD (location) — Business address city
• CT (location) — Business address state
• 06926-0700 (postal_code) — Business address zip

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.

Key Financial Figures

• $1 — ange on Which Registered Common Stock, $1 par value per share PBI New York Stock

Filing Documents

• pbi-20231231.htm (10-K) — 3590KB
• exhibit4.htm (EX-4) — 102KB
• pbi20231231ex10e.htm (EX-10.E) — 78KB
• pbi20231231ex21.htm (EX-21) — 31KB
• pbi20231231ex23.htm (EX-23) — 3KB
• pbi20231231ex311.htm (EX-31.1) — 10KB
• pbi20231231ex312.htm (EX-31.2) — 10KB
• pbi20231231ex321.htm (EX-32.1) — 6KB
• pbi20231231ex322.htm (EX-32.2) — 6KB
• pbi-20231231_g1.jpg (GRAPHIC) — 99KB
• 0000078814-24-000004.txt (&nbsp;) — 22108KB
• pbi-20231231.xsd (EX-101.SCH) — 97KB
• pbi-20231231_cal.xml (EX-101.CAL) — 225KB
• pbi-20231231_def.xml (EX-101.DEF) — 701KB
• pbi-20231231_lab.xml (EX-101.LAB) — 1397KB
• pbi-20231231_pre.xml (EX-101.PRE) — 1041KB
• pbi-20231231_htm.xml (XML) — 4958KB

Risk Factors

Item 1A. Risk Factors 8

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 14 Item 1C. Cy bersecurity 14

Properties

Item 2. Properties 15

Legal Proceedings

Item 3. Legal Proceedings 15

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 15 PART II

Market for the Company's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for the Company's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16

R eserved

Item 6. R eserved 16

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 28

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 28

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 28

Controls and Procedures

Item 9A. Controls and Procedures 29

Other Information

Item 9B. Other Information 29

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 29 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 30

Executive Compensation

Item 11. Executive Compensation 30

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 31

Certain Relationships, Related Transactions and Director Independence

Item 13. Certain Relationships, Related Transactions and Director Independence 31

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 31 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 32

Form 10-K Summary

Item 16. Form 10-K Summary 34 Consolidated Financial Statements and Supplemental Data 36 2 PART I

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K (Annual Report) contains statements that are forward-looking. We believe that these forward-looking statements are reasonable based on our current expectations and assumptions. However, we caution readers that any forward-looking statement within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 are subject to risks and uncertainties and actual results could differ materially. Words such as "estimate," "target," "project," "plan," "believe," "expect," "anticipate," "intend" and similar expressions may identify such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements in this Annual Report speak only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only as of the date of those documents. While we believe that the expectations reflected in our forward-looking statements are reasonable, forward-looking statements are subject to inherent risks and uncertainties and subject to change. Accordingly, actual results of operations, financial condition and cash flows could differ materially from those projected or assumed in our forward-looking statements. Certain factors which could cause future financial performance to differ materially from expectations include, without limitation: declining physical mail volumes changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets, or changes to the broader postal or shipping markets our ability to continue to grow volumes, gain additional economies of scale and improve profitability within our Global Ecommerce segment the loss of some of our larger clients in our Global Ecommerce and Presort Services segment

BUSINESS

ITEM 1. BUSINESS General Pitney Bowes Inc. (we, us, our, or the company) is a global shipping and mailing company that provides technology, logistics, and financial services to small and medium sized businesses, large enterprises, including more than 90 percent of the Fortune 500, retailers and government clients around the world. These clients rely on us to remove the complexity and increase the efficiency in their sending of mail and parcels. For additional information, visit www.pitneybowes.com . Business Segments Global Ecommerce Domestic parcel services offers retailers a parcel delivery and returns network for end consumers. We operate numerous domestic parcel sortation centers connected by a nationwide transportation network, enabling us to pick up parcels from retailer distribution centers and move them through our physical network. We also offer fulfillment services, providing pick, pack and ship services for clients through three fulfillment centers co-located within parcel sortation centers to facilitate same-day entry into our parcel delivery network. Cross-border services offers a range of services for our clients to manage their international shopping and shipping experience. Our proprietary technology enables global tracking and logistics services; calculates duty, tax and shipping costs at checkout; enables multi-currency pricing, payment processing and fraud management; ensures compliance with product restrictions and produces all documentation requirements to meet export complexities and customs clearance. Digital delivery services enables clients to reduce transportation and logistics costs, select the best carrier based on need and cost, improve delivery times and track packages in real-time. Powered by our shipping APIs, clients can purchase postage, print shipping labels and access shipping and tracking services from multiple carriers that can be easily integrated into any web application such as online shopping carts or ecommerce sites

RISK FACTORS

ITEM 1A. RISK FACTORS Our operations face certain risks that should be considered in evaluating our business. We manage and mitigate these risks on a proactive basis, using an enterprise risk management program. Nevertheless, the following risk factors, some of which may be beyond our control, could materially affect our business, financial condition, results of operations, brand and reputation, and may cause future results to be materially different than our current expectations. These risk factors are not intended to be all inclusive. Mailing and Shipping Industry Risks The financial condition of the USPS, or the national posts in our other major markets, has affected, and could, in the future, affect the ability of those posts to provide services to us or our clients, which could adversely affect client demand for our offerings and thus our financial perfor

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View this 10-K filing on SEC EDGAR