Pitney Bowes Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Pitney Bowes Inc. filed its quarterly 10-Q report for the period ending March 31, 2024, detailing financial performance across its business segments.</b>

AI Summary

PITNEY BOWES INC /DE/ (PBI-PB) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. Pitney Bowes Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's principal executive offices are located at 3001 Summer Street, Stamford, CT 06926-0700. The filing includes data related to various business segments such as Business Services, Support Services, Financing, Equipment Sales, Supplies Product, and Rentals. The report is filed under the Securities Exchange Act of 1934.

Why It Matters

For investors and stakeholders tracking PITNEY BOWES INC /DE/, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial performance data for Pitney Bowes Inc. for the first quarter of 2024, enabling assessment of recent trends and operational health. The detailed segment reporting within the 10-Q allows for a granular understanding of revenue generation and performance drivers across different areas of Pitney Bowes' operations, such as Business Services and Financing.

Risk Assessment

Risk Level: medium — PITNEY BOWES INC /DE/ shows moderate risk based on this filing. The company operates in a competitive market and faces risks related to technological changes and economic conditions, as indicated by the nature of its business segments like office machines and services.

Analyst Insight

Investors should review the detailed segment performance in the 10-Q to understand revenue drivers and potential headwinds for Pitney Bowes Inc.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-02 — Filing Date (Filed as of Date)
• 97 — Public Document Count (Public Document Count)
• 1231 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• PITNEY BOWES INC /DE/ (company) — Filer name
• 0000078814 (company) — Central Index Key
• 3579 (company) — Standard Industrial Classification
• STAMFORD (company) — City
• CT (company) — State
• 203-356-5000 (company) — Business Phone
• 1934 Act (regulator) — SEC Act
• 001-03579 (regulator) — SEC File Number

FAQ

Risk Factors

• Market Competition [medium — market]: The company operates in competitive markets and faces risks from competitors offering similar products and services.
• Technological Changes [medium — operational]: Rapid technological changes could impact the demand for the company's products and services.
• Economic Conditions [medium — financial]: Deterioration in general economic conditions could adversely affect the company's financial performance.

Key Financial Figures

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

Filing Documents

• pbi-20240331.htm (10-Q) — 1729KB
• indemnificationagreement.htm (EX-10.3) — 102KB
• pbi-20240331ex311.htm (EX-31.1) — 10KB
• pbi-20240331ex312.htm (EX-31.2) — 10KB
• pbi-20240331ex321.htm (EX-32.1) — 6KB
• pbi-20240331ex322.htm (EX-32.2) — 6KB
• 0000078814-24-000026.txt (&nbsp;) — 10719KB
• pbi-20240331.xsd (EX-101.SCH) — 54KB
• pbi-20240331_cal.xml (EX-101.CAL) — 119KB
• pbi-20240331_def.xml (EX-101.DEF) — 323KB
• pbi-20240331_lab.xml (EX-101.LAB) — 653KB
• pbi-20240331_pre.xml (EX-101.PRE) — 499KB
• pbi-20240331_htm.xml (XML) — 2320KB

- Financial Information

Part I - Financial Information: Item 1:

Financial Statements

Financial Statements Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 7 Item 2:

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3:

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4:

Controls and Procedures

Controls and Procedures 35

- Other Information

Part II - Other Information: Item 1:

Legal Proceedings

Legal Proceedings 36 Item 1A:

Risk Factors

Risk Factors 36 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 36 I tem 3: D efaults Upon Senior Securities 36 I tem 4: M ine Safety Disclosures 36 Item 5: Other Information 36 Item 6: Exhibits 37

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

: Financial Statements

Item 1: Financial Statements PITNEY BOWES INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; in thousands, except per share amounts) Three Months Ended March 31, 2024 2023 Revenue: Business services $ 535,597 $ 523,491 Support services 96,333 105,284 Financing 67,663 67,049 Equipment sales 77,403 82,610 Supplies 36,721 38,835 Rentals 16,792 17,269 Total revenue 830,509 834,538 Costs and expenses: Cost of business services 446,367 446,317 Cost of support services 33,055 36,840 Financing interest expense 16,603 14,536 Cost of equipment sales 52,559 57,171 Cost of supplies 10,195 11,225 Cost of rentals 4,684 5,428 Selling, general and administrative 216,197 242,120 Research and development 9,481 10,493 Restructuring charges 4,315 3,599 Interest expense, net 27,766 22,342 Other components of net pension and postretirement income ( 387 ) ( 1,710 ) Other income — ( 2,836 ) Total costs and expenses 820,835 845,525 Income (loss) before taxes 9,674 ( 10,987 ) Provision (benefit) for income taxes 12,559 ( 3,250 ) Net loss $ ( 2,885 ) $ ( 7,737 ) Basic net loss per share $ ( 0.02 ) $ ( 0.04 ) Diluted net loss per share $ ( 0.02 ) $ ( 0.04 ) ` 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, 2024 2023 Net loss $ ( 2,885 ) $ ( 7,737 ) Other comprehensive (loss) income, net of tax: Foreign currency translation, net of tax of $( 496 ) and $ 174 , respectively ( 15,399 ) 10,887 Net unrealized loss on cash flow hedges, net of tax of $( 414 ) and $( 687 ), respectively ( 1,241 ) ( 2,062 ) Net unrealized (loss) gain on investment securities, net of tax of $( 303 ) and $ 1,028 , respectively ( 967 ) 3,272 Amortization of pension and postretirement costs, net of tax of $ 1,628 and $ 1,142 , respectively 5,041 3,489 Other comprehensive (loss) income, net of tax ( 12,566 ) 15,

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