Pitney Bowes Files 10-Q for Q2 2024

TL;DR

PB's Q2 10-Q is in - check the numbers for Business Services, Support Services, Financing, and Equipment Sales vs last year.

AI Summary

Pitney Bowes Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The filing details revenues and expenses across its various segments, including Business Services, Support Services, Financing, and Equipment Sales, for both the second quarter and the first half of 2024, comparing them to the same periods in 2023. The company also disclosed information regarding its long-term debt, such as the A6.70 Notes due 2043.

Why It Matters

This filing provides investors and analysts with a detailed look at Pitney Bowes' financial health and operational performance during the second quarter of 2024, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including debt obligations, which are key factors in assessing a company's risk profile.

Key Numbers

• 2024-01-01 to 2024-06-30 — Reporting Period (First half of 2024)
• 2023-01-01 to 2023-06-30 — Comparative Period (First half of 2023)
• 2024-04-01 to 2024-06-30 — Reporting Period (Second quarter of 2024)
• 2023-04-01 to 2023-06-30 — Comparative Period (Second quarter of 2023)

Key Players & Entities

• PITNEY BOWES INC /DE/ (company) — Filer
• 0000078814 (company) — Central Index Key
• 20240630 (date) — Period of Report
• 20240809 (date) — Filing Date
• A6.70Notesdue2043 (dollar_amount) — Debt Instrument
• Business Services (company) — Segment
• Support Services (company) — Segment
• Financing (company) — Segment
• Equipment Sales (company) — Segment

FAQ

Key Financial Figures

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

Filing Documents

• pbi-20240630.htm (10-Q) — 2243KB
• ex102pbseverancepayplaname.htm (EX-10.2) — 103KB
• ex103pitneybowes-jasondies.htm (EX-10.3) — 59KB
• ex104jdies_signedseparatio.htm (EX-10.4) — 59KB
• ex105pitneybowes-zegrassep.htm (EX-10.5) — 73KB
• pbi-20240630ex311.htm (EX-31.1) — 10KB
• pbi-20240630ex312.htm (EX-31.2) — 10KB
• pbi-20240630ex321.htm (EX-32.1) — 6KB
• pbi-20240630ex322.htm (EX-32.2) — 6KB
• 0000078814-24-000051.txt ( ) — 13031KB
• pbi-20240630.xsd (EX-101.SCH) — 57KB
• pbi-20240630_cal.xml (EX-101.CAL) — 120KB
• pbi-20240630_def.xml (EX-101.DEF) — 354KB
• pbi-20240630_lab.xml (EX-101.LAB) — 680KB
• pbi-20240630_pre.xml (EX-101.PRE) — 527KB
• pbi-20240630_htm.xml (XML) — 3024KB

- Financial Information

Part I - Financial Information: Item 1:

Financial Statements

Financial Statements Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 29 Item 3:

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 39 Item 4:

Controls and Procedures

Controls and Procedures 39

- Other Information

Part II - Other Information: Item 1:

Legal Proceedings

Legal Proceedings 39 Item 1A:

Risk Factors

Risk Factors 39 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3: Defaults Upon Senior Securities 40 Item 4: Mine Safety Disclosures 40 Item 5: Other Information 40 Item 6: Exhibits 41

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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue: Business services $ 506,666 $ 473,497 $ 1,042,263 $ 996,988 Support services 94,012 103,315 190,345 208,599 Financing 67,539 66,702 135,202 133,751 Equipment sales 72,753 79,451 150,156 162,061 Supplies 35,509 36,505 72,230 75,340 Rentals 16,691 17,011 33,483 34,280 Total revenue 793,170 776,481 1,623,679 1,611,019 Costs and expenses: Cost of business services 429,756 410,638 876,123 856,955 Cost of support services 31,664 35,018 64,719 71,858 Financing interest expense 15,965 14,763 32,568 29,299 Cost of equipment sales 50,314 56,180 102,873 113,351 Cost of supplies 10,358 10,884 20,553 22,109 Cost of rentals 4,433 5,142 9,117 10,570 Selling, general and administrative 220,008 222,549 436,205 464,669 Research and development 9,108 10,274 18,589 20,767 Restructuring charges 31,843 22,443 36,158 26,042 Goodwill impairment — 118,599 — 118,599 Interest expense, net 28,767 22,920 56,533 45,262 Other components of net pension and postretirement income ( 382 ) ( 1,751 ) ( 769 ) ( 3,461 ) Other income — ( 228 ) — ( 3,064 ) Total costs and expenses 831,834 927,431 1,652,669 1,772,956 Loss before taxes ( 38,664 ) ( 150,950 ) ( 28,990 ) ( 161,937 ) Benefit for income taxes ( 13,797 ) ( 9,415 ) ( 1,238 ) ( 12,665 ) Net loss $ ( 24,867 ) $ ( 141,535 ) $ ( 27,752 ) $ ( 149,272 ) Basic net loss per share $ ( 0.14 ) $ ( 0.81 ) $ ( 0.16 ) $ ( 0.85 ) Diluted net loss per share $ ( 0.14 ) $ ( 0.81 ) $ ( 0.16 ) $ ( 0.85 ) ` See Notes to Condensed Consolidated Financial Statements 3 PITNEY BOWES INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited; in thousands) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net loss $ ( 24,867 ) $ ( 141,535 ) $ ( 27,752 ) $ ( 14

View Full Filing

View this 10-Q filing on SEC EDGAR