Pitney Bowes Files Q3 2024 Results

TL;DR

PBOW Q3 2024 results are in. Check the numbers for Business Services, Support Services, and Financing.

AI Summary

Pitney Bowes Inc. reported its Q3 2024 results, ending September 30, 2024. The company's filing details its financial performance across various segments, including Business Services, Support Services, and Financing. Specific financial figures and operational data for the third quarter and the year-to-date period are presented.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Pitney Bowes, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the company operates in a competitive market and its financial performance can be sensitive to economic conditions.

Key Numbers

• Q3 2024 — Reporting Period (Third quarter financial results)
• 2024-09-30 — Period End Date (End of the third fiscal quarter)
• 2024-01-01 — Year-to-Date Start (Beginning of the fiscal year for year-to-date figures)

Key Players & Entities

• PITNEY BOWES INC /DE/ (company) — Filer
• 0000078814 (company) — Central Index Key
• 20240930 (date) — Report Period End Date
• 20241108 (date) — Filing Date
• 3001 SUMMER STREET (address) — Business Address
• STAMFORD (location) — City
• CT (location) — State
• 06926-0700 (zip_code) — Zip Code
• 203-356-5000 (phone_number) — Business Phone

FAQ

Key Financial Figures

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

Filing Documents

• pbi-20240930.htm (10-Q) — 2402KB
• a107pitneybowesinc2024stoc.htm (EX-10.7) — 230KB
• a108pitneybowesinckeyemplo.htm (EX-10.8) — 52KB
• a109pitneybowesexecutiveeq.htm (EX-10.9) — 34KB
• a1010formofrestrictedstock.htm (EX-10.10) — 36KB
• a1011formofperformancestoc.htm (EX-10.11) — 39KB
• a1012formofcashincentiveun.htm (EX-10.12) — 33KB
• a1013formofstockcashincent.htm (EX-10.13) — 35KB
• a1014formofnon-qualifiedst.htm (EX-10.14) — 39KB
• a1015formoflongtermincenti.htm (EX-10.15) — 211KB
• a1016letteragreementdateds.htm (EX-10.16) — 21KB
• pbi-20240930ex311.htm (EX-31.1) — 10KB
• pbi-20240930ex312.htm (EX-31.2) — 10KB
• pbi-20240930ex321.htm (EX-32.1) — 6KB
• pbi-20240930ex322.htm (EX-32.2) — 6KB
• image_0a.jpg (GRAPHIC) — 25KB
• image_1.jpg (GRAPHIC) — 0KB
• image_2.jpg (GRAPHIC) — 0KB
• 0000078814-24-000067.txt ( ) — 15125KB
• pbi-20240930.xsd (EX-101.SCH) — 62KB
• pbi-20240930_cal.xml (EX-101.CAL) — 159KB
• pbi-20240930_def.xml (EX-101.DEF) — 405KB
• pbi-20240930_lab.xml (EX-101.LAB) — 865KB
• pbi-20240930_pre.xml (EX-101.PRE) — 650KB
• pbi-20240930_htm.xml (XML) — 3300KB

- Financial Information

Part I - Financial Information: Item 1:

Financial Statements

Financial Statements Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 5 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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 30 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 40 Item 1A:

Risk Factors

Risk Factors 40 Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3: Defaults Upon Senior Securities 41 Item 4: Mine Safety Disclosures 41 Item 5: Other Information 41 Item 6: Exhibits 42

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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenue: Business services $ 221,791 $ 203,269 $ 651,389 $ 638,714 Support services 90,956 101,855 281,301 310,454 Financing 68,614 68,572 203,816 202,323 Equipment sales 66,418 76,705 216,574 238,766 Supplies 35,428 35,695 107,658 111,035 Rentals 16,256 16,937 49,739 51,217 Total revenue 499,463 503,033 1,510,477 1,552,509 Costs and expenses: Cost of business services 128,573 130,141 386,531 424,661 Cost of support services 30,117 33,332 94,836 105,190 Financing interest expense 16,095 16,813 48,663 46,112 Cost of equipment sales 49,075 52,952 151,948 166,303 Cost of supplies 10,051 10,498 30,604 32,607 Cost of rentals 4,079 4,289 13,196 14,859 Selling, general and administrative 189,989 182,744 569,625 583,174 Research and development 7,580 7,715 22,465 21,380 Restructuring charges 30,694 13,942 64,859 34,768 Goodwill impairment — — — 43,209 Interest expense, net 27,764 26,363 83,323 70,822 Other components of net pension and postretirement income ( 961 ) ( 2,683 ) ( 1,730 ) ( 6,144 ) Other expense (income) 50,287 — 50,287 ( 3,064 ) Total costs and expenses 543,343 476,106 1,514,607 1,533,877 (Loss) income from continuing operations before taxes ( 43,880 ) 26,927 ( 4,130 ) 18,632 (Benefit) provision for income taxes ( 166,466 ) 9,115 ( 148,695 ) 18,331 Income from continuing operations 122,586 17,812 144,565 301 Loss from discontinued operations, net of tax ( 261,058 ) ( 30,331 ) ( 310,789 ) ( 162,092 ) Net loss $ ( 138,472 ) $ ( 12,519 ) $ ( 166,224 ) $ ( 161,791 ) Basic earnings (loss) per share: Continuing operations $ 0.68 $ 0.10 $ 0.81 $ — Discontinued operations ( 1.45 ) ( 0.17 ) ( 1.74 ) ( 0.92 ) Net loss $ ( 0.77 ) $ ( 0.07 ) $ ( 0.93 ) $ ( 0.92 ) Diluted earnings (loss) per share:

View Full Filing

View this 10-Q filing on SEC EDGAR