Financial Data and Key Metrics Changes - Total revenue for Q4 2022 was $909 million, flat on a comparable basis [15] - Gross profit increased to $288 million, a 2% rise from $283 million year-over-year [15] - Gross margin improved to 32%, up from 29% last year [15] - EBIT rose to $49 million, a 5% increase from $47 million a year ago [15] - Adjusted EPS remained at $0.06, unchanged from the prior year [15] - Full-year revenue was $3.5 billion, similar to 2021 on a comparable basis [16] Business Line Data and Key Metrics Changes Presort - Revenues were $158 million, a 1% improvement year-over-year [18] - EBIT for Presort was $29 million, up 25% compared to last year [18] - EBIT margin improved to nearly 19%, a 360 basis point increase [18] SendTech - Revenues were $341 million, down slightly compared to the prior year [19] - EBIT was $106 million, stable compared to $109 million in the prior year [19] - Shipping-related revenue increased by 30% year-over-year, now comprising 14% of segment revenues [19] Global Ecommerce - Revenues were $410 million, slightly up on a comparable basis [20] - Domestic Parcel volumes increased by 16% year-over-year [21] - Segment EBITDA improved from negative $20 million to negative $5.5 million year-over-year [20] Market Data and Key Metrics Changes - Domestic Parcel now represents approximately 75% of Global Ecommerce segment revenue [24] - The company experienced a 16% increase in domestic parcel volumes despite a challenging market [21] - The cross-border business faced headwinds due to the strong dollar and client access changes [11] Company Strategy and Development Direction - The company emphasizes strategic flexibility in capital allocation and balance sheet management [12] - Focus on enhancing the portfolio to unlock shareholder value, including potential divestitures [13] - Plans to improve profitability in Global Ecommerce, particularly in Domestic Parcel operations [25] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about 2023, expecting flat-to-mid single-digit revenue growth [25] - Anticipated EBIT growth to outpace revenue growth, driven by improvements in Global Ecommerce profitability [25] - The company is focused on addressing challenges in the operating environment while maintaining a strong client pipeline [22] Other Important Information - Cash and short-term investments were approximately $681 million at quarter-end, up by $75 million from the previous quarter [17] - Total debt at year-end was $2.2 billion, down from $2.3 billion at year-end 2021 [17] Q&A Session Summary Question: Discussion on Global Ecommerce and strategic alternatives - Management acknowledged progress in Global Ecommerce but remains open to strategic alternatives if they unlock shareholder value [30] Question: Dynamics in SendTech and revenue expectations - Management noted that shipping revenue is expected to grow, while the mail business continues to decline [32][34] Question: Expectations for free cash flow in 2023 - Management indicated that free cash flow will depend on working capital movements, with a cautious outlook [36] Question: Impact of macroeconomic factors on December quarter performance - Management clarified that the variance was primarily due to lower-than-expected revenue per piece and transportation costs [66] Question: Profitability expectations for Global Ecommerce in 2023 - Management expects Global Ecommerce to be EBITDA positive in 2023, with significant improvements anticipated [68]

Pitney Bowes Inc. (NYSE:PBI) Q3 2022 Earnings Conference Call November 1, 2022 8:00 AM ET Company Participants Ned Zachar - Vice President, Investor Relations Marc Lautenbach - President and CEO Ana Maria Chadwick - Executive Vice President and CFO Conference Call Participants Ananda Baruah - Loop Capital Markets Anthony Lebiedzinski - Sidoti & Company Kartik Mehta - Northcoast Research Matt Swope - Baird Tim Call - The Capital Management Corporation Operator Good morning and welcome to the Pitney Bowes Thi ...

Financial Performance - Total revenue for Q2 2022 was $871.5 million, a decrease of 3.1% compared to $899.2 million in Q2 2021[4] - Net income for Q2 2022 was $4.3 million, down from $19.9 million in Q2 2021, representing a decline of 78.3%[4] - Basic earnings per share for continuing operations in Q2 2022 was $0.02, compared to $0.12 in Q2 2021, a decrease of 83.3%[4] - Comprehensive loss income for Q2 2022 was $(45.4) million, compared to a comprehensive income of $36.1 million in Q2 2021[7] - Total revenue for the six months ended June 30, 2022, was $1,798,437,000, an increase from $1,814,400,000 in the same period of 2021[27] - Total revenue for the first half of 2022 was $211.854 million, a decrease of 39% compared to $348.613 million in the same period of 2021[58] - Total revenue for the three months ended June 30, 2022, was $871,495, a decrease of 3.1% compared to $899,203 for the same period in 2021[39] - Net income for the three months ended June 30, 2022, was $4,336, a decrease of 78.1% compared to $19,856 for the same period in 2021[42] Costs and Expenses - Total costs and expenses for Q2 2022 were $874.2 million, slightly up from $873.4 million in Q2 2021[4] - The company incurred restructuring charges of $8,408 thousand during the six months ended June 30, 2022[12] - Total costs and expenses for the three months ended June 30, 2022, were $874,185, slightly up from $873,412 in the same period of 2021[4] Assets and Liabilities - Total assets as of June 30, 2022, were reported at $2.5 billion, compared to $2.6 billion at the end of 2021[9] - Total current assets decreased from $1,892,053 thousand as of December 31, 2021, to $1,766,948 thousand as of June 30, 2022, representing a decline of approximately 6.6%[10] - Total liabilities decreased from $4,846,239 thousand as of December 31, 2021, to $4,633,437 thousand as of June 30, 2022, a reduction of about 4.4%[10] - Total stockholders' equity decreased from $112,632 thousand as of December 31, 2021, to $44,154 thousand as of June 30, 2022, a decline of approximately 60.9%[10] - Total assets as of June 30, 2022, were $4,677,591, down from $4,958,871 as of December 31, 2021, a decrease of 5.7%[10] Cash Flow and Investments - Cash and cash equivalents decreased from $732,480 thousand at the beginning of the period to $570,697 thousand at the end of the period, a decline of approximately 22.0%[12] - The company reported a net cash from operating activities of $45,694 thousand for the six months ended June 30, 2022, down from $144,729 thousand in the same period of 2021[12] - Net cash from investing activities for the six months ended June 30, 2022, was $(27,518), an improvement from $(68,034) in the same period of 2021[12] Revenue Breakdown - Revenue from business services was $812,297,000 for the six months ended June 30, 2022, compared to $831,515,000 in the same period of 2021, reflecting a decrease of approximately 2.6%[27] - Revenue from SendTech Solutions for the six months ended June 30, 2022, was $377,069,000, an increase from $384,459,000 in the same period of 2021[27] - Revenue from leasing transactions and financing was $309,593,000 for the six months ended June 30, 2022, compared to $320,681,000 in the same period of 2021, indicating a decrease of approximately 3.4%[27] - Revenue from support services was $217,977,000 for the six months ended June 30, 2022, compared to $233,853,000 in the same period of 2021, reflecting a decrease of approximately 6.8%[27] - Revenue from Ecommerce Global was $393,770 for the three months ended June 30, 2022, compared to $418,429 in the same period of 2021[24] Financial Ratios and Metrics - The company reported a loss from discontinued operations of $1.0 million in Q2 2021, while there was no loss reported in Q2 2022[4] - The company experienced a foreign currency translation loss of $(48.1) million in Q2 2022[7] - The company reported a tax benefit of $7 million on a pre-tax loss of $3 million for the three months ended June 30, 2022, primarily due to a one-time tax benefit from the sale of Borderfree[112] Goodwill and Intangible Assets - Goodwill for the Global Ecommerce segment decreased from $395.062 million on December 31, 2021, to $339.184 million on June 30, 2022, reflecting a disposition of $55.878 million[73] - Total intangible assets as of June 30, 2022, were valued at $82.770 million, down from $132.442 million at the end of 2021[66] - The impairment test for goodwill indicated no impairment, with the estimated fair value of the Global Ecommerce reporting unit exceeding its carrying value by less than 20%[71] Credit and Collections - The allowance for credit losses was $24,658 thousand as of June 30, 2022, reflecting a balance decrease from $26,218 thousand at the beginning of the year[53] - The aging of gross finance receivables showed $13,893 thousand past due amounts, with $6,925 thousand past due for 0-90 days and $2,428 thousand for amounts greater than 90 days[49] - Over 85% of finance receivables are within the North American portfolio, with a robust automated collections process in place[55] Market Conditions and Risks - The company continues to face uncertainties due to the effects of COVID-19 and the risk of a global recession, impacting business operations[17]

Pitney Bowes Inc. (NYSE:PBI) Q2 2022 Earnings Conference Call July 28, 2022 8:00 AM ET Company Participants Marc Lautenbach - President and CEO Ana Chadwick - Executive Vice President and CFO Ned Zachar - Vice President, Investor Relations Conference Call Participants Kartik Mehta - Northcoast Research Ananda Baruah - Loop Capital Matt Swope - Baird Anthony Lebiedzinski - Sidoti & Company Operator Good morning. And welcome to the Pitney Bowes Second Quarter Earnings 2022 Results Conference Call. Your lines ...