Financial Performance - Total revenue for 2023 was $3,266,348, a decrease of 8% compared to $3,538,042 in 2022[88] - Net loss for 2023 was $385,627, compared to net income of $36,940 in the prior year, representing a significant decline[91] - Total revenue for 2023 was $1,293,423 million, a decrease of 5% compared to $1,359,679 million in 2022[1] - Adjusted Segment EBIT for 2023 was $405 million, up from $401 million in the prior year[2] - The company expects consolidated revenue to be flat to a low single-digit decline in 2024 compared to 2023[83] Revenue Breakdown - Global Ecommerce revenue decreased by $221 million in 2023, with domestic parcel delivery revenue growth of $158 million partially offsetting declines in cross-border services[94] - Presort Services revenue increased by 3% to $617,599 in 2023, driven by pricing actions despite a 6% decrease in total mail volumes[98] - Equipment sales revenue declined by $31 million, primarily due to customers extending leases instead of purchasing new equipment[1] Cost and Expenses - The company anticipates annualized cost savings of $75-$85 million by the end of 2024 from its worldwide restructuring program[84] - Selling, general and administrative expenses decreased by $13 million, driven by lower outsourcing and professional fees[1] - Unallocated corporate expenses increased by $7 million to $210,931 million, primarily due to higher variable compensation and depreciation expenses[4] Margins and Profitability - Gross margin for Global Ecommerce decreased to 4.6% in 2023 from 8.6% in the prior year, primarily due to lower volumes in cross-border services[95] - Gross margin decreased by $12 million, but gross margin percentage increased to 65.1% from 62.8% year-over-year[1] - Adjusted segment EBIT for Presort Services increased by 35% to $110,912 in 2023, reflecting improved operational efficiency[99] Cash Flow and Capital Expenditures - Cash and cash equivalents at December 31, 2023, totaled $623 million, including $136 million held at foreign subsidiaries[6] - Net cash from operating activities decreased by $97 million to $79,468 million in 2023[7] - Capital expenditures for 2023 were $103 million, down from $125 million in 2022[17] Debt and Interest Rates - Outstanding principal debt as of December 31, 2023, was $2.2 billion, with 64% at fixed rates and a weighted average interest rate of 9.7% on variable rate debt[14] - The weighted average interest rate of variable-rate debt was 9.7% at December 31, 2023, with a 100 basis point change potentially increasing interest expense by approximately $8 million[144] Tax and Impairment - The effective tax rate for 2023 was 5.1%, primarily due to the nondeductibility of the aggregate goodwill impairment charge[91] - The company recorded noncash, pre-tax goodwill impairment charges of $119 million and $220 million for the Global Ecommerce reporting unit in the second and fourth quarters, respectively[127] Credit Risk and Allowances - The total allowance for credit losses as a percentage of finance receivables was 2% at both December 31, 2023 and 2022, with a potential $3 million reduction in pre-tax income for a 0.25% increase in the allowance rate[131] - Trade accounts receivable allowance for credit losses was also 2% at both December 31, 2023 and 2022, with a potential $1 million reduction in pre-tax income for a 0.25% increase in the allowance rate[132] - The company is exposed to credit risk on accounts receivable, mitigated by a diverse client base with no single client comprising more than 10% of consolidated net sales in 2023 or 2022[145] Pension and Benefits - The discount rate for the U.S. Qualified Pension Plan was 5.55% for 2023, projected to decrease to 5.15% for 2024, with a 0.25% change impacting the projected benefit obligation by $24 million[136] - The expected rate of return on plan assets for the U.S. Plan was 6.5% for 2023, projected to increase to 6.7% for 2024, with a 0.25% change impacting annual pension expense by $3 million[137] Foreign Operations and Currency - 11% of the company's consolidated revenue was generated from operations outside the United States in 2023, with no material impact from foreign currency translation on revenues or operating results[140] - The company decided to discontinue the use of foreign exchange contracts to hedge intercompany loans, with a 1% change in the British Pound, Canadian Dollar, or Euro potentially impacting earnings by $5 million, $3 million, and $2 million, respectively[143] - The fair value of other reporting units exceeded their carrying values, indicating no impairment existed as of the beginning of the fourth quarter[128]

FG TradePitney Bowes Inc. (NYSE:PBI) recently announced a company-wide cost reduction program, which I believe could have a beneficial effect on future FCF growth. In addition, I would expect new net sales growth driven by strong volumes of domestic parcels, network productivity, and new technological solutions in the e-commerce business. Furthermore, given previous sale of assets and divisions in the past, we could expect new transactions in 2024, which may boost the balance sheet. These are good reaso ...

Financial Performance - Total revenue for Q4 2023 was $872 million, a decline of 4% year-over-year. EBITDA improved by $15 million to $103 million, while EBIT increased by $14 million to $63 million. Adjusted EPS was $0.07 compared to $0.06 in the prior year [13][14][27] - GAAP EPS reported a loss of $1.27, which included a non-cash goodwill impairment charge of $1.24 related to the global Ecommerce segment [13] Business Segment Performance - **SendTech**: Revenue was $327 million, down 5% year-over-year, but EBIT grew by 7% to $113 million. Shipping-related revenues declined 7%, now comprising 13% of total revenue. SaaS subscription revenue from shipping products grew 42% [14][15][18] - **Presort**: Revenue grew 3% to $163 million, with EBIT up 17% to $34 million, driven by higher revenue per piece and operational excellence [21][22] - **Global Ecommerce**: Revenue was $381 million, down 7% year-over-year. Domestic parcel volumes grew 13% to 61 million parcels, but overall profitability needs improvement [23][24] Market Data - Domestic parcel volumes increased by 13% in Q4, reflecting strong performance despite a challenging market. However, revenue per piece declined by 6% due to pricing pressures and client mix [24][25] Company Strategy and Development Direction - The company is focused on streamlining operations, reducing costs, and enhancing accountability across business units. A significant shift in resources towards shipping capabilities is planned, with digital shipping solutions moved to SendTech [8][10][11] - The company aims for disciplined capital allocation and strengthening its balance sheet while continuing to execute on cost reduction initiatives [11][26] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the importance of operational discipline and targeted shipping growth paths. They acknowledged the challenges faced in 2023 and the transformation expected in 2024 [11][28] - The company anticipates revenue growth to range from flat to low single-digit decline in 2024, with EBIT margins expected to remain relatively flat [27] Other Important Information - The company announced changes to its Board of Directors, welcoming new members with significant experience in corporate governance and capital allocation [29][30] - The restructuring program is on track to deliver annual run rate savings of $75 million to $85 million by the end of 2024 [26] Q&A Session Summary Question: Insight into Global Ecommerce business - Management emphasized the need for continued cost management and driving volumes into the network, with a focus on margin improvement [31][32] Question: Free cash flow expectations for 2024 - Free cash flow is expected to be somewhat north of the previous year's figures [34][35] Question: Impact of higher variable compensation and wage inflation - Variable compensation and wage inflation are anticipated to consume a significant portion of the savings from restructuring efforts [41][42] Question: Update on CEO search process - The Board is actively engaged in a search for a new CEO, with a timeline of four to six months for the process [48] Question: CapEx allocation and payback periods - Overall CapEx is expected to remain steady, with a focus on quicker paybacks for investments [83][84]

Pitney Bowes (PBI) came out with quarterly earnings of $0.07 per share, beating the Zacks Consensus Estimate of $0.03 per share. This compares to earnings of $0.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 133.33%. A quarter ago, it was expected that this mailing equipment and software company would post a loss of $0.02 per share when it actually produced break-even earnings, delivering a surprise of 100%.Over the last f ...

Pitney Bowes Fourth Quarter 2023 Earnings Forward Looking Statements This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance. Forward-looking statements include, but are not limited to, statements about future revenue and earnings guidance and future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially fr ...

STAMFORD, Conn.--(BUSINESS WIRE)--Pitney Bowes Inc. (NYSE:PBI), a global shipping and mailing company that provides technology, logistics, and financial services, today announced that its Board of Directors has declared a quarterly cash dividend on the company’s common stock of $0.05 per share. The dividend will be paid on March 14, 2024 to stockholders of record on February 9, 2024. About Pitney Bowes Pitney Bowes (NYSE:PBI) is a global shipping and mailing company that provides technology, logistics, an ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2023 was $784 million, a decline of 1% year-over-year [12] - Adjusted EBITDA grew by $6 million year-over-year to $84 million [12] - Adjusted EBIT increased by $5 million to $43 million, but higher interest expenses resulted in adjusted EPS of 0 [12] Business Segment Data and Key Metrics Changes - **SendTech**: Reported revenues of $318 million, down 3% year-over-year, but EBIT margin expanded by 200 basis points due to improved productivity [13][15] - **Presort**: Generated revenue of $152 million, up 5% from the prior year, with adjusted segment EBIT increasing by 42% to $29 million [16][17] - **Global E-commerce (GEC)**: Revenues were $313 million, down 1% year-over-year, with adjusted EBIT loss of $42 million compared to a loss of $35 million last year [18] Market Data and Key Metrics Changes - Domestic parcel processed 51 million packages, representing a growth of 38% year-over-year, translating to 29% revenue growth [19] - Cross-border revenue declined by $57 million, impacting overall GEC performance [18] Company Strategy and Development Direction - The company is focused on cost reduction and restructuring, with an increased target for annualized expense savings from $75 million to approximately $115 million [10][21] - The SendTech and Presort segments are seen as cornerstones for sustained value, while GEC is being re-evaluated to reduce losses [9][11] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the unsustainable losses in GEC and is taking short-term actions to improve profitability [26] - The company expects full-year revenue to decline between 3% and 4% on a comparable basis, with adjusted EBIT margins remaining flat [22] Other Important Information - The company has made significant progress in restructuring, with $17 million in charges recorded during the quarter [21] - The capital structure remains a priority, with a focus on reinvesting in the business and selective acquisitions [63] Q&A Session Summary Question: What changes are anticipated in the e-commerce business to achieve profitability? - Management recognizes the unsustainable losses and is exploring short-term improvements while restructuring operations [26][27] Question: What is the outlook for pricing in the industry during the holiday season? - There is significant pricing pressure due to market overcapacity, but management is cautiously optimistic about leveraging pricing strategies [30][31] Question: Are there further automation opportunities in Presort? - Continuous productivity improvements are expected as the team focuses on optimizing transportation and automation [34] Question: What are the sources of the additional $40 million in restructuring savings? - Savings will come from cost of goods sold and overhead reductions, with a focus on simplifying operations [38][39] Question: Is there a plan for drastic actions regarding GEC? - Management believes in the value of the domestic parcel side of GEC and is focused on improving profitability rather than drastic measures [50][51] Question: How is the company preparing for the holiday season regarding labor? - The company has improved its ability to flex labor in response to volume changes, ensuring better preparedness for peak season [53][55] Question: What is the focus for capital structure moving forward? - The priority is on reinvesting in the business, with considerations for acquisitions and market repurchases [63]

Financial Performance - Total revenue for the three months ended September 30, 2023, was $783.8 million, a decrease of 5.7% compared to $830.9 million for the same period in 2022[13]. - Net loss for the three months ended September 30, 2023, was $(12.5) million, compared to a net income of $5.5 million for the same period in 2022, representing a significant decline[15]. - Basic net loss per share for the three months ended September 30, 2023, was $(0.07), compared to earnings of $0.03 per share for the same period in 2022[13]. - Total revenue for the nine months ended September 30, 2023, was $783,751 thousand, a decrease from $830,914 thousand in the same period of 2022[30]. - The company reported a total comprehensive loss of $2,507 for the three months ended September 30, 2023[128]. - The net loss for the nine months ended September 30, 2023, was $(161,791) thousand, compared to a net income of $30,644 thousand for the same period in 2022[20]. - Total consolidated revenue for the nine months ended September 30, 2023, was $2,394,770, a decrease from $2,629,351 for the same period in 2022, representing a decline of approximately 8.9%[35]. Costs and Expenses - Total costs and expenses for the three months ended September 30, 2023, were $800.5 million, down from $820.8 million in the same period of 2022, indicating a reduction in operational costs[13]. - Total costs and expenses decreased by $23 million compared to the prior year, primarily due to a $187 million decrease in costs of revenue[147]. - Restructuring expenses for the three months ended September 30, 2023, totaled $16,578 thousand, compared to $4,264 thousand for the same period in 2022[110]. Assets and Liabilities - Current assets as of September 30, 2023, totaled $1.6 billion, a decrease from $1.8 billion as of December 31, 2022[18]. - Long-term debt as of September 30, 2023, was $2.1 billion, down from $2.2 billion as of December 31, 2022, reflecting a reduction in leverage[18]. - Total liabilities decreased to $4.5 billion as of September 30, 2023, from $4.7 billion as of December 31, 2022, indicating improved financial stability[18]. - Total debt as of September 30, 2023, was $2,158,128, a decrease from $2,205,266 as of December 31, 2022[10]. Cash Flow and Investments - The company’s cash and cash equivalents as of September 30, 2023, were $557.7 million, down from $670.0 million as of December 31, 2022, reflecting cash flow challenges[18]. - Cash flows from operating activities resulted in a net cash outflow of $(14,453) thousand for the nine months ended September 30, 2023, compared to an inflow of $9,229 thousand in 2022[20]. - Cash interest paid for the nine months ended September 30, 2023, is $134,157, an increase from $114,752 for the same period in 2022[133]. Revenue Breakdown - Revenue from business services for the nine months ended September 30, 2023, was $483,987 thousand, compared to $518,405 thousand in the same period of 2022[30]. - Revenue from Global Ecommerce for the nine months ended September 30, 2023, was $974,306, down from $1,166,623 in the same period of 2022, indicating a decrease of about 16.5%[45]. - Revenue from leasing transactions and financing for the nine months ended September 30, 2023, was $434,898, compared to $456,616 in the same period of 2022, showing a decrease of approximately 4.7%[39]. - Presort Services revenue increased by 2% to $454.5 million for the first nine months of 2023, driven by pricing actions[163]. Goodwill and Impairments - Goodwill impairment for the nine months ended September 30, 2023, was $118,599 thousand, with no impairment recorded in the same period of 2022[20]. - Goodwill decreased to $945,418 million as of September 30, 2023, from $1,066,951 million on December 31, 2022, primarily due to an impairment charge of $118,599 million[78]. - A goodwill impairment charge of $119 million was recorded in Q2 2023 for the Global Ecommerce reporting unit due to fair value being less than carrying value[180]. Restructuring Plans - The company approved a restructuring plan expected to incur total charges of $60 million to $70 million, with 850-950 positions to be eliminated[108]. - The 2023 restructuring plan aims to eliminate 850-950 positions globally, with expected total charges of $60 million-$70 million and annualized cost savings of $75 million-$85 million by the end of 2024[139]. Tax and Equity - The effective tax rate for the three months ended September 30, 2023, was 25.1%, compared to 45.8% for the same period in 2022[118]. - Total stockholders' equity as of September 30, 2023, was $(125,109), a decrease from $(75,487) as of July 1, 2023[123]. - The balance of accumulated other comprehensive loss increased to $838,071 as of September 30, 2023, from $780,312 at the beginning of the year[129]. Market and Regulatory Matters - There were no material changes to the risk factors identified in the 2022 Annual Report[186]. - The company has not reported any material changes to market risk disclosures since the 2022 Annual Report[182]. - The company has no ongoing legal proceedings that materially affect its financial position[186].

Pitney Bowes Inc. (NYSE:PBI) Q2 2023 Earnings Conference Call August 3, 2023 8:00 AM ET Company Participants Alex Brown - Senior Manager, IR Marc Lautenbach - President and CEO Ana Maria Chadwick - EVP and CFO Conference Call Participants Anthony Lebiedzinksi - Sidoti and Company Kartik Mehta - Northcoast Research Matt Swope - Baird Peter Sakon - CreditSights Operator Good morning and welcome to the Pitney Bowes Second Quarter 2023 Earnings Conference Call. Your lines have been placed in a listen-only mode ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 1-03579 PITNEY BOWES INC. (Exact name of registrant as specified in its charter) State of incorporation: Dela ...