Pitney Bowes(PBI) - 2025 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 2025 was $460 million, down 8% year over year[5] - GAAP EPS improved to $0.30, an increase of $1.06 compared to Q3 2024[5] - Adjusted EPS for Q3 2025 was $0.31, up $0.10 year over year[5] - GAAP net income reached $52 million, an improvement of $190 million year over year[5] - Total revenue for the three months ended September 30, 2025, was $459,675, a decrease of 8% compared to $499,463 in the same period of 2024[23] - For the three months ended September 30, 2025, Pitney Bowes reported a net income of $51.963 million, a significant improvement from a net loss of $138.472 million in the same period of 2024[27] - Adjusted EBITDA for the nine months ended September 30, 2025, was $413.820 million, compared to $356.671 million for the same period in 2024, reflecting a year-over-year increase of approximately 15.9%[27] - Free cash flow for the three months ended September 30, 2025, was $60.376 million, down from $73.505 million in the same period of 2024[28] - Net cash from operating activities for continuing operations was $66.848 million for the three months ended September 30, 2025, compared to $65.721 million in the same period of 2024[28] Segment Performance - The revenue for the SendTech Solutions segment was $311 million, a decline of 6% from the previous year[7] - Sending Technology Solutions revenue decreased by 6% to $310,782 in Q3 2025 from $331,376 in Q3 2024[23] - Presort Services revenue decreased by 11% to $149 million due to lower volumes and client losses[9] - Presort Services revenue declined by 11% to $148,893 in Q3 2025 compared to $166,367 in Q3 2024[23] - Total reportable segments' adjusted EBIT for Q3 2025 was $133,685, down 10% from $148,159 in Q3 2024[24] - Adjusted EBITDA for total reportable segments in Q3 2025 was $154,117, a decrease of 8% from $167,461 in Q3 2024[24] Cost Management and Strategic Initiatives - The company has identified $50 million to $60 million in additional cost savings as part of its strategic review[1] - Pitney Bowes increased its share repurchase authorization to $500 million following over $280 million in year-to-date buybacks[1] - The company has increased its dividend for the fourth consecutive quarter[1] Balance Sheet and Liabilities - Total current assets decreased to $1,149,543 as of September 30, 2025, from $1,317,954 as of December 31, 2024[22] - Total liabilities decreased slightly to $3,916,749 as of September 30, 2025, from $3,975,949 as of December 31, 2024[22] - Long-term debt increased to $2,087,966 as of September 30, 2025, compared to $1,866,458 as of December 31, 2024[22] - The company reported a stockholders' deficit of $661,538 as of September 30, 2025, compared to a deficit of $578,433 as of December 31, 2024[22] Other Financial Metrics - The impact of currency on revenue was a negative $2,101 for Q3 2025[23] - The company incurred restructuring charges of $1.836 million for the three months ended September 30, 2025, compared to $30.694 million in the same period of 2024[27] - Capital expenditures for the three months ended September 30, 2025, were $15.797 million, down from $19.438 million in the same period of 2024[28] - Interest expense, net, for the nine months ended September 30, 2025, was $112.671 million, compared to $131.986 million for the same period in 2024[27] - The company’s adjusted EBIT for the nine months ended September 30, 2025, was $329.317 million, an increase from $270.774 million in the same period of 2024[27]