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 ...

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 ...

Pitney Bowes Inc. (NYSE:PBI) Q1 2023 Earnings Conference Call May 4, 2023 8:00 AM ET Company Participants Ned Zachar - Vice President, Investor Relations Marc Lautenbach - President and Chief Executive Officer Ana Maria Chadwick - Executive Vice President and Chief Financial Officer Conference Call Participants Matt Swope - Baird Ananda Baruah - Loop Capital Kartik Mehta - Northcoast Research Operator Good morning and welcome to the Pitney Bowes’ First Quarter 2023 Earnings Conference Call. [Operator Instru ...

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 March 31, 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: Del ...

Revenue Performance - Total revenue for 2022 decreased by 4% to $3,538,042, compared to $3,673,561 in 2021, with a constant currency change of 3%[79] - Global Ecommerce revenue declined by 7% to $1,576,348, primarily due to lower volumes in cross-border services and digital delivery services[81] - Total revenue for 2022 was $1.36 billion, a decrease of 3% compared to $1.40 billion in 2021[95] Segment Performance - Segment EBIT for 2022 decreased by 7% to $383,031 compared to $410,463 in 2021, with Global Ecommerce EBIT decreasing by 2%[82] - Presort Services revenue increased by 5% to $602,016, driven by pricing actions and processing of First Class Mail[90] - SendTech Solutions segment EBIT decreased by 7% to $400,909, impacted by lower revenues and higher operating expenses[93] Future Outlook - The company expects consolidated revenue growth in 2023 to be flat to a mid-single digit increase, with EBIT growth anticipated to outpace revenue growth[84] - Domestic Parcel services within Global Ecommerce are expected to see growth, while cross-border operations may continue to face challenges due to a strong U.S. dollar[84] Profitability and Expenses - The company plans to improve profitability in Presort Services through increased automation and facilities consolidation[84] - Higher interest expense for 2023 is anticipated to be about $30 million due to recent interest rate increases[84] - SG&A expenses decreased by 2% to $906 million, primarily due to lower employee-related expenses[97] Cash Flow and Capital Expenditures - Cash flow from operating activities declined by $126 million to $175.98 million in 2022, primarily due to increased trade and finance receivables[107] - Capital expenditures totaled $125 million in 2022, down from $184 million in 2021, reflecting continued investment in facilities and technology[117] Debt and Financial Position - The company reduced its debt by $124 million during 2022, with outstanding debt at $2.2 billion as of December 31, 2022[110] - Future cash requirements total $2.96 billion, with significant payments due in 2023 and 2024[112] - As of December 31, 2022, the company has authorization to repurchase up to $3 million of its common stock[119] Credit Risk and Allowance - The company is exposed to credit risk on accounts receivable and finance receivable balances[145] - The credit risk is mitigated by a large, diverse client base across various geographic regions and industrial sectors[145] - Provisions for potential credit losses are maintained based on historical experience and current economic conditions[145] Tax and Dividend - The effective tax rate for 2022 included a tax benefit of $5 million related to the sale of Borderfree[103] - The company expects to continue paying a quarterly dividend of $0.05 per share, estimating total dividend payments of approximately $35 million in 2023[118]

Pitney Bowes Fourth Quarter 2022 Earnings January 31, 2023 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 dif ...

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]