<SEC-DOCUMENT>0001157523-23-000721.txt : 20230504
<SEC-HEADER>0001157523-23-000721.hdr.sgml : 20230504
<ACCEPTANCE-DATETIME>20230504070027
ACCESSION NUMBER:		0001157523-23-000721
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20230504
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20230504
DATE AS OF CHANGE:		20230504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PITNEY BOWES INC /DE/
		CENTRAL INDEX KEY:			0000078814
		STANDARD INDUSTRIAL CLASSIFICATION:	OFFICE MACHINES, NEC [3579]
		IRS NUMBER:				060495050
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03579
		FILM NUMBER:		23886364

	BUSINESS ADDRESS:	
		STREET 1:		PITNEY BOWES INC
		STREET 2:		3001 SUMMER STREET
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06926-0700
		BUSINESS PHONE:		203-356-5000

	MAIL ADDRESS:	
		STREET 1:		3001 SUMMER STREET
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06926-0700
</SEC-HEADER>
<DOCUMENT>
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<FILENAME>a53393339.htm
<DESCRIPTION>PITNEY BOWES INC. 8-K
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">UNITED STATES</div>

    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><span style="font-size: 16pt; font-family: 'Times New Roman',Times,serif;">SECURITIES AND EXCHANGE COMMISSION</span><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"><br />
      </span>Washington, D.C. 20549</div>

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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Current Report</div>

    <div><br />
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    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Pursuant to Section 13 or 15(d) of the Securities</div>

    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Exchange Act of 1934</div>

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    <div>&#160;</div>

    <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">(<ix:nonNumeric name="dei:CityAreaCode" id="Fact_e5561025233547d39eef5d923c0e64ba" contextRef="c20230504to20230504">203</ix:nonNumeric>) <ix:nonNumeric name="dei:LocalPhoneNumber" id="Fact_8fe485b2f9584c89be38f5d458b977bb" contextRef="c20230504to20230504">356-5000</ix:nonNumeric></div>

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    <div>&#160;</div>

    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
      following provisions (see General Instruction A.2. below):</div>

    <div>&#160;</div>

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    <div>&#160;</div>

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    <div>&#160;</div>

    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><ix:nonNumeric name="dei:PreCommencementIssuerTenderOffer" id="Fact_aa8535ce4add470ea371a14b5dd3a766" contextRef="c20230504to20230504" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></div>

    <div>&#160;</div>

    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
      <div>
        <div> Securities registered pursuant to Section 12(b) of the Act: </div>

        <div> <br />
        </div>

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  <tr>

    <td style="width: 32%; text-align: center; font-weight: normal; border-bottom: 2px solid rgb(0, 0, 0);">Title of each class<br />
              </td>

    <td style="width: 2%; text-align: center; font-weight: normal; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td style="width: 32%; text-align: center; font-weight: normal; border-bottom: 2px solid rgb(0, 0, 0);">Trading Symbol(s)<br />
              </td>

    <td style="width: 2%; text-align: center; font-weight: normal; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td style="width: 32%; text-align: center; font-weight: normal; border-bottom: 2px solid rgb(0, 0, 0);">Name of Each Exchange on Which Registered<br />
              </td>

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        <div> <br />
        </div>

        <div> Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>

      </div>

    </div>

    <div>&#160;</div>

    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">Emerging growth company <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_74a76af369414c8d83c99c7ed7fe6c08" contextRef="c20230504to20230504" format="ixt-sec:boolballotbox">&#x2610;</ix:nonNumeric> </span></div>

    <div>&#160;</div>

    <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">If an emerging growth company, indicate by check mark if the registrant has
        elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. &#9744;</span></div>

  </div>

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      <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;" /></div>

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  <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="width: 100%;">


  <tr>

    <td style="width: 90pt; font-size: 10pt; font-weight: bold;">ITEM 2.02.</td>

    <td style="width: auto; font-size: 10pt; font-weight: bold;">
            <div>RESULTS OF OPERATIONS AND FINANCIAL CONDITION</div>
          </td>

  </tr>


</table>
    <div style="font-size: 10pt;">&#160;</div>

    <div style="font-size: 10pt;">The following information is furnished pursuant to Item 2.02 Disclosure of "Results of Operations and Financial Condition."</div>

    <div style="font-size: 10pt;"><br />
    </div>

    <div style="font-size: 10pt;">On May 4, 2023, the Registrant issued a press release setting forth its financial results, including consolidated statements of income, supplemental information, and a reconciliation of reported results to adjusted results
      for the three months ended March 31, 2023 and 2022, and consolidated balance sheets at March 31, 2023 and December 31, 2022. A copy of the press release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.</div>

    <div style="font-size: 10pt;"><br />
    </div>

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  <tr>

    <td style="width: 90pt; font-size: 10pt; font-weight: bold;">ITEM 9.01.</td>

    <td style="width: auto; font-size: 10pt; font-weight: bold;">
            <div>FINANCIAL STATEMENTS AND EXHIBITS</div>
          </td>

  </tr>


</table>
    <div style="font-size: 10pt;">&#160;</div>

    <div style="font-size: 10pt;">(c)&#160;&#160;Exhibits</div>

    <div style="font-size: 10pt;">&#160;</div>

    <div style="font-size: 10pt;">&#160;&#160;&#160;&#160;&#160; <a href="a53393339ex99_1.htm">99.1</a> &#160;&#160;<a href="a53393339ex99_1.htm">Press release of Pitney Bowes Inc. dated May 4, 2023.</a>&#160; </div>

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    </div>

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    <div style="font-size: 10pt; text-align: center; font-weight: bold;">SIGNATURES</div>

    <div style="font-size: 10pt;"><br />
    </div>

    <div style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</div>

    <div style="font-size: 10pt;"><br />
    </div>

    <div style="font-size: 10pt;">
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  <tr>

    <td style="width: 48%;">
              <div>&#160;</div>
            </td>

    <td style="width: 35%;">
              <div>Pitney Bowes Inc.</div>
            </td>

    <td style="width: 17%;">
              <div>&#160;</div>
            </td>

  </tr>

  <tr>

    <td style="width: 48%;">
              <div>&#160;</div>
            </td>

    <td style="width: 35%;">
              <div>&#160;</div>
            </td>

    <td style="width: 17%;">
              <div>&#160;</div>
            </td>

  </tr>

  <tr>

    <td style="width: 48%;">
              <div>May 4, 2023</div>
            </td>

    <td style="width: 35%;">
              <div>&#160;</div>
            </td>

    <td style="width: 17%;">
              <div>&#160;</div>
            </td>

  </tr>

  <tr>

    <td style="width: 48%;">
              <div>&#160;</div>
            </td>

    <td style="width: 35%;">
              <div>&#160;</div>
            </td>

    <td style="width: 17%;">
              <div>&#160;</div>
            </td>

  </tr>

  <tr>

    <td style="width: 48%;">
              <div>&#160;</div>
            </td>

    <td style="width: 35%;">
              <div>&#160;</div>
            </td>

    <td style="width: 17%;">
              <div>&#160;</div>
            </td>

  </tr>

  <tr>

    <td style="width: 48%;">
              <div>&#160;</div>
            </td>

    <td style="width: 35%;">
              <div>&#160;</div>
            </td>

    <td style="width: 17%;">
              <div>&#160;</div>
            </td>

  </tr>

  <tr>

    <td style="width: 48%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>

    <td style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>/s/ Joseph R. Catapano</div>
            </td>

    <td style="width: 17%; padding-bottom: 2px;">
              <div>&#160;</div>
            </td>

  </tr>

  <tr>

    <td style="width: 48%;">
              <div>&#160;</div>
            </td>

    <td style="width: 35%;">
              <div>Joseph R. Catapano</div>
            </td>

    <td style="width: 17%;">
              <div>&#160;</div>
            </td>

  </tr>

  <tr>

    <td style="width: 48%;">
              <div>&#160;</div>
            </td>

    <td style="width: 35%;" rowspan="1" colspan="2">
              <div>Vice President, Chief Accounting Officer</div>
            </td>

  </tr>

  <tr>

    <td style="width: 48%;">
              <div>&#160;</div>
            </td>

    <td style="width: 35%;">
              <div>(Principal Accounting Officer)</div>
            </td>

    <td style="width: 17%;">
              <div>&#160;</div>
            </td>

  </tr>


</table>
    </div>

    <div><br /></div>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a53393339ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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          <td style="width: 100%; font-weight: bold; text-align: right;">Exhibit 99.1</td>
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  <div style="text-align: left;">
    <div class="bw-release">
      <h1 style="text-align: center; list-style-position: inside;FONT-SIZE: 14pt;"> Pitney Bowes Announces First Quarter 2023 Financial Results </h1>
      <div class="bw-release-body">
        <div class="bw-release-table-js bw-release-story">
          <p>STAMFORD, Conn.--(BUSINESS WIRE)--May 4, 2023--Pitney Bowes (NYSE: PBI), a global shipping and mailing company that provides technology, logistics, and financial services, today announced its financial results for the first quarter 2023. </p>
          <p> <i>&#8220;The trends in the first quarter were largely a continuation of the dynamics we experienced last quarter,&#8221; said </i><i>Marc B. Lautenbach, President and Chief Executive Officer. &#8220;Our SendTech and Presort businesses performed as expected.
              We remain pleased with domestic parcel improvement, network performance and volume growth, although with softer than expected revenue per parcel.&#8221;</i> </p>
          <p> <i>&#8220;In addition, strong service levels in domestic parcel are driving a robust new business pipeline, while cross-border continues to face headwinds. That said, to be clear, the long-</i><i>term value creation remains centered in domestic
              parcel, and we continue to be confident in that business.&#8221;</i> </p>
          <p> <b>First Quarter Financial Highlights</b> </p>
          <ul style="list-style-type: disc;">
            <li> Revenue in the quarter was $835 million, a decrease of 10 percent on a reported basis and 4 percent on a comparable basis versus prior year <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> </li>
            <li> GAAP EPS was a loss of $0.04 and Adjusted EPS was a loss of $0.01 in the quarter versus GAAP EPS of $0.12 and Adjusted EPS of $0.08 in first quarter of 2022 </li>
            <li> Net loss of $8 million in the quarter compares to net income of $21 million in first quarter 2022; Adjusted EBIT was $33 million compared to $53 million in first quarter 2022 </li>
            <li> GAAP cash from operating activities was a net use of $40 million; Free Cash Flow was a net use of $61 million <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup> </li>
            <li> Cash and short-term investments were $527 million at quarter-end </li>
            <li> Announced a restructuring plan which, combined with other productivity efforts, will target $75 million of annual expense savings by yearend 2024 </li>
          </ul>
          <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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          </div>
          <p> <b>First Quarter Business Highlights</b> </p>
          <ul style="list-style-type: disc;">
            <li> Global Ecommerce processed 50 million domestic parcels in the quarter, up 22 percent from 41 million in first quarter 2022 </li>
            <li> Global Ecommerce on-time delivery performance remains excellent, and is now in the mid-90 percent range </li>
            <li> Presort grew Adjusted Segment EBIT margins by nearly 500 basis points in the quarter versus prior year </li>
            <li> SendTech shipping-related revenues grew 8 percent in the quarter; SaaS subscription revenues grew 24 percent </li>
          </ul>
          <p> Earnings per share results are summarized in the table below: </p>
          <table cellspacing="0" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;" id="z1a752df5b5904aa891180134b7eddb5a">

              <tr>
                <td style="vertical-align: top;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="2" style="border-bottom: solid black 1pt;padding-left: 0px;text-align: center; list-style-position: inside;" rowspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>First Quarter</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2023</b> </p>
                </td>
                <td style="border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2022</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: top;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>GAAP EPS</b> </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>($0.04)</b> </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>$0.12</b> </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 10px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Restructuring Charges </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $0.01 </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $0.02 </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 10px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> (Gain)/Loss on Debt Redemption/Refinancing </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> ($0.01) </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $0.02 </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 10px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Proxy Solicitation Fees </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $0.03 </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> - </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 10px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Gain on Sale of Assets </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> - </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> ($0.06) </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 10px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Gain on Sale of Business </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> - </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> ($0.02) </p>
                </td>
              </tr>
              <tr>
                <td style="border-bottom: solid black 1pt;padding-left: 10px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Transaction Costs </p>
                </td>
                <td style="padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> - </p>
                </td>
                <td style="padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $0.01 </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: top;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <b>Adjusted EPS <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></b> </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>($0.01)</b> </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>$0.08</b> </p>
                </td>
              </tr>

          </table>
          <table cellspacing="0" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;" id="z0307a9c62fc642f28a8784835dc0bf83">

              <tr>
                <td style="padding-left: 0px;padding-right: 0px;text-align: left;vertical-align: top;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> <i>(1)</i> </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: top;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Comparable basis is defined in the &#8220;Use of Non-GAAP Measures&#8221; section </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0px;padding-right: 0px;text-align: left;vertical-align: top;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> <i>(2)</i> </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: top;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> We updated our definition of free cash flow to remove the impact of changes in customer deposits at PB Bank </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0px;padding-right: 0px;text-align: left;vertical-align: top;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> <i>(3)</i> </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: top;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> <i>The sum of the earnings per share may not equal the totals due to rounding.</i> </p>
                </td>
              </tr>

          </table>
          <p> <b>Business Segment Reporting</b> </p>
          <p> <b>Global Ecommerce</b> </p>
          <p> <i>Global Ecommerce provides business to consumer logistics services for domestic and cross-border delivery, returns and fulfillment.</i> </p>
          <table cellspacing="0" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;" id="z45df422a1b734133ab036a760e4b9574">

              <tr>
                <td style="padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="5" style="border-bottom: solid black 1pt;padding-left: 0px;" rowspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>First Quarter</b> </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> ($ millions) </p>
                </td>
                <td style="border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;vertical-align: middle;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>2023</b> </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;vertical-align: middle;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>2022</b> </p>
                </td>
                <td style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: middle;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>% Change <br>
                    </b><b>Reported</b> </p>
                </td>
                <td style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>% Change <br>
                      Comparable <br>
                      Basis</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: top;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Revenue </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $348 </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $419 </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> (17%) </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> (5%) </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: top;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted Segment EBITDA </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> ($18) </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $8 </p>
                </td>
                <td style="vertical-align: top;padding-left: 0px;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &gt;(100%) </p>
                </td>
                <td style="vertical-align: top;padding-left: 0px;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: top;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted Segment EBIT </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> ($34) </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> ($14) </p>
                </td>
                <td style="vertical-align: top;padding-left: 0px;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &gt;(100%) </p>
                </td>
                <td style="vertical-align: top;padding-left: 0px;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>

          </table>
          <p> Revenue decline was driven by cross-border, which continues to face macroeconomic challenges as well as a reduction in parcel volumes primarily from two clients. Domestic parcel revenue grew from higher volumes. Revenue growth was, however,
            lower than expected due to softer revenue per piece. </p>
          <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <p> Adjusted Segment EBIT declined, primarily due to lower cross-border revenue. </p>
          <p> <b>Presort Services</b> </p>
          <p> <i>Presort Services provides sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter.</i> </p>
          <table cellspacing="0" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;" id="z619f60861c6244ee9102d42aa38eccf1">

              <tr>
                <td style="padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="4" style="border-bottom: solid black 1pt;padding-left: 0px;" rowspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>First Quarter</b> </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> ($ millions) </p>
                </td>
                <td style="border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;vertical-align: middle;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>2023</b> </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;vertical-align: middle;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>2022</b> </p>
                </td>
                <td style="border-bottom: solid black 1pt;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>% Change <br>
                    </b><b>Reported</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: top;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Revenue </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $159 </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $161 </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> (1%) </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: top;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted Segment EBITDA </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $35 </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $26 </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> 36% </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: top;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted Segment EBIT </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $27 </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $20 </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> 37% </p>
                </td>
              </tr>

          </table>
          <p> Revenue declined modestly due to lower first class and marketing mail volumes. The decline was partially offset by new client additions and higher revenue per piece. </p>
          <p> Adjusted Segment EBIT improved driven by higher revenue per piece, improved labor productivity from investments in automation, and lower unit transportation costs. </p>
          <p> <b>SendTech Solutions</b> </p>
          <p> <i>Sending Technology Solutions offers physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications for small and medium businesses, retail, enterprise, and government clients around
              the world to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.</i> </p>
          <table cellspacing="0" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;" id="z4ab64b71b24d4df4b367c9128a07c59a">

              <tr>
                <td style="padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td colspan="5" style="border-bottom: solid black 1pt;padding-left: 0px;" rowspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>First Quarter</b> </p>
                </td>
              </tr>
              <tr>
                <td style="padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> ($ millions) </p>
                </td>
                <td style="border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;vertical-align: middle;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>2023</b> </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;vertical-align: middle;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>2022</b> </p>
                </td>
                <td style="border-bottom: solid black 1pt;padding-left: 0px;vertical-align: middle;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>% Change <br>
                    </b><b>Reported</b> </p>
                </td>
                <td style="vertical-align: top;border-bottom: solid black 1pt;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>% Change <br>
                      Comparable <br>
                      Basis</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: top;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Revenue </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $327 </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $348 </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> (6%) </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> (4%) </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: top;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted Segment EBITDA </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $104 </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $112 </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> (7%) </p>
                </td>
                <td style="vertical-align: top;padding-left: 0px;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: top;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;"> Adjusted Segment EBIT </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $97 </p>
                </td>
                <td rowspan="1" colspan="1"><br>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> $105 </p>
                </td>
                <td style="padding-left: 0px;padding-right: 0px;vertical-align: bottom;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> (8%) </p>
                </td>
                <td style="vertical-align: top;padding-left: 0px;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
              </tr>

          </table>
          <p> Lower equipment sales and financing revenue drove the decline in total revenue. Shipping-related revenue growth partially offset this decline. </p>
          <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <p> Adjusted Segment EBIT decreased as a result of lower financing and support services revenues, both of which are tied to the secular decline in mail. </p>
          <p> <b>Full Year 2023 Guidance</b> </p>
          <p> We continue to expect flat to mid-single digit percentage revenue growth on a comparable basis. </p>
          <p> We also continue to expect adjusted EBIT performance to outpace the percent change in revenue. </p>
          <p> <b>Conference Call and Webcast</b> </p>
          <p> Management of Pitney Bowes will discuss the Company&#8217;s results in a broadcast over the Internet today at 8:00 a.m. ET. Instructions for listening to the earnings results via the Web are available on the Investor Relations page of the Company&#8217;s
            web site at www.pitneybowes.com. </p>
          <p> <b>About Pitney Bowes</b> </p>
          <p> Pitney Bowes (NYSE:PBI) is a global shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small business, retail, enterprise, and government clients around the
            world rely on Pitney Bowes to remove the complexity of sending mail and parcels. For additional information, visit: www.pitneybowes.com </p>
          <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <p> <i><b>Use of Non-GAAP Measures</b></i> </p>
          <p> <i>Our financial results are reported in accordance with generally accepted accounting principles (GAAP). We also disclose certain non-GAAP measures, such as adjusted earnings before interest and taxes (Adjusted EBIT), adjusted earnings
              before interest, taxes, depreciation and amortization (Adjusted EBITDA), adjusted earnings per share (Adjusted EPS), revenue growth on a comparable basis and free cash flow.</i> </p>
          <p> <i>Adjusted EBIT, Adjusted EBITDA and Adjusted EPS exclude the impact restructuring charges, gains, losses and costs related to the sale of assets, acquisitions and dispositions, losses on debt redemptions and refinancings and other unusual
              items. Management believes that these non-GAAP measures provide investors greater insight into the underlying operating trends of the business.</i> </p>
          <p> <i>We disclose revenue growth on a comparable basis, which excludes three items. First, the comparison excludes the impacts of foreign currency. Second, we are excluding the impact of the divestiture of the Borderfree business effective July
              1, 2022. Third, we are excluding the impact of a change in the presentation of revenue beginning in the fourth quarter of 2022, from a gross basis to net basis due to an adjustment in terms of one of our contracts with the United States
              Postal Service. The change in revenue presentation impacts both our Global Ecommerce and SendTech Solutions segments. The change in revenue presentation does not impact gross profit. Management believes that excluding these items provides
              investors with a better understanding of the underlying revenue performance.</i> </p>
          <p> <i>Free cash flow adjusts cash flow from operations calculated in accordance with GAAP for discontinued operations, capital expenditures, restructuring payments and other special items. Management believes free cash flow provides investors
              better insight into the amount of cash available for other discretionary uses.</i> </p>
          <p> <i>Adjusted Segment EBIT is the primary measure of profitability and operational performance at the segment level and is determined by deducting from segment revenue the related costs and expenses attributable to the segment. Adjusted
              Segment EBIT excludes interest, taxes, unallocated corporate expenses, restructuring charges, and other items not allocated to a business segment. The Company also reports Adjusted Segment EBITDA as an additional useful measure of segment
              profitability and operational performance.</i> </p>
          <p> <i>Complete reconciliations of non-GAAP measures to comparable GAAP measures can be found in the attached financial schedules and at the Company's web site at </i>www.pb.com/investorrelations </p>
          <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <p> <i>This document contains &#8220;forward-looking statements&#8221; about the Company&#8217;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 from those projected. While
              conditions related to the COVID-19 pandemic have improved, the pandemic continues to be dynamic, and near-term challenges across the economy remain and the effects that they may have on our, and our clients' businesses remain uncertain. Other
              factors which could cause future financial performance to differ materially from expectations include, without limitation, declining physical mail volumes; changes in postal regulations or the operations and financial health of posts in the
              U.S. or other major markets or changes to the broader postal or shipping markets; our ability to continue to grow and manage unexpected fluctuations in volumes, gain additional economies of scale and improve profitability within our Global
              Ecommerce segment; the loss of some of our larger clients in our Global Ecommerce and Presort Services segments; the loss of, or significant changes to, United States Postal Service (USPS) commercial programs, or our contractual relationships
              with the USPS or their performance under those contracts; the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, to the company, our clients and retail consumers;
              and other factors as more fully outlined in the Company's 2022 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission during 2023. Pitney Bowes assumes no obligation to update any forward-looking
              statements contained in this document as a result of new information, events or developments.</i> </p>
          <p> <i><b>Note: Consolidated statements of income; revenue, adjusted segment EBIT and adjusted segment EBITDA by business segment; and reconciliations of GAAP to non-GAAP measures for the three months ended March 31, 2023 and 2022, and
                consolidated balance sheets at March 31, 2023 and December 31, 2022 are attached.</b></i> </p>
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            <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <table cellspacing="0" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;" id="z08255b7322104898a04828da8d9861cb">

              <tr>
                <td colspan="8" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><b>Pitney Bowes Inc.</b></td>
              </tr>
              <tr>
                <td colspan="8" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><b>Consolidated Statements of Operations</b></td>
              </tr>
              <tr>
                <td colspan="8" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">(Unaudited; in thousands, except per share amounts)</td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="7" style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" rowspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Three months ended March 31,</b> </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2023</b> </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2022</b> </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Revenue:</td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Business services</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 523,491 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 597,384 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Support services</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 105,284 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 110,352 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Financing</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 67,049 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 72,029 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Equipment sales</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 82,610 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 89,296 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Supplies</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 38,835 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 41,061 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Rentals</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 17,269 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 16,820 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 40px;" rowspan="1" colspan="1">Total revenue</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 834,538 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 926,942 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Costs and expenses:</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Cost of business services</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 446,317 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 503,215 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Cost of support services</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 36,840 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 37,134 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Financing interest expense</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 14,536 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 11,602 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Cost of equipment sales</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 57,171 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 63,771 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Cost of supplies</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 11,225 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 11,517 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Cost of rentals</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 5,428 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 5,309 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Selling, general and administrative</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 242,120 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 242,785 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Research and development</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 10,493 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 11,334 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Restructuring charges</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 3,599 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,184 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Interest expense, net</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,342 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 22,124 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Other components of net pension and postretirement (income) cost</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,710 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 844 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Other income, net</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (2,836 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (11,901 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 40px;" rowspan="1" colspan="1">Total costs and expenses</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 845,525 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 901,918 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">(Loss) income before taxes</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (10,987 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 25,024 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">(Benefit) provision for income taxes</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (3,250 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,203 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Net (loss) income</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (7,737 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 20,821 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">(Loss) earnings per share:</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 30px;" rowspan="1" colspan="1">Basic</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (0.04 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.12 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 30px;" rowspan="1" colspan="1">Diluted</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (0.04 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.12 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Weighted-average shares used in diluted earnings per share</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 174,626 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 178,034 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>

          </table>
          <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <table cellspacing="0" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;" id="z2d2888932d694a38b1e2f2018eac2698">

              <tr>
                <td colspan="8" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><b>Pitney Bowes Inc.</b></td>
              </tr>
              <tr>
                <td colspan="8" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><b>Consolidated Balance Sheets</b></td>
              </tr>
              <tr>
                <td colspan="8" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">(Unaudited; in thousands)</td>
              </tr>
              <tr>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><b><u>Assets</u></b></td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3" rowspan="1"><b>March 31,<br>
                    2023</b></td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3" rowspan="1"><b>December 31,<br>
                    2022</b></td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Current assets:</td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Cash and cash equivalents</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 511,761 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 669,981 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Short-term investments</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 15,614 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 11,172 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Accounts and other receivables, net</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 271,496 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 343,557 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Short-term finance receivables, net</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 551,348 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 564,972 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Inventories</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 94,016 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 83,720 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Current income taxes</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 19,318 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 8,790 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Other current assets and prepayments</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 125,746 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 115,824 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Total current assets</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,589,299 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,798,016 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Property, plant and equipment, net</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 411,793 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 420,672 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Rental property and equipment, net</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 26,955 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 27,487 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Long-term finance receivables, net</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 636,518 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 627,124 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Goodwill</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,069,660 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,066,951 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Intangible assets, net</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 74,028 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 77,944 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Operating lease assets</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 287,703 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 296,129 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Noncurrent income taxes</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 44,595 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 46,613 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Other assets</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 390,298 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 380,419 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Total assets</td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,530,849 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,741,355 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><b><u>Liabilities and stockholders' equity</u></b></td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Current liabilities:</td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Accounts payable and accrued liabilities</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 800,050 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 907,083 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Customer deposits at Pitney Bowes Bank</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 594,546 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 628,072 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Current operating lease liabilities</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 53,848 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 52,576 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Current portion of long-term debt</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 262,439 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 32,764 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Advance billings</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 86,802 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 105,207 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Current income taxes</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 981 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,101 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Total current liabilities</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,798,666 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,727,803 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Long-term debt</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,910,529 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,172,502 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Deferred taxes on income</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 268,193 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 263,131 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Tax uncertainties and other income tax liabilities</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 23,778 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 23,841 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Noncurrent operating lease liabilities</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 256,158 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 265,696 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Other noncurrent liabilities</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 213,561 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 227,729 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Total liabilities</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,470,885 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,680,702 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Stockholders' equity:</td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;text-align: left;padding-left: 20px;" rowspan="1" colspan="1">
                  <p style="text-align: left;margin-bottom: 0px; margin-top: 0px;"> Common stock </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 323,338 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 323,338 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Retained earnings</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 5,060,852 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 5,125,677 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Accumulated other comprehensive loss</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (819,978 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (835,564 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Treasury stock, at cost</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,504,248 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,552,798 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Total stockholders' equity</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 59,964 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 60,653 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Total liabilities and stockholders' equity</td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,530,849 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,741,355 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>

          </table>
          <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <table cellspacing="0" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;" id="zc9a89ea4a3fe4ae2866ee318bac3e5f3">

              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" colspan="10" rowspan="1"><b>Pitney Bowes Inc.</b></td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" colspan="10" rowspan="1"><b>Business Segment Revenue</b></td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" colspan="10" rowspan="1">(Unaudited; in thousands)</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="9" style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" rowspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Three months ended March 31,</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2023</b> </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2022</b> </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;text-align: center; list-style-position: inside;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="2" rowspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>% Change</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><b>Global Ecommerce</b></td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Revenue, as reported</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 348,391 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 418,527 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>(17</b> </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> <b>%)</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Impact of change in revenue presentation</td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (37,586 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Impact of Borderfree divestiture</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (11,730 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 30px;" rowspan="1" colspan="1">Comparable revenue before currency</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 348,391 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 369,211 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>(6</b> </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> <b>%)</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Impact of currency on revenue</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,841 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 30px;" rowspan="1" colspan="1">Comparable revenue</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 351,232 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 369,211 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>(5</b> </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> <b>%)</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><b>Presort Services</b></td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Revenue, as reported</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 158,902 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 160,544 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>(1</b> </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> <b>%)</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><b>Sending Technology Solutions</b></td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Revenue, as reported</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 327,245 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 347,871 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>(6</b> </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> <b>%)</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Impact of change in revenue presentation</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (3,690 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 30px;" rowspan="1" colspan="1">Comparable revenue before currency</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 327,245 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 344,181 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>(5</b> </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> <b>%)</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Impact of currency on revenue</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,844 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 30px;" rowspan="1" colspan="1">Comparable revenue</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 332,089 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 344,181 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>(4</b> </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> <b>%)</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><b>Consolidated</b></td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Revenue, as reported</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 834,538 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 926,942 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>(10</b> </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> <b>%)</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Impact of change in revenue presentation</td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (41,276 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Impact of Borderfree divestiture</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (11,730 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 30px;" rowspan="1" colspan="1">Comparable revenue before currency</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 834,538 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 873,936 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>(5</b> </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> <b>%)</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 20px;" rowspan="1" colspan="1">Impact of currency on revenue</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 7,685 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 30px;" rowspan="1" colspan="1">Comparable revenue</td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 842,223 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 873,936 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>(4</b> </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> <b>%)</b> </p>
                </td>
              </tr>

          </table>
          <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <table cellspacing="0" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;" id="z26e6452387994df7b2fddc606bd6d383">

              <tr>
                <td colspan="24" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><b>Pitney Bowes Inc.</b></td>
              </tr>
              <tr>
                <td colspan="24" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><b>Adjusted Segment EBIT &amp; EBITDA</b></td>
              </tr>
              <tr>
                <td colspan="24" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">(Unaudited; in thousands)</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;" colspan="3" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;" colspan="2" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;" colspan="3" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;" colspan="3" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;" colspan="2" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;" colspan="3" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;" colspan="2" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;" colspan="2" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="22" style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-left: 0px;border-right: solid black 1pt;" rowspan="1"><b>Three months ended
                    March 31,</b></td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="8" style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-left: 0px;padding-right: 0px;border-right: solid black 1pt;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2023</b> </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="8" style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2022</b> </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="4" style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;border-left: solid black 1pt;border-right: solid black 1pt;" rowspan="1"><b>% change</b></td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;padding-left: 0px;" colspan="3" rowspan="1"><b>Adjusted<br>
                    Segment<br>
                    EBIT <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></b></td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;border-right: solid black 1pt;padding-left: 0px;" colspan="2" rowspan="1"><b>D&amp;A</b></td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;border-right: solid black 1pt;padding-left: 0px;" colspan="3" rowspan="1"><b>Adjusted<br>
                    Segment<br>
                    EBITDA</b></td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;padding-left: 0px;" colspan="3" rowspan="1"><b>Adjusted<br>
                    Segment<br>
                    EBIT <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></b></td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;border-right: solid black 1pt;padding-left: 0px;" colspan="2" rowspan="1"><b>D&amp;A</b></td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;border-right: solid black 1pt;padding-left: 0px;" colspan="3" rowspan="1"><b>Adjusted<br>
                    Segment<br>
                    EBITDA</b></td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;padding-left: 0px;" colspan="2" rowspan="1"><b>Adjusted<br>
                    Segment<br>
                    EBIT</b></td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;border-right: solid black 1pt;padding-left: 0px;" colspan="2" rowspan="1"><b>Adjusted<br>
                    Segment<br>
                    EBITDA</b></td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">Global Ecommerce</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (34,206 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 16,414 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (17,792 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (13,696 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 21,444 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 7,748 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1">&gt;(100%)</td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="2" rowspan="1">&gt;(100%)</td>
              </tr>
              <tr>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">Presort Services</td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 26,905 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 8,523 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 35,428 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 19,632 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 6,418 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 26,050 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 37 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 36 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> % </p>
                </td>
              </tr>
              <tr>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">Sending Technology Solutions</td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 96,671 </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 7,467 </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 104,138 </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 104,575 </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 7,003 </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 111,578 </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (8 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> %) </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (7 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> %) </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 89,370 </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 32,404 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 121,774 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 110,511 </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 34,865 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 145,376 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (19 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> %) </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (16 </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> %) </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td colspan="2" style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1"><b><i>Reconciliation of Segment Adjusted EBITDA to Net (Loss) Income:</i></b></td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">Segment depreciation and amortization</td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (32,404 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (34,865 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">Unallocated corporate expenses</td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (56,349 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (57,834 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">Restructuring charges</td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (3,599 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,184 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td colspan="2" style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1">Gain (loss) on debt redemption/refinancing</td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,836 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,993 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">Proxy solicitation fees</td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (6,367 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> - </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td colspan="2" style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1">Gain on sale of assets</td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> - </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 14,372 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td colspan="2" style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1">Gain on sale of business</td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> - </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,522 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">Transaction costs</td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> - </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (1,644 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">Interest, net</td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (36,878 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (33,726 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">Benefit (provision) for income taxes</td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 3,250 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (4,203 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">Net (loss) income</td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (7,737 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 20,821 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td colspan="2" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>

          </table>
          <table cellspacing="0" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;" id="z88ab25a6a8014b79b876c45ef2d44013">

              <tr>
                <td style="padding-left: 0px;padding-right: 0px;text-align: left;vertical-align: top;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> (1) </p>
                </td>
                <td colspan="8" style="text-align: left;vertical-align: top;padding-left: 0px;" rowspan="1">Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a
                  particular business segment.</td>
              </tr>

          </table>
          <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
            <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <table cellspacing="0" style="margin-bottom: 10px;margin-left: 0px; margin-right: auto; font-size: 10pt;" id="z19b2ac3af5cf4d6b89637b6687f0751f">

              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" colspan="9" rowspan="1"><b>Pitney Bowes Inc.</b></td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" colspan="9" rowspan="1"><b>Reconciliation of Reported Consolidated Results to Adjusted Results</b></td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" colspan="9" rowspan="1">(Unaudited; in thousands, except per share amounts)</td>
              </tr>
              <tr>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="7" style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;" rowspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> <b>Three months ended March 31,</b> </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2023</b> </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: center; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> &#160; </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> <b>2022</b> </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: center; list-style-position: inside;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" colspan="3" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;background-color: #cceeff;padding-left: 0px;" rowspan="1" colspan="1"><b><i>Reconciliation of
                      reported net (loss) income to adjusted EBIT and adjusted EBITDA</i></b></td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Net (loss) income</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (7,737 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 20,821 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">(Benefit) provision for income taxes</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (3,250 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,203 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">(Loss) income before taxes</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (10,987 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 25,024 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Restructuring charges</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 3,599 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,184 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Proxy solicitation fees</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 6,367 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> - </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">(Gain) loss on debt redemption/refinancing</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (2,836 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 4,993 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Gain on sale of assets</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> - </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (14,372 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Gain on sale of business</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> - </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (2,522 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Transaction costs</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> - </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 1,644 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Adjusted net (loss) income before tax</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (3,857 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 18,951 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Interest, net</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 36,878 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 33,726 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Adjusted EBIT</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 33,021 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 52,677 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Depreciation and amortization</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 39,897 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 42,002 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Adjusted EBITDA</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 72,918 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 94,679 </p>
                </td>
                <td style="vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;background-color: #cceeff;padding-left: 0px;" rowspan="1" colspan="1"><b><i>Reconciliation of
                      reported diluted (loss) earnings per share to adjusted diluted (loss) earnings per share</i></b></td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Diluted (loss) earnings per share</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (0.04 </p>
                </td>
                <td style="text-align: center; list-style-position: inside;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.12 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Restructuring charges</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.01 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.02 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">(Gain) loss on debt redemption/refinancing</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (0.01 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.02 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Proxy solicitation fees</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.03 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> - </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Gain on sale of assets</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> - </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (0.06 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Gain on sale of businesses</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> - </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (0.02 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Transaction costs</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> - </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
                <td style="text-align: right; list-style-position: inside;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.01 </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Adjusted diluted (loss) earnings per share <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (0.01 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 0.08 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;border-bottom: double black 2.25pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><b><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup> The sum of the earnings per share amounts may not equal the totals due to rounding.</b></td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;border-bottom: solid black 1pt;" rowspan="1" colspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: middle;border-bottom: solid black 1pt;border-left: solid black 1pt;border-right: solid black 1pt;background-color: #cceeff;padding-left: 0px;" rowspan="1" colspan="1"><b><i>Reconciliation of
                      reported net cash from operating activities to free cash flow</i></b></td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td colspan="3" style="vertical-align: bottom;padding-left: 0px;" rowspan="1"><br>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Net cash from operating activities</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (39,714 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> $ </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 10,562 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
                </td>
              </tr>
              <tr>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Capital expenditures</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (28,666 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (32,555 </p>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
                </td>
              </tr>
              <tr>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1">Restructuring payments</td>
                <td style="vertical-align: bottom;padding-left: 0px;" rowspan="1" colspan="1"><br>
                </td>
                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> &#160; </p>
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                <td style="text-align: left;vertical-align: bottom;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
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                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> - </p>
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                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
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                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> - </p>
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                <td style="text-align: left;vertical-align: bottom;border-bottom: solid black 1pt;padding-left: 0px;padding-right: 0px;" rowspan="1" colspan="1">
                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> &#160; </p>
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                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> 2,132 </p>
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                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (60,701 </p>
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                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
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                  <p style="text-align: right; list-style-position: inside;margin-bottom: 0px; margin-top: 0px;"> (16,576 </p>
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                  <p style="margin-bottom: 0px; margin-top: 0px;text-align: left;"> ) </p>
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          </table>
          <p> &#160; </p>
        </div>
        <div class="bw-release-contact">
          <h2 style="FONT-SIZE: 14pt;">Contacts</h2>
          <p> Editorial - <br>
            Bill Hughes <br>
            Chief Communications Officer <br>
            203.351.6785 </p>
          <p> Financial - <br>
            Ned Zachar, CFA <br>
            VP, Investor Relations <br>
            203.614.1092 </p>
          <p> <i>Alex Brown </i><br>
            <i>Senior Manager, Investor Relations </i><br>
            <i>203.351.7639</i> </p>
        </div>
      </div>
    </div>
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    <link:label xlink:type="resource" xlink:label="dei_EntityRegistrantName_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityRegistrantName_lbl" xml:lang="en-US" id="dei_EntityRegistrantName_lbl">Entity Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:title="label: EntityRegistrantName to dei_EntityRegistrantName_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="dei_EntityCentralIndexKey_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityCentralIndexKey_lbl" xml:lang="en-US" id="dei_EntityCentralIndexKey_lbl">Entity Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:title="label: EntityCentralIndexKey to dei_EntityCentralIndexKey_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityFileNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityFileNumber_lbl" xml:lang="en-US" id="dei_EntityFileNumber_lbl">Entity File Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:title="label: EntityFileNumber to dei_EntityFileNumber_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityTaxIdentificationNumber" xlink:label="EntityTaxIdentificationNumber" xlink:title="EntityTaxIdentificationNumber" />
    <link:label xlink:type="resource" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US" id="dei_EntityTaxIdentificationNumber_lbl">Entity Tax Identification Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:title="label: EntityTaxIdentificationNumber to dei_EntityTaxIdentificationNumber_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US" id="dei_EntityIncorporationStateCountryCode_lbl">Entity Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:title="label: EntityIncorporationStateCountryCode to dei_EntityIncorporationStateCountryCode_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US" id="dei_EntityEmergingGrowthCompany_lbl">Entity Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:title="label: EntityEmergingGrowthCompany to dei_EntityEmergingGrowthCompany_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine1_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine1_lbl">Entity Address, Address Line One</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:title="label: EntityAddressAddressLine1 to dei_EntityAddressAddressLine1_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine2" xlink:label="EntityAddressAddressLine2" xlink:title="EntityAddressAddressLine2" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine2_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine2_lbl">Entity Address, Address Line Two</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:title="label: EntityAddressAddressLine2 to dei_EntityAddressAddressLine2_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressAddressLine3" xlink:label="EntityAddressAddressLine3" xlink:title="EntityAddressAddressLine3" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressAddressLine3_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US" id="dei_EntityAddressAddressLine3_lbl">Entity Address, Address Line Three</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:title="label: EntityAddressAddressLine3 to dei_EntityAddressAddressLine3_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressCityOrTown_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US" id="dei_EntityAddressCityOrTown_lbl">Entity Address, City or Town</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressStateOrProvince" xlink:label="EntityAddressStateOrProvince" xlink:title="EntityAddressStateOrProvince" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressCountry" xlink:label="EntityAddressCountry" xlink:title="EntityAddressCountry" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
    <link:label xlink:type="resource" xlink:label="dei_EntityAddressPostalZipCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US" id="dei_EntityAddressPostalZipCode_lbl">Entity Address, Postal Zip Code</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="dei_CityAreaCode_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_CityAreaCode_lbl" xml:lang="en-US" id="dei_CityAreaCode_lbl">City Area Code</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <link:label xlink:type="resource" xlink:label="dei_LocalPhoneNumber_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_LocalPhoneNumber_lbl" xml:lang="en-US" id="dei_LocalPhoneNumber_lbl">Local Phone Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:title="label: LocalPhoneNumber to dei_LocalPhoneNumber_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_NoTradingSymbolFlag" xlink:label="NoTradingSymbolFlag" xlink:title="NoTradingSymbolFlag" />
    <link:label xlink:type="resource" xlink:label="dei_NoTradingSymbolFlag_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US" id="dei_NoTradingSymbolFlag_lbl">No Trading Symbol Flag</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:label xlink:type="resource" xlink:label="dei_TradingSymbol_lbl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="dei_TradingSymbol_lbl" xml:lang="en-US" id="dei_TradingSymbol_lbl">Trading Symbol</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:title="label: TradingSymbol to dei_TradingSymbol_lbl" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>pbi-20230504_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--Generated by Broadridge PROfile 23.3.1.5138 Broadridge-->
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="LocalPhoneNumber" xlink:title="presentation: CoverAbstract to LocalPhoneNumber" order="15.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_WrittenCommunications" xlink:label="WrittenCommunications" xlink:title="WrittenCommunications" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="WrittenCommunications" xlink:title="presentation: CoverAbstract to WrittenCommunications" order="16.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SolicitingMaterial" xlink:label="SolicitingMaterial" xlink:title="SolicitingMaterial" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="SolicitingMaterial" xlink:title="presentation: CoverAbstract to SolicitingMaterial" order="17.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementTenderOffer" xlink:label="PreCommencementTenderOffer" xlink:title="PreCommencementTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="PreCommencementTenderOffer" xlink:title="presentation: CoverAbstract to PreCommencementTenderOffer" order="18.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="PreCommencementIssuerTenderOffer" xlink:title="PreCommencementIssuerTenderOffer" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="PreCommencementIssuerTenderOffer" xlink:title="presentation: CoverAbstract to PreCommencementIssuerTenderOffer" order="19.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_NoTradingSymbolFlag" xlink:label="NoTradingSymbolFlag" xlink:title="NoTradingSymbolFlag" />
    <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="CoverAbstract" xlink:to="NoTradingSymbolFlag" xlink:title="presentation: CoverAbstract to NoTradingSymbolFlag" order="20.0" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_DocumentFiscalYearFocus" xlink:label="DocumentFiscalYearFocus" xlink:title="DocumentFiscalYearFocus" />
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021/dei-2021.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>6
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.23.1</span><table class="report" border="0" cellspacing="2" id="idm139952430028640">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th"><div>May 04, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">May  04,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Pitney Bowes Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-03579<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">06-0495050<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">3001 Summer Street<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Stamford<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">CT<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">06926<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">203<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">356-5000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000078814<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $1 par value per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">PBI<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
