0000078814 12-31 2024 Q2 FALSE P1Y P1Y 6 1 4 P3Y P1Y P3Y xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure pbi:position 0000078814 2024-01-01 2024-06-30 0000078814 us-gaap:CommonStockMember 2024-01-01 2024-06-30 0000078814 pbi:A6.70Notesdue2043Member 2024-01-01 2024-06-30 0000078814 2024-07-23 0000078814 pbi:BusinessServicesMember 2024-04-01 2024-06-30 0000078814 pbi:BusinessServicesMember 2023-04-01 2023-06-30 0000078814 pbi:BusinessServicesMember 2024-01-01 2024-06-30 0000078814 pbi:BusinessServicesMember 2023-01-01 2023-06-30 0000078814 pbi:SupportServicesMember 2024-04-01 2024-06-30 0000078814 pbi:SupportServicesMember 2023-04-01 2023-06-30 0000078814 pbi:SupportServicesMember 2024-01-01 2024-06-30 0000078814 pbi:SupportServicesMember 2023-01-01 2023-06-30 0000078814 pbi:FinancingMember 2024-04-01 2024-06-30 0000078814 pbi:FinancingMember 2023-04-01 2023-06-30 0000078814 pbi:FinancingMember 2024-01-01 2024-06-30 0000078814 pbi:FinancingMember 2023-01-01 2023-06-30 0000078814 pbi:EquipmentSalesMember 2024-04-01 2024-06-30 0000078814 pbi:EquipmentSalesMember 2023-04-01 2023-06-30 0000078814 pbi:EquipmentSalesMember 2024-01-01 2024-06-30 0000078814 pbi:EquipmentSalesMember 2023-01-01 2023-06-30 0000078814 pbi:SuppliesProductMember 2024-04-01 2024-06-30 0000078814 pbi:SuppliesProductMember 2023-04-01 2023-06-30 0000078814 pbi:SuppliesProductMember 2024-01-01 2024-06-30 0000078814 pbi:SuppliesProductMember 2023-01-01 2023-06-30 0000078814 pbi:RentalsMember 2024-04-01 2024-06-30 0000078814 pbi:RentalsMember 2023-04-01 2023-06-30 0000078814 pbi:RentalsMember 2024-01-01 2024-06-30 0000078814 pbi:RentalsMember 2023-01-01 2023-06-30 0000078814 2024-04-01 2024-06-30 0000078814 2023-04-01 2023-06-30 0000078814 2023-01-01 2023-06-30 0000078814 2024-06-30 0000078814 2023-12-31 0000078814 2022-12-31 0000078814 2023-06-30 0000078814 srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember 2024-01-01 2024-03-31 0000078814 srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember 2020-01-01 2020-12-31 0000078814 pbi:BusinessServicesMember pbi:SendTechSolutionsMember 2024-04-01 2024-06-30 0000078814 pbi:BusinessServicesMember pbi:PresortServicesMember 2024-04-01 2024-06-30 0000078814 pbi:BusinessServicesMember pbi:GlobalEcommerceMember 2024-04-01 2024-06-30 0000078814 pbi:SupportServicesMember pbi:SendTechSolutionsMember 2024-04-01 2024-06-30 0000078814 pbi:SupportServicesMember pbi:PresortServicesMember 2024-04-01 2024-06-30 0000078814 pbi:SupportServicesMember pbi:GlobalEcommerceMember 2024-04-01 2024-06-30 0000078814 pbi:FinancingMember pbi:SendTechSolutionsMember 2024-04-01 2024-06-30 0000078814 pbi:FinancingMember pbi:PresortServicesMember 2024-04-01 2024-06-30 0000078814 pbi:FinancingMember pbi:GlobalEcommerceMember 2024-04-01 2024-06-30 0000078814 pbi:EquipmentSalesMember pbi:SendTechSolutionsMember 2024-04-01 2024-06-30 0000078814 pbi:EquipmentSalesMember pbi:PresortServicesMember 2024-04-01 2024-06-30 0000078814 pbi:EquipmentSalesMember pbi:GlobalEcommerceMember 2024-04-01 2024-06-30 0000078814 pbi:SuppliesProductMember pbi:SendTechSolutionsMember 2024-04-01 2024-06-30 0000078814 pbi:SuppliesProductMember pbi:PresortServicesMember 2024-04-01 2024-06-30 0000078814 pbi:SuppliesProductMember pbi:GlobalEcommerceMember 2024-04-01 2024-06-30 0000078814 pbi:RentalsMember pbi:SendTechSolutionsMember 2024-04-01 2024-06-30 0000078814 pbi:RentalsMember pbi:PresortServicesMember 2024-04-01 2024-06-30 0000078814 pbi:RentalsMember pbi:GlobalEcommerceMember 2024-04-01 2024-06-30 0000078814 pbi:SalesAndServicesMember pbi:SendTechSolutionsMember 2024-04-01 2024-06-30 0000078814 pbi:SalesAndServicesMember pbi:PresortServicesMember 2024-04-01 2024-06-30 0000078814 pbi:SalesAndServicesMember pbi:GlobalEcommerceMember 2024-04-01 2024-06-30 0000078814 pbi:SalesAndServicesMember 2024-04-01 2024-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember pbi:SendTechSolutionsMember 2024-04-01 2024-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember pbi:PresortServicesMember 2024-04-01 2024-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember pbi:GlobalEcommerceMember 2024-04-01 2024-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember 2024-04-01 2024-06-30 0000078814 pbi:SendTechSolutionsMember 2024-04-01 2024-06-30 0000078814 pbi:PresortServicesMember 2024-04-01 2024-06-30 0000078814 pbi:GlobalEcommerceMember 2024-04-01 2024-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember pbi:SendTechSolutionsMember 2024-04-01 2024-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember pbi:PresortServicesMember 2024-04-01 2024-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember pbi:GlobalEcommerceMember 2024-04-01 2024-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember 2024-04-01 2024-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember pbi:SendTechSolutionsMember 2024-04-01 2024-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember pbi:PresortServicesMember 2024-04-01 2024-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember pbi:GlobalEcommerceMember 2024-04-01 2024-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember 2024-04-01 2024-06-30 0000078814 pbi:BusinessServicesMember pbi:SendTechSolutionsMember 2023-04-01 2023-06-30 0000078814 pbi:BusinessServicesMember pbi:PresortServicesMember 2023-04-01 2023-06-30 0000078814 pbi:BusinessServicesMember pbi:GlobalEcommerceMember 2023-04-01 2023-06-30 0000078814 pbi:SupportServicesMember pbi:SendTechSolutionsMember 2023-04-01 2023-06-30 0000078814 pbi:SupportServicesMember pbi:PresortServicesMember 2023-04-01 2023-06-30 0000078814 pbi:SupportServicesMember pbi:GlobalEcommerceMember 2023-04-01 2023-06-30 0000078814 pbi:FinancingMember pbi:SendTechSolutionsMember 2023-04-01 2023-06-30 0000078814 pbi:FinancingMember pbi:PresortServicesMember 2023-04-01 2023-06-30 0000078814 pbi:FinancingMember pbi:GlobalEcommerceMember 2023-04-01 2023-06-30 0000078814 pbi:EquipmentSalesMember pbi:SendTechSolutionsMember 2023-04-01 2023-06-30 0000078814 pbi:EquipmentSalesMember pbi:PresortServicesMember 2023-04-01 2023-06-30 0000078814 pbi:EquipmentSalesMember pbi:GlobalEcommerceMember 2023-04-01 2023-06-30 0000078814 pbi:SuppliesProductMember pbi:SendTechSolutionsMember 2023-04-01 2023-06-30 0000078814 pbi:SuppliesProductMember pbi:PresortServicesMember 2023-04-01 2023-06-30 0000078814 pbi:SuppliesProductMember pbi:GlobalEcommerceMember 2023-04-01 2023-06-30 0000078814 pbi:RentalsMember pbi:SendTechSolutionsMember 2023-04-01 2023-06-30 0000078814 pbi:RentalsMember pbi:PresortServicesMember 2023-04-01 2023-06-30 0000078814 pbi:RentalsMember pbi:GlobalEcommerceMember 2023-04-01 2023-06-30 0000078814 pbi:SalesAndServicesMember pbi:SendTechSolutionsMember 2023-04-01 2023-06-30 0000078814 pbi:SalesAndServicesMember pbi:PresortServicesMember 2023-04-01 2023-06-30 0000078814 pbi:SalesAndServicesMember pbi:GlobalEcommerceMember 2023-04-01 2023-06-30 0000078814 pbi:SalesAndServicesMember 2023-04-01 2023-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember pbi:SendTechSolutionsMember 2023-04-01 2023-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember pbi:PresortServicesMember 2023-04-01 2023-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember pbi:GlobalEcommerceMember 2023-04-01 2023-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember 2023-04-01 2023-06-30 0000078814 pbi:SendTechSolutionsMember 2023-04-01 2023-06-30 0000078814 pbi:PresortServicesMember 2023-04-01 2023-06-30 0000078814 pbi:GlobalEcommerceMember 2023-04-01 2023-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember pbi:SendTechSolutionsMember 2023-04-01 2023-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember pbi:PresortServicesMember 2023-04-01 2023-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember pbi:GlobalEcommerceMember 2023-04-01 2023-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember 2023-04-01 2023-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember pbi:SendTechSolutionsMember 2023-04-01 2023-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember pbi:PresortServicesMember 2023-04-01 2023-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember pbi:GlobalEcommerceMember 2023-04-01 2023-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember 2023-04-01 2023-06-30 0000078814 pbi:BusinessServicesMember pbi:SendTechSolutionsMember 2024-01-01 2024-06-30 0000078814 pbi:BusinessServicesMember pbi:PresortServicesMember 2024-01-01 2024-06-30 0000078814 pbi:BusinessServicesMember pbi:GlobalEcommerceMember 2024-01-01 2024-06-30 0000078814 pbi:SupportServicesMember pbi:SendTechSolutionsMember 2024-01-01 2024-06-30 0000078814 pbi:SupportServicesMember pbi:PresortServicesMember 2024-01-01 2024-06-30 0000078814 pbi:SupportServicesMember pbi:GlobalEcommerceMember 2024-01-01 2024-06-30 0000078814 pbi:FinancingMember pbi:SendTechSolutionsMember 2024-01-01 2024-06-30 0000078814 pbi:FinancingMember pbi:PresortServicesMember 2024-01-01 2024-06-30 0000078814 pbi:FinancingMember pbi:GlobalEcommerceMember 2024-01-01 2024-06-30 0000078814 pbi:EquipmentSalesMember pbi:SendTechSolutionsMember 2024-01-01 2024-06-30 0000078814 pbi:EquipmentSalesMember pbi:PresortServicesMember 2024-01-01 2024-06-30 0000078814 pbi:EquipmentSalesMember pbi:GlobalEcommerceMember 2024-01-01 2024-06-30 0000078814 pbi:SuppliesProductMember pbi:SendTechSolutionsMember 2024-01-01 2024-06-30 0000078814 pbi:SuppliesProductMember pbi:PresortServicesMember 2024-01-01 2024-06-30 0000078814 pbi:SuppliesProductMember pbi:GlobalEcommerceMember 2024-01-01 2024-06-30 0000078814 pbi:RentalsMember pbi:SendTechSolutionsMember 2024-01-01 2024-06-30 0000078814 pbi:RentalsMember pbi:PresortServicesMember 2024-01-01 2024-06-30 0000078814 pbi:RentalsMember pbi:GlobalEcommerceMember 2024-01-01 2024-06-30 0000078814 pbi:SalesAndServicesMember pbi:SendTechSolutionsMember 2024-01-01 2024-06-30 0000078814 pbi:SalesAndServicesMember pbi:PresortServicesMember 2024-01-01 2024-06-30 0000078814 pbi:SalesAndServicesMember pbi:GlobalEcommerceMember 2024-01-01 2024-06-30 0000078814 pbi:SalesAndServicesMember 2024-01-01 2024-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember pbi:SendTechSolutionsMember 2024-01-01 2024-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember pbi:PresortServicesMember 2024-01-01 2024-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember pbi:GlobalEcommerceMember 2024-01-01 2024-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember 2024-01-01 2024-06-30 0000078814 pbi:SendTechSolutionsMember 2024-01-01 2024-06-30 0000078814 pbi:PresortServicesMember 2024-01-01 2024-06-30 0000078814 pbi:GlobalEcommerceMember 2024-01-01 2024-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember pbi:SendTechSolutionsMember 2024-01-01 2024-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember pbi:PresortServicesMember 2024-01-01 2024-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember pbi:GlobalEcommerceMember 2024-01-01 2024-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember 2024-01-01 2024-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember pbi:SendTechSolutionsMember 2024-01-01 2024-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember pbi:PresortServicesMember 2024-01-01 2024-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember pbi:GlobalEcommerceMember 2024-01-01 2024-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember 2024-01-01 2024-06-30 0000078814 pbi:BusinessServicesMember pbi:SendTechSolutionsMember 2023-01-01 2023-06-30 0000078814 pbi:BusinessServicesMember pbi:PresortServicesMember 2023-01-01 2023-06-30 0000078814 pbi:BusinessServicesMember pbi:GlobalEcommerceMember 2023-01-01 2023-06-30 0000078814 pbi:SupportServicesMember pbi:SendTechSolutionsMember 2023-01-01 2023-06-30 0000078814 pbi:SupportServicesMember pbi:PresortServicesMember 2023-01-01 2023-06-30 0000078814 pbi:SupportServicesMember pbi:GlobalEcommerceMember 2023-01-01 2023-06-30 0000078814 pbi:FinancingMember pbi:SendTechSolutionsMember 2023-01-01 2023-06-30 0000078814 pbi:FinancingMember pbi:PresortServicesMember 2023-01-01 2023-06-30 0000078814 pbi:FinancingMember pbi:GlobalEcommerceMember 2023-01-01 2023-06-30 0000078814 pbi:EquipmentSalesMember pbi:SendTechSolutionsMember 2023-01-01 2023-06-30 0000078814 pbi:EquipmentSalesMember pbi:PresortServicesMember 2023-01-01 2023-06-30 0000078814 pbi:EquipmentSalesMember pbi:GlobalEcommerceMember 2023-01-01 2023-06-30 0000078814 pbi:SuppliesProductMember pbi:SendTechSolutionsMember 2023-01-01 2023-06-30 0000078814 pbi:SuppliesProductMember pbi:PresortServicesMember 2023-01-01 2023-06-30 0000078814 pbi:SuppliesProductMember pbi:GlobalEcommerceMember 2023-01-01 2023-06-30 0000078814 pbi:RentalsMember pbi:SendTechSolutionsMember 2023-01-01 2023-06-30 0000078814 pbi:RentalsMember pbi:PresortServicesMember 2023-01-01 2023-06-30 0000078814 pbi:RentalsMember pbi:GlobalEcommerceMember 2023-01-01 2023-06-30 0000078814 pbi:SalesAndServicesMember pbi:SendTechSolutionsMember 2023-01-01 2023-06-30 0000078814 pbi:SalesAndServicesMember pbi:PresortServicesMember 2023-01-01 2023-06-30 0000078814 pbi:SalesAndServicesMember pbi:GlobalEcommerceMember 2023-01-01 2023-06-30 0000078814 pbi:SalesAndServicesMember 2023-01-01 2023-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember pbi:SendTechSolutionsMember 2023-01-01 2023-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember pbi:PresortServicesMember 2023-01-01 2023-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember pbi:GlobalEcommerceMember 2023-01-01 2023-06-30 0000078814 pbi:RevenueFromLeasingTransactionsAndFinancingMember 2023-01-01 2023-06-30 0000078814 pbi:SendTechSolutionsMember 2023-01-01 2023-06-30 0000078814 pbi:PresortServicesMember 2023-01-01 2023-06-30 0000078814 pbi:GlobalEcommerceMember 2023-01-01 2023-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember pbi:SendTechSolutionsMember 2023-01-01 2023-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember pbi:PresortServicesMember 2023-01-01 2023-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember pbi:GlobalEcommerceMember 2023-01-01 2023-06-30 0000078814 us-gaap:TransferredAtPointInTimeMember pbi:SalesAndServicesMember 2023-01-01 2023-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember pbi:SendTechSolutionsMember 2023-01-01 2023-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember pbi:PresortServicesMember 2023-01-01 2023-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember pbi:GlobalEcommerceMember 2023-01-01 2023-06-30 0000078814 us-gaap:TransferredOverTimeMember pbi:SalesAndServicesMember 2023-01-01 2023-06-30 0000078814 pbi:BusinessServicesMember srt:MinimumMember 2024-01-01 2024-06-30 0000078814 pbi:BusinessServicesMember srt:MaximumMember 2024-01-01 2024-06-30 0000078814 pbi:SupportServicesMember srt:MinimumMember 2024-01-01 2024-06-30 0000078814 pbi:SupportServicesMember srt:MaximumMember 2024-01-01 2024-06-30 0000078814 2024-07-01 pbi:SendTechSolutionsMember 2024-06-30 0000078814 2025-01-01 pbi:SendTechSolutionsMember 2024-06-30 0000078814 2026-01-01 pbi:SendTechSolutionsMember 2024-06-30 0000078814 pbi:SendTechSolutionsMember 2024-06-30 0000078814 pbi:SendTechSolutionsMember 2024-01-01 2024-06-30 0000078814 us-gaap:OperatingSegmentsMember 2024-04-01 2024-06-30 0000078814 us-gaap:OperatingSegmentsMember 2023-04-01 2023-06-30 0000078814 us-gaap:OperatingSegmentsMember 2024-01-01 2024-06-30 0000078814 us-gaap:OperatingSegmentsMember 2023-01-01 2023-06-30 0000078814 us-gaap:MaterialReconcilingItemsMember 2024-04-01 2024-06-30 0000078814 us-gaap:MaterialReconcilingItemsMember 2023-04-01 2023-06-30 0000078814 us-gaap:MaterialReconcilingItemsMember 2024-01-01 2024-06-30 0000078814 us-gaap:MaterialReconcilingItemsMember 2023-01-01 2023-06-30 0000078814 srt:MinimumMember 2024-01-01 2024-06-30 0000078814 srt:MaximumMember 2024-01-01 2024-06-30 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:FinanceLeasesPortfolioSegmentMember 2024-06-30 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:FinanceLeasesPortfolioSegmentMember 2024-06-30 0000078814 us-gaap:FinanceLeasesPortfolioSegmentMember 2024-06-30 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:FinanceLeasesPortfolioSegmentMember 2023-12-31 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:FinanceLeasesPortfolioSegmentMember 2023-12-31 0000078814 us-gaap:FinanceLeasesPortfolioSegmentMember 2023-12-31 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:ConsumerPortfolioSegmentMember 2024-06-30 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:ConsumerPortfolioSegmentMember 2024-06-30 0000078814 us-gaap:ConsumerPortfolioSegmentMember 2024-06-30 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:ConsumerPortfolioSegmentMember 2023-12-31 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:ConsumerPortfolioSegmentMember 2023-12-31 0000078814 us-gaap:ConsumerPortfolioSegmentMember 2023-12-31 0000078814 us-gaap:GeographicDistributionDomesticMember 2024-06-30 0000078814 us-gaap:GeographicDistributionForeignMember 2024-06-30 0000078814 us-gaap:GeographicDistributionDomesticMember 2023-12-31 0000078814 us-gaap:GeographicDistributionForeignMember 2023-12-31 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:FinanceLeasesPortfolioSegmentMember pbi:FinancialAsset1To90DaysPastDueMember 2024-06-30 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:FinanceLeasesPortfolioSegmentMember pbi:FinancialAsset1To90DaysPastDueMember 2024-06-30 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:ConsumerPortfolioSegmentMember pbi:FinancialAsset1To90DaysPastDueMember 2024-06-30 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:ConsumerPortfolioSegmentMember pbi:FinancialAsset1To90DaysPastDueMember 2024-06-30 0000078814 pbi:FinancialAsset1To90DaysPastDueMember 2024-06-30 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:FinanceLeasesPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-06-30 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:FinanceLeasesPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-06-30 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-06-30 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-06-30 0000078814 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-06-30 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:FinanceLeasesPortfolioSegmentMember pbi:FinancialAsset1To90DaysPastDueMember 2023-12-31 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:FinanceLeasesPortfolioSegmentMember pbi:FinancialAsset1To90DaysPastDueMember 2023-12-31 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:ConsumerPortfolioSegmentMember pbi:FinancialAsset1To90DaysPastDueMember 2023-12-31 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:ConsumerPortfolioSegmentMember pbi:FinancialAsset1To90DaysPastDueMember 2023-12-31 0000078814 pbi:FinancialAsset1To90DaysPastDueMember 2023-12-31 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:FinanceLeasesPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-12-31 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:FinanceLeasesPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-12-31 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-12-31 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-12-31 0000078814 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-12-31 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:FinanceLeasesPortfolioSegmentMember 2024-01-01 2024-06-30 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:FinanceLeasesPortfolioSegmentMember 2024-01-01 2024-06-30 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:ConsumerPortfolioSegmentMember 2024-01-01 2024-06-30 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:ConsumerPortfolioSegmentMember 2024-01-01 2024-06-30 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:FinanceLeasesPortfolioSegmentMember 2022-12-31 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:FinanceLeasesPortfolioSegmentMember 2022-12-31 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:ConsumerPortfolioSegmentMember 2022-12-31 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:ConsumerPortfolioSegmentMember 2022-12-31 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:FinanceLeasesPortfolioSegmentMember 2023-01-01 2023-06-30 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:FinanceLeasesPortfolioSegmentMember 2023-01-01 2023-06-30 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:ConsumerPortfolioSegmentMember 2023-01-01 2023-06-30 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:ConsumerPortfolioSegmentMember 2023-01-01 2023-06-30 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:FinanceLeasesPortfolioSegmentMember 2023-06-30 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:FinanceLeasesPortfolioSegmentMember 2023-06-30 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:ConsumerPortfolioSegmentMember 2023-06-30 0000078814 us-gaap:GeographicDistributionForeignMember us-gaap:ConsumerPortfolioSegmentMember 2023-06-30 0000078814 us-gaap:FinanceLeasesPortfolioSegmentMember 2024-01-01 2024-06-30 0000078814 us-gaap:ConsumerPortfolioSegmentMember 2024-01-01 2024-06-30 0000078814 us-gaap:FinanceLeasesPortfolioSegmentMember 2023-01-01 2023-06-30 0000078814 us-gaap:ConsumerPortfolioSegmentMember 2023-01-01 2023-06-30 0000078814 us-gaap:GeographicDistributionDomesticMember us-gaap:GeographicConcentrationRiskMember us-gaap:FinanceReceivablesMember 2024-01-01 2024-06-30 0000078814 us-gaap:RiskLevelLowMember 2024-01-01 2024-06-30 0000078814 srt:MinimumMember us-gaap:RiskLevelMediumMember 2024-01-01 2024-06-30 0000078814 srt:MaximumMember us-gaap:RiskLevelMediumMember 2024-01-01 2024-06-30 0000078814 us-gaap:RiskLevelHighMember 2024-01-01 2024-06-30 0000078814 us-gaap:FinanceLeasesPortfolioSegmentMember us-gaap:RiskLevelLowMember 2024-06-30 0000078814 us-gaap:ConsumerPortfolioSegmentMember us-gaap:RiskLevelLowMember 2024-06-30 0000078814 us-gaap:RiskLevelLowMember 2024-06-30 0000078814 us-gaap:FinanceLeasesPortfolioSegmentMember us-gaap:RiskLevelMediumMember 2024-06-30 0000078814 us-gaap:ConsumerPortfolioSegmentMember us-gaap:RiskLevelMediumMember 2024-06-30 0000078814 us-gaap:RiskLevelMediumMember 2024-06-30 0000078814 us-gaap:FinanceLeasesPortfolioSegmentMember us-gaap:RiskLevelHighMember 2024-06-30 0000078814 us-gaap:ConsumerPortfolioSegmentMember us-gaap:RiskLevelHighMember 2024-06-30 0000078814 us-gaap:RiskLevelHighMember 2024-06-30 0000078814 us-gaap:FinanceLeasesPortfolioSegmentMember pbi:NotScoredMember 2024-06-30 0000078814 us-gaap:ConsumerPortfolioSegmentMember pbi:NotScoredMember 2024-06-30 0000078814 pbi:NotScoredMember 2024-06-30 0000078814 us-gaap:FinanceLeasesPortfolioSegmentMember us-gaap:RiskLevelLowMember 2023-12-31 0000078814 us-gaap:ConsumerPortfolioSegmentMember us-gaap:RiskLevelLowMember 2023-12-31 0000078814 us-gaap:RiskLevelLowMember 2023-12-31 0000078814 us-gaap:FinanceLeasesPortfolioSegmentMember us-gaap:RiskLevelMediumMember 2023-12-31 0000078814 us-gaap:ConsumerPortfolioSegmentMember us-gaap:RiskLevelMediumMember 2023-12-31 0000078814 us-gaap:RiskLevelMediumMember 2023-12-31 0000078814 us-gaap:FinanceLeasesPortfolioSegmentMember us-gaap:RiskLevelHighMember 2023-12-31 0000078814 us-gaap:ConsumerPortfolioSegmentMember us-gaap:RiskLevelHighMember 2023-12-31 0000078814 us-gaap:RiskLevelHighMember 2023-12-31 0000078814 us-gaap:FinanceLeasesPortfolioSegmentMember pbi:NotScoredMember 2023-12-31 0000078814 us-gaap:ConsumerPortfolioSegmentMember pbi:NotScoredMember 2023-12-31 0000078814 pbi:NotScoredMember 2023-12-31 0000078814 srt:MinimumMember pbi:MailingEquipmentMember 2024-06-30 0000078814 srt:MaximumMember pbi:MailingEquipmentMember 2024-06-30 0000078814 us-gaap:CustomerRelationshipsMember 2024-06-30 0000078814 us-gaap:CustomerRelationshipsMember 2023-12-31 0000078814 us-gaap:TechnologyBasedIntangibleAssetsMember 2024-06-30 0000078814 us-gaap:TechnologyBasedIntangibleAssetsMember 2023-12-31 0000078814 pbi:SendTechSolutionsMember 2023-12-31 0000078814 pbi:PresortServicesMember 2023-12-31 0000078814 pbi:PresortServicesMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2024-06-30 0000078814 us-gaap:FairValueMeasurementsRecurringMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2024-06-30 0000078814 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2024-06-30 0000078814 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2024-06-30 0000078814 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel1Member us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel2Member us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel3Member us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember 2024-06-30 0000078814 us-gaap:FairValueMeasurementsRecurringMember us-gaap:InterestRateSwapMember 2024-06-30 0000078814 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0000078814 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0000078814 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0000078814 us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0000078814 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2023-12-31 0000078814 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2023-12-31 0000078814 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2023-12-31 0000078814 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FixedIncomeSecuritiesMember 2023-12-31 0000078814 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2023-12-31 0000078814 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2023-12-31 0000078814 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2023-12-31 0000078814 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2023-12-31 0000078814 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2023-12-31 0000078814 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2023-12-31 0000078814 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2023-12-31 0000078814 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2023-12-31 0000078814 us-gaap:FairValueInputsLevel1Member us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0000078814 us-gaap:FairValueInputsLevel2Member us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0000078814 us-gaap:FairValueInputsLevel3Member us-gaap:InterestRateSwapMember us-gaap:FairValueMeasurementsRecurringMember 2023-12-31 0000078814 us-gaap:FairValueMeasurementsRecurringMember us-gaap:InterestRateSwapMember 2023-12-31 0000078814 us-gaap:USTreasuryAndGovernmentMember 2024-06-30 0000078814 us-gaap:CorporateDebtSecuritiesMember 2024-06-30 0000078814 us-gaap:FixedIncomeSecuritiesMember 2024-06-30 0000078814 us-gaap:MortgageBackedSecuritiesMember 2024-06-30 0000078814 us-gaap:USTreasuryAndGovernmentMember 2023-12-31 0000078814 us-gaap:CorporateDebtSecuritiesMember 2023-12-31 0000078814 us-gaap:FixedIncomeSecuritiesMember 2023-12-31 0000078814 us-gaap:MortgageBackedSecuritiesMember 2023-12-31 0000078814 us-gaap:CertificatesOfDepositMember 2024-01-01 2024-06-30 0000078814 us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-01-01 2024-06-30 0000078814 us-gaap:InterestRateSwapMember 2024-06-30 0000078814 us-gaap:InterestRateSwapMember 2024-04-01 2024-06-30 0000078814 us-gaap:InterestRateSwapMember 2023-04-01 2023-06-30 0000078814 us-gaap:InterestExpenseMember us-gaap:InterestRateSwapMember 2024-04-01 2024-06-30 0000078814 us-gaap:InterestExpenseMember us-gaap:InterestRateSwapMember 2023-04-01 2023-06-30 0000078814 us-gaap:InterestRateSwapMember 2024-01-01 2024-06-30 0000078814 us-gaap:InterestRateSwapMember 2023-01-01 2023-06-30 0000078814 us-gaap:InterestExpenseMember us-gaap:InterestRateSwapMember 2024-01-01 2024-06-30 0000078814 us-gaap:InterestExpenseMember us-gaap:InterestRateSwapMember 2023-01-01 2023-06-30 0000078814 us-gaap:ForeignExchangeContractMember 2023-04-01 2023-06-30 0000078814 us-gaap:ForeignExchangeContractMember 2023-01-01 2023-06-30 0000078814 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2024-06-30 0000078814 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2023-12-31 0000078814 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2024-06-30 0000078814 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2023-12-31 0000078814 pbi:The2024PlanMember 2024-04-01 2024-06-30 0000078814 pbi:The2024PlanMember us-gaap:SubsequentEventMember 2024-07-01 2024-07-31 0000078814 pbi:The2023PlanMember 2024-04-01 2024-06-30 0000078814 pbi:The2023PlanMember 2024-06-30 0000078814 pbi:The2024PlanMember 2023-12-31 0000078814 pbi:The2023PlanMember 2023-12-31 0000078814 pbi:The2024PlanMember 2024-01-01 2024-06-30 0000078814 pbi:The2023PlanMember 2024-01-01 2024-06-30 0000078814 pbi:The2024PlanMember 2024-06-30 0000078814 pbi:The2023PlanMember 2022-12-31 0000078814 pbi:PriorPlanMember 2022-12-31 0000078814 pbi:The2023PlanMember 2023-01-01 2023-06-30 0000078814 pbi:PriorPlanMember 2023-01-01 2023-06-30 0000078814 pbi:The2023PlanMember 2023-06-30 0000078814 pbi:PriorPlanMember 2023-06-30 0000078814 pbi:The2023PlanMember 2023-04-01 2023-06-30 0000078814 pbi:PriorPlanMember 2023-04-01 2023-06-30 0000078814 pbi:TermLoanDueMarch2026Member us-gaap:NotesPayableOtherPayablesMember 2024-01-01 2024-06-30 0000078814 pbi:TermLoanDueMarch2026Member us-gaap:NotesPayableOtherPayablesMember 2024-06-30 0000078814 pbi:TermLoanDueMarch2026Member us-gaap:NotesPayableOtherPayablesMember 2023-12-31 0000078814 pbi:DebtDueMarch2027Member us-gaap:NotesPayableOtherPayablesMember 2024-06-30 0000078814 pbi:DebtDueMarch2027Member us-gaap:NotesPayableOtherPayablesMember 2023-12-31 0000078814 pbi:DebtDueMarch2028Member us-gaap:NotesPayableOtherPayablesMember 2024-01-01 2024-06-30 0000078814 pbi:DebtDueMarch2028Member us-gaap:NotesPayableOtherPayablesMember 2024-06-30 0000078814 pbi:DebtDueMarch2028Member us-gaap:NotesPayableOtherPayablesMember 2023-12-31 0000078814 pbi:TermLoanDueMarch2028Member us-gaap:NotesPayableOtherPayablesMember 2024-01-01 2024-06-30 0000078814 pbi:TermLoanDueMarch2028Member us-gaap:NotesPayableOtherPayablesMember 2024-06-30 0000078814 pbi:TermLoanDueMarch2028Member us-gaap:NotesPayableOtherPayablesMember 2023-12-31 0000078814 pbi:DebtDueMarch2029Member us-gaap:NotesPayableOtherPayablesMember 2024-06-30 0000078814 pbi:DebtDueMarch2029Member us-gaap:NotesPayableOtherPayablesMember 2023-12-31 0000078814 pbi:DebtDueJanuary2037Member us-gaap:NotesPayableOtherPayablesMember 2024-06-30 0000078814 pbi:DebtDueJanuary2037Member us-gaap:NotesPayableOtherPayablesMember 2023-12-31 0000078814 pbi:DebtDueMarch2043Member us-gaap:NotesPayableOtherPayablesMember 2024-06-30 0000078814 pbi:DebtDueMarch2043Member us-gaap:NotesPayableOtherPayablesMember 2023-12-31 0000078814 pbi:OtherDebtMember 2024-06-30 0000078814 pbi:OtherDebtMember 2023-12-31 0000078814 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember 2024-06-30 0000078814 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember srt:ScenarioForecastMember 2025-03-31 0000078814 pbi:DebtDueMarch2028Member us-gaap:NotesPayableOtherPayablesMember us-gaap:SubsequentEventMember 2024-08-05 0000078814 country:US us-gaap:PensionPlansDefinedBenefitMember 2024-04-01 2024-06-30 0000078814 country:US us-gaap:PensionPlansDefinedBenefitMember 2023-04-01 2023-06-30 0000078814 us-gaap:ForeignPlanMember us-gaap:PensionPlansDefinedBenefitMember 2024-04-01 2024-06-30 0000078814 us-gaap:ForeignPlanMember us-gaap:PensionPlansDefinedBenefitMember 2023-04-01 2023-06-30 0000078814 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2024-04-01 2024-06-30 0000078814 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2023-04-01 2023-06-30 0000078814 country:US us-gaap:PensionPlansDefinedBenefitMember 2024-01-01 2024-06-30 0000078814 country:US us-gaap:PensionPlansDefinedBenefitMember 2023-01-01 2023-06-30 0000078814 us-gaap:ForeignPlanMember us-gaap:PensionPlansDefinedBenefitMember 2024-01-01 2024-06-30 0000078814 us-gaap:ForeignPlanMember us-gaap:PensionPlansDefinedBenefitMember 2023-01-01 2023-06-30 0000078814 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2024-01-01 2024-06-30 0000078814 us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2023-01-01 2023-06-30 0000078814 us-gaap:CommonStockMember 2024-03-31 0000078814 us-gaap:RetainedEarningsMember 2024-03-31 0000078814 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-03-31 0000078814 us-gaap:TreasuryStockCommonMember 2024-03-31 0000078814 2024-03-31 0000078814 us-gaap:RetainedEarningsMember 2024-04-01 2024-06-30 0000078814 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-01 2024-06-30 0000078814 us-gaap:TreasuryStockCommonMember 2024-04-01 2024-06-30 0000078814 us-gaap:CommonStockMember 2024-06-30 0000078814 us-gaap:RetainedEarningsMember 2024-06-30 0000078814 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000078814 us-gaap:TreasuryStockCommonMember 2024-06-30 0000078814 us-gaap:CommonStockMember 2023-03-31 0000078814 us-gaap:RetainedEarningsMember 2023-03-31 0000078814 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-03-31 0000078814 us-gaap:TreasuryStockCommonMember 2023-03-31 0000078814 2023-03-31 0000078814 us-gaap:RetainedEarningsMember 2023-04-01 2023-06-30 0000078814 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-04-01 2023-06-30 0000078814 us-gaap:TreasuryStockCommonMember 2023-04-01 2023-06-30 0000078814 us-gaap:CommonStockMember 2023-06-30 0000078814 us-gaap:RetainedEarningsMember 2023-06-30 0000078814 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-06-30 0000078814 us-gaap:TreasuryStockCommonMember 2023-06-30 0000078814 us-gaap:CommonStockMember 2023-12-31 0000078814 us-gaap:RetainedEarningsMember 2023-12-31 0000078814 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000078814 us-gaap:TreasuryStockCommonMember 2023-12-31 0000078814 us-gaap:RetainedEarningsMember 2024-01-01 2024-06-30 0000078814 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-06-30 0000078814 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-06-30 0000078814 us-gaap:CommonStockMember 2022-12-31 0000078814 us-gaap:RetainedEarningsMember 2022-12-31 0000078814 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-12-31 0000078814 us-gaap:TreasuryStockCommonMember 2022-12-31 0000078814 us-gaap:RetainedEarningsMember 2023-01-01 2023-06-30 0000078814 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-06-30 0000078814 us-gaap:TreasuryStockCommonMember 2023-01-01 2023-06-30 0000078814 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2024-04-01 2024-06-30 0000078814 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2023-04-01 2023-06-30 0000078814 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-06-30 0000078814 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-06-30 0000078814 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2024-04-01 2024-06-30 0000078814 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2023-04-01 2023-06-30 0000078814 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-06-30 0000078814 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2024-04-01 2024-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2023-04-01 2023-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2024-04-01 2024-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2023-04-01 2023-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-06-30 0000078814 pbi:AccumulatedDefinedBenefitPlansAdjustmentSettlementsAttributabletoParentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2024-04-01 2024-06-30 0000078814 pbi:AccumulatedDefinedBenefitPlansAdjustmentSettlementsAttributabletoParentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2023-04-01 2023-06-30 0000078814 pbi:AccumulatedDefinedBenefitPlansAdjustmentSettlementsAttributabletoParentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-06-30 0000078814 pbi:AccumulatedDefinedBenefitPlansAdjustmentSettlementsAttributabletoParentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2024-04-01 2024-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2023-04-01 2023-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember 2023-01-01 2023-06-30 0000078814 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-12-31 0000078814 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-12-31 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-12-31 0000078814 us-gaap:AccumulatedTranslationAdjustmentMember 2023-12-31 0000078814 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-01-01 2024-06-30 0000078814 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-01-01 2024-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-01-01 2024-06-30 0000078814 us-gaap:AccumulatedTranslationAdjustmentMember 2024-01-01 2024-06-30 0000078814 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-06-30 0000078814 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-06-30 0000078814 us-gaap:AccumulatedTranslationAdjustmentMember 2024-06-30 0000078814 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2022-12-31 0000078814 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2022-12-31 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2022-12-31 0000078814 us-gaap:AccumulatedTranslationAdjustmentMember 2022-12-31 0000078814 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-01-01 2023-06-30 0000078814 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-01-01 2023-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-01-01 2023-06-30 0000078814 us-gaap:AccumulatedTranslationAdjustmentMember 2023-01-01 2023-06-30 0000078814 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-06-30 0000078814 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-06-30 0000078814 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-06-30 0000078814 us-gaap:AccumulatedTranslationAdjustmentMember 2023-06-30 0000078814 srt:MinimumMember 2024-06-30 0000078814 srt:MaximumMember 2024-06-30 0000078814 pbi:EcommerceDebtorsMember us-gaap:DiscontinuedOperationsDisposedOfBySaleMember us-gaap:SubsequentEventMember 2024-08-08 0000078814 pbi:EcommerceDebtorsMember us-gaap:DiscontinuedOperationsDisposedOfBySaleMember us-gaap:SubsequentEventMember 2024-08-08 2024-08-08 0000078814 pbi:EcommerceDebtorsMember pbi:DebtorInPossessionFinancingFacilityMember us-gaap:NotesPayableOtherPayablesMember us-gaap:DiscontinuedOperationsDisposedOfBySaleMember us-gaap:SubsequentEventMember 2024-08-08 0000078814 pbi:DebtDueMarch2028Member us-gaap:NotesPayableOtherPayablesMember us-gaap:SubsequentEventMember 2024-08-08 0000078814 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:SubsequentEventMember 2024-08-07 0000078814 us-gaap:RevolvingCreditFacilityMember us-gaap:LineOfCreditMember us-gaap:SubsequentEventMember 2024-08-08
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to ________________
Commission file number: 1-03579
PITNEY BOWES INC.
(Exact name of registrant as specified in its charter)

State of incorporation: | Delaware |  | I.R.S. Employer Identification No. | 06-0495050

Address of Principal Executive Offices: | 3001 Summer Street, | Stamford, | Connecticut | 06926 |
Telephone Number: | (203) | 356-5000 |  |  |  |

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class |  | Trading Symbol(s) |  | Name of Each Exchange on Which Registered
Common Stock, $1 par value per share |  | PBI |  | New York Stock Exchange
6.7% Notes due 2043 |  | PBI.PRB |  | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | þ | Accelerated filer | ☐ | Non-accelerated filer | o
Smaller reporting company | ☐ | Emerging growth company | ☐ |  |

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 Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ
As of July 23, 2024, 179,509,852 shares of common stock, par value $1 per share, of the registrant were outstanding.

PITNEY BOWES INC.
INDEX

|  | Page Number
Part I - Financial Information: |
Item 1: | Financial Statements |
| Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 | 3
| Condensed Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 | 4
| Condensed Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 | 5
| Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 | 6
| Notes to Condensed Consolidated Financial Statements | 7
Item 2: | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 29
Item 3: | Quantitative and Qualitative Disclosures about Market Risk | 39
Item 4: | Controls and Procedures | 39
Part II - Other Information: |
Item 1: | Legal Proceedings | 39
Item 1A: | Risk Factors | 39
Item 2: | Unregistered Sales of Equity Securities and Use of Proceeds | 40
Item 3: | Defaults Upon Senior Securities | 40
Item 4: | Mine Safety Disclosures | 40
Item 5: | Other Information | 40
Item 6: | Exhibits | 41
Signatures | 42

2

PART I. FINANCIAL INFORMATION
Item 1: Financial Statements
PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share amounts)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue: |  |  |  |  |  |  |
Business services | $ | 506,666 |  |  | $ | 473,497 |  |  | $ | 1,042,263 |  |  | $ | 996,988 |
Support services | 94,012 |  |  | 103,315 |  |  | 190,345 |  |  | 208,599 |
Financing | 67,539 |  |  | 66,702 |  |  | 135,202 |  |  | 133,751 |
Equipment sales | 72,753 |  |  | 79,451 |  |  | 150,156 |  |  | 162,061 |
Supplies | 35,509 |  |  | 36,505 |  |  | 72,230 |  |  | 75,340 |
Rentals | 16,691 |  |  | 17,011 |  |  | 33,483 |  |  | 34,280 |
Total revenue | 793,170 |  |  | 776,481 |  |  | 1,623,679 |  |  | 1,611,019 |
Costs and expenses: |  |  |  |  |  |  |
Cost of business services | 429,756 |  |  | 410,638 |  |  | 876,123 |  |  | 856,955 |
Cost of support services | 31,664 |  |  | 35,018 |  |  | 64,719 |  |  | 71,858 |
Financing interest expense | 15,965 |  |  | 14,763 |  |  | 32,568 |  |  | 29,299 |
Cost of equipment sales | 50,314 |  |  | 56,180 |  |  | 102,873 |  |  | 113,351 |
Cost of supplies | 10,358 |  |  | 10,884 |  |  | 20,553 |  |  | 22,109 |
Cost of rentals | 4,433 |  |  | 5,142 |  |  | 9,117 |  |  | 10,570 |
Selling, general and administrative | 220,008 |  |  | 222,549 |  |  | 436,205 |  |  | 464,669 |
Research and development | 9,108 |  |  | 10,274 |  |  | 18,589 |  |  | 20,767 |
Restructuring charges | 31,843 |  |  | 22,443 |  |  | 36,158 |  |  | 26,042 |
Goodwill impairment | — |  |  | 118,599 |  |  | — |  |  | 118,599 |
Interest expense, net | 28,767 |  |  | 22,920 |  |  | 56,533 |  |  | 45,262 |
Other components of net pension and postretirement income | (382) |  |  | (1,751) |  |  | (769) |  |  | (3,461) |
Other income | — |  |  | (228) |  |  | — |  |  | (3,064) |
Total costs and expenses | 831,834 |  |  | 927,431 |  |  | 1,652,669 |  |  | 1,772,956 |
Loss before taxes | (38,664) |  |  | (150,950) |  |  | (28,990) |  |  | (161,937) |
Benefit for income taxes | (13,797) |  |  | (9,415) |  |  | (1,238) |  |  | (12,665) |
Net loss | $ | (24,867) |  |  | $ | (141,535) |  |  | $ | (27,752) |  |  | $ | (149,272) |
Basic net loss per share | $ | (0.14) |  |  | $ | (0.81) |  |  | $ | (0.16) |  |  | $ | (0.85) |
Diluted net loss per share | $ | (0.14) |  |  | $ | (0.81) |  |  | $ | (0.16) |  |  | $ | (0.85) |

`
See Notes to Condensed Consolidated Financial Statements
3

PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in thousands)

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Net loss | $ | (24,867) |  |  | $ | (141,535) |  |  | $ | (27,752) |  |  | $ | (149,272) |
Other comprehensive (loss) income, net of tax: |  |  |  |  |  |  |
Foreign currency translation, net of tax of $(158), $403, $(654) and $576, respectively | (5,018) |  |  | 9,193 |  |  | (20,417) |  |  | 20,080 |
Net unrealized (loss) gain on cash flow hedges, net of tax of $(559), $125, $(972) and $(562), respectively | (1,676) |  |  | 375 |  |  | (2,917) |  |  | (1,687) |
Net unrealized (loss) gain on investment securities, net of tax of $(8), $(415), $(312) and $612, respectively | (25) |  |  | (1,322) |  |  | (992) |  |  | 1,950 |
Amortization of pension and postretirement costs, net of tax of $1,654, $1,223, $3,282 and $2,365, respectively | 5,007 |  |  | 3,739 |  |  | 10,048 |  |  | 7,228 |
Other comprehensive (loss) income, net of tax | (1,712) |  |  | 11,985 |  |  | (14,278) |  |  | 27,571 |
Comprehensive loss | $ | (26,579) |  |  | $ | (129,550) |  |  | $ | (42,030) |  |  | $ | (121,701) |

See Notes to Condensed Consolidated Financial Statements
4

PITNEY BOWES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands, except per share amount)

| June 30, 2024 |  | December 31, 2023
ASSETS |  |  |
Current assets: |  |  |
Cash and cash equivalents | $ | 590,147 |  |  | $ | 601,053 |
Short-term investments (includes $1,752 and $2,382, respectively, reported at fair value) | 21,852 |  |  | 22,166 |
Accounts and other receivables (net of allowance of $10,079 and $6,139, respectively) | 266,172 |  |  | 342,236 |
Short-term finance receivables (net of allowance of $14,418 and $14,347, respectively) | 541,957 |  |  | 563,536 |
Inventories | 76,500 |  |  | 70,053 |
Current income taxes | 7,850 |  |  | 564 |
Other current assets and prepayments | 101,263 |  |  | 92,309 |
Total current assets | 1,605,741 |  |  | 1,691,917 |
Property, plant and equipment, net | 359,452 |  |  | 383,628 |
Rental property and equipment, net | 22,334 |  |  | 23,583 |
Long-term finance receivables (net of allowance of $8,341 and $8,880 respectively) | 625,734 |  |  | 653,085 |
Goodwill | 727,613 |  |  | 734,409 |
Intangible assets, net | 54,339 |  |  | 62,250 |
Operating lease assets | 297,638 |  |  | 309,958 |
Noncurrent income taxes | 58,063 |  |  | 60,995 |
Other assets (includes $209,711 and $227,131, respectively, reported at fair value) | 327,488 |  |  | 352,360 |
Total assets | $ | 4,078,402 |  |  | $ | 4,272,185 |
LIABILITIES AND STOCKHOLDERS’ DEFICIT |  |  |
Current liabilities: |  |  |
Accounts payable and accrued liabilities | $ | 843,148 |  |  | $ | 875,476 |
Customer deposits at Pitney Bowes Bank | 628,711 |  |  | 640,323 |
Current operating lease liabilities | 61,143 |  |  | 60,069 |
Current portion of long-term debt | 57,290 |  |  | 58,931 |
Advance billings | 86,339 |  |  | 89,087 |
Current income taxes | 1,556 |  |  | 6,523 |
Total current liabilities | 1,678,187 |  |  | 1,730,409 |
Long-term debt | 2,065,034 |  |  | 2,087,101 |
Deferred taxes on income | 193,835 |  |  | 211,477 |
Tax uncertainties and other income tax liabilities | 14,538 |  |  | 19,091 |
Noncurrent operating lease liabilities | 263,758 |  |  | 277,981 |
Other noncurrent liabilities | 290,939 |  |  | 314,702 |
Total liabilities | 4,506,291 |  |  | 4,640,761 |
Commitments and contingencies (See Note 13) |  |  |
Stockholders’ deficit: |  |  |
Common stock, $1 par value (480,000 shares authorized; 270,338 shares issued) | 270,338 |  |  | 270,338 |
Retained earnings | 2,948,959 |  |  | 3,077,988 |
Accumulated other comprehensive loss | (865,523) |  |  | (851,245) |
Treasury stock, at cost (91,217 and 93,972 shares, respectively) | (2,781,663) |  |  | (2,865,657) |
Total stockholders’ deficit | (427,889) |  |  | (368,576) |
Total liabilities and stockholders’ deficit | $ | 4,078,402 |  |  | $ | 4,272,185 |

See Notes to Condensed Consolidated Financial Statements
5

PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)

| Six Months Ended June 30,
| 2024 |  | 2023
Cash flows from operating activities: |  |  |
Net loss | $ | (27,752) |  |  | $ | (149,272) |
Adjustments to reconcile net income or loss to net cash from operating activities: |  |  |
Depreciation and amortization | 81,613 |  |  | 79,770 |
Allowance for credit losses | 9,087 |  |  | 7,164 |
Stock-based compensation | 6,567 |  |  | 6,075 |
Amortization of debt fees | 6,167 |  |  | 4,413 |
Gain on debt redemption | — |  |  | (3,064) |
Restructuring charges | 36,158 |  |  | 26,042 |
Restructuring payments | (26,697) |  |  | (12,883) |
Pension contributions and retiree medical payments | (17,300) |  |  | (25,196) |
Goodwill impairment | — |  |  | 118,599 |
Other, net | 5,558 |  |  | 7,564 |
Changes in operating assets and liabilities, net of acquisitions/divestitures: |  |  |
Accounts and other receivables | 68,922 |  |  | 67,506 |
Finance receivables | 42,412 |  |  | 3,837 |
Inventories | (7,068) |  |  | (9,065) |
Other current assets and prepayments | (12,902) |  |  | (1,561) |
Accounts payable and accrued liabilities | (49,336) |  |  | (108,836) |
Current and noncurrent income taxes | (33,142) |  |  | (27,903) |
Advance billings | (1,958) |  |  | (22,948) |
Net cash from operating activities | 80,329 |  |  | (39,758) |
Cash flows from investing activities: |  |  |
Capital expenditures | (41,093) |  |  | (54,646) |
Purchases of investment securities | (19,909) |  |  | (9,973) |
Proceeds from sales/maturities of investment securities | 36,377 |  |  | 12,088 |
Net investment in loan receivables | (3,892) |  |  | (14,835) |
Settlement of derivative contracts | — |  |  | 6,185 |
Other investing activities, net | 804 |  |  | 485 |
Net cash from investing activities | (27,713) |  |  | (60,696) |
Cash flows from financing activities: |  |  |
Principal payments of debt | (28,266) |  |  | (53,803) |
Premiums and fees paid to redeem debt | — |  |  | (4,464) |
Dividends paid to stockholders | (17,785) |  |  | (17,525) |
Customer deposits at Pitney Bowes Bank | (612) |  |  | 52,348 |
Other financing activities, net | (14,144) |  |  | (9,109) |
Net cash from financing activities | (60,807) |  |  | (32,553) |
Effect of exchange rate changes on cash and cash equivalents | (2,714) |  |  | 4,730 |
Change in cash and cash equivalents | (10,905) |  |  | (128,277) |
Cash and cash equivalents at beginning of period | 601,052 |  |  | 669,981 |
Cash and cash equivalents at end of period | $ | 590,147 |  |  | $ | 541,704 |

See Notes to Condensed Consolidated Financial Statements
6

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
1. Description of Business and Basis of Presentation
Description of Business
Pitney Bowes Inc. (we, us, our, or the company) is a global shipping and mailing company that provides technology, logistics, and financial services to small and medium sized businesses, large enterprises, including more than 90 percent of the Fortune 500, retailers and government clients around the world. These clients rely on us to remove the complexity and increase the efficiency in their sending of mail and parcels.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2023 Condensed Consolidated Balance Sheet data was derived from audited financial statements but does not include all disclosures required by GAAP. In management's opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary to fairly state our financial position, results of operations and cash flows for the periods presented have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2024. These statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report to Stockholders on Form 10-K for the year ended December 31, 2023 (2023 Annual Report).
During the first quarter of 2024, the Company identified an error and recorded an out of period adjustment of $5 million to correct the understatement of revenue in prior periods, of which $4 million originated in 2020 and prior. The impact of the adjustment is not material to the consolidated financial statements for any interim or annual periods prior to 2024 and is not expected to be material to the 2024 annual period.
Accounting Pronouncements Adopted in 2024
Effective January 1, 2024, we adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The transition to new reference interest rates required certain contracts to be modified. The adoption of this standard did not have an impact on our consolidated financial statements.
Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires additional transparency for income tax disclosures, including the rate reconciliation table and cash taxes paid. This standard is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact this standard will have on our disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires enhanced disclosures about significant segment expenses and information used to assess segment performance. This standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact this standard will have on our disclosures.
7

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
2. Revenue
Disaggregated Revenue
The following tables disaggregate our revenue by source and timing of recognition:

| Three Months Ended June 30, 2024
| SendTech Solutions | Presort Services | Global Ecommerce | Revenue from products and services | Revenue from leasing transactions and financing | Total consolidated revenue
Major products/service lines |  |  |  |  |  |
Business services | $ | 33,651 |  | $ | 146,858 |  | $ | 326,157 |  | $ | 506,666 |  | $ | — |  | $ | 506,666 |
Support services | 94,012 |  | — |  | — |  | 94,012 |  | — |  | 94,012 |
Financing | — |  | — |  | — |  | — |  | 67,539 |  | 67,539 |
Equipment sales | 20,932 |  | — |  | — |  | 20,932 |  | 51,821 |  | 72,753 |
Supplies | 35,509 |  | — |  | — |  | 35,509 |  | — |  | 35,509 |
Rentals | — |  | — |  | — |  | — |  | 16,691 |  | 16,691 |
Subtotal | 184,104 |  | 146,858 |  | 326,157 |  | 657,119 |  | $ | 136,051 |  | $ | 793,170 |
Revenue from leasing transactions and financing | 136,051 |  | — |  | — |  | 136,051 |  |  |
Total revenue | $ | 320,155 |  | $ | 146,858 |  | $ | 326,157 |  | $ | 793,170 |  |  |
Timing of revenue recognition from products and services |  |  |  |
Products/services transferred at a point in time | $ | 71,694 |  | $ | — |  | $ | — |  | $ | 71,694 |  |  |
Products/services transferred over time | 112,410 |  | 146,858 |  | 326,157 |  | 585,425 |  |  |
Total | $ | 184,104 |  | $ | 146,858 |  | $ | 326,157 |  | $ | 657,119 |  |  |

| Three Months Ended June 30, 2023
| SendTech Solutions | Presort Services | Global Ecommerce | Revenue from products and services | Revenue from leasing transactions and financing | Total consolidated revenue
Major products/service lines |  |  |  |  |  |
Business services | $ | 25,341 |  | $ | 143,107 |  | $ | 305,049 |  | $ | 473,497 |  | $ | — |  | $ | 473,497 |
Support services | 103,315 |  | — |  | — |  | 103,315 |  | — |  | 103,315 |
Financing | — |  | — |  | — |  | — |  | 66,702 |  | 66,702 |
Equipment sales | 19,060 |  | — |  | — |  | 19,060 |  | 60,391 |  | 79,451 |
Supplies | 36,505 |  | — |  | — |  | 36,505 |  | — |  | 36,505 |
Rentals | — |  | — |  | — |  | — |  | 17,011 |  | 17,011 |
Subtotal | 184,221 |  | 143,107 |  | 305,049 |  | 632,377 |  | $ | 144,104 |  | $ | 776,481 |
Revenue from leasing transactions and financing | 144,104 |  | — |  | — |  | 144,104 |  |  |
Total revenue | $ | 328,325 |  | $ | 143,107 |  | $ | 305,049 |  | $ | 776,481 |  |  |
Timing of revenue recognition from products and services |  |  |  |
Products/services transferred at a point in time | $ | 73,495 |  | $ | — |  | $ | — |  | $ | 73,495 |  |  |
Products/services transferred over time | 110,726 |  | 143,107 |  | 305,049 |  | 558,882 |  |  |
Total | $ | 184,221 |  | $ | 143,107 |  | $ | 305,049 |  | $ | 632,377 |  |  |

8

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

| Six Months Ended June 30, 2024
| SendTech Solutions | Presort Services | Global Ecommerce | Revenue from products and services | Revenue from leasing transactions and financing | Total consolidated revenue
Major products/service lines |  |  |  |  |  |
Business services | $ | 66,176 |  | $ | 316,665 |  | $ | 659,422 |  | $ | 1,042,263 |  | $ | — |  | $ | 1,042,263 |
Support services | 190,345 |  | — |  | — |  | 190,345 |  | — |  | 190,345 |
Financing | — |  | — |  | — |  | — |  | 135,202 |  | 135,202 |
Equipment sales | 45,665 |  | — |  | — |  | 45,665 |  | 104,491 |  | 150,156 |
Supplies | 72,230 |  | — |  | — |  | 72,230 |  | — |  | 72,230 |
Rentals | — |  | — |  | — |  | — |  | 33,483 |  | 33,483 |
Subtotal | 374,416 |  | 316,665 |  | 659,422 |  | 1,350,503 |  | $ | 273,176 |  | $ | 1,623,679 |
Revenue from leasing transactions and financing | 273,176 |  | — |  | — |  | 273,176 |  |  |
Total revenue | $ | 647,592 |  | $ | 316,665 |  | $ | 659,422 |  | $ | 1,623,679 |  |  |
Timing of revenue recognition from products and services |  |  |  |
Products/services transferred at a point in time | $ | 148,159 |  | $ | — |  | $ | — |  | $ | 148,159 |  |  |
Products/services transferred over time | 226,257 |  | 316,665 |  | 659,422 |  | 1,202,344 |  |  |
Total | $ | 374,416 |  | $ | 316,665 |  | $ | 659,422 |  | $ | 1,350,503 |  |  |

| Six Months Ended June 30, 2023
| SendTech Solutions | Presort Services | Global Ecommerce | Revenue from products and services | Revenue from leasing transactions and financing | Total consolidated revenue
Major products/service lines |  |  |  |  |  |
Business services | $ | 49,289 |  | $ | 302,009 |  | $ | 645,690 |  | $ | 996,988 |  | $ | — |  | $ | 996,988 |
Support services | 208,599 |  | — |  | — |  | 208,599 |  | — |  | 208,599 |
Financing | — |  | — |  | — |  | — |  | 133,751 |  | 133,751 |
Equipment sales | 39,055 |  | — |  | — |  | 39,055 |  | 123,006 |  | 162,061 |
Supplies | 75,340 |  | — |  | — |  | 75,340 |  | — |  | 75,340 |
Rentals | — |  | — |  | — |  | — |  | 34,280 |  | 34,280 |
Subtotal | 372,283 |  | 302,009 |  | 645,690 |  | 1,319,982 |  | $ | 291,037 |  | $ | 1,611,019 |
Revenue from leasing transactions and financing | 291,037 |  | — |  | — |  | 291,037 |  |  |
Total revenue | $ | 663,320 |  | $ | 302,009 |  | $ | 645,690 |  | $ | 1,611,019 |  |  |
Timing of revenue recognition from products and services |  |  |  |
Products/services transferred at a point in time | $ | 150,559 |  | $ | — |  | $ | — |  | $ | 150,559 |  |  |
Products/services transferred over time | 221,724 |  | 302,009 |  | 645,690 |  | 1,169,423 |  |  |
Total | $ | 372,283 |  | $ | 302,009 |  | $ | 645,690 |  | $ | 1,319,982 |  |  |

9

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Our performance obligations for revenue from products and services are as follows:
Business services includes fulfillment, delivery and return services, cross-border solutions, mail processing services and shipping subscription solutions. Revenues for fulfillment, delivery and return services, cross-border solutions, and mail processing services are recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Contract terms for these services initially range from one to five years and contain annual renewal options. Revenue for shipping subscription solutions is recognized ratably over the contract period as the client obtains equal benefit from these services through the period.
Support services includes providing maintenance, professional and subscription services for our equipment and digital mailing and shipping technology solutions. Contract terms range from one to five years. Revenue for maintenance and subscription services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided.
Equipment sales includes the sale of mailing and shipping equipment, excluding sales-type leases. We recognize revenue upon delivery for self-install equipment and upon acceptance or installation for other equipment. We provide a warranty that the equipment is free of defects and meets stated specifications. The warranty is not considered a separate performance obligation.
Supplies includes revenue from the sale of supplies for our mailing equipment and is recognized upon delivery.
Revenue from leasing transactions and financing includes revenue from sales-type and operating leases, finance income, late fees and investment income, gains and losses at the Pitney Bowes Bank (the Bank).
Advance Billings from Contracts with Customers

| Balance sheet location |  | June 30, 2024 |  | December 31, 2023 |  | Increase/ (decrease)
Advance billings, current | Advance billings |  | $ | 78,471 |  |  | $ | 82,124 |  |  | $ | (3,653) |
Advance billings, noncurrent | Other noncurrent liabilities |  | $ | 409 |  |  | $ | 507 |  |  | $ | (98) |

Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to support services on mailing equipment. Revenue recognized during the period includes $60 million of advance billings at the beginning of the period. Current advance billings shown above at June 30, 2024 and December 31, 2023 does not include $8 million and $7 million, respectively, from leasing transactions.
Future Performance Obligations
Future performance obligations primarily include maintenance and subscription services bundled with our leasing contracts. The transaction prices allocated to future performance obligations will be recognized as follows:

|  | Remainder of 2024 |  | 2025 |  | 2026-2029 |  | Total
SendTech Solutions |  | $ | 127,844 |  |  | $ | 222,057 |  |  | $ | 350,923 |  |  | $ | 700,824 |

The amounts above do not include revenue for performance obligations under contracts with terms less than 12 months or revenue for performance obligations where revenue is recognized based on the amount billable to the customer.
10

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
3. Segment Information
Effective January 1, 2024, we moved the digital delivery services offering from the Global Ecommerce segment to the SendTech Solutions segment in order to leverage our technology and innovation capabilities to better serve our clients. Prior periods have been recast to conform to our current segment presentation.
Our reportable segments are SendTech Solutions, Presort Services and Global Ecommerce. The principal products and services of each reportable segment are as follows:
SendTech Solutions: Includes the revenue and related expenses from physical and digital shipping and mailing technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.
Presort Services: Includes revenue and related expenses from sortation services that qualify large volumes of First Class Mail, Marketing Mail and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.
Global Ecommerce: Includes the revenue and related expenses from consumer logistics services for domestic and cross-border delivery, returns and fulfillment.
Management measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, goodwill impairment charges and other items not allocated to a particular business segment. Costs related to shared assets are allocated to the relevant segments. Management believes that adjusted segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. Adjusted segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and a reconciliation of adjusted segment EBIT to net income or loss.

| Revenue
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
SendTech Solutions | $ | 320,155 |  |  | $ | 328,325 |  |  | $ | 647,592 |  |  | $ | 663,320 |
Presort Services | 146,858 |  |  | 143,107 |  |  | 316,665 |  |  | 302,009 |
Global Ecommerce | 326,157 |  |  | 305,049 |  |  | 659,422 |  |  | 645,690 |
Total revenue | $ | 793,170 |  |  | $ | 776,481 |  |  | $ | 1,623,679 |  |  | $ | 1,611,019 |

| Adjusted Segment EBIT
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
SendTech Solutions | $ | 100,967 |  |  | $ | 96,848 |  |  | $ | 202,245 |  |  | $ | 192,485 |
Presort Services | 27,048 |  |  | 20,429 |  |  | 67,377 |  |  | 47,334 |
Global Ecommerce | (30,935) |  |  | (37,483) |  |  | (66,362) |  |  | (70,655) |
Total adjusted segment EBIT | 97,080 |  |  | 79,794 |  |  | 203,260 |  |  | 169,164 |
Reconciliation of adjusted segment EBIT to net income or loss: |  |  |  |  |  |
Interest expense, net | (44,732) |  |  | (37,683) |  |  | (89,101) |  |  | (74,561) |
Unallocated corporate expenses | (51,275) |  |  | (47,709) |  |  | (101,045) |  |  | (104,058) |
Restructuring charges | (31,843) |  |  | (22,443) |  |  | (36,158) |  |  | (26,042) |
Goodwill impairment | — |  |  | (118,599) |  |  | — |  |  | (118,599) |
Proxy solicitation fees | — |  |  | (4,538) |  |  | — |  |  | (10,905) |
Gain on debt redemption | — |  |  | 228 |  |  | — |  |  | 3,064 |
Foreign currency gain on intercompany loans | 712 |  |  | — |  |  | 5,350 |  |  | — |
CEO and Board transition costs | (2,631) |  |  | — |  |  | (2,631) |  |  | — |
Strategic review costs | (5,975) |  |  | — |  |  | (8,665) |  |  | — |
Benefit for income taxes | 13,797 |  |  | 9,415 |  |  | 1,238 |  |  | 12,665 |
Net loss | $ | (24,867) |  |  | $ | (141,535) |  |  | $ | (27,752) |  |  | $ | (149,272) |

11

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
4. Earnings per Share (EPS)
The calculation of basic and diluted earnings per share is presented below. The sum of the earnings per share amounts may not equal the totals due to rounding.

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Numerator: |  |  |  |  |  |  |
Net loss | $ | (24,867) |  |  | $ | (141,535) |  |  | $ | (27,752) |  |  | $ | (149,272) |
Denominator: |  |  |  |  |  |  |
Weighted-average shares used in basic EPS (1) | 178,696 |  |  | 175,695 |  |  | 177,872 |  |  | 175,094 |
Basic net loss per share | $ | (0.14) |  |  | $ | (0.81) |  |  | $ | (0.16) |  |  | $ | (0.85) |
Diluted net loss per share | $ | (0.14) |  |  | $ | (0.81) |  |  | $ | (0.16) |  |  | $ | (0.85) |
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive: | 7,128 |  |  | 11,426 |  |  | 7,204 |  |  | 9,833 |

(1) Due to the net loss for the three months ended June 30, 2024 and 2023 and the six months ended June 30, 2024 and 2023, an additional 2.4 million, 3.7 million, 3.5 million and 4.1 million, respectively, of common stock equivalents were also excluded from the calculation of diluted earnings per share.
5. Inventories
Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or net realizable value. Inventories consisted of the following:

| June 30, 2024 |  | December 31, 2023
Raw materials | $ | 22,565 |  |  | $ | 21,201 |
Supplies and service parts | 27,491 |  |  | 25,522 |
Finished products | 26,444 |  |  | 23,330 |
Total inventories | $ | 76,500 |  |  | $ | 70,053 |

12

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
6. Finance Assets and Lessor Operating Leases
Finance Assets
Finance receivables are comprised of sales-type lease receivables, secured loans and unsecured loans. Sales-type leases and secured loans are financing options for the purchase or lease of Pitney Bowes equipment or other manufacturers' equipment and are generally due in installments over periods ranging from three to five years. Unsecured loans are revolving credit lines offered to our clients for postage, supplies and working capital purposes. Unsecured loans are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on finance receivables using the effective interest method. Annual fees are recognized ratably over the period covered and client acquisition costs are expensed as incurred. All finance receivables are in our SendTech Solutions segment and we segregate finance receivables into a North America portfolio and an International portfolio.
Finance receivables consisted of the following:

| June 30, 2024 |  | December 31, 2023
| North America |  | International |  | Total |  | North America |  | International |  | Total
Sales-type lease receivables |  |  |  |  |  |  |  |  |  |  |
Gross finance receivables | $ | 975,820 |  |  | $ | 124,799 |  |  | $ | 1,100,619 |  |  | $ | 987,743 |  |  | $ | 143,466 |  |  | $ | 1,131,209 |
Unguaranteed residual values | 37,395 |  |  | 6,566 |  |  | 43,961 |  |  | 38,059 |  |  | 7,211 |  |  | 45,270 |
Unearned income | (258,941) |  |  | (38,599) |  |  | (297,540) |  |  | (253,711) |  |  | (42,847) |  |  | (296,558) |
Allowance for credit losses | (13,096) |  |  | (2,285) |  |  | (15,381) |  |  | (13,942) |  |  | (2,786) |  |  | (16,728) |
Net investment in sales-type lease receivables | 741,178 |  |  | 90,481 |  |  | 831,659 |  |  | 758,149 |  |  | 105,044 |  |  | 863,193 |
Loan receivables |  |  |  |  |  |  |  |  |  |  |
Loan receivables | 324,939 |  |  | 18,471 |  |  | 343,410 |  |  | 342,062 |  |  | 17,865 |  |  | 359,927 |
Allowance for credit losses | (7,221) |  |  | (157) |  |  | (7,378) |  |  | (6,346) |  |  | (153) |  |  | (6,499) |
Net investment in loan receivables | 317,718 |  |  | 18,314 |  |  | 336,032 |  |  | 335,716 |  |  | 17,712 |  |  | 353,428 |
Net investment in finance receivables | $ | 1,058,896 |  |  | $ | 108,795 |  |  | $ | 1,167,691 |  |  | $ | 1,093,865 |  |  | $ | 122,756 |  |  | $ | 1,216,621 |

Maturities of gross finance receivables at June 30, 2024 were as follows:

| Sales-type Lease Receivables |  | Loan Receivables
| North America |  | International |  | Total |  | North America |  | International |  | Total
Remainder 2024 | $ | 188,619 |  |  | $ | 41,375 |  |  | $ | 229,994 |  |  | $ | 202,892 |  |  | $ | 18,471 |  |  | $ | 221,363 |
2025 | 317,823 |  |  | 39,138 |  |  | 356,961 |  |  | 44,977 |  |  | — |  |  | 44,977 |
2026 | 238,192 |  |  | 24,029 |  |  | 262,221 |  |  | 30,891 |  |  | — |  |  | 30,891 |
2027 | 149,506 |  |  | 13,319 |  |  | 162,825 |  |  | 24,404 |  |  | — |  |  | 24,404 |
2028 | 69,320 |  |  | 5,532 |  |  | 74,852 |  |  | 15,975 |  |  | — |  |  | 15,975 |
Thereafter | 12,360 |  |  | 1,406 |  |  | 13,766 |  |  | 5,800 |  |  | — |  |  | 5,800 |
Total | $ | 975,820 |  |  | $ | 124,799 |  |  | $ | 1,100,619 |  |  | $ | 324,939 |  |  | $ | 18,471 |  |  | $ | 343,410 |

13

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Aging of Receivables
The aging of gross finance receivables was as follows:

| June 30, 2024
| Sales-type Lease Receivables |  | Loan Receivables |  |
| North America |  | International |  | North America |  | International |  | Total
Past due amounts 0 - 90 days | $ | 966,927 |  |  | $ | 123,377 |  |  | $ | 323,006 |  |  | $ | 18,360 |  |  | $ | 1,431,670 |
Past due amounts > 90 days | 8,893 |  |  | 1,422 |  |  | 1,933 |  |  | 111 |  |  | 12,359 |
Total | $ | 975,820 |  |  | $ | 124,799 |  |  | $ | 324,939 |  |  | $ | 18,471 |  |  | $ | 1,444,029 |

| December 31, 2023
| Sales-type Lease Receivables |  | Loan Receivables |  |
| North America |  | International |  | North America |  | International |  | Total
Past due amounts 0 - 90 days | $ | 977,744 |  |  | $ | 140,857 |  |  | $ | 339,789 |  |  | $ | 17,664 |  |  | $ | 1,476,054 |
Past due amounts > 90 days | 9,999 |  |  | 2,609 |  |  | 2,273 |  |  | 201 |  |  | 15,082 |
Total | $ | 987,743 |  |  | $ | 143,466 |  |  | $ | 342,062 |  |  | $ | 17,865 |  |  | $ | 1,491,136 |

Allowance for Credit Losses
We provide an allowance for credit losses based on historical loss experience, the nature of our portfolios, adverse situations that may affect a client's ability to pay and current economic conditions and outlook based on reasonable and supportable forecasts. We continually evaluate the adequacy of the allowance for credit losses and adjust as necessary. The assumptions used in determining an estimate of credit losses are inherently subjective and actual results may differ significantly from estimated reserves.
We establish credit approval limits based on the client's credit quality and the type of equipment financed. We cease financing revenue recognition for lease receivables and unsecured loan receivables that are more than 90 days past due. Revenue recognition is resumed when the client's payments reduce the account aging to less than 60 days past due. Finance receivables are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible. We believe that our credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients.
14

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Activity in the allowance for credit losses for finance receivables was as follows:

| Sales-type Lease Receivables |  | Loan Receivables |  |
| North America |  | International |  | North America |  | International |  | Total
Balance at January 1, 2024 | $ | 13,942 |  |  | $ | 2,786 |  |  | $ | 6,346 |  |  | $ | 153 |  |  | $ | 23,227 |
Amounts charged to expense | 422 |  |  | (81) |  |  | 2,839 |  |  | 275 |  |  | 3,455 |
Write-offs | (2,134) |  |  | (402) |  |  | (2,836) |  |  | (268) |  |  | (5,640) |
Recoveries | 886 |  |  | 130 |  |  | 873 |  |  | — |  |  | 1,889 |
Other | (20) |  |  | (148) |  |  | (1) |  |  | (3) |  |  | (172) |
Balance at June 30, 2024 | $ | 13,096 |  |  | $ | 2,285 |  |  | $ | 7,221 |  |  | $ | 157 |  |  | $ | 22,759 |
| Sales-type Lease Receivables |  | Loan Receivables |  |
| North America |  | International |  | North America |  | International |  | Total
Balance at January 1, 2023 | $ | 14,131 |  |  | $ | 2,893 |  |  | $ | 4,787 |  |  | $ | 139 |  |  | $ | 21,950 |
Amounts charged to expense | 1,035 |  |  | 250 |  |  | 2,067 |  |  | 160 |  |  | 3,512 |
Write-offs | (2,374) |  |  | (779) |  |  | (2,668) |  |  | (145) |  |  | (5,966) |
Recoveries | 1,460 |  |  | 134 |  |  | 1,061 |  |  | — |  |  | 2,655 |
Other | 3 |  |  | (64) |  |  | 17 |  |  | 10 |  |  | (34) |
Balance at June 30, 2023 | $ | 14,255 |  |  | $ | 2,434 |  |  | $ | 5,264 |  |  | $ | 164 |  |  | $ | 22,117 |

The table below shows write-offs of gross finance receivables by year of origination.

| June 30, 2024
| Sales Type Lease Receivables |  | Loan Receivables |  | Total
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  |
Write-offs | $ | 63 |  |  | $ | 542 |  |  | $ | 914 |  |  | $ | 487 |  |  | $ | 312 |  |  | $ | 218 |  |  | $ | 3,104 |  |  | $ | 5,640 |

| June 30, 2023
| Sales Type Lease Receivables |  | Loan Receivables |  | Total
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |
Write-offs | $ | 272 |  |  | $ | 688 |  |  | $ | 936 |  |  | $ | 601 |  |  | $ | 366 |  |  | $ | 290 |  |  | $ | 2,813 |  |  | $ | 5,966 |

Credit Quality
The extension and management of credit lines to new and existing clients uses a combination of a client's credit score, where available, a detailed manual review of their financial condition and payment history, or an automated process. Once credit is granted, the payment performance of the client is managed through automated collections processes and is supplemented with direct follow up should an account become delinquent. We have robust automated collections and extensive portfolio management processes to ensure that our global strategy is executed, collection resources are allocated and enhanced tools and processes are implemented as needed.
Over 85% of our finance receivables are within the North American portfolio. We use a third-party to score the majority of this portfolio on a quarterly basis using a proprietary commercial credit score. The relative scores are determined based on a number of factors, including financial information, payment history, company type and ownership structure. We stratify the credit scores of our clients into low, medium and high-risk accounts. Due to timing and other issues, our entire portfolio may not be scored at period end. We report these amounts as "Not Scored"; however, absence of a score is not indicative of the credit quality of the account. The credit score is used to predict the payment behaviors of our clients and the probability that an account will become greater than 90 days past due during the subsequent 12-month period.
•Low risk accounts are companies with very good credit scores and a predicted delinquency rate of less than 5%.
15

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
•Medium risk accounts are companies with average to good credit scores and a predicted delinquency rate between 5% and 10%.
•High risk accounts are companies with poor credit scores, are delinquent or are at risk of becoming delinquent. The predicted delinquency rate would be greater than 10%.
We do not use a third-party to score our International portfolio because the cost to do so is prohibitive as there is no single credit score model that covers all countries. Accordingly, the entire International portfolio is reported in the Not Scored category. Most of the International credit applications are small dollar applications (i.e. below $50 thousand) and are subjected to an automated review process. Larger credit applications are manually reviewed, which includes obtaining client financial information, credit reports and other available financial information.
The table below shows gross finance receivables by relative risk class and year of origination based on the relative scores of the accounts within each class.

| June 30, 2024
| Sales Type Lease Receivables |  | Loan Receivables |  | Total
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  |
Low | $ | 104,885 |  |  | $ | 237,572 |  |  | $ | 196,386 |  |  | $ | 126,665 |  |  | $ | 78,574 |  |  | $ | 58,928 |  |  | $ | 252,945 |  |  | $ | 1,055,955 |
Medium | 17,798 |  |  | 37,847 |  |  | 30,010 |  |  | 22,380 |  |  | 14,097 |  |  | 14,132 |  |  | 47,644 |  |  | 183,908 |
High | 1,967 |  |  | 4,628 |  |  | 3,750 |  |  | 3,177 |  |  | 2,086 |  |  | 1,165 |  |  | 12,637 |  |  | 29,410 |
Not Scored | 37,484 |  |  | 45,477 |  |  | 30,921 |  |  | 19,722 |  |  | 7,868 |  |  | 3,100 |  |  | 30,184 |  |  | 174,756 |
Total | $ | 162,134 |  |  | $ | 325,524 |  |  | $ | 261,067 |  |  | $ | 171,944 |  |  | $ | 102,625 |  |  | $ | 77,325 |  |  | $ | 343,410 |  |  | $ | 1,444,029 |
| December 31, 2023
| Sales Type Lease Receivables |  | Loan Receivables |  | Total
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  |
Low | $ | 261,583 |  |  | $ | 222,947 |  |  | $ | 155,193 |  |  | $ | 96,986 |  |  | $ | 46,635 |  |  | $ | 27,164 |  |  | $ | 264,232 |  |  | $ | 1,074,740 |
Medium | 46,208 |  |  | 35,891 |  |  | 24,483 |  |  | 16,027 |  |  | 10,503 |  |  | 8,041 |  |  | 62,910 |  |  | 204,063 |
High | 4,455 |  |  | 4,217 |  |  | 2,554 |  |  | 1,853 |  |  | 740 |  |  | 862 |  |  | 7,487 |  |  | 22,168 |
Not Scored | 59,335 |  |  | 49,839 |  |  | 33,494 |  |  | 15,944 |  |  | 5,089 |  |  | 1,166 |  |  | 25,298 |  |  | 190,165 |
Total | $ | 371,581 |  |  | $ | 312,894 |  |  | $ | 215,724 |  |  | $ | 130,810 |  |  | $ | 62,967 |  |  | $ | 37,233 |  |  | $ | 359,927 |  |  | $ | 1,491,136 |

Lease Income
Lease income from sales-type leases, excluding variable lease payments, was as follows:

| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Profit recognized at commencement | $ | 27,245 |  |  | $ | 30,839 |  |  | $ | 54,206 |  |  | $ | 62,661 |
Interest income | 38,045 |  |  | 39,181 |  |  | 76,012 |  |  | 78,112 |
Total lease income from sales-type leases | $ | 65,290 |  |  | $ | 70,020 |  |  | $ | 130,218 |  |  | $ | 140,773 |

16

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Lessor Operating Leases
We also lease mailing equipment under operating leases with terms of one to five years. Maturities of these operating leases are as follows:

Remainder 2024 | $ | 9,818 |
2025 | 17,411 |
2026 | 16,389 |
2027 | 8,950 |
2028 | 1,173 |
Thereafter | 2,744 |
Total | $ | 56,485 |

7. Intangible Assets and Goodwill

Intangible Assets
Intangible assets consisted of the following:

| June 30, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer relationships | $ | 155,169 |  |  | $ | (102,477) |  |  | $ | 52,692 |  |  | $ | 155,712 |  |  | $ | (95,409) |  |  | $ | 60,303 |
Software & technology | 2,965 |  |  | (1,318) |  |  | 1,647 |  |  | 3,047 |  |  | (1,100) |  |  | 1,947 |
Total intangible assets | $ | 158,134 |  |  | $ | (103,795) |  |  | $ | 54,339 |  |  | $ | 158,759 |  |  | $ | (96,509) |  |  | $ | 62,250 |

Amortization expense for both the three months ended June 30, 2024 and 2023 was $4 million and amortization expense for both the six months ended June 30, 2024 and 2023 was $8 million.
Future amortization expense as of June 30, 2024 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges.

Remainder 2024 | $ | 7,859 |
2025 | 15,514 |
2026 | 14,524 |
2027 | 11,470 |
2028 | 2,438 |
Thereafter | 2,534 |
Total | $ | 54,339 |

Goodwill
Changes in the carrying value of goodwill by reporting segment are shown in the table below.

|  |  |  |  | December 31, 2023 |  |  |  |  |  | Currency impact |  | June 30, 2024
SendTech Solutions |  |  |  |  | $ | 510,646 |  |  |  |  |  |  | $ | (6,796) |  |  | $ | 503,850 |
Presort Services |  |  |  |  | 223,763 |  |  |  |  |  |  | — |  |  | 223,763 |
Total goodwill |  |  |  |  | $ | 734,409 |  |  |  |  |  |  | $ | (6,796) |  |  | $ | 727,613 |

17

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
8. Fair Value Measurements and Derivative Instruments
We measure certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measure considered from the perspective of a market participant rather than an entity-specific measure. An entity is required to classify certain assets and liabilities measured at fair value based on the following fair value hierarchy that prioritizes the inputs used to measure fair value:
Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities.
Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3– Unobservable inputs that are supported by little or no market activity, may be derived from internally developed methodologies based on management’s best estimate of fair value and that are significant to the fair value of the asset or liability.
Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement requires judgment and may affect its placement within the fair value hierarchy. The following tables show, by level within the fair value hierarchy, our financial assets and liabilities that are accounted for at fair value on a recurring basis.

| June 30, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Investment securities |  |  |  |  |  |  |
Money market funds | $ | 44,687 |  |  | $ | 146,980 |  |  | $ | — |  |  | $ | 191,667 |
Equity securities | — |  |  | 16,644 |  |  | — |  |  | 16,644 |
Commingled fixed income securities | 1,580 |  |  | 4,380 |  |  | — |  |  | 5,960 |
Government and related securities | 8,125 |  |  | 13,275 |  |  | — |  |  | 21,400 |
Corporate debt securities | — |  |  | 51,548 |  |  | — |  |  | 51,548 |
Mortgage-backed / asset-backed securities | — |  |  | 112,365 |  |  | — |  |  | 112,365 |
Derivatives |  |  |  |  |  |  |
Interest rate swap | — |  |  | 4,810 |  |  | — |  |  | 4,810 |
Total assets | $ | 54,392 |  |  | $ | 350,002 |  |  | $ | — |  |  | $ | 404,394 |

| December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Investment securities |  |  |  |  |  |  |
Money market funds | $ | 13,366 |  |  | $ | 188,484 |  |  | $ | — |  |  | $ | 201,850 |
Equity securities | — |  |  | 15,341 |  |  | — |  |  | 15,341 |
Commingled fixed income securities | 1,581 |  |  | 5,741 |  |  | — |  |  | 7,322 |
Government and related securities | 11,489 |  |  | 18,999 |  |  | — |  |  | 30,488 |
Corporate debt securities | — |  |  | 54,330 |  |  | — |  |  | 54,330 |
Mortgage-backed / asset-backed securities | — |  |  | 119,901 |  |  | — |  |  | 119,901 |
Derivatives |  |  |  |  |  |  |
Interest rate swap | — |  |  | 8,425 |  |  | — |  |  | 8,425 |
Total assets | $ | 26,436 |  |  | $ | 411,221 |  |  | $ | — |  |  | $ | 437,657 |

18

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Investment Securities
The valuation of investment securities is based on a market approach using inputs that are observable, or can be corroborated by observable data, in an active marketplace. The following information relates to our classification within the fair value hierarchy:
•Money Market Funds: Money market funds typically invest in government securities, certificates of deposit, commercial paper and other highly liquid, low risk securities. Money market funds are principally used for overnight deposits and are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange.
•Equity Securities: Equity securities are comprised of mutual funds investing in U.S. and foreign stocks. These mutual funds are classified as Level 2.
•Commingled Fixed Income Securities: Commingled fixed income securities are comprised of mutual funds that invest in a variety of fixed income securities, including securities of the U.S. government and its agencies, corporate debt, mortgage-backed securities and asset-backed securities. Fair value is based on the value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding, as reported by the fund manager. These mutual funds are classified as Level 1 when unadjusted quoted prices in active markets are available and as Level 2 when they are not actively traded on an exchange.
•Government and Related Securities: Debt securities are classified as Level 1 when unadjusted quoted prices in active markets are available. Debt securities are classified as Level 2 where fair value is determined using quoted market prices for similar securities or benchmarking model derived prices to quoted market prices and trade data for identical or comparable securities.
•Corporate Debt Securities: Corporate debt securities are valued using recently executed comparable transactions, market price quotations or bond spreads for the same maturity as the security. These securities are classified as Level 2.
•Mortgage-Backed Securities / Asset-Backed Securities: These securities are valued based on external pricing indices or external price/spread data. These securities are classified as Level 2.
Derivative Securities
•Interest Rate Swaps: The valuation of interest rate swaps is based on an income approach using inputs that are observable or that can be derived from, or corroborated by, observable market data. These securities are classified as Level 2.
Available-For-Sale Securities
Investment securities classified as available-for-sale are recorded at fair value with changes in fair value due to market conditions recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions recorded in earnings. There were no unrealized losses charged to earnings in the six months ended June 30, 2024 and 2023.
Available-for-sale securities consisted of the following:

| June 30, 2024
| Amortized cost |  |  |  | Gross unrealized losses |  | Estimated fair value
Government and related securities | $ | 24,929 |  |  |  |  | $ | (6,551) |  |  | $ | 18,378 |
Corporate debt securities | 62,572 |  |  |  |  | (11,024) |  |  | 51,548 |
Commingled fixed income securities | 1,811 |  |  |  |  | (231) |  |  | 1,580 |
Mortgage-backed / asset-backed securities | 139,887 |  |  |  |  | (27,522) |  |  | 112,365 |
Total | $ | 229,199 |  |  |  |  | $ | (45,328) |  |  | $ | 183,871 |

19

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

| December 31, 2023
| Amortized cost |  |  |  | Gross unrealized losses |  | Estimated fair value
Government and related securities | $ | 35,048 |  |  |  |  | $ | (7,018) |  |  | $ | 28,030 |
Corporate debt securities | 65,008 |  |  |  |  | (10,678) |  |  | 54,330 |
Commingled fixed income securities | 1,788 |  |  |  |  | (207) |  |  | 1,581 |
Mortgage-backed / asset-backed securities | 146,022 |  |  |  |  | (26,121) |  |  | 119,901 |
Total | $ | 247,866 |  |  |  |  | $ | (44,024) |  |  | $ | 203,842 |

Investment securities in a loss position were as follows:

| June 30, 2024 |  | December 31, 2023
| Fair Value |  | Gross unrealized losses |  | Fair Value |  | Gross unrealized losses
Greater than 12 continuous months |  |  |  |  |  |  |
Government and related securities | $ | 18,378 |  |  | $ | 6,551 |  |  | $ | 28,030 |  |  | $ | 7,018 |
Corporate debt securities | 51,376 |  |  | 11,022 |  |  | 51,948 |  |  | 10,466 |
Mortgage-backed / asset-backed securities | 112,365 |  |  | 27,522 |  |  | 119,901 |  |  | 26,121 |
Total | $ | 182,119 |  |  | $ | 45,095 |  |  | $ | 199,879 |  |  | $ | 43,605 |
Less than 12 continuous months |  |  |  |  |  |  |
Corporate debt securities | $ | 172 |  |  | $ | 2 |  |  | $ | 2,382 |  |  | $ | 212 |
Commingled fixed income securities | 1,580 |  |  | 231 |  |  | 1,581 |  |  | 207 |
Total | $ | 1,752 |  |  | $ | 233 |  |  | $ | 3,963 |  |  | $ | 419 |

At June 30, 2024, all securities in the investment portfolio were in an unrealized loss position. However, we have the ability and intent to hold these securities until recovery of the unrealized losses or expect to receive the stated principal and interest at maturity. Accordingly, we have not recognized an impairment loss and our allowance for credit losses on these investment securities is not significant.
Scheduled maturities of available-for-sale securities at June 30, 2024 were as follows:

| Amortized cost |  | Estimated fair value
Within 1 year | $ | 1,986 |  |  | $ | 1,752 |
After 1 year through 5 years | 6,739 |  |  | 6,186 |
After 5 years through 10 years | 65,737 |  |  | 55,512 |
After 10 years | 154,737 |  |  | 120,421 |
Total | $ | 229,199 |  |  | $ | 183,871 |

Actual maturities may not coincide with scheduled maturities as certain securities contain early redemption features and/or allow for the prepayment of obligations.
Held-to-Maturity Securities
Held-to-maturity securities at June 30, 2024 and December 31, 2023 totaled $285 million and $265 million, respectively. Held-to-maturity securities include certificates of deposits with maturities less than 90 days and highly-liquid government securities with maturities less than two years.
20

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Derivative Instruments
We are exposed to the impact of changes in interest rates and foreign currency exchange rates. We may use derivative instruments to limit the effects on our financial results from changes in interest rates and currency exchange rates. We do not use derivatives for trading or speculative purposes.
Interest Rate Swaps
At June 30, 2024, we had outstanding interest rate swap agreements that effectively convert $200 million of variable rate debt to fixed rates. Under the terms of the interest rate swaps, we pay fixed-rate interest of 0.585% and receive variable-rate interest based on one-month SOFR plus 0.1%. The variable interest rates under the term loans and the swaps reset monthly.
These swaps are designated as cash flow hedges and are recorded at fair value at the end of each reporting period. Changes in fair value are reflected in AOCL. The impact of these interest rate swaps was as follows:

|  | Three Months Ended June 30,
|  | Derivative Gain (Loss) Recognized in AOCL (Effective Portion) |  | Location of Gain (Loss) (Effective Portion) |  | Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)
Derivative Instrument |  | 2024 |  | 2023 |  |  | 2024 |  | 2023
Interest rate swap |  | $ | (2,098) |  |  | $ | 586 |  |  | Interest expense |  | $ | 2,584 |  |  | $ | 138 |
|  | Six Months Ended June 30,
|  | Derivative Gain (Loss) Recognized in AOCL (Effective Portion) |  | Location of Gain (Loss) (Effective Portion) |  | Gain (Loss) Reclassified from AOCL to Earnings (Effective Portion)
Derivative Instrument |  | 2024 |  | 2023 |  |  | 2024 |  | 2023
Interest rate swap |  | $ | (3,615) |  |  | $ | (2,000) |  |  | Interest expense |  | $ | 5,175 |  |  | $ | 275 |

Foreign Exchange Contracts
In the first half of 2023, we had outstanding foreign exchange contracts to minimize the impact on earnings from the revaluation of short-term interest-bearing intercompany loans denominated in a foreign currency. These foreign exchange contracts were not designated as hedging instruments and the revaluation of intercompany loans and the change in fair value of these derivatives were recorded in earnings. The mark-to-market adjustment on these foreign exchange contracts for the three and six months ended June 30, 2023, was a gain of $6 million and a gain of $7 million, respectively, and significantly offset the corresponding loss on the revaluation of intercompany loans.

Fair Value of Financial Instruments
Our financial instruments include cash and cash equivalents, available-for-sale and held-to-maturity investment securities, accounts receivable, loan receivables, derivative instruments, accounts payable and debt. The carrying value of cash and cash equivalents, held-to-maturity investment securities, accounts receivable, loans receivable, and accounts payable approximate fair value. The fair value of available-for-sale investment securities and derivative instruments are presented above. The fair value of debt is estimated based on recently executed transactions and market price quotations. The inputs used to determine the fair value of debt were classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of debt was as follows:

| June 30, 2024 |  | December 31, 2023
Carrying value | $ | 2,122,324 |  |  | $ | 2,146,032 |
Fair value | $ | 1,941,153 |  |  | $ | 1,893,620 |

21

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
9. Restructuring Charges
2024 Plan
As part of our ongoing initiatives to accelerate value creation, at the end of the second quarter of 2024, we approved a worldwide cost reduction initiative (the "2024 Plan") to realize cost reductions and improve efficiencies. During the second quarter, we eliminated 367 positions and incurred pre-tax charges of $26 million and in July 2024, we eliminated an additional 184 positions and will record pre-tax charges of $8 million in connection with the 2024 Plan.
We anticipate incurring additional charges in future periods related to further workforce reductions contemplated by the 2024 Plan. We expect to complete these actions by the end of the first half of 2025.
2023 Plan
We completed the remaining actions under the 2023 Plan in the second quarter. During the second quarter, we eliminated 34 positions and incurred pre-tax charges of $6 million. Under this plan, we eliminated 1,049 positions and cumulative charges were $69 million.
Activity in our restructuring reserves was as follows:

| 2024 Plan |  | 2023 Plan |  | Total
Balance at January 1, 2024 | $ | — |  |  | $ | 26,128 |  |  | $ | 26,128 |
Amounts charged to expense | 25,537 |  |  | 10,621 |  |  | 36,158 |
Cash payments | — |  |  | (26,697) |  |  | (26,697) |
Noncash activity | — |  |  | (875) |  |  | (875) |
Balance at June 30, 2024 | $ | 25,537 |  |  | $ | 9,177 |  |  | $ | 34,714 |
| 2023 Plan |  | Prior Plan |  | Total
Balance at January 1, 2023 | $ | — |  |  | $ | 7,647 |  |  | $ | 7,647 |
Amounts charged to expense | 22,443 |  |  | 3,599 |  |  | 26,042 |
Cash payments | (1,637) |  |  | (11,246) |  |  | (12,883) |
Noncash activity | (1,478) |  |  | — |  |  | (1,478) |
Balance at June 30, 2023 | $ | 19,328 |  |  | $ | — |  |  | $ | 19,328 |

Components of restructuring expense were as follows:

| Three Months Ended June 30, 2024 |  | Three Months Ended June 30, 2023
| 2024 Plan |  | 2023 Plan |  | Total |  | 2023 Plan |  | Prior Plan |  | Total
Severance | $ | 25,537 |  |  | $ | 6,020 |  |  | $ | 31,557 |  |  | $ | 20,965 |  |  | $ | — |  |  | $ | 20,965 |
Facilities and other | — |  |  | 286 |  |  | 286 |  |  | 1,478 |  |  | — |  |  | 1,478 |
Total | $ | 25,537 |  |  | $ | 6,306 |  |  | $ | 31,843 |  |  | $ | 22,443 |  |  | $ | — |  |  | $ | 22,443 |
| Six Months Ended June 30, 2024 |  | Six Months Ended June 30, 2023
| 2024 Plan |  | 2023 Plan |  | Total |  | 2023 Plan |  | Prior Plan |  | Total
Severance | $ | 25,537 |  |  | $ | 9,398 |  |  | $ | 34,935 |  |  | $ | 20,965 |  |  | $ | 3,057 |  |  | $ | 24,022 |
Facilities and other | — |  |  | 1,223 |  |  | 1,223 |  |  | 1,478 |  |  | 542 |  |  | 2,020 |
Total | $ | 25,537 |  |  | $ | 10,621 |  |  | $ | 36,158 |  |  | $ | 22,443 |  |  | $ | 3,599 |  |  | $ | 26,042 |

22

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
10. Debt
Total debt consisted of the following:

| Interest rate |  | June 30, 2024 |  | December 31, 2023
Term loan due March 2026 | SOFR + 2.25% |  | $ | 261,500 |  |  | $ | 285,500 |
Notes due March 2027 | 6.875% |  | 380,000 |  |  | 380,000 |
Notes due March 2028 | SOFR + 6.9% |  | 272,938 |  |  | 274,313 |
Term loan due March 2028 | SOFR + 4.0% |  | 435,375 |  |  | 437,625 |
Notes due March 2029 | 7.25% |  | 350,000 |  |  | 350,000 |
Notes due January 2037 | 5.25% |  | 35,841 |  |  | 35,841 |
Notes due March 2043 | 6.70% |  | 425,000 |  |  | 425,000 |
Other debt |  |  | 540 |  |  | 1,181 |
Principal amount |  |  | 2,161,194 |  |  | 2,189,460 |
Less: unamortized costs, net |  |  | 38,870 |  |  | 43,428 |
Total debt |  |  | 2,122,324 |  |  | 2,146,032 |
Less: current portion long-term debt |  |  | 57,290 |  |  | 58,931 |
Long-term debt |  |  | $ | 2,065,034 |  |  | $ | 2,087,101 |

At June 30, 2024, the interest rate on the 2026 Term Loan was 7.7%, the interest rate on the 2028 Term Loan was 9.5% and the interest rate on the March 2028 notes was 12.2%.
The credit agreement that governs our secured revolving credit facility and the term loan due March 2026 (the "Credit Agreement") contains certain financial covenants. These covenants require us to maintain, on a quarterly basis, a maximum leverage ratio and a minimum interest coverage ratio, both of which are defined and calculated in accordance with the credit agreement. The maximum leverage ratio was 4.0x as of June 30, 2024 and the minimum interest coverage ratio was 1.75x as of June 30, 2024 and increases to 2.0x as of March 31, 2025. At June 30, 2024, we were in compliance with these financial covenants.
In August 2024, we amended the Credit Agreement and the note purchase agreement that governs our $275 million notes due March 2028. The amendments, among other things, allow for relief under our covenants for expenses incurred pursuant to the Ecommerce Restructuring (as discussed in Note 17 Subsequent Events).
Management expects that we will remain in compliance with these amended financial covenants over the next twelve months. However, events and circumstances could occur, some beyond our control, that could adversely impact our compliance with these covenants and require us to obtain a waiver from our lenders, modify our existing covenants or refinance certain debt to cure the noncompliance. If we are unable to cure the noncompliance, amounts due under our revolving credit facility and term loan due March 2026 could be called by our lenders. At June 30, 2024, there were no outstanding borrowings under the revolving credit facility. Borrowings under our secured debt are secured by assets of the company.
23

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
11. Pensions and Other Benefit Programs
The components of net periodic benefit (income) cost were as follows:

| Defined Benefit Pension Plans |  | Nonpension Postretirement Benefit Plans
| United States |  | Foreign |  |
| Three Months Ended |  | Three Months Ended |  | Three Months Ended
| June 30, |  | June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | 12 |  |  | $ | 10 |  |  | $ | 184 |  |  | $ | 194 |  |  | $ | 93 |  |  | $ | 88 |
Interest cost | 14,966 |  |  | 16,089 |  |  | 5,167 |  |  | 5,334 |  |  | 1,135 |  |  | 1,306 |
Expected return on plan assets | (21,909) |  |  | (21,613) |  |  | (6,402) |  |  | (7,515) |  |  | — |  |  | — |
Amortization of prior service (credit) cost | (5) |  |  | (5) |  |  | 73 |  |  | 72 |  |  | — |  |  | — |
Amortization of net actuarial loss (gain) | 4,972 |  |  | 4,416 |  |  | 1,913 |  |  | 522 |  |  | (292) |  |  | (357) |
Settlement | — |  |  | 314 |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit (income) cost | $ | (1,964) |  |  | $ | (789) |  |  | $ | 935 |  |  | $ | (1,393) |  |  | $ | 936 |  |  | $ | 1,037 |
Contributions to benefit plans | $ | 1,252 |  |  | $ | 1,908 |  |  | $ | 380 |  |  | $ | 512 |  |  | $ | 3,901 |  |  | $ | 2,838 |
| Defined Benefit Pension Plans |  | Nonpension Postretirement Benefit Plans
| United States |  | Foreign |  |
| Six Months Ended |  | Six Months Ended |  | Six Months Ended
| June 30, |  | June 30, |  | June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023 |  | 2024 |  | 2023
Service cost | $ | 24 |  |  | $ | 20 |  |  | $ | 372 |  |  | $ | 388 |  |  | $ | 185 |  |  | $ | 177 |
Interest cost | 29,932 |  |  | 32,178 |  |  | 10,368 |  |  | 10,556 |  |  | 2,271 |  |  | 2,611 |
Expected return on plan assets | (43,818) |  |  | (43,226) |  |  | (12,852) |  |  | (14,859) |  |  | — |  |  | — |
Amortization of prior service (credit) cost | (10) |  |  | (10) |  |  | 147 |  |  | 142 |  |  | — |  |  | — |
Amortization of net actuarial loss (gain) | 9,944 |  |  | 8,833 |  |  | 3,836 |  |  | 1,027 |  |  | (587) |  |  | (713) |
Settlement | — |  |  | 314 |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit (income) cost | $ | (3,928) |  |  | $ | (1,891) |  |  | $ | 1,871 |  |  | $ | (2,746) |  |  | $ | 1,869 |  |  | $ | 2,075 |
Contributions to benefit plans | $ | 2,321 |  |  | $ | 3,035 |  |  | $ | 7,378 |  |  | $ | 15,545 |  |  | $ | 7,601 |  |  | $ | 6,616 |

24

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
12. Income Taxes
The effective tax rate for the three and six months ended June 30, 2024 was 35.7% and 4.3%, respectively. The effective tax rate for interim periods is determined using an annual effective tax rate, adjusted for discrete items. The forecasted annual income earned in foreign jurisdictions offset by U.S. losses will result in higher quarterly and annual effective rates for the remainder of the year. The effective tax rate for the three and six months ended June 30, 2023 was 6.2% and 7.8%, respectively, primarily due to a benefit of $1 million on the $119 million goodwill impairment charge as the majority of this charge was nondeductible.
On a regular basis, we conclude tax return examinations, statutes of limitation expire, and court decisions interpret tax law. We regularly assess tax uncertainties in light of these developments; and as a result, it is reasonably possible that the amount of unrecognized tax benefits will decrease in the next 12 months, and this decrease could be up to 10% of our unrecognized tax benefits.
The Internal Revenue Service examination of our consolidated U.S. Federal income tax returns for tax years prior to 2020 are closed to audit, except for review of the Tax Cuts and Jobs Act Sec. 965 transition tax. On a state and local level, returns for most jurisdictions are closed through 2018. For our significant non-U.S. jurisdictions, the U.K., France and Germany are closed through 2021, 2019 and 2016, respectively. Canada is closed to examination through 2018 except for a specific issue under current exam and in Appeals. We also have other less significant tax filings currently subject to examination.
13. Commitments and Contingencies
From time to time, in the ordinary course of business, we are involved in litigation pertaining to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of customers, employees, or others. Due to uncertainties inherent in litigation, any actions could have an adverse effect on our financial position, results of operations or cash flows; however, in management's opinion, the final outcome of outstanding matters will not have a material adverse effect on our business.
25

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
14. Stockholders’ Deficit
Changes in stockholders’ deficit were as follows:

|  |  |  |  | Common stock |  |  |  | Retained earnings |  | Accumulated other comprehensive loss |  | Treasury stock |  | Total deficit
Balance at April 1, 2024 |  |  |  |  | $ | 270,338 |  |  |  |  | $ | 3,027,030 |  |  | $ | (863,811) |  |  | $ | (2,825,912) |  |  | $ | (392,355) |
Net loss |  |  |  |  | — |  |  |  |  | (24,867) |  |  | — |  |  | — |  |  | (24,867) |
Other comprehensive loss |  |  |  |  | — |  |  |  |  | — |  |  | (1,712) |  |  | — |  |  | (1,712) |
Dividends paid ($0.05 per common share) |  |  |  |  | — |  |  |  |  | (8,953) |  |  | — |  |  | — |  |  | (8,953) |
Issuance of common stock |  |  |  |  | — |  |  |  |  | (48,428) |  |  | — |  |  | 44,249 |  |  | (4,179) |
Stock-based compensation expense |  |  |  |  | — |  |  |  |  | 4,177 |  |  | — |  |  | — |  |  | 4,177 |
Balance at June 30, 2024 |  |  |  |  | $ | 270,338 |  |  |  |  | $ | 2,948,959 |  |  | $ | (865,523) |  |  | $ | (2,781,663) |  |  | $ | (427,889) |

|  |  |  |  | Common stock |  |  |  | Retained earnings |  | Accumulated other comprehensive loss |  | Treasury stock |  | Total deficit
Balance at April 1, 2023 |  |  |  |  | $ | 323,338 |  |  |  |  | $ | 5,060,852 |  |  | $ | (819,978) |  |  | $ | (4,504,248) |  |  | $ | 59,964 |
Net loss |  |  |  |  | — |  |  |  |  | (141,535) |  |  | — |  |  | — |  |  | (141,535) |
Other comprehensive income |  |  |  |  | — |  |  |  |  | — |  |  | 11,985 |  |  | — |  |  | 11,985 |
Dividends paid ($0.05 per common share) |  |  |  |  | — |  |  |  |  | (8,800) |  |  | — |  |  | — |  |  | (8,800) |
Issuance of common stock |  |  |  |  | — |  |  |  |  | (4,706) |  |  | — |  |  | 4,775 |  |  | 69 |
Stock-based compensation expense |  |  |  |  | — |  |  |  |  | 2,830 |  |  | — |  |  | — |  |  | 2,830 |
Balance at June 30, 2023 |  |  |  |  | $ | 323,338 |  |  |  |  | $ | 4,908,641 |  |  | $ | (807,993) |  |  | $ | (4,499,473) |  |  | $ | (75,487) |

|  |  |  |  | Common stock |  |  |  | Retained earnings |  | Accumulated other comprehensive loss |  | Treasury stock |  | Total deficit
Balance at January 1, 2024 |  |  |  |  | $ | 270,338 |  |  |  |  | $ | 3,077,988 |  |  | $ | (851,245) |  |  | $ | (2,865,657) |  |  | $ | (368,576) |
Net loss |  |  |  |  | — |  |  |  |  | (27,752) |  |  | — |  |  | — |  |  | (27,752) |
Other comprehensive loss |  |  |  |  | — |  |  |  |  | — |  |  | (14,278) |  |  | — |  |  | (14,278) |
Dividends paid ($0.10 per common share) |  |  |  |  | — |  |  |  |  | (17,785) |  |  | — |  |  | — |  |  | (17,785) |
Issuance of common stock |  |  |  |  | — |  |  |  |  | (90,059) |  |  | — |  |  | 83,994 |  |  | (6,065) |
Stock-based compensation expense |  |  |  |  | — |  |  |  |  | 6,567 |  |  | — |  |  | — |  |  | 6,567 |
Balance at June 30, 2024 |  |  |  |  | $ | 270,338 |  |  |  |  | $ | 2,948,959 |  |  | $ | (865,523) |  |  | $ | (2,781,663) |  |  | $ | (427,889) |

|  |  |  |  | Common stock |  |  |  | Retained earnings |  | Accumulated other comprehensive loss |  | Treasury stock |  | Total deficit
Balance at January 1, 2023 |  |  |  |  | $ | 323,338 |  |  |  |  | $ | 5,125,677 |  |  | $ | (835,564) |  |  | $ | (4,552,798) |  |  | $ | 60,653 |
Net loss |  |  |  |  | — |  |  |  |  | (149,272) |  |  | — |  |  | — |  |  | (149,272) |
Other comprehensive income |  |  |  |  | — |  |  |  |  | — |  |  | 27,571 |  |  | — |  |  | 27,571 |
Dividends paid ($0.10 per common share) |  |  |  |  | — |  |  |  |  | (17,525) |  |  | — |  |  | — |  |  | (17,525) |
Issuance of common stock |  |  |  |  | — |  |  |  |  | (56,314) |  |  | — |  |  | 53,325 |  |  | (2,989) |
Stock-based compensation expense |  |  |  |  | — |  |  |  |  | 6,075 |  |  | — |  |  | — |  |  | 6,075 |
Balance at June 30, 2023 |  |  |  |  | $ | 323,338 |  |  |  |  | $ | 4,908,641 |  |  | $ | (807,993) |  |  | $ | (4,499,473) |  |  | $ | (75,487) |

26

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
15. Accumulated Other Comprehensive Loss
Reclassifications out of AOCL were as follows:

| Gain (Loss) Reclassified from AOCL
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cash flow hedges |  |  |  |  |  |  |
Cost of sales | $ | — |  |  | $ | (34) |  |  | $ | — |  |  | $ | (33) |
Interest expense, net | 2,584 |  |  | 138 |  |  | 5,175 |  |  | 275 |
Total before tax | 2,584 |  |  | 104 |  |  | 5,175 |  |  | 242 |
Income tax provision | 646 |  |  | 26 |  |  | 1,294 |  |  | 61 |
Net of tax | $ | 1,938 |  |  | $ | 78 |  |  | $ | 3,881 |  |  | $ | 181 |
Available-for-sale securities |  |  |  |  |  |  |
Financing revenue | $ | (487) |  |  | $ | (1) |  |  | $ | (1,135) |  |  | $ | 9 |
Income tax (benefit) provision | (122) |  |  | — |  |  | (284) |  |  | 2 |
Net of tax | $ | (365) |  |  | $ | (1) |  |  | $ | (851) |  |  | $ | 7 |
Pension and postretirement benefit plans |  |  |  |  |  |  |
Prior service costs | $ | (68) |  |  | $ | (67) |  |  | $ | (137) |  |  | $ | (132) |
Actuarial losses | (6,593) |  |  | (4,581) |  |  | (13,193) |  |  | (9,147) |
Settlement | — |  |  | (314) |  |  | — |  |  | (314) |
Total before tax | (6,661) |  |  | (4,962) |  |  | (13,330) |  |  | (9,593) |
Income tax benefit | (1,654) |  |  | (1,223) |  |  | (3,282) |  |  | (2,365) |
Net of tax | $ | (5,007) |  |  | $ | (3,739) |  |  | $ | (10,048) |  |  | $ | (7,228) |

Changes in AOCL, net of tax were as follows:

| Cash flow hedges |  | Available for sale securities |  | Pension and postretirement benefit plans |  | Foreign currency adjustments |  | Total
Balance at January 1, 2024 | $ | 6,962 |  |  | $ | (33,463) |  |  | $ | (757,452) |  |  | $ | (67,292) |  |  | $ | (851,245) |
Other comprehensive income (loss) before reclassifications | 964 |  |  | (1,843) |  |  | — |  |  | (20,417) |  |  | (21,296) |
Reclassifications into earnings | (3,881) |  |  | 851 |  |  | 10,048 |  |  | — |  |  | 7,018 |
Net other comprehensive (loss) income | (2,917) |  |  | (992) |  |  | 10,048 |  |  | (20,417) |  |  | (14,278) |
Balance at June 30, 2024 | $ | 4,045 |  |  | $ | (34,455) |  |  | $ | (747,404) |  |  | $ | (87,709) |  |  | $ | (865,523) |

| Cash flow hedges |  | Available for sale securities |  | Pension and postretirement benefit plans |  | Foreign currency adjustments |  | Total
Balance at January 1, 2023 | $ | 12,503 |  |  | $ | (39,440) |  |  | $ | (716,056) |  |  | $ | (92,571) |  |  | $ | (835,564) |
Other comprehensive (loss) income before reclassifications | (1,506) |  |  | 1,957 |  |  | — |  |  | 20,080 |  |  | 20,531 |
Reclassifications into earnings | (181) |  |  | (7) |  |  | 7,228 |  |  | — |  |  | 7,040 |
Net other comprehensive (loss) income | (1,687) |  |  | 1,950 |  |  | 7,228 |  |  | 20,080 |  |  | 27,571 |
Balance at June 30, 2023 | $ | 10,816 |  |  | $ | (37,490) |  |  | $ | (708,828) |  |  | $ | (72,491) |  |  | $ | (807,993) |

27

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
16. Supplemental Financial Statement Information
Activity in the allowance for credit losses on accounts and other receivables is presented below. See Note 6 for information regarding the allowance for credit losses on finance receivables.

|  |  |  |  | Six Months Ended June 30,
|  |  |  |  | 2024 |  | 2023
Balance at beginning of year |  |  |  |  | $ | 6,139 |  |  | $ | 5,864 |
Amounts charged to expense |  |  |  |  | 5,632 |  |  | 3,652 |
Write-offs, recoveries and other |  |  |  |  | (1,692) |  |  | (5,299) |
Balance at end of period |  |  |  |  | $ | 10,079 |  |  | $ | 4,217 |

Supplemental cash flow information is as follows:

| Six Months Ended June 30,
| 2024 |  | 2023 |  |
Cash interest paid | $ | 85,539 |  |  | $ | 75,425 |  |  |
Cash income tax (refunds) payments, net | $ | 31,323 |  |  | $ | 15,100 |  |  |
Noncash activity |  |  |  |  |
Capital assets obtained under capital lease obligations | $ | 14,579 |  |  | $ | 1,495 |  |  |

Other, net within cash flows from operating activities includes $5 million of losses from the disposal of fixed assets for both the six months ended June 30, 2024 and 2023.
As of June 30, 2024, we have entered into equipment leases with aggregate payments of $5 million and terms ranging from three to seven years that have not commenced.
17. Subsequent Events
On August 8, 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority of the Company’s Global Ecommerce reporting segment. In connection with the wind-down, an affiliate of Hilco Commercial Industrial, LLC (“Hilco”) subscribed for 81% of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment’s net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the “Ecommerce Debtors”) for de minimis consideration (the “GEC Sale”), with a subsidiary of Pitney Bowes retaining 19% of the voting interests and 100% of the economic interests. Subsequent to the GEC Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases and conduct an orderly wind-down of the Ecommerce Debtors (the “GEC Chapter 11 Cases”). We refer to the GEC Sale, the GEC Chapter 11 Cases and any associated transactions as the “Ecommerce Restructuring”.
As a result of the Ecommerce Restructuring, we expect to recognize a pre-tax loss currently estimated to be approximately $200 million, which we expect will be partially offset by the benefit of tax losses. Both the pre-tax loss and the historical financial results of the Ecommerce Debtors are expected to be reported as discontinued operations.
In connection with the contemplated GEC Chapter 11 Cases, we entered into a Restructuring Support Agreement (the “RSA”) with the Ecommerce Debtors. The RSA provides, among other things, an orderly wind-down of the Ecommerce Debtors, shared services between the Company and the Ecommerce Debtors for a period of time, a global settlement between the Company and the Ecommerce Debtors and a senior secured, super-priority debtor-in-possession term loan (the “DIP Facility”) in an aggregate principal amount of up to $47 million.
The Company and the Ecommerce Debtors have entered into a master settlement agreement (the “Settlement Agreement”), which attaches the RSA and the DIP Facility and which contemplates the separation of the relationship and transactions among the Company and its subsidiaries and the Ecommerce Debtors, including the settlement and release of claims the Ecommerce Debtors may have against the Company. The Settlement Agreement is subject to the approval of the Bankruptcy Court and there is no assurance that such approval will be granted.
28

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
To facilitate the GEC Sale, on August 8, 2024, we amended the Credit Agreement and the note purchase agreement that governs our $275 million notes due March 2028. The amendments, among other things, permit the Ecommerce Restructuring, funding under the DIP Facility, amend certain covenants, including relief for expenses incurred pursuant to the Ecommerce Restructuring, release the guarantees provided by the Ecommerce Debtors and the liens on the assets of the Ecommerce Debtors and reduce the total aggregate amount of permitted borrowings under the revolving credit facility from $500 million to $400 million.
Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains statements that are forward-looking. We caution readers that any forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (Securities Act) and Section 21E of the Securities Exchange Act of 1934 (Exchange Act) may change based on various factors. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on current expectations and assumptions, which we believe are reasonable; however, such statements are subject to risks and uncertainties, and actual results could differ materially from those projected or assumed in any of our forward-looking statements. Words such as "estimate," "target," "project," "plan," "believe," "expect," "anticipate," "intend," "will," "forecast," "strategy," "goal," "should," "would," "could," "may" and similar expressions may identify such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements in this Form 10-Q speak only as of the date hereof, and forward-looking statements in documents that are incorporated by reference speak only as of the date of those documents.
Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements. Our results of operations, financial condition and forward-looking statements are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the Securities and Exchange Commission. 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
•the potential adverse effects of the Ecommerce Restructuring (as defined below) on our operations, management and employees and the risks associated with operating our business during the restructuring process and exit from the Global Ecommerce segment
•risks and uncertainties associated with the Ecommerce Restructuring including the ability to achieve anticipated benefits therefrom
•our ability to successfully implement the 2024 Plan (as defined below) and achieve expected cost reductions and improved efficiencies in connection therewith
•the loss of some of our larger clients in our Presort Services segment
•the loss of, or significant changes to, United States Postal Service (USPS) commercial programs or our contractual relationships with the USPS or USPS' performance under those contracts
•the impacts of higher interest rates and the potential for future interest rate increases on our cost of debt
•changes in international trade policies, including the imposition or expansion of trade tariffs, and other geopolitical risks, including those related to China
•global supply chain issues adversely impacting our third-party suppliers' ability to provide us products and services
•expenses and potential impacts resulting from a breach of security, including cyber-attacks or other comparable events affecting us, our clients, or our suppliers
•the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, or a U.S. government shutdown, to the company, our clients and retail consumers
•competitive factors, including pricing pressures, technological developments and the introduction of new products and services by competitors
•capital market disruptions or credit rating downgrades that adversely impact our ability to access capital markets at reasonable costs
•changes in labor and transportation availability and costs
•changes in foreign currency exchange rates, especially the impact a strengthening U.S. dollar could have on our global operations
29

•our success at managing customer credit risk
•changes in banking regulations, major bank failures or the loss of our Industrial Bank charter
•changes in tax laws, rulings or regulations
•our success in developing and marketing new products and services and obtaining regulatory approvals, if required
•the continued availability and security of key information technology systems and the cost to comply with information security requirements and privacy laws
•our success at managing relationships and costs with outsource providers of certain functions and operations
•increased environmental and climate change requirements or other developments in these areas
•intellectual property infringement claims
•the use of the postal system for transmitting harmful biological agents, illegal substances or other terrorist attacks
•acts of nature and the impact of a pandemic on the Company and the services and solutions we offer
Further information about factors that could materially affect us, including our results of operations and financial condition, is contained in Item 1A. "Risk Factors" in our 2023 Annual Report, as supplemented by Part II, Item 1A in this Quarterly Report on Form 10-Q.
Recent Developments
On August 8, 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority the Company’s Global Ecommerce reporting segment. In connection with the wind-down, an affiliate of Hilco Commercial Industrial, LLC (“Hilco”) subscribed for 81% of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment’s net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the “Ecommerce Debtors”) for de minimis consideration (the “GEC Sale”), with a subsidiary of Pitney Bowes retaining 19% of the voting interests and 100% of the economic interests. Subsequent to the GEC Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases and conduct an orderly wind down of the Ecommerce Debtors (the “GEC Chapter 11 Cases”). We refer to the GEC Sale, the GEC Chapter 11 Cases and any associated transactions as the “Ecommerce Restructuring”.
As a result of the Ecommerce Restructuring, we expect to recognize a pre-tax loss currently estimated to be approximately $200 million, which we expect will be partially offset by the benefit of tax losses. Both the pre-tax loss and the financial results of the Ecommerce Debtors are expected to be reported as discontinued operations.
In connection with the contemplated GEC Chapter 11 Cases, we entered into a Restructuring Support Agreement (the “RSA”) with the Ecommerce Debtors to provide for, among other things, an orderly wind-down of the Ecommerce Debtors, shared services between the Company and the Ecommerce Debtors for a period of time, a global settlement between the Company and the Ecommerce Debtors, and a senior secured, super-priority debtor-in-possession term loan (the “DIP Facility”) in an aggregate principal amount of up to $47 million.
The Company and the Ecommerce Debtors have entered into a master settlement agreement (the “Settlement Agreement”), which attaches the RSA and the DIP Facility and which contemplates the separation of the relationship and transactions among the Company and its subsidiaries and the Ecommerce Debtors, including the settlement and release of claims the Ecommerce Debtors may have against the Company. The Settlement Agreement is subject to the approval of the Bankruptcy Court and there is no assurance that such approval will be granted.
To facilitate the GEC Sale, on August 8, 2024, we amended the credit agreement that governs our $500 million secured revolving credit facility and term loan due March 2026 (the "Credit Agreement") and the note purchase agreement that governs our $275 million notes due March 2028. The amendments, among other things, permit the Ecommerce Restructuring, funding under the DIP Facility, amend certain covenants, including relief for expenses incurred pursuant to the Ecommerce Restructuring, release the guarantees provided by the Ecommerce Debtors, and the liens on the assets of the Ecommerce Debtors, and reduce the total aggregate amount of permitted borrowings under the revolving credit facility from $500 million to $400 million.
30

RESULTS OF OPERATIONS
OUTLOOK
As a result of the Ecommerce Restructuring a majority of the financial results of the Global Ecommerce segment will no longer be included in our consolidated results and historical results are expected to be recast and reported as discontinued operations.
On a consolidated basis, we expect full-year 2024 revenue to be flat to a low-single digit decline compared to last year, and full-year 2024 EBIT of $340 - $355 million, updated for the Ecommerce Restructuring, incremental cost savings initiatives and improved first-half performance.
Within SendTech Solutions, mailing-related revenues are expected to decline driven by lower meter populations due to the migration to cloud-based solutions and a higher mix of lease extensions versus new lease sales but will be partially offset by growth in our shipping offerings. While the near-term impact of the shift to lease extensions versus new lease sales will result in declining equipment sales, this results in stable and continued cash flows over the lease term.
Within Presort Services, we expect revenue and margin improvements due to higher revenue-per-piece and lower costs driven by the investments made in automation and technology to drive efficiencies and improve productivity.
At the end of the second quarter of 2024, we approved a worldwide cost reduction initiative (the "2024 Plan") to realize cost reductions and improve efficiencies. During the second quarter, we eliminated 367 positions and incurred pre-tax charges of $26 million. We expect these actions to generate annualized pre-tax savings of approximately $60 million by the end of 2025.
In July 2024, we eliminated an additional 184 positions and will recognize a pre-tax charge of $8 million in connection with the 2024 Plan. We expect these actions to generate annualized pre-tax savings of approximately $23 million by the end of 2025.
We anticipate incurring additional charges in future periods related to further workforce reductions contemplated by the 2024 Plan. Actions under the 2024 Plan are expected to be complete by the end of the first half of 2025.
OVERVIEW OF CONSOLIDATED RESULTS
Constant Currency
In the tables below, we report the change in revenue on a reported basis and a constant currency basis. Constant currency measures exclude the impact of changes in currency exchange rates from the prior period under comparison. We believe that excluding the impacts of currency exchange rates provides investors with a better understanding of the underlying revenue performance. Constant currency change is calculated by converting the current period non-U.S. dollar denominated revenue using the prior year’s exchange rate.
Financial Results Summary - Three and Six Months Ended June 30:

| Three Months Ended June 30,
|  |  |  |  | Favorable/(Unfavorable)
| 2024 |  | 2023 |  | Actual % Change |  | Constant Currency % change
Total revenue | $ | 793,170 |  |  | $ | 776,481 |  |  | 2 | % |  | 2 | %
Total costs and expenses | 831,834 |  |  | 927,431 |  |  | 10 | % |  |
Loss before taxes | (38,664) |  |  | (150,950) |  |  | 74 | % |  |
Benefit for income taxes | (13,797) |  |  | (9,415) |  |  | 47 | % |  |
Net loss | $ | (24,867) |  |  | $ | (141,535) |  |  | 82 | % |  |

Revenue increased $17 million in the second quarter of 2024 compared to the prior year period primarily due to higher business services revenue of $33 million, partially offset by lower support services revenue of $9 million and lower equipment sales of $7 million.
Total costs and expenses decreased $96 million compared to the prior year period primarily due to a non-cash goodwill impairment charge of $119 million in the prior year period. Other factors contributing to the decrease include:
•Costs of revenue (excluding financing interest expense) increased $9 million primarily due to higher cost of business services of $19 million, partially offset by lower cost of equipment sales of $6 million and lower cost of support services of $3 million.
31

•Selling, general and administrative (SG&A) expense decreased $3 million compared to the prior year period primarily driven by lower salary expense of $11 million due to savings as a result of the 2023 Plan and lower expenses from various cost savings initiatives, partially offset by higher variable compensation expense of $11 million and incremental CEO and Board transition costs and strategic review costs of $9 million.
•Restructuring charges increased $9 million compared to the prior year period primarily driven by actions taken under the 2023 and 2024 Plans.
•Interest expense, net, including financing interest expense, increased $7 million compared to the prior year period primarily due to higher interest rates.
The effective tax rate for the three months ended June 30, 2024 was 35.7%. See Note 12 for more information.
Net loss for the second quarter of 2024 was $25 million compared to a net loss of $142 million in the prior year period.

| Six Months Ended June 30,
|  |  |  |  | Favorable/(Unfavorable)
| 2024 |  | 2023 |  | Actual % Change |  | Constant Currency % change
Total revenue | $ | 1,623,679 |  |  | $ | 1,611,019 |  |  | 1 | % |  | 1 | %
Total costs and expenses | 1,652,669 |  |  | 1,772,956 |  |  | 7 | % |  |
Loss before taxes | (28,990) |  |  | (161,937) |  |  | 82 | % |  |
Benefit for income taxes | (1,238) |  |  | (12,665) |  |  | (90) | % |  |
Net loss | $ | (27,752) |  |  | $ | (149,272) |  |  | 81 | % |  |

Revenue increased $13 million in the first half of 2024 compared to the prior year period primarily due to higher business services revenue of $45 million, partially offset by lower support services revenue of $18 million, lower equipment sales of $12 million and lower supplies revenue of $3 million.
Total costs and expenses decreased $120 million compared to the prior year period primarily due to a non-cash goodwill impairment charge of $119 million in the prior year period. Other factors contributing to the decrease include:
•Costs of revenue (excluding financing interest expense) decreased $1 million primarily due to lower cost of equipment sales of $10 million and lower cost of support services of $7 million, partially offset by higher cost of business services of $19 million.
•SG&A expense decreased $28 million compared to the prior year period primarily driven by lower salary expense of $19 million due to savings as a result of the 2023 Plan, non-cash foreign currency revaluation gains on intercompany loans of $5 million, lower professional and outsourcing fees of $3 million and lower expenses from various cost savings initiatives, partially offset by higher variable compensation expense of $13 million and incremental CEO and Board transition costs and strategic review costs of $11 million.
•Restructuring charges increased $10 million compared to the prior year period primarily driven by actions taken under the 2023 and 2024 Plans.
•Interest expense, net, including financing interest expense, increased $15 million compared to the prior year period primarily due to higher interest rates.
The effective tax rate for the six months ended June 30, 2024 was 4.3%. See Note 12 for more information.
Net loss for the first half of 2024 was $28 million compared to a net loss of $149 million in the prior year period.
32

SEGMENT RESULTS
Effective January 1, 2024, we moved the digital delivery services offering from the Global Ecommerce segment to the SendTech Solutions segment in order to leverage our technology and innovation capabilities to better serve our clients. Prior periods have been recast to conform to our current segment presentation.
Management measures segment profitability and performance by deducting from segment revenue the related costs and expenses attributable to the segment. Segment results exclude interest, taxes, unallocated corporate expenses, restructuring charges, goodwill impairment and other items not allocated to a business segment.
SendTech Solutions
SendTech Solutions provides clients with physical and digital shipping and mailing technology solutions and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats, as well as supplies and maintenance services for these offerings. We offer financing alternatives that enable clients to finance equipment and product purchases, a revolving credit solution that enables clients to make meter rental payments and purchase postage, services and supplies, and an interest-bearing deposit solution to clients who prefer to prepay postage. We also offer financing alternatives that enable clients to finance or lease other manufacturers’ equipment and provide working capital.
Financial performance for the SendTech Solutions segment was as follows:

| Three Months Ended June 30,
|  |  |  |  | Favorable/(Unfavorable)
| 2024 |  | 2023 |  | Actual % change |  | Constant Currency % change
Business services | $ | 33,651 |  |  | $ | 25,341 |  |  | 33 | % |  | 33 | %
Support services | 94,012 |  |  | 103,315 |  |  | (9) | % |  | (9) | %
Financing | 67,539 |  |  | 66,702 |  |  | 1 | % |  | 1 | %
Equipment sales | 72,753 |  |  | 79,451 |  |  | (8) | % |  | (8) | %
Supplies | 35,509 |  |  | 36,505 |  |  | (3) | % |  | (2) | %
Rentals | 16,691 |  |  | 17,011 |  |  | (2) | % |  | (2) | %
Total revenue | 320,155 |  |  | 328,325 |  |  | (2) | % |  | (2) | %
Cost of business services | 9,430 |  |  | 7,879 |  |  | (20) | % |  |
Cost of support services | 31,664 |  |  | 34,798 |  |  | 9 | % |  |
Cost of equipment sales | 50,314 |  |  | 55,751 |  |  | 10 | % |  |
Cost of supplies | 10,358 |  |  | 10,826 |  |  | 4 | % |  |
Cost of rentals | 4,433 |  |  | 5,084 |  |  | 13 | % |  |
Total costs of revenue | 106,199 |  |  | 114,338 |  |  | 7 | % |  |
Gross margin | 213,956 |  |  | 213,987 |  |  | — | % |  |
Gross margin % | 66.8 | % |  | 65.2 | % |  |  |  |
Selling, general and administrative | 107,887 |  |  | 112,750 |  |  | 4 | % |  |
Research and development | 5,630 |  |  | 4,914 |  |  | (15) | % |  |
Other components of pension and post retirement costs | (528) |  |  | (525) |  |  | 1 | % |  |
Adjusted Segment EBIT | $ | 100,967 |  |  | $ | 96,848 |  |  | 4 | % |  |

SendTech Solutions revenue decreased $8 million in the second quarter of 2024 compared to the prior year period. Support services revenue declined $9 million primarily due to the declining meter population and continuing shift to cloud-enabled products. Equipment sales declined $7 million primarily due to customers opting to extend leases of their existing advanced-technology equipment rather than purchase new equipment. These revenue declines were partially offset by an increase in business services revenue of $8 million primarily driven by growth in enterprise shipping subscriptions of $4 million and digital delivery services of $3 million due to growth in shipping labels printed.
33

Gross margin was flat compared to the prior year period; however, gross margin percentage increased to 66.8% from 65.2% compared to the prior year period. The increase in gross margin percentage was primarily driven by improvements in business services gross margin due to growth in enterprise shipping subscriptions and growth in digital delivery services. Despite revenue declines, gross margin percentage for support services remained flat and gross margin for equipment sales improved.
SG&A expense declined $5 million, primarily driven by lower employee-related expenses due to savings from the 2023 Plan.
Adjusted segment EBIT was $101 million in the second quarter of 2024 compared to $97 million for the prior year period.

| Six Months Ended June 30,
|  |  |  |  | Favorable/(Unfavorable)
| 2024 |  | 2023 |  | Actual % change |  | Constant Currency % change
Business services | $ | 66,176 |  |  | $ | 49,289 |  |  | 34 | % |  | 34 | %
Support services | 190,345 |  |  | 208,599 |  |  | (9) | % |  | (9) | %
Financing | 135,202 |  |  | 133,751 |  |  | 1 | % |  | 1 | %
Equipment sales | 150,156 |  |  | 162,061 |  |  | (7) | % |  | (7) | %
Supplies | 72,230 |  |  | 75,340 |  |  | (4) | % |  | (4) | %
Rentals | 33,483 |  |  | 34,280 |  |  | (2) | % |  | (2) | %
Total revenue | 647,592 |  |  | 663,320 |  |  | (2) | % |  | (2) | %
Cost of business services | 18,407 |  |  | 15,292 |  |  | (20) | % |  |
Cost of support services | 64,719 |  |  | 71,330 |  |  | 9 | % |  |
Cost of equipment sales | 102,873 |  |  | 112,466 |  |  | 9 | % |  |
Cost of supplies | 20,553 |  |  | 21,983 |  |  | 7 | % |  |
Cost of rentals | 9,117 |  |  | 10,444 |  |  | 13 | % |  |
Total costs of revenue | 215,669 |  |  | 231,515 |  |  | 7 | % |  |
Gross margin | 431,923 |  |  | 431,805 |  |  | — | % |  |
Gross margin % | 66.7 | % |  | 65.1 | % |  |  |  |
Selling, general and administrative | 219,284 |  |  | 230,251 |  |  | 5 | % |  |
Research and development | 11,459 |  |  | 10,193 |  |  | (12) | % |  |
Other components of pension and post retirement costs | (1,065) |  |  | (1,124) |  |  | (5) | % |  |
Adjusted Segment EBIT | $ | 202,245 |  |  | $ | 192,485 |  |  | 5 | % |  |

SendTech Solutions revenue decreased $16 million in the first half of 2024 compared to the prior year period. Support services revenue declined $18 million primarily due to the declining meter population and continuing shift to cloud-enabled products. Equipment sales declined $12 million primarily due to customers opting to extend leases of their existing advanced-technology equipment rather than purchase new equipment. Supplies revenue declined $3 million primarily driven by a declining meter population. These revenue declines were partially offset by an increase in business services revenue of $17 million primarily driven by growth in enterprise shipping subscriptions of $7 million and digital delivery services of $6 million due to growth in shipping labels printed.
Gross margin was flat compared to the prior year period; however, gross margin percentage increased to 66.7% from 65.1% compared to the prior year period. The increase in gross margin percentage was primarily driven by improvements in business services gross margin due to growth in enterprise shipping subscriptions and growth in digital delivery services. Despite revenue declines, gross margin percentage for support services, equipment sales and supplies were comparable to the prior year period.
SG&A expense declined $11 million, primarily driven by lower employee-related expenses due to savings from the 2023 Plan.
Adjusted segment EBIT was $202 million in the first half of 2024 compared to $192 million for the prior year period.
34

Presort Services
Presort Services is the largest workshare partner of the USPS and national outsource provider of mail sortation services that allow clients to qualify large volumes of First Class Mail, Marketing Mail, and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.
Financial performance for the Presort Services segment was as follows:

| Three Months Ended June 30,
|  |  |  |  | Favorable/(Unfavorable)
| 2024 |  | 2023 |  | Actual % Change |  | Constant Currency % change
Business Services Revenue | $ | 146,858 |  |  | $ | 143,107 |  |  | 3 | % |  | 3 | %
Cost of Business Services | 100,800 |  |  | 104,068 |  |  | 3 | % |  |
Gross Margin | 46,058 |  |  | 39,039 |  |  | 18 | % |  |
Gross Margin % | 31.4 | % |  | 27.3 | % |  |  |  |
Selling, general and administrative | 18,960 |  |  | 18,555 |  |  | (2) | % |  |
Other components of net pension and postretirement costs | 50 |  |  | 55 |  |  | 9 | % |  |
Adjusted segment EBIT | $ | 27,048 |  |  | $ | 20,429 |  |  | 32 | % |  |

Despite a 2% decrease in total mail volumes, revenue increased $4 million in the second quarter of 2024 compared to the prior year period primarily due to pricing actions to mitigate inflationary pressures. The processing of First Class Mail and Marketing Mail Flats/Bound Printed Matter contributed revenue increases of $3 million and $1 million, respectively.
Gross margin increased $7 million and gross margin percentage increased from 27.3% in the prior period to 31.4% primarily due to the increase in revenue and the continuing benefits from investments in automation and higher-throughput sortation equipment. Gross margin also benefited from lower transportation costs of $2 million driven by improvements in network management.
SG&A expense was flat compared to the prior year period.
Adjusted segment EBIT was $27 million in the second quarter of 2024 compared to $20 million in the prior year period.

| Six Months Ended June 30,
|  |  |  |  | Favorable/(Unfavorable)
| 2024 |  | 2023 |  | Actual % Change |  | Constant Currency % change
Business Services Revenue | $ | 316,665 |  |  | $ | 302,009 |  |  | 5 | % |  | 5 | %
Cost of Business Services | 208,127 |  |  | 216,564 |  |  | 4 | % |  |
Gross Margin | 108,538 |  |  | 85,445 |  |  | 27 | % |  |
Gross Margin % | 34.3 | % |  | 28.3 | % |  |  |  |
Selling, general and administrative | 41,061 |  |  | 38,000 |  |  | (8) | % |  |
Other components of net pension and postretirement costs | 100 |  |  | 111 |  |  | 10 | % |  |
Adjusted segment EBIT | $ | 67,377 |  |  | $ | 47,334 |  |  | 42 | % |  |

Despite a 2% decrease in total mail volumes, revenue increased $10 million in the first half of 2024 compared to the prior year period primarily due to pricing actions to mitigate inflationary pressures. The processing of First Class Mail and Marketing Mail Flats/Bound Printed Matter contributed revenue increases of $8 million and $2 million, respectively. Revenue was also favorably impacted by a $5 million adjustment related to prior periods. Refer to Note 1 Basis of Presentation for further information.
Gross margin increased $23 million and gross margin percentage increased from 28.3% in the prior period to 34.3% primarily due to the increase in revenue and the continuing benefits from investments in automation and higher-throughput sortation equipment. Gross margin also benefited from lower transportation costs of $4 million driven by improvements in network management.
35

SG&A expense increased $3 million primarily due to higher credit loss provision of $2 million.
Adjusted segment EBIT was $67 million in the first half of 2024, which includes a $5 million benefit from the revenue adjustment related to prior periods, compared to $47 million in the prior year period.
Global Ecommerce
Global Ecommerce includes the revenue and related expenses from business to consumer logistics services for domestic and cross-border delivery, returns and fulfillment. Our domestic parcel services provide retailers domestic parcel delivery and returns services for its end consumers through our nationwide parcel sortation centers and transportation network. Our cross-border services offers our clients a range of services to manage their international shopping and parcel shipping experience. See “Recent Developments” above for further information.
Financial performance for the Global Ecommerce segment was as follows:

| Three Months Ended June 30,
|  |  |  |  | Favorable/(Unfavorable)
| 2024 |  | 2023 |  | Actual % Change |  | Constant Currency % change
Business Services Revenue | $ | 326,157 |  |  | $ | 305,049 |  |  | 7 | % |  | 7 | %
Cost of Business Services | 319,526 |  |  | 298,345 |  |  | (7) | % |  |
Gross Margin | 6,631 |  |  | 6,704 |  |  | (1) | % |  |
Gross Margin % | 2.0 | % |  | 2.2 | % |  |  |  |
Selling, general and administrative | 36,586 |  |  | 41,347 |  |  | 12 | % |  |
Research and development | 980 |  |  | 2,840 |  |  | 65 | % |  |
Adjusted segment EBIT | $ | (30,935) |  |  | $ | (37,483) |  |  | 17 | % |  |

Global Ecommerce revenue increased $21 million in the second quarter of 2024 compared to the prior year period. Domestic parcel delivery contributed revenue growth of $26 million, driven by an increase in domestic parcel volumes, which was partially offset by cross-border revenue declines of $6 million.
Gross margin and gross margin percentage were flat compared to the prior year period. Domestic parcel delivery gross margin decreased $4 million compared to the prior year period primarily due to client/product mix and pricing pressures, which more than offset the increase in volumes and lower cost per piece, driven in part by lower transportation costs. Cross-border services gross margin increased $3 million primarily driven by one-time non-operational adjustments.
SG&A expense declined $5 million compared to the prior year period, primarily due to lower employee-related expenses due to savings from the 2023 Plan.
Adjusted segment EBIT was a loss of $31 million in the second quarter of 2024 compared to a loss of $37 million in the prior year period.

| Six Months Ended June 30,
|  |  |  |  | Favorable/(Unfavorable)
| 2024 |  | 2023 |  | Actual % Change |  | Constant Currency % change
Business Services Revenue | $ | 659,422 |  |  | $ | 645,690 |  |  | 2 | % |  | 2 | %
Cost of Business Services | 649,589 |  |  | 624,346 |  |  | (4) | % |  |
Gross Margin | 9,833 |  |  | 21,344 |  |  | (54) | % |  |
Gross Margin % | 1.5 | % |  | 3.3 | % |  |  |  |
Selling, general and administrative | 74,191 |  |  | 86,754 |  |  | 14 | % |  |
Research and development | 2,004 |  |  | 5,245 |  |  | 62 | % |  |
Adjusted segment EBIT | $ | (66,362) |  |  | $ | (70,655) |  |  | 6 | % |  |

36

Global Ecommerce revenue increased $14 million in the first half of 2024 compared to the prior year period. Domestic parcel delivery contributed revenue growth of $49 million, driven by an increase in domestic parcel volumes, which was partially offset by cross-border revenue declines of $36 million due to lower volumes primarily driven by changes in how two of our largest clients access our services.
Gross margin decreased $12 million and gross margin percentage decreased to 1.5% from 3.3% compared to the prior year period. Domestic parcel delivery gross margin decreased $13 million compared to the prior year period primarily due to client/product mix and pricing pressures, which more than offset the increase in volumes and lower cost per piece, driven in part by lower transportation costs.
SG&A expense declined $13 million compared to the prior year period, primarily due to lower employee-related expenses due to savings from the 2023 Plan.
Adjusted segment EBIT was a loss of $66 million in the first half of 2024 compared to a loss of $71 million in the prior year period.
UNALLOCATED CORPORATE EXPENSES
The majority of operating expenses are recorded directly or allocated to our reportable segments. Operating expenses not recorded directly or allocated to our reportable segments are reported as unallocated corporate expenses. Unallocated corporate expenses primarily represents corporate administrative functions such as finance, marketing, human resources, legal, information technology, and research and development.
Unallocated corporate expenses were as follows:

|  |  | Three Months Ended June 30,
|  |  |  |  |  |  |  |  |  |  | Favorable/(Unfavorable)
|  |  |  |  |  |  | 2024 |  | 2023 |  | Actual % change
Unallocated corporate expenses |  |  |  |  |  |  | $ | 51,275 |  |  | $ | 47,709 |  |  | (7) | %

Unallocated corporate expenses for the second quarter of 2024 increased $4 million compared to the prior year period primarily due to higher variable compensation expense of $11 million, partially offset by lower professional and outsourcing fees of $4 million and lower salary expense of $3 million.

|  |  | Six Months Ended June 30,
|  |  |  |  |  |  |  |  |  |  | Favorable/(Unfavorable)
|  |  |  |  |  |  | 2024 |  | 2023 |  | Actual % change
Unallocated corporate expenses |  |  |  |  |  |  | $ | 101,045 |  |  | $ | 104,058 |  |  | 3 | %

Unallocated corporate expenses for the first half of 2024 decreased $3 million compared to the prior year period primarily due to lower professional and outsourcing fees of $7 million, lower salary expense of $5 million and improvements driven by overall cost savings initiatives, which was partially offset by higher variable compensation expense of $15 million.
37

LIQUIDITY AND CAPITAL RESOURCES
Our ability to maintain adequate liquidity for our operations is dependent upon a number of factors, including our revenue and earnings, our ability to manage costs and improve productivity, our clients' ability to pay their balances on a timely basis and the impacts of changing macroeconomic and geopolitical conditions. At June 30, 2024, we had cash, cash equivalents and short-term investments of $612 million, which includes $68 million held at our foreign subsidiaries used to support their liquidity needs. At this time, we believe that existing cash and investments, cash generated from operations and borrowing capacity under our revolving credit facility will be sufficient to fund our cash needs for the next 12 months.
The Credit Agreement contains certain financial covenants that require us to maintain, on a quarterly basis, a maximum leverage ratio and a minimum interest coverage ratio, both of which are defined and calculated in accordance with the Credit Agreement. The maximum leverage ratio was 4.0x as of June 30, 2024 and the minimum interest coverage ratio was 1.75x as of June 30, 2024 and increases to 2.0x as of March 31, 2025. As of June 30, 2024, we were in compliance with these financial covenants.
To facilitate the GEC Sale, on August 8, 2024, we amended the Credit Agreement and the note purchase agreement that governs our $275 million notes due March 2028. These amendments, among other things, permit the Ecommerce Restructuring, funding under the DIP Facility, amend certain covenants, including relief for expenses incurred pursuant to the Ecommerce Restructuring, release the guarantees provided by the Ecommerce Debtors and the liens on the assets of the Ecommerce Debtors, and reduce the total aggregate amount of permitted borrowings under the revolving credit facility from $500 million to $400 million.
Management expects that we will remain in compliance with these amended financial covenants over the next twelve months. However, events and circumstances could occur, some beyond our control, that could adversely impact our compliance with these covenants and require us to obtain a waiver from our lenders, modify our existing covenants or refinance certain debt to cure the noncompliance. If we are unable to cure the noncompliance, amounts due under our revolving credit facility and term loan due March 2026 could be accelerated by our lenders. As of June 30, 2024, there were no outstanding borrowings under the revolving credit facility. Borrowings under our secured debt are secured by substantially all of the assets of the Company.
In connection with the contemplated GEC Chapter 11 Cases, the Company, through one of its wholly owned subsidiaries, will provide funding to the Ecommerce Debtors through the DIP Facility. We expect our funding requirements under this facility will not exceed $47 million. The DIP Facility will bear interest at 10%, and matures on November 29, 2024, unless otherwise extended by the parties.
Cash Flow Summary
Changes in cash and cash equivalents were as follows:

| 2024 |  | 2023 |  | Change
Net cash from operating activities | $ | 80,329 |  |  | $ | (39,758) |  |  | $ | 120,087 |
Net cash from investing activities | (27,713) |  |  | (60,696) |  |  | 32,983 |
Net cash from financing activities | (60,807) |  |  | (32,553) |  |  | (28,254) |
Effect of exchange rate changes on cash and cash equivalents | (2,714) |  |  | 4,730 |  |  | (7,444) |
Change in cash and cash equivalents | $ | (10,905) |  |  | $ | (128,277) |  |  | $ | 117,372 |

Operating Activities
Cash flows from operating activities in the first half of 2024 improved $120 million compared to the prior year period driven primarily by a decline in finance receivables and lower payments of accounts payable and accrued liabilities.
Investing Activities
Cash flows from investing activities for the first half of 2024 improved $33 million compared to the prior year period primarily due to higher cash from investment activity of $14 million, lower capital expenditures of $14 million and lower investments in loans receivable of $11 million, partially offset by lower cash receipts from settlements of derivative contracts of $6 million.
Financing Activities
Cash flows from financing activities for the first half of 2024 declined $28 million compared to the prior year period primarily due to a decrease in customer account deposits at the Bank of $53 million, partially offset by lower repayments of debt of $26 million.
We paid dividends of $9 million in the quarter and $18 million through June 30, 2024. Each quarter, our Board of Directors considers whether to approve the payment of a dividend. Under the terms of the March 2028 note purchase agreement, the annual amount of permitted dividend payments is capped at the lesser of $36 million or a maximum dividend yield of 6.25%. In addition, share
38

repurchases would further limit this amount. We currently expect to continue paying a quarterly dividend; however, no assurances can be given.
Off-Balance Sheet Arrangements
At June 30, 2024, there are no off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on our financial condition, results of operations or liquidity.
Regulatory Matters
There have been no significant changes to the regulatory matters disclosed in our 2023 Annual Report.
Critical Accounting Estimates
There have been no significant changes to the Critical Accounting Estimates disclosed in our 2023 Annual Report.
Item 3: Quantitative and Qualitative Disclosures About Market Risk
There were no material changes to the disclosures made in our 2023 Annual Report.
Item 4: Controls and Procedures
Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures are also designed to reasonably ensure that such information is accumulated and communicated to management, including our Interim Chief Executive Officer (CEO) and Interim Chief Financial Officer (CFO), to allow timely decisions regarding disclosures.
With the participation of our CEO and CFO, management evaluated our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) and internal controls over financial reporting as of the end of the period covered by this report. Our CEO and CFO concluded that, as of the end of the period covered by this report, such disclosure controls and procedures were effective to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the required time periods. In addition, no changes in internal control over financial reporting occurred during the quarter covered by this report that materially affected, or are reasonably likely to materially affect, such internal control over financial reporting.
It should be noted that any system of controls is based in part upon certain assumptions designed to obtain reasonable (and not absolute) assurance as to its effectiveness, and there can be no assurance that any design will succeed in achieving its stated goals. Notwithstanding this caution, the CEO and CFO have reasonable assurance that the disclosure controls and procedures were effective as of June 30, 2024.
PART II. OTHER INFORMATION
Item 1: Legal Proceedings
See Note 13 to the Condensed Consolidated Financial Statements.
Item 1A: Risk Factors
There were no material changes to the risk factors identified in our 2023 Annual Report. However, we are supplementing the risk factors described in Item 1A of our 2023 Annual Report with the following additional risk factor:
Changes within our senior management and our Board of Directors could create uncertainties and impact our business.
We have undergone recent changes in our senior management and in the composition of our Board of Directors. These changes, and the potential for future changes, may create continuity risks and challenges to our ability to execute our business and strategy. In addition, such changes may, among other things, create uncertainty among certain investors, customers, employees, and others concerning our future direction and performance, make it more difficult to attract and retain qualified personnel, impact our credit rating, impact our ability to access capital markets at reasonable costs and adversely impact our business.
39

We are subject to risks relating to the Ecommerce Restructuring and related transactions.
On August 8, 2024, we completed the GEC Sale. Following the GEC Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases and conduct an orderly wind-down of the Ecommerce Debtors (the “GEC Chapter 11 Cases”).
There are a number of risks and uncertainties to the Company that may be associated with the Ecommerce Restructuring, including, among others, those related to the costs of Chapter 11 proceedings and length of time necessary to implement the orderly wind-down of the Global Ecommerce business associated with the Ecommerce Debtors; the Ecommerce Debtors’ ability to navigate the Chapter 11 proceedings and consummate a Chapter 11 plan; potential impacts to the Company’s reputation and relationships with its customers, vendors, employees, and other counterparties; and impacts to the Company’s liquidity or results of operations.
Further, there can be no assurances that the Ecommerce Restructuring will limit the Company’s liability under certain contracts and obligations associated with the Ecommerce Debtors. It is possible that, as part of the Ecommerce Restructuring, claims may be asserted against the Company and/or its affiliates. As part of the Ecommerce Restructuring, the Company and the Ecommerce Debtors have entered into the Settlement Agreement, which attaches the RSA and the DIP Facility, and which includes a release of all existing or potential causes of action among the Company and the Ecommerce Debtors. The Settlement Agreement is subject to the approval of the Bankruptcy Court and there is no assurance that such approval will be granted. If the Settlement Agreement is not approved or substantial modifications are made to the terms of the Settlement Agreement, the Company may be subject to significant claims by the Ecommerce Debtors. Any assertions of claims against the Company or any of its affiliates, may require significant effort, resources, and money to defend or could result in material losses to the Company, and such losses could have a material negative effect on the Company’s business, financial condition, liquidity and results of operations. We can provide no assurance that any such claims, if asserted, will be resolved in manner that is satisfactory to the Company.
Furthermore, while we no longer control the management or policies of the Ecommerce Debtors, because we retained our economic equity interest therein, we remain exposed to all of the business risks and continued costs applicable to the Ecommerce Debtors, which represents a majority of the Global Ecommerce segment, subject to the bankruptcy filing until the anticipated wind-down and restructuring is complete. Such continued costs may be significant and, although Hilco anticipates the Ecommerce Restructuring will conclude by early 2025, there can be no assurance that the Ecommerce Restructuring will be completed on that timeline. In addition, management of the Company may continue to spend a significant amount of time and effort attending to matters related to the Ecommerce Restructuring instead of focusing on the Company’s business operations, which could have an adverse impact on their ability to execute our business plan and operations. Due to the inherent uncertainty of the restructuring process, the Company is not able to predict with certainty the timing, outcome or financial impact the Ecommerce Restructuring will have on the Company.
In addition, the Company anticipates achieving significant cost savings as well as expense reductions due to the Ecommerce Restructuring. The anticipated benefits, cost savings and expense reductions anticipated to be achieved from the Ecommerce Restructuring may not be realized fully, or at all, or may take longer to realize than expected. Furthermore, the restructuring may result in additional and unforeseen expenses. The Company will incur substantial expenses in connection with the Ecommerce Restructuring, and, while the Company has estimated a certain amount of expenses, such estimates may prove to be incorrect and the actual amount of expenses may be significantly greater than anticipated. If the Company is unable to achieve its anticipated cost savings or expense reductions, or the expenses associated with the Ecommerce Restructuring exceeds the Company’s estimates, the Company’s business, financial condition, liquidity and results of operations could be adversely impacted.
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Repurchases of Equity Securities
There were no purchases of our common stock during the three months ended June 30, 2024. We have remaining authorization to purchase up to $3 million of our common stock.

Item 3: Defaults Upon Senior Securities
None.
Item 4: Mine Safety Disclosures
Not applicable.
Item 5: Other Information
None.
40

Item 6: Exhibits

Exhibit Number | Description |  | Exhibit Number in this Form 10-Q
3.1 | Amended and Restated Certificate of Incorporation of Pitney Bowes Inc. (incorporated by reference to Exhibit 3.2 to the Form 8-K filed with the Commission on May 8, 20 24) |  | 3.2
3.2 | Pitney Bowes Inc. Amended and Restated By-laws effective May 6, 2024 (incorporated by reference to Exhibit 3.4 to the Form 8-K filed with the Commission on May 8, 2024) |  | 3.3
10.1 * | Employ ment Letter between Lance Rosenzweig and Pitney Bo wes, Inc. dated May 21, 2024 (incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on Ma y 23, 2024) |  | 10.1
10.2 * | Pitney Bowes Severance Plan (as amended and restated effective June 1 8, 202 4) |  | 10.2
10.3 * | L etter Agreement, dated Ap ril 8, 202 4, between the Co mpany and Jason Dies |  | 10.3
10.4 * | S eparation and Ge neral Release Agreement, dated May 21, 2024, between the Company and Jason Dies |  | 10.4
10.5 * | Separation and General Release Agreement, dated June 30, 2024, between the Company and Gregg Zegras |  | 10.5
10.6 | Limited Liability Company Agreement, dated as of August 8, 2024, by and between Pitney Bowes International Holdings, Inc. and Hilco (incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on August 9, 2024) |  | 10.6
10.7 | Form of Restructuring Support Agreement, dated as of August 8, 2024, by and between the Company and the Ecommerce Debtors (incorporated by reference to Exhibit 10.2 to the Form 8-K filed with the Commission on August 9, 2024) |  | 10.7
10.8 | Form of Settlement and Release Agreement, dated as of August 8, 2024, by and among (i) DRF Logistics, LLC and DRF, LLC, as proposed debtors and debtors-in-possession and (ii) the Company and Pitney Bowes International Holdings, Inc. (incorporated by reference to Exhibit 10.3 to the Form 8-K filed with the Commission on August 9, 2024) |  | 10.8
10.9 | Seventh Amendment, dated as of August 8, 2024, among Pitney Bowes Inc., the subsidiaries of Pitney Bowes Inc. party thereto, the lenders and issuing banks party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.4 to the Form 8-K filed with the Commission on August 9, 2024) |  | 10.9
10.10 | First Amendment to the Note Purchase Agreement, dated August 8, 2024, by and among Pitney Bowes Inc., the noteholders party thereto and Alter Domus (US) LLC, as noteholder representative (incorporated by reference to Exhibit 10.5 to the Form 8-K filed with the Commission on August 9, 2024) |  | 10.10
10.11 | Separation Agreement, dated as of August 7, 2024, by and between the Company and James Fairweather, Executive Vice President, Chief Innovation Officer (incorporated by reference to Exhibit 10.6 to the Form 8-K filed with the Commission on August 9, 2024) |  | 10.11
31.1 | Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended |  | 31.1
31.2 | Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended |  | 31.2
32.1 | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 |  | 32.1
32.2 | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 |  | 32.2
101.SCH | Inline XBRL Taxonomy Extension Schema Document |  |
101.CAL | Inline XBRL Taxonomy Calculation Linkbase Document |  |
101.DEF | Inline XBRL Taxonomy Definition Linkbase Document |  |
101.LAB | Inline XBRL Taxonomy Label Linkbase Document |  |
101.PRE | Inline XBRL Taxonomy Presentation Linkbase Document |  |
104 | The cover page from the Company's Quarterly Report on Form 10-Q for the current quarter, formatted in Inline XBRL. (included as Exhibit 101). |  |

* The Exhibits identified above with an asterisk (*) are management contracts or compensatory plans or arrangements.
41

Signatures
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.

|  | PITNEY BOWES INC.
Date: | August 9, 2024 |
|  | /s/ John A. Witek
|  | John A. Witek
|  | Interim Chief Financial Officer
|  | (Duly Authorized Officer and Principal Financial Officer)
|  | /s/ Joseph R. Catapano
|  | Joseph R. Catapano
|  | Vice President and Chief Accounting Officer
|  | (Duly Authorized Officer and Principal Accounting Officer)

42