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Form 10-Q PITNEY BOWES INC /DE/ For: Jun 30

August 2, 2022 2:44 PM EDT

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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, 2022
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:DelawareI.R.S. Employer Identification No.06-0495050
Address of Principal Executive Offices:3001 Summer Street,Stamford,Connecticut06926
Telephone Number:(203)356-5000

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $1 par value per sharePBINew York Stock Exchange
6.7% Notes due 2043PBI.PRBNew 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 filerþAccelerated 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 29, 2022, 173,876,935 shares of common stock, par value $1 per share, of the registrant were outstanding.



PITNEY BOWES INC.
INDEX
Page Number
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2022 and 2021
Condensed Consolidated Balance Sheets at June 30, 2022 and December 31, 2021
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021
Item 6:
Exhibits
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,
2022202120222021
Revenue:    
Business services$551,478 $567,022 $1,148,862 $1,137,476 
Support services107,625 115,156 217,977 233,853 
Financing67,298 73,453 139,327 151,265 
Equipment sales89,986 86,267 179,282 173,070 
Supplies38,245 38,655 79,306 80,879 
Rentals16,863 18,650 33,683 37,857 
Total revenue871,495 899,203 1,798,437 1,814,400 
Costs and expenses:
Cost of business services477,544 482,814 980,759 982,348 
Cost of support services37,711 37,679 74,845 74,396 
Financing interest expense12,533 11,773 24,135 23,659 
Cost of equipment sales63,815 61,561 127,586 123,401 
Cost of supplies11,028 10,467 22,545 21,678 
Cost of rentals7,473 6,013 12,782 12,460 
Selling, general and administrative226,638 236,190 469,423 474,292 
Research and development11,254 11,059 22,588 22,375 
Restructuring charges4,224 4,844 8,408 7,733 
Interest expense, net21,007 24,346 43,131 49,504 
Other components of net pension and postretirement cost958 312 1,802 662 
Other (income) expense (13,646)(11,901)37,748 
Total costs and expenses874,185 873,412 1,776,103 1,830,256 
(Loss) income from continuing operations before taxes(2,690)25,791 22,334 (15,856)
(Benefit) provision for income taxes(7,026)4,915 (2,823)(9,077)
Income (loss) from continuing operations4,336 20,876 25,157 (6,779)
Loss from discontinued operations, net of tax (1,020) (4,906)
Net income (loss)$4,336 $19,856 $25,157 $(11,685)
Basic earnings (loss) per share (1):
Continuing operations$0.02 $0.12 $0.14 $(0.04)
Discontinued operations (0.01) (0.03)
Net income (loss)$0.02 $0.11 $0.14 $(0.07)
Diluted earnings (loss) per share (1):
Continuing operations$0.02 $0.12 $0.14 $(0.04)
Discontinued operations (0.01) (0.03)
Net income (loss)$0.02 $0.11 $0.14 $(0.07)

(1) The sum of the earnings per share amounts may not equal the totals due to rounding.





See Notes to Condensed Consolidated Financial Statements
3


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

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net income (loss)$4,336 $19,856 $25,157 $(11,685)
Other comprehensive loss (income), net of tax:
Foreign currency translation, net of tax of $(2,907), $309, $(3,074) and $297, respectively
(48,138)3,509 (65,703)(10,749)
Net unrealized gain (loss) on cash flow hedges, net of tax of $407, $(466), $2,176 and $1,135, respectively
1,229 (1,406)6,562 3,424 
Net unrealized (loss) gain on investment securities, net of tax of $(3,661), $1,306, $(8,808) and $(1,650), respectively
(11,043)3,939 (26,565)(4,977)
Amortization of pension and postretirement costs, net of tax of $1,870, $3,303, $4,331 and $6,511, respectively
8,229 10,193 15,965 20,130 
Other comprehensive (loss) income, net of tax(49,723)16,235 (69,741)7,828 
Comprehensive (loss) income$(45,387)$36,091 $(44,584)$(3,857)








































See Notes to Condensed Consolidated Financial Statements
4


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

June 30, 2022December 31, 2021
ASSETS  
Current assets:  
Cash and cash equivalents$570,697 $732,480 
Short-term investments (includes $2,534 and $2,658, respectively, reported at fair value)
11,519 14,440 
Accounts and other receivables (net of allowance of $12,176 and $11,168, respectively)
268,722 334,630 
Short-term finance receivables (net of allowance of $11,801 and $12,812, respectively)
557,571 560,680 
Inventories82,797 78,588 
Current income taxes15,875 13,894 
Other current assets and prepayments151,090 120,947 
Assets held for sale108,677 36,394 
Total current assets1,766,948 1,892,053 
Property, plant and equipment, net427,438 429,162 
Rental property and equipment, net30,889 34,774 
Long-term finance receivables (net of allowance of $12,857 and $13,406 respectively)
592,928 587,427 
Goodwill1,060,452 1,135,103 
Intangible assets, net82,770 132,442 
Operating lease assets242,452 208,428 
Noncurrent income taxes62,849 68,398 
Other assets (includes $252,457 and $318,754, respectively, reported at fair value)
410,865 471,084 
Total assets$4,677,591 $4,958,871 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Current liabilities:  
Accounts payable and accrued liabilities$827,639 $922,543 
Customer deposits at Pitney Bowes Bank616,150 632,062 
Current operating lease liabilities42,253 40,299 
Current portion of long-term debt24,752 24,739 
Advance billings96,573 99,280 
Current income taxes2,865 9,017 
Liabilities held for sale18,700  
Total current liabilities1,628,932 1,727,940 
Long-term debt2,194,767 2,299,099 
Deferred taxes on income268,416 286,445 
Tax uncertainties and other income tax liabilities31,643 31,935 
Noncurrent operating lease liabilities227,238 192,092 
Other noncurrent liabilities282,441 308,728 
Total liabilities4,633,437 4,846,239 
Commitments and contingencies (See Note 13)
Stockholders’ equity:
Common stock, $1 par value (480,000 shares authorized; 323,338 shares issued)
323,338 323,338 
Additional paid-in capital 2,485 
Retained earnings5,137,248 5,169,270 
Accumulated other comprehensive loss(850,053)(780,312)
Treasury stock, at cost (149,753 and 148,607 shares, respectively)
(4,566,379)(4,602,149)
Total stockholders’ equity44,154 112,632 
Total liabilities and stockholders’ equity$4,677,591 $4,958,871 



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,
20222021
Cash flows from operating activities:  
Net income (loss)$25,157 $(11,685)
Loss from discontinued operations, net of tax 4,906 
Adjustments to reconcile net income (loss) to net cash from operating activities:  
Depreciation and amortization85,472 79,416 
Allowance for credit losses7,092 4,988 
Stock-based compensation9,866 12,278 
Amortization of debt fees2,985 4,103 
Loss on debt redemption/refinancing4,993 52,383 
Restructuring charges8,408 7,733 
Restructuring payments(8,255)(8,825)
Pension contributions and retiree medical payments(18,559)(18,784)
Gain on sale of assets(14,372)(1,434)
Gain on sale of business(2,522)(10,201)
Changes in operating assets and liabilities, net of acquisitions/divestitures:  
Accounts and other receivables50,340 72,791 
Finance receivables1,260 30,620 
Inventories(4,078)(1,884)
Other current assets and prepayments(33,833)1,567 
Accounts payable and accrued liabilities(72,101)(56,038)
Current and noncurrent income taxes(14,069)(11,807)
Advance billings(285)5,271 
Other, net18,195 (10,669)
   Net cash from operating activities45,694 144,729 
Cash flows from investing activities:  
Capital expenditures(64,174)(83,703)
Purchases of investment securities(3,988)(68,143)
Proceeds from sales/maturities of investment securities18,601 58,870 
Net investment in loan receivables(22,537)(2,964)
Proceeds from asset sales50,766 1,840 
Proceeds from sale of business3,284 27,573 
Other investing activities(9,470) 
   Net cash from investing activities - continuing operations(27,518)(66,527)
   Net cash from investing activities - discontinued operations (1,507)
   Net cash from investing activities(27,518)(68,034)
Cash flows from financing activities:  
Proceeds from the issuance of debt, net of discount 1,195,500 
Principal payments of debt(106,779)(1,339,568)
Premiums and fees paid to redeem/refinance debt(4,759)(46,937)
Dividends paid to stockholders(17,313)(17,325)
Customer deposits at Pitney Bowes Bank(15,912)15,633 
Common stock repurchases(13,446) 
Other financing activities(8,295)(6,327)
   Net cash from financing activities(166,504)(199,024)
Effect of exchange rate changes on cash and cash equivalents(13,455)349 
Change in cash and cash equivalents(161,783)(121,980)
Cash and cash equivalents at beginning of period732,480 921,450 
Cash and cash equivalents at end of period$570,697 $799,470 





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. For additional information, visit www.pitneybowes.com.

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, 2021 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, 2022. 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, 2021 (2021 Annual Report).

Net income for the six months ended June 30, 2022 benefited by approximately $3 million from adjustments related to prior years. The impact of this adjustment was not material to the consolidated financial statements for any prior quarterly or annual periods, and is not expected to be material to the current annual period.

Risks and Uncertainties
The effects of COVID-19 and the risk of a global recession continues to impact how we and our clients conduct business. The impacts on our business remain unpredictable and accordingly, we are not able to reasonably estimate the full extent of their impact on our operating results, financial position and cash flows.

Accounting Pronouncements Not Yet Adopted
In March 2020, the FASB issued 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 will require certain contracts to be modified and the ASU is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The accommodations provided by the ASU are effective through December 31, 2022, and may be applied at the beginning of any interim period within that time frame.
We have matched LIBOR-based debt with LIBOR-based interest rate swaps and have elected to apply the practical expedient related to probability and the assessment of the effectiveness for future LIBOR-indexed cash flows, which assumes that the debt instrument will use the same index rate as its corresponding interest rate swap once a new reference rate is established to replace LIBOR. We may apply other expedients as additional reference rate changes occur. We continue to assess the impact of this standard on our consolidated financial statements.

In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which requires disclosure of gross write-offs and recoveries of financing receivables by year of origination. The standard is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. We are currently assessing the impact this standard will have on our financial statement 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, 2022
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$393,770 $138,934 $18,774 $551,478 $ $551,478 
Support services  107,625 107,625  107,625 
Financing    67,298 67,298 
Equipment sales  21,400 21,400 68,586 89,986 
Supplies  38,245 38,245  38,245 
Rentals    16,863 16,863 
Subtotal393,770 138,934 186,044 718,748 $152,747 $871,495 
Revenue from leasing transactions and financing  152,747 152,747 
     Total revenue$393,770 $138,934 $338,791 $871,495 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$ $ $76,153 $76,153 
Products/services transferred over time393,770 138,934 109,891 642,595 
      Total$393,770 $138,934 $186,044 $718,748 


Three Months Ended June 30, 2021
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$418,429 $134,619 $13,974 $567,022 $ $567,022 
Support services  115,156 115,156  115,156 
Financing    73,453 73,453 
Equipment sales  22,394 22,394 63,873 86,267 
Supplies  38,655 38,655  38,655 
Rentals    18,650 18,650 
Subtotal418,429 134,619 190,179 743,227 $155,976 $899,203 
Revenue from leasing transactions and financing  155,976 155,976 
     Total revenue$418,429 $134,619 $346,155 $899,203 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$ $ $77,275 $77,275 
Products/services transferred over time418,429 134,619 112,904 665,952 
      Total$418,429 $134,619 $190,179 $743,227 
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, 2022
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$812,297 $299,478 $37,087 $1,148,862 $ $1,148,862 
Support services  217,977 217,977  217,977 
Financing