$PBI

PITNEY BOWES INC /DE/

CIK:0000078814|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 451,498	$ 461,909	$ 928,911	$ 955,329
Costs and expenses:
Selling, general and administrative	128,746	170,542	262,123	336,457
Research and development	3,383	3,601	7,177	8,364
Restructuring charges	3,337	13,806	8,449	15,206
Interest expense, net	28,580	24,937	54,572	49,207
Other components of net pension and postretirement cost	12,256	1,947	23,290	3,801
Other expense (income)	483	(6,578)	483	17,609
Total costs and expenses	386,007	422,638	782,946	869,326
Income before taxes	65,491	39,271	145,965	86,003
Provision for income taxes	15,583	9,296	37,919	20,606
Net income	$ 49,908	$ 29,975	$ 108,046	$ 65,397
Earnings Per Share
Basic net income per share (in dollars per share)	$ 0.37	$ 0.17	$ 0.76	$ 0.36
Diluted net income per share (in dollars per share)	$ 0.36	$ 0.17	$ 0.75	$ 0.36
Services
Revenue:
Total revenue	$ 284,517	$ 290,423	$ 591,087	$ 608,855
Costs and expenses:
Cost of revenue	155,356	144,240	311,511	300,113
Products
Revenue:
Total revenue	87,523	90,880	176,173	184,070
Costs and expenses:
Cost of revenue	41,442	54,487	90,122	105,406
Financing and other
Revenue:
Total revenue	79,458	80,606	161,651	162,404
Costs and expenses:
Cost of financing and other	$ 12,424	$ 15,656	$ 25,219	$ 33,163

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 108,046	$ 65,397
Adjustments to reconcile net income or loss to net cash from operating activities:
Depreciation and amortization	49,328	57,086
Allowance for credit losses	4,529	5,161
Change in allowance for DIP Facility	0	(8,024)
Stock-based compensation	13,072	12,287
Amortization of debt fees	3,977	3,599
Loss on debt redemption/refinancing	1,116	24,364
Restructuring charges	8,449	15,206
Restructuring payments	(28,898)	(21,518)
Loss on disposal of assets	6,750	5,430
(Gain) loss on revaluation of intercompany loans	(5,771)	24,624
Other, net	9,818	(11,556)
Changes in operating assets and liabilities, net of acquisitions/divestitures:
Accounts and other receivables	17,602	4,820
Finance receivables	71,746	71,202
Inventories	3,124	(17,705)
Other current assets and prepayments	(8,622)	(5,356)
Accounts payable and accrued liabilities	(84,114)	(142,328)
Current and noncurrent income taxes	23,654	8,706
Advance billings	3,266	3,314
Net cash from operating activities	197,072	94,709
Cash flows from investing activities:
Capital expenditures	(34,331)	(30,230)
Purchases of investment securities	(7,041)	(7,603)
Proceeds from sales/maturities of investment securities	11,060	18,530
Net investment in loan receivables	3,362	(61,650)
DIP Facility reimbursement	0	8,024
Acquisition	0	(2,200)
Other investing activities, net	233	1,029
Net cash from investing activities	(26,717)	(74,100)
Cash flows from financing activities:
Borrowings under revolving credit facility	96,700	0
Proceeds from the issuance of debt	300,000	775,000
Principal payments of debt	(356,073)	(804,442)
Premiums and fees paid to redeem/refinance debt	(5,651)	(20,598)
Dividends paid to stockholders	(26,891)	(23,606)
Customer deposits at Pitney Bowes Bank	(36,127)	(42,923)
Proceeds from stock option exercise	36,384	7,344
Common stock repurchases	(188,446)	(90,274)
Other financing activities, net	(7,403)	(8,993)
Net cash from financing activities	(187,507)	(208,492)
Effect of exchange rate changes on cash and cash equivalents	(902)	3,334
Change in cash and cash equivalents	(18,054)	(184,549)
Cash and cash equivalents at beginning of period	284,887	469,726
Cash and cash equivalents at end of period	$ 266,833	$ 285,177

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents (includes $14,982 and $38,851, respectively, reported at fair value)	$ 266,833	$ 284,887
Short-term investments (includes $1,724 and $1,715, respectively, reported at fair value)	11,920	12,232
Accounts and other receivables (net of allowance of $6,136 and $7,507, respectively)	147,898	168,099
Short-term finance receivables (net of allowance of $10,322 and $14,206, respectively)	468,702	496,446
Inventories	62,880	66,241
Current income taxes	2,419	3,143
Other current assets and prepayments (net of allowance of $10,466 in both 2026 and 2025)	79,223	69,451
Total current assets	1,039,875	1,100,499
Property, plant and equipment, net	175,555	185,913
Rental property and equipment, net	22,526	24,054
Long-term finance receivables (net of allowance of $6,524 and $4,370 respectively)	550,602	605,129
Goodwill	740,417	746,687
Intangible assets, net	12,949	14,741
Operating lease assets	103,268	106,996
Noncurrent income taxes	89,953	95,412
Other assets (includes $181,188 and $185,111, respectively, reported at fair value)	284,440	289,520
Total assets	3,019,585	3,168,951
Current liabilities:
Accounts payable and accrued liabilities	743,248	845,378
Customer deposits at Pitney Bowes Bank	546,503	582,630
Current operating lease liabilities	29,935	28,396
Current portion of long-term debt	23,138	17,150
Advance billings	71,689	69,075
Current income taxes	3,122	5,210
Total current liabilities	1,417,635	1,547,839
Long-term debt	2,010,756	1,975,888
Deferred taxes on income	97,581	72,665
Tax uncertainties and other income tax liabilities	161	278
Noncurrent operating lease liabilities	93,825	99,757
Noncurrent customer deposits at Pitney Bowes Bank	71,000	71,000
Other noncurrent liabilities	191,906	203,884
Total liabilities	3,882,864	3,971,311
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	2,698,586	2,655,703
Accumulated other comprehensive loss	(790,426)	(789,132)
Treasury stock, at cost (133,283 and 119,634 shares, respectively)	(3,041,777)	(2,939,269)
Total stockholders’ deficit	(863,279)	(802,360)
Total liabilities and stockholders’ deficit	$ 3,019,585	$ 3,168,951