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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 September 30, 2020
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 oNon-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 October 28, 2020, 173,108,679 shares of common stock, par value $1 per share, of the registrant were outstanding.



PITNEY BOWES INC.
INDEX
Page Number
Condensed Consolidated Statements of Income (Loss) for the Three and Nine Months Ended September 30, 2020 and 2019
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2020 and 2019
Condensed Consolidated Balance Sheets at September 30, 2020 and December 31, 2019
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019
Item 6:
Exhibits
2



PART I. FINANCIAL INFORMATION
Item 1: Financial Statements
PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Unaudited; in thousands, except per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenue:    
Business services$550,954 $419,101 $1,524,323 $1,243,609 
Support services117,519 126,274 353,320 382,578 
Financing86,218 90,577 260,758 280,039 
Equipment sales79,572 89,618 213,682 264,956 
Supplies39,635 44,818 118,117 142,261 
Rentals18,000 19,737 55,458 60,339 
Total revenue891,898 790,125 2,525,658 2,373,782 
Costs and expenses:
Cost of business services482,965 338,519 1,311,941 1,003,483 
Cost of support services37,647 41,086 114,132 123,453 
Financing interest expense11,626 11,026 36,054 33,433 
Cost of equipment sales59,766 59,859 165,045 182,094 
Cost of supplies10,132 12,225 30,751 37,533 
Cost of rentals6,055 5,090 18,455 23,223 
Selling, general and administrative238,618 254,092 720,882 757,228 
Research and development9,255 12,272 28,838 38,421 
Restructuring charges and asset impairments3,766 47,017 12,505 56,616 
Goodwill impairment  198,169  
Interest expense, net27,175 28,704 79,504 84,325 
Other components of net pension and postretirement (income) cost(109)(882)126 (3,138)
Other (income) expense(6,325)667 9,787 18,350 
Total costs and expenses880,571 809,675 2,726,189 2,355,021 
Income (loss) from continuing operations before taxes11,327 (19,550)(200,531)18,761 
Provision (benefit) for income taxes554 (24,895)7,540 (13,351)
Income (loss) from continuing operations10,773 5,345 (208,071)32,112 
Income (loss) from discontinued operations, net of tax616 (8,470)7,648 (14,199)
Net income (loss)$11,389 $(3,125)$(200,423)$17,913 
Basic earnings (loss) per share (1):
Continuing operations$0.06 $0.03 $(1.21)$0.18 
Discontinued operations (0.05)0.04 (0.08)
Net income (loss)$0.07 $(0.02)$(1.17)$0.10 
Diluted earnings (loss) per share (1):
Continuing operations$0.06 $0.03 $(1.21)$0.18 
Discontinued operations (0.05)0.04 (0.08)
Net income (loss)$0.07 $(0.02)$(1.17)$0.10 

(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 September 30,Nine Months Ended September 30,
2020201920202019
Net income (loss)$11,389 $(3,125)$(200,423)$17,913 
Other comprehensive income (loss), net of tax:
Foreign currency translation, net of tax of $1,621, $(655), $(91) and $(1,078), respectively
22,676 (27,962)5,040 (6,584)
Net unrealized (loss) gain on cash flow hedges, net of tax of $(317), $51, $(796) and $27, respectively
(957)149 (2,402)78 
Net unrealized (loss) gain on investment securities, net of tax of $(2,716), $509, $(1,816) and $2,573, respectively
(8,191)1,487 (5,476)7,516 
Amortization of pension and postretirement costs, net of tax benefits of 2,875, 2,633, 9,027 and 7,406, respectively
9,162 7,552 29,409 21,499 
Other comprehensive income (loss), net of tax22,690 (18,774)26,571 22,509 
Comprehensive income (loss) $34,079 $(21,899)$(173,852)$40,422 






































See Notes to Condensed Consolidated Financial Statements
4


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

September 30, 2020December 31, 2019
ASSETS  
Current assets:  
Cash and cash equivalents$799,177 $924,442 
Short-term investments (includes $21,185 and $35,879, respectively, reported at fair value)
21,185 115,879 
Accounts and other receivables (net of allowance of $29,669 and $17,830, respectively)
348,565 373,471 
Short-term finance receivables (net of allowance of $21,289 and $12,556, respectively)
559,148 629,643 
Inventories66,974 68,251 
Current income taxes11,477 5,565 
Other current assets and prepayments115,981 101,601 
Assets of discontinued operations 17,229 
Total current assets1,922,507 2,236,081 
Property, plant and equipment, net367,466 376,177 
Rental property and equipment, net40,352 41,225 
Long-term finance receivables (net of allowance of $16,779 and $7,095 respectively)
587,548 625,487 
Goodwill1,142,144 1,324,179 
Intangible assets, net167,493 190,640 
Operating lease assets213,490 200,752 
Noncurrent income taxes69,305 71,903 
Other assets (includes $418,100 and $230,442, respectively, reported at fair value)
533,726 400,456 
Total assets$5,044,031 $5,466,900 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Current liabilities:  
Accounts payable and accrued liabilities$760,363 $793,690 
Customer deposits at Pitney Bowes Bank610,582 591,118 
Current operating lease liabilities38,007 36,060 
Current portion of long-term debt63,509 20,108 
Advance billings102,919 101,920 
Current income taxes2,527 17,083 
Liabilities of discontinued operations 9,713 
Total current liabilities1,577,907 1,569,692 
Long-term debt2,531,712 2,719,614 
Deferred taxes on income279,526 274,435 
Tax uncertainties and other income tax liabilities40,642 38,834 
Noncurrent operating lease liabilities192,789 177,711 
Other noncurrent liabilities342,330 400,518 
Total liabilities4,964,906 5,180,804 
Commitments and contingencies (See Note 14)
Stockholders’ equity:
Common stock, $1 par value (480,000,000 shares authorized; 323,337,912 shares issued)
323,338 323,338 
Additional paid-in capital67,512 98,748 
Retained earnings5,190,914 5,438,930 
Accumulated other comprehensive loss(813,572)(840,143)
Treasury stock, at cost (151,413,053 and 152,888,969 shares, respectively)
(4,689,067)(4,734,777)
Total stockholders’ equity79,125 286,096 
Total liabilities and stockholders’ equity$5,044,031 $5,466,900 


See Notes to Condensed Consolidated Financial Statements
5


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

Nine Months Ended September 30,
20202019
Cash flows from operating activities:  
Net (loss) income$(200,423)$17,913 
(Income) loss from discontinued operations, net of tax(7,648)14,199 
Restructuring payments(15,869)(18,845)
Adjustments to reconcile net loss to net cash provided by operating activities:  
Depreciation and amortization120,403 118,514 
Allowance for credit losses35,400 22,131 
Stock-based compensation15,236 15,867 
Restructuring charges and asset impairments12,505 56,616 
Amortization of debt fees7,962 8,014 
Goodwill impairment198,169  
Loss on extinguishment of debt36,987 667 
Gain on sale of investments(21,969) 
Loss on sale of business 17,683 
Changes in operating assets and liabilities, net of acquisitions/divestitures:  
Increase in accounts receivable(8,064)(248)
Decrease in finance receivables85,593 25,300 
Decrease (increase) in inventories1,051 (14,559)
Increase in other current assets and prepayments(18,400)(30,546)
Increase in accounts payable and accrued liabilities(1,047)892 
Increase (decrease) in current and noncurrent income taxes21,682 (30,401)
Increase (decrease) in advance billings687 (3,802)
Decrease in pension and retiree medical liabilities(25,095)(39,231)
Other, net(8,113)6,262 
   Net cash provided by operating activities - continuing operations229,047 166,426 
   Net cash (used in) provided by operating activities - discontinued operations(38,423)15,858 
   Net cash provided by operating activities190,624 182,284 
Cash flows from investing activities:  
Capital expenditures(80,787)(95,221)
Purchases of available-for-sale securities(392,427)(45,178)
Proceeds from sales/maturities of available-for-sale securities241,924 78,024 
Net activity from short-term and other investments68,464 (92,418)
Acquisitions, net of cash acquired(6,608)(22,100)
Sale of other investments (See Note 8)58,248  
Increase in customer deposits at Pitney Bowes Bank19,464 3,125 
Other investing activities(1,511)(9,341)
   Net cash used in investing activities - continuing operations(93,233)(183,109)
   Net cash used in investing activities - discontinued operations(2,502)(18,572)
   Net cash used in investing activities(95,735)(201,681)
Cash flows from financing activities:  
Proceeds from the issuance of long-term debt916,544  
Principal payments of long-term debt(1,072,260)(202,640)
Premiums and fees paid to extinguish debt(32,645) 
Dividends paid to stockholders(25,693)(26,854)
Common stock repurchases (105,000)
Other financing activities(3,318)7,302 
   Net cash used in financing activities(217,372)(327,192)
Effect of exchange rate changes on cash and cash equivalents(2,782)(5,822)
Change in cash and cash equivalents(125,265)(352,411)
Cash and cash equivalents at beginning of period924,442 867,262 
Cash and cash equivalents at end of period$799,177 $514,851 
Cash interest paid$115,143 $110,943 
Cash income tax payments, net of refunds$19,861 $25,527 


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 technology company providing commerce solutions that power billions of transactions. Clients around the world rely on the accuracy and precision delivered by our equipment, solutions, analytics, and application programming interface technology in the areas of ecommerce fulfillment, shipping and returns, cross-border ecommerce, office mailing and shipping, presort services and financing. Pitney Bowes Inc. was incorporated in the state of Delaware in 1920. For more information about us, our products, services and solutions, 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, 2019 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, 2020, particularly in light of the novel coronavirus pandemic (COVID-19) and its effect on global businesses and economies. 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, 2019 (2019 Annual Report).
Accounts and other receivables includes other net receivables of $60 million at September 30, 2020 and $91 million at December 31, 2019. In January 2019, we sold the direct operations and moved to a dealer model in six smaller international markets within Sending Technology Solutions (SendTech Solutions). Other receivables includes gross receivables of $20 million related to these direct operations.
Risks and Uncertainties
The effects of COVID-19 on global economies and businesses continues to impact how we conduct business and our operating results, financial position and cash flows. Its impact on our business remains unpredictable and accordingly, we are not able to reasonably estimate the full extent of COVID-19 on our operating results, financial position and cash flows.
We assessed certain accounting matters that require the use of estimates, assumptions and consideration of forecasted financial information in context with the known and projected future impacts of COVID-19. The most significant impacts were to our allowance for credit losses (see Accounting Pronouncements Adopted in 2020 below) and the carrying value of goodwill (see Note 8). Actual results could differ significantly from our estimates and assumptions, possibly resulting in additional impairments or other charges.
Accounting Pronouncements Adopted in 2020
Effective January 1, 2020, we adopted Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses. We adopted this standard using the modified retrospective transition approach with a cumulative effect adjustment to retained earnings. The ASU applies to financial assets measured at amortized cost, including finance receivables, trade and other receivables and investments in debt securities classified as available-for-sale and held-to-maturity. The ASU replaces the current incurred loss impairment model that recognizes losses when a probable threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. The models to estimate credit losses are required to be based on historical loss experience, current conditions, reasonable and supportable forecasts and current economic outlook. The adoption of the standard resulted in an increase in the opening reserve balance for accounts and other receivables of $15 million and the opening reserve balance for finance receivables of $10 million and a net reduction to retained earnings of $22 million. The impact of COVID-19 on global businesses and economies resulted in an increased probability of recessionary conditions, delinquency rates and business bankruptcy resulting in an additional $11 million provision in the first quarter of 2020. Through September 30, 2020, our credit loss provision was $35 million compared to $22 million through September 30, 2019.

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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 accounts and other receivables for the nine months ended September 30, 2020 is presented below. See Note 7 for additional information pertaining to our finance receivables.
Balance at December 31, 2019Cumulative effect of accounting changeAmounts charged to expenseWrite-offs, recoveries and currency impactBalance at
September 30, 2020
Allowance for credit losses$17,830 $15,336 $16,856 $(20,353)$29,669 
Accounts receivable greater than 365 days past due, subject to certain exceptions, are written off against the allowance, although collection efforts may continue.

Accounting Pronouncements Not Yet Adopted
In December 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Simplifying the Accounting for Income Taxes. The ASU simplifies the accounting for income taxes by removing certain exceptions to the general principles and also clarifies and amends existing guidance. This standard is effective beginning January 1, 2021, with early adoption permitted. We do not expect this standard to have a material impact on our consolidated financial statements.
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 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 transition to new reference interest rates will require certain contracts to be modified and the ASU is intended to mitigate the effects of this transition. The accommodations provided by the ASU are effective as of March 12, 2020 through December 31, 2022 and may be applied at the beginning of any interim period within that time frame. We are currently assessing the impact this standard will have on our consolidated financial statements.

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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 September 30, 2020
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$409,981 $127,705 $13,268 $550,954 $ $550,954 
Support services  117,519 117,519  117,519 
Financing    86,218 86,218 
Equipment sales  17,935 17,935 61,637 79,572 
Supplies  39,635 39,635  39,635 
Rentals    18,000 18,000 
Subtotal409,981 127,705 188,357 726,043 $165,855 $891,898 
Revenue from leasing transactions and financing
Financing   86,218 86,218 
Equipment sales  61,637 61,637 
Rentals  18,000 18,000 
     Total revenue$409,981 $127,705 $354,212 $891,898 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$ $ $73,602 $73,602 
Products/services transferred over time409,981 127,705 114,755 652,441 
      Total$409,981 $127,705 $188,357 $726,043 

Three Months Ended September 30, 2019
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$278,995 $131,483 $8,623 $419,101 $ $419,101 
Support services  126,274 126,274  126,274 
Financing    90,577 90,577 
Equipment sales  19,062 19,062 70,556 89,618 
Supplies  44,818 44,818  44,818 
Rentals    19,737 19,737 
Subtotal278,995 131,483 198,777 609,255 $180,870 $790,125 
Revenue from leasing transactions and financing
Financing   90,577 90,577 
Equipment sales  70,556 70,556 
Rentals  19,737 19,737 
     Total revenue$278,995 $131,483 $379,647 $790,125 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$ $ $81,547 $81,547 
Products/services transferred over time278,995 131,483 117,230 527,708 
      Total$278,995 $131,483 $198,777 $609,255 
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PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Nine Months Ended September 30, 2020
Global Ecommerce