Pitney Bowes Announces Fourth Quarter and Full Year 2023 Financial Results

STAMFORD, Conn.--(BUSINESS WIRE)--February 1, 2024--Pitney Bowes (NYSE: PBI) (“Pitney Bowes” or the “Company”), a global shipping and mailing company that provides technology, logistics, and financial services, today announced its financial results for the fourth quarter and full year of 2023.

Jason Dies, Interim Chief Executive Officer, commented:

“Pitney Bowes is beginning 2024 with positive momentum and a strong set of go-forward priorities following a productive fourth quarter. At the enterprise level, we are on track with our cost reduction and restructuring efforts after increasing targets late last year. Our SendTech and Presort segments again delivered solid profit increases and margin expansion in the fourth quarter, reflecting continued focus on both productivity and revenue growth initiatives. Global Ecommerce delivered improved profitability year-over-year and sequentially in the fourth quarter, demonstrating the value of our network in peak and on a go forward basis. We are continuing to take actions and review options to realize the value of this segment. Importantly, as we look ahead in 2024, we will continue to operate with intensity and prioritize actions that support a shift into shipping solutions and our specific growth goals in SaaS shipping technology.”

Fourth Quarter Financial Highlights

Revenue in the quarter was $872 million, a decrease of 4 percent on both a reported and comparable basis versus prior year ⁽¹⁾
GAAP EPS was a loss of $1.27 compared to GAAP EPS of $0.04 in fourth quarter 2022; Adjusted EPS was $0.07 compared to $0.06 in the prior year
GAAP EPS includes a loss of $1.24 for a non-cash goodwill impairment charge related to the Global Ecommerce segment and $0.08 for restructuring charges
GAAP cash from operating activities was $94 million in the quarter and Free Cash Flow was $78 million
Progressing well and on target with previously communicated cost reduction and restructuring efforts
Cash and short-term investments were $623 million at year-end

Full Year Financial Highlights

Revenue was $3.3 billion, a decrease of 8 percent on a reported basis and 3 percent on a comparable basis versus 2022 ⁽¹⁾
GAAP EPS was a loss of $2.20 and Adjusted EPS was $0.04
GAAP EPS includes a loss of $1.91 for non-cash goodwill impairment charges related to the Global Ecommerce segment and $0.26 for restructuring charges
GAAP cash from operating activities was $79 million and Free Cash Flow was $22 million
Reduced total debt by $59 million and refinanced our 2024 notes

(1) Comparable basis is defined in the “Use of Non-GAAP Measures” section

Earnings per share results are summarized in the table below:

	Fourth Quarter
	2023	2022
GAAP EPS	($1.27)	$0.04
Restructuring Charges	$0.08	$0.03
Goodwill Impairment	$1.24	-
Foreign Currency Loss on Intercompany Loans ⁽²⁾	$0.02	-
Gain on Sale of Business	-	($0.01)
Adjusted EPS ⁽³⁾	$0.07	$0.06

	Full Year
	2023	2022
GAAP EPS	($2.20)	$0.21
Restructuring Charges	$0.26	$0.08
Goodwill Impairment	$1.91	-
Foreign Currency Loss on Intercompany Loans ⁽²⁾	$0.02	-
(Gain) / Loss on Debt Redemption	($0.01)	$0.02
Proxy Solicitation Fees	$0.05	-
Gain on Sale of Assets	-	($0.06)
Gain on Sale of Business	-	($0.09)
Adjusted EPS ⁽³⁾	$0.04	$0.15

(2) Going forward, we will be eliminating the effects of foreign currency on intercompany loans in calculating adjusted earnings.

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

Business Segment Reporting

SendTech Solutions

SendTech Solutions offers physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications for small and medium businesses, retail, enterprise, and government clients around the world to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.

	Fourth Quarter
($ millions)	2023	2022	% Change Reported	% Change Comparable Basis
Revenue	$327	$341	(4%)	(5%)
Adjusted Segment EBITDA	$121	$113	7%
Adjusted Segment EBIT	$113	$106	7%

	Full Year
($ millions)	2023	2022	% Change Reported	% Change Comparable Basis
Revenue	$1,293	$1,360	(5%)	(4%)
Adjusted Segment EBITDA	$435	$430	1%
Adjusted Segment EBIT	$405	$401	1%

EBIT and EBIT margin expansion in the fourth quarter was driven by improvements in gross margin, strong execution, and cost reduction actions.

Fourth quarter revenue decline was driven by a reduction in our meter base, timing of our product lifecycle, and a tough prior year compare in our shipping products. Recurring revenue from our shipping solutions grew 17 percent versus prior year and helped offset the decline.

Presort Services

Presort Services provides sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter.

	Fourth Quarter
($ millions)	2023	2022	% Change Reported
Revenue	$163	$158	3%
Adjusted Segment EBITDA	$43	$37	17%
Adjusted Segment EBIT	$34	$29	17%

	Full Year
($ millions)	2023	2022	% Change Reported
Revenue	$618	$602	3%
Adjusted Segment EBITDA	$145	$110	31%
Adjusted Segment EBIT	$111	$82	35%

Presort delivered strong top and bottom-line performance. New sales and higher revenue per piece more than offset organic mail decline, driving revenue growth in the fourth quarter.

Adjusted Segment EBIT and EBITDA growth was driven by higher revenue and improved labor productivity from increased automation and process improvements.

Global Ecommerce

Global Ecommerce provides business to consumer logistics services for domestic and cross-border delivery, returns and fulfillment.

	Fourth Quarter
($ millions)	2023	2022	% Change Reported	% Change Comparable Basis
Revenue	$381	$410	(7%)	(7%)
Adjusted Segment EBITDA	($3)	($6)	47%
Adjusted Segment EBIT	($20)	($23)	14%

	Full Year
($ millions)	2023	2022	% Change Reported	% Change Comparable Basis
Revenue	$1,355	$1,576	(14%)	(6%)
Adjusted Segment EBITDA	($67)	($22)	>(100%)
Adjusted Segment EBIT	($134)	($100)	(33%)

Global Ecommerce experienced strong volumes during peak, processing 61 million domestic parcels in the fourth quarter, which is up 13 percent from fourth quarter 2022. Domestic parcel revenue grew 7 percent in the fourth quarter versus prior year, which was more than offset by a loss in revenue from cross-border.

Improved EBIT in the fourth quarter reflects the positive impact of cost actions, higher domestic parcel volumes, and increased network productivity. These benefits were partially offset by the decline in cross-border.

Full Year 2024 Guidance

We expect revenue growth to range from flat to a low-single digit decline and EBIT margins to remain relatively flat on a year-over-year basis.

We expect incremental benefit in 2024 from our company-wide cost reduction program as savings from actions taken in 2023 annualize and we further execute on the plan. We expect restoration of variable compensation and wage inflation to partially offset gains.

We also expect similar levels of capital expenditures in 2024 as in 2023 and interest expense to remain around the elevated rate incurred in Q4 2023.

Conference Call and Webcast

Management of Pitney Bowes will discuss the Company’s results in a broadcast over the Internet today at 8:00 a.m. ET. Instructions for listening to the earnings results via the Web are available on the Investor Relations page of the Company’s web site at www.pitneybowes.com.

About Pitney Bowes

Pitney Bowes (NYSE:PBI) is a global shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small business, retail, enterprise, and government clients around the world rely on Pitney Bowes to remove the complexity of sending mail and parcels. For additional information, visit: www.pitneybowes.com

Use of Non-GAAP Measures

Our financial results are reported in accordance with generally accepted accounting principles (GAAP). We also disclose certain non-GAAP measures, such as adjusted earnings before interest and taxes (Adjusted EBIT), adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), adjusted earnings per share (Adjusted EPS), revenue growth on a comparable basis and free cash flow.

Adjusted EBIT, Adjusted EBITDA and Adjusted EPS exclude the impact of restructuring charges, goodwill impairment charges, foreign currency gains and losses on intercompany loans, gains, losses and costs related to acquisitions and dispositions, gains and losses on debt redemptions and other unusual items. Management believes that these non-GAAP measures provide investors greater insight into the underlying operating trends of the business.

We disclose revenue growth on a comparable basis, which excludes three items. First, the comparison excludes the impacts of foreign currency. Second, we are excluding the impact of the divestiture of the Borderfree business effective July 1, 2022. Third, we are excluding the impact of a change in the presentation of revenue beginning in the fourth quarter of 2022, from a gross basis to net basis due to an adjustment in terms of one of our contracts with the United States Postal Service. The change in revenue presentation impacts both our Global Ecommerce and SendTech Solutions segments. The change in revenue presentation does not impact gross profit. Management believes that excluding these items provides investors with a better understanding of the underlying revenue performance.

Free cash flow adjusts cash flow from operations calculated in accordance with GAAP for capital expenditures, restructuring payments and other special items. Management believes free cash flow provides investors better insight into the amount of cash available for other discretionary uses.

Adjusted Segment EBIT is the primary measure of profitability and operational performance at the segment level and is determined by deducting from segment revenue the related costs and expenses attributable to the segment. Adjusted Segment EBIT excludes interest, taxes, unallocated corporate expenses, foreign currency gains and losses on intercompany loans, restructuring charges, goodwill impairment, and other items not allocated to a business segment. The Company also reports Adjusted Segment EBITDA as an additional useful measure of segment profitability and operational performance.

Complete reconciliations of non-GAAP measures to comparable GAAP measures can be found in the attached financial schedules and at the Company's web site at www.pb.com/investorrelations.

This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance. Forward-looking statements include, but are not limited to, statements about future revenue and earnings guidance and future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. Factors which could cause future financial performance to differ materially from expectations include, without limitation, declining physical mail volumes; changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; our ability to continue to grow and manage unexpected fluctuations in volumes, gain additional economies of scale and improve profitability within our Global Ecommerce segment; the loss of some of our larger clients in our Global Ecommerce and Presort Services segments; the loss of, or significant changes to, United States Postal Service (USPS) commercial programs, or our contractual relationships with the USPS or their performance under those contracts; the impacts of higher interest rates and the potential for future interest rate increases on our cost of debt; and other factors as more fully outlined in the Company's 2022 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission during 2023. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.

Note: Consolidated statements of income; revenue, adjusted segment EBIT and adjusted segment EBITDA by business segment; and reconciliations of GAAP to non-GAAP measures for the three and twelve months ended December 31, 2023 and 2022, and consolidated balance sheets at December 31, 2023 and 2022 are attached.

Pitney Bowes Inc.
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)

		Three months ended December 31,						Twelve months ended December 31,
			2023			2022			2023			2022
Revenue:
	Business services	$	564,094		$	582,674		$	2,045,069		$	2,249,941
	Support services		100,280			112,572			410,734			438,191
	Financing		68,874			67,424			271,197			274,508
	Equipment sales		84,973			92,150			323,739			354,960
	Supplies		36,674			37,425			147,709			154,186
	Rentals		16,683			16,446			67,900			66,256
	Total revenue		871,578			908,691			3,266,348			3,538,042

Costs and expenses:
	Cost of business services		477,545			500,732			1,756,616			1,934,206
	Cost of support services		32,486			37,366			137,676			148,829
	Financing interest expense		17,169			13,962			63,281			51,789
	Cost of equipment sales		57,454			65,662			223,757			253,843
	Cost of supplies		10,740			10,704			43,347			43,778
	Cost of rentals		4,755			6,053			19,614			25,105
	Selling, general and administrative		223,175			226,571			897,260			905,570
	Research and development		10,276			11,257			41,405			43,657
	Restructuring charges		18,965			6,043			61,585			18,715
	Goodwill impairment		220,585			-			339,184			-
	Interest expense, net		28,401			23,164			100,445			89,980
	Other components of net pension and postretirement (income) cost		(2,112	)		1,079			(8,256	)		4,308
	Other income, net		-			(1,319	)		(3,064	)		(21,618	)
	Total costs and expenses		1,099,439			901,274			3,672,850			3,498,162

(Loss) income before taxes			(227,861	)		7,417			(406,502	)		39,880
(Benefit) provision for income taxes			(4,025	)		1,121			(20,875	)		2,940
Net (loss) income		$	(223,836	)	$	6,296		$	(385,627	)	$	36,940

(Loss) earnings per share:
	Basic	$	(1.27	)	$	0.04		$	(2.20	)	$	0.21
	Diluted	$	(1.27	)	$	0.04		$	(2.20	)	$	0.21

Weighted-average shares used in diluted earnings per share			176,342			177,999			175,640			177,252

Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited; in thousands)

Assets		December 31, 2023			December 31, 2022
Current assets:
	Cash and cash equivalents	$	601,053		$	669,981
	Short-term investments		22,166			11,172
	Accounts and other receivables, net		342,236			343,557
	Short-term finance receivables, net		563,536			564,972
	Inventories		70,053			83,720
	Current income taxes		564			8,790
	Other current assets and prepayments		98,802			115,824
Total current assets			1,698,410			1,798,016
Property, plant and equipment, net			383,628			420,672
Rental property and equipment, net			23,583			27,487
Long-term finance receivables, net			653,085			627,124
Goodwill			734,409			1,066,951
Intangible assets, net			62,250			77,944
Operating lease assets			309,958			296,129
Noncurrent income taxes			60,995			46,613
Other assets			352,360			380,419
Total assets		$	4,278,678		$	4,741,355

Liabilities and stockholders' (deficit) equity
Current liabilities:
	Accounts payable and accrued liabilities	$	881,969		$	907,083
	Customer deposits at Pitney Bowes Bank		640,323			628,072
	Current operating lease liabilities		60,069			52,576
	Current portion of long-term debt		58,931			32,764
	Advance billings		89,087			105,207
	Current income taxes		6,523			2,101
Total current liabilities			1,736,902			1,727,803
Long-term debt			2,087,101			2,172,502
Deferred taxes on income			211,477			263,131
Tax uncertainties and other income tax liabilities			19,091			23,841
Noncurrent operating lease liabilities			277,981			265,696
Other noncurrent liabilities			314,702			227,729
Total liabilities			4,647,254			4,680,702

Stockholders' (deficit) equity:
	Common stock		270,338			323,338
	Retained earnings		3,077,988			5,125,677
	Accumulated other comprehensive loss		(851,245	)		(835,564	)
	Treasury stock, at cost		(2,865,657	)		(4,552,798	)
Total stockholders' (deficit) equity			(368,576	)		60,653
Total liabilities and stockholders' (deficit) equity		$	4,278,678		$	4,741,355

Pitney Bowes Inc.
Business Segment Revenue
(Unaudited; in thousands)


		Three months ended December 31,							Twelve months ended December 31,
			2023			2022	% Change			2023		2022		% Change

Global Ecommerce
	Revenue, as reported	$	381,020		$	409,725	(7	%)	$	1,355,326	$	1,576,348		(14	%)
	Impact of change in revenue presentation					-						(115,171	)
	Impact of Borderfree divestiture					-						(22,550	)
	Comparable revenue before currency		381,020			409,725	(7	%)		1,355,326		1,438,627		(6	%)
	Impact of currency on revenue		(955	)						1,300
	Comparable revenue	$	380,065		$	409,725	(7	%)	$	1,356,626	$	1,438,627		(6	%)

Presort Services
	Revenue, as reported	$	163,139		$	157,714	3	%	$	617,599	$	602,016		3	%

Sending Technology Solutions
	Revenue, as reported	$	327,419		$	341,252	(4	%)	$	1,293,423	$	1,359,678		(5	%)
	Impact of change in revenue presentation					-						(12,916	)
	Comparable revenue before currency		327,419			341,252	(4	%)		1,293,423		1,346,762		(4	%)
	Impact of currency on revenue		(1,745	)						1,719
	Comparable revenue	$	325,674		$	341,252	(5	%)	$	1,295,142	$	1,346,762		(4	%)

Consolidated
	Revenue, as reported	$	871,578		$	908,691	(4	%)	$	3,266,348	$	3,538,042		(8	%)
	Impact of change in revenue presentation					-						(128,087	)
	Impact of Borderfree divestiture					-						(22,550	)
	Comparable revenue before currency		871,578			908,691	(4	%)		3,266,348		3,387,405		(4	%)
	Impact of currency on revenue		(2,700	)						3,019
	Comparable revenue	$	868,878		$	908,691	(4	%)	$	3,269,367	$	3,387,405		(3	%)

Pitney Bowes Inc.
Adjusted Segment EBIT & EBITDA
(Unaudited; in thousands)



		Three months ended December 31,
		2023								2022								% change
		Adjusted Segment EBIT ⁽¹⁾			D&A		Adjusted Segment EBITDA			Adjusted Segment EBIT ⁽¹⁾			D&A		Adjusted Segment EBITDA			Adjusted Segment EBIT		Adjusted Segment EBITDA

Global Ecommerce		$	(19,700	)	$	16,758	$	(2,942	)	$	(22,906	)	$	17,390	$	(5,516	)	14	%	47	%
Presort Services			34,454			8,470		42,924			29,386			7,438		36,824		17	%	17	%
Sending Technology Solutions			113,435			7,661		121,096			105,535			7,330		112,865		7	%	7	%
Segment total		$	128,189		$	32,889		161,078		$	112,015		$	32,158		144,173		14	%	12	%

Reconciliation of Segment Adjusted EBITDA to Net (Loss) Income:
Segment depreciation and amortization								(32,889	)							(32,158	)
Unallocated corporate expenses								(65,169	)							(62,748	)
Restructuring charges								(18,965	)							(6,043	)
Goodwill impairment								(220,585	)							-
Foreign currency loss on intercompany loans								(5,761	)							-
Gain on sale of businesses, including transaction costs								-								1,319
Interest expense, net								(45,570	)							(37,126	)
Benefit (provision) for income taxes								4,025								(1,121	)
Net (loss) income							$	(223,836	)						$	6,296



		Twelve months ended December 31,
		2023								2022								% change
		EBIT (1)			D&A		EBITDA			EBIT (1)			D&A		EBITDA			EBIT		EBITDA

Global Ecommerce		$	(133,733	)	$	66,664	$	(67,069	)	$	(100,308	)	$	78,296	$	(22,012	)	(33	%)	>(100%)
Presort Services			110,912			33,642		144,554			82,430			28,039		110,469		35	%	31	%
Sending Technology Solutions			405,347			30,005		435,352			400,909			29,489		430,398		1	%	1	%
Segment total		$	382,526		$	130,311		512,837		$	383,031		$	135,824		518,855		(0	%)	(1	%)

Reconciliation of Segment EBITDA to Net (Loss) Income:
Segment depreciation and amortization								(130,311	)							(135,824	)
Unallocated corporate expenses								(210,931	)							(204,251	)
Restructuring charges								(61,585	)							(18,715	)
Goodwill impairment								(339,184	)							-
Gain (loss) on debt redemption								3,064								(4,993	)
Foreign currency loss on intercompany loans								(5,761	)							-
Proxy solicitation fees								(10,905	)							-
Gain on sale of assets								-								14,372
Gain on sale of businesses, including transaction costs								-								12,205
Interest expense, net								(163,726	)							(141,769	)
Benefit (provision) for income taxes								20,875								(2,940	)
Net (loss) income							$	(385,627	)						$	36,940


(1)	Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, goodwill impairment, and other items that are not allocated to a particular business segment.

Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited; in thousands, except per share amounts)

	Three months ended December 31,						Twelve months ended December 31,
		2023			2022			2023			2022

Reconciliation of reported net (loss) income to adjusted EBIT and adjusted EBITDA
Net (loss) income	$	(223,836	)	$	6,296		$	(385,627	)	$	36,940
(Benefit) provision for income taxes		(4,025	)		1,121			(20,875	)		2,940
(Loss) income before taxes		(227,861	)		7,417			(406,502	)		39,880
Restructuring charges		18,965			6,043			61,585			18,715
Goodwill impairment		220,585			-			339,184			-
(Gain) loss on debt redemption		-			-			(3,064	)		4,993
Foreign currency loss on intercompany loans		5,761			-			5,761			-
Proxy solicitation fees		-			-			10,905			-
Gain on sale of assets		-			-			-			(14,372	)
Gain on sale of businesses, including transaction costs		-			(1,319	)		-			(12,205	)
Adjusted net income before tax		17,450			12,141			7,869			37,011
Interest, net		45,570			37,126			163,726			141,769
Adjusted EBIT		63,020			49,267			171,595			178,780
Depreciation and amortization		40,398			39,064			160,430			163,816
Adjusted EBITDA	$	103,418		$	88,331		$	332,025		$	342,596

Reconciliation of reported diluted (loss) earnings per share to adjusted diluted earnings per share
Diluted (loss) earnings per share	$	(1.27	)	$	0.04		$	(2.20	)	$	0.21
Restructuring charges		0.08			0.03			0.26			0.08
Goodwill impairment		1.24			-			1.91			-
(Gain) loss on debt redemption		-			-			(0.01	)		0.02
Foreign currency loss on intercompany loans		0.02			-			0.02			-
Proxy solicitation fees		-			-			0.05			-
Gain on sale of assets		-			-			-			(0.06	)
Gain on sale of businesses, including transaction costs		-			(0.01	)		-			(0.09	)
Adjusted diluted earnings per share ⁽¹⁾	$	0.07		$	0.06		$	0.04		$	0.15

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

Reconciliation of reported net cash from operating activities to free cash flow
Net cash from operating activities	$	93,921		$	166,754		$	79,468		$	175,983
Capital expenditures		(25,280	)		(27,307	)		(102,878	)		(124,840	)
Restructuring payments		9,291			3,645			34,443			15,406
Proxy solicitation fees paid		-			-			10,905			-
Transaction costs paid		-			379			-			5,779
Free cash flow	$	77,932		$	143,471		$	21,938		$	72,328

Contacts

Editorial -
Kathleen Raymond
Head of Communications
203.351.7233

Financial -
Phil Landler
VP, Investor Relations
203.351.6141

Document and Entity Information	Feb. 01, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 01, 2024
Entity Registrant Name	Pitney Bowes Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-03579
Entity Tax Identification Number	06-0495050
Entity Address, Address Line One	3001 Summer Street
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06926
City Area Code	203
Local Phone Number	356-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000078814
Title of 12(b) Security	Common Stock, $1 par value per share
Trading Symbol	PBI
Security Exchange Name	NYSE

Document and Entity Information

Feb. 01, 2024

Cover [Abstract]

Document Type

8-K

Amendment Flag

false

Document Period End Date

Feb. 01, 2024

Entity Registrant Name

Pitney Bowes Inc.

Entity Incorporation, State or Country Code

Entity File Number

001-03579

Entity Tax Identification Number

06-0495050

Entity Address, Address Line One

3001 Summer Street

Entity Address, City or Town

Stamford

Entity Address, State or Province

Entity Address, Postal Zip Code

06926

City Area Code

203

Local Phone Number

356-5000

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Entity Central Index Key

0000078814

Title of 12(b) Security

Common Stock, $1 par value per share

Trading Symbol

PBI

Security Exchange Name

NYSE

Delaware	001-03579	06-0495050
(State or other jurisdiction of incorporation or organization)	(Commission file number)	(I.R.S. Employer Identification No.)

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

	Pitney Bowes Inc.

February 1, 2024

	/s/ Joseph R. Catapano
	Joseph R. Catapano
	Vice President, Chief Accounting Officer
	(Principal Accounting Officer)