Finance receivables are comprised of sales-type leases, 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.


	March 31, 2025						December 31, 2024
	North America		International		Total		North America		International		Total
Sales-type lease receivables
Gross finance receivables	$	924,060	$	117,395	$	1,041,455	$	946,294	$	120,109	$	1,066,403
Unguaranteed residual values	35,581		5,968		41,549		36,361		5,890		42,251
Unearned income	(259,886)		(35,621)		(295,507)		(257,971)		(34,674)		(292,645)
Allowance for credit losses	(12,303)		(2,165)		(14,468)		(12,659)		(2,324)		(14,983)
Net investment in sales-type lease receivables	687,452		85,577		773,029		712,025		89,001		801,026
Loan receivables
Loan receivables	367,054		16,966		384,020		334,717		16,874		351,591
Allowance for credit losses	(6,095)		(143)		(6,238)		(6,549)		(144)		(6,693)
Net investment in loan receivables	360,959		16,823		377,782		328,168		16,730		344,898
Net investment in finance receivables	$	1,048,411	$	102,400	$	1,150,811	$	1,040,193	$	105,731	$	1,145,924


	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
Remainder 2025	$	264,931	$	42,469	$	307,400	$	189,629	$	16,966	$	206,595
2026	293,370		34,911		328,281		53,160		—		53,160
2027	203,728		21,949		225,677		50,759		—		50,759
2028	112,503		12,098		124,601		38,404		—		38,404
2029	44,771		4,808		49,579		22,055		—		22,055
Thereafter	4,757		1,160		5,917		13,047		—		13,047
Total	$	924,060	$	117,395	$	1,041,455	$	367,054	$	16,966	$	384,020


	March 31, 2025
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	913,405	$	115,830	$	363,953	$	16,866	$	1,410,054
Past due amounts > 90 days	10,655		1,565		3,101		100		15,421
Total	$	924,060	$	117,395	$	367,054	$	16,966	$	1,425,475


	December 31, 2024
	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Past due amounts 0 - 90 days	$	932,948	$	117,908	$	331,411	$	16,809	$	1,399,076
Past due amounts > 90 days	13,346		2,201		3,306		65		18,918
Total	$	946,294	$	120,109	$	334,717	$	16,874	$	1,417,994

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.


	Sales-type Lease Receivables				Loan Receivables
	North America		International		North America		International		Total
Balance at January 1, 2025	$	12,659	$	2,324	$	6,549	$	144	$	21,676

Amounts charged to expense	644		(105)		582		42		1,163
Write-offs	(1,536)		(186)		(1,543)		(48)		(3,313)
Recoveries	492		48		328		—		868
Other	44		84		179		5		312
Balance at March 31, 2025	$	12,303	$	2,165	$	6,095	$	143	$	20,706

	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	62		(123)		631		70		640
Write-offs	(1,178)		(156)		(1,260)		(67)		(2,661)
Recoveries	398		113		408		—		919
Other	(11)		(141)		(1)		(4)		(157)
Balance at March 31, 2024	$	13,213	$	2,479	$	6,124	$	152	$	21,968

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.

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.


	March 31, 2025
	Sales Type Lease Receivables												Loan Receivables		Total
	2025		2024		2023		2022		2021		Prior
Low	$	41,655	$	176,645	$	191,448	$	146,902	$	91,835	$	100,342	$	305,415	$	1,054,242
Medium	8,064		37,437		33,324		25,302		18,973		19,378		38,979		181,457
High	1,101		4,230		3,867		3,345		2,100		2,454		9,678		26,775
Not Scored	30,016		38,875		30,415		20,246		9,259		4,242		29,948		163,001
Total	$	80,836	$	257,187	$	259,054	$	195,795	$	122,167	$	126,416	$	384,020	$	1,425,475

	December 31, 2024
	Sales Type Lease Receivables												Loan Receivables		Total
	2024		2023		2022		2021		2020		Prior
Low	$	188,847	$	210,547	$	163,892	$	104,269	$	66,673	$	42,586	$	273,736	$	1,050,550
Medium	31,970		31,839		26,652		19,180		10,556		10,512		34,376		165,085
High	4,633		4,488		3,753		2,415		2,038		684		11,826		29,837
Not Scored	49,835		38,659		28,250		17,131		5,400		1,594		31,653		172,522
Total	$	275,285	$	285,533	$	222,547	$	142,995	$	84,667	$	55,376	$	351,591	$	1,417,994

We also lease mailing equipment under operating leases with terms of one to five years. For the three months ended March 31, 2025 and 2024, revenue includes $15 million and $17 million, respectively, of lease income under operating leases. Maturities of operating leases are as follows: