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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, ~~2023~~2024 Commission file number: 1-3579

PITNEY BOWES INC.

State of incorporation:

Delaware

I.R.S. Employer Identification No.

06-0495050

Address:

3001 Summer Street,

Stamford,

Connecticut

06926

Telephone Number:

(203)

356-5000

Securities registered pursuant to Section 12(b) of the Act:

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

6.7% Notes due 2043

PBI.PRB

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes þ No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ¨ No þ

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 ¨

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 (section 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 ¨

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 definition of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark whether the registrant has elected not to use the extended transition period for complying with new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes ☑ No ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No þ

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ¨

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ¨

As of June 30, ~~2023~~2024, the aggregate market value of the registrant's common stock held by non-affiliates of the registrant was $~~622~~910 million based on the closing sale price as reported on the New York Stock Exchange. At January 31, ~~2024~~2025, there were ~~176~~182,~~528~~786,~~703~~974 outstanding shares of common stock, $1 par value.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the registrant's proxy statement to be filed within 120 days after our fiscal year end in connection with the Annual Meeting of Stockholders, are incorporated by reference in Part III of this Form 10-K.

PITNEY BOWES INC.

TABLE OF CONTENTS

		Page Number
PART I
Item 1.	Business	3
Item 1A.	Risk Factors	87
Item 1B.	Unresolved Staff Comments	1413
Item 1C.	Cybersecurity	1413
Item 2.	Properties	1514
Item 3.	Legal Proceedings	1514
Item 4.	Mine Safety Disclosures	1514
PART II
Item 5.	Market for the Company's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	1615
Item 6.	Reserved	16
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	17
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 8.	Financial Statements and Supplementary Data	2829
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	2829
Item 9A.	Controls and Procedures	29
Item 9B.	Other Information	2930
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	2930
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	3031
Item 11.	Executive Compensation	3031
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	3132
Item 13.	Certain Relationships, Related Transactions and Director Independence	3132
Item 14.	Principal Accountant Fees and Services	3132
PART IV
Item 15.	Exhibits and Financial Statement Schedules	3233
Item 16.	Form 10-K Summary	3435
Consolidated Financial Statements and Supplemental Data		3637

PART I

Forward-Looking Statements

This Annual Report on Form 10-K (Annual Report) contains statements that are forward-looking. We believe that these forward-looking statements are reasonable based on our current expectations and assumptions. However, we caution readers that any forward-looking statement within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 are subject to risks and uncertainties and actual results could differ materially. Words such as "estimate," "target," "project," "plan," "believe," "expect," "anticipate," "intend" and similar expressions may identify such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements in this Annual Report speak only as of the date hereof, and forward-looking statements in documents attached that are incorporated by reference speak only as of the date of those documents.

While we believe that the expectations reflected in our forward-looking statements are reasonable, forward-looking statements are subject to inherent risks and uncertainties and subject to change. Accordingly, actual results of operations, financial condition and cash flows could differ materially from those projected or assumed in our forward-looking statements. Certain 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~~accelerated ~~ability~~or tosudden ~~continue~~decline toin ~~grow~~physical ~~volumes,~~mail ~~gain additional economies of scale and improve profitability within our Global Ecommerce segment~~volumes

•~~the~~inability ~~loss~~to ofcompete ~~some~~effectively ofwith our ~~larger~~Sending ~~clients~~Technology inSolutions ~~our Global Ecommerce and Presort Services segments~~competitors

•the loss of, orsome ~~significant~~of ~~changes~~our ~~to,~~larger ~~United~~clients ~~States~~in ~~Postal Service (USPS) commercial programs or~~ our ~~contractual~~Presort ~~relationships~~Services ~~with the USPS or USPS' performance under those contracts~~segment

•~~the~~global ~~impacts~~supply ofchain ~~higher~~issues ~~interest~~adversely ~~rates~~impacting ~~and~~our ~~the~~third ~~potential~~party ~~for~~suppliers' ~~future~~ability ~~interest~~to ~~rate~~provide ~~increases~~us onproducts ~~our~~and ~~cost of debt~~services

•declines in demand for our ecommerce services resulting from supply chain delays or interruptions affecting our retail clients, or changes in retail consumer behavior or spending patterns

•changes in international trade policies, including the imposition or expansion of trade tariffs, and other geopolitical risks, including those related to China

•global supply chain issues adversely impacting our third-party suppliers' ability to provide us products and services

•expenses and potential impacts resulting from a breach of security, including cyber-attacks or other comparable events

•the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, or a U.S. government shutdown, to the company, our clients and retail consumers

•competitive factors, including pricing pressures, technological developments and the introduction of new products and services by competitors

•capital market disruptions or credit rating downgrades that adversely impact our ability to access capital markets at reasonable costs

•changes in labor and transportation availability and costs

•~~changes~~inability into ~~foreign~~successfully ~~currency~~execute ~~exchange rates, especially the impact a strengthening U.S. dollar could have~~ on our ~~global~~strategic ~~operations~~initiatives

•loss of key employees and accumulated knowledge and ability to attract and retain employees

•changes in government contracting regulations and inability to comply

•inability to protect our intellectual property rights and intellectual property infringement claims

•our success in developing and marketing new products and services and obtaining regulatory approvals, if required

•the risks and uncertainties associated with the Ecommerce Restructuring (defined below in Item 1A, Risk Factors)

•changes within our senior management and Board of Directors

•expenses and potential impacts resulting from cyber-attacks or other cybersecurity incidents affecting us or our suppliers

•inability to comply with data privacy and protection laws and regulations

•interruptions or difficulties in the operation of our cloud-based applications and systems or those of our suppliers

•periods of difficult economic conditions, the impacts of inflation and rising prices, higher interest rates and a slow-down in economic activity, including a global recession, or a U.S. government shutdown, to the company and our clients

•changes in credit ratings, capital market disruptions, decline in cash flows, noncompliance with debt covenants or significant withdrawals by depositors at the Bank that adversely impact our ability to access capital markets at reasonable costs

•the potential for future interest rate increases on our cost of debt

•changes in trade policies, tariffs and regulations

•changes in foreign currency exchange rates

•our success at managing customer credit risk

•changes in banking regulations, major bank failures or the loss of our Industrial Bank charter

•changes in tax ~~laws~~rates, ~~rulings~~laws or regulations

•~~our~~changing ~~success~~expectations inand ~~developing~~regulations ~~and~~in ~~marketing~~the ~~new~~areas ~~products~~of ~~and~~Environmental, ~~services~~Social and ~~obtaining~~Governance ~~regulatory approvals, if required~~("ESG")

•the continued availability and security of key information technology systems and the cost to comply with information security requirements and privacy laws

•our success at managing relationships and costs with outsource providers of certain functions and operations

•increased environmental and climate change requirements or other developments in these areas

•intellectual property infringement claims

•the use of the postal system for transmitting harmful biological agents, illegal substances or other terrorist attacks

•acts of nature and the impact of a pandemic on the Company and the services and solutions we offer

•shareholder activism

Further information about factors that could materially affect us, including our results of operations and financial condition, is contained in Item 1A. "Risk Factors" in this Annual Report.

ITEM 1. BUSINESS

General

Pitney Bowes Inc. (we, us, our, or the company) is a ~~global~~technology-driven ~~shipping and mailing~~ company that provides ~~technology~~SaaS shipping solutions, ~~logistics~~mailing innovation, and financial services to ~~small~~clients ~~and~~around ~~medium~~the ~~sized~~world ~~businesses,~~- ~~large enterprises,~~ including more than 90 percent of the Fortune 500,. ~~retailers~~Small ~~and~~businesses ~~government~~to ~~clients~~large ~~around~~enterprises, ~~the~~and ~~world.~~government ~~These~~entities ~~clients~~ rely on usPitney Bowes to ~~remove~~reduce the complexity ~~and~~of ~~increase the efficiency in their~~ sending of mail and parcels. ~~For additional information, visit www.pitneybowes.com.~~

Segment Updates

The Company has gone through a strategic transformation over the last year. The resulting changes to our business segments is discussed in "Recent Developments" in Part I, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations."

Business Segments

Global Ecommerce

Domestic parcel services offers retailers a parcel delivery and returns network for end consumers. We operate numerous domestic parcel sortation centers connected by a nationwide transportation network, enabling us to pick up parcels from retailer distribution centers and move them through our physical network. We also offer fulfillment services, providing pick, pack and ship services for clients through three fulfillment centers co-located within parcel sortation centers to facilitate same-day entry into our parcel delivery network.

Cross-border services offers a range of services for our clients to manage their international shopping and shipping experience. Our proprietary technology enables global tracking and logistics services; calculates duty, tax and shipping costs at checkout; enables multi-currency pricing, payment processing and fraud management; ensures compliance with product restrictions and produces all documentation requirements to meet export complexities and customs clearance.

Digital delivery services enables clients to reduce transportation and logistics costs, select the best carrier based on need and cost, improve delivery times and track packages in real-time. Powered by our shipping APIs, clients can purchase postage, print shipping labels and access shipping and tracking services from multiple carriers that can be easily integrated into any web application such as online shopping carts or ecommerce sites and provide guaranteed delivery times and flexible payment options.

Presort Services

We are the largest workshare partner of the USPS and national outsource provider of mail sortation services that allow clients to qualify large volumes of First-Class Mail, Marketing Mail and Marketing Mail Flats and Bound Printed Matter for postal workshare discounts. In 2023, we processed over 15 billion pieces of mail through our network of operating centers throughout the United States. Using our fully-customized proprietary technology, we provide clients with end-to-end solutions from pick up to delivery into the postal system network, expedited mail delivery and optimal postage savings.

Sending Technology Solutions (SendTech Solutions)

WeSendTech ~~provide~~Solutions provides clients with physical and digital ~~mailing~~shipping and ~~shipping~~mailing technology solutions and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats., Weas ~~also~~well ~~offer~~as supplies and maintenance services for these offerings. ~~Our~~We ~~cloud~~offer ~~enabled~~financing ~~infrastructure~~alternatives ~~provides~~that ~~software-as-a-service~~enable ~~(SaaS)~~clients ~~offerings~~to ~~delivered~~finance ~~online~~equipment and ~~via~~product ~~connected~~purchases, ora ~~mobile~~revolving ~~devices. Our~~credit ~~latest~~solution ~~offerings~~that ~~are~~enables ~~designed~~clients onto anmake ~~open~~meter ~~platform~~rental ~~architecture~~payments ~~that~~and ~~have~~purchase ~~the~~postage, ~~capabilities~~services toand ~~leverage partnerships with carriers~~supplies, ~~developers~~ and ~~other~~an ~~innovative~~interest-bearing ~~companies~~deposit solution to ~~deliver~~clients ~~value~~who prefer to ~~our~~prepay ~~clients~~postage. We also offer financing alternatives that enable clients to finance or lease other manufacturers’ equipment and ~~product~~provide ~~purchases~~working capital.

Through our wholly owned subsidiary, The Pitney Bowes Bank (the Bank), we offer clients located in the United States a revolving credit solution for the purchase of postage, services and supplies and an interest-bearing deposit solution to clients who prepay postage. Additionally, we offer financing alternatives that enable clients to finance or lease other manufacturers’ equipment and provide working capital. We provide revolving credit solutions to clients in Canada and the U.K. that enable them to make meter rental payments and purchase postage, services and supplies.

~~Seasonality~~Presort Services

AWe ~~larger~~are ~~percentage~~the largest workshare partner of ~~our~~the ~~revenue~~USPS isand ~~earned~~national inoutsource ~~the~~provider ~~fourth~~of ~~quarter~~mail ~~relative~~sortation services that allow clients to ~~the~~qualify ~~other~~large ~~quarters~~volumes of First-Class Mail, ~~driven~~Marketing ~~primarily~~Mail byand ~~higher~~Marketing ~~shipping~~Mail ~~volumes~~Flats/Bound ~~during~~Printed Matter for postal workshare discounts. Using our fully-customized proprietary technology, we provide clients with end-to-end solutions from pick up to delivery into the ~~holiday~~postal ~~season~~system network, expedited mail delivery and optimal postage savings.

Other

Other represents amounts of the former Global Ecommerce segment that did not qualify for discontinued operations treatment, primarily related to operations that were dissolved or sold, certain shared services functions and a cross-border services contract.

Sales and Services

We market our products, solutions and services through a direct and inside sales force, global and regional partner channels, direct mailings and digital channels. We provide call-center, online and on-site support services for our products and solutions. Support services are primarily provided under maintenance contracts.

Competition

~~Our~~SendTech businesses face competition from large, multinational companies and smaller, more narrowly focused regional and local firms. We compete on the basis of technology and innovation, breadth of product offerings, our ability to design and tailor targeted solutions to meet client needs, performance, service and support, price, quality and brand.Solutions

We ~~must~~face ~~continue~~competition tofrom ~~invest~~other inmail ~~our~~equipment ~~current technologies, products~~ and solutions, providers and inthose ~~the~~that ~~development~~offer ofonline ~~new~~shipping ~~technologies,~~and mailing products and services solutions. inWe ~~order~~differentiate toourselves ~~maintain~~from ~~and~~our ~~improve~~competitors through our ~~competitive~~breadth ~~position.~~of Wephysical ~~frequently~~and ~~encounter~~digital ~~new~~offerings, ~~competitors~~including ascloud ~~the~~enabled ~~markets~~SaaS inand ~~which~~open weplatform ~~participate~~architecture ~~evolve~~offerings; pricing; available financing and ~~newer~~payment ~~businesses~~offerings; ~~enter~~product reliability; support services; and our ~~existing~~extensive ~~markets~~knowledge of the shipping and mailing industry.

AOur ~~summary~~financing ofoperations ~~the~~face competition, in varying degrees, from large, diversified financial institutions, leasing companies, commercial finance companies, commercial banks and smaller specialized firms. We believe our competitive ~~environment~~advantage ~~for~~that ~~each~~differentiates ofus from our ~~segments~~competitors is asthe ~~follows:~~breadth of our financing and payment solutions and our ability to seamlessly integrate these solutions into our clients' shipping and mailing operations.

~~Global Ecommerce~~4

The domestic parcel services and cross-border solutions market includes competitors of various sizes, including companies and national posts with greater financial resources than us. Some of these competitors specialize in point solutions or freight forwarding services, are full-service ecommerce business process outsourcers and online marketplaces with international logistic support, or major global delivery services companies. We also face competition from companies that can offer both domestic and cross-border solutions in a single package which creates pricing leverage. The principal competitive factors include speed of delivery, price, ease of integration and use, innovative services, reliability, functionality and scalability. We compete based on the accuracy, reliability and scalability of our platform and logistics services, our ability to provide clients and their customers a one-stop full-service ecommerce experience and the ability to provide a more customized shipping solution than some of the larger competitors in the industry.

Our digital delivery services business competes with technology providers who help make shipping easier and more cost-effective. These technology providers range from large, established companies to smaller companies offering negotiated carrier rates. The principal competitive factors include technology stability and reliability, innovation, access to preferred shipping rates and ease of integration with existing systems.

Presort Services

We face competition from regional and local presort providers, cooperatives of multiple local presort providers, consolidators and service bureaus that offer presort solutions as part of a larger bundle of outsourcing services. We also face competition from large mailers that have sufficient volumes and the capability to sort their own mailings in-house and could use excess capacity to offer presort services to others. The principal competitive factors include price, innovative service, delivery speed, tracking and reporting, industry expertise and economies of scale. Our competitive advantages include our extensive network capable of processing significant volumes and our innovative proprietary technology that provides clients with reliable, secure and precise services and maximum postage discounts.

SendTech Solutions

We face competition from other mail equipment and solutions providers and those that offer online shipping and mailing products and services solutions. Additionally, the growth of alternative communication methods as compared to physical mail continue to grow, which creates competition to mail and to our offerings that enable clients to use the mail efficiently. We differentiate ourselves from our competitors through our breadth of physical and digital offerings, including cloud enabled SaaS and open platform architecture offerings; pricing; available financing and payment offerings; product reliability; support services; and our extensive knowledge of the shipping and mailing industry.

Our financing operations face competition, in varying degrees, from large, diversified financial institutions, including leasing companies, commercial finance companies and commercial banks, as well as small, specialized firms. We believe our competitive advantage that differentiates us from our competitors is the breadth of our financing and payment solutions and our ability to seamlessly integrate these solutions into our clients' shipping and mailing operations.

Also see Item 1A. Risk Factors for further details regarding the competition our businesses face.

Research, Development and Intellectual Property

We invest in research and development activities to develop new products and solutions, enhance the effectiveness and functionality of existing products and solutions and deliver high value technology and differentiated services in high value segments of the market.

Third- Party Suppliers

Our SendTech Solutions segment depends on third- party suppliers and outsource providers for a variety of services and product components and the hosting of our SaaS offerings. Our ~~Global~~Presort ~~Ecommerce~~Services segment relies on third party suppliers to help equip our facilities, provide warehouse support and ~~Presort~~assist ~~Services~~with ~~segments~~our ~~rely~~logistical operations. All of our businesses and corporate functions depend on third- party providers for a variety of data analytics, sales, reporting and other functions. In certain instances, we rely on single-sourced or limited-sourced suppliers and outsourcing vendors around the world because doing so is advantageous due to quality, price or lack of alternative sources. We have risk mitigation programs to monitor conditions affecting our suppliers' ability to fulfill expected commitments. We believe that our available sources for services, components, supplies, logistics and manufacturing are adequate.

to help equip our facilities, provide warehouse support and assist with our logistical operations. All of our businesses and corporate functions depend on third-party providers for a variety of data analytics, sales, reporting and other functions. In certain instances, we rely on single-sourced or limited-sourced suppliers and outsourcing vendors around the world because doing so is advantageous due to quality, price or lack of alternative sources. We have risk mitigation programs to monitor conditions affecting our suppliers' ability to fulfill expected commitments. We believe that our available sources for services, components, supplies, logistics and manufacturing are adequate.

Regulatory Matters

WeOur ~~are~~SendTech Solutions segment is subject to the regulations of postal authorities worldwide related to product specifications of our postage meters and we are also subject to other various regulations as a U.S. government contractor. Our Presort Services operations are also subject to USPS regulations. The Bank is chartered as an Industrial Bank under the laws of the State of Utah. The Bank and certain company affiliates that provide services to the Bank are subject to the regulations of the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation. We are also subject to transportation regulations for various parts of our business, worldwide customs and trade regulations related to our cross-border shipping services and regulations concerning data privacy and security for our businesses that use, process and store certain personal, confidential or proprietary data.

Climate Change

Although climate change has had no material impact on our operations to date, the risk of increasingly severe climate events or the risk that those events happen more frequently could affect one or more of our facilities and our ability to conduct daily operations in the future. ~~Increasing~~or ~~regulatory~~impact ~~restrictions~~our clients and their ability to do business with us. Changes in ~~response~~regulation relating to climate change ~~could~~and ~~also~~other ~~materially~~aspects ~~affect~~of ~~our~~the ~~costs~~area of ESG, ~~especially~~including ~~with~~different ~~respect~~regulatory torequirements ~~transportation~~in different locations where we operate, may change the cost of compliance for collecting, assuring and reporting information regarding our ESG impacts and risk management.

Human Capital

Employee Profile

We have approximately 107,~~500~~200 employees, with 8178% located in the United States. We also rely on a contingent hourly workforce to supplement our full-time workforce to meet fluctuating demand.

We seek to create a high-performance culture that will drive and sustain enhanced long-term value for all our shareholders. To attract, retain and engage the talent needed, we provide competitive compensation ~~and strive to maintain a diverse, inclusive and safe workplace, with equitable opportunities for growth and development. Our compensation programs are~~ designed to reward performance and contribution. We regularly assess the business environments and labor markets in the areas we operate to ensure our compensation programs reflect best practices and are market competitive. Depending on position and level, elements of our compensation packages include base salary ~~or wages~~, variable compensation based on individual and company objectives and equity. We provide a competitive benefits package ~~fostered on work/life balance~~, including medical, dental, life and disability insurance, and benefits that provide additional support for our employees’ mental, physical, financial and social well-being.

Diversity and Inclusion

Maintaining a diverse workforce and an inclusive environment is critical to our success and we view diversity and inclusion as a competitive differentiator that helps us attract, grow, engage and retain the best talent. We celebrate a rich mix of countries, cultures, ages, races, ethnicities, gender identities, sexual orientation, abilities, and perspectives that showcase our humanity, differentiate us as individuals and enhance our businesses. Our global workforce is comprised of over 43% women and 35% of our global managers are women. Our U.S. population is nearly 50% people of color and 36% of our U.S. managers are people of color.

We continue to increase diversity and inclusion awareness throughout our company through enhancements and improvements to our talent acquisition processes, cultural awareness training and the creation of allies and mentors to help advance diversity and inclusion in our workforce.

Employee Engagement and Development

We are committed to creating a culture where our employees feel supported and valued. We offer employees many opportunities to advance their skills, learn new skills and achieve career goals through virtual and in-person development and training programs, professional development initiatives, experiential learning, mentoring and coaching programs. Through multiple platforms, we offer employees and ~~inclusion~~candidates ~~networks.~~varied opportunities to find development opportunities and stay informed about key changes to our

Through multiple platforms, we offer employees and candidates varied opportunities to find development opportunities and stay informed about key changes to our business. We conduct an independent annual employee engagement survey with demonstrated high levels of employee participation. We benchmark our results against our previous year’s performance, as well as against other high-performing organizations. We consider the feedback from employees and implement changes where possible and financially prudent. 5

6business. We conduct periodic employee engagement surveys and benchmark the results both internally and against other high performing organizations. We consider feedback from employees and we make changes where possible and financially prudent.

Health and Safety

We are committed to providing a safe workplace that protects against and limits personal injury and environmental harm. Through regular evaluations of site safety performance, sharing of successes, and creating projects to engage employees in safety improvements, we identify risks, provide guidance and training, review and learn from accidents, and reduce injuries. We also report monthly to both local site management and senior leadership on safety metrics, trends, risks and regulatory activity. ~~Through these efforts and employee engagement, we have experienced significant improvements in our total recordable cases and total recordable incident rates since 2019.~~

Available Information

Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments thereto filed with, or furnished to, the SEC, are available, free of charge, through the Investor Relations section of our website at www.investorrelations.pitneybowes.com or from the SEC's website at www.sec.gov, as soon as reasonably practicable after these reports are electronically filed with, or furnished to, the SEC. The other information found on our website is not part of this or any other report we file with or furnish to the SEC.

Information About Our Executive Officers

Name	Age	Title	ExecutiveOfficer Since
Jason C. Dies	54	Interim Chief Executive Officer	2017
Lance Rosenzweig	62	Chief Executive Officer	2024
Daniel J. Goldstein	62	Executive Vice President and Chief Legal Officer and Corporate Secretary	2010
John Witek	65	Interim Chief Financial Officer, Interim Chief Accounting Officer	2024
Christoph Stehmann (1)	61	Executive Vice President, International Sending Technology Solutions	2016
Lauren Freeman-Bosworth	50	Executive Vice President, General Counsel and Corporate Secretary	2024
Gregg Zegras	56	Executive Vice President and President, Global Ecommerce	2020
James Fairweather	53	Executive Vice President, Chief Innovation Officer	2021
Ana Maria Chadwick	52	Executive Vice President and Chief Financial Officer	2021
Debbie Pfeiffer	64	Executive Vice President and President, Presort Services	2023
James Fairweather	52	Executive Vice President, Chief Innovation Officer	2021
Shemin Nurmohamed	53	Executive Vice President and President, Sending Technology Solutions	2023
Debbie Pfeiffer (2)	63	Executive Vice President and President, Presort Services	2024
Christopher Johnson	46	Senior Vice President and President, Global Financial Services	2023
Shemin Nurmohamed (3)	52	Executive Vice President and President, Sending Technology Solutions	2024
Judy Morris	62	Senior Vice President and Chief Human Resources Officer	2024

~~(1)~~There ~~Effective~~are ~~April~~no 1,family ~~2024,~~relationships ~~Mr.~~among ~~Stehmann~~the ~~will~~above ~~be retiring~~officers.

~~(2)~~Mr. ~~Effective~~Rosenzweig ~~January~~was 1,appointed Chief Executive Officer in October 2024, Msand served as Interim Chief Executive Officer from May 2024 through October 2024. ~~Pfeiffer~~Prior ~~was~~to ~~appointed~~joining the company, he served as the Chief Executive ~~Vice~~Officer ~~President~~of Support.com, a leading provider of customer and ~~President~~technical support solutions and security software, ~~Presort~~from ~~Services~~August 2022 to October 2022, and Chief Executive Officer of Startek Inc. from July 2018 to January 2020.

~~(3)~~Mr. ~~Effective~~Witek ~~January~~was 1,appointed Interim Chief Financial Officer in March 2024, ~~Mrs~~and Interim Chief Accounting Officer in September 2024. ~~Nurmohamed~~Prior ~~was~~to ~~appointed~~this, ~~Executive~~he ~~Vice~~served ~~President~~as ~~and~~the ~~President~~Company's Head of Global Business Services from February 2023 until March 2024, ~~Sending~~and ~~Technology~~also served as the Chief Financial Officer of our SendTech Solutions segment from January 2019 through January 2023.

~~There~~Ms. ~~are~~Freeman-Bosworth nowas ~~family~~appointed ~~relationships~~Executive ~~among~~Vice ~~the~~President, ~~above~~General ~~officers.~~Counsel ~~The~~and ~~above~~Corporate ~~officers~~Secretary ~~have~~in ~~served~~April in2024. ~~various~~Prior ~~executive~~to ~~positions~~this ~~with~~role, she was the ~~company~~Company's ~~for~~Vice atPresident ~~least~~and ~~the~~Deputy ~~past~~General ~~five~~Counsel, ~~years~~Litigation, ~~except~~Governance asand ~~follows:~~Compliance from June 2014 through April 2024.

Mr. ~~Zegras~~Fairweather was appointed Executive Vice President and ~~President,~~Chief ~~Global~~Innovation ~~Ecommerce~~Officer in ~~July~~May ~~2020.~~2021, Heand ~~joined~~was ~~the~~given ~~company~~added inoversight ~~2013~~of asthe ~~President,~~IT ~~Imagitas~~organization in September 2024. Prior to ~~joining~~this, he was the ~~company,~~Company's ~~Mr.~~Senior ~~Zegras~~Vice ~~held~~President ~~several~~and ~~executive~~Chief ~~leadership~~Innovation ~~positions,~~Officer ~~including~~from atMay ~~NBC~~2019 ~~Universal,~~through ~~Sharecare~~May 2021 and ~~Hearst~~Senior ~~Entertainment~~Vice President, Chief Technology Officer, Commerce Services from January 2018 through May 2019.

Ms. ~~Chadwick~~Pfeiffer ~~joined~~was ~~the~~appointed ~~company as~~ Executive Vice President and ~~Chief~~President, ~~Financial~~Presort ~~Officer~~Services in January ~~2021~~2024. Prior to ~~joining the company~~this, ~~Ms.~~she ~~Chadwick~~ was ~~employed at~~ the ~~financial services division of General Electric~~ Company's as President ~~and CEO of GE Capital Global Legacy Solutions. Ms. Chadwick spent over 20 years at GE Capital~~, ~~where~~Presort ~~she~~Services ~~held~~from ~~several~~November ~~executive~~2015 ~~positions,~~through ~~including~~December ~~Controller of GE Capital Americas and CFO at GE Capital Energy Financial Services~~2023.

MrMs. ~~Fairweather~~Nurmohamed was appointed Executive Vice President and ~~Chief~~President, ~~Innovation~~Sending ~~Officer~~Technology Solutions in ~~May~~January ~~2021~~2024. Prior to this, heshe was Senior Vice President and ~~Chief Technology Officer~~President, ~~Commerce~~SendTech ~~Services.~~Solutions Hefrom ~~has~~January ~~been~~2023 athrough ~~leader~~January in2024 ~~the company's strategic digital transformation~~ and ~~technology~~Senior ~~initiatives~~Vice ~~across Design~~President, ~~SaaS,~~Global ~~Data~~SendTech ~~Science~~Product and ~~Analytics,~~Strategy ~~API~~from ~~Management,~~September ~~Security~~2020 ~~and~~through ~~Mobility~~January 2023.

MsMr. ~~Pfeiffer~~Johnson was appointed ~~Executive~~Senior Vice President and President, ~~Presort~~Global Financial Services in ~~January~~September ~~2024. Prior to this~~2018, ~~she~~and then was ~~President,~~elected ~~Presort~~as ~~Services,~~an ~~Vice~~Executive ~~President/General~~Officer ~~Manager~~in ofSeptember ~~the~~2023. ~~Columbus~~Previously, ~~and~~he ~~Cincinnati~~was ~~Ohio~~the ~~Operating~~Company's ~~Centers,~~ Vice President, ofGlobal ~~National~~Financial ~~Accounts~~Services ~~and~~from ~~Vice~~November ~~President~~2016 ~~Sales~~through &September ~~Client Services,~~2018.

Mrs. Nurmohamed was appointed Executive Vice President and President, Sending Technology Solutions in January 2024. She joined the company in 2016 as Vice President, Document Messaging Technologies France. Prior to joining the company, Mrs. Nurmohamed had a 16 year career at IBM as CFO and Sales Director of various business units at the European and global levels.6

7Ms. Morris was appointed Senior Vice President and Chief Human Resources Officer in November 2024. Prior to joining the Company, she was Chief Human Resources Officer of Progrexion (which changed their name to Credit.com in June 2023) from October 2017 through November 2024.

ITEM 1A. RISK FACTORS

Our operations face certain risks that should be considered in evaluating our business. We manage and mitigate these risks on a proactive basis, using an enterprise risk management program. Nevertheless, the following risk factors, some of which may be beyond our control, could materially affect our business, financial condition, results of operations, brand and reputation, and may cause future results to be materially different than our current expectations. These risk factors are not intended to be all inclusive.

Mailing and Shipping Industry Risks

The financial condition and governance model of the USPS, or the national posts in our other major markets, has affected, and could, in the future, ~~affect the ability of those posts to provide services to us or our clients, which could~~ adversely affect client demand for our offerings and thus our financial performance.

We are dependent on financially viable national posts in the geographic markets where we operate, particularly in the United States. A significant portion of our revenue depends upon the ability of these posts, especially the USPS, to provide reliable, competitive mail and package delivery services to our clients ~~and the quality of the services they provide~~. Their ability to provide high quality reliable service at affordable rates inrelates ~~turn~~to ~~depends upon~~ their ongoing financial strength. ~~Although~~The ~~Congress provided the~~ USPS aand ~~measure~~other ofnational ~~relief~~posts ~~with~~continue ~~the~~to ~~enactment~~face offinancial ~~the~~challenges ~~Postal~~which ~~Service~~could ~~Reform~~lead ~~Act~~to ofchanges ~~2022, the USPS, and national posts~~ in ~~our~~governance ~~other major markets, still face financial challenges~~models. If these challenges or changes interfere with these posts’ ability to ~~continue to~~ provide the services they currently provide, our financial performance may be adversely affected.

Our ability to compete in the package shipping market in the United States depends upon certain contractual relationships we have with the USPS and the successful performance of those services.

The USPS is our primary provider for the “last mile” component of our parcel delivery services in the United States. This represents a significant component of our cost in offering these services. If we are unable to receive competitive pricing from the USPS or take advantage of lower cost USPS options, our ability to compete with private carriers and achieve profitable revenue growth may be adversely affected. Our digital delivery options also depend upon certain contractual relationships with the USPS to enable us to offer these services profitably, and the USPS has adjusted the terms of those contracts in the past. Should the USPS make additional changes to how it contracts with us for this service, our profitability could be adversely affected. The quality of service we provide to our clients also depends upon the quality of delivery services received from the USPS. As the ecommerce market continues to evolve, and as the USPS implements changes to its network, if the USPS’ service performance is materially worse than that of the private carriers, we may lose clients to competition and our financial performance may be adversely affected.

We are subject to postal regulations and processes, which could adversely affect our financial performance.

A significant portion of our business is subject to regulation and oversight by the USPS, posts in other major markets, and the governmental bodies that regulate the posts themselves. These postal authorities have the power to regulate some of our current products and services and to establish guidelines for postage rates. They also must approve many of our new ~~or future~~ product and service offerings before we can bring them to market. If new ~~or future~~ product and service offerings are not approved or there are significant conditions to approval, our ability to grow the business and in turn, our financial performance, could be adversely affected. Additionally, if favorable postage rates are reversed, regulations on existing products or services are changed, posts utilize their position in the market or their role as product regulator to limit competition in areas where the posts themselves offer solutions, or if we fall out of compliance with the posts’ regulations, our financial performance could be adversely affected.

If we are not able to respond to the continuing decline in the volume of physical mail delivered via traditional postal services, our financial performance could be adversely affected.

Continuing declines in traditional mail volumes impact our financial results~~, primarily within our SendTech Solutions and Presort Services segments~~. An accelerated or sudden decline in mail volumes could result from one or more of the following factors: changes in communication technologies and their use; changes in frequency and quality of mail delivery from national posts; legislation incentivizing alternative means of communication, burdening mail, or limiting how the mail be used; significant rate increases; or other external events affecting physical mail delivery. If we are not successful at meeting the continuing challenges faced in our mailing business, or if physical mail volumes experience an accelerated or sudden decline, our financial performance could be adversely affected.

Significant changes to the laws regulating the USPS or other posts, or changes in their operating models could have an adverse effect on our financial performance.

As a significant portion of our revenue and earnings is dependent on postal operations, changes in the laws and regulations that affect how posts operate could have an adverse effect on our financial performance. As posts consider new strategies for their operations in an era of declining mail volumes and increasing package volumes, if those strategies disadvantage our business, our financial performance could be adversely affected.

8Our ability to compete in the shipping market in the United States depends upon certain contractual relationships we have with the USPS and other carriers, as well as their service.

anOur ~~era~~SendTech ofSolutions ~~declining~~offerings ~~mail~~depend ~~volumes~~upon ~~and~~certain ~~increasing~~contractual ~~package~~relationships ~~volumes,~~with ifthe weUSPS ~~are~~and ~~unable~~other carriers to ~~work~~enable ~~with~~us ~~posts~~to offer these services profitably. Should the USPS or other carriers make changes to ~~support~~how ~~those~~they ~~strategies,~~contract with us for our ~~financial~~solutions, ~~performance~~our profitability could be adversely affected.

Business Operational Risks

WeThe ~~face~~markets ~~intense~~for ~~competition~~our inproducts ~~the~~and ~~industries~~services inare ~~which~~highly ~~we operate~~competitive.

~~The~~Our ~~markets~~SendTech ~~for~~Solutions ~~our~~segment ~~products~~faces ~~and~~competition ~~services~~from inother ~~each~~mail ofequipment ~~our~~and ~~segments~~solutions ~~are~~providers, ~~highly~~companies ~~competitive.~~that Inoffer ~~our~~products ~~Global~~and ~~Ecommerce~~services ~~segment,~~as wealternative ~~face~~means ~~competition~~of ~~from~~message ~~full-service~~communications ~~ecommerce~~and ~~business~~those ~~process~~that ~~outsourcers,~~offer online ~~marketplaces,~~shipping ~~freight~~and ~~forwarders,~~mailing ~~posts,~~products and ~~major~~services ~~global~~solutions. ~~delivery~~SendTech ~~services~~Solutions’ ~~companies,~~digital ~~including~~shipping ~~those~~business ~~that~~competes ~~can~~with ~~offer~~technology ~~both~~providers ~~domestic~~ranging ~~and~~from ~~cross-border~~large, ~~solutions~~established incompanies aand ~~single~~national ~~package.~~posts Ifto wesmaller ~~cannot~~companies ~~compete~~offering ~~successfully~~negotiated incarrier ~~these~~rates. ~~markets~~In ~~with~~addition, ~~among~~our ~~other~~financing ~~things~~operations face competition, ~~speed~~in ofvarying ~~delivery~~degrees, ~~price,~~from ~~reliability~~large, ~~functionality~~diversified ~~and~~financial ~~scalability~~institutions, ofleasing ~~our~~companies, ~~platform~~commercial ~~and~~finance ~~logistic~~companies, ~~services~~commercial banks and ~~ease~~smaller ofspecialized ~~integration~~firms. ~~and~~If ~~use,~~ we ~~may~~are ~~lose~~not ~~clients,~~able ~~incur~~to ~~additional~~differentiate ~~costs~~ourselves ~~and~~from ~~suffer~~our ~~from~~competitors ~~reduced~~or ~~margins,~~effectively ~~and~~compete with them, the financial results of the segment may be adversely affected. Our Presort Services segment faces competition from regional and local presort providers, cooperatives of multiple local presort providers, consolidators and service bureaus that offer presort solutions as part of a larger bundle of outsourcing services and large volume mailers that have sufficient volumes and the capability to presort their own mailings in-house and could use excess capacity to offer presort services to others. If we are not able to effectively compete on price, innovative service, delivery speed, tracking and reporting, we may lose clients and the financial results of the segment may be adversely affected. Our Sending Technology Solutions segment faces competition from other mail equipment and solutions providers, companies that offer products and services as alternative means of message communications and those that offer online shipping and mailing products and services solutions. Our digital delivery business competes with technology providers ranging from large, established companies and national posts to smaller companies offering negotiated carrier rates. In addition, our financing operations face competition, in varying degrees, from large, diversified financial institutions, including leasing companies, commercial finance companies and commercial banks, as well as small, specialized firms. If we are not able to differentiate ourselves from our competitors or effectively compete with them, the financial results of the segment may be adversely affected.

~~The~~If ~~evolution~~we offail ~~our businesses~~ to ~~more~~effectively ~~digital~~manage ~~and shipping-related services has resulted in a decline in~~ our ~~overall~~third ~~profit~~party ~~margins.~~suppliers, Ifor weif ~~cannot~~their ~~increase~~ability ~~our~~to ~~volumes~~perform ~~while~~were atnegatively ~~the~~impacted, ~~same time reduce~~ our ~~costs~~business, ~~our~~financial ~~overall~~performance ~~profitability~~and reputation could be adversely affected.

AsOur ~~our~~SendTech ~~businesses~~Solutions ~~shift~~segment torelies ~~more~~on ~~digital~~third ~~and~~party ~~shipping-related~~suppliers for services, ~~the~~and ~~relative~~components ~~revenue~~for ~~contribution~~our ~~from~~mailing ~~our~~equipment, ~~shipping-related~~spare ~~offerings~~parts, ~~now~~supplies ~~exceeds~~and ~~that~~services ofand for the ~~revenue~~hosting ~~from~~of our ~~mailing-related~~SaaS offerings. WeOur ~~expect~~Presort ~~the~~segment ~~revenue~~relies ~~contribution~~on ~~from~~third ~~shipping-related~~party ~~services~~suppliers to ~~continue~~help us equip our facilities and to ~~grow;~~provide ~~however~~services related to our operations and productivity initiatives. In certain instances, ~~profit~~we ~~margins~~rely on ~~these~~single-sourced ~~services~~or ~~are~~limited-sourced ~~lower~~suppliers ~~than~~around ~~those~~the ~~for~~world ~~our~~because ~~mailing-related~~of ~~offerings~~advantages in quality, price or lack of alternative sources. AsLike amany ~~result~~other companies, we ~~need~~and toour ~~achieve~~suppliers ~~higher~~have ~~dollars~~experienced ofinterruptions ~~revenue~~and increased supply costs in the past, due to, ~~generate~~among other things, volatility in the ~~same~~semiconductor ~~dollars~~industry, threats of ~~profit~~strikes, ~~that~~rising weinflation ~~generate~~and ingeopolitical instability. Although our ~~mailing~~2024 ~~businesses~~financial results were not significantly impacted, these factors, at times, caused us to experience longer wait times for supplies or increased costs. ~~Accordingly~~If these supply chain constraints were to worsen or, if weother ~~cannot~~unknown ~~continue~~events cause our suppliers to ~~grow~~not ~~package~~be ~~volumes~~able ~~and~~to ~~gain~~provide ~~additional~~their ~~economies~~services, components or equipment to us in a timely manner, or, if the quality of ~~scale~~the goods or services received were to deteriorate, ~~and~~our inrelationship ~~turn~~with certain suppliers were to be terminated, ~~improve~~or ~~margins~~if the costs of using these third parties were to continue to increase and ~~profitability~~we were not able to find alternate suppliers, ~~our~~we ~~short~~could lose clients, incur significant disruptions in manufacturing and ~~long~~operations and increased costs (including higher freight and re-~~term~~engineering ~~financial~~costs) ~~performance~~and ~~may~~delay beautomation ~~adversely~~and ~~affected~~productivity initiatives in our facilities.

~~Seasonality~~Fluctuations ~~of the Global Ecommerce segment, unexpected declines~~ in ~~consumer~~transportation ~~demand~~costs or ~~the~~disruptions ~~performance~~to oftransportation ~~our~~services ~~retail customers, or unexpected spikes~~ in ~~the~~our ~~costs~~Presort ofServices ~~labor~~segment ~~or transportation, especially during the fourth quarter,~~ could adversely affect client satisfaction or our ~~overall~~financial performance.

~~Our~~In ~~Global~~addition ~~Ecommerce~~to ~~segment~~our ~~derives~~reliance on the ~~majority~~USPS, ofour ~~its~~Presort ~~revenue~~Services ~~from~~segment ~~retail~~relies ~~clients.~~upon ~~The~~third ~~retail~~party ~~industry~~transportation isservice ~~subject~~providers to ~~cyclical~~transport ~~trends~~a insignificant ~~consumer~~portion ~~sentiment~~of ~~and~~our ~~spending~~mail ~~habits~~volumes. ~~that~~The ~~are~~use ~~affected~~of bythese ~~many~~providers ~~factors~~is subject to risks, including ~~prevailing~~our ~~economic~~ability ~~conditions,~~to ~~recession~~negotiate oracceptable ~~fears~~terms, ofincreased ~~recession,~~competition ~~inflation,~~during ~~exchange~~peak ~~rates~~periods, ~~unemployment~~capacity ~~levels~~issues, ~~pandemics,~~increased orfuel ~~geopolitical~~costs, ~~events.~~labor ~~Our~~shortages, ~~retail~~performance ~~clients~~problems, ~~are~~extreme ~~also~~weather, ~~dependent~~natural onor ~~third~~man-~~party~~made ~~suppliers~~disasters, topandemics, ~~provide them with either raw materials~~ or ~~finished~~other ~~goods~~unforeseen ~~to meet the demands of their clients~~difficulties. ~~This~~Given ~~segment~~our ~~also~~continued ~~relies~~reliance upon ~~the~~these ~~availability~~providers, ofany ~~labor~~disruption ~~and~~to ~~transportation~~the attimely asupply ~~reasonable~~of ~~cost and unexpected increases in~~ these ~~costs~~services, ~~due~~any tofuture ~~higher~~unforeseen ~~demand~~disruptions oraffecting ~~other~~these ~~macroeconomic~~providers, ~~factors~~any ~~(which~~dramatic ~~have~~increase ~~occurred~~ in the ~~past)~~cost ~~could~~of ~~also~~these ~~impact~~services ~~the~~or ~~financial~~any ~~results~~deterioration of ~~Global Ecommerce. Further,~~ the ~~financial results for Global Ecommerce are highly dependent on its~~ performance ~~in the fourth quarter, so if any~~ of these ~~risk~~services ~~factors~~(each ~~come~~of towhich ~~pass~~we inhave ~~that quarter~~experienced, ~~the~~at ~~impact~~times), onhave ~~the~~adversely ~~segment's~~affected ~~performance~~or could beadversely ~~more~~affect ~~significant~~client ~~than~~satisfaction ~~other~~and ~~times~~our infinancial ~~the year~~performance.

~~The~~Failure ~~loss~~to ofsuccessfully ~~any~~execute ofon our ~~largest~~strategic ~~clients~~initiatives ~~in our Global Ecommerce segment~~ could ~~adversely~~cause ~~affect~~our ~~the~~future financial ~~performance~~results ofto ~~that segment~~suffer.

~~The~~We ~~Global~~have ~~Ecommerce~~implemented ~~segment~~or ~~receives~~are aimplementing ~~large~~various ~~portion~~strategic ofinitiatives ~~its~~to ~~revenue~~further ~~from~~increase ~~a relatively small number of clients and business partners. If any of these larger clients or business partners leave~~ our ~~network~~profitability, orincluding ~~reduce~~the ~~their~~Global ~~use~~Ecommerce ofexit, ~~our~~cost ~~services~~rationalization, ~~which~~cost ~~has~~optimization, ~~occurred~~and inbalance ~~the~~sheet ~~past,~~deleveraging ~~and~~initiatives. If we are ~~unable~~not able to ~~replace~~successfully ~~that~~complete ~~lost~~these ~~volume~~initiatives, itour ~~could~~future ~~have~~financial aresults ~~material~~may ~~adverse effect on the revenue and profitability of the segment~~suffer.

There can be no assurance that our larger clients and business partners will continue to utilize our products or services at current levels, or that we would be able to replace any of these clients or business partners with others who can generate revenue at current levels.

If we fail to effectively manage our third-party suppliers, or if their ability to perform were negatively impacted, our business, financial performance and reputation could be adversely affected.

Our SendTech Solutions segment relies on third-party suppliers for services and components for our mailing equipment, spare parts, supplies and services and for the hosting of our SaaS offerings. We also rely on third-party suppliers to help us equip our Presort and Ecommerce facilities and to provide us with services related to some of our operations and productivity initiatives. In certain instances, we rely on single-sourced or limited-sourced suppliers around the world because of advantages in quality, price or lack of alternative sources. Like many other companies, we and our suppliers have experienced interruptions and increased supply costs in the past, due to, among other things, volatility in the semiconductor industry, threats of strikes, rising inflation and geopolitical instability. Although our 2023 financial results were not significantly impacted, these factors, at times, caused us to experience longer wait times for supplies or increased costs. If these supply chain constraints were to worsen or, if other unknown events cause our suppliers to not be able to provide their services, components or equipment to us in a timely manner, or, if the quality of the goods or services received were to deteriorate, our relationship with certain suppliers were to be terminated, or if the costs of using these third parties were to continue to increase and we were not able to find alternate suppliers, we could lose clients, incur significant disruptions in manufacturing and operations and increased costs (including higher freight and re-engineering costs) and delay automation and productivity initiatives in our warehouses.

Fluctuations in transportation costs or disruptions to transportation services in our Global Ecommerce or Presort Services segments could adversely affect client satisfaction or our financial performance.

In addition to our reliance on the USPS, our Global Ecommerce and Presort Services segments rely upon third-party transportation service providers to transport a significant portion of our parcel and mail volumes. Some of these providers may also be competitors. The use of these providers is subject to risks, including our ability to negotiate acceptable terms, increased competition during peak periods, capacity issues, increased fuel costs, labor shortages, performance problems, extreme weather, natural or man-made disasters, pandemics, or other unforeseen difficulties. Given our continued reliance upon these providers, any disruption to the timely supply of these services, any future unforeseen disruptions affecting these providers, any dramatic increase in the cost of these services or any deterioration of the performance of these services (each of which we have experienced, at times), have adversely affected or could adversely affect client satisfaction and our financial performance.

Our business depends on our ability to attract, retain, and engage with, employees at a reasonable cost to meet the needs of our business and to consistently deliver highly differentiated, competitive offerings.

~~The~~During ~~rapid growth of~~ the ~~ecommerce~~second ~~industry~~quarter ~~has~~of ~~resulted in ongoing competition for employees in the shipping~~2024, ~~transportation,~~we ~~and~~approved ~~logistics~~a ~~industry,~~worldwide ~~including~~cost ~~drivers~~reduction ~~and~~initiative ~~warehouse~~(the ~~employees.~~"2024 ~~At times~~Plan"), ~~both~~which ~~our~~involved ~~Global~~the ~~Ecommerce~~elimination ~~and~~of ~~Presort~~approximately ~~Services segments have experienced increased demand and competition for labor~~2,800 ~~especially~~positions ~~for~~worldwide ~~our~~in ~~warehouses, driving up costs~~2024. WeSuch ~~supplement~~actions ~~our~~may ~~workforce~~cause ~~with~~us ~~contingent~~to ~~hourly~~experience ~~workers~~a ~~from~~loss ~~staffing~~of ~~agencies on an as-needed basis; however~~continuity, ~~if we~~ experience ~~labor shortages, do not effectively manage our ability to attract~~ and ~~utilize contingent workers~~knowledge, ora ifreduction ~~our staffing agencies terminate their relationship with us and we cannot find alternative providers, it could result~~ in ~~increased~~productivity ~~costs~~ and ~~adversely affect our operations. Moreover~~efficiency, ~~given~~ the ~~nature~~unexpected loss of ~~our~~key ~~Global~~employees ~~Ecommerce~~ and/or ~~Presort~~other ~~Services~~retention ~~employee~~issues ~~base,~~during iftransitional weperiods. ~~cannot~~Such ~~continue~~actions tomay ~~maintain~~also ~~good~~make ~~relationships,~~hiring wequalified ~~could~~employees ~~experience~~more ~~increased employee dissatisfaction and turnover, which could result in increased operating costs and reduced operational flexibility~~difficult.

InThere ~~May~~is ~~2023,~~also wesignificant ~~approved~~competition afor ~~worldwide restructuring plan (~~the ~~2023~~talent ~~Plan),~~needed ~~which~~for ~~involved~~research ~~the~~and ~~elimination~~development of ~~850-950~~new ~~positions~~products ~~worldwide.~~and ~~Such~~services ~~actions~~and ~~may~~talent ~~cause~~needed us to ~~experience~~sell ~~a loss of continuity, loss of accumulated knowledge~~ and~~/or~~ ~~inefficiency,~~service ~~loss~~our ofother ~~key~~products ~~employees~~ and~~/or~~ ~~other~~services ~~retention~~within ~~issues~~all ~~during~~our ~~transitional~~business ~~periods~~units. ~~Such actions may also make hiring qualified employees more difficult.~~

~~There~~The israpid ~~also~~growth ~~significant~~of ~~competition for~~ the ~~talent~~ecommerce ~~needed~~industry ~~for~~has ~~research~~resulted ~~and~~in ~~development~~ongoing ~~of new products and services and talent needed to sell and service our other products and services within all our business units. Increased~~ competition for employees ~~has resulted~~ in ~~higher~~the ~~costs~~shipping, ~~for~~transportation, ~~wages~~ and ~~other~~logistics ~~benefits~~industry, ~~necessary~~including todrivers ~~attract~~ and ~~retain~~warehouse employees ~~with the right skill sets~~. ~~Additional~~At ~~labor~~times, ~~costs which may also impact~~ our ~~business~~Presort ~~include~~Services ~~those~~segment ~~triggered~~has byexperienced ~~federal,~~increased ~~state~~demand and ~~local~~competition ~~laws~~for ~~and~~labor, ~~regulatory~~especially ~~actions;~~for ~~increased~~our ~~health~~facilities, ~~care~~driving ~~and~~up ~~workers’~~costs. ~~compensation~~We ~~insurance~~supplement ~~expenses;~~our ~~and~~workforce ~~costs associated~~ with ~~the~~contingent ~~health~~hourly ~~and safety of our employees.~~

108

~~Difficulty~~workers infrom ~~obtaining~~staffing agencies on an as-needed basis; however, if we experience labor shortages, do not effectively manage our ability to attract and ~~protecting~~utilize contingent workers, or if our ~~intellectual~~staffing ~~property~~agencies terminate their relationship with us and we cannot find alternative providers, it could result in increased costs and adversely affect our operations. Moreover, given the ~~risk~~nature of ~~infringement~~our ~~claims~~Presort byServices ~~others~~employee ~~may~~base, ~~negatively~~if ~~impact~~we ~~our~~cannot ~~financial~~continue ~~performance.~~to maintain good relationships, we could experience increased employee dissatisfaction and turnover, which could result in increased operating costs and reduced operational flexibility.

Our businesses are not materially dependent on any one patent or license or group of related patents and licenses; however, our business success depends in part upon protecting our intellectual property rights, including proprietary technology developed or obtained through acquisitions. We rely on copyrights, patents, trademarks, trade secrets and other intellectual property laws to establish and protect our proprietary rights. If we are unable to protect our intellectual property rights, our competitive position may suffer, which could adversely affect our revenue and profitability. The continued evolution of patent law and the nature of our innovation work may affect the number of patents we are able to receive for our development efforts. As we continue to transition our business to more software and service-based offerings, patent protection of these innovations will be more difficult to obtain. In addition, from time to time, third parties may claim that we, our clients, or our suppliers, have infringed their intellectual property rights. These claims, if successful, may require us to redesign affected products, enter into costly settlement or license agreements, pay damage awards, or face a temporary or permanent injunction prohibiting us from marketing or selling certain products.

If we fail to comply with government contracting regulations, our financial performance, brand name and reputation could suffer.

We have a significant number of contracts with governmental entities. Government contracts are subject to extensive and complex procurement laws and regulations, along with regular audits and investigations by government agencies. If ~~one~~we orwere ~~more~~subjected ~~government~~to ~~agency~~a ~~discovers~~claim of contractual noncompliance by usa orgovernment ~~one~~agency ofand ~~our~~were ~~subcontractors~~found noncompliant, then we ~~may~~could be subject to various civil or criminal penalties and administrative sanctions, which could include the termination of the contract, reimbursement of payments received, fines and debarment from doing business with other government agencies. Any of these events could not only affect our financial performance, but also adversely affect our brand and reputation.

Difficulty in obtaining and protecting our intellectual property, and the risk of infringement claims by others may negatively impact our financial performance.

Our business success depends in part upon protecting our intellectual property rights, including proprietary technology developed (internally or by third party partners and subcontractors) or obtained through acquisitions. We rely on copyrights, patents, trademarks, trade secrets and other intellectual property laws to establish and protect our proprietary rights. If we are unable to protect our intellectual property rights, our competitive position may suffer, which could adversely affect our revenue and profitability. The continued evolution of patent law and the nature of our innovation work may affect the number of patents we are able to receive for our development efforts. As we continue to transition our business to more software and service-based offerings, patent protection of these innovations will be more difficult to obtain. As a result, we will rely more on copyrights and, when appropriate, trade secret protection for those software and service-based offerings. In addition, from time to time, third parties may claim that we, our clients, or our suppliers, have infringed their intellectual property rights. Although third parties also face the same difficulties in patenting software and service-based offerings, these claims, if successful, may require us to redesign affected products, enter into costly settlement or license agreements, pay damage awards, or face a temporary or permanent injunction prohibiting us from marketing or selling certain products.

We may not fully realize the anticipated benefits of strategic acquisitions and divestitures which may harm our financial performance.

Strategic acquisitions and business divestitures involve significant risks and uncertainties, which could have an adverse effect on our financial performance, including:, but not limited to, difficulties in achieving anticipated benefits or synergies. For example, many of the benefits and synergies we anticipated from our acquisitions of businesses which previously comprised our Global Ecommerce reporting segment, did not materialize. As a result, in the third quarter of 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority of this reporting segment.

•difficulties in achieving anticipated benefits or synergies;

•difficulties in integrating newly acquired businesses and operations, including combining product and service offerings and integrating financial reporting and other IT systems;

•the loss of key employees or clients of businesses acquired or divested;

•significant charges for employee severance and other restructuring costs, legal, accounting and financial advisory fees and goodwill and asset impairment charges; and

•reducing fixed costs previously associated with divested businesses

Our capital investments to develop new products and offerings may not yield the anticipated benefits.

We ~~made and are continuing to~~ make significant capital investments in new products and services to meet the evolving needs of our customers, improve and grow our business and remain competitive. If we are not successful in these new product or service introductions, or if our past capital investments ~~in facilities~~ do not yield the ~~expected~~results ~~productivity improvements, at the levels~~ anticipated when making the investments, there may be an adverse effect on our financial performance.

We are subject to risks relating to the Ecommerce Restructuring and related transactions.

On August 8, 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority our Global Ecommerce reporting segment, including a sale of 81% of the voting interests of DRF Logistics, LLC (“DRF Logistics”), which owned a majority of the Global Ecommerce segment’s net assets and operations (the “GEC Sale”). Subsequent to the GEC Sale, DRF Logistics and DRF LLC, a subsidiary of DRF Logistics (together, the “Ecommerce Debtors”), at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases, which we refer to, together with the GEC Sale and any associated transactions as the “Ecommerce Restructuring.”

The Ecommerce Restructuring culminated in the filing of the Ecommerce Debtors’ Third Amended Joint Plan of Liquidation (the “Plan”), which outlined the proposed treatment of all claims against the Ecommerce Debtors. In addition, the Plan incorporated the terms of a master settlement agreement by and between the Company and the Ecommerce Debtors (the “Settlement Agreement”), which effected the settlement and release of any and all claims the Ecommerce Debtors held against the Company. The Plan also afforded parties with claims that could potentially be asserted against both the Company and the Ecommerce Debtors (as opposed to claims against the Ecommerce Debtors alone), the opportunity to receive enhanced treatment in exchange for a voluntary release of the Company. The Plan provides that such parties who do not opt for enhanced treatment retain the right to pursue claims (if any) against the Company (the “Remaining Claims”).

On November 25, 2024, the Bankruptcy Court entered an order (the “Confirmation Order”), among other things, confirming the Plan. On December 9, 2024 (the “Effective Date”), the conditions to effectiveness of the Plan were satisfied or waived and the Ecommerce Debtors emerged from Chapter 11. There are still risks and uncertainties that may be associated with the Ecommerce Restructuring, including, among others, the length of time necessary to implement the orderly wind-down of the Global Ecommerce business associated with the Ecommerce Debtors; continuing claims asserted against the Company or its affiliates related to the Ecommerce Restructuring described in Part I, Item 3, “Legal Proceedings;” potential impacts to the Company’s reputation and relationships with its customers, vendors, employees, and other counterparties; and impacts to the Company’s liquidity, financial condition and results of operations.

The Remaining Claims may require significant effort, resources, and money to defend or could result in material losses to the Company, and such losses could have a material negative effect on the Company’s business, financial condition, liquidity and results of operations. We can provide no assurance that the Remaining Claims will be resolved in a manner that is satisfactory to the Company.

The Company incurred substantial expenses in connection with the Ecommerce Restructuring; however, actual expenses may be greater than anticipated. If the expenses associated with the Ecommerce Restructuring exceed our estimates, our business, financial condition, liquidity and results of operations could be adversely impacted.

Changes within our senior management and our Board of Directors could create uncertainties and impact our business.

We have undergone recent changes in our senior management and in the composition of our Board of Directors. These changes, and potential future changes, may create continuity risks and challenges to our ability to operate the businesses and execute our strategy. In addition, such changes may, among other things, create uncertainty among investors, customers, employees, and others concerning our future direction and performance, make it difficult to attract and retain qualified personnel.

Cybersecurity and Technology Risks

Our financial performance and our reputation could be adversely affected, and we could be subject to legal liability or regulatory enforcement actions, if we or our suppliers are unable to protect against, or effectively respond to, cyberattacks or other ~~cyber~~cybersecurity incidents.

We depend on the security of our and our suppliers' information technology systems to support numerous business processes and activities, to service our clients, and to enable consumer transactions and postal services. There are numerous cybersecurity risks to these systems, including, but not limited to, individual and group criminal hackers, industrial espionage, denial of service attacks, ransomware and malware attacks, attacks on the software supply chain, and employee errors and/or malfeasance. These cyber threats are diverse and constantly evolving, especially given the advances in, and the rise of the use of, artificial intelligence, thereby increasing the difficulty of preventing, detecting, and successfully defending against them. Successful cybersecurity breaches could, among other things, disrupt our operations or result in the unauthorized disclosure, theft and misuse of company, client, consumer and employee sensitive and confidential information, all of which could adversely affect our financial performance. Cybersecurity breaches could result in legal claims or proceedings, financial liability to other parties, governmental investigations, regulatory enforcement actions and penalties, and damage to our brand and reputation. Although we maintain insurance coverage relating to cybersecurity incidents, we may incur costs or financial losses that are either not insured against or not fully covered through our insurance. Despite the ~~fact~~implementation ~~that~~of ~~we continually implement and update measures to enhance~~ our cybersecurity ~~protections~~processes, ~~and~~our ~~minimize~~security ~~the~~measures ~~impact~~cannot ofguarantee ~~any~~that ~~potential~~a ~~attack,~~significant ~~none~~cyberattack ofwill ~~these~~not ~~measures~~occur. ~~are~~The ~~fool~~Company ~~proof~~ and ~~like~~our ~~all~~suppliers ~~companies,~~have ~~intrusions~~experienced ~~will~~certain ~~occur,~~cybersecurity ~~and~~incidents ~~have occurred~~ in the past (e.g. the previously disclosed ransomware attacks we experienced in 2019 and 2020). Our goal is to prevent meaningful incursions and minimize the overall impact of those that occur. For more information on how the Company handles cybersecurity, see Item 1C. Cybersecurity.

in 2019 and 2020). Our goal is to prevent meaningful incursions and minimize the overall impact of those that occur. For more information on how the Company handles cybersecurity, see Item 1C. Cybersecurity.

Failure to comply with data privacy and protection laws and regulations could subject us to legal liability and adversely affect our reputation and our financial performance.

Our businesses use, process, and store proprietary information and personal, sensitive, or confidential data relating to our business, clients, and employees. Privacy laws and similar regulations in many jurisdictions where we do business require that we take significant steps to safeguard that information, and these laws and regulations continue to evolve. The scope of the laws that may be applicable to us is often uncertain and may be conflicting, and the growth of our cloud-based services increases the scope and complexity of laws that might apply. In addition, new laws may add aan ~~broad~~ array of requirements on how we handle or use information and increase our compliance obligations. For example, ~~the~~India's ~~European~~Digital ~~Union~~Personal ~~greatly increased the jurisdictional reach of European Law by enacting the General~~ Data Protection ~~Regulation (GDPR)~~Act, ~~which,~~enacted ~~among~~in ~~other~~August ~~things,~~2023 ~~enhanced~~but annot ~~individual’s~~operational ~~rights~~until ~~with~~the ~~respect~~rules tohave ~~their~~been ~~information. However~~set, ~~ongoing~~is ~~litigation~~a innew ~~the~~legal ~~European~~framework ~~Union~~designed ~~on how~~ to ~~comply~~protect ~~with~~individuals' ~~GDPR~~personal ~~requirements~~data ~~continues~~and toregulates ~~create uncertainty in~~ how toorganizations ~~demonstrate~~process ~~compliance~~it, and the ~~outcome~~European ofUnion’s ~~these~~AI ~~cases~~Act ~~could~~compliments ~~impact~~and ~~how~~expands ~~companies~~transparency dorequirements ~~business~~set out in the ~~European~~General ~~Union~~Data Protection Regulation. In the United States, a growing number of states have enacted different laws regarding personal information, privacy and ~~privacy~~artificial intelligence that impose significant new requirements on consumer personal information. In some instances (e.g., California), these laws also expand the definition of consumer personal information to include information related to employees and business contacts. Some of these state laws have established independent agencies with rule making and enforcement authority, whose initial guidance, actions, and regulations remain to be determined and tested, adding additional layers of uncertainty with respect to compliance. Other countries or states have enacted and will continue to enact and amend laws or regulations in the future that have similar or additional requirements. Although we continually monitor and assess the impact of these laws and regulations, and continually update our systems to protect our data and comply with these laws, their interpretation and enforcement are uncertain, subject to change, and may require substantial costs to monitor and implement. Failure to comply with data privacy and protection laws and regulations could also result in government enforcement actions (which could include substantial civil and/or criminal penalties) and private litigation, which could adversely affect our reputation and financial performance.

authority, whose initial guidance, actions, and regulations remain to be determined and tested, adding additional layers of uncertainty with respect to compliance. Other countries or states have enacted and will continue to enact and amend laws or regulations in the future that have similar or additional requirements. Although we endeavor to continually monitor and assess the impact of these laws and regulations, and continually update our systems to protect our data and comply with these laws, their interpretation and enforcement are uncertain, subject to change, and may require substantial costs to monitor and implement. Failure to comply with data privacy and protection laws and regulations could also result in government enforcement actions (which could result in substantial civil and/or criminal penalties) and private litigation, which could adversely affect our reputation and financial performance.

If we or our suppliers encounter unforeseen interruptions or difficulties in the operation of our cloud-based applications, our business could be disrupted, our reputation and relationships may be harmed, and our financial performance could be adversely affected.

Our business relies upon the continuous and uninterrupted performance of our and our suppliers' cloud-based applications and systems to support numerous business processes, to service our clients and to support their transactions with their customers and postal services. Our applications and systems, and those of our partners, may be subject to interruptions due to technological errors, system capacity constraints, software errors or defects, human errors, computer or communications failures, power loss, adverse acts of nature and other unexpected events. We have business continuity and disaster recovery plans in place to protect our business operations in case of such events and we also require our suppliers to have the same. Nonetheless, there can be no guarantee that these plans will function as designed. If we are unable to limit interruptions or successfully correct them in a timely manner or at all, it could result in lost revenue, loss of critical data, significant expenditures of capital, a delay or loss in market acceptance of our services and damage to our reputation, brand and relationships, any of which could have an adverse effect on our business and our financial performance.

Macroeconomic and General Regulatory Risks

Periods of difficult economic conditions, other macroeconomic events, or a public health crisis could adversely affect our business.

Our operations and financial performance are impacted by the economic conditions in the United States and the other countries where we and our clients do business. Any significant or perceived weakening of these economies, reduction in business confidence or change in business or consumer spending habits, concerns of a domestic or global recession, rising inflation or interest rates, limited availability of credit, or other macroeconomic events (including public health crises and severe weather events), not within our control, may impact our clients’ businesses or reduce our ~~client~~clients’s demand for shipping and mailing products and services ~~(especially in our Global Ecommerce business, which is subject to cyclical trends in consumer sentiment~~ and ~~spending habits) and~~ thus, negatively affect our financial performance. These economic conditions, at times, have arisen and can arise suddenly, and the duration and full impact of such conditions can be difficult to predict, which could adversely impact our business, financial condition, and results of operations.

~~Future~~A ~~credit~~significant ~~rating~~decline ~~downgrades~~in cash flows, ~~capital~~changes ~~market~~in ~~disruptions,~~our ~~significant~~credit ~~decline~~ratings, incapital ~~cash~~market ~~flows~~disruptions, noncompliance with any of our debt covenants, or significant withdrawals by depositors at the Bank, could adversely affect our ability to maintain adequate liquidity, provide competitive financing services and to fund various discretionary priorities.

We provide competitive finance offerings and fund discretionary priorities, such as ~~business~~capital investments, strategic acquisitions, dividend payments and share repurchases through a combination of cash generated from operations, deposits held at the Bank and access to capital markets. Our ability to access U.S. capital markets and the associated cost of borrowing is dependent upon our credit ratings and is subject to capital market volatility. ~~Given~~We ~~our~~maintain ~~current~~a revolving credit ~~rating,~~facility to provide funding in the event we ~~may~~need ~~experience~~it, ~~reduced~~however, ~~financial~~our orability ~~strategic~~to borrow under our revolving credit facility is subject to compliance with the covenants set forth in the credit agreement governing the revolving credit facility.

12A significant decline in cash flows, changes in our credit ratings, material capital market disruptions, noncompliance with any of our debt covenants, significant withdrawals by depositors at the Bank, adverse changes to our industrial loan charter or an increase in our credit default swap spread could impact our ability to maintain adequate liquidity, which could impact our ability to provide competitive finance offerings, repay or refinance maturing debt, and fund other strategic or discretionary activities, which could adversely affect our operational and financial performance.

flexibility and higher costs when we do access the U.S. capital markets. We maintain a $500 million revolving credit facility that requires we maintain certain financial and nonfinancial covenants.

A significant decline in cash flows, noncompliance with any of the covenants under the revolving credit facility, further credit rating downgrades, material capital market disruptions, significant withdrawals by depositors at the Bank, adverse changes to our industrial loan charter or an increase in our credit default swap spread could impact our ability to maintain adequate liquidity, which could impact our ability to provide competitive finance offerings, repay or refinance maturing debt, and fund other strategic or discretionary activities, which could adversely affect our operational and financial performance.

Changes in tax rates, laws or regulations could adversely impact our financial results.

We are subject to taxes in the U.S. and in the foreign jurisdictions where we do business. Due to continuing global fiscal challenges and political conditions, tax laws and enforcement approaches have been and may continue to be subject to significant change. Changes in tax laws may be on a prospective or retroactive basis and could have a material impact ofon our tax expense and cash flows. The Organization for Economic Co-operation and Development (OECD) ~~have~~has set forth a Two-Pillar Solution fundamentally overhauling the international tax rules. Pillar One focuses on reallocation of profits while Pillar Two applies a global minimum corporate tax. The OECD has set forth Model Rules and an ambitious timeline to ensure the effective implementation of the Two-Pillar Solution. Although some jurisdictions have issued guidance or passed tax laws based on the OECD Model Rules, the final nature, timing and extent of any such tax reforms or other legislative or regulatory actions is unpredictable, and it is difficult to assess their overall effect. However, these changes could result in double tax, increase our effective tax rate and adversely impact our ~~financial results and cash flows.~~

financial results and cash flows. We continuously monitor developments and evaluate the impact these new rules are anticipated to have on our tax rate.

We are subject to tax audits in the various jurisdictions in which we operate. Given the complexity of the current and changing tax laws and regulations, tax authorities may disagree with certain positions we have taken and assess additional taxes. We regularly review the strength of our positions based on current law, court cases, rulings and proposed legislative changes to determine the appropriateness of our tax provision, however, there can be no assurance that we will accurately predict the outcomes of these audits, which could have a material impact on our effective tax rate and adversely impact our financial results and cash flows.

Our Global Ecommerce segment is exposed to increased foreign exchange rate fluctuations.

The sales generated from many of our clients who use our cross-border services are exposed to foreign exchange rate fluctuations. Currently, merchants using our cross-border services are located primarily in the U.S. and the U.K. and a majority of consumers making purchases through these platforms are in a limited number of foreign countries. The current strength of the U.S. Dollar relative to currencies in the countries where we do the most business continues to impact our client’s ability to compete internationally as the cost of similar international products improved relative to the cost of U.S. retailer’s products. This in turn, adversely affected Global Ecommerce’s revenue and profitability during the past two years. If the strength of the U.S. dollar continues, or if the British Pound were to strengthen relative to other currencies, our retailers may continue to experience a decrease in international sales volumes, which, in turn would adversely affect this segment’s revenue and profitability.

Our operations and financial performance may be negatively affected by changes in trade policies, tariffs and regulations.

~~Our~~In ~~Global~~recent ~~Ecommerce~~years, ~~segment~~the isUnited ~~subject~~States toincreased ~~significant~~tariffs ~~trade~~for ~~regulations,~~certain ~~taxes~~goods, ~~and~~which ~~duties~~triggered ~~throughout~~other ~~the~~nations ~~world.~~to ~~Any~~also ~~changes~~increase totariffs ~~these~~on ~~regulations~~certain ~~could~~of ~~potentially~~their ~~impose~~goods. These increased ~~documentation~~tariffs ~~and~~resulted ~~delivery~~in ~~requirements,~~additional ~~delay~~costs ~~delivery~~on ~~times~~certain ~~and~~components ~~subject~~used usin tosome ~~increased~~of ~~costs~~our ~~and~~SendTech ~~additional~~products. ~~liabilities~~In addition, ~~which~~there ~~could~~is ~~adversely~~currently ~~affect~~significant ~~our~~uncertainty ~~financial~~about ~~performance. Within~~ the ~~last~~future ~~four~~relationship ~~years,~~between the United States ~~increased~~and ~~tariffs~~various ~~for~~other ~~certain goods~~countries, ~~which~~including ~~triggered~~changes ~~other~~arising ~~nations~~as toa ~~also~~result ~~increase~~of ~~tariffs~~the onnew ~~certain~~presidential ofadministration ~~their~~with ~~goods.~~respect ~~For~~to ~~our~~trade ~~Global~~policies, ~~Ecommerce~~treaties, ~~segment~~tariffs, ~~tariff increases~~taxes, orand ~~even~~other anlimitations ~~environment~~on ofcross-border ~~uncertainty~~operations. ~~surrounding~~Changes in tariffs, trade ~~issues~~barriers, ~~could~~price ~~reduce~~and ~~demand~~exchange controls and ~~adversely~~other ~~affect~~regulatory ~~its~~requirements ~~financial~~could ~~performance.~~have ~~For~~an ~~our~~adverse ~~SendTech~~effect ~~Solutions~~on ~~segment~~our business, ~~increased~~prospects, ~~tariffs~~financial ~~resulted~~condition inand ~~additional~~operating ~~costs~~results, onthe ~~certain~~extent ~~components~~of ~~used~~which incannot ~~some~~be ofpredicted ~~our~~with ~~products.~~certainty at this time.

If we do not keep pace with ~~evolving~~changing expectations and regulations in the areas of ~~Environmental, Social and Governance (~~ESG~~) and address the potential impact of climate change on our costs and operations~~, our reputation and results of operations may be adversely affected.

The set of topics incorporated within the term ESG in general, ~~and~~including climate change in particular, cover a range of issues that pose potential risks to our operations. Companies across all industries are facing increased scrutiny from stakeholders related to their ESG practices. From an environmental perspective, the impact of climate change and a potential increase in ~~extreme~~severe weather events may pose risk to the operation of our sortation facilities, ~~and~~while ~~the~~changes ~~ability~~in regulation relating to ~~transport~~climate ~~mail~~change and ~~packages.~~other ~~The~~aspects ~~increased~~of ~~focus~~ESG, onincluding ~~alternative~~different ~~energy~~regulatory ~~sources~~requirements ~~and~~in different locations where we operate, may change the ~~need~~cost toof ~~reduce~~compliance ~~our~~for, ~~carbon~~among ~~footprint~~other ~~over~~things, ~~time~~collecting, ~~could~~assuring ~~result~~and inreporting ~~higher~~information ~~investments~~regarding inour ~~capital~~ESG ~~spending~~impacts and ~~increased~~risk ~~operational costs~~management. There are also a series of laws related to product stewardship and waste disposal to which we need to comply. From a “social” perspective, a failure to meet employee expectations ~~around safety and diversity, equity and inclusion~~ could impact our ability to recruit new employees and retain talent~~. Finally~~, ~~from~~and afailure ~~“governance”~~to ~~perspective,~~manage ifany wereputational dorisks ~~not~~associated with social or environmental matters could negatively impact our business.

13Public statements with respect to ESG matters, such as emission reduction goals, other environmental targets, or other commitments addressing certain social issues, are becoming increasingly subject to heightened scrutiny from public and governmental authorities related to the risk of potential “greenwashing,” i.e., misleading information or false claims overstating potential ESG benefits. On the other hand, the Company could face criticism for pursuing certain environmental or social initiatives that are alleged to be political or polarizing in nature and could subject the Company to pressure in the media or through other means, which could adversely affect our reputation and results of operations, or could impact our ability to obtain or retain business with, or overseen by, the US federal government or any relevant agencies.

maintain good governance processes in general or do not satisfy investor stakeholder expectations on ESG, our reputation and attractiveness to portions of the investment community could be adversely affected.

Shareholder Activism Risks

Our business could be negatively affected as a result of shareholder activism.

We value constructive input from investors and regularly engage with our stockholders regarding strategy and performance. Although our Board of Directors and management team are committed to acting in the best interests of all our stockholders, there is no assurance that the results of actions taken by our Board of Directors and management team will be successful.

InWe ~~2023,~~have ~~Hestia~~been ~~Capital~~and ~~Partners,~~may LPcontinue ~~(collectively~~to ~~with~~be ~~its~~subject ~~affiliates,~~to ~~“Hestia”)~~shareholder ~~ran~~activism ain ~~proxy~~the ~~contest~~future. ~~seeking~~For ~~the~~example, ~~election~~on ofJanuary ~~five~~31, of2024, ~~its~~we ~~nominees~~entered tointo ~~our~~a ~~Board~~cooperation ofagreement ~~Directors~~with atHestia ~~the~~Capital ~~2023~~Partners, ~~annual~~LP ~~meeting~~and certain of ~~stockholders~~its (affiliates. Pursuant to the ~~“2023~~cooperation ~~Annual~~agreement, ~~Meeting”).~~we Atincreased the ~~2023~~size ~~Annual~~of ~~Meeting~~our ~~held~~Board onof ~~May~~Directors 9,by ~~2023~~two seats, ~~our~~appointed ~~stockholders~~two ~~voted~~nominees to ~~elect~~our ~~four~~Board ~~directors~~of ~~nominated~~Directors, byand ~~Hestia~~agreed to ~~serve~~other onterms ~~our~~and ~~Board~~customary ofstandstill ~~Directors~~provisions. ~~Any~~Currently, ~~qualifying~~Lance ~~stockholder~~Rosenzweig ~~may~~and ~~conduct~~Paul aEvans ~~proxy~~serve ~~contest~~as indirectors pursuant to the ~~future~~Cooperation Agreement. Responding to proxy contests, including related litigation and settlement of prior activism, can be costly, time-consuming, result in further turnover of our Board of Directors, disrupt our operations and divert the attention of management, Board of Directors and employees. All of this could adversely affect our results of operations and financial condition, as well as the market performance of our securities.

Additionally, perceived uncertainties as to our future direction or changes to the composition of our Board of Directors as a result of activist stockholders, may lead to the perception of an adverse change in the direction of our business, instability or lack of management or oversight continuity. These uncertainties may be more acute or heightened if an activist stockholder seeks to change a majority of our Board of Directors. Actions by activist stockholders may be exploited by our competitors and/or other activist stockholders, cause concern to customers, employees, investors, rating agencies, strategic partners and other constituencies, which could result in lost sales and business opportunities, make it more difficult to attract and retain qualified personnel and business partners and adversely impact our ability to access capital markets at reasonable costs. Further, actions of activist stockholders may cause significant fluctuations in our stock price based on temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying fundamentals and prospects of our business.

cause significant fluctuations in our stock price based on temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying fundamentals and prospects of our business.

As of the date of this filing, our nomination deadline has passed and no shareholders have nominated director candidates to oppose incumbent directors at this year's annual meeting.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

A comprehensive cybersecurity program is critical to achieving our business goals. Like all companies in today’s world, we face a multitude of cybersecurity threats that range from ransomware, and denial-of-service, to attacks from more advanced nation state actors, and even insider threats. Likewise, our customers, suppliers, subcontractors and partners face similar cybersecurity threats, and a cybersecurity incident impacting us or any of these entities could materially adversely affect our business operations and financial performance. These cybersecurity threats and related risks make it imperative that we expend considerable resources to safeguard our organization’s assets and to prevent service disruptions or minimize the impact should an incident occur. Our processes for assessing, identifying, and managing material risks from cyberecurity threats are described below. These cybersecurity risk managment processes are integrated into our overall risk management system.

The Audit Committee of the Board of Directors oversees the Company's technology functions, including management’s processes for identifying and mitigating risks, including cybersecurity risks, to help align our risk exposure with our strategic objectives. Senior technology leadership, including our Chief Information Security Officer (CISO), briefs the Audit Committee ofand the full Board of Directors on our cybersecurity and information security posture ~~semi-annually~~on ~~and~~a onregular ancadence. asIn ~~needed~~addition ~~basis~~to ~~and~~this ~~the~~regular ~~full~~reporting, ~~Board~~cybersecurity ofrisks ~~Directors~~or isthreats ~~apprised~~may also be escalated to the Audit Committee on an ~~annual~~as-needed basis. In the event of an incident, we strive to follow our detailed incident response playbook, which outlines the steps to be taken from incident detection to mitigation, recovery ~~and notification~~, ~~including~~escalation ~~notifying~~to ~~functional~~senior ~~areas (e.g. legal)~~management, ~~customers,~~the asBoard ~~well~~of asDirectors, ~~senior~~and ~~leadership~~functional areas, and ~~the~~notification ~~Board,~~to incustomers ~~each~~and ~~case,~~employees as appropriate.

Our information security organization is led by the CISO, who is responsible for our overall information security strategy, policy, security engineering, product security, operations and ~~cyber~~cybersecurity threat detection and response. The ~~Vice~~CISO ~~President~~has of32 ~~Product~~years ~~Security (VP~~ of ~~Product~~experience ~~Security)~~serving ~~provides~~in ~~additional~~various expertise and focus attempting to ensure the integrity and resiliency of the products and services we provide to our customers. Combined, the CISO and VP of Product Security possess over 50 years of deep information technology, ~~cyber security, program management, and risk experience~~roles. The information security organization manages and continually enhances aan ~~robust~~ enterprise security structure with the goal of preventing cybersecurity incidents to the extent feasible, while simultaneously increasing our system and product resilience in an effort to minimize the business impact should an incident occur. Our cybersecurity program attempts to follow the National Institute of Standards and Technology (NIST) Cybersecurity Framework principles. We also strive to maintain ISO certification and assurance reporting under AICPA SOC2 for several of our systems and products. We have adopted a risk-based management process ~~used~~ to define, manage, and prioritize controls required to maintain the integrity and availability of our digital assets. Employees outside of our ~~corporate~~ information security organization also have a role in our cybersecurity defenses and are required to receive periodic cybersecurity training, which we believe improves our overall cybersecurity posture.

14We have also extended our cybersecurity governance to our operational business executives. Technical leadership periodically presents an assessment of mission critical information assets, those that would cause significant business, customer, or employee impact to the appropriate senior management executives. This is a formal assessment which describes the underlying cyber posture, mitigation plan, and commitments. It ensures that the cybersecurity program in the business unit is progressing against its goals and new risks are operationally prioritized. In addition, the CISO meets with leaders from the Company's legal, IT, and internal audit organizations to ensure alignment with privacy, regulations, legal compliance and audit plans.

We rely heavily on third party partners (i.e. suppliers, subcontractors, consultants, etc.) to support our products, business operations and ~~they~~technology ~~are~~services, ~~immersed~~and ina cybersecurity incident at a ~~corporate~~partner ~~culture~~could materially adversely impact us. Where possible, we include information security provisions, audit rights and ~~periodic~~insurance ~~training~~requirements, ~~supportive~~in contracts with these partners based on their level of ~~security~~access to our systems and data. For our most critical partners, ~~which~~where possible, we ~~believe~~attempt ~~improves~~to pursue an annual attestation of ongoing compliance to our ~~overall~~standard ~~cybersecurity~~policies ~~posture~~and practices. For select partners, we engage third party cybersecurity monitoring and alerting services, and seek to work directly with those partners to address potential deficiencies identified.

WeGiven ~~have~~the ~~also~~constantly ~~extended~~evolving ~~our~~cyber-threat ~~cybersecurity~~landscape, ~~governance~~as towell ~~our~~as ~~operational~~the ~~business~~previously ~~executives.~~disclosed ~~Mission~~ransomware ~~critical~~attacks ~~information~~we ~~assets~~experienced in 2019 and 2020, ~~those~~we ~~that~~continuously ~~would~~test ~~cause~~and ~~significant~~evolve ~~business,~~our ~~customer,~~cybersecurity orprogram. We ~~employee~~engage ~~impact,~~internal ~~are~~security ~~periodically~~team ~~presented~~experts bywho ~~technical~~perform ~~leadership~~‘ethical tohacks’ ~~the~~against ~~appropriate~~our ~~senior~~information ~~management~~assets ~~executive~~to uncover risks. ~~This~~As ispart of its risk based annual audit plan, our internal audit team reviews a ~~formal~~number ~~assessment~~of ~~which~~components ~~describes~~of ~~the~~our ~~underlying~~information ~~cyber~~technology ~~posture~~operations, ~~mitigation~~which ~~plan~~taken together, ~~and~~comprise ~~commitments~~our cybersecurity defenses. InA ~~addition,~~report ~~the~~of ~~Company’s~~its ~~Privacy~~findings ~~and~~is ~~Cybersecurity~~distributed ~~Steering~~to ~~committee,~~certain ~~which~~members isof ~~co-led~~management byand completion of the ~~CISO~~auditor's comments is tracked and reported up to the VPAudit ofCommittee. ~~Product~~We ~~Security~~also ~~and~~engage ~~comprised~~third ofparty ~~leaders~~service ~~from~~providers ~~the~~to ~~Company’s~~conduct ~~information~~evaluations ~~technology~~of our security controls, ~~innovation~~whether through penetration testing, ~~legal~~independent ~~and~~audits ~~internal~~or ~~audit~~consulting ~~organizations,~~on ~~meets~~best ~~periodically~~practices to ~~ensure~~address ~~the~~new ~~overall~~challenges. ~~Cybersecurity~~These ~~Program~~evaluations isinclude ~~progressing~~testing ~~against~~both ~~its~~the ~~goals~~design and ~~new~~operational ~~risks~~effectiveness ~~are~~of ~~operationally~~security ~~prioritized~~controls.

We rely heavily on third parties to support our products, business operations and technology services, and a cybersecurity incident at a supplier, subcontractor or partner could materially adversely impact us. Where possible, we endeavor to include information security provisions, audit rights and insurance requirements, in contracts with our suppliers and third-parties based on their level of access to our systems and data. For our most critical suppliers, where possible, we attempt to pursue an annual attestation of ongoing compliance to our standard policies and practices. For select suppliers, we engage third-party cybersecurity monitoring and alerting services, and seek to work directly with those suppliers to address potential deficiencies identified.13

~~Given the constantly evolving cyber-threat landscape~~Assessing, ~~as well as the previously disclosed ransomware attacks we experienced in 2019 and 2020~~identifying, ~~we continuously test~~ and ~~evolve~~managing ~~our~~ cybersecurity ~~program. We~~related ~~engage~~risks ~~internal~~are ~~security~~integrated ~~team~~into ~~experts~~our ~~who~~overall ~~perform~~enterprise ~~‘ethical~~risk ~~hacks’~~management ~~against~~(ERM) ~~our~~process. ~~information~~Cybersecurity ~~assets~~related ~~to uncover~~ risks. Asare ~~part~~included ofin ~~its~~the risk ~~based~~universe ~~annual~~that ~~audit plan,~~ our ~~internal~~ERM ~~audit~~process ~~team~~evaluates ~~reviews~~to aassess ~~number~~top ofrisks ~~components of our information technology operations, which taken together, comprise our cybersecurity defenses. A report of its findings is distributed~~ to ~~certain members of management and completion of~~ the ~~auditor's~~enterprise ~~comments~~on isan ~~tracked~~annual ~~and~~basis. ~~reported~~To ~~up to~~ the ~~Audit~~extent ~~Committee of~~ the ~~Board.~~ERM Weprocess ~~also~~identifies ~~engage~~a ~~third-party~~heightened ~~service~~cybersecurity ~~providers~~related torisk, ~~conduct~~risk ~~evaluations~~owners ofare ~~our~~assigned ~~security~~to ~~controls,~~develop ~~whether~~risk ~~through~~mitigation ~~penetration testing~~plans, ~~independent~~which ~~audits~~are orthen ~~consulting~~tracked ~~on best practices~~ to ~~address new challenges~~completion. ~~These~~The ~~evaluations~~ERM ~~include~~process ~~testing~~annual ~~both~~risk ~~the~~assessment ~~design~~is ~~and~~presented ~~operational~~to ~~effectiveness~~the ofAudit ~~security controls~~Committee.

~~Assessing,~~As ~~identifying,~~of ~~and~~the ~~managing~~date ~~cybersecurity~~of ~~related~~this ~~risks~~report, ~~are~~the ~~integrated~~Company ~~into~~has ~~our~~not ~~overall~~identified ~~enterprise~~any ~~risk~~cybersecurity ~~management~~threats ~~(ERM)~~that ~~process.~~have ~~Cybersecurity~~materially ~~related~~affected ~~risks~~or are ~~included~~reasonably inlikely ~~the~~to ~~risk~~have ~~universe~~a ~~that~~material ~~our~~effect ~~ERM~~on ~~process~~the ~~evaluates~~organization. toThe ~~assess~~Company ~~top~~and ~~risks~~its toservice ~~the~~providers ~~enterprise~~have onexperienced ancyberattacks ~~annual~~in ~~basis.~~the Topast, which the ~~extent~~Company ~~the~~believes ~~ERM~~have ~~process~~thus ~~identifies~~far abeen ~~heightened~~mitigated ~~cybersecurity~~by ~~related~~preventative, ~~risk~~detective, ~~risk~~and ~~owners~~responsive ~~are~~measures ~~assigned~~put toin ~~develop~~place. ~~risk~~Notwithstanding ~~mitigation~~the ~~plans~~cybersecurity protections we have in place, ~~which~~we ~~are~~may ~~then~~not ~~tracked~~be tosuccessful ~~completion.~~in ~~The~~preventing ~~ERM~~or ~~process~~mitigating ~~annual~~a ~~risk~~cybersecurity ~~assessment~~incident isthat ~~presented~~could tohave ~~the~~a ~~Audit~~material ~~Committee~~adverse ofeffect ~~the~~on ~~Board~~us. See Item 1A. “Risk Factors” for a discussion of ~~Directors~~cybersecurity risks.

Notwithstanding the cybersecurity protections we have in place, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. See Item 1A. “Risk Factors” for a discussion of cybersecurity risks.

ITEM 2. PROPERTIES

We lease numerous facilities worldwide, including administrative offices, ~~fulfillment centers, parcel operations and~~ mail sortation facilities, service locations, data centers and call centers. Our corporate headquarters is located in Stamford, Connecticut.

Our ~~Global Ecommerce segment leases three fulfillment centers that comprise the majority of our fulfillment operations. Our Global Ecommerce and~~ Presort Services ~~segments~~segment ~~conduct~~conducts ~~parcel operations and~~ mail sortation operations through a network of ~~approximately~~33 45 operating centers throughout the United States. Our SendTech Solutions segment leases a manufacturing and distribution facility in ~~Indianapolis~~Indiana. This facility is significant as it stores a majority of the SendTech Solutions products, supplies and inventories.

Should any facility be unable to function as intended for an extended period of time, our ability to service our clients and operating results could be impacted.

We conduct our research and development activities in facilities located in Noida and Pune, India, Bielsko-Biala, Poland, ~~Austin, Texas~~ and Shelton, Connecticut. Management believes that our facilities are in good operating condition, materially utilized and adequate for our current business needs.

ITEM 3. LEGAL PROCEEDINGS

See Note 1516 Commitments and Contingencies to the Consolidated Financial Statements for additional information.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

1514

PART II

ITEM 5. MARKET FOR THE COMPANY'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Our common stock is principally traded on the New York Stock Exchange (NYSE) under the symbol "PBI". At January 31, ~~2024~~2025, we had 11,~~860~~333 common stockholders of record.

Dividends and Share Repurchases

We have historically paid a quarterly dividend to our shareholders. ~~Each quarter, our Board of Directors considers our recent and projected earnings and other capital needs and priorities in deciding whether to approve a dividend.~~ We expect to continue to pay a quarterly dividend ~~of $0.05 per share~~; however, our Board of Directors may decide to increase, or decrease ~~this amount~~ or to not approve the payment of a dividend at any time. WeIn ~~may~~February ~~repurchase~~2025, ~~shares of~~ our ~~common~~Board ~~stock~~of toDirectors ~~manage~~increased the ~~dilution~~quarterly ~~created~~dividend byto ~~shares issued under employee stock plans and for other purposes~~$0.06 Weper ~~did not repurchase any additional shares of our common stock in 2023~~share.

On February 11, 2025, our Board of Directors authorized a new $150 million share repurchase program. In connection with the new share repurchase program, the Board of Directors terminated and replaced our prior share repurchase program authorized on February 4, 2019. Purchases by the Company under the new share repurchase program may be made from time to time in open market or private transactions in such manner as may be deemed advisable from time to time (including, without limitation, pursuant to one or more 10b5-1 trading plans, accelerated share repurchase programs, and any other method that the Company may deem advisable) and may be discontinued at any time. We may also repurchase shares of our common stock to manage the dilution created by shares issued under employee stock plans and for other purposes. We did not repurchase any shares in 2024.

Stock Performance Graph

~~The~~We ~~accompanying~~revised ~~graph~~our ~~shows the annual change in the value of a $100 investment in Pitney Bowes Inc., the Standard and Poor's (S&P) SmallCap 600 Composite Index and a~~ peer group ~~over~~from alast ~~five-~~year ~~period~~to ~~assuming~~include ~~the reinvestment of dividends. Our peer group consists of publicly traded~~ companies ~~similar~~to ~~in size and/or complexity that best~~ align with our ~~current~~changing ~~businesses.~~business ~~The composition of our peer group is the result of the Compensation Committee's independent compensation consultant's recommendations~~offerings. ~~As such, the composition of our peer group could change year-over year.~~

Our ~~2023~~new peer group ~~was~~is ~~updated~~comprised ~~from~~of: ~~2022~~ACCO toBrands ~~include~~Corporation, ~~one~~Bread ~~additional~~Financial ~~company~~Holdings, Inc., ~~The~~Cimpress ~~inclusion~~plc, ofCSG ~~this~~Systems ~~company~~International, ~~did~~Inc., ~~not~~Deluxe ~~impact~~Corporation, ~~the~~Diebold ~~total~~Nixdorf, ~~shareholder~~Incorporated, ~~return~~E2open ofParent ~~our~~Holdings, ~~peer~~Inc., ~~group~~HNI Corporation, Matthews International Corporation, McGrath RentCorp, Quad/Graphics, Inc., Sabre Corporation, TTEC Holdings, Inc. and Unisys Corporation.

Our peer group for 2023 iswas comprised of: ACCO Brands Corporation, Avery Dennison Corporation, Cimpress plc, Bread Financial Holdings, Inc., Deluxe Corporation, Diebold Nixdorf, Incorporated, Etsy, Inc., Fidelity National Information Services, Inc., Fiserv, Inc., GXO Logistics, Inc., Hub Group, Inc., NCR Corporation, Overstock.com, Inc., Rockwell Automation, Inc., Ryder System, Inc., Schneider National, Inc., The Western Union Company, W.W. Grainger, Inc. and Xerox Holdings Corporation.

OnThe aaccompanying ~~total~~graph ~~return~~shows ~~basis,~~the aannual ~~$100~~change ~~investment~~in onthe ~~December~~value ~~31,~~of ~~2018,~~a $100 investment in Pitney Bowes Inc., the Standard and Poor's (S&P) SmallCap 600 Composite Index, and ~~our~~a peer group ~~would~~over ~~have~~a ~~been~~five-year ~~worth~~period ~~$93,~~assuming ~~$169~~the ~~and~~reinvestment ~~$144~~of ~~respectively,~~dividends. The composition of our peer group is developed by our Compensation Committee based on ~~December 31,~~recommendations ~~2023~~from their independent compensation consultant.

All information is based upon data independently provided to us by Standard & Poor's Corporation and is derived from their official total return calculation. Total return for the S&P SmallCap 600 Composite Index and our peer group is based on market capitalization, weighted for each year. The stock price performance is not necessarily indicative of future stock price performance.15

The above graph was determined by an independent third party. On a total return basis, a $100 investment on December 31, 2019, in Pitney Bowes Inc., the S&P SmallCap 600 Composite Index, our new peer group and our old peer group would have been worth $223, $149, $63 and $131 respectively, on December 31, 2024.

Total return for the S&P SmallCap 600 Composite Index and our peer group is based on market capitalization, weighted for each year. The stock price performance is not necessarily indicative of future stock price performance.

ITEM 6. [RESERVED]

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS

RESULTS OF OPERATIONS

The following discussion of our financial condition and operating results should be read in conjunction with our risk factors, consolidated financial statements and related notes. This discussion includes forward-looking statements based on management's current expectations, estimates and projections and involves risks and uncertainties. Actual results may differ significantly from those currently expressed. A detailed discussion of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements is outlined under "Forward-Looking Statements" and "Item 1A. Risk Factors" in this Form 10-K. All table amounts are presented in thousands of dollars.

AStrategic discussion of our financial condition and results of operations for the year ended December 31, 2021, can be found under Item 7 “Management's Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 17, 2023.Initiatives

~~OUTLOOK~~We have been undergoing a strategic transformation over the past year, which focused on four strategic initiatives: the Ecommerce Restructuring (described in Recent Developments below); cost rationalization including identifying certain cost reductions (described in Results of Operations below) and cash optimization to reduce go-forward cash needs and balance sheet deleveraging (described in Liquidity and Capital Resources below).

WeRecent expect consolidated revenue to be flat to a low single-digit decline and EBIT margins to be relatively flat in 2024 compared to 2023. Within SendTech Solutions, we expect revenue and EBIT declines due in part to lower equipment sales as initial lease terms of prior equipment sales expire and customers are expected to renew these leases for a fixed term rather than purchase new equipment. We also expect revenue to decline due to lower meter populations due to the migration to cloud-based solutions. These declines will be partially offset by higher shipping revenues. Developments

~~Within~~On ~~Presort~~August ~~Services~~8, 2024, we ~~anticipate~~entered ~~total~~into ~~volumes~~a series of transactions designed to befacilitate ~~relatively~~an ~~flat~~orderly wind-down of a majority the Company’s Global Ecommerce reporting segment. In connection with the wind-down, an affiliate of Hilco Commercial Industrial, LLC (“Hilco”) subscribed for 81% of the voting interests in ~~2024~~the ~~compared~~subsidiary, toDRF ~~2023~~Logistics, ~~but~~LLC ~~revenue~~owning toa ~~benefit~~majority ~~slightly~~of ~~from~~the ~~increased~~Global ~~workshare~~Ecommerce ~~discounts.~~segment’s Wenet ~~expect~~assets ~~margin~~and operations (DRF Logistics, LLC and ~~profit~~its subsidiary, DRF LLC, the “Ecommerce Debtors”) for de minimis consideration (the “GEC Sale”), with a subsidiary of Pitney Bowes retaining 19% of the voting interests and 100% of the economic interests. Subsequent to ~~remain~~the ~~relatively~~GEC ~~flat~~Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to ~~slightly~~commence ~~higher~~Chapter ~~compared~~11 bankruptcy cases and conduct an orderly wind down of the Ecommerce Debtors (the “GEC Chapter 11 Cases”). We refer to the ~~prior~~GEC ~~year~~Sale, the GEC Chapter 11 Cases and any associated transactions as the “Ecommerce Restructuring”.

~~Within~~In ~~Global~~connection ~~Ecommerce~~with the GEC Chapter 11 Cases, we ~~expect~~entered ~~revenue~~into ~~growth~~a inRestructuring ~~domestic~~Support ~~parcel~~Agreement ~~services~~(the ~~driven~~“RSA”) bywith ~~increased~~the ~~volumes,~~Ecommerce ~~partially~~Debtors ~~offset~~to byprovide ~~lower~~for, ~~revenue~~among ~~from~~other ~~cross~~things, an orderly wind-~~border~~down of the Ecommerce Debtors, shared services. Webetween ~~anticipate~~the ~~margin~~Company and ~~profit~~the ~~improvements~~Ecommerce ~~compared~~Debtors for a period of time, a global settlement between the Company and the Ecommerce Debtors, and a senior secured, super-priority debtor-in-possession term loan (the “DIP Facility”) in an aggregate principal amount of up to ~~2023~~$47 million.

WeIn ~~continue~~addition, tothe ~~make~~Company ~~progress~~and onthe ~~our~~Ecommerce ~~worldwide~~Debtors ~~restructuring~~entered ~~program~~into ~~and~~a ~~expect~~master tosettlement ~~realize~~agreement ~~annualized~~(the ~~cost~~“Settlement ~~savings~~Agreement”), ofwhich ~~$75-$85~~contemplates ~~million by~~ the ~~end~~separation of ~~2024,~~the arelationship ~~portion~~and oftransactions ~~which~~among ~~was~~the ~~realized~~Company inand ~~2023.~~its ~~However,~~subsidiaries weand ~~also~~the ~~expect~~Ecommerce ~~higher~~Debtors, ~~interest~~including ~~costs~~the settlement and ~~the~~release ~~restoration~~ of ~~variable~~claims ~~compensation~~the ~~costs~~Ecommerce inDebtors ~~2024~~may tohave ~~significantly~~against ~~offset~~the ~~these savings~~Company.

~~See~~On ~~our~~November ~~Forward-Looking~~25, ~~Statements~~2024, ~~under~~the ~~Part~~Bankruptcy ICourt onconfirmed ~~page~~the 3Ecommerce Debtors' Third Amended Joint Plan of Liquidation (the "Plan") which incorporated the terms of the RSA and ~~Risk~~approved ~~Factors~~the ~~under~~Settlement ~~Item~~Agreement. 1AOn ~~for~~December ~~certain~~9, ~~factors~~2024, ~~some~~the ~~beyond~~Plan ~~our~~became ~~control~~effective in accordance with its terms, ~~which~~substantially ~~could~~consummating ~~adversely~~the ~~impact~~separation ~~our~~of ~~2024~~the ~~results~~Company from the Ecommerce Debtors. As of the end of 2024, approximately $120 million of cash costs related to the Ecommerce Restructuring have been paid.

As a result of the Ecommerce Restructuring, certain revenues, expenses, assets and liabilities are now reported as discontinued operations in our Consolidated Financial Statements. Amounts of the former Global Ecommerce segment that did not qualify for discontinued operations treatment primarily relate to operations that were dissolved or sold, certain shared services functions and a cross-border services contract. Prior periods have been recast to conform to the current period presentation. For segment reporting purposes, the remaining portion of Global Ecommerce in continuing operations is now reported as "Other." See Note 4 for further information.

Outlook

Within SendTech Solutions, mailing-related revenues are expected to decline driven by lower meter populations and a higher mix of lease extensions versus new lease sales. We expect this decline to be partially offset by growth in our shipping offerings, particularly our SaaS solutions. The shift to lease extensions versus new lease sales will result in declining equipment sales in the near term; however, lease extensions will provide more stable and continued cash flows over the lease term.

Within Presort Services, we expect revenue and margin improvements due to higher revenue-per-piece and lower costs driven by the investments made in automation and technology to drive efficiencies and improve productivity.

RESULTS OF OPERATIONS

OVERVIEW OF CONSOLIDATED RESULTS

Factors Affecting Comparability

Certain transactions and changes occurred in 2022 that impact the comparability to our 2023 financial results. These transactions and changes include:

•the sale of our Borderfree cross-border ecommerce solutions business (Borderfree) in July 2022. Accordingly, reported revenue and costs for the twelve months ended December 31, 2022 include six months of revenue and costs for Borderfree. Net income of Borderfree for these periods was not significant.

•a change in the presentation of revenue for digital delivery services effective October 1, 2022, from a gross basis to a net basis. Accordingly, in 2023, revenue and costs of revenue for certain digital delivery services are reported on a net basis as business services revenue; whereas in 2022, revenue and cost of revenue for these services through September 30 were reported as business services revenue and cost of business services, respectively. The change primarily impacts our Global Ecommerce segment.

Constant Currency

In the tables below, we report the change in revenue on a reported basis and a constant currency basis. Constant currency measures exclude the impact of changes in currency exchange rates from the prior period under comparison. We believe that excluding the impacts of currency exchange rates provides ~~investors with~~ a better understanding of the underlying revenue performance. Constant currency change is calculated by converting the current period non-U.S. dollar denominated revenue using the prior year’s exchange rate.

currency change is calculated by converting the current period non-U.S. dollar denominated revenue using the prior year’s exchange rate.

Financial Results Summary:

	Years Ended December 31,
					Favorable/(Unfavorable)
	2023		2022		Actual % Change		Constant Currency % change
	2024		2023		Actual % Change		Constant Currency % change
Total revenue	$	32,~~266~~026,~~348~~598	$	32,~~538~~078,~~042~~925	(83)	%	(82)	%
Total costs and expenses	32,~~672~~078,~~850~~925		32,~~498~~122,~~162~~845		~~(5)~~2	%
(Loss) income before taxes	(406,502)		39,880		>(100%)
Loss from continuing operations before income taxes	(52,327)		(43,920)		(19)	%
(Benefit) provision for income taxes	(20154,~~875~~829)		217,~~940~~347		>100%
Net (loss) income	$	(385,627)	$	36,940	>(100%)
Income (loss) from continuing operations	102,502		(61,267)		>100%
Loss from discontinued operations, net of tax	(306,099)		(324,360)		6	%
Net loss	$	(203,597)	$	(385,627)	47	%

Revenue decreased $~~272~~52 million in ~~2023~~2024 compared to ~~the~~2023 ~~prior year~~ primarily due to alower ~~decrease~~support ~~in business~~ services revenue of $~~205~~36 million ~~(see~~and ~~Factors Affecting Comparability above),~~ lower equipment sales of $3136 million, ~~and~~partially ~~lower~~offset ~~support~~by higher business services revenue of $2728 million.

Total costs and expenses ~~increased~~decreased $~~175~~44 million compared to the prior year period primarily due to the following:

•Costs of revenue (excluding financing interest expense) decreased $~~225~~84 million primarily due to lower cost of business services of $~~178~~45 million, ~~(see~~lower ~~Factors~~cost ~~Affecting~~of ~~Comparability~~equipment ~~above)~~sales of $20 million and lower cost of ~~equipment~~support ~~sales~~services of $3014 million.

•SG&A expense ~~declined~~decreased $864 million compared to the prior year. ~~This decrease was~~ primarily driven by lower ~~professional~~employee-related ~~fees~~costs of $10 million, ~~salaries~~due to lower salary expense of $840 million, ~~credit~~from ~~cards~~headcount ~~fees~~reductions ofpartially $8offset ~~million,~~by ~~amortization~~higher ~~expense~~variable compensation of $833 million and ~~stock~~a ~~based~~favorable ~~compensation~~impact ~~expense~~ of $716 million, ~~partially~~from ~~offset~~the ~~by proxy~~revaluation ~~solicitation~~of ~~fees~~intercompany ofloans. ~~$11~~SG&A ~~million,~~expense ~~higher~~also ~~variable~~benefited ~~compensation~~from ~~expense~~overall ofcost $9savings ~~million,~~initiatives ~~higher~~that ~~credit~~resulted ~~loss~~in ~~provision~~expense savings of approximately $838 million ~~and~~from ~~non-cash~~savings ~~foreign~~in ~~currency~~areas ~~revaluation~~such ~~losses~~as onmarketing, ~~intercompany~~travel, ~~loans~~real ofestate $6and ~~million~~insurance.

•Restructuring charges increased $4325 million compared to the prior year period primarily driven by actions taken under the 2023 ~~Plan~~and 2024 Plans.

•~~Aggregate~~A ~~non-cash~~$124 million goodwill impairment ~~charges~~charge ~~totaling~~in ~~$339~~the ~~million~~prior ~~associated~~year ~~with~~related ~~our~~to certain operations of the former Global Ecommerce ~~reporting~~segment ~~unit.~~that ~~See~~were ~~Note~~sold 8or dissolved prior to ~~the~~2024 ~~Consolidated~~and ~~Financial~~did ~~Statements~~not qualify for ~~more~~discontinued ~~information~~operations treatment.

•Interest expense, net, including financing interest expense, increased $2212 million ~~in 2023~~ compared to the prior year period primarily due to higher interest rates. We allocate a portion of gross interest expense to financing interest expense based on our effective interest rate and average finance receivables for the period.

•Other ~~(income)~~components ~~expense~~of ~~declined~~net pension and postretirement cost increased $1997 million compared to the prior year, ~~primarily~~and ~~driven~~includes bya ~~prior~~settlement ~~year~~charge ~~gains~~ of $2791 million from ~~the sale of assets and businesses, partially offset by~~ a ~~favorable~~targeted ~~year-over-year~~campaign ~~impact~~to ofoffer $8lump ~~million~~sum ~~associated~~settlements ~~with~~to ~~the~~vested ~~redemption of debt~~participants.

~~The~~•Other ~~effective~~expense ~~tax~~(income) ~~rate~~increased ~~for~~$92 ~~the~~million ~~year~~due ~~ended~~to ~~December~~$67 ~~31,~~million ~~2023~~of ~~was~~charges ~~5.1%,~~related ~~primarily due~~ to the ~~nondeductibility~~Ecommerce ofRestructuring, ~~the~~a ~~aggregate~~$14 ~~goodwill~~million ~~impairment~~increase ~~charge.~~in ~~See~~debt ~~Note~~redemption/refinancing 14costs toand ~~the~~a ~~Consolidated~~$10 ~~Financial~~million ~~Statements~~asset ~~for~~impairment ~~more information~~charge.

~~Net~~The ~~loss~~benefit for ~~2023~~income ~~was~~taxes ~~$386~~for ~~million~~2024 ~~compared~~includes toa ~~net~~tax ~~income~~benefit of $37164 million inprimarily ~~the~~due ~~prior~~to ~~year~~an affiliate reorganization. See Note 15 for more information.

As a result of the above, net income from continuing operations for 2024 was $103 million compared to a net loss from continuing operations of $61 million in 2023.

Net loss for 2024 and 2023 was $204 million and $386 million, respectively, and includes a net loss from discontinued operations of $306 million and $324 million, respectively. See Note 4 for more information.

SEGMENT RESULTS


	Years Ended December 31,
					Favorable/(Unfavorable)
	2023		2022		Actual % Change		Constant Currency % change
Total revenue	$	2,078,925	$	2,482,883	(16)	%	(16)	%
Total costs and expenses	2,122,845		2,294,231		7	%
(Loss) income from continuing operations before income taxes	(43,920)		188,652		>(100%)
Provision for income taxes	17,347		42,956		60	%
(Loss) income from continuing operations	(61,267)		145,696		>(100%)
Loss from discontinued operations, net of tax	(324,360)		(108,756)		>(100%)
Net (loss) income	$	(385,627)	$	36,940	>(100%)

~~Management~~Revenue ~~measures~~decreased ~~segment~~$404 ~~profitability~~million ~~and~~in ~~performance~~2023 bycompared ~~deducting~~to ~~from~~the ~~segment~~prior year primarily due to a decrease in business services revenue ~~the~~of ~~related~~$337 ~~costs~~million, lower equipment sales of $31 million and ~~expenses~~lower ~~attributable~~support toservices ~~the~~revenue ~~segment~~of $27 million. ~~Segment~~The ~~results~~significant ~~exclude~~decline ~~interest,~~in ~~taxes,~~business ~~unallocated~~services ~~corporate~~revenue ~~expenses,~~is ~~restructuring~~primarily ~~charges,~~due ~~and~~to ~~other~~the ~~items~~sale or dissolution of certain Global Ecommerce operations that did not ~~allocated~~qualify tofor adiscontinued ~~business~~operations ~~segment~~treatment.

~~Global~~Total ~~Ecommerce~~costs and expenses decreased $171 million compared to the prior year primarily due to the following:

~~Global~~•Costs ~~Ecommerce~~of ~~includes the~~ revenue ~~and~~(excluding ~~related~~financing ~~expenses~~interest ~~from~~expense) ~~business~~decreased to$345 ~~consumer~~million ~~logistics~~primarily ~~services~~due ~~for~~to ~~domestic~~lower ~~and~~cost ~~cross-border~~of ~~delivery,~~business ~~returns and fulfillment. Our domestic parcel~~ services ~~provide~~of ~~retailers~~$297 ~~domestic~~million ~~parcel delivery~~ and ~~returns~~lower ~~services~~cost ~~for~~of ~~its~~equipment ~~end~~sales ~~consumers~~of ~~through~~$30 ~~our nationwide parcel sortation centers and transportation network~~million. ~~Our~~The ~~cross-border~~significant ~~services~~decline ~~offers~~in ~~our~~cost ~~clients a range~~ of ~~services~~business ~~to manage their international shopping and parcel shipping experience. Using our digital delivery~~ services, ~~clients~~is ~~can~~primarily ~~purchase~~due ~~postage,~~to ~~print~~the ~~shipping~~sale ~~labels~~or ~~and~~dissolution ~~access~~of ~~shipping~~certain ~~and~~Global ~~tracking~~Ecommerce ~~services~~operations ~~from~~that ~~multiple~~did ~~carriers. Delivery and return parcels using our digital delivery services are~~ not ~~physically~~qualify ~~processed~~for ~~through~~discontinued ~~our~~operations ~~network~~reporting.

~~Financial~~•SG&A ~~performance~~expense ~~for~~declined $4 million compared to the ~~Global~~prior ~~Ecommerce~~year. ~~segment~~This decrease was asprimarily ~~follows:~~driven by lower credit card fees of $10 million, lower professional and outsourcing fees of $8 million, lower salary expense of $5 million and lower marketing expenses of $5 million, partially offset by proxy solicitation fees of $11 million, higher credit loss provision of $7 million and non-cash foreign currency revaluation losses on intercompany loans of $6 million.

	Years Ended December 31,
							Favorable/(Unfavorable)
	2023			2022			Actual % Change		Constant Currency % change
Business Services Revenue	$	1,355,326		$	1,576,348		(14)	%	(14)	%
Cost of Business Services	1,293,285			1,440,807			10	%
Gross Margin	62,041			135,541			(54)	%
Gross Margin %	4.6		%	8.6		%
Selling, general and administrative	184,923			225,514			18	%
Research and development	10,851			10,335			(5)	%
Adjusted segment EBIT	$	(133,733)		$	(100,308)		(33)	%

•Restructuring charges increased $35 million compared to the prior year driven by actions taken under the 2023 Plan.

~~Global~~•A ~~Ecommerce~~goodwill ~~revenue~~impairment ~~decreased~~charge ~~$221 million in 2023 compared to the prior year. The change in revenue presentation for digital delivery services and the sale~~ of ~~Borderfree accounted for~~ $~~139~~124 million ofassociated ~~the~~with ~~decrease.~~certain ~~Cross-border~~operations ~~revenue declined $190 million due to lower volumes, primarily driven by changes in how two~~ of ~~our~~the ~~largest~~former ~~clients~~Global ~~access~~Ecommerce ~~our~~segment ~~services,~~that ~~digital~~were ~~delivery~~sold ~~services~~or ~~revenue~~dissolved ~~declined~~prior ~~$26 million due~~ to a2024 ~~decrease in the number of shipping labels printed~~ and ~~fulfillment~~did ~~services~~not ~~revenue~~qualify ~~declined~~for ~~$23~~discontinued ~~million~~operations ~~due to lower volumes~~treatment. ~~These declines were partially offset by domestic parcel delivery revenue growth of $158 million, driven by an increase in domestic parcel volumes.~~

~~Gross~~•Interest ~~margin~~expense, ~~decreased~~net, ~~$74~~including ~~million~~financing ~~and~~interest ~~gross margin percentage decreased to 4.6% from 8.6% compared to the prior year. Cross-border services gross margin declined $52 million~~expense, ~~primarily~~increased ~~due to the decline in volumes. Digital delivery services gross margin declined~~ $923 million ~~primarily due to the decline~~ in ~~the~~2023 ~~number of shipping labels printed. The sale of Borderfree contributed a decline in gross margin of $8 million. Domestic parcel delivery services gross margin increased $3 million~~ compared to the prior year primarily due to higher ~~domestic~~interest ~~parcel volumes, which was partially offset by $4 million of one-time costs in the third quarter related to facility consolidation~~rates.

~~SG&A~~•Other ~~expenses~~income declined $4114 million compared to the prior year ~~period,~~ primarily ~~due~~driven toby ~~lower~~prior ~~employee-related~~year ~~expenses~~gains of $1622 million, ~~lower~~from ~~amortization~~the ~~expense~~sale of $9assets ~~million~~ and ~~lower~~businesses, ~~credit~~partially ~~card~~offset ~~fees~~by a favorable year-over-year impact of $8 million associated with the redemption of debt.

~~Adjusted~~In ~~segment~~2023, ~~EBIT~~we ~~was~~recorded a tax provision on a net loss from continuing operations of $~~134~~44 million inprimarily ~~2023~~due ~~compared~~ to athe ~~loss~~non-deductibility of ~~$100~~the ~~million~~goodwill inimpairment charge. See Note 15 to the ~~prior~~Consolidated ~~year.~~Financial Statements for more information.

As a result of the above, net loss from continuing operations for 2023 was $61 million compared to net income from continuing operations of $146 million in the prior year.

Net loss for 2023 was $386 million compared to net income in 2022 of $37 million. These amounts include a net loss from discontinued operations of $324 million and $109 million, respectively. See Note 4 to the Consolidated Financial Statements for more information.

SEGMENT RESULTS

Effective January 1, 2024, we moved the digital delivery services offering from the former Global Ecommerce segment to the SendTech Solutions segment in order to leverage our technology and innovation capabilities to better serve our clients. Prior periods have been recast to conform to the current segment presentation.

Management measures segment profitability and performance by deducting from segment revenue the related costs and expenses attributable to the segment. Segment results exclude interest, taxes, corporate expenses, restructuring charges, and other items not allocated to a business segment.

SendTech Solutions

SendTech Solutions provides clients with physical and digital shipping and mailing technology solutions and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats, as well as supplies and maintenance services for these offerings. We offer financing alternatives that enable clients to finance equipment and product purchases, a revolving credit solution that enables clients to make meter rental payments and purchase postage, services and supplies, and an interest-bearing deposit solution to clients who prefer to prepay postage. We also offer financing alternatives that enable clients to finance or lease other manufacturers’ equipment and provide working capital.

Financial performance for the SendTech Solutions segment was as follows:


	Years Ended December 31,
							Favorable/(Unfavorable)
	2024			2023			Actual % change		Constant Currency % change
Business services	$	139,309		$	106,594		31	%	31	%
Support services	374,571			410,734			(9)	%	(9)	%
Financing	269,893			271,197			—	%	—	%
Equipment sales	287,600			323,739			(11)	%	(11)	%
Supplies	143,245			147,709			(3)	%	(3)	%
Rentals	65,248			67,900			(4)	%	(4)	%
Total revenue	1,279,866			1,327,873			(4)	%	(3)	%

Cost of business services	39,258			32,588			(20)	%
Cost of support services	123,551			136,821			10	%
Cost of equipment sales	203,617			222,220			8	%
Cost of supplies	40,585			43,140			6	%
Cost of rentals	17,461			19,407			10	%
Total costs of revenue	424,472			454,176			7	%

Gross margin	855,394			873,697			(2)	%
Gross margin %	66.8		%	65.8		%

Selling, general and administrative	434,377			446,079			3	%
Research and development	21,328			21,772			2	%
Other components of pension and post retirement costs	(2,111)			(2,245)			(6)	%
Adjusted Segment EBIT	$	401,800		$	408,091		(2)	%

SendTech Solutions revenue decreased $48 million in 2024 compared to 2023. Support services revenue declined $36 million primarily due to the declining meter population and continuing shift to cloud-enabled products. Equipment sales declined $36 million primarily due to customers opting to extend leases of their existing advanced-technology equipment rather than purchase new equipment. These revenue declines were partially offset by an increase in business services revenue of $33 million primarily driven by growth in our shipping subscriptions, including enterprise subscriptions and growth in digital delivery services due to client mix.

Gross margin declined $18 million primarily due to the decline in revenue; however, gross margin percentage increased to 66.8% from 65.8% compared to the prior year. The increase in gross margin percentage was primarily driven by improvements in business services

gross margin due to growth in enterprise shipping subscriptions and digital delivery services. Gross profit margin for support services, supplies and rentals was comparable to the prior year as we reduced costs in response to lower revenues.

SG&A expense declined $12 million, primarily driven by lower employee-related expenses of $16 million due to savings from the 2023 and 2024 Plans, lower credit loss provision of $4 million and lower expenses driven by overall cost savings initiatives, partially offset by higher professional and outsourcing fees of $13 million.

Adjusted segment EBIT was $402 million in 2024 compared to $408 million in 2023.


	Years Ended December 31,
							Favorable/(Unfavorable)
	2023			2022			Actual % change		Constant Currency % change
Business services	$	106,594		$	230,654		(54)	%	(54)	%
Support services	410,734			438,191			(6)	%	(6)	%
Financing	271,197			274,508			(1)	%	(1)	%
Equipment sales	323,739			354,960			(9)	%	(8)	%
Supplies	147,709			154,186			(4)	%	(4)	%
Rentals	67,900			66,256			2	%	2	%
Total revenue	1,327,873			1,518,755			(13)	%	(12)	%

Cost of business services	32,588			157,790			79	%
Cost of support services	136,821			147,654			7	%
Cost of equipment sales	222,220			251,916			12	%
Cost of supplies	43,140			43,537			1	%
Cost of rentals	19,407			24,865			22	%
Total costs of revenue	454,176			625,762			27	%

Gross margin	873,697			892,993			(2)	%
Gross margin %	65.8		%	58.8		%

Selling, general and administrative	446,079			467,243			5	%
Research and development	21,772			24,363			11	%
Other components of pension and post retirement costs	(2,245)			(331)			>100%
Adjusted Segment EBIT	$	408,091		$	401,718		2	%

SendTech Solutions revenue decreased $191 million in 2023 compared to the prior year. Business services revenue declined $124 million primarily driven by a $128 million reduction in revenue due to the change in revenue presentation for digital delivery services, which was partially offset by growth in enterprise shipping subscriptions. Equipment sales declined $31 million primarily due to customers opting to extend leases of their existing advanced-technology equipment rather than purchase new equipment. Support services revenue declined $27 million primarily due to the declining meter population and continuing shift to cloud-enabled products. Supplies revenue declined $6 million primarily driven by a declining meter population. Financing revenue declined $3 million primarily due to $6 million of lower lease extensions and lower late fees of $1 million, partially offset by higher investment income of $7 million.

Gross margin decreased $19 million primarily due to the decline in revenue. However, gross margin percentage increased to 65.8% from 58.8% compared to the prior year driven by improvements in business services gross margin due to growth in enterprise shipping subscriptions, rentals gross margin due in part to a $2 million prior year unfavorable scrap adjustment and a current year favorable adjustment and equipment sales gross margin due to cost management.

SG&A expenses declined $21 million primarily driven by lower credit card fees of $8 million, lower outsourcing and professional fees of $5 million, lower rent expense of $3 million and lower marketing expenses of $1 million.

Adjusted segment EBIT was $408 million in 2023 compared to $402 million for the prior year.

Presort Services

WePresort ~~are~~Services is the largest workshare partner of the USPS and national outsource provider of mail sortation services that allow clients to qualify large volumes of First Class Mail, Marketing Mail, and Marketing Mail Flats ~~and~~ /Bound Printed Matter for postal worksharing discounts.

Financial performance for the Presort Services segment was as follows:


	Years Ended December 31,
							Favorable/(Unfavorable)
	2024			2023			Actual % Change		Constant Currency % change
Business Services Revenue	$	662,587		$	617,599		7	%	7	%
Cost of Business Services	417,741			432,229			3	%
Gross Margin	244,846			185,370			32	%
Gross Margin %	37.0		%	30.0		%

Selling, general and administrative	78,860			74,230			(6)	%

Other components of net pension and postretirement cost	202			228			11	%
Adjusted segment EBIT	$	165,784		$	110,912		49	%

Revenue increased $45 million in 2024 compared to 2023 primarily due to pricing actions and product mix. The processing of First Class Mail and Marketing Mail Flats/Bound Printed Matter contributed revenue increases of $40 million and $7 million, respectively, which was partially offset by a revenue decrease from Marketing Mail of $2 million. The revenue increase includes a $5 million favorable adjustment related to prior periods. Refer to Note 1 Basis of Presentation for further information.

Gross margin increased $59 million and gross margin percentage increased to 37.0% from 30.0% in the prior year primarily due to the increase in revenue, lower transportation costs of $5 million driven by lane optimization, cost savings as a result of the 2023 Plan, and the benefits from investments made in automation and higher-throughput sortation equipment.

SG&A expense increased $5 million compared to 2023 primarily due to higher credit loss provision of $3 million.

Adjusted segment EBIT was $166 million in 2024, including the $5 million benefit from the favorable revenue adjustment, compared to $111 million in 2023.


	Years Ended December 31,
							Favorable/(Unfavorable)
	2023			2022			Actual % Change		Constant Currency % change
Business Services Revenue	$	617,599		$	602,016		3	%	3	%
Cost of Business Services	432,229			454,923			5	%
Gross Margin	185,370			147,093			26	%
Gross Margin %	30.0		%	24.4		%

Selling, general and administrative	74,230			64,517			(15)	%

Other components of net pension and postretirement costs	228			146			(56)	%
Adjusted segment EBIT	$	110,912		$	82,430		35	%

Revenue increased $16 million in 2023 compared to the prior year as pricing actions to mitigate inflationary pressures on costs offset the revenue decline driven by a 6% decrease in total mail volumes. The processing of Marketing Mail Flats and Bound Printed Matter and First Class Mail contributed revenue increases of $18 million and $5 million, respectively, while the processing of Marketing Mail contributed to a revenue decrease of $7 million.

Gross margin increased $38 million and gross margin percentage increased from 24.4% to 30.0% compared to the prior year primarily due to the increase in revenue, lower transportation costs of $15 million, driven by improvements in network management, and the benefits from investments made in automation and higher-throughput sortation equipment. 22

Gross margin increased $38 million and gross margin percentage increased to 30.0% from 24.4% compared to the prior year primarily due to the increase in revenue, lower transportation costs of $15 million, driven by improvements in network management, and the benefits from investments made in automation and higher-throughput sortation equipment.

SG&A expenses increased $10 million primarily due to higher employee-related expenses.

Adjusted segment EBIT was $111 million in 2023 compared to $82 million in the prior year.

20CORPORATE EXPENSES

~~SendTech~~The ~~Solutions~~majority of operating expenses are recorded directly or allocated to our reportable segments. Operating expenses not recorded directly or allocated to our reportable segments are reported as corporate expenses. Corporate expenses primarily represents corporate administrative functions such as finance, marketing, human resources, legal, information technology, and research and development.

SendTech Solutions provides clients with physical and digital mailing and shipping technology solutions and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats, as well as supplies and maintenance services for these offerings. We offer financing alternatives that enable clients to finance equipment and product purchases, a revolving credit solution that enables clients to make meter rental payments and purchase postage, services and supplies, and an interest-bearing deposit solution to clients who prefer to prepay postage. We also offer financing alternatives that enable clients to finance or lease other manufacturers’ equipment and provide working capital.


	Years Ended December 31,
						Favorable/(Unfavorable)
		2024		2023		Actual % change
Corporate expenses		$	178,141	$	210,931	16	%

~~Financial~~Corporate ~~performance~~expenses for 2024 decreased $33 million compared to the ~~SendTech~~prior ~~Solutions~~year ~~segment~~primarily ~~was~~due asto ~~follows:~~ lower salary expense of $22 million due to savings from the 2023 and 2024 Plans, lower professional and outsourcing fees of $12 million, non-cash foreign currency revaluation gains on intercompany loans of $8 million, lower marketing expenses of $5 million, lower insurance costs of $3 million and various other expense savings totaling approximately $20 million from cost savings initiatives. These cost savings were partially offset by higher variable compensation expense of $37 million.

	~~Years Ended December 31,~~			Years Ended December 31,
							~~Favorable/(Unfavorable)~~							Favorable/(Unfavorable)
	~~2023~~			~~2022~~			~~Actual % change~~		~~Constant Currency % change~~2023			2022		Actual % change
Business services	$	72,144		$	71,578		1	%	1		%
Corporate expenses									$	210,931		$	204,251	(3)	%
Support services	410,734			438,191			(6)	%	(6)		%
Financing	271,197			274,508			(1)	%	(1)		%
Equipment sales	323,739			354,960			(9)	%	(8)		%
Supplies	147,709			154,186			(4)	%	(4)		%
Rentals	67,900			66,256			2	%	2		%
Total revenue	1,293,423			1,359,679			(5)	%	(5)		%
Cost of business services	29,860			37,272			20	%
Cost of support services	136,821			147,653			7	%
Cost of equipment sales	222,220			251,916			12	%
Cost of supplies	43,140			43,537			1	%
Cost of rentals	19,407			24,864			22	%
Total costs of revenue	451,448			505,242			11	%
Gross margin	841,975			854,437			(1)	%
Gross margin %	65.1		%	62.8		%
Selling, general and administrative	418,213			431,213			3	%
Research and development	20,660			22,646			9	%
Other components of pension and post retirement costs	(2,245)			(331)			>(100%)
Adjusted Segment EBIT	$	405,347		$	400,909		1	%

~~SendTech~~Corporate ~~Solutions~~expenses ~~revenue~~for ~~decreased~~2023 increased $667 million ~~in 2023~~ compared to the prior year. ~~Equipment sales declined $31 million~~ primarily due to ~~customers~~higher ~~opting~~variable tocompensation ~~extend~~expense ~~leases~~ of ~~their existing advanced-technology equipment rather than purchase new equipment. Support services revenue declined~~ $274 million ~~primarily due to the declining meter population~~ and continuing shift to cloud-enabled products. Supplies revenue declined $6 million primarily driven by a declining meter population. Financing revenue declined $3 million primarily due to $6 million of lower lease extensions and lower late fees of $1 million, partially offset by higher ~~investment~~depreciation ~~income~~expense of $72 million. Business services revenue increased $14 million primarily driven by growth in enterprise shipping subscriptions, which was partially offset by a $13 million reduction in revenue due to the change in revenue presentation for digital delivery services.

Gross margin decreased $12 million primarily due to the decline in revenue. However, gross margin percentage increased to 65.1% from 62.8% compared to the prior year driven by improvements in business services gross margin due to growth in enterprise shipping subscriptions, rentals gross margin due in part to a $2 million prior year unfavorable scrap adjustment and a current year favorable adjustment and equipment sales gross margin due to cost management.23

SG&A expenses declined $13 million primarily driven by lower outsourcing and professional fees of $5 million, lower rent expense of $3 million and lower marketing expenses of $1 million.

Adjusted segment EBIT was $405 million in 2023 compared to $401 million for the prior year.

UNALLOCATED CORPORATE EXPENSES

The majority of operating expenses are recorded directly or allocated to our reportable segments. Operating expenses not recorded directly or allocated to our reportable segments are reported as unallocated corporate expenses. Unallocated corporate expenses primarily represents corporate administrative functions such as finance, marketing, human resources, legal, information technology, and research and development.

	Years Ended December 31,
						Favorable/(Unfavorable)
		2023		2022		Actual % change
Unallocated corporate expenses		$	210,931	$	204,251	(3)	%

Unallocated corporate expenses for 2023 increased $7 million compared to the prior year primarily due to higher variable compensation expense of $4 million and higher depreciation expense of $2 million.

LIQUIDITY AND CAPITAL RESOURCES

At December 31, 2023 we had cash, cash equivalents and short-term investments of $623 million, which includes $136 million held at our foreign subsidiaries used to support the liquidity needs of those subsidiaries. Our ability to maintain adequate liquidity for our operations is dependent upon a number of factors, including our revenue and earnings, our ability to manage costs and improve productivity, our clients' ability to pay their balances on a timely basis and the impacts of changing macroeconomic and geopolitical conditions. WeAt December 31, 2024 we had cash, cash equivalents and short-term investments of $486 million, which includes $47 million held at our foreign subsidiaries used to support the liquidity needs of those subsidiaries. At this time, we believe that existing cash and investments, cash generated from operations and borrowing capacity under our ~~$500 million~~ revolving credit facility will be sufficient to fund our cash needs for the next 12 months.

In connection with the GEC Chapter 11 Cases, the Company, through one of its wholly owned subsidiaries, agreed to provide funding to the Ecommerce Debtors through the DIP Facility up to a maximum amount of $47 million. The DIP Facility bears interest at 10%, and had an initial maturity date of November 29, 2024, which the parties subsequently extended to December 9, 2024. We provided initial funding of $28 million and in December 2024, received $11 million as a partial repayment of the DIP Facility. The remaining balance on the DIP Facility is fully reserved and any future distributions will be recorded as income in the period received.

Immediately prior to the GEC Sale, we had various intercompany receivables with the Ecommerce Debtors with an aggregate value of $116 million. After the GEC Sale, those intercompany receivables were converted to third party receivables, for which we have ascribed a fair value of zero. Subsequent collections, if any, will be recorded when received or collection is assured.

Cash Flow Summary

The change in cash and cash equivalents is as follows:

2023

2022

Increase/(decrease)

2024

2023

2022

Net cash from operating activities

79229,~~468~~170

~~175~~80,~~983~~091

~~(96~~175,~~515)~~039

Net cash from investing activities

(~~122~~49,~~832~~056)

(24124,~~269~~096)

(9824,~~563~~269)

Net cash from financing activities

(31305,~~266~~455)

(~~198~~30,~~083~~002)

~~166~~(198,~~817~~083)

Effect of exchange rate changes on cash and cash equivalents

5(4,~~702~~987)

~~(16~~5,~~130)~~731

21(16,~~832~~091)

Change in cash and cash equivalents

(68130,~~928~~328)

(6268,~~499~~276)

(663,~~429~~404)

Operating activities

Cash flows from operating activities in ~~2023~~2024 ~~declined~~improved $97149 million compared to the prior year. ~~This~~period ~~decline was~~ driven primarily by ~~lower~~a ~~earnings,~~decline ~~higher~~in ~~interest~~finance ~~payments~~receivables ofand ~~$30~~lower ~~million, higher restructuring~~ payments of ~~$19~~accounts ~~million~~payable and ~~higher~~accrued ~~pension~~liabilities. ~~contributions~~Cash offlow $7from ~~million,~~operations ~~partially~~also ~~offset~~benefited byfrom ~~higher~~lower ~~collections~~cash ofoutflows ~~accounts~~from ~~receivables~~discontinued ~~and~~operations ~~finance receivables~~ of $33107 million~~, lower inventory purchases of $19 million and changes in other working capital items~~.

Cash flows from operating activities in 2023 declined $95 million compared to the prior year. This decline was driven by lower earnings, higher interest payments of $30 million, higher restructuring payments of $19 million and higher pension contributions of $7 million, partially offset by changes in other working capital items.

Investing activities

Cash flows from investing activities for ~~2023~~2024 ~~declined~~improved $9975 million compared to the prior year primarily due to ~~prior~~higher ~~year~~cash ~~proceeds~~from investment activities of $~~162~~40 million, ~~from~~lower ~~the~~investments ~~sale~~in ofloan ~~businesses~~receivables ~~and~~of ~~our~~$20 ~~Shelton~~million, ~~Connecticut~~lower ~~office~~cash ~~building,~~outflows ~~partially~~from ~~offset~~discontinued byoperations ~~lower payments~~ of $2817 million ~~to settle foreign exchange derivative contracts~~, and lower capital expenditures of $226 million, ~~and~~partially ~~lower~~offset by net ~~investment~~DIP ~~activity~~Facility funding of $1017 million.

Cash flows from investing activities for 2023 declined $100 million compared to the prior year primarily due to prior year proceeds of $162 million from the sale of businesses and our Shelton, Connecticut office building, lower cash from investment activities of $13 million, partially offset by lower cash payments of $28 million to settle foreign exchange derivative contracts, lower investments in loan receivables of $23 million and lower capital expenditures of $5 million and lower outflows from discontinued operations of $17 million.

Financing activities

Cash flows from financing activities for ~~2023~~2024 ~~improved~~declined $~~167~~275 million compared to the prior year primarily due to ~~lower~~higher net ~~cash outflows from~~ debt ~~activity~~repayments of $68178 million, anand ~~increase~~lower cash from changes in customer account deposits at the Bank of $9097 million ~~and $13 million of common stock repurchases in the prior year~~.

Cash flows from financing activities for 2023 improved $168 million compared to the prior year primarily due to lower net debt repayments of $68 million, higher cash from changes in customer account deposits at the Bank of $90 million and $13 million of common stock repurchases in the prior year.

Debt Activity

During ~~2023~~2024, we ~~issued~~repaid ~~an aggregate~~ $~~275~~178 million of ~~senior~~the ~~secured~~Notes ~~notes.~~due ~~The notes mature in~~ March 2028 and ~~bear~~made ~~interest~~scheduled atprincipal ~~the~~repayments ~~Secured Overnight Financing Rate (SOFR) plus 6.9%, payable quarterly. The net proceeds (net~~ of ~~original issue discount of 3%) were used to redeem the March 2024 notes and repay~~ $3056 million ~~of the term loan due March 2026~~. ~~Also,~~In ~~during~~January ~~2023~~2025, we ~~purchased~~repaid anthe ~~aggregate~~remaining ~~$39 million~~outstanding balance of the ~~March~~Notes ~~2024~~due ~~notes and~~ March ~~2027 notes, recognizing a gain of $3 million, and made scheduled principal repayments of $42 million on our term loans~~2028.

~~The~~In August 2024, we amended the credit agreement that governs our ~~$500 million~~ secured revolving credit facility and the term loan due March 2026 ~~contains~~(the ~~certain~~"Credit ~~financial~~Agreement") ~~covenants. These covenants require us to maintain, on a quarterly basis, a maximum leverage ratio~~ and athe ~~minimum~~note ~~interest~~purchase ~~coverage~~agreement ~~ratio,~~that ~~both~~governs ofour ~~which~~$275 million ~~are~~notes ~~defined~~due ~~and~~March ~~calculated in accordance with the credit agreement~~2028. The ~~maximum~~amendments, ~~leverage~~among ~~ratio~~other ~~decreases from 4.25x to 4.0x as of June 30~~things, ~~2024~~permitted ~~and~~ the ~~minimum~~Ecommerce ~~interest~~Restructuring, ~~coverage~~including ~~ratio~~funding ~~increases~~under ~~from~~the ~~1.75x~~DIP ~~to 2.0x as of March 31~~Facility, ~~2025.~~amended Atcertain ~~December 31~~covenants, ~~2023,~~including werelief ~~were~~for inexpenses ~~compliance~~incurred ~~with~~pursuant ~~these~~to ~~financial~~the ~~covenants.~~Ecommerce ~~Additionally~~Restructuring, ~~management~~released ~~expects~~the ~~that~~guarantees weprovided ~~will~~by ~~remain~~the inEcommerce ~~compliance~~Debtors, ~~with~~released ~~these~~the ~~financial~~liens ~~covenants~~on ~~over~~ the ~~next~~assets ~~twelve~~of ~~months.~~the ~~However,~~Ecommerce ~~events~~Debtors and ~~circumstances~~reduced ~~could~~the ~~occur,~~amount ~~some~~of ~~beyond~~permitted ~~our~~borrowings ~~control,~~under ~~that~~the ~~could~~revolving ~~adversely~~credit ~~impact~~facility ~~our~~from ~~compliance~~$500 million ~~with these covenants and require us~~ to ~~seek~~$400 million. toThe ~~obtain~~Credit aAgreement ~~waiver~~contains ~~from our lenders, modify our existing covenants or refinance~~ certain ~~debt~~financial ~~to cure the noncompliance~~covenants. IfAt weDecember ~~are~~31, ~~unable to cure the noncompliance~~2024, ~~amounts~~we ~~due~~were ~~under~~in ~~our~~compliance ~~revolving~~with ~~credit~~these ~~facility~~financial covenants and ~~term loan due March 2026 could be called by our lenders. At December 31, 2023,~~ there were no outstanding borrowings under the revolving credit facility. Borrowings under our ~~secured~~Credit ~~debt~~Agreement are secured by assets of the company.

23In February 2025, we entered into a new senior secured credit agreement (the "New Credit Agreement"), which provides for a $265 million revolving credit facility maturing March 2028, a $160 million term loan maturing March 2028 and a $615 million term loan maturing March 2032. The proceeds were used to repay the outstanding balances of the Term loan due March 2026 and Term loan due March 2028 and for general corporate purposes. Borrowings under our New Credit Agreement are secured by assets of the Company.

~~The~~Under PBthe ~~Bank~~New (Credit Agreement, the ~~Bank~~Company is required to maintain (with maintenance tested quarterly), (i) a ~~wholly~~Consolidated ~~owned~~Interest ~~subsidiary,~~Coverage isRatio a(as ~~member~~defined ofin the ~~Federal~~Credit ~~Home~~Agreement) ~~Loan~~of ~~Bank~~not less than 2.00 to 1.00, (~~FHLB~~ii) a Consolidated Secured Net Leverage Ratio (as defined in the Credit Agreement) of ~~Des~~no ~~Moines~~greater than 3.00 to 1.00 and ~~has~~(iii) ~~access~~a toConsolidated ~~certain~~Total ~~credit~~Net ~~products~~Leverage asRatio aof ~~funding~~no ~~source~~greater ~~known~~than as(a) ~~"advances~~5."25 Asto of1.00 ~~December~~for the fiscal quarters ending March 31, ~~2023~~2025 and June 30, 2025, (b) 5.00 to 1.00 for the ~~Bank~~fiscal ~~had~~quarters ~~yet~~ending September 30, 2025 and December 31, 2025 and (c) 4.75 to ~~apply~~1.00 for ~~any~~each ~~advances.~~fiscal quarter ending on or after March 31, 2026.

We may from time to time seek to retire or repurchase our outstanding debt through open market purchases, privately negotiated transactions, redemptions, prepayments or otherwise. Such prepayments or repurchases, if any, will depend on our business strategy, prevailing market conditions, our liquidity requirements, our contractual restrictions or covenants, compliance with securities laws and other factors and may be commenced or suspended at any time. The amounts involved may be material.

The PB Bank (the Bank), a wholly owned subsidiary, is a member of the Federal Home Loan Bank (FHLB) of Des Moines and has access to certain credit products as a funding source known as "advances." As of December 31, 2024, the Bank had yet to apply for any advances.

Future Cash Requirements

The following table summarizes our known and contractually committed cash requirements at December 31, ~~2023~~2024, (with the exception of debt maturities, which is reflective of the debt refinancing completed in ~~millions):~~February 2025.

	Payments due in
	Payments due in (in millions)
	Total		~~2024~~2025		~~2025~~2026		~~2026~~2027		~~2027~~2028		~~2028~~2029		Thereafter
Debt maturities	$	21,~~189~~966	$	5911	$	5317	$	~~196~~401	$	~~387~~134	$	~~683~~356	$	~~811~~1,047
Lease obligations	~~431~~160		8838		8332		7229		6324		5417		7120
Purchase obligations	~~145~~162		~~140~~162		2—		1—		1—		1—		—
Retiree medical payments	8476		1110		109		109		98		98		3532
Total	$	2,~~849~~364	$	~~298~~221	$	~~148~~58	$	~~279~~439	$	~~460~~166	$	~~747~~381	$	~~917~~1,099

Debt

AtRequired ~~December~~debt ~~31,~~repayments ~~2023,~~over wethe ~~have~~next ~~outstanding~~12 ~~principal~~months ~~debt~~are of $~~2.2~~11 ~~billion.~~million, ~~Approximately~~which ~~64%~~we ofanticipate ~~this~~satisfying ~~debt~~through isavailable atcash ~~fixed~~on ~~rates,~~hand ~~including the effect of interest rate swaps,~~ and ~~the~~cash ~~remaining~~generated ~~36%~~from ~~is at variable rates~~operations. ~~The weighted average interest rate of our variable rate debt at December 31, 2023 was 9.7%.~~ We estimate that cash interest payments for the next 12 months will be $~~190~~140 - $~~200~~150 million. ~~Required~~ ~~debt repayments over the next 12 months are $59 million, which we anticipate satisfying through available cash on hand and cash generated from operations.~~ See Note 1213 to the Consolidated Financial Statements for information regarding our debt.

Lease obligations

We lease real estate and equipment under operating and capital lease arrangements. These leases have terms of up to 15 years and include renewal options. ~~Lease obligations in the table above do not include $17 million of payments for leases signed but not yet commenced at December 31, 2023.~~ See Note 67 and Note 1617 to the Consolidated Financial Statements for further information.

Purchase obligations

Purchase obligations include unrecorded open purchase orders for goods and services.

In addition to the above known and contractually committed cash payments, we anticipate using cash for the following items:

Capital Expenditures

Capital expenditures are evaluated and approved by senior leadership based on several factors, including expected impacts on revenue growth, productivity enhancements, service improvements and cost savings. Capital expenditures totaled $103 million and $125 million for the years ended December 31, 2023 and 2022, respectively.

Dividends

Assuming the current $0.05 per quarter dividend payment, we estimate that dividend payments will be approximately $35 million in 2024. Under the terms of the March 2028 note purchase agreement, the annual amount of permitted dividend payments is capped at the lesser of $36 million or a maximum dividend yield of 6.25%. In addition, share repurchases would further limit this amount.

Share Repurchases

We may repurchase shares of our common stock to manage the dilution created by shares issued under employee stock plans and for other purposes. We did not repurchase any additional shares of our common stock in 2023.

Off Balance Sheet Arrangements

At December 31, ~~2023~~2024, we had approximately $2830 million outstanding letters of credit guarantees with financial institutions that are primarily issued as security for insurance, leases, customs and other performance obligations. In general, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations, the probability of which we believe is remote. Outstanding letters of credit reduce the amount we can borrow under our revolving credit facility.

2426

Critical Accounting Estimates

The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions about certain items that affect the reported amounts of assets, liabilities, revenues, expenses and accompanying disclosures, including the disclosure of contingent assets and liabilities. The accounting policies below have been identified by management as those policies that are most critical to our financial statements due to the estimates and assumptions required. Management believes that the estimates and assumptions used are reasonable and appropriate based on the information available at the time the financial statements were prepared; however, actual results could differ from those estimates and assumptions. See Note 1 to the Consolidated Financial Statements for a summary of our accounting policies.

Revenue recognition

We derive revenue from multiple sources including the sale and lease of equipment, equipment rentals, financing, support services and business services. Certain transactions are consummated at the same time and can therefore generate revenue from multiple sources. The most common form of these arrangements involves a sale or noncancelable lease of equipment, meter services and an equipment maintenance agreement. We are required to determine whether each product and service within the contract should be treated as a separate performance obligation (unit of accounting) for revenue recognition purposes. We recognize revenue for performance obligations when control is transferred to the customer. Transfer of control may occur at a point in time or over time, depending on the nature of the contract and the performance obligation.

Revenue is allocated among performance obligations based on relative standalone selling prices (SSP), which are a range of selling prices that we would sell the good or service to a customer on a separate basis. SSP are established for each performance obligation at the inception of the contract and can be observable prices or estimated. Revenue is allocated to the meter service and equipment maintenance agreement elements using their respective observable selling prices charged in standalone and renewal transactions. For sale and lease transactions, the SSP of the equipment is based on a range of observable selling prices in standalone transactions. We recognize revenue on non-lease transactions when control of the equipment transfers to the customer, which is upon delivery for customer installable models and upon installation or customer acceptance for other models. We recognize revenue on equipment for lease transactions upon shipment for customer installable models and upon installation or customer acceptance for other models.

Impairment review

Goodwill is tested annually for impairment at the reporting unit level at the beginning of the fourth quarter or sooner if circumstances indicate an impairment may exist. The impairment test for goodwill determines the fair value of each reporting unit and compares it to the reporting unit's carrying value, including goodwill. If the fair value of a reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired, If the fair value of the reporting unit is less than the carrying value of the net assets assigned to the reporting unit, a goodwill impairment loss is calculated as the difference between these amounts, limited to the amount of goodwill allocated to the reporting unit.

Testing goodwill for impairment requires us to identify our reporting units and assign assets and liabilities, including goodwill, to each reporting unit. The fair value of a reporting unit is based on one or a combination of techniques, including a discounted cash flow model, multiples of competitors, and/or multiples from sales of like businesses.

The performance of our Global Ecommerce reporting unit, continuing changes in macroeconomic conditions and our long-term outlook for this business were triggering events that caused us to evaluate the Global Ecommerce goodwill for impairment during the second and fourth quarters. To assess Global Ecommerce goodwill for impairment, we determined the fair value of the reporting unit and compared it to the unit's carrying value, including goodwill. We engaged a third party to assist in the determination of the fair value of the reporting unit. The fair value was estimated using a discounted cash flow model based on management developed cash flow projections, which included judgements and assumptions related to revenue growth rates, operating margins, operating income, and a discount rate. The estimates and assumptions are considered Level 3 inputs under the fair value hierarchy. We assessed Global Ecommerce goodwill for impairment in the second and fourth quarters, and based on the results of our assessments, recorded non-cash, pre-tax goodwill impairment charges of $119 million and $220 million, respectively.

The results of our annual impairment test as of the beginning of the fourth quarter for our other reporting units indicated that the fair value of these reporting units exceeded their carrying values and no impairment existed.

Long-lived and finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The estimated future undiscounted cash flows expected to result from the use and eventual disposition of the assets is compared to the carrying value. If the sum of the undiscounted cash flows is less than the asset's carrying value, an impairment charge is recorded for an amount by which the carrying value exceeds its fair value. The fair value of the impaired asset is determined using probability weighted expected cash flow estimates, quoted market prices when available and appraisals, as appropriate. We derive the cash flow estimates from our long-term business plans and historical experience. Changes in

the estimates and assumptions incorporated in our impairment assessment could materially affect the determination of fair value and the associated impairment charge.

Allowances for credit losses

Finance receivables are comprised of sales-type leases, secured loans and unsecured revolving loans. We provide an allowance for ~~probable~~expected 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. Total allowance for credit losses as a percentage of finance receivables was 2% at both December 31, ~~2023~~2024 and ~~2022~~2023. Holding all other assumptions constant, a 0.25% increase in the allowance rate at December 31, ~~2023~~2024 would have reduced pre-tax income by $3 million.

Trade accounts receivable are generally due within 30 days after the invoice date. We provide an allowance for expected credit losses based on historical loss experience, the age of the receivables, specific troubled accounts and other currently available information. Accounts deemed uncollectible are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible, or when they are 365 days past due, if sooner. The allowance for credit losses as a percentage of trade accounts receivables was 25% atand ~~both~~3% at December 31, ~~2023~~2024 and ~~2022~~2023, respectively. Holding all other assumptions constant, a 0.25% increase in the allowance rate at December 31, ~~2023~~2024 would have reduced pre-tax income by less than $1 million.

Income taxes and valuation allowance

We are subject to income taxes in the U.S. and numerous foreign jurisdictions. Our annual tax rate is based on income, statutory tax rates, tax reserve changes and tax planning opportunities available to us in the various jurisdictions in which we operate. Significant judgment is required in determining the annual tax rate and in evaluating our tax positions. We regularly assess the likelihood of tax adjustments in each of the tax jurisdictions in which we have operations and account for the related financial statement implications. We have established tax reserves that we believe are appropriate given the possibility of tax adjustments. Determining the appropriate level of tax reserves requires judgment regarding the uncertain application of tax laws. Reserves are adjusted when information becomes available or when an event occurs indicating a change in the reserve is appropriate. Changes in tax reserves could have a material impact on our financial condition or results of operations.

Significant judgment is also required in determining the amount of deferred tax assets that will ultimately be realized and corresponding deferred tax asset valuation allowance. When estimating the necessary valuation allowance, we consider all available evidence for each jurisdiction including historical operating results, estimates of future taxable income and the feasibility of ~~ongoing~~ tax planning strategies. If new information becomes available that would alter our estimate of the amount of deferred tax assets that will ultimately be realized, we adjust the valuation allowance through income tax expense. Changes in the deferred tax asset valuation allowance could have a material impact on our financial condition or results of operations.

Pension benefits

The calculation of net periodic pension expense and determination of net pension obligations are dependent on assumptions and estimates relating to, among other things, the discount rate (interest rate used to discount the future estimated liability) and the expected rate of return on plan assets. These assumptions are evaluated and updated annually.

The discount rate for our largest plan, the U.S. Qualified Pension Plan (the U.S. Plan) and our largest foreign plan, the U.K. Qualified Pension Plan (the U.K. Plan) used to determine net periodic pension expense for ~~2023~~2024 was 5.5515% and 4.8050%, respectively. The discount rate used to determine ~~2024~~2025 net periodic pension expense for the U.S. Plan and the U.K. Plan was 5.1565% and 4.5.45%, respectively. A 0.25% change in the discount rate would not materially impact annual pension expense for the U.S. Plan or the U.K. Plan. A 0.25% change in the discount rate would impact the projected benefit obligation of the U.S. Plan and U.K. Plan by $2416 million and $1310 million, respectively.

The expected rate of return on plan assets used to determine net periodic pension expense for ~~2023~~2024 was 6.57% for the U.S. Plan and 5.265% for the U.K. Plan. The expected rate of return on plan assets used to determine ~~2024~~2025 net periodic pension expense was 6.79% and 56.509% for the U.S. Plan and the U.K. Plan, respectively. A 0.25% change in the expected rate of return on plan assets would impact annual pension expense for the U.S. Plan by $3 million and the U.K. Plan by $1 million.

Actual pension plan results that differ from our assumptions and estimates are accumulated and amortized primarily over the life expectancy of plan participants and affect future pension expense. Net pension expense is also based on a market-related valuation of plan assets where differences between the actual and expected return on plan assets are recognized over a five-year period in the U.S. and a two-year period in the U.K. Plan benefits for participants in a majority of our U.S. and foreign pension plans are frozen.

Residual value of leased assets

Equipment residual values are determined at the inception of the lease using estimates of the equipment's fair value at the end of the lease term. Residual value estimates impact the determination of whether a lease is classified as an operating lease or a sales-type lease. Fair value estimates of equipment at the end of the lease term are based on historical renewal experience, used equipment markets, competition and technological changes.

We evaluate residual values on an annual basis or sooner if circumstances warrant. Declines in estimated residual values considered "other-than-temporary" are recognized immediately. Increases in estimated future residual values are not recognized until the equipment is remarketed. If the actual residual value of leased assets were 10% lower than management's current estimates and considered "other-than-temporary", pre-tax income would be $54 million lower.

Legal and Regulatory Matters

See Regulatory Matters in Item 1 and Other Tax Matters in Note 1415 to the Consolidated Financial Statements for regulatory matters regarding our tax returns and Note 1516 to the Consolidated Financial Statements for information regarding our legal proceedings.

Foreign Currency Exchange

The functional currency for most of our foreign operations is the local currency. Changes in the value of the U.S. dollar relative to the currencies of countries in which we operate impact our reported assets, liabilities, revenue and expenses. Exchange rate fluctuations can also impact the settlement of intercompany receivables and payables between our subsidiaries in different countries. During ~~2023~~2024, 1116% of our consolidated revenue was from operations outside the United States ~~and the translation of foreign currencies to the U~~.~~S. dollar did not have a material impact on revenues or operating results for the year ended December 31, 2023.~~

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are exposed to market risks primarily from changes in foreign currency exchange rates and interest rates. To manage these market risks, we may employ derivatives according to established policies and procedures. We do not use derivatives for speculative purposes. We are also exposed to credit risk on our accounts receivable and finance receivable portfolio.

Foreign Exchange Risk

We have a number of short-term intercompany loans denominated in a foreign currency, predominantly the British Pound, ~~Canadian~~Euro ~~Dollar~~ and ~~Euro~~Canadian Dollar. Our foreign currency risk primarily includes the periodic revaluation of these intercompany loans and related interest, which is recorded in earnings. Assuming foreign currency exchange rates at December 31, 2024, a 1% change in the British Pound, Euro and Canadian Dollar would impact earnings by $4 million, $3 million and $2 million, respectively.

Historically, we entered into foreign exchange contracts to minimize the impact of the revaluation of these intercompany loans and related interest on earnings. Changes in fair value of these foreign exchange contracts were also recorded in earnings and designed to generally offset the impact to earnings from the revaluation of the underlying intercompany loans. While there was typically minimal impact to earnings, the settlement of these derivative contracts resulted in cash outflows or inflows, which could be significant.

In the fourth quarter of 2023, management decided to no longer use foreign exchange contracts to hedge the revaluation of intercompany loans and related interest. While this decision reduces volatility in cash flows, the periodic revaluation of these intercompany loans could result in significant non-cash charges or income in earnings. Assuming foreign currency exchange rates at December 31, 2023, a 1% change in the British Pound, Canadian Dollar or Euro would impact earnings by $5 million, $3 million and $2 million, respectively.

We are also exposed to foreign currency risks associated with transactions denominated in currencies other than a location’s functional currency and forecasted inventory purchases between affiliates and third parties. However, these risks are not deemed to be significant.

Interest Rate Risk

We are exposed to interest rate risk on our variable-rate debt borrowings. At December 31, 2024, approximately 61% of our debt is at fixed rates and the remaining 39% is at variable rates. The weighted average interest rate of our variable rate debt at December 31, ~~2023~~2024 and ~~2022~~2023 was 98.73% and 79.57%, respectively. A 100 basis point change in the weighted average interest rate of our variable rate debt in ~~2023~~2024 would have increased interest expense approximately $8 million.

We also maintain a significant investment portfolio comprised of fixed-rate investment in government and municipal securities, corporate securities, mortgage-backed securities and asset-backed securities. Changes in interest rates impact the fair value of these investments. We have designated these securities as available-for-sale, and changes in fair value due to changes in interest rates are recognized in accumulated other comprehensive ~~income~~loss, a component of equity, and not earnings. We do not expect to recognize impairment losses on investment securities in an unrealized loss position as we have the intent and ability to hold these securities until recovery of unrealized losses or maturity.

Credit Risk

We are exposed to credit risk on our accounts receivable and finance receivable balances. This risk is mitigated due to our large, diverse client base, dispersed over various geographic regions and industrial sectors. No single client comprised more than 10% of our consolidated net sales in ~~2023~~2024 or ~~2022~~2023. We maintain provisions for potential credit losses based on historical experience, age of receivable, current economic conditions and future outlook and other relevant factors that may impact our customers’ ability to pay. We continually evaluate the adequacy of our allowance for credit losses and adjust as necessary.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

See "Index to Consolidated Financial Statements and Schedules" in this Form 10-K.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)), that are designed to ~~reasonably~~ensure ~~assure~~ that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and to ~~reasonably~~ensure ~~assure~~ that such information is accumulated and communicated to management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), to allow timely decisions regarding required disclosure.

Any system of controls and procedures, no matter how well designed and operated, can provide only reasonable (and not absolute) assurance of achieving the desired control objectives. Under the direction of our CEO and CFO, management evaluated the effectiveness of the design and operation of our disclosure controls and procedures as required by Rule 13a-15 or Rule 15d-15 under the Exchange Act. Notwithstanding this caution, the CEO and CFO have reasonable assurance that the disclosure controls and procedures were effective as of December 31, ~~2023~~2024.

Management's Report on Internal Control over Financial Reporting

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Management assessed the effectiveness of the internal control over financial reporting as of December 31, ~~2023~~2024 under the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated Framework (2013) and concluded that the internal control over financial reporting was effective.

The effectiveness of our internal control over financial reporting as of December 31, ~~2023~~2024 has been audited by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report in this Form 10-K.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting during the three months ended December 31, ~~2023~~2024, that have materially affected, or are reasonably likely to materially affect, such internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

~~None.~~During the three months ended December 31, 2024, certain directors and officers of the Company adopted a "Rule 10b5-1 trading arrangement," as defined in Item 408(a) of Regulation S-K, as set forth in the table below:

Action

Date

Trading Arrangement

Total Shares to be Sold(3)

Expiration Date

Rule 10b5-1(1)

Non-Rule 10b5-1(2)

James A. Fairweather (Executive Vice President and Chief Innovation Officer)

Adopt

November 25, 2024

277,356

December 31, 2025

Shemin Nurmohamed (Executive Vice President and President, Sending Technology Solutions)

Adopt

December 20, 2024

17,521 (4)

December 31, 2025

Lance Rosenzweig (Chief Executive Officer)

Adopt

December 20, 2024

141,700(5)

December 31, 2025

(1) Intended to satisfy the affirmative defense of Rule 10b5-1(c).

(2) Not intended to satisfy the affirmative defense of Rule 10b5-1(c).

(3) Represents the maximum number of shares that may be sold pursuant to the 10b5-1 trading arrangement. The actual number of shares sold will be dependent on the terms of, and the satisfaction of the conditions as set forth in, the written plan.

(4) The Rule 10b5-1 trading arrangement includes the sale of shares to be received upon future vesting of certain outstanding equity awards, net of any shares withheld by us to satisfy applicable taxes. The number of shares to be withheld, and thus the exact number of shares to be sold pursuant to Ms. Nurmohamed’s Rule 10b5-1 trading arrangement, can only be determined upon the occurrence of the future vesting events. For purposes of this disclosure, we have reported the gross number of shares to be received upon the future vesting of such equity awards, before subtracting any shares to be withheld by us to satisfy applicable taxes in connection with such future vesting events.

(5) Mr. Rosenzweig's trading arrangement, which was entered into for ongoing estate and tax planning purposes on a date when the Company's opening share price was $6.97 per share, only provides for the sale of such shares if the price exceeds $12.00 per share in the future.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

None.

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PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Other than information regarding our executive officers disclosed in Part I of this Annual Report and information regarding our directors as shown below, the information required by this Item is incorporated by reference to our Proxy Statement to be filed in connection with the ~~2024~~2025 Annual Meeting of Stockholders.

Director ~~Title~~Principle ~~Mary~~Occupation J.Lance ~~Steele~~Rosenzweig ~~Guilfoile~~Chief ~~Chair~~Executive Officer, MGPitney ~~Advisors,~~Bowes Inc. ~~Steven~~Milena D.Alberti-Perez ~~Brill~~Former ~~Retired~~Chief ~~President~~Financial Officer of ~~Corporate~~Getty ~~Strategy at United Parcel Service~~Images, Inc Todd Everett Independent advisor to several ecommerce companies, including Doddle Parcel Services Limited, Verishop, Inc., and Fetch Package, Inc ~~Katie~~Kurt ~~May~~Wolf ~~Former~~Managing ~~Chief~~Member ~~Executive~~and ~~Officer, ShippingEasy Milena Alberti-Perez Former~~ Chief ~~Financial~~Investment Officer of ~~Getty~~Hestia ~~Images,~~Capital ~~Inc~~Management ~~Sheila~~Paul A.Evans ~~Stamps~~ Former Financial Services Executive & Former Commissioner and Audit Committee Chair, New York State Insurance Fund Darrell Thomas Retired Vice President and Treasurer for Harley-Davison, Inc. Kurt Wolf Managing Member and Chief ~~Investment~~Operating Officer of ~~Hestia~~America's ~~Capital~~Auto ~~Management~~Auction ~~William~~Group S.Catherine ~~Simon~~Levene Former President of ~~WSS~~Meredith ~~Venture~~Corporation's ~~Holdings,~~National ~~LLC~~Media ~~Jill~~Group ~~Sutton~~Julie ~~Former~~Schoenfeld ~~Chief Legal Officer~~Founder, ~~General~~Former ~~Counsel~~President and ~~Corporate~~CEO ~~Secretary~~ of ~~United Natural Foods~~Strobe, Inc.

Code of Ethics

We have Business Practices Guidelines (BPG) that apply to all our officers and other employees and a Code of Business Conduct and Ethics (the Code) that applies to our Board of Directors. The BPG and the Code are posted on our corporate governance website located at www.pb.com/us/our-company/leadership-and-governance/corporate-governance.html. Amendments to either the BPG or the Code and any waiver from a provision of the BPG or the Code requiring disclosure will be disclosed on our corporate governance website.

Audit Committee - Audit Committee Financial Expert

The information regarding the Audit Committee, its members and the Audit Committee financial experts is incorporated by reference to our Proxy Statement to be filed in connection with the ~~2024~~2025 Annual Meeting of Stockholders.

ITEM 11. EXECUTIVE COMPENSATION

The information required by this Item is incorporated by reference to our Proxy Statement to be filed in connection with the ~~2024~~2025 Annual Meeting of Stockholders.

3031

PART III

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

EQUITY COMPENSATION PLAN INFORMATION TABLE

The following table provides information as of December 31, ~~2023~~2024 regarding the number of shares of common stock that may be issued under our equity compensation plans.

Plan Category

(a)Number of securities to be issued upon exercise of outstanding options, warrants and rights (1)

(b)Weighted-average exercise price of outstanding options, warrants and rights (2)

(c) Number of securities remaining available for future issuance under equity compensation plans excluding securities reflected in column (a)

Equity compensation plans approved by security holders

1511,~~488~~351,~~458~~222

$910.5087

1518,~~950~~148,~~013~~363

Equity compensation plans not approved by security holders

—

Total

1511,~~488~~351,~~458~~222

$910.5087

1518,~~950~~148,~~013~~363

(1) Includes outstanding restricted stock units, stock options and performance stock units.

(2) Weighted average exercise price of stock options only.

Other than information regarding securities authorized for issuance under equity compensation plans, the information required by this Item is incorporated by reference to our Proxy Statement to be filed in connection with the ~~2024~~2025 Annual Meeting of Stockholders.

ITEM 13. CERTAIN RELATIONSHIPS, RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

The information required by this Item is incorporated by reference to our Proxy Statement to be filed in connection with the ~~2024~~2025 Annual Meeting of Stockholders.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information required by this Item is incorporated by reference to our Proxy Statement to be filed in connection with the ~~2024~~2025 Annual Meeting of Stockholders.

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PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)(1) Index to Consolidated Financial Statements and Schedules			Page Number in Form 10-K
Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021			39
Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022			40
Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2023, 2022 and 2021			40
Consolidated Statements of Comprehensive Loss for the years ended December 31, 2024, 2023 and 2022			41
Consolidated Balance Sheets at December 31, 2023 and 2022			41
Consolidated Balance Sheets at December 31, 2024 and 2023			42
Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021			42
Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022			43
Consolidated Statements of Stockholders' (Deficit) Equity for the years ended December 31, 2023, 2022 and 2021			43
Consolidated Statements of Stockholders' Deficit for the years ended December 31, 2024, 2023 and 2022			44
Notes to Consolidated Financial Statements			4445
Schedule II - Valuation and Qualifying Accounts and Reserves for the years ended December 31, 2023, 2022 and 2021			88
Schedule II - Valuation and Qualifying Accounts and Reserves for the years ended December 31, 2024, 2023 and 2022			90

(a)(2) Exhibits

Reg. S-Kexhibits	Description	Status or incorporation by reference
3(a)	Amended and Restated Certificate of Incorporation of Pitney Bowes Inc.	Incorporated by reference to Exhibit 3~~(i)(a)~~.2 to Form 8-K filed with the Commission on ~~September~~May 308, ~~2019~~2024 (Commission file number 1-3579)
3(b)	Pitney Bowes Inc. Amended and Restated By-laws (effective May 106, ~~2013)~~2024	Incorporated by reference to Exhibit 3~~(d)~~.4 to Form 8-K filed with the Commission on May 138, ~~2013~~2024 (Commission file number 1-3579)
4	Description of Registered Securities	Exhibit 4
4(a)	Senior Debt Indenture, dated as of February 14, 2005, by and between the Company and Citibank N.A., as trustee	Incorporated by reference to Exhibit 4(a) to Registration Statement on Form S-3 filed with the Commission on June 18, 2008 (Commission file number 1-3579)
4(b)	First Supplemental Indenture, dated as of October 23, 2007, by and among Pitney Bowes Inc., The Bank of New York, as successor trustee, and Citibank, N.A., as resigning trustee	Incorporated by reference to Exhibit 4.1 to Form 8-K filed with the Commission on October 24, 2007 (Commission file number 1-3579)
4(c)	Supplemental Indenture No. 2 dated as of February 26, 2020, by and between Pitney Bowes Inc. and The Bank of New York Mellon, as successor trustee to Citibank N.A.	Incorporated by reference to Exhibit 4.1 to Form 8-K filed with the Commission on February 26, 2020 (Commission file number 1-3579)
4(d)	Form of 5.25% Global Medium-Term Note due 2037	Incorporated by reference to Exhibit 4(d)(1) to Form 8-K filed with the Commission on November 16, 2006 (Commission file number 1-3579)
4(e)	Officer's Certificate establishing the terms of the Notes, dated March 7, 2013, and Specimen of 6.70% Notes due 2043	Incorporated by reference to Exhibits 4.1 and 4.2 to Form 8-K filed with the Commission on March 7, 2013 (Commission file number 1-3579)
4(f)	Officer's Certificate establishing the terms of the 4.625% Notes due 2024, dated March 13, 2014, and Specimen of 4.625% Notes due 2024.	Incorporated by reference to Exhibits 4.1 and 4.2 to Form 8-K filed with the Commission on March 13, 2014 (Commission file number 1-3579)
4(g)	Indenture, dated March 19, 2021, among Pitney Bowes Inc., the guarantors party thereto and Truist Bank, as trustee, with respect to Pitney Bowes Inc.'s 6.875% Senior Notes due 2027.	Incorporated by reference to Exhibit 4.1 to the Form 8-K filed with the Commission on March 23, 2021 (Commission file number 1-3579).
4(h)	Indenture, dated March 19, 2021, among Pitney Bowes Inc., the guarantors party thereto and Truist Bank, as trustee, with respect to Pitney Bowes Inc.'s 7.250% Senior Notes due 2029.	Incorporated by reference to Exhibit 4.2 to the Form 8-K filed with the Commission on March 23, 2021 (Commission file number 1-3579).
4(i)	Note Purchase Agreement, dated as of July 31, 2023, by and among Pitney Bowes Inc., the noteholders party thereto and Alter Domus (US) LLC, as noteholder representative	Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on July 31, 2023 (Commission file number 1-3579)
10(a) *	Retirement Plan for Directors of Pitney Bowes Inc.	Incorporated by reference to Exhibit 10(a) to Form 10-K filed with the Commission on March 30, 1993 (Commission file number 1-3579)
10(b) *	Pitney Bowes Inc. Directors' Stock Plan (as amended and restated September 11, 2023)	Incorporated by reference to Exhibit 10.10 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)
10(c) *	Pitney Bowes Inc. 2007 Stock Plan (as amended November 7, 2009)	Incorporated by reference to Exhibit (v) to Form 10-K filed with the Commission on February 26, 2010 (Commission file number 1-3579)
10(d)*	Pitney Bowes Inc. 2013 Stock Plan	Incorporated by reference to Annex A to the Definitive Proxy Statement for the 2013 Annual Meeting of Stockholders filed with the Commission on March 25, 2013 (Commission file number 1-3579)

PART IV

Reg. S-Kexhibits	Description	Status or incorporation by reference
10(d) *	Pitney Bowes Inc. Key Employees' Incentive Plan (as amended and restated September 11, 2023)	Incorporated by reference to Exhibit 10.5 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)
10(e) *	Pitney Bowes Severance Plan (as amended and restated as of October 1, 2023)	Exhibit 10(e)
10(f) *	Pitney Bowes Senior Executive Severance Policy (as amended and restated as of September 11, 2023)	Incorporated by reference to Exhibit 10.6 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)
10(g) *	Pitney Bowes Inc. Deferred Incentive Savings Plan for the Board of Directors (as amended and restated September 11, 2023)	Incorporated by reference to Exhibit 10.11 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)
10(h) *	Pitney Bowes Inc. Deferred Incentive Savings Plan (as amended and restated effective September 11, 2023)	Incorporated by reference to Exhibit 10.7 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)
10(i) *	Form of Long Term Incentive Award Agreement	Incorporated by reference to Exhibit 10(k) to Form 10-K filed with the Commission on February 25, 2013 (Commission file number 1-3579)
10(j)*	Pitney Bowes Director Equity Deferral plan dated November 8, 2013 (effective May 12, 2014)	Incorporated by reference to Exhibit 10(o) to Form 10-K filed with the Commission on February 22, 2016 (Commission file number 1-3579)
10(k)*	Pitney Bowes Executive Equity Deferral Plan (as amended and restated September 11, 2023)	Incorporated by reference to Exhibit 10.8 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)
10(l)*	Pitney Bowes Inc. 2013 Stock Plan	Incorporated by reference to Annex A to the Definitive Proxy Statement for the 2013 Annual Meeting of Stockholders filed with the Commission on March 25, 2013 (Commission file number 1-3579)
10(m)*	Amended and Restated Pitney Bowes Inc. 2018 Stock Plan (as amended and restated September 11, 2023)	Incorporated by reference to Exhibit 10.9 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)
10(n)	Credit Agreement, dated as of November 1, 2019 (the "Credit Agreement"), among the company, the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent.	Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on November 5, 2019 (Commission file number 1-3579)
10(o)	First Incremental Facility Amendment, dated as of February 19, 2020, to the Credit Agreement, among the company, the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., administrative agent.	Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on February 20, 2020 (Commission file number 1-3579)
10(p)	First Amendment, dated as of March 19, 2021, among Pitney Bowes Inc., the subsidiaries of Pitney Bowes Inc. party thereto, the lenders and issuing banks party thereto, and JPMorgan Chase Bank, N.A., as administrative agent	Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on March 23, 2021 (Commission file number 1-3579)
10(q)	First Refinancing Agreement, dated as of March 19, 2021, among Pitney Bowes Inc., the subsidiaries of Pitney Bowes Inc. party thereto and JPMorgan Chase Bank, N.A., as administrative agent and refinancing tranche B term lender.	Incorporated by reference to Exhibit 10.2 to the Form 8-K filed with the Commission on March 23, 2021 (Commission file number 1-3579)
10(r)	Second Amendment, dated as of May 11, 2022, to the Credit Agreement, among Pitney Bowes Inc., the Lenders and issuing banks party thereto and JP Morgan Chase, N.A., as administrative agent	Incorporated by reference to Exhibit 10.1 to the Form 10-Q filed with the Commission on November 4, 2022 (Commission file number 1-3579)
10(s)	Third Amendment, dated as of December 7, 2022, to the Credit Agreement, among Pitney Bowes Inc., the Lenders and issuing banks party thereto and JP Morgan Chase, N.A., as administrative agent.	Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on December 8, 2022 (Commission file number 1-3579)
10(t)	Fourth Amendment, dated as of December 8, 2022, to the Credit Agreement, among Pitney Bowes Inc., the Lenders and issuing banks party thereto and JP Morgan Chase, N.A., as administrative agent	Incorporated by reference to Exhibit 10(x) to the Form 10-K filed with the Commission on February 17, 2023 (Commission file number 1-3579)
10(u)	Fifth Amendment, dated as of June 6, 2023, among Pitney Bowes Inc., the subsidiaries of Pitney Bowes Inc. party thereto, the lenders and issuing banks party thereto, and JP Morgan Chase Bank, N.A., as administrative agent	Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on June 6, 2023 (Commission file number 1-3579)
10(v)	Sixth Amendment, dated as of July 31, 2023, among Pitney Bowes Inc., the subsidiaries of Pitney Bowes Inc. party thereto, the lenders and issuing banks party thereto, and JP Morgan Chase Bank, N.A., as administrative agent	Incorporated by reference to Exhibit 10.2 to the Form 8-K filed with the Commission on July 31, 2023 (Commission file number 1-3579)

PART IV

Reg. S-Kexhibits	Description	Status or incorporation by reference
10(w)	Separation Agreement and General Release, dated as of September 29, 2023, between Pitney Bowes Inc. and Marc Lautenbach	Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on October 2, 2023 (Commission file number 1-3579)
10(e)*	Amended and Restated Pitney Bowes Inc. 2018 Stock Plan (as amended and restated September 11, 2023)	Incorporated by reference to Exhibit 10.9 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)
10(x)	Letter Agreement, dated as of September 29, 2023, between Pitney Bowes Inc. and Jason Dies	Incorporated by reference to Exhibit 10.2 to the Form 8-K filed with the Commission on October 2, 2023 (Commission file number 1-3579)
10(f)*	Pitney Bowes Inc. 2024 Stock Plan as amended November 5, 2024	Incorporated by reference to Exhibit 10.7 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)
21	Subsidiaries of the registrant	Exhibit 21
10(g) *	Pitney Bowes Inc. Key Employees' Incentive Plan as amended November 5, 2024	Incorporated by reference to Exhibit 10.8 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)
23	Consent of independent registered accounting firm	Exhibit 23
10(h) *	Pitney Bowes Severance Plan as amended and restated effective June 18, 2024	Incorporated by reference to Exhibit 10.2 to Form 10-Q filed with the Commission on August 9, 2024 (Commission file number 1-3579)
31.1	Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.	Exhibit 31.1
10(i) *	Pitney Bowes Senior Executive Severance Policy (as amended and restated as of September 11, 2023)	Incorporated by reference to Exhibit 10.6 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)
31.2	Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.	Exhibit 31.2
10(j) *	Pitney Bowes Inc. Deferred Incentive Savings Plan for the Board of Directors (as amended and restated September 11, 2023)	Incorporated by reference to Exhibit 10.11 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350	Exhibit 32.1
10(k) *	Pitney Bowes Inc. Deferred Incentive Savings Plan (as amended and restated effective September 11, 2023)	Incorporated by reference to Exhibit 10.7 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350	Exhibit 32.2
10(l)*	Pitney Bowes Director Equity Deferral plan dated November 8, 2013 (effective May 12, 2014)	Incorporated by reference to Exhibit 10(o) to Form 10-K filed with the Commission on February 22, 2016 (Commission file number 1-3579)
97	Compensation Recoupment Policy of Pitney Bowes Inc. dated December 1, 2023	Incorporated by reference to Exhibit 10.12 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)
10(m)*	Pitney Bowes Executive Equity Deferral Plan as amended November 5, 2024	Incorporated by reference to Exhibit 10.9 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)
101.SCH	XBRL Taxonomy Extension Schema Document
10(n)	Separation Agreement, dated as of May 21, 2024, by and between the Company and Jason Dies	Incorporated by reference to Exhibit 10.4 to the Form 10-Q filed with the Commission on August 9, 2024 (Commission file number 1-3579)
101.CAL	XBRL Taxonomy Calculation Linkbase Document
10(o)	Separation Agreement, dated as of June 30, 2024, by and between the Company and Gregg Zegras	Incorporated by reference to Exhibit 10.5 to the Form 10-Q filed with the Commission on August 9, 2024 (Commission file number 1-3579)
101.DEF	XBRL Taxonomy Definition Linkbase Document
10(p)	Separation Agreement, dated as of August 7, 2024, by and between the Company and James Fairweather, Executive Vice President, Chief Innovation Officer	Incorporated by reference to Exhibit 10.6 to the Form 8-K filed with the Commission on August 9, 2024 (Commission file number 1-3579)
101.LAB	XBRL Taxonomy Label Linkbase Document
10(q)	Separation Agreement, dated as of February 11, 2025, by and between the Company and John Witek	Incorporated by reference to Exhibit 10.3 to the Form 8-K filed with the Commission on February 12, 2025 (Commission file number 1-3579)
101.PRE	XBRL Taxonomy Presentation Linkbase Document
10(r)	Letter Agreement, dated March 15, 2024, between the Company and John Witek	Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on March 19, 2024 (Commission file number 1-3579)
104	The cover page from the Company's Annual Report on Form 10-K for the year ended December 31, 2023, formatted in Inline XBRL (included as Exhibit 101).
10(s)	Letter Agreement, dated September 18, 2024, between the Company and John Witek	Incorporated by reference to Exhibit 10.16 to the Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)
10(t)	Letter Agreement, dated October 25, 2024, between the Company and Lance Rosenzweig	Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on August 9, 2024 (Commission file number 1-3579)
10(u)	Offer Letter, executed as of February 10, 2025, between Bob Gold and Pitney Bowes Inc.	Incorporated by reference to Exhibit 10.2 to the Form 8-K filed with the Commission on February 12, 2025 (Commission file number 1-3579)
10(v)	Cooperation Agreement, dated as of January 31, 2024, by and between Hestia Capital Partners, LP, Helios I, LP, Hestia Capital Partners GP, LLC, Hestia Capital Management, LLC and Kurtis J. Wolf, on the one hand, and Pitney Bowes Inc., on the other hand	Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on February 1, 2024 (Commission file number 1-3579)
10(w)	Form of Indemnification Agreement	Incorporated by reference to Exhibit 10.3 to the Form 10-Q filed with the Commission on May 2, 2024 (Commission file number 1-3579)
10(x)	Limited Liability Company Agreement, dated as of August 8, 2024, by and between Pitney Bowes International Holdings, Inc. and Hilco	Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on August 9, 2024 (Commission file number 1-3579)

PART IV


Reg. S-K exhibits	Description	Status or incorporation by reference
10(y)	Form of Restructuring Support Agreement, dated as of August 8, 2024, by and between the Company and the Ecommerce Debtors	I ncorporated by reference to Exhibit 10.2 to the Form 8-K filed with the Commission on August 9, 2024 (Commission file number 1-3579)
10(z)	Form of Settlement and Release Agreement, dated as of August 8, 2024, by and among (i) DRF Logistics, LLC and DRF, LLC, as proposed debtors and debtors-in-possession and (ii) the Company and Pitney Bowes International Holdings, Inc.	I ncorporated by reference to Exhibit 10.3 to the Form 8-K filed with the Commission on August 9, 2024 (Commission file number 1-3579)
10(aa)	Credit Agreement, dated as of February 7, 2025, among Pitney Bowes Inc., a Delaware corporation, the lenders and issuing banks thereto from time to time and Bank of America, N.A., as administrative agent	I ncorporated by reference to Exhibit 10.1 to the Form 8-K filed with the Commission on February 12, 2025 (Commission file number 1-3579)
10(bb)	Form of Long Term Incentive Award Agreement	Incorporated by reference to Exhibit 10(k) to Form 10-K filed with the Commission on February 25, 2013 (Commission file number 1-3579)
10(cc)	Form of Restricted Stock Unit Award Agreement under 2024 Stock Plan	I nco rporated by reference to Exhibit 10 .10 to Form 10-Q filed with the Commission on No vember 8, 2024 (Commission file number 1-3579)
10(dd)	Form of Performance Stock Unit Award Agreement under 2024 Stock Plan	Incorporated by reference to Exhibit 10.1 1 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)
10(ee)	Form of Cash Incentive Unit Award Agreement under 2024 Stock Plan	Incorporated by reference to Exhibit 10.1 2 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)
10(ff)	Form of Stock Cash Incentive Unit Award Agreement under 2024 Stock Plan	Incorporated by reference to Exhibit 10.1 3 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)
10(gg)	Form of Non-qualified Stock Option Award Agreement under 2024 Stock Plan	Incorporated by reference to Exhibit 10.1 4 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)
10(hh)	Form of Long Term Incentive Award Agreements under 2018 Stock Plan	Incorporated by reference to Exhibit 10.1 5 to Form 10-Q filed with the Commission on November 8, 2024 (Commission file number 1-3579)
10(ii)	Form of 2024 Long Term Incentive Award Agreements for Chief Executive Officer	Exhibit 10(ii)
10(jj)	Form of Non-Employee Director Restricted Stock Unit Award Agreement	E xhibit 10(jj)
19	Insider trading policy	E xhibit 19
21	Subsidiaries of the registrant	Exhibit 21
23	Consent of independent registered accounting firm	Exhibit 23
31.1	Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.	Exhibit 31.1
31.2	Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as amended.	Exhibit 31.2
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350	Exhibit 32.1
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350	Exhibit 32.2
97	Compensation Recoupment Policy of Pitney Bowes Inc. dated December 1, 2023	Incorporated by reference to Exhibit 10.12 to Form 10-Q filed with the Commission on November 2, 2023 (Commission file number 1-3579)
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Calculation Linkbase Document
101.DEF	XBRL Taxonomy Definition Linkbase Document
101.LAB	XBRL Taxonomy Label Linkbase Document
101.PRE	XBRL Taxonomy Presentation Linkbase Document
104	The cover page from the Company's Annual Report on Form 10-K for the year ended December 31, 2024, formatted in Inline XBRL (included as Exhibit 101).

* The Exhibits identified above with an asterisk (*) are management contracts or compensatory plans or arrangements.

The Company has certain outstanding long-term indebtedness that does not exceed 10% of the total assets of the Company; therefore, copies of instruments defining the rights of holders of such indebtedness are not included as exhibits. The Company agrees to furnish copies of such instruments to the SEC upon request.

ITEM 16. FORM 10-K SUMMARY

None

3435

PART IV

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 2021, ~~2024~~2025 PITNEY BOWES INC.

Registrant

By: /s/ ~~Jason~~Lance ~~C. Dies~~Rosenzweig

~~Jason~~Lance ~~C. Dies~~Rosenzweig

~~Interim~~ Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

Signature

Title

Date

/s/ Jason C. DiesJason C. Dies

Interim Chief Executive Officer (Principal Executive Officer)

February 20, 2024

/s/ Lance RosenzweigLance Rosenzweig

Chief Executive Officer - Director (Principal Executive Officer)

February 21, 2025

/s/ Ana Maria Chadwick Ana Maria Chadwick

Executive Vice President, Chief Financial Officer (Principal Financial Officer)

February 20, 2024

/s/ John A. Witek John A. Witek

Interim Chief Financial Officer and Interim Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer)

February 21, 2025

/s/ Joseph R. CatapanoJoseph R. Catapano

Vice President, Chief Accounting Officer (Principal Accounting Officer)

February 20, 2024

/s/ Milena Alberti-PerezMilena Alberti-Perez

Non-Executive Chairman - Director

February 21, 2025

/s/ Mary J. Steele GuilfoileMary J. Steele Guilfoile

Non-Executive Chairman - Director

February 20, 2024

/s/ Todd EverettTodd Everett

Director

February 21, 2025

/s/ Steven D. BrillSteven D. Brill

Director

February 20, 2024

/s/ Kurt WolfKurt Wolf

Director

February 21, 2025

/s/ Todd EverettTodd Everett

Director

February 20, 2024

/s/ Paul EvansPaul Evans

Director

February 21, 2025

/s/ Katie MayKatie May

Director

February 20, 2024

/s/ Catherine LeveneCatherine Levene

Director

February 21, 2025

/s/ Milena Alberti-PerezMilena Alberti-Perez

Director

February 20, 2024

/s/ Julie SchoenfeldJulie Schoenfeld

Director

February 21, 2025

/s/ Sheila A. StampsSheila A. Stamps

Director

February 20, 2024

/s/ Darrell ThomasDarrell Thomas

Director

February 20, 2024

/s/ Kurt WolfKurt Wolf

Director

February 20, 2024

/s/ William S. SimonWilliam S. Simon

Director

February 20, 2024

/s/ Jill SuttonJill Sutton

Director

February 20, 2024

PART IV

		Page Number
Report of Independent Registered Public Accounting Firm (PCAOB ID: 238)		37
Consolidated Financial Statements of Pitney Bowes Inc.
	Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021	39
	Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2023, 2022 and 2021	40
	Consolidated Balance Sheets at December 31, 2023 and 2022	41
	Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021	42
	Consolidated Statements of Stockholders' (Deficit) Equity for the years ended December 31, 2023, 2022 and 2021	43
	Notes to Consolidated Financial Statements	44
Financial Statement Schedule
	Schedule II - Valuation and Qualifying Accounts and Reserves for the years ended December 31, 2023, 2022 and 2021	88

PART IV


		Page Number

Report of Independent Registered Public Accounting Firm (PCAOB ID: 238)		38
Consolidated Financial Statements of Pitney Bowes Inc.
	Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022	40
	Consolidated Statements of Comprehensive Loss for the years ended December 31, 2024, 2023 and 2022	41
	Consolidated Balance Sheets at December 31, 2024 and 2023	42
	Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022	43
	Consolidated Statements of Stockholders' Deficit for the years ended December 31, 2024, 2023 and 2022	44
	Notes to Consolidated Financial Statements	45
Financial Statement Schedule
	Schedule II - Valuation and Qualifying Accounts and Reserves for the years ended December 31, 2024, 2023 and 2022	90

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Pitney Bowes Inc.

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Pitney Bowes Inc. and its subsidiaries (the “Company”) as of December 31, ~~2023~~2024 and ~~2022~~2023, and the related consolidated statements of operations, comprehensive (loss~~) income~~, stockholders’ (deficit) ~~equity~~ and cash flows for each of the three years in the period ended December 31, ~~2023~~2024, including the related notes and financial statement schedule listed in the index appearing under Item 15(a)(1) (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, ~~2023~~2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, ~~2023~~2024 and ~~2022~~2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, ~~2023~~2024 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, ~~2023~~2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

3738

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

~~Goodwill~~Disposal ~~Impairment~~of ~~Triggering~~the ~~Event~~majority ~~Assessments~~of –the Global Ecommerce ~~Reporting~~reporting ~~Unit~~segment - Hilco Transaction

As described in Notes 1 and 84 to the consolidated financial statements, ~~the~~on ~~Company’s~~August ~~consolidated~~8, ~~goodwill~~2024, ~~balance~~the ~~was~~Company ~~$734~~entered ~~million~~into asa series of ~~December~~transactions ~~31,~~designed ~~2023,~~to ~~and~~facilitate ~~the~~an ~~goodwill~~orderly ~~balance~~wind-down ~~associated~~of ~~with~~a majority of the Company’s Global Ecommerce reporting ~~unit was zero~~segment. ~~Goodwill~~In isconnection ~~tested~~with ~~annually~~the ~~for~~wind-down, ~~impairment~~an ataffiliate ~~the~~of ~~reporting~~Hilco ~~unit~~Commercial ~~level~~Industrial, asLLC of(“Hilco”) ~~the~~subscribed ~~beginning~~for 81% of the ~~fourth~~voting ~~quarter~~interests orin ~~sooner~~the ifsubsidiary, ~~circumstances~~DRF ~~indicate~~Logistics, anLLC ~~impairment~~owning ~~may~~a ~~exist.~~majority ~~The~~of ~~impairment~~the ~~test~~Global ~~for~~Ecommerce ~~goodwill~~segment’s ~~determines~~net ~~the~~assets ~~fair~~and ~~value~~operations of(DRF ~~each~~Logistics, ~~reporting~~LLC ~~unit~~ and ~~compares~~its itsubsidiary, toDRF LLC, the ~~reporting~~“Ecommerce ~~unit’s~~Debtors”) ~~carrying~~for ~~value,~~de ~~including~~minimis ~~goodwill.~~consideration If (the ~~fair~~“GEC ~~value~~Sale”), ofwith a ~~reporting~~subsidiary ~~unit~~of isPitney ~~less~~Bowes ~~than~~retaining 19% of the ~~carrying~~voting ~~value~~interests and 100% of the ~~net~~economic ~~assets~~interests. ~~assigned~~Subsequent to the ~~reporting~~GEC ~~unit~~Sale, ~~a goodwill impairment loss is calculated as~~ the ~~difference~~Ecommerce ~~between these amounts~~Debtors, ~~limited~~at to the ~~amount~~direction of ~~goodwill~~their ~~allocated~~own togoverning ~~the~~bodies, ~~reporting~~filed ~~unit.~~petitions ~~The~~to ~~performance~~commence ofChapter ~~the~~11 ~~Global~~bankruptcy ~~Ecommerce~~cases ~~reporting~~and ~~unit,~~conduct ~~continuing~~an ~~changes~~orderly inwind-down ~~macroeconomic~~of ~~conditions and~~ the ~~long-term~~Ecommerce ~~outlook~~Debtors ~~for~~ (the ~~business~~“GEC ~~were~~Chapter ~~triggering~~11 ~~events~~Cases”). ~~that~~As ~~caused~~a ~~management~~result toof ~~evaluate~~ the ~~Global~~GEC ~~Ecommerce~~Chapter ~~goodwill~~11 ~~for~~Cases, ~~impairment during~~ the ~~second~~Company ~~and~~determined ~~fourth quarters 0f 2023. The assessments indicated~~ that ~~the~~it ~~estimated~~no ~~fair~~longer ~~value~~had control of the ~~reporting~~Ecommerce ~~unit~~Debtors' ~~was~~and ~~less~~therefore, ~~than~~ the ~~carrying~~Ecommerce ~~value~~Debtors’ ~~and~~were ~~management~~deconsolidated. ~~recorded~~As a ~~non-cash~~result, ~~pre-tax~~certain ~~goodwill~~revenues, ~~impairment~~expenses, ~~charge~~assets ofand ~~$119~~liabilities ~~million~~are ~~and~~now ~~$220~~reported ~~million~~as discontinued operations in the ~~second~~Company’s ~~and~~consolidated ~~fourth~~financial ~~quarter, respectively~~statements. The ~~fair~~Company ~~value~~recorded ~~was estimated using~~ a ~~discounted~~$214M ~~cash~~loss ~~flow~~on ~~model~~sale, ~~based~~and onreported ~~management~~a ~~developed~~loss ~~cash~~from ~~flow~~discontinued ~~projections~~operations, ~~which~~net ~~included~~of ~~judgments~~tax ~~and~~of ~~assumptions~~$306M ~~related~~for tothe ~~revenue~~period ~~growth~~ended ~~rates,~~December ~~operating margins~~31, ~~operating income, and the discount rate~~2024.

The principal ~~considerations~~consideration for our determination that performing procedures relating to the ~~goodwill~~disposal ~~impairment~~of ~~triggering~~the ~~event~~majority ~~assessments~~ of the Global Ecommerce reporting ~~unit~~segment (Hilco Transaction) is a critical audit matter ~~are~~is ~~(i) the significant judgment by management when developing the fair value estimates of the Global Ecommerce reporting unit; (ii)~~ a high degree of auditor ~~judgment, subjectivity, and~~ effort in performing procedures and evaluating ~~management’s~~audit ~~significant~~evidence ~~assumptions~~ related to ~~revenue growth rates, certain forecasted costs included in~~ the ~~determination~~disposal ~~of projected operating margins and operating income, and the discount rate; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge~~transaction.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to ~~management’s~~the ~~goodwill~~disposal ~~impairment assessments~~transaction, including ~~controls~~the ~~over~~accounting for discontinued operations and the ~~valuation~~related loss on disposal of the majority of the Global Ecommerce reporting ~~unit~~segment. These procedures also included, among others, (i) ~~testing~~reading ~~management’s~~certain ~~process~~contracts ~~for~~and ~~developing~~agreements ~~the~~relevant ~~fair~~to ~~value estimates of~~ the ~~reporting~~disposal ~~unit~~transaction; (ii) evaluating the ~~appropriateness~~accounting impact of the ~~discounted~~deconsolidation ~~cash~~and ~~flow~~subsequent ~~model~~bankruptcy ~~used by management~~proceedings; (iii) testing the ~~completeness~~loss ~~and~~recorded ~~accuracy~~upon ~~of underlying data used in the discounted cash flow model~~disposal; ~~and~~ (iv) ~~evaluating~~reviewing ~~the~~supporting ~~reasonableness~~documents ~~of the significant assumptions used by management related~~ to ~~revenue~~evaluate ~~growth rates, certain forecasted costs included in~~ the ~~determination~~completeness ~~of projected operating margins~~ and ~~operating~~accuracy ~~income, and the discount rate. Evaluating management’s assumptions related to revenue growth rates and certain forecasted costs included in the determination~~ of ~~projected~~discontinued ~~operating~~operations ~~margins~~based ~~and~~on ~~operating income involved evaluating whether~~ the ~~assumptions~~deal ~~used~~perimeter ~~by management were reasonable considering (i) the current and past performance~~ of the ~~reporting~~transaction; ~~unit, (ii) the consistency with external market~~ and ~~industry data, and~~ (~~iii~~v) ~~whether~~testing the ~~assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating the~~ appropriateness of the ~~discounted~~discontinued ~~cash~~operations ~~flow model and the reasonableness of the discount rate assumption~~presentation.

/s/ PricewaterhouseCoopers LLP

Stamford, Connecticut

February 2021, ~~2024~~2025

We have served as the Company’s auditor since 1934.

3839

PITNEY BOWES INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

Years Ended December 31,

2023

2022

2021

2024

2023

2022

Revenue:

Business services

2886,~~045,069~~041

2857,~~249,941~~646

21,~~334~~194,~~674~~782

Support services

~~410~~374,~~734~~571

~~438~~410,~~191~~734

~~460~~438,~~888~~191

Financing

~~271~~269,~~197~~893

~~274~~271,~~508~~197

~~294~~274,~~418~~508

Equipment sales

~~323~~287,~~739~~600

~~354~~323,~~960~~739

~~350~~354,~~138~~960

Supplies

~~147~~143,~~709~~245

~~154~~147,~~186~~709

~~159~~154,~~438~~186

Rentals

6765,~~900~~248

6667,~~256~~900

7466,~~005~~256

Total revenue

32,~~266~~026,~~348~~598

32,~~538~~078,~~042~~925

32,~~673~~482,~~561~~883

Costs and expenses:

Cost of business services

1515,~~756,616~~533

1560,~~934,206~~640

2858,~~034,477~~127

Cost of support services

~~137~~123,~~676~~506

~~148~~137,~~829~~676

~~149~~148,~~706~~829

Financing interest expense

63,~~281~~600

5163,~~789~~281

4751,~~059~~789

Cost of equipment sales

~~223~~203,~~757~~613

~~253~~223,~~843~~757

~~251~~253,~~914~~843

Cost of supplies

4340,~~347~~585

43,~~778~~347

43,~~980~~778

Cost of rentals

1917,~~614~~461

2519,~~105~~614

2425,~~427~~105

Selling, general and administrative

~~897~~717,~~260~~894

~~905~~781,~~570~~609

~~924~~785,~~163~~545

Research and development

4131,~~405~~957

4329,~~657~~486

4635,~~777~~464

Restructuring charges

6176,~~585~~915

1852,~~715~~412

1917,~~003~~208

Goodwill impairment

~~339,184~~—

—123,574

—

Interest expense, net

~~100~~110,~~445~~094

8998,~~980~~769

9687,~~886~~306

Other components of net pension and postretirement (income) cost

(8,256)

4,308

1,010

Other components of net pension and postretirement cost

89,044

(8,256)

4,308

Other (income) expense

(3,064)

(21,618)

41,574

Other expense (income)

88,723

(3,064)

(17,071)

Total costs and expenses

32,~~672~~078,~~850~~925

32,~~498~~122,~~162~~845

32,~~680~~294,~~976~~231

(Loss) income from continuing operations before income taxes

(~~406~~52,~~502~~327)

39(43,~~880~~920)

(7188,~~415)~~652

(Benefit) provision for income taxes

(20154,~~875~~829)

217,~~940~~347

~~(10~~42,~~922)~~956

(Loss) income from continuing operations

(385,627)

36,940

3,507

Income (loss) from continuing operations

102,502

(61,267)

145,696

Loss from discontinued operations, net of tax

—(306,099)

—(324,360)

(4108,~~858~~756)

Net (loss) income

(~~385~~203,~~627~~597)

36(385,~~940~~627)

(136,~~351)~~940

Basic (loss) earnings per share attributable to common stockholders (1):

Basic earnings (loss) per share attributable to common stockholders (1):

Continuing operations

(20.~~20)~~57

(0.2135)

0.0284

Discontinued operations

—(1.71)

—(1.85)

(0.0363)

Net (loss) income

(21.2013)

0(2.2120)

(0.~~01)~~21

Diluted (loss) earnings per share attributable to common stockholders (1):

Diluted earnings (loss) per share attributable to common stockholders (1):

Continuing operations

(20.~~20)~~56

(0.2135)

0.0282

Discontinued operations

—(1.68)

—(1.85)

(0.0361)

Net (loss) income

(21.2012)

0(2.2120)

(0.~~01)~~21

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

See Notes to Consolidated Financial Statements

3940

PITNEY BOWES INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS~~) INCOME~~

(In thousands)

	Years Ended December 31,
	2023		2022		2021
	2024		2023		2022
Net (loss) income	$	(~~385~~203,~~627~~597)	$	36(385,~~940~~627)	$	(136,~~351)~~940
Other comprehensive (loss) income, net of tax:
Other comprehensive income (loss), net of tax:
Foreign currency translations, net of tax of $(741), $(3,942) and $(767), respectively	25,279		(71,344)		(34,168)
Foreign currency translations, net of tax of $(560), $(741) and $(3,942), respectively	(37,464)		25,279		(71,344)
Net (loss) gain on cash flow hedges, net of tax of $(1,847), $2,900 and $1,738, respectively	(5,541)		8,700		5,214
Net (loss) gain on cash flow hedges, net of tax of $(2,321), $(1,847) and $2,900, respectively	(6,962)		(5,541)		8,700
Net unrealized gain (loss) on available for sale securities, net of tax of $1,878, $(10,424) and $(2,217), respectively	5,977		(33,191)		(6,651)
Net unrealized gain (loss) on available for sale securities, net of tax of $1,207, $1,878 and $(10,424), respectively	3,866		5,977		(33,191)
Adjustments to pension and postretirement plans, net of tax of $(18,875), $4,312 and $17,986, respectively	(55,128)		9,297		54,618
Adjustments to pension and postretirement plans, net of tax of $(11,683), $(18,875) and $4,312, respectively	(35,525)		(55,128)		9,297
Amortization of pension and postretirement costs, net of tax of $4,461, $9,315 and $12,755, respectively	13,732		31,286		39,806
Amortization of pension and postretirement costs, net of tax of $29,019, $4,461 and $9,315, respectively	88,159		13,732		31,286
Other comprehensive (loss) income, net of tax	(15,681)		(55,252)		58,819
Other comprehensive income (loss), net of tax	12,074		(15,681)		(55,252)
Comprehensive (loss) income	$	(401,308)	$	(18,312)	$	57,468
Comprehensive loss	$	(191,523)	$	(401,308)	$	(18,312)

See Notes to Consolidated Financial Statements

4041

PITNEY BOWES INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share amount)

	December 31, 2023		December 31, 2022
	December 31, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	~~601~~469,~~053~~726	$	~~669~~600,~~981~~054
Short-term investments (includes $2,382 and $1,882, respectively, reported at fair value)	22,166		11,172
Short-term investments (includes $3,926 and $2,382, respectively, reported at fair value)	16,374		22,166
Accounts and other receivables (net of allowance of $6,139 and $5,344 respectively)	342,236		343,557
Accounts and other receivables (net of allowance of $7,723 and $5,292 respectively)	159,951		200,242
Short-term finance receivables (net of allowance of $14,347 and $11,395, respectively)	563,536		564,972
Short-term finance receivables (net of allowance of $13,302 and $14,347, respectively)	535,608		563,536
Inventories	7059,~~053~~836		8363,~~720~~048
Current income taxes	~~564~~10,429		~~8,790~~564
Other current assets and prepayments	92,309		115,824
Other current assets and prepayments (net of allowance of $19,373 as of December 31, 2024)	66,030		76,039
Total current assets	1,691,917		1,798,016
Assets of discontinued operations	—		532,441
Property, plant and equipment, net	383,628		420,672
Total current assets	1,317,954		2,058,090
Rental property and equipment, net	23,583		27,487
Property, plant and equipment, net	218,657		254,078
Long-term finance receivables (net of allowance of $8,880 and $10,555, respectively)	653,085		627,124
Rental property and equipment, net	24,587		23,583
Goodwill	734,409		1,066,951
Long-term finance receivables (net of allowance of $8,374 and $8,880, respectively)	610,316		653,085
Intangible assets, net	62,250		77,944
Goodwill	721,003		734,409
Operating lease assets	309,958		296,129
Intangible assets, net	15,780		20,400
Noncurrent income taxes	60,995		46,613
Operating lease assets	113,357		126,492
Other assets (includes $227,131 and $229,936, respectively, reported at fair value)	352,360		380,419
Noncurrent income taxes	99,773		60,995
Total assets	$	4,272,185	$	4,741,355
Other assets (includes $173,525 and $227,131, respectively, reported at fair value)	276,089		341,053
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY
Total assets	$	3,397,516	$	4,272,185
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued liabilities	$	~~875~~873,~~476~~626	$	~~907~~829,~~083~~419
Customer deposits at the Bank	640,323		628,072
Customer deposits at Pitney Bowes Bank	645,860		640,323
Current operating lease liabilities	6026,~~069~~912		5229,~~576~~882
Current portion of long-term debt	5853,~~931~~250		3258,~~764~~931
Advance billings	8970,~~087~~131		~~105~~76,~~207~~258
Current income taxes	62,~~523~~948		26,~~101~~523
Total current liabilities	1,730,409		1,727,803
Liabilities of discontinued operations	—		257,106
Long-term debt	2,087,101		2,172,502
Total current liabilities	1,672,727		1,898,442
Deferred taxes on income	211,477		263,131
Long-term debt	1,866,458		2,087,101
Tax uncertainties and other income tax liabilities	19,091		23,841
Deferred taxes on income	49,187		211,477
Noncurrent operating lease liabilities	277,981		265,696
Tax uncertainties and other income tax liabilities	13,770		19,091
Other noncurrent liabilities	314,702		227,729
Noncurrent operating lease liabilities	100,804		126,568
Total liabilities	4,640,761		4,680,702
Noncurrent customer deposits at Pitney Bowes Bank	57,977		73,972
Commitments and contingencies (See Note 15)
Other noncurrent liabilities	215,026		224,110
Stockholders' (deficit) equity:
Total liabilities	3,975,949		4,640,761
Common stock, $1 par value (480,000 shares authorized; 270,338 and 323,338 shares issued, respectively)	270,338		323,338
Commitments and contingencies (See Note 16)
Retained earnings	3,077,988		5,125,677
Stockholders' deficit:
Accumulated other comprehensive loss	(851,245)		(835,564)
Common stock, $1 par value (480,000 shares authorized; 270,338 shares issued)	270,338		270,338
Treasury stock, at cost (93,972 and 149,307 shares, respectively)	(2,865,657)		(4,552,798)
Retained earnings	2,671,868		3,077,988
Total stockholders’ (deficit) equity	(368,576)		60,653
Accumulated other comprehensive loss	(839,171)		(851,245)
Total liabilities and stockholders’ (deficit) equity	$	4,272,185	$	4,741,355
Treasury stock, at cost (87,932 and 93,972 shares, respectively)	(2,681,468)		(2,865,657)
Total stockholders’ deficit	(578,433)		(368,576)
Total liabilities and stockholders’ deficit	$	3,397,516	$	4,272,185

See Notes to Consolidated Financial Statements

4142

PITNEY BOWES INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Years Ended December 31,
	2023		2022		2021
	2024		2023		2022
Cash flows from operating activities:
Net (loss) income	$	(~~385~~203,~~627~~597)	$	36(385,~~940~~627)	$	(136,~~351)~~940
Loss from discontinued operations, net of tax	—306,099		—324,360		4108,~~858~~756
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Adjustments to reconcile net income or loss to net cash from operating activities:
Depreciation and amortization	~~160~~114,~~430~~485		~~163~~112,~~816~~724		~~162~~111,~~859~~166
Allowance for credit losses	1613,~~687~~182		814,~~937~~219		7,~~808~~019
Stock-based compensation	9,597		16,629		20,862
Allowance for DIP Facility	19,373		—		—
Amortization of debt fees	10,698		8,674		7,163
Stock-based compensation	16,524		8,857		16,311
(Gain) loss on debt redemption/refinancing	(3,064)		4,993		56,209
Amortization of debt fees	12,907		10,698		8,674
Restructuring charges	61,585		18,715		19,003
Loss (gain) on debt redemption/refinancing	10,892		(3,064)		4,993
Restructuring payments	(34,443)		(15,406)		(21,990)
Restructuring charges	76,915		52,412		17,208
Pension contributions and retiree medical payments	(33,815)		(26,769)		(27,534)
Restructuring payments	(86,024)		(34,443)		(15,406)
Gain on sale of businesses, including transaction costs	—		(12,205)		(10,201)
Pension contributions and retiree medical payments	(24,907)		(33,815)		(26,769)
Gain on sale of assets	—		(14,372)		(1,434)
Pension settlement charges	91,339		—		—
Goodwill impairment	339,184		—		—
Loss on disposal of fixed assets	13,192		13,572		9,170
Deferred taxes	(50,815)		3,688		(19,883)
Gain on sale of businesses, including transaction costs	—		—		(12,205)
Other, net	6,040		13,997		9,179
Gain on sale of assets	—		—		(14,372)
(Gain) loss on revaluation of intercompany loans	(10,241)		5,760		—
Impairment charges	10,000		123,574		—
Deferred taxes	(173,710)		(35,786)		5,949
Other, net	(12,954)		(6,841)		41,681
Changes in operating assets and liabilities, net of acquisitions/divestitures:
Accounts and other receivables	(631,~~027)~~983		~~(29~~25,~~303)~~431		37(14,~~503~~422)
Finance receivables	(260,~~646)~~342		(122,~~591~~646)		20(12,~~934~~591)
Inventories	142,~~293~~260		(418,~~942)~~209		(83,~~008~~390)
Other current assets and prepayments	~~30,841~~996		220,~~727~~815		(113,~~184)~~615
Accounts payable and accrued liabilities	~~(43~~47,~~110)~~348		18(16,~~577~~386)		5749,~~780~~396
Current and noncurrent income taxes	6(35,~~904~~070)		~~(14~~30,~~464)~~101		223,~~971~~291
Advance billings	(174,~~244~~882)		8(7,~~342~~528)		(14,~~029~~262)
Net cash from operating activities	79,468		175,983		301,515
Net cash from operating activities: continuing operations	276,452		234,596		340,752
Net cash from operating activities: discontinued operations	(47,282)		(154,505)		(165,713)
Net cash from operating activities	229,170		80,091		175,039
Cash flows from investing activities:
Capital expenditures	(~~102~~72,~~878~~403)		(~~124~~78,~~840~~109)		(~~184~~82,~~042~~629)
Purchases of investment securities	(1830,~~887~~099)		(818,~~863~~887)		(748,~~923~~863)
Proceeds from sales/maturities of investment securities	2576,~~390~~563		2825,~~724~~390		9728,~~358~~724
Net investment in loan receivables	(299,~~754~~467)		(5329,~~114~~754)		(653,~~288~~114)
Proceeds from sale of business, net of cash sold	—		111,593		27,573
DIP Facility net disbursement	(17,234)		—		—
Proceeds from asset sales	—		50,766		1,840
Proceeds from sale of business, net of cash sold	—		—		111,593
Acquisitions, net of cash acquired	—		(5,139)		(14,996)
Proceeds from asset sales	—		—		50,766
Settlement of derivative contracts	427		(27,660)		—
Acquisitions, net of cash acquired	—		—		(5,139)
Other investing activities, net	2,870		4,264		—
Settlement of derivative contracts	—		427		(27,660)
Net cash from investing activities: continuing operations	(122,832)		(24,269)		(153,478)
Other investing activities, net	10,969		1,606		4,264
Net cash from investing activities: discontinued operations	—		—		(1,773)
Net cash from investing activities: continuing operations	(41,671)		(99,327)		17,942
Net cash from investing activities	(122,832)		(24,269)		(155,251)
Net cash from investing activities: discontinued operations	(7,385)		(24,769)		(42,211)
Net cash from investing activities	(49,056)		(124,096)		(24,269)
Cash flows from financing activities:
Proceeds from the issuance of debt, net of discount	~~266,750~~—		—266,750		~~1,195,500~~—
Principal payments of debt	(~~322~~233,~~886~~930)		(~~124~~322,~~101~~886)		(1124,~~445,734~~101)
Premiums and fees to refinance debt	(1013,~~531~~688)		(810,~~535~~531)		(508,~~763~~535)
Dividends paid to stockholders	(35,~~215~~956)		(3435,~~718~~215)		(34,~~800~~718)
Customer deposits at the Bank	86(10,~~223~~458)		(386,~~990)~~223		14(3,~~862~~990)
Common stock repurchases	—		~~(13,446)~~—		—(13,446)
Other financing activities, net	(154,~~607~~568)		(136,~~293~~340)		(93,~~436~~674)
Net cash from financing activities	(31,266)		(198,083)		(330,371)
Net cash from financing activities: continuing operations	(298,600)		(21,999)		(188,464)
Effect of exchange rate changes on cash and cash equivalents	5,702		(16,130)		(4,863)
Net cash from financing activities: discontinued operations	(6,855)		(8,003)		(9,619)
Change in cash and cash equivalents	(68,928)		(62,499)		(188,970)
Net cash from financing activities	(305,455)		(30,002)		(198,083)
Cash and cash equivalents at beginning of period	669,981		732,480		921,450
Effect of exchange rate changes on cash and cash equivalents	(4,987)		5,731		(16,091)
Cash and cash equivalents at end of period	$	601,053	$	669,981	$	732,480
Change in cash and cash equivalents	(130,328)		(68,276)		(63,404)
Cash and cash equivalents at beginning of period	600,054		668,330		731,734
Cash and cash equivalents at end of period	$	469,726	$	600,054	$	668,330

See Notes to Consolidated Financial Statements

4243

PITNEY BOWES INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' (DEFICIT~~) EQUITY~~

(In thousands)

	Common Stock		Additional Paid-in Capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total (deficit~~) equity~~
Balance at December 31, 2020	$	323,338	$	68,502	$	5,205,421	$	(839,131)	$	(4,687,509)	$	70,621
Balance at December 31, 2021	$	323,338	$	2,485	$	5,169,270	$	(780,312)	$	(4,602,149)	$	112,632
Net loss	—		—		(1,351)		—		—		(1,351)
Other comprehensive income	—		—		—		58,819		—		58,819
Dividends ($0.20 per share)	—		—		(34,800)		—		—		(34,800)
Issuance of common stock	—		(86,879)		—		—		85,360		(1,519)
Stock-based compensation	—		20,862		—		—		—		20,862
Balance at December 31, 2021	323,338		2,485		5,169,270		(780,312)		(4,602,149)		112,632
Net income	—		—		36,940		—		—		36,940
Other comprehensive loss	—		—		—		(55,252)		—		(55,252)
Dividends ($0.20 per share)	—		—		(34,718)		—		—		(34,718)
Issuance of common stock	—		(192,~~114~~485)		(4562,~~815~~444)		—		62,797		(2,132)
Stock-based compensation	—		~~16,629~~—		—16,629		—		—		16,629
Repurchase of common stock	—		—		—		—		(13,446)		(13,446)
Balance at December 31, 2022	323,338		—		5,125,677		(835,564)		(4,552,798)		60,653
Net loss	—		—		(385,627)		—		—		(385,627)
Other comprehensive loss	—		—		—		(15,681)		—		(15,681)
Dividends ($0.20 per share)	—		—		(35,215)		—		—		(35,215)
Issuance of common stock	—		~~(9,597)~~—		(6373,~~877~~474)		—		71,171		(2,303)
Stock-based compensation	—		~~9,597~~—		—9,597		—		—		9,597
Retirement of treasury stock	(53,000)		—		(1,562,970)		—		1,615,970		—
Balance at December 31, 2023	$270,338	~~270,338~~	$—	—	$3,077,988	~~3,077,988~~	$(851,245)	~~(851,245)~~	$(2,865,657)	~~(2,865,657)~~	$(368,576)	~~(368,576)~~
Net loss	—		—		(203,597)		—		—		(203,597)
Other comprehensive income	—		—		—		12,074		—		12,074
Dividends ($0.20 per share)	—		—		(35,956)		—		—		(35,956)
Issuance of common stock	—		—		(183,644)		—		184,189		545
Stock-based compensation	—		—		17,077		—		—		17,077
Balance at December 31, 2024	$	270,338	$	—	$	2,671,868	$	(839,171)	$	(2,681,468)	$	(578,433)

See Notes to Consolidated Financial Statements

4344

PITNEY BOWES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands, except per share amounts)

1. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying Consolidated Financial Statements of Pitney Bowes Inc. and its wholly owned subsidiaries (we, us, our, or the company) have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany transactions and balances have been eliminated.

In the third quarter of 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority of the former Global Ecommerce reporting segment. As a result, certain revenues, expenses, assets and liabilities are now reported as discontinued operations in our Consolidated Financial Statements. Amounts of the former Global Ecommerce segment that did not qualify for discontinued operations treatment primarily relate to operations that were dissolved or sold, shared services functions and a cross-border services contract. Prior periods have been recast to conform to the current period presentation. For segment reporting purposes, the remaining portion of the former Global Ecommerce segment in continuing operations is now reported as "Other." See Note 4 for further information.

During the first quarter of 2024, the Company identified an error and recorded an out of period adjustment of $5 million to correct the understatement of revenue in prior periods, of which $4 million originated in 2020 and prior. The impact of the adjustment is not material to the consolidated financial statements for any interim or annual periods.

Pre-tax income for the twelve months ended December 31, 2022 includes a benefit of $3 million to correct misstatements related to prior periods. The impact of these misstatements is not material to the consolidated financial statements of the current annual period or for any prior quarterly or annual periods.

Factors Affecting Comparability

Certain transactions and changes occurred during 2022 that impact the comparability to our 2023 financial results. These transactions and changes include:

Use of Estimates

The preparation of financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and accompanying disclosures, including the disclosure of contingent assets and liabilities. These estimates and assumptions are based on management's best knowledge of current events, historical experience and other information available when the financial statements are prepared. These estimates include, but are not limited to, goodwill and intangible asset impairment review, deferred tax asset valuation allowance, income tax reserves, revenue recognition for multiple element arrangements, pension and other postretirement costs, allowance for credit losses, residual values of leased assets, useful lives of long-lived and intangible assets, restructuring costs and loss contingencies. Actual results could differ from those estimates and assumptions.

Cash and Cash Equivalents

Cash equivalents include interest-earning investments with maturities of three months or less at the date of purchase. Restricted cash included in cash and cash equivalents at December 31, ~~2023~~2024 and ~~2022~~2023 was $31 million and $13 million, respectively. Restricted cash represent cash balances which are legally or contractually restricted.

Investment Securities

Investment securities classified as available-for-sale are recorded at fair value with changes in fair value due to market conditions (i.e., interest rates) recorded in accumulated other comprehensive loss (AOCL), and changes in fair value due to credit conditions recorded in earnings. Purchase premiums and discounts are amortized using the effective interest method over the term of the security. Gains and losses on sales of available-for-sale securities are recorded on the trade date using the specific identification method. There were no unrealized losses due to credit losses charged to earnings in ~~2023~~2024, ~~2022~~2023, or ~~2021~~2022. Investment securities classified as held-to-maturity and are carried at amortized cost.

WeAccounts ~~also~~Receivables ~~hold~~and ~~certain~~Allowance ~~other~~for ~~investments,~~Credit ~~whereby their nature, changes in fair value are recorded through earnings on a recurring basis or upon the occurrence of an observable transaction.~~ Losses

Accounts and Other Receivables and Allowance for Credit Losses

Accounts receivables are generally due within 30 days after the invoice date. We provide an allowance for credit losses based on historical loss experience, the age of the receivables, specific troubled accounts and other currently available information.

Accounts receivables are written off against the allowance after all collection efforts have been exhausted and management deems the account to be uncollectible, or when they are 365 days past due, if sooner. We believe that our accounts receivable credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients. We continually evaluate the adequacy of the allowance for credit losses and adjust as necessary.

4445

PITNEY BOWES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands, except per share amounts)

because of the geographic and industry diversification of our clients and small account balances for most of our clients. We continually evaluate the adequacy of the allowance for credit losses and adjust as necessary.

Finance Receivables and Allowance for Credit Losses

Finance receivables are comprised of sales-type leases, secured loans and unsecured loans. Sales-type leases and secured loans are from financing options provided to clients for Pitney Bowes equipment or leasing of other manufacturers' equipment and are generally due in installments over periods ranging from three to five years. Unsecured loans comprise revolving credit lines offered to our clients for postage, supplies and working capital purposes. These revolving credit lines 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 annual period covered and client acquisition costs are expensed as incurred.

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.

Credit approval limits are established based on the credit quality of the client and the type of equipment financed. We cease 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 finance receivable credit risk is low because of the geographic and industry diversification of our clients and small account balances for most of our clients.

Inventories

Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis or net realizable value.

Fixed Assets

Property, plant and equipment and rental equipment are stated at cost and depreciated principally using the straight-line method over their estimated useful lives, which are 50 years for buildings, 10-20 years for building improvements, up to 3 years for internal use software development costs, 3-12 years for machinery and equipment and 3-6 years for rental equipment. Leasehold improvements are amortized over the shorter of their estimated useful life or the remaining lease term. Major improvements that add to the productive capacity or extend the life of an asset are capitalized while repairs and maintenance are charged to expense. Fully depreciated assets are retained in fixed assets and accumulated depreciation until they are removed from service.

Intangible Assets

Finite-lived intangible assets are amortized using the straight-line method over their estimated useful lives of up to 10 years.

Deferred Costs

Certain incremental costs to obtain a contract are capitalized if we expect the benefit of those costs to be realized over a period greater than one year. These costs primarily relate to contract costs and sales commissions on multi-year equipment sales. Costs are amortized in a manner consistent with the timing of the related revenue over the contract performance period or longer, if renewals are expected and the renewal commission is not commensurate with the initial commission. Unamortized deferred costs at both December 31, ~~2023~~2024 and December 31, ~~2022~~2023, included in other assets, were $3928 million ~~and $41 million, respectively~~. Amortization expense for these costs for the years ended December 31, ~~2023~~2024, ~~2022~~2023 and ~~2021~~2022 was $1816 million, $2216 million and $1815 million, respectively.

Revenue Recognition

We derive revenue from multiple sources including sales, rentals, financing and services. Certain transactions are consummated at the same time and can therefore generate revenue from multiple sources. The most common form of these transactions involves a sale or noncancelable lease of equipment, meter services and an equipment maintenance agreement. We determine whether each product and service within the contract should be treated as a separate performance obligation (unit of accounting) for revenue recognition purposes. For contracts that include multiple performance obligations, the transaction price is allocated based on relative standalone selling prices (SSP), which are a range of selling prices that we would sell a product or service to a customer on a separate basis. SSP are established for each performance obligation at the inception of the contract and can be observable prices or estimated. The allocation of the transaction price to the various performance obligations impacts the timing of revenue recognition, but does not change the total revenue recognized. More specifically, revenue related to our offerings is recognized as follows:

45Business services

Business services includes mail processing services, shipping subscription solutions and cross-border solutions. Revenue for mail processing services and cross-border solutions are recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Revenue for shipping subscription solutions is recognized ratably over the

PITNEY BOWES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands, except per share amounts)

~~Business~~contract period as the client obtains equal benefit from these services throughout the period. We review third party relationships and record revenue on a gross basis when we act as a principal in a transaction and on a net basis when we act as an agent between a client and vendor. In determining whether we are acting as principal or agent, we consider several factors such as whether we are the primary obligor to the client or have control over pricing.

Business services includes fulfillment, delivery and return services, cross-border solutions, mail processing services and shipping subscription solutions. Revenue for fulfillment, delivery and return services, cross-border solutions and mail processing services is recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Revenue for shipping subscription solutions is recognized ratably over the contract period as the client obtains equal benefit from these services throughout the period. We review third-party relationships and record revenue on a gross basis when we act as a principal in a transaction and on a net basis when we act as an agent between a client and vendor. In determining whether we are acting as principal or agent, we consider several factors such as whether we are the primary obligor to the client or have control over pricing.

Support services

Support services includes providing maintenance, professional and subscription services for our equipment and digital mailing and shipping technology solutions. Revenue is allocated to these services using selling prices charged in standalone transactions. Revenue for maintenance and subscription services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided.

Financing

We provide financing for our products primarily through sales-type leases and revolving lines of credit for the purchase of postage and supplies. Financing revenue also includes finance income, late fees and investment income, gains and losses at the Bank. We record financing income over the lease term using the effective interest method. Financing revenue also includes amounts related to sales-type leases that customers have extended or renewed for an additional term. Revenue for these contracts is recognized over the term of the modified lease using the effective interest method. We believe that our sales-type lease portfolio contains only normal collection risk.

Equipment residual values are determined at the inception of the lease using management's best estimate of fair value at the end of the lease term. Fair value estimates are determined based on historical renewal experience, used equipment markets, competition and technological changes. We evaluate residual values on an annual basis or sooner if circumstances warrant. Declines in estimated residual values considered "other-than-temporary" are recognized immediately. Increases in estimated future residual values are not recognized until the equipment is remarketed.

Equipment sales

We sell and lease equipment directly to customers and to distributors (re-sellers) throughout the world. The amount of revenue allocated to the equipment is based on a range of observable selling prices in standalone transactions. Revenue is recognized as control of the equipment transfers to the customer. Revenue from the sale of equipment under sales-type leases is recognized upon shipment for self-installed products and upon installation or customer acceptance for other products. Revenue from the direct sale of equipment is recognized upon delivery for self-installed products and upon installation or customer acceptance for other products. We do not typically offer any rights of return.

Supplies

Supplies revenue includes the sale of supplies for our mailing equipment and is recognized upon delivery.

Rentals

Rentals revenue includes revenue from mailing equipment that does not meet the criteria for as a sales-type lease. We may invoice in advance for rentals according to the terms of the agreement. Advanced billings are initially deferred and recognized on a straight-line basis over the billing period. Revenue generated from financing clients for the continued use of equipment subsequent to the expiration of the original lease is recognized as rentals revenue.

Shipping and Handling

Shipping and handling revenue and costs are recognized as ~~costs~~revenue and cost of revenue as incurred.

Research and Development Costs

Research and development includes research, development and engineering activities relating to the development of new products and solutions and enhancements of existing products and solutions. Costs primarily include salaries, benefits and other employee-related expenses, materials, contract services, information systems and facilities and equipment costs. Research and development costs are charged to expense as incurred.

46Restructuring Charges

Restructuring charges may include employee severance and related separation costs and facility abandonment and other related charges. Employee severance and separation costs are recognized when a liability is incurred, which is generally upon communication to the affected employee, and the amount to be paid is both probable and can be reasonably estimated. Severance accruals are based on company policy, historical experience and negotiated settlements.

PITNEY BOWES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands, except per share amounts)

Restructuring Charges

Stock-based Compensation

Compensation expense for stock-based awards is ~~measured~~recognized ratably over the service period based on the estimated fair value of the awards expected to vest. ~~and~~Depending ~~recognized~~on ~~ratably over~~ the ~~requisite~~type ~~service~~of ~~period. We may issue restricted stock and non-qualified stock options under our stock~~ award, ~~plans.~~the ~~The~~ fair value ~~of restricted stock~~ is estimated based on the market price of our common stock on the grant date, less the present value of expected dividends., ~~The~~the ~~fair value of non~~Black-~~qualified~~Scholes ~~stock~~valuation ~~options~~model isor ~~determined~~Monte ~~using~~Carlo ~~the~~simulation ~~Black-Scholes valuation~~ model. We believe that these valuation techniques and the underlying assumptions are appropriate in estimating the fair value of stock awards. ~~Forfeitures are estimated at the time of grant to recognize expense for those awards that are expected to vest and are based on our historical forfeiture rates.~~ Stock-based compensation expense is recognized primarily in selling, general and administrative expense.

Retirement Plans

Net periodic benefit cost includes service cost, interest cost, expected return on plan assets and the amortization of actuarial gains and losses. Actuarial gains and losses arise from actual results that differ from previous assumptions and changes in assumptions. The expected return on plan assets is based on a market-related valuation of plan assets where differences between the actual and expected return on plan assets are recognized over a five-year period in the U.S. and a two-year period in the U.K. Actuarial gains and losses are recognized in other comprehensive loss, net of tax, and amortized to benefit cost primarily over the life expectancy of plan participants. The funded status of pension and other postretirement benefit plans is recognized in the consolidated balance sheets.

Impairment Review

Long-lived assets and finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. The estimated undiscounted future cash flows expected to result from the use and eventual disposition of the asset is compared to the asset's carrying value. The fair value of the asset is determined using probability weighted expected cash flow estimates, derived from our long-term business plan and historical experience, quoted market prices when available and appraisals, as appropriate.

Goodwill is tested annually for impairment at the reporting unit level as of the beginning of the fourth quarter or sooner if circumstances indicate an impairment may exist. The impairment test for goodwill determines the fair value of each reporting unit and compares it to the reporting unit's carrying value, including goodwill. If the fair value of a reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired. If the fair value of the reporting unit is less than the carrying value of the net assets assigned to the reporting unit, a goodwill impairment loss is calculated as the difference between these amounts, limited to the amount of goodwill allocated to the reporting unit.

During 2023, we recorded non-cash, pre-tax goodwill impairment charges in the second and fourth quarters of $119 million and $220 million, respectively. See Note 8 for further details.

Derivative Instruments

We are exposed to the impact of changes in foreign currency exchange rates and interest rates. We limit these risks by following established risk management policies and procedures. We may also use derivatives to limit the effects of currency exchange rate fluctuations on financial results and manage the related cost of debt. We dowill not use derivatives for trading or speculative purposes.

Derivatives are measured at fair value and reported as assets and liabilities, as applicable. The accounting for changes in fair value depends on the intended use of the derivative, the resulting designation and the effectiveness of the instrument in offsetting the risk exposure it is designed to hedge. To qualify as a hedge, a derivative must be highly effective in offsetting the risk designated for hedging purposes. The hedge relationship must be formally documented at inception, detailing the particular risk management objective and strategy for the hedge. The effectiveness of the hedge relationship is evaluated on a retrospective and prospective basis.

The use of derivatives exposes us to counterparty credit risk. To mitigate such risks, we may only enter into agreements with financial institutions that meet stringent credit requirements. We regularly review our credit exposure and the creditworthiness of our counterparties. We have not seen a material change in the creditworthiness of our derivative counterparties.

Income Taxes

We recognize deferred tax assets and liabilities for the future tax consequences attributable to differences between the carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date of such change. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. In estimating the necessity and amount of a valuation allowance, we consider all available evidence for each jurisdiction, including historical operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies. We adjust the valuation allowance through income tax expense when new information becomes available that would alter our determination of the amount of deferred tax assets that will ultimately be realized.

4748

PITNEY BOWES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands, except per share amounts)

rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date of such change. A valuation allowance is provided when it is more likely than not that a deferred tax asset will not be realized. In estimating the necessity and amount of a valuation allowance, we consider all available evidence for each jurisdiction, including historical operating results, estimates of future taxable income and the feasibility of ongoing tax planning strategies. We adjust the valuation allowance through income tax expense when new information becomes available that would alter our determination of the amount of deferred tax assets that will ultimately be realized.

Earnings per Share

Basic earnings per share is computed based on the weighted-average number of common shares outstanding during the year. Diluted earnings per share is computed based on the weighted-average number of common shares outstanding during the year plus the weighted-average dilutive effect of common stock equivalents.

We utilize the control number concept in the computation of diluted earnings per share to determine whether potential common stock equivalents are dilutive. The control number used is income from continuing operations. The control number concept requires that the same number of potentially dilutive securities applied in computing diluted earnings per share from continuing operations be applied to all other categories of income or loss, regardless of their anti-dilutive effect on such categories.

Translation of Non-U.S. Currency Amounts

In general, the functional currency of our foreign operations is the local currency. Assets and liabilities of subsidiaries operating outside the U.S. are translated at rates in effect at the end of the period and revenue and expenses are translated at average rates during the period. Net deferred translation gains and losses are included as a component of accumulated other comprehensive loss.

Loss Contingencies

In the ordinary course of business, we are routinely defendants in, or party to, a number of pending and threatened legal actions. On a quarterly basis, we review the status of each significant matter and assess the potential financial exposure. If the potential loss from any claim or legal action is considered probable and can be reasonably estimated, we establish a liability for the estimated loss. The assessment of the ultimate outcome of each claim or legal action and the determination of the potential financial exposure requires significant judgment. Estimates of potential liabilities for claims or legal actions are based only on information that is available at that time. As additional information becomes available, we may revise our estimates, and these revisions could have a material impact on our results of operations and financial position. Legal fees are expensed as incurred.

Accounting Pronouncements Adopted in ~~2023~~2024

OnIn ~~January~~March 12020, ~~2023,~~the weFinancial ~~adopted~~Accounting ~~ASU~~Standards ~~2022-02,~~Board ~~Financial~~(FASB) ~~Instruments~~issued ASU 2020-04, ~~Credit~~Reference ~~Losses~~Rate Reform (Topic ~~326~~848): ~~Troubled~~Facilitation ~~Debt Restructurings and Vintage Disclosures, which requires disclosure~~ of ~~gross~~the ~~write-offs~~Effects of ~~finance~~Reference ~~receivables~~Rate byReform ~~year~~on ofFinancial ~~origination~~Reporting. The adoption of this standard did not have aan ~~material~~ impact on our ~~disclosures.~~consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. We adopted this standard in the fourth quarter of 2024. See Note 3 for further information.

Accounting Pronouncements Not Yet Adopted

In ~~December~~November ~~2023~~2024, the FASB issued ASU ~~2023~~2024-0903, Income ~~Taxes~~Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (~~Topic~~Subtopic ~~740~~220-40): ~~Improvements~~Disaggregation toof Income ~~Tax~~Statement ~~Disclosures~~Expenses, which ~~would~~requires ~~require~~more ~~additional~~detailed ~~transparency~~information ~~for~~about ~~income~~specified ~~tax~~categories ~~disclosures,~~of ~~including~~expenses ~~the~~included ~~income~~in ~~tax~~certain ~~rate~~expense ~~reconciliation~~captions ~~table~~presented ~~and~~on ~~cash~~the ~~taxes~~face ~~paid~~of ~~both in~~ the ~~United~~income ~~States and foreign jurisdictions~~statement. This standard is effective for ~~annual~~fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, ~~2024~~2027, with early adoption permitted. We are currently assessing the impact this standard will have on our disclosures.

In ~~November~~December 2023, the FASB issued ASU 2023-0709, ~~Segment~~Income ~~Reporting~~Taxes (Topic ~~280~~740): Improvements to ~~Reportable~~Income ~~Segment~~Tax Disclosures, which ~~would~~requires ~~require~~additional ~~enhanced~~income tax disclosures, ~~about~~including ~~significant~~the ~~segment~~rate ~~expenses~~reconciliation and ~~information~~taxes ~~used to assess segment performance~~paid. This standard is effective for ~~fiscal~~annual ~~years beginning after December 15, 2023 and interim~~ periods ~~within fiscal years~~ beginning after December 15, 2024~~, with early adoption permitted~~. We are currently assessing the impact this standard will have on our disclosures.

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, 2024, and may be applied at the beginning of any interim period within that time frame. 49

With the modification of our revolving credit facility in December 2022, we elected to apply the practical expedient to the replacement of LIBOR reference rate and our assessment of hedge effectiveness. We may apply other expedients as additional reference rate changes occur. We continue to assess the impact of this standard on our financial statements.

PITNEY BOWES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands, except per share amounts)

2. Revenue

Disaggregated Revenue

The following tables disaggregate our revenue by source and timing of recognition:

Year Ended December 31, 2023

Year Ended December 31, 2024

Global Ecommerce

Presort Services

SendTech Solutions

Revenue from products and services

Revenue from leasing transactions and financing

Total consolidated revenue

SendTech Solutions

Presort Services

Other

Revenue from products and services

Revenue from leasing transactions and financing

Total consolidated revenue

Revenue from products and services

Business services

1139,~~355,326~~309

~~617~~662,~~599~~587

7284,~~144~~145

2886,~~045,069~~041

—

2886,~~045,069~~041

Support services

—374,571

—

~~410,734~~—

~~410~~374,~~734~~571

—

~~410~~374,~~734~~571

Financing

—

~~271~~269,~~197~~893

Equipment sales

—90,715

—

~~88,144~~—

8890,~~144~~715

~~235~~196,~~595~~885

~~323~~287,~~739~~600

Supplies

—143,245

—

~~147,709~~—

~~147~~143,~~709~~245

—

~~147~~143,~~709~~245

Rentals

—

6765,~~900~~248

Subtotal

1747,~~355,326~~840

~~617~~662,~~599~~587

~~718~~84,~~731~~145

21,~~691~~494,~~656~~572

~~574~~532,~~692~~026

32,~~266~~026,~~348~~598

Revenue from leasing transactions and financing

—532,026

—

~~574,692~~—

~~574~~532,~~692~~026

Total revenue

1,~~355~~279,~~326~~866

~~617~~662,~~599~~587

184,~~293,423~~145

32,~~266~~026,~~348~~598

Timing of revenue recognition from products and services

Products/services transferred at a point in time

—296,691

—

~~306,414~~—

~~306~~296,~~414~~691

Products/services transferred over time

1451,~~355,326~~149

~~617~~662,~~599~~587

~~412~~84,~~317~~145

21,~~385~~197,~~242~~881

Total

1747,~~355,326~~840

~~617~~662,~~599~~587

~~718~~84,~~731~~145

21,~~691~~494,~~656~~572

Year Ended December 31, 2022

Year Ended December 31, 2023

Global Ecommerce

Presort Services

SendTech Solutions

Revenue from products and services

Revenue from leasing transactions and financing

Total consolidated revenue

SendTech Solutions

Presort Services

Other

Revenue from products and services

Revenue from leasing transactions and financing

Total consolidated revenue

Revenue from products and services

Business services

1106,~~576,348~~594

~~602~~617,~~016~~599

71133,~~577~~453

2857,~~249,941~~646

—

2857,~~249,941~~646

Support services

—410,734

—

~~438,191~~—

~~438~~410,~~191~~734

—

~~438~~410,~~191~~734

Financing

—

~~274~~271,~~508~~197

Equipment sales

—88,144

—

~~88,022~~—

88,~~022~~144

~~266~~235,~~938~~595

~~354~~323,~~960~~739

Supplies

—147,709

—

~~154,186~~—

~~154~~147,~~186~~709

—

~~154~~147,~~186~~709

Rentals

—

6667,~~256~~900

Subtotal

1753,~~576,348~~181

~~602~~617,~~016~~599

~~751~~133,~~976~~453

21,~~930~~504,~~340~~233

~~607~~574,~~702~~692

32,~~538~~078,~~042~~925

Revenue from leasing transactions and financing

—574,692

—

~~607,702~~—

~~607~~574,~~702~~692

Total revenue

1,~~576~~327,~~348~~873

~~602~~617,~~016~~599

1133,~~359,678~~453

32,~~538~~078,~~042~~925

Timing of revenue recognition from products and services

Products/services transferred at a point in time

—306,415

—

~~318,438~~—

~~318~~306,~~438~~415

Products/services transferred over time

1446,~~576,348~~766

~~602~~617,~~016~~599

~~433~~133,~~538~~453

21,~~611~~197,~~902~~818

Total

1753,~~576,348~~181

~~602~~617,~~016~~599

~~751~~133,~~976~~453

21,~~930~~504,~~340~~233

4950

PITNEY BOWES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands, except per share amounts)

Year Ended December 31, 2021

Year Ended December 31, 2022

Global Ecommerce

Presort Services

SendTech Solutions

Revenue from products and services

Revenue from leasing transactions and financing

Total consolidated revenue

SendTech Solutions

Presort Services

Other

Revenue from products and services

Revenue from leasing transactions and financing

Total consolidated revenue

Revenue from products and services

Business services

1230,~~702,580~~654

~~573~~602,~~480~~016

58362,~~614~~112

21,~~334~~194,~~674~~782

—

21,~~334~~194,~~674~~782

Support services

—438,191

—

~~460,888~~—

~~460~~438,~~888~~191

—

~~460~~438,~~888~~191

Financing

—

~~294~~274,~~418~~508

Equipment sales

—88,022

—

~~91,015~~—

9188,~~015~~022

~~259~~266,~~123~~938

~~350~~354,~~138~~960

Supplies

—154,186

—

~~159,438~~—

~~159~~154,~~438~~186

—

~~159~~154,~~438~~186

Rentals

—

7466,~~005~~256

Subtotal

1911,~~702,580~~053

~~573~~602,~~480~~016

~~769~~362,~~955~~112

31,~~046~~875,~~015~~181

~~627~~607,~~546~~702

32,~~673~~482,~~561~~883

Revenue from leasing transactions and financing

—607,702

—

~~627,546~~—

~~627~~607,~~546~~702

Total revenue

1,~~702~~518,~~580~~755

~~573~~602,~~480~~016

1362,~~397,501~~112

32,~~673~~482,~~561~~883

Timing of revenue recognition from products and services

Products/services transferred at a point in time

—318,439

—

~~318,077~~—

318,~~077~~439

Products/services transferred over time

1592,~~702,580~~614

~~573~~602,~~480~~016

~~451~~362,~~878~~112

21,~~727~~556,~~938~~742

Total

1911,~~702,580~~053

~~573~~602,~~480~~016

~~769~~362,~~955~~112

31,~~046~~875,~~015~~181

Our performance obligations for revenue from products and services are as follows:

Business services includes ~~fulfillment,~~mail ~~delivery~~processing ~~and return~~ services, ~~cross-border~~shipping subscription solutions, ~~mail processing services~~ and ~~shipping~~cross-border ~~subscription~~ solutions. Revenue for ~~fulfillment,~~mail ~~delivery~~processing ~~and return~~ services, and cross-border solutions ~~and~~are ~~mail processing services is~~ recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Contract terms for these services initially range from one to five years and contain annual renewal options. Revenue for shipping subscription solutions is recognized ratably over the contract period as the client obtains equal benefit from these services throughout the period.

Support services includes providing maintenance, professional and subscription services for our equipment and digital mailing and shipping technology solutions. Contract terms range from one to five years~~, depending on the term of the lease contract for the related equipment~~. Revenue for maintenance and subscription services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided.

Equipment sales generally includes the sale of mailing and shipping equipment, excluding sales-type leases. We recognize revenue upon delivery for self-install equipment and upon acceptance or installation for other equipment. ~~We provide a warranty that the equipment is free of defects and meets stated specifications. The warranty is not considered a separate performance obligation.~~

Supplies revenue includes revenue from the sale of supplies for our mailing equipment and is recognized upon delivery.

Revenue from leasing transactions and financing includes revenue from sales-type and operating leases, finance income, late fees and investment income, gains and losses at the Bank.

Advance Billings from Contracts with Customers

Balance Sheet Location

December 31, ~~2023~~2024

December 31, ~~2022~~2023

Increase/ (decrease)

Advance billings, current

Advance billings

8263,~~124~~732

9769,~~904~~295

(155,~~780~~563)

Advance billings, noncurrent

Other noncurrent liabilities

~~507~~159

~~906~~507

(~~399~~348)

Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to support services on mailing equipment. Revenue recognized during the twelve months ended December 31, 2024 includes $49 million of advance billings at the beginning of the period. Advance billings, current at December 31, 2024 and 2023 also includes $6 million and $7 million, respectively, from leasing transactions.

5051

PITNEY BOWES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands, except per share amounts)

twelve months ended December 31, 2023 includes $79 million of advance billings at the beginning of the period. Advance billings, current at both December 31, 2023 and 2022 also includes $7 million from leasing transactions.

Future Performance Obligations

Future performance obligations primarily include maintenance and subscription services bundled with our leasing contracts. The transaction prices allocated to future performance obligations will be recognized as follows:

	2024		2025		2026-2028		Total
	2025		2026		2027-2029		Total
SendTech Solutions	$	~~241~~245,~~205~~312	$	~~196~~199,~~422~~588	$	~~256~~247,~~715~~500	$	~~694~~692,~~342~~400

The table above does not include revenue for performance obligations under contracts with terms less than 12 months or revenue for performance obligations where revenue is recognized based on the amount billable to the customer.

3. Segment Information

Our reportable segments are ~~Global~~SendTech ~~Ecommerce,~~Solutions and Presort Services. ~~and~~ SendTech Solutions includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. ~~The~~Presort ~~principal~~Services ~~products~~includes the revenue and related expenses from sortation services to qualify large volumes of ~~each~~First ~~reportable~~Class ~~segment~~Mail, ~~are~~Marketing asMail ~~follows:~~and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.

~~Global~~Other ~~Ecommerce:~~operations ~~Includes~~includes the revenue and related expenses ~~from~~of ~~domestic~~our ~~parcel~~former ~~services~~Global Ecommerce reportable segment that did not qualify for discontinued operations treatment. These operations represent previous operations that were dissolved or sold, ~~cross-border~~certain ~~solutions~~shared services functions and ~~digital~~a ~~delivery~~cross-border services contract.

~~Presort~~Management, ~~Services:~~including ~~Includes~~our Chief Executive Officer, who is the ~~revenue~~Chief Operating Decision Maker (CODM), measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated by deducting from segment revenue the related costs and expenses ~~from~~attributable ~~sortation~~to ~~services~~the segment. Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, goodwill impairment charges and other items not allocated to ~~qualify~~a ~~large~~particular ~~volumes~~business segment. Costs related to shared assets are allocated to the relevant segments. Management believes that adjusted segment EBIT provides investors a useful measure of ~~First~~operating ~~Class~~performance ~~Mail,~~and ~~Marketing~~underlying ~~Mail~~trends of the business. Adjusted segment EBIT may not be indicative of our overall consolidated performance and ~~Marketing~~therefore, ~~Mail~~should ~~Flats~~be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and ~~Bound~~a ~~Printed~~reconciliation ~~Matter~~of ~~for~~adjusted ~~postal~~segment ~~worksharing~~EBIT ~~discounts~~to income or loss from continuing operations before income taxes.

SendTech Solutions: Includes the revenue and related expenses from physical and digital mailing and shipping technology solutions,


	Revenue
	Years Ended December 31,
	2024		2023		2022
SendTech Solutions	$	1,279,866	$	1,327,873	$	1,518,755
Presort Services	662,587		617,599		602,016
Total segment revenue	1,942,453		1,945,472		2,120,771
Other	84,145		133,453		362,112
Total revenue	$	2,026,598	$	2,078,925	$	2,482,883

Geographic data:
United States	$	1,700,864	$	1,712,079	$	2,010,052
Outside United States	325,734		366,846		472,831
Total revenue	$	2,026,598	$	2,078,925	$	2,482,883

financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels

and flats.

Management measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, goodwill impairment charges and other items not allocated to a particular business segment. Costs related to shared assets are allocated to the relevant segments. Management believes that adjusted segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. Adjusted segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and reconciliation of adjusted segment EBIT to net income or loss.

	Revenue
	Years Ended December 31,
	2023		2022		2021
Global Ecommerce	$	1,355,326	$	1,576,348	$	1,702,580
Presort Services	617,599		602,016		573,480
SendTech Solutions	1,293,423		1,359,678		1,397,501
Total revenue	$	3,266,348	$	3,538,042	$	3,673,561
Geographic data:
United States	$	2,899,502	$	3,065,211	$	3,114,905
Outside United States	366,846		472,831		558,656
Total revenue	$	3,266,348	$	3,538,042	$	3,673,561

PITNEY BOWES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands, except per share amounts)

	Adjusted Segment EBIT
	Years Ended December 31,
	2023		2022		2021
Global Ecommerce	$	(133,733)	$	(100,308)	$	(98,673)
Presort Services	110,912		82,430		79,721
SendTech Solutions	405,347		400,909		429,415
Total adjusted segment EBIT	382,526		383,031		410,463
Reconciling items:
Interest, net	(163,726)		(141,769)		(143,945)
Unallocated corporate expenses	(210,931)		(204,251)		(207,774)
Restructuring charges	(61,585)		(18,715)		(19,003)
Goodwill impairment	(339,184)		—		—
Gain on sale of assets	—		14,372		1,434
Gain on sale of businesses, including transaction costs	—		12,205		7,619
Gain (loss) on debt redemption/refinancing	3,064		(4,993)		(56,209)
Proxy solicitation fees	(10,905)		—		—
Foreign currency loss on intercompany loans	(5,761)		—		—
Benefit (provision) for income taxes	20,875		(2,940)		10,922
(Loss) income from continuing operations	(385,627)		36,940		3,507
Loss from discontinued operations, net of tax	—		—		(4,858)
Net (loss) income	$	(385,627)	$	36,940	$	(1,351)

	Depreciation and amortization
	Years Ended December 31,
	2023		2022		2021
Global Ecommerce	$	66,664	$	78,296	$	79,128
Presort Services	33,642		28,039		27,243
SendTech Solutions	30,005		29,489		29,950
Total for reportable segments	130,311		135,824		136,321
Corporate	30,119		27,992		26,538
Total depreciation and amortization	$	160,430	$	163,816	$	162,859

	Capital expenditures
	Years Ended December 31,
	2023		2022		2021
Global Ecommerce	$	34,757	$	51,430	$	89,488
Presort Services	11,182		23,363		36,628
SendTech Solutions	38,840		33,364		26,028
Total for reportable segments	84,779		108,157		152,144
Corporate	18,099		16,683		31,898
Total capital expenditures	$	102,878	$	124,840	$	184,042

PITNEY BOWES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands, except per share amounts)

	Assets
	Years Ended December 31,
	December 31,
	2024		2023		2022
	2023		2022		2021
SendTech Solutions
Global Ecommerce	$	597,073	$	996,297	$	1,032,434
Revenue	$	1,279,866	$	1,327,873	$	1,518,755
Presort Services	500,757		510,345		479,392
Less:
SendTech Solutions	2,054,889		2,023,020		2,013,361
Cost of revenue	424,472		454,176		625,762
Total for reportable segments	3,152,719		3,529,662		3,525,187
Operating expenses	453,594		465,606		491,275
Cash and cash equivalents	601,053		669,981		732,480
Adjusted segment EBIT	$	401,800	$	408,091	$	401,718
Short-term investments	22,166		11,172		14,440
Presort Services
Long-term investments	250,240		259,977		333,052
Revenue	$	662,587	$	617,599	$	602,016
Other corporate assets	246,007		270,563		353,712
Less:
Consolidated assets	$	4,272,185	$	4,741,355	$	4,958,871
Cost of revenue	417,741		432,229		454,923
Operating expenses	79,062		74,458		64,663
Adjusted segment EBIT	$	165,784	$	110,912	$	82,430

Identifiable long-lived assets:
	Adjusted Segment EBIT
United States	$	703,484	$	730,347	$	658,070
	Years Ended December 31,
Outside United States	13,685		13,941		14,294
	2024		2023		2022
Total	$	717,169	$	744,288	$	672,364
SendTech Solutions	$	401,800	$	408,091	$	401,718
Presort Services	165,784		110,912		82,430
Total adjusted segment EBIT	567,584		519,003		484,148
Reconciling items:
Other operations	(4,232)		(354)		48,020
Interest expense, net	(173,694)		(162,050)		(139,095)
Corporate expenses	(178,141)		(210,931)		(204,251)
Restructuring charges	(76,915)		(52,412)		(17,208)
Pension settlement	(91,339)		—		—
Impairment charges	(10,000)		(123,574)		—
Gain on sale of assets	—		—		14,372
Gain on sale of businesses, including transaction costs	—		—		7,659
(Loss) gain on debt redemption/refinancing	(10,892)		3,064		(4,993)
Proxy solicitation fees	—		(10,905)		—
Foreign currency gain (loss) on intercompany loans	10,243		(5,761)		—
Charges in connection with Ecommerce Restructuring	(67,831)		—		—
Strategic review costs	(17,110)		—		—
(Loss) income from continuing operations before income taxes	$	(52,327)	$	(43,920)	$	188,652

PITNEY BOWES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands, except per share amounts)

4. Earnings per Share (EPS)


	Depreciation and amortization
	Years Ended December 31,
	2024		2023		2022
SendTech Solutions	39,992		37,981		37,164
Presort Services	35,825		33,642		28,039
Total reportable segments	75,817		71,623		65,203
Corporate	32,276		30,119		27,992
Other operations	6,392		10,982		17,971
Total depreciation and amortization	$	114,485	$	112,724	$	111,166

The calculations of basic and diluted earnings per share are presented below. The sum of earnings per share amounts may not equal the totals due to rounding.


	Capital expenditures
	Years Ended December 31,
	2024		2023		2022
SendTech Solutions	$	44,351	$	44,975	$	39,505
Presort Services	11,011		11,182		23,363
Total reportable segments	55,362		56,157		62,868
Corporate	13,829		18,099		16,683
Other operations	3,212		3,853		3,078
Total capital expenditures	$	72,403	$	78,109	$	82,629

	Years Ended December 31,
	Assets
	2023		2022		2021
	December 31,
Numerator:
	2024		2023		2022
(Loss) income from continuing operations	$	(385,627)	$	36,940	$	3,507
SendTech Solutions	$	1,981,359	$	2,081,199	$	2,062,675
Loss from discontinued operations, net of tax	—		—		(4,858)
Presort Services	478,420		500,757		510,345
Net (loss) income attributable to common stockholders (numerator for EPS)	$	(385,627)	$	36,940	$	(1,351)
Total reportable segments	2,459,779		2,581,956		2,573,020
Denominator:
Cash and cash equivalents	469,726		600,054		668,331
Weighted-average shares used in basic EPS	175,640		173,912		173,914
Short-term investments	16,374		22,166		11,172
Dilutive effect of common stock equivalents (1)	—		3,340		5,191
Long-term investments	190,436		250,240		259,977
Weighted-average shares used in diluted EPS	175,640		177,252		179,105
Other corporate assets	261,201		285,328		535,832
Basic (loss) earnings per share:
Assets of discontinued operations	—		532,441		693,023
Continuing operations	$	(2.20)	$	0.21	$	0.02
Consolidated assets	$	3,397,516	$	4,272,185	$	4,741,355
Discontinued operations	—		—		(0.03)
Net (loss) income	$	(2.20)	$	0.21	$	(0.01)
Diluted (loss) earnings per share:
Continuing operations	$	(2.20)	$	0.21	$	0.02
Discontinued operations	—		—		(0.03)
Net (loss) income	$	(2.20)	$	0.21	$	(0.01)
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:	9,421		10,234		6,514

(1) Due to the net loss from continuing operations for the year ended December 31, 2023, an additional 4.0 million of common stock equivalents were also excluded from the calculation of diluted earnings per share.




Identifiable long-lived assets:
United States	$	345,457	$	390,471	$	428,980
Outside United States	11,143		13,682		13,934
Total	$	356,600	$	404,153	$	442,914

5. Inventories

Inventories consisted of the following:

	December 31,
	2023		2022
Raw materials	$	21,201	$	25,539
Supplies and service parts	25,522		27,573
Finished products	23,330		30,608
Total inventory, net	$	70,053	$	83,720

PITNEY BOWES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands, except per share amounts)

64. ~~Finance~~Discontinued ~~Assets and Lessor Operating Leases~~Operations

On August 8, 2024, we entered into a series of transactions designed to facilitate an orderly wind-down of a majority of the Company’s Global Ecommerce reporting segment. In connection with the wind-down, an affiliate of Hilco Commercial Industrial, LLC (“Hilco”) subscribed for 81% of the voting interests in the subsidiary, DRF Logistics, LLC owning a majority of the Global Ecommerce segment’s net assets and operations (DRF Logistics, LLC and its subsidiary, DRF LLC, the “Ecommerce Debtors”) for de minimis consideration (the “GEC Sale”), with a subsidiary of Pitney Bowes retaining 19% of the voting interests and 100% of the economic interests. Immediately prior to the GEC Sale, we had various intercompany receivables with the Ecommerce Debtors with an aggregate value of $116 million. After the GEC Sale, those intercompany receivables were converted to third party receivables, for which we have ascribed a fair value of zero. Subsequent collections, if any, will be recorded when received or collection is assured.

Subsequent to the GEC Sale, the Ecommerce Debtors, at the direction of their own governing bodies, filed petitions to commence Chapter 11 bankruptcy cases and conduct an orderly wind-down of the Ecommerce Debtors (the “GEC Chapter 11 Cases”). As a result of the GEC Chapter 11 Cases, the Company determined that it no longer had control of the Ecommerce Debtors and therefore, the Ecommerce Debtors were deconsolidated. We refer to the GEC Sale, the GEC Chapter 11 Cases and any associated transactions as the “Ecommerce Restructuring”.

In connection with the GEC Chapter 11 Cases, we entered into a Restructuring Support Agreement (the “RSA”) with the Ecommerce Debtors. The RSA provides for, among other things, an orderly wind-down of the Ecommerce Debtors, shared services between the Company and the Ecommerce Debtors for a period of time, a global settlement between the Company and the Ecommerce Debtors, and a senior secured, super-priority debtor-in-possession term loan (the “DIP Facility”) in an aggregate principal amount of up to $47 million. We provided funding under the DIP Facility of $28 million, which was fully reserved.

In addition, the Company and the Ecommerce Debtors entered into a master settlement agreement (the “Settlement Agreement”), which contemplates the separation of the relationship and transactions among the Company and its subsidiaries and the Ecommerce Debtors, including the settlement and release of claims the Ecommerce Debtors may have against the Company.

On November 25, 2024, the Bankruptcy Court confirmed the Ecommerce Debtors’ Third Amended Joint Plan of Liquidation (the “Plan”) which incorporated the terms of the RSA and approved the Settlement Agreement. On December 9, 2024 (the “Effective Date”), the Plan became effective in accordance with its terms, substantially consummating the separation of the Company from the Ecommerce Debtors. In December 2024, the Company received $11 million as a partial repayment of the DIP Facility. The remaining balance on the DIP Facility is fully reserved and any future distributions will be recorded as income in the period received.

We account for the investment in the Ecommerce Debtors using the equity method which requires the initial fair value of the investment to be recorded as an asset. We determined that the fair value of our economic interest in the Ecommerce Debtors was zero and is therefore not reflected in our consolidated balance sheet. While we no longer control the management of the Ecommerce Debtors, we retain an economic equity interest therein; however, such interest is not anticipated to receive any recovery or distribution as part of the Ecommerce Restructuring. We nevertheless remain exposed to the economic risks and continued costs applicable to the Ecommerce Debtors through our investment in the DIP Facility.

Financial information of discontinued operations is as follows:



	Years Ended December 31,
	2024		2023		2022
Revenue	$	728,462	$	1,187,423	$	1,055,159
Cost of revenue	737,856		1,195,975		1,076,079
Selling, general and administrative	105,909		115,652		120,024
Goodwill impairment	—		215,610		—
Other	12,589		22,769		7,828
Total costs and expenses	856,354		1,550,006		1,203,931
Loss from discontinued operations	(127,892)		(362,583)		(148,772)
Loss on sale	(213,842)		—		—
Loss from discontinued operations before taxes	(341,734)		(362,583)		(148,772)
Tax benefit	(35,635)		(38,223)		(40,016)
Loss from discontinued operations, net of tax	$	(306,099)	$	(324,360)	$	(108,756)

PITNEY BOWES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands, except per share amounts)

The major categories of assets and liabilities included in assets of discontinued operations and liabilities of discontinued operations are as follows:



	December 31, 2023
Cash and cash equivalents	$	999
Accounts and other receivables, net	141,993
Inventories	7,005
Other current assets and prepayments	16,269
Property, plant and equipment, net	129,550


Intangible assets, net	41,850
Operating lease assets	183,467
Other assets	11,308
Assets of discontinued operations	$	532,441

Accounts payable and accrued liabilities	$	46,057
Current operating lease liabilities	30,187
Advance billings	12,829

Noncurrent operating lease liabilities	151,413
Other noncurrent liabilities	16,620
Liabilities of discontinued operations	$	257,106

5. Earnings per Share (EPS)

The calculations of basic and diluted EPS are presented below. The sum of EPS amounts may not equal the totals due to rounding.


	Years Ended December 31,
	2024		2023		2022
Numerator:
Income (loss) from continuing operations	$	102,502	$	(61,267)	$	145,696
Loss from discontinued operations, net of tax	(306,099)		(324,360)		(108,756)


Net (loss) income attributable to common stockholders (numerator for EPS)	$	(203,597)	$	(385,627)	$	36,940
Denominator:
Weighted-average shares used in basic EPS	179,510		175,640		173,912
Dilutive effect of common stock equivalents	3,016		—		3,340
Weighted-average shares used in diluted EPS	182,526		175,640		177,252
Basic earnings (loss) per share:
Continuing operations	$	0.57	$	(0.35)	$	0.84
Discontinued operations	(1.71)		(1.85)		(0.63)
Net (loss) income	$	(1.13)	$	(2.20)	$	0.21
Diluted earnings (loss) per share:
Continuing operations	$	0.56	$	(0.35)	$	0.82
Discontinued operations	(1.68)		(1.85)		(0.61)
Net (loss) income	$	(1.12)	$	(2.20)	$	0.21

Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:	8,129		13,467		10,234

PITNEY BOWES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands, except per share amounts)

6. Inventories

Inventories consisted of the following:


	December 31,
	2024		2023
Raw materials	$	20,405	$	21,201
Supplies and service parts	15,095		18,517
Finished products	24,336		23,330


Total inventories	$	59,836	$	63,048

7. Finance Assets and Lessor Operating Leases

Finance Assets

All finance receivables are in our SendTech Solutions segment. We segregate our finance receivables into a North America portfolio and International portfolio. Finance receivables consisted of the following:

December 31, 2023

December 31, 2022

December 31, 2024

December 31, 2023

North America

International

Total

North America

International

Total

Sales-type lease receivables

Gross finance receivables

~~987~~946,~~743~~294

~~143~~120,~~466~~109

1,~~131~~066,~~209~~403

~~967~~987,~~298~~743

~~158~~143,~~167~~466

1,~~125~~131,~~465~~209

Unguaranteed residual values

3836,~~059~~361

75,~~211~~890

4542,~~270~~251

38,~~832~~059

87,~~798~~211

4745,~~630~~270

Unearned income

(~~253~~257,~~711~~971)

(4234,~~847~~674)

(~~296~~292,~~558~~645)

(~~239~~253,~~238~~711)

(4842,~~334~~847)

(~~287~~296,~~572~~558)

Allowance for credit losses

(1312,~~942~~659)

(2,~~786~~324)

(1614,~~728~~983)

(1413,~~131~~942)

(2,~~893~~786)

(1716,~~024~~728)

Net investment in sales-type lease receivables

~~758~~712,~~149~~025

~~105~~89,~~044~~001

~~863~~801,~~193~~026

~~752~~758,~~761~~149

~~115~~105,~~738~~044

~~868~~863,~~499~~193

Loan receivables

~~342~~334,~~062~~717

1716,~~865~~874

~~359~~351,~~927~~591

~~311~~342,~~887~~062

1617,~~636~~865

~~328~~359,~~523~~927

Allowance for credit losses

(6,~~346~~549)

(~~153~~144)

(6,~~499~~693)

(46,~~787~~346)

(~~139~~153)

(46,~~926~~499)

Net investment in loan receivables

~~335~~328,~~716~~168

1716,~~712~~730

~~353~~344,~~428~~898

~~307~~335,~~100~~716

1617,~~497~~712

~~323~~353,~~597~~428

Net investment in finance receivables

1,~~093~~040,~~865~~193

~~122~~105,~~756~~731

1,~~216~~145,~~621~~924

1,~~059~~093,~~861~~865

~~132~~122,~~235~~756

1,~~192~~216,~~096~~621

Maturities of finance receivables at December 31, ~~2023~~2024 were as follows:

	Sales-type Lease Receivables						Loan Receivables
	North America		International		Total		North America		International		Total
2024	$	367,413	$	58,142	$	425,555	$	254,964	$	17,865	$	272,829
2025	$	354,202	$	65,266	$	419,468	$	268,359	$	16,874	$	285,233
2025	277,861		40,631		318,492		35,099		—		35,099
2026	273,633		27,285		300,918		31,170		—		31,170
2026	192,750		25,379		218,129		25,818		—		25,818
2027	186,094		16,062		202,156		22,963		—		22,963
2027	110,336		13,623		123,959		18,114		—		18,114
2028	97,912		7,834		105,746		9,936		—		9,936
2028	38,034		4,809		42,843		6,438		—		6,438
2029	32,824		3,212		36,036		2,232		—		2,232
Thereafter	1,~~349~~629		~~882~~450		2,~~231~~079		~~1,629~~57		—		~~1,629~~57
Total	$	~~987~~946,~~743~~294	$	~~143~~120,~~466~~109	$	1,~~131~~066,~~209~~403	$	~~342~~334,~~062~~717	$	1716,~~865~~874	$	~~359~~351,~~927~~591

5557

PITNEY BOWES INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Tabular amounts in thousands, except per share amounts)

Allowance for Credit Losses

Activity in the allowance for credit losses on finance receivables was as follows:

	Allowance for Credit Losses
	Sales-type Lease Receivables				Loan Receivables
	NorthAmerica		International		NorthAmerica		International		Total
Balance at December 31, 2020	$	22,917	$	6,006	$	6,484	$	462	$	35,869
Balance at December 31, 2021	$	19,546	$	3,246	$	3,259	$	167	$	26,218
Amounts charged to expense	648		(1,788)		(426)		19		(1,547)
Write-offs	(7,120)		(846)		(6,045)		(302)		(14,313)
Recoveries	3,097		173		3,245		3		6,518
Other	4		(299)		1		(15)

Filing Compare · PITNEY BOWES INC /DE/