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美國
證券交易委員會
華盛頓特區20549
表格 10-Q
☑ 根據《證券交易法》第13或15(d)條規定提交的季度報告書
證券交易所法案(1934年)
截至季度結束日期的財務報告2024年9月30日
或者
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
證券交易所法案(1934年)
對於從 ________________ 到 ________________ 的過渡期
委託文件號碼：1-03579
皮特尼博思股份有限公司.
(根據其章程規定的註冊人準確名稱)
公司註冊狀態:特拉華州I.R.S.僱主識別號碼。06-0495050
主要執行辦公室地址：3001夏季街,Stamford,康涅狄格州06926
(03)3817-7111(203)356-5000

在法案第12(b)條的規定下注冊的證券：
每種類別的證券交易標誌名稱爲每個註冊的交易所:
每股普通股 $1 名義價值PBI請使用moomoo賬號登錄查看New York Stock Exchange
到期日爲2043年的6.7%票據PBI.PRB請使用moomoo賬號登錄查看New York Stock Exchange

請在以下方框內打「勾」，以確認註冊人是否（1）在上述12個月內已經提交了根據1934年證券交易法第13或第15（d）條規定需要提交的所有報告（或在註冊人根據這些規定需要提交此類報告的縮短期間內）；並且（2）在過去的90天內一直需要提交此類報告。 Yes þ 沒有o
請在複選框上表示註冊人是否在過去的12個月（或者在此前的更短時間內必須提交此類文件的註冊人）電子提交了每個必須按照法規S-t（本章第232.405節的規定）提交的交互式數據文件。Yes þ 沒有o
請在Exchange Act Rule 12b-2中查看「大型加速股票發行人」「加速股票發行人」「小型報告公司」和「新興公司」定義，如果是新興公司，請打勾表示發行人是否選擇不使用符合根據Exchange Act的第13（a）條或修訂後的金融會計準則的任何新的或修訂後的金融會計準則的延長過渡期。 是o 否x
大型加速報告人þ加速報告人☐非加速報告人o
小型報告公司☐新興成長公司 ☐

如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 o
請用勾號勾選以下內容：c註冊人是否是一個空殼公司（根據證券交易法規則12b-2中的定義）。是的 ☐ 沒有þ
截至2024年10月24日， 181,700,821 註冊人普通股股票每股面值1美元，尚未流通。


皮特尼博思股份有限公司。
指數
頁碼
2024年9月30日和2023年 結束的三個月和九個月的精簡合併利潤表
截至2024年9月30日和2023年的綜合收益簡明綜合報表
2024年9月30日和2023年12月31日的彙總資產負債表
截至2024年9月30日和2023年的現金流量簡明綜合報表
條款 6：
展示資料
2


第一部分 財務信息
項目1：基本報表
皮特尼博思股份有限公司。
簡明合併利潤表
（未經審核；除每股數據外，以千爲單位）
截至9月30日的三個月截至9月30日的九個月
2024202320242023
營業收入：    
商業服務$221,791 $203,269 $651,389 $638,714 
壓力位服務90,956 101,855 281,301 310,454 
融資情況68,614 68,572 203,816 202,323 
設備銷售66,418 76,705 216,574 238,766 
用品35,428 35,695 107,658 111,035 
出租16,256 16,937 49,739 51,217 
總收入499,463 503,033 1,510,477 1,552,509 
成本和費用：
商業服務成本128,573 130,141 386,531 424,661 
壓力位服務費用30,117 33,332 94,836 105,190 
融資利息支出16,095 16,813 48,663 46,112 
設備銷售成本49,075 52,952 151,948 166,303 
用品成本10,051 10,498 30,604 32,607 
租金成本4,079 4,289 13,196 14,859 
銷售、一般及行政費用189,989 182,744 569,625 583,174 
研發7,580 7,715 22,465 21,380 
重組費用30,694 13,942 64,859 34,768 
商譽減值— — — 43,209 
利息費用，淨額27,764 26,363 83,323 70,822 
其他元件的養老金和離退休收入
(961)(2,683)(1,730)(6,144)
其他收益
50,287 — 50,287 (3,064)
總成本和費用543,343 476,106 1,514,607 1,533,877 
(稅前)持續經營業務利潤/損失
(43,880)26,927 (4,130)18,632 
所得稅（益）費用
(166,466)9,115 (148,695)18,331 
持續經營業務收入
122,586 17,812 144,565 301 
已中止的經營虧損，稅後
(261,058)(30,331)(310,789)(162,092)
淨損失$(138,472)$(12,519)$(166,224)$(161,791)
基本每股收益（虧損）：
持續經營業務$0.68 $0.10 $0.81 $— 
已停止運營的業務(1.45)(0.17)(1.74)(0.92)
淨損失
$(0.77)$(0.07)$(0.93)$(0.92)
每股稀釋淨收益（虧損）:
持續經營$0.67 $0.10 $0.79 $— 
已停止運營的業務(1.42)(0.17)(1.70)(0.90)
淨損失
$(0.75)$(0.07)$(0.91)$(0.90)
`





請參見簡明合併財務報表的附註
3

皮特尼博思股份有限公司。
綜合收益簡明合併報表
（未經審計；以千爲單位）

截至9月30日的三個月截至9月30日的九個月
2024202320242023
淨損失$(138,472)$(12,519)$(166,224)$(161,791)
其他綜合收益(損失), 淨額(稅後):
外幣翻譯，稅後淨額爲$985, $(262), $330 和 $314，分別
34,738 (25,640)14,321 (5,560)
現金流量套期交易未實現損失，稅後淨額爲$(721), $(439), $(1,693) and $(1,001和), 分別爲
(2,136)(1,316)(5,053)(3,003)
投資證券的淨未實現盈虧（稅後淨額爲$2,299, $(1,972), $1,987和$1,360和), 分別爲
7,320 (6,280)6,328 (4,330)
養老金和離退休費用的攤銷（稅後淨額爲$1,560, $1,032, $4,842 和 $3,397，分別
4,731 3,158 14,779 10,386 
其他綜合收益（虧損），淨額
44,653 (30,078)30,375 (2,507)
綜合損失$(93,819)$(42,597)$(135,849)$(164,298)







































請參見簡明合併財務報表的附註
4

皮特尼博思股份有限公司。
簡明合併資產負債表
(未經審計；單位爲千美元，每股金額除外)

2024年9月30日2023年12月31日
資產  
流動資產：  
現金及現金等價物$561,538 $600,054 
Short-term investments (includes $1,823 和 $2,382, respectively, reported at fair value)
13,972 22,166 
應收賬款及其他（扣除賬齡準備金$7,480 和 $5,292）
188,794 200,242 
短期融資租賃應收款（扣除準備金$13,612 和 $14,347）
530,698 563,536 
存貨71,642 63,048 
應交所得稅19,730 564 
其他流動資產和預付款項（扣除$的準備金淨額29,311 截至2024年9月30日
99,778 76,039 
停止經營的業務的資產
— 532,441 
總流動資產1,486,152 2,058,090 
物業、廠房和設備，淨值228,826 254,078 
出租物業和設備淨值23,664 23,583 
長期金融應收款（扣除$的準備金淨額8,088 和 $8,880 分別爲）
622,378 653,085 
商譽737,281 734,409 
無形資產, 淨額17,014 20,400 
營業租賃資產121,533 126,492 
非流動所得稅90,832 60,995 
其他資產（包括洛斯公司所欠款項$65,194）212,647 和 $227,131, 分別以公允價值報告)
320,036 341,053 
資產總額$3,647,716 $4,272,185 
負債和股東赤字 
流動負債:  
應付賬款及應計費用$852,566 $829,419 
Pitney Bowes銀行客戶存款670,678 640,323 
當前經營租賃負債29,218 29,882 
開多次數56,466 58,931 
預收款74,153 76,258 
應交所得稅1,471 6,523 
已停用經營的負債
— 257,106 
流動負債合計1,684,552 1,898,442 
長期債務2,052,298 2,087,101 
應納所得稅差異56,563 211,477 
稅務不確定性及其他所得稅負債12,898 19,091 
非流動工程租賃負債117,812 126,568 
必能寶銀行的長期客戶存款
58,977 73,972 
其他非流動負債183,495 224,110 
負債合計4,166,595 4,640,761 
承諾和 contingencies（見附註14）
股東赤字：
普通股，每股面值爲 $0.0001；1每股（ 480,000 270,338已發行股票）
270,338 270,338 
保留盈餘2,748,407 3,077,988 
累計其他綜合損失(820,870)(851,245)
按成本覈算的公司庫藏股(88,994 和 93,972股份）
(2,716,754)(2,865,657)
股東赤字總額(518,879)(368,576)
負債總額和股東權益虧損總額$3,647,716 $4,272,185 



請參閱簡化合並基本報表的附註
5

皮特尼·博斯公司
簡明合併現金流量表
(未經審計; 以千爲單位)

截至9月30日的九個月
20242023
經營活動產生的現金流：  
淨損失$(166,224)$(161,791)
終止經營損失，扣稅後310,789 162,092 
調整凈利潤或虧損與經營活動產生的淨現金的對賬：
  
折舊和攤銷85,897 84,500 
信用損失準備9,388 9,338 
DIP融資的準備金
29,311 — 
基於股票的補償10,321 6,725 
債務費用的攤銷9,462 7,604 
債務再融資的損失（收益）
2,142 (3,064)
重組費用64,859 34,768 
重組費用(53,919)(25,152)
養老金繳款和退休人員醫療費用(21,273)(30,739)
資產出售損失
8,068 8,294 
對關聯公司貸款的重估損失
13,481 — 
減值損失
10,000 43,209 
其他，淨額(4,685)3,328 
運營資產和負債的變動，扣除收購/剝離：  
應收賬款及其他應收款6,964 27,822 
融資應收款57,238 8,427 
存貨(8,609)3,847 
其他流動資產和預付款項(25,411)(4,333)
應付賬款和應計負債1,522 (98,444)
當前及非當前所得稅(192,179)377 
預收賬款(2,526)(4,926)
持續經營活動產生的淨現金144,616 71,882 
終止經營活動產生的淨現金(49,925)(85,792)
經營活動產生的淨現金94,691 (13,910)
投資活動的現金流：  
資本支出(50,221)(50,226)
投資證券的購買(28,360)(11,248)
投資證券銷售/到期所得48,719 16,100 
貸款應收款的淨投資875 (17,039)
DIP融資支出
(27,789)— 
衍生合同的結算— (6,988)
其他投資活動，淨額1,565 1,337 
   持續經營活動的淨投資現金流(55,211)(68,064)
   終止經營活動的淨投資現金流(11,137)(27,372)
   淨投資現金流(66,348)(95,436)
融資活動產生的現金流:  
發行債務的收入，扣除折扣後— 266,750 
債務的本金償還(42,401)(308,755)
用於贖回債務的溢價和費用(4,938)(10,531)
支付給股東的分紅派息(26,846)(26,330)
客戶在必能寶銀行的存款15,359 88,456 
其他融資活動，淨額(2,340)(6,032)
繼續經營的融資活動淨現金
(61,166)3,558 
來自已終止經營的融資活動的現金淨額
(6,855)(5,617)
融資活動的淨現金
(68,021)(2,059)
匯率變化對現金及現金等價物的影響1,162 (311)
現金及現金等價物的變化(38,516)(111,716)
期初的現金及現金等價物600,054 668,331 
期末現金及現金等價物$561,538 $556,615 
請參閱簡化合並基本報表的附註
6

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)

1. 業務的描述和呈現基礎
商業描述
必能寶公司（我們， us， our，或該公司）是一家以科技爲驅動的公司，提供Saas-雲計算船運解決方案、郵件創新和金融服務，服務於全球客戶——包括超過 90 百分之的財富500強企業。從小型企業到大型企業，以及政府機構，皆依賴必能寶來簡化郵件和包裹的發送複雜性。

財務報表的基礎
伴隨的未經審計的簡明合併基本報表是根據美國公認會計原則（GAAP）爲中期財務信息準備的，並遵循S-X規定第10-01條的指示。因此，它們不包括GAAP爲完整基本報表所要求的所有信息和附註。此外，2023年12月31日的簡明合併資產負債表數據來源於經過審計的基本報表，但不包含GAAP所要求的所有披露。管理層認爲，所有僅由正常經常性調整組成的被認爲必要的調整，已被納入以公正地表述我們的財務狀況、經營成果和所示期間的現金流。所示期間的經營結果未必表明2024年12月31日結束的任何其他中期或年度可能出現的結果。這些報表應與我們截至2023年12月31日的年度股東報告（形式10-K）中包含的基本報表及其附註一起閱讀。
在2024年第三季度，我們進行了一系列交易，以便有序結束全球電子商務報告部門的大部分業務。因此，某些收入、費用、資產和負債現在被報告爲我們《凝聚合並基本報表》中的終止經營。前全球電子商務部門不符合終止經營處理的金額主要與已解散或出售的業務、預計將在2024年底前結束的共享服務職能以及一項跨境服務合同相關。之前的期間已被重新調整以符合當前期間的展示。出於部門報告的目的，繼續運營中的全球電子商務剩餘部分現在被報告爲「其他」。有關更多信息，請參見第4條。
自2024年1月1日起，我們將數字交付服務從原來的全球電商板塊轉移到SendTech解決方案板塊，以便利用我們的科技和創新能力更好地服務客戶。之前的期間已經重新分類以符合當前的板塊呈現。
在2024年第一季度，公司發現了一個錯誤，並記錄了一個期外調整，金額爲$5百萬，以糾正以前期間營業收入的低報，其中$4百萬來源於2020年及之前。該調整對2024年之前的任何中期或年度基本報表的影響均不重大，並且預計對2024年年度期間也不會造成重大影響。

2024年採用的會計公告
自2024年1月1日起，我們採納了ASU 2020-04， 參考利率改革（主題848）：促進參考利率改革對基本報表的影響。 採納此標準對我們的合併基本報表沒有影響。

尚未採納的會計公告
2024年11月，財務會計準則委員會（FASB）發佈了ASU 2024-03， 損益表 - 報告全面收益 - 費用分解披露（子主題220-40）：損益表費用的分解， 這要求對在收益表面上列示的特定費用標題中包含的費用類別提供更詳細的信息。該標準適用於2026年12月15日後開始的財政年度，以及2027年12月15日後開始的財政年度及其間的中期，允許提前採用。我們目前正在評估該標準對我們披露的影響。
在2023年12月，FASB發佈了ASU 2023-09， 所得稅（主題740）：所得稅披露的改進這需要額外的所得稅披露，包括稅率調節和已支付的稅款。該標準適用於2024年12月15日後開始的年度期間。我們目前正在評估該標準會對我們的披露產生的影響。
在2023年11月，FASB發佈了ASU 2023-07， 分部報告（主題280）：對可報告分部披露的改善， 這要求對重大分部費用和用於評估分部績效的信息進行增強披露。該標準適用於2023年12月15日後開始的財政年度，以及2024年12月15日後開始的財政年度的中期，允許提前採用。我們將於2024年12月31日結束的年度採用此標準。
7

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
2. 收入
分拆收入
下表按來源和確認時間詳細列出了我們的營業收入：
截至2024年9月30日的三個月
SendTech解決方案預分揀服務其他來自產品和服務的營業收入來自租賃交易和融資的營業收入總合並營業收入
主要產品/服務線
商業服務$35,091 $166,367 $20,333 $221,791 $— $221,791 
壓力位服務90,956 — — 90,956 — 90,956 
融資— — — — 68,614 68,614 
設備銷售19,852 — — 19,852 46,566 66,418 
供應品35,428 — — 35,428 — 35,428 
租賃— — — — 16,256 16,256 
小計181,327 166,367 20,333 368,027 $131,436 $499,463 
租賃交易和融資的營業收入131,436 — — 131,436 
總營業收入$312,763 $166,367 $20,333 $499,463 
產品和服務的營業收入確認時機
在某個時點轉移的產品/服務$69,631 $— $— $69,631 
在一段時間內轉移的產品/服務111,696 166,367 20,333 298,396 
      合計$181,327 $166,367 $20,333 $368,027 


截至2023年9月30日的三個月
SendTech解決方案預分揀服務其他產品和服務的營業收入租賃交易和融資的營業收入總合並營業收入
主要產品/服務線
商業服務$27,277 $152,451 $23,541 $203,269 $— $203,269 
支持服務101,855 — — 101,855 — 101,855 
融資— — — — 68,572 68,572 
設備銷售18,353 — — 18,353 58,352 76,705 
供應品35,695 — — 35,695 — 35,695 
租賃— — — — 16,937 16,937 
小計183,180 152,451 23,541 359,172 $143,861 $503,033 
來自租賃交易和融資的營業收入143,861 — — 143,861 
總營業收入$327,041 $152,451 $23,541 $503,033 
產品和服務的營業收入確認時機
在某一時刻轉移的產品/服務$71,634 $— $— $71,634 
隨着時間轉移的產品/服務111,546 152,451 23,541 287,538 
      合計$183,180 $152,451 $23,541 $359,172 
8

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
截至2024年9月的九個月
發送科技解決方案預處理服務其他來自產品和服務的營業收入來自租賃交易和融資的營業收入總合並營業收入
主要產品/服務線
商業服務$101,267 $483,032 $67,090 $651,389 $— $651,389 
支持服務281,301 — — 281,301 — 281,301 
融資 — — — — 203,816 203,816 
設備銷售65,517 — — 65,517 151,057 216,574 
供應品107,658 — — 107,658 — 107,658 
租賃— — — — 49,739 49,739 
小計555,743 483,032 67,090 1,105,865 $404,612 $1,510,477 
來自租賃交易和融資的營業收入404,612 — — 404,612 
總營業收入$960,355 $483,032 $67,090 $1,510,477 
產品和服務的營業收入確認時機
在某一時點轉移的產品/服務$217,790 $— $— $217,790 
隨着時間轉移的產品/服務337,953 483,032 67,090 888,075 
      合計$555,743 $483,032 $67,090 $1,105,865 


截至2023年9月30日的九個月
傳送科技解決方案預處理服務其他來自產品和服務的營業收入來自租賃交易和融資的營業收入總合並營業收入
主要產品/服務線
商業服務$76,566 $454,460 $107,688 $638,714 $— $638,714 
壓力位服務310,454 — — 310,454 — 310,454 
融資 — — — — 202,323 202,323 
設備銷售57,408 — — 57,408 181,358 238,766 
供應品111,035 — — 111,035 — 111,035 
租賃— — — — 51,217 51,217 
小計555,463 454,460 107,688 1,117,611 $434,898 $1,552,509 
來自租賃交易和融資的營業收入434,898 — — 434,898 
總營業收入$990,361 $454,460 $107,688 $1,552,509 
產品和服務的營業收入確認時機
在某個時點轉移的產品/服務$222,193 $— $— $222,193 
隨時間轉移的產品/服務333,270 454,460 107,688 895,418 
      合計$555,463 $454,460 $107,688 $1,117,611 








9

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
我們針對產品和服務的營業收入績效義務如下：
商業服務包括郵件處理服務、交通訂閱解決方案和跨境解決方案。郵件處理服務和跨境解決方案的營業收入根據處理或交付的包裹或郵件數量使用基於輸出的方法在時間上確認，具體取決於服務類型，因爲該指標最能體現在合同期間轉移給客戶的商品和服務的價值。這些服務的合同條款最初區間爲 一個 至 五年 幷包含年度續約期權。交通訂閱解決方案的營業收入在合同期間內平均確認，因爲客戶在整個期間可獲得這些服務的相等收益。
支持服務包括爲我們的設備和數字郵寄及交通科技解決方案提供維護、專業和訂閱服務。合同條款區間從 一個 至 五年維護和訂閱服務的營業收入在合同期內按比例確認，而專業服務的營業收入在服務提供時確認。
設備銷售包括郵寄和運輸設備的銷售，不包括銷售類型的租賃。我們在自安裝設備交付時確認營業收入，在其他設備接受或安裝時確認營業收入。我們提供設備無缺陷且符合規定規格的保修。該保修不視爲單獨的履行義務。
供應品包括來自我們郵寄設備銷售的營業收入，並在交付時確認。
來自租賃交易和融資的營業收入包括銷售型和經營性租賃的收入、財務收入、滯納金和投資收入，以及在必能寶銀行（銀行）中的收益和損失。

來自客戶合同的預收賬款
資產負債表位置2024年9月30日2023年12月31日增加/（減少）
預收賬款，當前預收賬款$67,398 $69,295 $(1,897)
預收賬款，非流動 其他非流動負債$384 $507 $(123)

預收款項在我們的服務之前現金支付到期時記錄。營業收入在合同期限內按比例確認。預收款項主要與郵寄設備的支持服務相關。在本期間確認的營業收入包括$49 百萬的預收款項在本期開始時。上述在2024年9月30日和2023年12月31日顯示的當前預收款項不包括$7 百萬，來自租賃交易。

未來的履約義務
未來的履約義務主要包括與我們租賃合同捆綁的維護和訂閱服務。 分配給未來履約義務的交易價格將按如下方式確認：
2024年剩餘時間20252026-2029總計
SendTech 解決方案$65,826 $235,546 $404,978 $706,350 
上述金額不包括在合同條款少於的情況下的營業收入。 12 也不包括根據計費給客戶的金額確認的營業收入。
10

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
3. 細分信息
我們的報告分部包括髮送技術解決方案和預處理服務。發送技術解決方案包括來自物理和數字交通及郵寄技術解決方案、融資、服務、供應和其他應用的營業收入及相關費用，這些解決方案旨在幫助簡化並節省信件、包裹和平信的發送、追蹤和接收。預處理服務包括來自分揀服務的營業收入及相關費用，這些服務允許大量的一類郵件、營銷郵件和營銷郵件的平信/裝訂印刷物符合郵政共享折扣的資格。
其他業務包括我們之前的全球貨幣電子商務可報告部門的營業收入和相關費用，這些部門不符合終止營業的處理要求。這些業務代表了以前已解散或出售的業務、預計將在2024年底前結束的共享服務功能以及一份跨境服務合同。
管理層報告調整後的細分營業利潤（息稅前利潤EBIT）作爲其細分盈利能力的衡量標準。調整後的細分EBIT是通過細分營業收入減去歸屬於該細分的相關成本和費用來計算的。細分費用不包括一般公司費用、重組費用、商譽減值費用、利息、稅費以及其他未分配給特定業務細分的項目。與共享資產相關的成本分配給相關細分。管理層相信，調整後的細分EBIT爲投資者提供了有用的經營業績和業務基本趨勢的衡量標準。調整後的細分EBIT可能無法反映我們整體合併業績，因此應與我們的合併經營結果一起閱讀。 以下表格提供了有關我們可報告細分的信息，以及調整後的細分EBIT與繼續經營在所得稅之前的收入或損失之間的對賬。
營業收入
截至9月30日的三個月截至9月30日的九個月
2024202320242023
發送科技解決方案$312,763 $327,041 $960,355 $990,361 
預分類服務166,367 152,451 483,032 454,460 
總的細分營業收入479,130 479,492 1,443,387 1,444,821 
其他
20,333 23,541 67,090 107,688 
總營業收入$499,463 $503,033 $1,510,477 $1,552,509 

調整後的行業EBIT
截至9月30日的三個月截至9月30日的九個月
2024202320242023
SendTech解決方案$104,228 $99,220 $306,473 $291,705 
預分揀服務46,179 29,124 113,556 76,458 
調整後的總部門息稅前利潤150,407 128,344 420,029 368,163 
調整後的部門息稅前利潤與繼續經營的凈利潤或虧損（稅前）的對賬：
 
其他業務
(4,236)(2,595)(4,824)(1,017)
利息費用，淨額(43,859)(43,176)(131,986)(116,934)
企業開支
(43,386)(41,704)(144,431)(145,762)
重組費用
(30,694)(13,942)(64,859)(34,768)
商譽減值— — — (43,209)
代理招募費用— — — (10,905)
(虧損)債務再融資收益
(2,142)— (2,142)3,064 
公司間貸款的外匯損失
(18,831)— (13,481)— 
與電子商務重組相關的費用
(38,145)— (38,145)— 
資產減值
(10,000)— (10,000)— 
戰略審查費用(2,994)— (14,291)— 
(損失) 繼續經營的營業收入在稅前
$(43,880)$26,927 $(4,130)$18,632 



11

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
4. 中止業務
在2024年8月8日，我們進行了一系列交易，以便有序結束公司大部分全球貨幣電子商務報告部門。與此相關，Hilco Commercial Industrial, LLC（「Hilco」）的一家關聯公司訂閱了 81% 的投票權利，位於擁有全球貨幣電子商務部門大部分淨資產和運營的子公司DRF Logistics, LLC（DRF Logistics, LLC及其子公司DRF LLC，統稱爲「電子商務債務人」），以微薄的代價 （「GEC出售」），必能寶的一家子公司保留了 19% 的投票權和 100% 的經濟利益。在GEC出售之後，電子商務債務人在其自身治理機構的指示下，提交了申請，開始第11章破產案件，並有序結束電子商務債務人（「GEC第11章案件」）。我們將GEC出售、GEC第11章案件以及任何相關交易稱爲「電子商務重組」。
關於GEC第11章案例，我們與電子商務債務人簽訂了重組支持協議（「RSA」）。RSA規定，包括電子商務債務人的有序清算、公司與電子商務債務人之間的共享服務、公司與電子商務債務人之間的全球和解，以及一項高級擔保、超級優先債務人擁有的定期貸款（「DIP融資」），其總本金金額高達$47百萬。到2024年9月30日，我們在DIP融資下提供了$28百萬的資金，這一金額已全部保留。DIP融資全額償還的可能性似乎不大。
公司與電子商務債務人已簽署一項主和解協議（「和解協議」），該協議附屬於RSA和DIP融資，並設想了公司及其子公司與電子商務債務人之間關係和交易的分離，包括電子商務債務人可能對公司提出的索賠的和解與解除。和解協議需經破產法院批准，不能保證會獲得此類批准。
在GEC出售之前，我們與電子商務債務人之間存在各種內部應收賬款，累計價值爲$116百萬。在GEC出售後，這些內部應收賬款被轉換爲第三方應收賬款，我們爲其估計了公允價值爲 零。後續的收款，如果有，將在收到或確認收款時記錄。
我們使用權益法對電商應收賬款的投資進行覈算，這要求將投資的初始公允價值記錄爲資產。我們確定我們在電商應收賬款中的經濟權益的公允價值爲 零 因此未反映在我們的合併資產負債表中。雖然我們不再控制電商應收賬款的管理，但我們仍保留其中的經濟權益；然而，預計該權益在電商重組過程中不會獲得任何回收或分配。我們仍然面臨經濟風險和與電商應收賬款相關的持續成本，通過我們對DIP融資的投資。Hilco預期電商重組將在2024年底前基本完成。

已終止業務的財務信息如下：

截至9月30日的三個月截至9月30日的九個月
2024202320242023
營業收入$115,797 $280,718 $728,462 $842,261 
營業收入成本
120,167 291,974 737,856 854,408 
銷售、一般和行政費用
39,536 26,673 99,806 90,911 
商譽減值
— — — 75,390 
其他
7,017 5,702 10,463 18,825 
總成本和費用
166,720 324,349 848,125 1,039,534 
來自中止運營的損失
(50,923)(43,631)(119,663)(197,272)
出售損失
(218,847)— (218,847)— 
出售中止業務前的損失
(269,770)(43,631)(338,510)(197,272)
稅收利益(8,712)(13,300)(27,721)(35,180)
終止經營損失，扣稅後
$(261,058)$(30,331)$(310,789)$(162,092)




12

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
廢止經營資產和負債中主要類別的資產和負債如下：
2023年12月31日
現金及現金等價物$999 
淨賬戶及其他應收款141,993 
存貨7,005 
其他流動資產和預付款項16,269 
物業、廠房及設備，淨值129,550 
無形資產41,850 
經營租賃資產
183,467 
其他資產11,308 
被終止經營的資產$532,441 
應付賬款和應計負債$46,057 
當前運營租賃負債30,187 
預收賬款12,829 
非流動經營租賃負債
151,413 
其他非流動負債16,620 
終止經營的負債$257,106 

5. 每股收益 (EPS)
基本和攤薄後每股收益的計算如下所示。由於四捨五入的原因，EPS金額的總和可能與總數不相等。
截至9月30日的三個月截至9月30日的九個月
2024202320242023
分子:    
持續經營收入
$122,586 $17,812 $144,565 $301 
終止經營損失，扣稅後
(261,058)(30,331)(310,789)(162,092)
淨損失
$(138,472)$(12,519)$(166,224)$(161,791)
分母:    
加權平均基本每股收益使用的股份
180,242 176,099 178,695 175,428 
普通股等價物的攤薄效應
3,596 4,270 3,750 4,155 
計算攤薄後每股收益時使用的加權平均股份數183,838 180,369 182,445 179,583 
基本每股收益（損失）：
    
持續運營$0.68 $0.10 $0.81 $— 
終止運營(1.45)(0.17)(1.74)(0.92)
淨損失
$(0.77)$(0.07)$(0.93)$(0.92)
稀釋每股收益（損失）：
持續運營$0.67 $0.10 $0.79 $— 
終止運營(1.42)(0.17)(1.70)(0.90)
淨損失
$(0.75)$(0.07)$(0.91)$(0.90)
因其影響具有反稀釋效果，因此未計入攤薄後每股收益計算的普通股等值項：4,833 10,574 6,839 9,665 
我們在計算每股稀釋收益時利用控制數概念來判斷潛在的普通股等價物是否具有稀釋性。使用的控制數是持續經營收益。控制數概念要求在計算持續經營的每股稀釋收益時所應用的所有潛在稀釋證券的數量，必須適用於所有其他類別的收入或損失，無論它們對這些類別的反稀釋效果如何。
13

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
6. 庫存
庫存按成本或可變現淨值中較低者入賬，成本根據先進先出（FIFO）法確定。 庫存包括以下內容：
九月三十日
2024		12月31日
2023
原材料$23,388 $21,201 
供應和服務零件18,595 18,517 
成品29,659 23,330 
總庫存$71,642 $63,048 

7. 融資資產和出租人經營租賃
金融資產
融資應收款包括銷售類型租賃應收款、擔保貸款和無擔保貸款。銷售類型租賃和擔保貸款是購買或租賃必能寶設備或其他製造商設備的融資期權，通常分期償還，期限範圍從 三 至 五年無擔保貸款是爲我們客戶提供的循環信用額度，用於郵資、供應品和營運資金目的。無擔保貸款通常按月到期；然而，客戶可以選擇延續未償餘額。融資應收款的利息採用有效利率法確認。年度費用根據所涵蓋的期限進行均勻確認，客戶獲取成本在發生時確認費用。所有融資應收款都屬於我們的SendTech Solutions板塊，我們將融資應收款分爲北美投資組合和國際投資組合。
財務應收款包括以下內容：
2024年9月30日2023年12月31日
北美國際總計北美國際總計
銷售型租賃應收款      
毛融資應收款$959,751 $129,659 $1,089,410 $987,743 $143,466 $1,131,209 
無擔保殘值36,838 6,628 43,466 38,059 7,211 45,270 
未賺取的收入(258,680)(38,641)(297,321)(253,711)(42,847)(296,558)
信用損失準備(12,939)(2,277)(15,216)(13,942)(2,786)(16,728)
銷售型租賃應收款的淨投資724,970 95,369 820,339 758,149 105,044 863,193 
貸款應收款     
貸款應收款319,259 19,962 339,221 342,062 17,865 359,927 
信用損失準備(6,304)(180)(6,484)(6,346)(153)(6,499)
貸款應收款的淨投資312,955 19,782 332,737 335,716 17,712 353,428 
金融應收款的淨投資$1,037,925 $115,151 $1,153,076 $1,093,865 $122,756 $1,216,621 

截至2024年9月30日，未淨收入財務應收款的到期情況如下：
銷售型租賃應收賬款貸款應收款
北美國際總計北美國際總計
餘數 2024$95,959 $35,308 $131,267 $179,270 $19,962 $199,232 
2025332,861 42,106 374,967 48,009 — 48,009 
2026257,170 26,797 283,967 35,324 — 35,324 
2027167,598 15,649 183,247 29,205 — 29,205 
202883,877 7,168 91,045 20,468 — 20,468 
之後22,286 2,631 24,917 6,983 — 6,983 
總計$959,751 $129,659 $1,089,410 $319,259 $19,962 $339,221 


14

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
應收賬款的老化
應收賬款的老化情況如下：
2024年9月30日
銷售型租賃應收款貸款應收款
北美國際北美國際總計
逾期金額 0 - 90 天$951,747 $127,374 $316,976 $19,859 $1,415,956 
逾期金額 > 90 天8,004 2,285 2,283 103 12,675 
總計$959,751 $129,659 $319,259 $19,962 $1,428,631 

2023年12月31日
銷售型租賃應收款貸款應收款
北美國際北美國際總計
逾期金額 0 - 90 天$977,744 $140,857 $339,789 $17,664 $1,476,054 
逾期金額 > 90 天9,999 2,609 2,273 201 15,082 
總計$987,743 $143,466 $342,062 $17,865 $1,491,136 

信用損失準備金
我們根據歷史損失經驗、資產組合的性質、可能影響客戶償付能力的不利情況以及當前的經濟條件和合理可支持的預測，提供信用損失準備金。我們持續評估信用損失準備金的充足性，並在必要時進行調整。用於確定信用損失估計的假設本質上是主觀的，實際結果可能與估計的準備金存在顯著差異。
我們根據客戶的信用質量和融資設備的類型來設定信用批准限額。對於超過 90 天的逾期賬款，我們停止對租賃應收款和無擔保貸款應收款的營業收入確認。當客戶的付款將賬戶逾期天數減少到少於 60 天時，營業收入確認將恢復。融資應收款在所有催收努力都已耗盡且管理層認爲賬戶無可回收時被覈銷。我們相信我們的信用風險較低，因爲客戶的地理和行業多元化，以及大多數客戶的賬戶餘額較小。
融資應收款項的信用損失準備活動如下：
銷售型租賃應收款貸款應收款
北美國際北美國際總計
2024年1月1日的餘額$13,942 $2,786 $6,346 $153 $23,227 
費用支出金額998 (7)3,550 354 4,895 
覈銷(3,232)(636)(5,116)(349)(9,333)
回收1,221 145 1,546 — 2,912 
其他10 (11)(22)22 (1)
截至2024年9月30日的餘額$12,939 $2,277 $6,304 $180 $21,700 
銷售類型租賃應收款貸款應收款
北美國際北美國際總計
2023年1月1日餘額$14,131 $2,893 $4,787 $139 $21,950 
計入費用的金額1,339 800 3,246 305 5,690 
註銷 (3,227)(1,209)(3,722)(292)(8,450)
回收2,058 151 1,488 — 3,697 
其他51 (181)(52)(6)(188)
截至2023年9月30日的餘額$14,352 $2,454 $5,747 $146 $22,699 


15

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
下表顯示了按起源年份劃分的總金融應收款的註銷情況。
2024年9月30日
銷售類型租賃應收款貸款應收款總計
20242023202220212020以前
覈銷$67 $829 $1,382 $763 $543 $284 $5,465 $9,333 

2023年9月30日
銷售類型租賃應收款貸款應收款總計
20232022202120202019以前
覈銷$833 $912 $1,141 $748 $447 $355 $4,014 $8,450 
信用質量
對新客戶和現有客戶信用額度的擴展和管理使用了客戶信用評分、詳細的手動審查他們的財務控制項和付款歷史，或自動化流程的組合。一旦授予信用，客戶的付款表現通過自動催收流程進行管理，並在賬戶逾期時進行直接跟進。我們擁有強大的自動催收和全面的投資組合管理流程，以確保我們的戰略得以執行、催收資源得到分配，並在需要時實施增強的工具和流程。
關於 85% 的我們的財務應收款項在北美投資組合內。我們利用第三方每季度對該投資組合的大部分進行評分，使用的是一種專有的商業信用評分系統。相對分數是基於多個因素確定的，包括財務信息、付款歷史、公司類型和所有權結構。我們將客戶的信用評分分爲低、中和高風險賬戶。由於時間和其他問題，我們的整個投資組合可能無法在期末進行評分。我們將這些金額報告爲「未評分」；然而，缺少評分並不意味着賬戶的信用質量。信用評分用於預測客戶的付款行爲，以及在隨後的12個月內賬戶逾期超過90天的可能性。
•低風險賬戶是信用評分非常高且預測逾期率低於的公司 5%.
•中等風險賬戶是信用評分在平均到良好之間，並且預計逾期率處於 5% 10%.
•高風險賬戶是指信用評分較低、逾期或有可能變得逾期的公司。預測的逾期率將大於 10%.
我們不使用第三方來評估我們的國際投資組合，因爲這樣做的成本是 prohibitive 的，因爲沒有一個信用評分模型涵蓋所有國家。因此，整個國際投資組合被報告在未評分類別中。大多數國際信用申請是小額申請（即低於$50 千）並經過自動審核過程。較大的信用申請會進行人工審核，包括獲取客戶的財務信息、信用報告和其他可用的財務信息。












16

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
下表顯示了根據各類賬戶的相對評分，按相對風險類別和原始年份劃分的總金融應收款。
2024年9月30日
銷售類型租賃應收款貸款應收款總計
20242023202220212020以前
低$150,519 $224,418 $180,767 $115,960 $71,999 $53,317 $254,787 $1,051,767 
中等25,841 33,812 26,277 19,868 11,307 9,951 39,044 166,100 
高3,550 4,350 3,350 2,723 2,030 655 12,286 28,944 
未評分48,205 45,817 29,475 16,849 6,243 2,127 33,104 181,820 
總計$228,115 $308,397 $239,869 $155,400 $91,579 $66,050 $339,221 $1,428,631 
2023年12月31日
銷售類型租賃應收款貸款應收款總計
20232022202120202019以前
低$261,583 $222,947 $155,193 $96,986 $46,635 $27,164 $264,232 $1,074,740 
中等46,208 35,891 24,483 16,027 10,503 8,041 62,910 204,063 
高4,455 4,217 2,554 1,853 740 862 7,487 22,168 
未評分59,335 49,839 33,494 15,944 5,089 1,166 25,298 190,165 
總計$371,581 $312,894 $215,724 $130,810 $62,967 $37,233 $359,927 $1,491,136 


租賃收入
銷售型租賃的租金收入，不包括可變租賃付款，如下所示：
截至9月30日的三個月截至9月30日的九個月
2024202320242023
在開始時確認的利潤$24,071 $29,476 $78,277 $92,138 
利息收入38,264 38,588 114,277 116,700 
銷售型租賃的總租賃收入$62,335 $68,064 $192,554 $208,838 

出租方經營租賃
我們還根據經營租賃租賃郵寄設備，租期爲 一個 至 五年. 這些經營租賃的到期時間如下：
餘數 2024$5,056 
202516,927 
202617,196 
202710,616 
20281,459 
之後3,829 
總計$55,083 





17

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)

8. 無形資產和商譽
無形資產
Intangible assets consisted of the following:
September 30, 2024December 31, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships$43,569 $(28,163)$15,406 $44,112 $(25,659)$18,453 
Software & technology3,129 (1,521)1,608 3,047 (1,100)1,947 
Total intangible assets$46,698 $(29,684)$17,014 $47,159 $(26,759)$20,400 

Amortization expense for both the three months ended September 30, 2024 and 2023 was $1 million and amortization expense for both the nine months ended September 30, 2024 and 2023 was $3 million.
截至2024年9月30日，未來的攤銷費用如下表所示。實際的攤銷費用可能會有所不同，原因包括外匯匯率波動、收購、剝離和減值損失等。
餘數 2024$1,146 
20254,381 
20263,392 
20273,123 
20282,438 
之後2,534 
總計$17,014 

商譽
各報告分部商譽的賬面價值變動如下表所示。
2023年12月31日貨幣影響九月三十日
2024
發送科技解決方案
$510,646 $2,872 $513,518 
預分類服務
223,763 — 223,763 
總商譽$734,409 $2,872 $737,281 













18

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
9. 公允價值計量和衍生工具
我們定期以公允價值計量某些金融資產和負債。公允價值是基於市場參與者的視角考慮的市場基礎度量，而不是特定實體的度量。實體需要根據以下公允價值等級對以公允價值計量的某些資產和負債進行分類，這一等級優先考慮用於測量公允價值的輸入：
一級 –    在活躍市場中對於相同資產和負債的未調整報價。
二級 –    在非活躍市場中的相同資產和負債的報價，活躍市場中相似資產和負債的報價，或其他可觀察的輸入，或者可以通過可觀察的市場數據進行證實的輸入，適用於資產或負債的實質完整期限。
第三級– 不可觀察的輸入，支持市場活動很少或沒有，可能來源於基於管理層對公允價值的最佳估計而開發的內部方法論，並且對資產或負債的公允價值具有重要意義。
金融資產和負債根據對公允價值計量而言重要的最低輸入水平進行全面分類。我們對特定輸入在公允價值計量中重要性的評估需要判斷，並可能影響其在公允價值層次結構中的位置。 以下表格按公允價值層次結構的級別顯示了我們定期按公允價值計量的金融資產和負債。
2024年9月30日
一級二級第三級總計
資產：    
投資證券    
貨幣市場所有基金類型 $3,538 $176,704 $— $180,242 
權益證券— 17,525 — 17,525 
混合固收證券1,649 4,396 — 6,045 
政府及相關證券
8,706 13,925 — 22,631 
企業債務證券— 49,398 — 49,398 
抵押貸款支持/資產支持證券— 115,335 — 115,335 
衍生品 
利率掉期— 2,099 — 2,099 
總資產$13,893 $379,382 $— $393,275 


2023年12月31日
一級二級第三級總計
資產：    
投資證券    
貨幣市場所有基金類型 $13,366 $188,484 $— $201,850 
權益證券— 15,341 — 15,341 
混合固收證券1,581 5,741 — 7,322 
政府及相關證券
11,489 18,999 — 30,488 
企業債務證券 — 54,330 — 54,330 
抵押貸款支持證券 / 資產支持證券— 119,901 — 119,901 
衍生品   
利率掉期— 8,425 — 8,425 
總資產$26,436 $411,221 $— $437,657 


19

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
投資證券
投資證券的估值基於一種市場方法，使用可觀察的輸入或可通過活躍市場中的可觀察數據進行證實的信息。以下信息與我們在公允價值層級中的分類相關：
•貨幣市場基金： 貨幣市場基金通常投資於政府證券、存單、商業票據以及其他高度流動、低風險的證券。貨幣市場基金主要用於隔夜存入資金，當在活躍市場上有未經調整的報價可用時，分類爲一級，當未在交易所積極交易時，分類爲二級。
•股權證券股票證券包括投資於美國和外國股票的共同基金。這些共同基金被分類爲第2級。
•混合固收證券： 混合固收證券由投資於各種固收證券的共同基金組成，包括美國政府及其機構的證券、公司債務、抵押貸款支持證券和資產支持證券。公允價值基於每個基金所持有的基礎投資的價值減去其負債，然後除以已發行股份數量，這些數據由基金經理提供。當有未調整的活躍市場報價可用時，這些共同基金被歸類爲一級；而在交易所未活躍交易時，則歸類爲二級。
•政府及相關證券： 當活躍市場中可用未經調整的報價價格時，債務證券被分類爲第1級。當通過類似證券的報價市場價格或基準模型導出的價格與同類或可比證券的報價市場價格和交易數據來確定公允價值時，債務證券被分類爲第2級。
•企業債務證券： 企業債務證券的估值是基於最近執行的可比交易、市場價格報價或與證券相同到期的債券利差。這些證券被分類爲第二級。
•抵押貸款支持證券 / 資產支持證券： 這些證券的價值基於外部定價指數或外部價格/利差數據。這些證券被分類爲第二級。

Derivative Securities
•利率互換： 利率掉期的估值基於一種收入方法，使用可觀察的投入，或者可以從可觀察的市場數據推導或證實。這些證券被歸類爲二級。

可供出售證券
按可供出售證券的公允價值記錄投資證券，因市場條件導致的公允價值變動記錄在累計其他綜合損失（AOCL）中，而因信用條件導致的公允價值變動記錄在收益中。在截至2024年和2023年9月30日的九個月內，沒有未實現的損失計入收益。

可供出售的證券包括以下內容：
2024年9月30日
攤餘成本未實現的總損失估計公允價值
政府及相關證券$24,909 $(5,677)$19,232 
企業債務證券57,174 (7,776)49,398 
混合固收證券1,823 (174)1,649 
抵押貸款支持/資產支持證券137,417 (22,082)115,335 
總計$221,323 $(35,709)$185,614 
2023年12月31日
攤餘成本未實現的總損失估計公允價值
政府及相關證券$35,048 $(7,018)$28,030 
企業債務證券65,008 (10,678)54,330 
混合固收證券1,788 (207)1,581 
抵押貸款支持證券 / 資產支持證券146,022 (26,121)119,901 
總計$247,866 $(44,024)$203,842 
20

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
處於損失狀態的投資證券如下：
2024年9月30日2023年12月31日
公允價值未實現的總損失公允價值未實現的總損失
超過12個月的連續時間
政府及相關證券$19,232 $5,677 $28,030 $7,018 
企業債務證券49,224 7,775 51,948 10,466 
抵押貸款支持證券 / 資產支持證券115,335 22,082 119,901 26,121 
總計$183,791 $35,534 $199,879 $43,605 
少於12個月連續時間
企業債務證券$174 $1 $2,382 $212 
混合固收證券1,649 174 1,581 207 
總計$1,823 $175 $3,963 $419 
截至2024年9月30日，投資組合中的所有證券幾乎都處於未實現損失狀態。然而，我們有能力和意圖持有這些證券，直到未實現損失的恢復，或者預計在到期時能夠收回本金和利息。因此，我們尚未確認減值損失，且對這些投資證券的信用損失準備金並不顯著。
截至2024年9月30日，可供出售證券的計劃到期日如下：
攤餘成本估計公允價值
在一年內$1,998 $1,823 
經過1年至5年7,689 7,213 
經過5年到10年60,475 53,284 
經過10年151,161 123,294 
總計$221,323 $185,614 
實際到期可能與預定到期不同，因爲某些證券具有提前贖回特性和/或允許提前償還義務。

到期持有證券
截至2024年9月30日和2023年12月31日的按到期持有證券總額爲$284百萬和$265 百萬，分別爲。按到期持有證券包括到期少於 90 天的存款證和到期少於的高流動性政府證券。 兩年.

未來股權簡單協議（SAFE）投資
在2022年10月，我們通過SAFE協議向Ambi Robotics Inc.投資了$10百萬美元，這是一家機器人解決方案公司。SAFE投資使我們有權參加Ambi Robotics Inc.未來的股權發行。該投資按成本計入並記錄在其他資產中。由於Ambi Robotics Inc.失去了一個重要客戶，在2024年第三季度，我們確定該投資發生減值，並記錄了$10百萬的減值損失。









21

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
衍生工具
我們面臨利率和外幣匯率變化的影響。我們可能會使用衍生工具來限制利率和貨幣兌換匯率變化對我們財務結果的影響。我們不使用衍生工具進行交易或投機目的。

利率互換
我們有到期於2024年12月31日的優秀利率互換協議，這些協議有效地將$200百萬的變量利率債務轉爲固定利率。根據利率互換的條款，我們支付固定利率利息 0.585和接收基於一個月SOFR加 0.1的變量利率利息。定期貸款和互換的變量利率每月重置。
這些掉期被指定爲現金流對沖，並在每個報告期末按公允價值記錄。公允價值的變化反映在其他綜合收益中。這些利率掉期的影響如下：
截至9月30日的三個月
衍生品收益（損失）
在其他綜合收益中確認
（有效部分）		收益（損失）的地點
（有效部分）		重新分類的收益（損失）
從其他綜合收益轉入收益
(有效部分)
衍生工具2024202320242023
利率掉期$(2,711)$(1,600)利息支出$2,658 $137 
 截至9月30日的九個月
 衍生收益（損失）
在其他綜合收益中確認
(有效部分)		收益（損失）位置
(有效部分)		收益（損失）重新分類
從其他綜合收益轉入收益
(有效部分)
衍生工具2024202320242023
利率掉期$(6,326)$(3,600)利息支出$7,833 $412 

Foreign Exchange Contracts
In the first nine months of 2023, we had outstanding foreign exchange contracts to minimize the impact on earnings from the revaluation of short-term interest-bearing intercompany loans denominated in a foreign currency. These foreign exchange contracts were not designated as hedging instruments and the revaluation of intercompany loans and the change in fair value of these derivatives were recorded in earnings. The mark-to-market adjustment on these foreign exchange contracts for the three and nine months ended September 30, 2023 was a loss of $12 million and a loss of $4 million, respectively, and significantly offset the corresponding gain on the revaluation of intercompany loans.

Fair Value of Financial Instruments
我們的金融工具包括現金及現金等價物、可供出售和持有至到期的投資證券、應收賬款、貸款應收款、衍生金融工具、應付賬款和債務。現金及現金等價物、持有至到期投資證券、應收賬款、貸款應收款和應付賬款的賬面價值接近公允價值。可供出售投資證券和衍生金融工具的公允價值已在上面列出。債務的公允價值是根據最近執行的交易和市場價格報價進行估計的。用於判斷債務公允價值的輸入被歸類爲公允價值層級的第二級。 債務的賬面價值和估計公允價值如下：
2024年9月30日2023年12月31日
賬面價值$2,108,764 $2,146,032 
公允價值$1,990,241 $1,893,620 






22

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
10. 重組費用
2024計劃
在2024年第二季度，我們批准了一項全球成本削減計劃（「2024年計劃」），以實現成本降低和提高效率。在第三季度，根據該計劃，我們淘汰了大約 2,300 頭寸和產生的費用爲 $36百萬。我們預計未來將產生與進一步裁員相關的額外費用，並預計將在2025年上半年末基本完成這些行動。
2023計劃
我們在2024年第二季度完成了2023年度計劃。在該計劃下，我們裁減了 1,049 個職位，並確認累計費用爲$69百萬。
我們重組準備金的活動如下：
2024計劃2023計劃總計
2024年1月1日的餘額$— $26,128 $26,128 
持續經營中計入費用的金額
54,238 10,621 64,859 
終止經營中計入費用的金額
7,265 — 7,265 
現金支付(18,045)(35,874)(53,919)
非現金活動(245)(875)(1,120)
截至2024年9月30日的餘額$43,213 $— $43,213 
2023計劃之前的計劃總計
2023年1月1日餘額$— $7,647 $7,647 
持續經營費用的金額
31,169 3,599 34,768 
終止經營費用的金額
7,852 — 7,852 
現金支付(13,906)(11,246)(25,152)
非現金活動(8,049)— (8,049)
截至2023年9月30日的餘額$17,066 $— $17,066 

終止運營中的重組費用的組成部分主要包括裁員費用。持續運營中的重組費用組成如下：
截至2024年9月30日的三個月截至2023年9月30日的三個月
2024計劃2023計劃總計2023計劃之前的計劃總計
離職賠償$30,403 $— $30,403 $8,190 $— $8,190 
設施和其他291 — 291 5,752 — 5,752 
總計$30,694 $— $30,694 $13,942 $— $13,942 
截至2024年9月的九個月截至2023年9月30日的九個月
2024計劃2023計劃總計2023計劃之前的計劃總計
離職賠償$53,947 $9,398 $63,345 $24,712 $3,057 $27,769 
設施和其他291 1,223 1,514 6,457 542 6,999 
總計$54,238 $10,621 $64,859 $31,169 $3,599 $34,768 





23

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
11. 債務
總債務包括以下內容：


利率2024年9月30日2023年12月31日
定期貸款到期於2026年3月
SOFR + 2.25%
$249,500 $285,500 
債券到期於2027年3月6.875%380,000 380,000 
債券到期於2028年3月
SOFR + 6.9%
272,250 274,313 
到期貸款截止日期爲2028年3月
SOFR + 4.0%
434,250 437,625 
票據到期日期爲2029年3月7.25%350,000 350,000 
票據到期日期爲2037年1月5.25%35,841 35,841 
票據到期日期爲2043年3月6.70%425,000 425,000 
其他債務216 1,181 
本金金額2,147,057 2,189,460 
減去：未攤銷成本，淨額38,293 43,428 
總債務2,108,764 2,146,032 
減：流動部分的長期債務56,466 58,931 
長期債務$2,052,298 $2,087,101 

在2024年8月，我們修改了管理我們的有擔保循環信貸設施和2026年3月到期的定期貸款（"信貸協議"）以及管理我們$275百萬票據的票據購買協議，票據於2028年3月到期。這些修訂包括允許電子商務重組、在DIP設施下融資、修改某些契約，包括因電子商務重組而產生的費用的豁免，解除電子商務債務人提供的擔保以及對電子商務債務人資產的留置權，並將循環信貸設施下的允許借款總額從$500百萬增加至$400百萬。
信用協議包含某些財務契約。這些契約要求我們在季度基礎上維持一個最大槓桿比率和一個最低利息覆蓋比率，這兩個比率均按照信用協議的定義和計算進行。在2024年9月30日，我們遵守了這些財務契約。
管理層預計我們將在未來十二個月內遵守這些修訂後的財務契約。然而，可能會發生一些超出我們控制的事件和情況，這可能會對我們遵守這些契約產生不利影響，並要求我們從貸方那裏獲得豁免、修改現有契約或再融資某些債務以糾正不合規。如果我們無法糾正不合規，2026年3月到期的循環信貸額度和定期貸款的到期金額可能會被貸方催收。在2024年9月30日， 無 循環信貸額度下有未償借款。我們擔保債務的借款由公司的資產作爲抵押。













24

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
12. 養老金和其他福利項目
淨定期福利（收入）成本的元件如下：
確定收益養老金計劃非養老金退休福利計劃
美國外資
截至三個月截至三個月截至三個月
9月30日 9月30日 9月30日
202420232024202320242023
服務成本$12 $11 $189 $190 $92 $98 
利息成本14,468 15,440 5,298 5,379 1,090 1,163 
計劃資產的預期回報(21,551)(21,280)(6,557)(7,575)— — 
以前服務（信貸）成本的攤銷(5)(5)76 72 — — 
淨精算損失（收益）的攤銷4,758 4,209 1,968 525 (506)(977)
結算— 366 — — — — 
淨週期性福利（收入）成本$(2,318)$(1,259)$974 $(1,409)$676 $284 
對福利計劃的貢獻$1,221 $2,722 $329 $491 $2,423 $2,330 
確定收益養老金計劃非養老金退休後福利計劃
美國外資
截至九個月截至九個月截至九個月
9月30日 9月30日 9月30日
202420232024202320242023
服務成本$36 $31 $561 $578 $277 $275 
利息成本44,400 47,618 15,666 15,935 3,361 3,774 
計劃資產的預期回報(65,369)(64,506)(19,409)(22,434)— — 
前期服務（信用）成本的攤銷(15)(15)223 214 — — 
淨精算損失（收益）的攤銷14,702 13,042 5,804 1,552 (1,093)(1,690)
結算— 680 — — — — 
淨定期收益（收入）成本$(6,246)$(3,150)$2,845 $(4,155)$2,545 $2,359 
對福利計劃的貢獻$3,542 $5,756 $7,707 $16,036 $10,024 $8,947 











25

皮特尼·博斯公司
簡化合並財務報表附註
(未經審計；表格金額均以千爲單位，除非另有說明，按每股金額計算)
13. 所得稅
截至2024年9月30日的三個月和九個月的所得稅福利包括稅收優惠$164 百萬，主要由於關聯公司重組。截止2023年9月30日的三個月和九個月的所得稅計提包括$1 百萬的福利，針對$43 百萬的商譽減值費用，因爲這筆費用的大部分是不可扣除的。
我們定期結束稅務申報的審查，限制期到期，法院裁決解釋稅法。我們定期根據這些動態評估稅務不確定性；因此，在接下來的12個月中，未確認的稅務利益金額有可能減少，並且這種減少可能達到 40% 的未確認稅務利益。
美國國內稅務署對我們合併的美國聯邦所得稅申報表的審計截止到2020年前的稅務年度已結束，除了對《減稅與就業法案》第965節過渡稅的審查。在州和地方層面，大多數地區的申報截至2018年已結束。對於我們重要的非美國地區，英國、法國和德國的申報分別截至2021年、2019年和2016年已結束。加拿大的審查截止到2018年，除了當前審查和上訴中的特定問題外，我們還有其他不太重要的稅務申報目前正在接受審查。


14. Commitments and Contingencies
From time to time, in the ordinary course of business, we are involved in litigation pertaining to, among other things, contractual rights under vendor, insurance or other contracts; intellectual property or patent rights; equipment, service, payment or other disputes with clients; or disputes with employees. Some of these actions may be brought as a purported class action on behalf of a purported class of customers, employees, or others. Due to uncertainties inherent in litigation, any actions could have an adverse effect on our financial position, results of operations or cash flows; however, in management's opinion, the final outcome of outstanding matters will not have a material adverse effect on our business.
On October 1, 2024, one of the Ecommerce Debtors filed a complaint against Trilogy Leasing Co., LLC (“Trilogy”) in the United States Bankruptcy Court for the Southern District of Texas seeking to recharacterize certain Equipment Supplements to which they are parties as disguised financings. On October 8, 2024, we filed a motion to intervene in that proceeding in support of the Ecommerce Debtors' position. Given the uncertainty of litigation and the legal standards that must be met, we cannot estimate the reasonably possible loss or range of loss that may result from these actions.



















26

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
15. Stockholders’ Deficit
Changes in stockholders’ deficit were as follows:
Common stockRetained earningsAccumulated other comprehensive lossTreasury stockTotal deficit
Balance at July 1, 2024$270,338 $2,948,959 $(865,523)$(2,781,663)$(427,889)
Net loss— (138,472)— — (138,472)
Other comprehensive income
— — 44,653 — 44,653 
Dividends paid ($0.05 per common share)
— (9,061)— — (9,061)
Issuance of common stock— (57,326)— 64,909 7,583 
Stock-based compensation expense
— 4,307 — — 4,307 
Balance at September 30, 2024$270,338 $2,748,407 $(820,870)$(2,716,754)$(518,879)

Common stockRetained earningsAccumulated other comprehensive lossTreasury stockTotal deficit
Balance at July 1, 2023$323,338 $4,908,641 $(807,993)$(4,499,473)$(75,487)
Net loss— (12,519)— — (12,519)
Other comprehensive loss
— — (30,078)— (30,078)
Dividends paid ($0.05 per common share)
— (8,805)— — (8,805)
Issuance of common stock— (16,084)— 16,658 574 
Stock-based compensation expense
— 1,206 — — 1,206 
Balance at September 30, 2023$323,338 $4,872,439 $(838,071)$(4,482,815)$(125,109)

Common stockRetained earningsAccumulated other comprehensive lossTreasury stockTotal deficit
Balance at January 1, 2024$270,338 $3,077,988 $(851,245)$(2,865,657)$(368,576)
Net loss— (166,224)— — (166,224)
Other comprehensive income
— — 30,375 — 30,375 
Dividends paid ($0.15 per common share)
— (26,846)— — (26,846)
Issuance of common stock— (147,385)— 148,903 1,518 
Stock-based compensation expense
— 10,874 — — 10,874 
Balance at September 30, 2024$270,338 $2,748,407 $(820,870)$(2,716,754)$(518,879)

Common stockRetained earningsAccumulated other comprehensive lossTreasury stockTotal deficit
Balance at January 1, 2023$323,338 $5,125,677 $(835,564)$(4,552,798)$60,653 
Net loss— (161,791)— — (161,791)
Other comprehensive loss
— — (2,507)— (2,507)
Dividends paid ($0.15 per common share)
— (26,330)— — (26,330)
Issuance of common stock— (72,398)— 69,983 (2,415)
Stock-based compensation expense
— 7,281 — — 7,281 
Balance at September 30, 2023$323,338 $4,872,439 $(838,071)$(4,482,815)$(125,109)






27

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
16. Accumulated Other Comprehensive Loss
Reclassifications out of AOCL were as follows:
Gain (Loss) Reclassified from AOCL
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cash flow hedges
Cost of sales$— $— $— $(33)
Interest expense, net2,658 137 7,833 412 
Total before tax2,658 137 7,833 379 
Income tax provision 665 34 1,958 95 
Net of tax$1,993 $103 $5,875 $284 
Available-for-sale securities
Financing revenue$(638)$(20)$(1,773)$(11)
Income tax benefit
(160)(5)(443)(3)
Net of tax$(478)$(15)$(1,330)$(8)
Pension and postretirement benefit plans
Prior service costs $(71)$(67)$(208)$(199)
Actuarial losses (6,220)(3,757)(19,413)(12,904)
Settlement — (366)— (680)
Total before tax(6,291)(4,190)(19,621)(13,783)
Income tax benefit(1,560)(1,032)(4,842)(3,397)
Net of tax$(4,731)$(3,158)$(14,779)$(10,386)

Changes in AOCL, net of tax were as follows:
Cash flow hedgesAvailable for sale securitiesPension and postretirement benefit plansForeign currency adjustmentsTotal
Balance at January 1, 2024$6,962 $(33,463)$(757,452)$(67,292)$(851,245)
Other comprehensive income before reclassifications
822 4,998 — 14,321 20,141 
Reclassifications into earnings (5,875)1,330 14,779 — 10,234 
Net other comprehensive (loss) income (5,053)6,328 14,779 14,321 30,375 
Balance at September 30, 2024$1,909 $(27,135)$(742,673)$(52,971)$(820,870)

Cash flow hedgesAvailable for sale securitiesPension and postretirement benefit plansForeign currency adjustmentsTotal
Balance at January 1, 2023$12,503 $(39,440)$(716,056)$(92,571)$(835,564)
Other comprehensive loss before reclassifications
(2,719)(4,338)— (5,560)(12,617)
Reclassifications into earnings(284)8 10,386 — 10,110 
Net other comprehensive (loss) income(3,003)(4,330)10,386 (5,560)(2,507)
Balance at September 30, 2023$9,500 $(43,770)$(705,670)$(98,131)$(838,071)







28

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
17. Supplemental Financial Statement Information
Activity in the allowance for credit losses, other than finance receivables (see Note 7 for further information) is presented below.
Nine Months Ended September 30,
20242023
Balance at beginning of year$5,292 $4,852 
Amounts charged to expense33,804 3,648 
Write-offs, recoveries and other(2,305)(4,611)
Balance at end of period$36,791 $3,889 
Accounts and other receivables$7,480 $3,889 
Other current assets and prepayments
29,311 — 
Total$36,791 $3,889 

Other expense (income) consisted of the following:
Three Months Ended September 30,Nine Months Ended September 30,
202420242023
Loss (gain) on debt refinancing
$2,142 $2,142 $(3,064)
Charges in connection with the Ecommerce Restructuring
38,145 38,145 — 
Asset impairment
10,000 10,000 — 
Other expense (income)
$50,287 $50,287 $(3,064)


Supplemental cash flow information is as follows:
Nine Months Ended September 30,
20242023
Cash interest paid$142,088 $134,157 
Cash income tax payments, net
$43,324 $18,200 
Noncash activity
Capital assets obtained under capital lease obligations$9,559 $4,804 















29



Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
This Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) contains statements that are forward-looking. We caution readers that any forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 (Securities Act) and Section 21E of the Securities Exchange Act of 1934 (Exchange Act) may change based on various factors. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on current expectations and assumptions, which we believe are reasonable; however, such statements are subject to risks and uncertainties, and actual results could differ materially from those projected or assumed in any of our forward-looking statements. Words such as "estimate," "target," "project," "plan," "believe," "expect," "anticipate," "intend," "will," "forecast," "strategy," "goal," "should," "would," "could," "may" and similar expressions may identify such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Forward-looking statements in this Form 10-Q speak only as of the date hereof.
Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements. Our results of operations, financial condition and forward-looking statements are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the Securities and Exchange Commission. Other 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
•the risks and uncertainties and potential adverse effects of the Ecommerce Restructuring on our operations, including ability to achieve anticipated benefits, management and employees and the risks associated with operating our business during the restructuring process and exit from the Global Ecommerce segment
•our ability to successfully implement the 2024 Plan and achieve expected cost reductions and improved efficiencies in connection therewith
•the loss of some of our larger clients in our Presort Services segment
•the loss of, or significant changes to, United States Postal Service (USPS) commercial programs or our contractual relationships with the USPS or USPS' performance under those contracts
•the impacts of higher interest rates and the potential for future interest rate increases on our cost of debt
•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 affecting us, our clients, or our suppliers
•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 in foreign currency exchange rates, especially the impact a strengthening U.S. dollar could have on our global operations
•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, rulings or regulations
•our success in developing and marketing new products and services and obtaining regulatory approvals, if required
•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
30



•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
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 our 2023 Annual Report, as supplemented by Part II, Item 1A in this Quarterly Report on Form 10-Q.
Recent Developments
On August 8, 2024, we entered into a series of transactions designed to facilitate an 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 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. 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”). 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 to provide 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.
The Company and the Ecommerce Debtors have entered into a master settlement agreement (the “Settlement Agreement”), which attaches the RSA and the DIP Facility and 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. The Settlement Agreement is subject to the approval of the Bankruptcy Court and there is no assurance that such approval will be granted.
As a result of the Ecommerce Restructuring, certain revenues, expenses, assets and liabilities are now reported as discontinued operations in our Condensed 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 that are expected to wind-down by the end of 2024 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 due to the migration to cloud-based solutions 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. The shift to lease extensions versus new lease sales will result in declining equipment sales in the near term; however, the long term impact will be 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.
During the second quarter of 2024, we approved a worldwide cost reduction initiative (the "2024 Plan") to realize cost reductions and improve efficiencies. Through the third quarter of 2024, total charges under this plan were $61 million, of which $7 million is included in discontinued operations. Exclusive of savings anticipated as a result of the Ecommerce Restructuring, we expect these headcount actions to generate significant annualized savings. We anticipate incurring additional charges in future periods related to further workforce reductions contemplated by the 2024 Plan. Actions under the 2024 Plan are expected to be substantially complete by the end of the first half of 2025.





31



RESULTS OF OPERATIONS
OVERVIEW OF CONSOLIDATED RESULTS
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.
Financial Results Summary - Three and Nine Months Ended September 30:
Three Months Ended September 30,
Favorable/(Unfavorable)
20242023Actual % ChangeConstant Currency % change
Total revenue$499,463 $503,033 (1)%(1)%
Total costs and expenses543,343 476,106 (14)%
(Loss) income from continuing operations before taxes
(43,880)26,927 (>100%)
(Benefit) provision for income taxes
(166,466)9,115 >100%
Net income from continuing operations
$122,586 $17,812 >100%
Revenue decreased $4 million in the third quarter of 2024 compared to the prior year period primarily due to lower support services revenue of $11 million and lower equipment sales of $10 million, partially offset by higher business services revenue of $19 million.
Total costs and expenses increased $67 million compared to the prior year period primarily due to:
•Other expense (income) increased $50 million due to $38 million of charges in connection with the Ecommerce Restructuring, a $10 million asset impairment charge and a $2 million loss on debt refinancing.
•Restructuring charges increased $17 million compared to the prior year period primarily driven by actions taken under the 2024 Plans.
•Selling, general and administrative (SG&A) expense increased $7 million compared to the prior year period primarily driven by non-cash foreign currency revaluation losses on intercompany loans of $19 million and higher variable compensation expense of $14 million, which was partially offset by lower salary expense of $12 million due to savings from the 2023 and 2024 Plans and lower expenses from various cost savings initiatives.
•Costs of revenue (excluding financing interest expense) decreased $9 million primarily due to lower cost of equipment sales of $4 million, lower cost of support services of $3 million and lower cost of business services of $2 million.
The benefit for income taxes for the three months ended September 30, 2024 includes a tax benefit of $164 million primarily due to an affiliate reorganization. See Note 13 for more information.
Net income from continuing operations for the third quarter of 2024 was $123 million compared to $18 million in the prior year period.



32



Nine Months Ended September 30,
Favorable/(Unfavorable)
20242023Actual % ChangeConstant Currency % change
Total revenue$1,510,477 $1,552,509 (3)%(3)%
Total costs and expenses1,514,607 1,533,877 1 %
(Loss) income from continuing operations before taxes
(4,130)18,632 (>100%)
(Benefit) provision for income taxes
(148,695)18,331 >100%
Net income from continuing operations
$144,565 $301 >100%
Revenue decreased $42 million in the first nine months of 2024 compared to the prior year period primarily due to lower support services revenue of $29 million, lower equipment sales of $22 million and lower supplies revenue of $3 million, partially offset by higher business services revenue of $13 million.
Total costs and expenses decreased $19 million compared to the prior year period primarily due to:
•Costs of revenue (excluding financing interest expense) decreased $67 million primarily due to lower cost of business services of $38 million, lower cost of equipment sales of $14 million and lower cost of support services of $10 million.
•A $43 million goodwill impairment charge in the prior year related to our former Global Ecommerce reportable segment.
•SG&A expense decreased $14 million compared to the prior year period primarily driven by lower salary expense of $26 million due to savings from the 2023 and 2024 Plans, lower professional and outsourcing fees of $16 million, lower marketing expenses of $2 million and various other expense savings totaling approximately $25 million from cost savings initiatives, partially offset by higher variable compensation expense of $28 million, incremental CEO and Board transition costs and strategic review costs of $14 million and non-cash foreign currency revaluation losses on intercompany loans of $13 million.
•Other expense (income) increased $53 million primarily due to $38 million of charges in connection with the Ecommerce Restructuring and a $10 million asset impairment charge.
•Restructuring charges increased $30 million compared to the prior year period primarily driven by actions taken under the 2023 and 2024 Plans.
•Interest expense, net, including financing interest expense, increased $15 million compared to the prior year period primarily due to higher interest rates.
The benefit for income taxes for the nine months ended September 30, 2024 includes a tax benefit of $164 million primarily due to an affiliate reorganization. See Note 13 for more information.
Net income from continuing operations for the nine months ended September 30, 2024 was $145 million compared to less than $1 million in the prior year period.












33



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, goodwill impairment 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:
Three Months Ended September 30,
Favorable/(Unfavorable)
20242023Actual % changeConstant Currency % change
Business services$35,091 $27,277 29 %29 %
Support services90,956 101,855 (11)%(11)%
Financing68,614 68,572 — %— %
Equipment sales66,418 76,705 (13)%(13)%
Supplies35,428 35,695 (1)%(1)%
Rentals16,256 16,937 (4)%(4)%
Total revenue312,763 327,041 (4)%(4)%
Cost of business services10,408 8,758 (19)%
Cost of support services30,122 33,136 9 %
Cost of equipment sales49,077 52,745 7 %
Cost of supplies10,051 10,469 4 %
Cost of rentals4,079 4,259 4 %
Total costs of revenue103,737 109,367 5 %
Gross margin209,026 217,674 (4)%
Gross margin %66.8 %66.6 %
Selling, general and administrative100,598 113,374 11 %
Research and development4,730 5,645 16 %
Other components of pension and post retirement costs(530)(565)(6)%
Adjusted Segment EBIT$104,228 $99,220 5 %
SendTech Solutions revenue decreased $14 million in the third quarter of 2024 compared to the prior year period. Support services revenue declined $11 million primarily due to the declining meter population and continuing shift to cloud-enabled products. Equipment sales declined $10 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 $8 million primarily driven by growth in our shipping subscriptions, including enterprise subscriptions and growth in
34



digital delivery services of $3 million due to client mix.
Gross margin declined $9 million and gross margin percentage increased slightly to 66.8% from 66.6% compared to the prior year period. Equipment sales gross margin and gross margin percentage decreased compared to the prior year period, primarily due to the decline in revenue. Support services gross margin declined primarily due to the decrease in revenue. Business services gross margin improved due to growth in enterprise shipping subscriptions and growth in digital delivery services.
SG&A expense declined $13 million, primarily driven by lower employee-related expenses of $6 million due to savings from the 2023 and 2024 Plans, lower credit loss provision of $2 million and overall cost savings initiatives.
Adjusted segment EBIT was $104 million in the third quarter of 2024 compared to $99 million for the prior year period.

Nine Months Ended September 30,
Favorable/(Unfavorable)
20242023Actual % changeConstant Currency % change
Business services$101,267 $76,566 32 %32 %
Support services281,301 310,454 (9)%(9)%
Financing203,816 202,323 1 %1 %
Equipment sales216,574 238,766 (9)%(9)%
Supplies107,658 111,035 (3)%(3)%
Rentals49,739 51,217 (3)%(3)%
Total revenue960,355 990,361 (3)%(3)%
Cost of business services28,815 24,046 (20)%
Cost of support services94,851 104,466 9 %
Cost of equipment sales151,950 165,211 8 %
Cost of supplies30,604 32,451 6 %
Cost of rentals13,196 14,703 10 %
Total costs of revenue319,416 340,877 6 %
Gross margin640,939 649,484 (1)%
Gross margin %66.7 %65.6 %
Selling, general and administrative319,871 343,629 7 %
Research and development16,189 15,838 (2)%
Other components of pension and post retirement costs(1,594)(1,688)(6)%
Adjusted Segment EBIT$306,473 $291,705 5 %
SendTech Solutions revenue decreased $30 million in the first nine months of 2024 compared to the prior year period. Support services revenue declined $29 million primarily due to the declining meter population and continuing shift to cloud-enabled products. Equipment sales declined $22 million primarily due to customers opting to extend leases of their existing advanced-technology equipment rather than purchase new equipment. Supplies revenue declined $3 million primarily driven by a declining meter population. These revenue declines were partially offset by an increase in business services revenue of $25 million primarily driven by growth in our shipping subscriptions, including enterprise subscriptions and growth in digital delivery services of $9 million due to client mix.
Gross margin declined $9 million; however, gross margin percentage increased to 66.7% from 65.6% compared to the prior year period. The increase in gross margin percentage was primarily driven by improvements in business services gross margin due to growth in enterprise shipping subscriptions and growth in digital delivery services. Gross profit margin for support services, equipment sales and supplies was comparable to the prior year period as we reduced costs in response to lower revenues in the current period.
35



SG&A expense declined $24 million, primarily driven by lower employee-related expenses of $14 million due to savings from the 2023 Plan, lower credit loss provision of $2 million and lower expenses driven by overall cost savings initiatives.
Adjusted segment EBIT was $306 million in the first nine months of 2024 compared to $292 million for the prior year period.

Presort Services
Presort 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/Bound Printed Matter for postal worksharing discounts.
Financial performance for the Presort Services segment was as follows:
Three Months Ended September 30,
Favorable/(Unfavorable)
20242023Actual % ChangeConstant Currency % change
Business Services Revenue$166,367 $152,451 9 %9 %
Cost of Business Services102,670 104,685 2 %
Gross Margin63,697 47,766 33 %
Gross Margin %38.3 %31.3 %
Selling, general and administrative 17,467 18,582 6 %
Other components of net pension and postretirement costs51 60 15 %
Adjusted segment EBIT$46,179 $29,124 59 %
Revenue increased $14 million in the third quarter of 2024 compared to the prior year period primarily due to a 3% increase in total mail volumes and pricing actions. The processing of First Class Mail contributed the revenue increase of $14 million.
Gross margin increased $16 million and gross margin percentage increased from 31.3% in the prior period to 38.3% primarily due to the increase in revenue.
SG&A expense declined $1 million compared to the prior year period.
Adjusted segment EBIT was $46 million in the third quarter of 2024 compared to $29 million in the prior year period.

Nine Months Ended September 30,
Favorable/(Unfavorable)
20242023Actual % ChangeConstant Currency % change
Business Services Revenue$483,032 $454,460 6 %6 %
Cost of Business Services310,797 321,249 3 %
Gross Margin172,235 133,211 29 %
Gross Margin %35.7 %29.3 %
Selling, general and administrative 58,528 56,582 (3)%
Other components of net pension and postretirement costs151 171 12 %
Adjusted segment EBIT$113,556 $76,458 49 %
Revenue increased $29 million in the first nine months of 2024 compared to the prior year period primarily due to pricing actions. The processing of First Class Mail and Marketing Mail Flats/Bound Printed Matter contributed revenue increases of $22 million and $8 million, respectively, which was partially offset by a revenue decrease from Marketing Mail of $1 million. Revenue was also favorably impacted by a $5 million adjustment related to prior periods. Refer to Note 1 Basis of Presentation for further information.
36



Gross margin increased $39 million and gross margin percentage increased from 29.3% in the prior period to 35.7% primarily due to the increase in revenue, lower transportation costs of $4 million driven by improvements in network management and the continuing benefits from investments in automation and higher-throughput sortation equipment.
SG&A expense increased $2 million primarily due to higher credit loss provision.
Adjusted segment EBIT was $114 million in the first nine months of 2024, including the $5 million benefit from the revenue adjustment related to prior periods, compared to $76 million in the prior year period.
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 corporate expenses. Corporate expenses primarily represents corporate administrative functions such as finance, marketing, human resources, legal, information technology, and research and development.
Corporate expenses were as follows:
Three Months Ended September 30,
Favorable/(Unfavorable)
20242023Actual % change
Corporate expenses
$43,386 $41,704 (4)%
Corporate expenses for the third quarter of 2024 increased $2 million compared to the prior year period primarily due to higher variable compensation expense of $16 million, partially offset by lower salary expense of $8 million due to savings as a result of the 2023 and 2024 Plans, lower marketing expenses of $3 million and lower expenses from various cost savings initiatives.

Nine Months Ended September 30,
Favorable/(Unfavorable)
20242023Actual % change
Corporate expenses
$144,431 $145,762 1 %
Corporate expenses for the first nine months of 2024 decreased $1 million compared to the prior year period primarily due to lower salary expense of $13 million due to savings as a result of the 2023 and 2024 Plans, lower professional and outsourcing fees of $9 million, lower marketing expenses of $3 million and lower expenses from various cost savings initiatives, which was partially offset by higher variable compensation expense of $32 million.
37



LIQUIDITY AND CAPITAL RESOURCES
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. At September 30, 2024, we had cash, cash equivalents and short-term investments of $576 million, which includes $46 million held at our foreign subsidiaries used to support their liquidity needs. At this time, we believe that existing cash and investments, cash generated from operations and borrowing capacity under our revolving credit facility will be sufficient to fund our cash needs for the next 12 months.
In August 2024, we amended the Credit Agreement and the note purchase agreement that governs our $275 million notes due March 2028. These amendments, among other things, permit the Ecommerce Restructuring, funding under the DIP Facility, amend certain covenants, including relief for expenses incurred pursuant to the Ecommerce Restructuring, release the guarantees provided by the Ecommerce Debtors and the liens on the assets of the Ecommerce Debtors, and reduce the total aggregate amount of permitted borrowings under the revolving credit facility from $500 million to $400 million.
The Credit Agreement contains certain financial covenants that require us to maintain, on a quarterly basis, a maximum leverage ratio and a minimum interest coverage ratio, both of which are defined and calculated in accordance with the Credit Agreement. As of September 30, 2024, we were in compliance with these financial covenants.
Management expects that we will remain in compliance with these amended financial covenants over the next twelve months. However, events and circumstances could occur, some beyond our control, that could adversely impact our compliance with these covenants and require us to obtain a waiver from our lenders, modify our existing covenants or refinance certain debt to cure the noncompliance. If we are unable to cure the noncompliance, amounts due under our revolving credit facility and term loan due March 2026 could be accelerated by our lenders. As of September 30, 2024, there were no outstanding borrowings under the revolving credit facility. Borrowings under our secured debt are secured by substantially all of the assets of the Company.
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. Through September 30, 2024, we provided cash funding of $28 million. It appears unlikely that the DIP Facility will be repaid in full. The DIP Facility bears interest at 10%, and matures on November 29, 2024, unless otherwise extended by the parties.

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
Changes in cash and cash equivalents were as follows:
20242023Change
Net cash from operating activities$94,691 $(13,910)$108,601 
Net cash from investing activities (66,348)(95,436)29,088 
Net cash from financing activities(68,021)(2,059)(65,962)
Effect of exchange rate changes on cash and cash equivalents1,162 (311)1,473 
Change in cash and cash equivalents$(38,516)$(111,716)$73,200 
Operating Activities
Cash flows from operating activities in the first nine months of 2024 improved $109 million compared to the prior year period driven primarily by a decline in finance receivables and lower payments of accounts payable and accrued liabilities.
Investing Activities
Cash flows from investing activities for the first nine months of 2024 improved $29 million compared to the prior year period primarily due to lower cash outflows from discontinued operations of $16 million, lower investments in loans receivable of $18 million, higher cash from investment activity of $16 million and lower cash payments from settlements of derivative contracts of $7 million, partially offset by DIP Facility funding of $28 million.


38



Financing Activities
Cash flows from financing activities for the first nine months of 2024 declined $66 million compared to the prior year period primarily due to lower cash flows from changes in customer account deposits at the Bank of $73 million, partially offset by lower fees paid to refinance debt of $6 million.
We paid dividends of $9 million in the quarter and $27 million through September 30, 2024. Each quarter, our Board of Directors considers whether to approve the payment of a dividend. 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. We currently expect to continue paying a quarterly dividend; however, no assurances can be given.

Off-Balance Sheet Arrangements
At September 30, 2024, there are no off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on our financial condition, results of operations or liquidity.

Regulatory Matters
There have been no significant changes to the regulatory matters disclosed in our 2023 Annual Report.

Critical Accounting Estimates
There have been no significant changes to the Critical Accounting Estimates disclosed in our 2023 Annual Report.

Item 3: Quantitative and Qualitative Disclosures About Market Risk
There were no material changes to the disclosures made in our 2023 Annual Report.

Item 4: Controls and Procedures
Disclosure controls and procedures are designed to ensure 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. Disclosure controls and procedures are also designed to reasonably ensure that such information is accumulated and communicated to management, including our Interim Chief Executive Officer (CEO) and Interim Chief Financial Officer (CFO), to allow timely decisions regarding disclosures.
With the participation of our CEO and CFO, management evaluated our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) and internal controls over financial reporting as of the end of the period covered by this report. Our CEO and CFO concluded that, as of the end of the period covered by this report, such disclosure controls and procedures were effective to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the required time periods. In addition, no changes in internal control over financial reporting occurred during the quarter covered by this report that materially affected, or are reasonably likely to materially affect, such internal control over financial reporting.
It should be noted that any system of controls is based in part upon certain assumptions designed to obtain reasonable (and not absolute) assurance as to its effectiveness, and there can be no assurance that any design will succeed in achieving its stated goals. Notwithstanding this caution, the CEO and CFO have reasonable assurance that the disclosure controls and procedures were effective as of September 30, 2024.








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PART II. OTHER INFORMATION
Item 1: Legal Proceedings
See Note 14 to the Condensed Consolidated Financial Statements.
Item 1A: Risk Factors
There were no material changes to the risk factors identified in Item 1A of our 2023 Annual Report other than those shown below:
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 and impact our credit ratings and our ability to access capital markets at reasonable costs.
We are subject to risks relating to the Ecommerce Restructuring and related transactions.
On August 8, 2024, we completed the GEC Sale. There are numerous risks and uncertainties that may be associated with the Ecommerce Restructuring, including, among others, the costs related to the Chapter 11 proceedings; the length of time necessary to implement the orderly wind-down of the Global Ecommerce business associated with the Ecommerce Debtors; the Ecommerce Debtors’ ability to navigate the Chapter 11 proceedings and consummate a Chapter 11 plan; 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.
There can be no assurances that the Ecommerce Restructuring will limit the Company’s liability under certain contracts and obligations associated with the Ecommerce Debtors and claims may be asserted against the Company and/or its affiliates. As part of the Ecommerce Restructuring, the Company and the Ecommerce Debtors have entered into the Settlement Agreement, which attaches the RSA and the DIP Facility, and includes a release of all existing or potential causes of action among the Company and the Ecommerce Debtors. The Settlement Agreement is subject to the approval of the Bankruptcy Court and there is no assurance that such approval will be granted. If the Settlement Agreement is not approved or substantial modifications are made to the terms of the Settlement Agreement, the Company may be subject to significant claims by the Ecommerce Debtors. Any assertions of claims against the Company or any of its affiliates, 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 any such claims, if asserted, will be resolved in manner that is satisfactory to the Company.
Furthermore, while we no longer control the management of the Ecommerce Debtors, we retained an economic equity interest therein; however, such economic equity interest is not anticipated to receive any recovery or distribution as part of the Ecommerce Restructuring. We nevertheless remain exposed to the business risks and continued costs applicable to the Ecommerce Debtors through our investment in the DIP Facility, which could be significant. Hilco anticipates the Ecommerce Restructuring will be substantially completed by the end of 2024. In addition, management of the Company may need to spend a significant amount of time and effort attending to matters related to the Ecommerce Restructuring, diverting their focus from the Company’s remaining business operations. Due to the inherent uncertainty of the restructuring process, we are unable to predict with certainty the timing, outcome or financial impact of the Ecommerce Restructuring.
We anticipate achieving significant benefits and cost savings from the Ecommerce Restructuring. However, the anticipated benefits and cost savings may not be fully realized or may take longer to realize than expected. The restructuring may also result in additional and unforeseen expenses. The Company has estimated that it will incur substantial expenses in connection with the Ecommerce Restructuring; however, actual expenses may be greater than anticipated. If we are unable to achieve the anticipated benefits and cost savings, or the expenses associated with the Ecommerce Restructuring exceed our estimates, our business, financial condition, liquidity and results of operations could be adversely impacted.






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Item 2: Unregistered Sales of Equity Securities and Use of Proceeds
Repurchases of Equity Securities
There were no purchases of our common stock during the three months ended September 30, 2024. We have remaining authorization to purchase up to $3 million of our common stock.
Item 3: Defaults Upon Senior Securities
None.
Item 4: Mine Safety Disclosures
Not applicable.
Item 5: Other Information
During the three months ended September 30, 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)
Deborah Pfeiffer (Executive Vice President and President, Presort Services)
Adopt
August 20, 2024
x
87,668
November 30, 2025
Kurt Wolf (Director)
Adopt
August 23, 2024
x
12,500,000(4)
May 25, 2025
Lauren Freeman-Bosworth (Executive Vice-President, General Counsel and Corporate Secretary)
Adopt
August 30, 2024
x
51,000(5)
November 30, 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) Shares are held directly by Hestia Capital Partners, LP (“Hestia Capital”), Helios I, LP (“Helios”) and separately managed accounts. Mr. Wolf is the managing member of (a) Hestia Partners GP, the general partner of Hestia Capital and Helios, and (b) Hestia LLC, the investment manager of Hestia Capital, Helios, and the separately managed accounts. The 10b5-1 trading arrangement provides that the number of shares to be sold pursuant thereto is dependent on the satisfaction of certain conditions set forth in the written plan, including escalating price targets and Rule 144 volume limitations, among other parameters.
(5) 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. Freeman-Bosworth’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.



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Item 6: Exhibits
Exhibit
Number		Description Exhibit Number in this Form 10-Q
3.13.2
3.23.3
10.110.1
10.210.2
10.310.3
10.410.4
10.510.5
10.610.6
10.7*
10.7
10.8*
10.8
10.9*
10.9
10.10*
10.10
10.11*
10.11
10.12*
10.12
10.13*
10.13
10.14*
10.14
10.15*
10.15
10.16*
10.16
31.1 31.1
31.2 31.2
32.1 32.1
32.2 32.2
101.SCHInline XBRL Taxonomy Extension Schema Document  
101.CALInline XBRL Taxonomy Calculation Linkbase Document  
101.DEFInline XBRL Taxonomy Definition Linkbase Document  
101.LABInline XBRL Taxonomy Label Linkbase Document  
101.PREInline XBRL Taxonomy Presentation Linkbase Document  
104The cover page from the Company's Quarterly Report on Form 10-Q for the current quarter, formatted in Inline XBRL. (included as Exhibit 101).
* The Exhibits identified above with an asterisk (*) are management contracts or compensatory plans or arrangements.

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Signatures  
Pursuant to the requirements 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.
 PITNEY BOWES INC.
  
Date:November 8, 2024 
  
 
/s/ John A. Witek
 
John A. Witek
 
Interim Chief Financial Officer and Interim Chief Accounting Officer
(Duly Authorized Officer, Principal Financial Officer and Principal Accounting Officer)

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