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Pitney Bowes Inc (PBI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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PBI Quarterly Reports

Pitney Bowes Inc

CIK: 78814 Ticker: PBI
Exhibit 99.1

Pitney Bowes Announces First Quarter 2020 Financial Results

STAMFORD, Conn.--(BUSINESS WIRE)--May 4, 2020--Pitney Bowes Inc. (NYSE: PBI), a global technology company that provides commerce solutions in the areas of ecommerce, shipping, mailing and financial services, today announced its financial results for the first quarter 2020.

“Clearly, we are all operating in unprecedented times and unchartered territory. Our first priority remains around the health, well-being and safety of our workforce, clients, partners and suppliers,” said Marc B. Lautenbach, President and CEO, Pitney Bowes. “Given these challenging times, I am proud of how our team worked together and supported our clients in the first quarter. These actions are consistent with the culture Pitney Bowes has built over the last 100 years and what will carry us into our next 100 years as a Company. Today, thousands of women and men across Pitney Bowes continue to play a critical role in the economy by keeping mail and parcels moving, by keeping our clients’ equipment running, and by keeping our supply chain flowing. I want to acknowledge and thank our employees for the incredible work they each are doing under these difficult circumstances. In the same way, we salute the many selfless Americans that are doing essential work to help our country through this difficult period.”

Lautenbach continued, “It is important to note that businesses engaged in mailing and shipping, which includes Pitney Bowes, have been designated an essential service by the Department of Homeland Security. The sending of mail and parcels is critical to our economy and we understand how vital it is for our clients.”

“Over the last several years, we have made strategic decisions to strengthen our portfolio, products and balance sheet for long-term growth. As a result, we are in a much better position to weather this situation and come out stronger as a Company.”

Financial Overview:

  • Revenue of $796 million, flat to prior year; growth of 1 percent when adjusted for the impact of currency and market exits
  • GAAP EPS was a loss of $1.22; Adjusted EPS of $0.05
  • EPS was negatively impacted by $0.05 as a result of the increase in credit loss provisions to reflect current macro-environment conditions in connection with the application of the current expected credit losses (CECL) accounting standard on January 1, 2020.
  • GAAP EPS includes a non-cash $1.15 per share goodwill impairment charge related to the Global Ecommerce business.
  • GAAP cash from operations was a use of $66 million; free cash flow was a use of $47 million.
  • Based on the uncertainty around Covid-19, the Company is suspending its 2020 annual guidance.

The following information was filed by Pitney Bowes Inc (PBI) on Monday, May 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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Pitney Bowes Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
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  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside Pitney Bowes Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statements Of Income (Loss)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Changes) (Details)
Accumulated Other Comprehensive Loss (Reclassifications) (Details)
Accumulated Other Comprehensive Loss (Tables)
Commitments And Contingencies
Debt
Debt (Narrative) (Details)
Debt (Schedule Of Debt) (Details)
Debt (Tables)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Accounting Pronouncements) (Details)
Description Of Business And Basis Of Presentation (Details)
Description Of Business And Basis Of Presentation (Policies)
Description Of Business And Basis Of Presentation (Tables)
Discontinued Operations
Discontinued Operations (Financial Information) (Details)
Discontinued Operations (Tables)
Earnings Per Share (Eps)
Earnings Per Share (Eps) (Details)
Earnings Per Share (Eps) (Tables)
Fair Value Measurements And Derivative Instruments
Fair Value Measurements And Derivative Instruments (Assets And Liabilities) (Details)
Fair Value Measurements And Derivative Instruments (Available-For-Sale Securities Maturities) (Details)
Fair Value Measurements And Derivative Instruments (Available-For-Sale Securities) (Details)
Fair Value Measurements And Derivative Instruments (Derivative Instruments) (Details)
Fair Value Measurements And Derivative Instruments (Fair Value Of Debt) (Details)
Fair Value Measurements And Derivative Instruments (Foreign Exchange Contracts) (Details)
Fair Value Measurements And Derivative Instruments (Narrative) (Details)
Fair Value Measurements And Derivative Instruments (Tables)
Fair Value Measurements And Derivative Instruments (Unrealized Holding Losses) (Details)
Finance Assets And Lessor Operating Leases
Finance Assets And Lessor Operating Leases (Aging Of Receivables) (Details)
Finance Assets And Lessor Operating Leases (Allowance For Credit Losses) (Details)
Finance Assets And Lessor Operating Leases (Credit Quality) (Details)
Finance Assets And Lessor Operating Leases (Finance Receivables) (Details)
Finance Assets And Lessor Operating Leases (Lease Income) (Details)
Finance Assets And Lessor Operating Leases (Operating Leases) (Details)
Finance Assets And Lessor Operating Leases (Sales-Type Lease And Loan Receivables) (Details)
Finance Assets And Lessor Operating Leases (Tables)
Income Taxes
Income Taxes (Details)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Future Amortization Expense) (Details)
Intangible Assets And Goodwill (Goodwill) (Details)
Intangible Assets And Goodwill (Intangible Assets) (Details)
Intangible Assets And Goodwill (Tables)
Inventories
Inventories (Details)
Inventories (Tables)
Pensions And Other Benefit Programs
Pensions And Other Benefit Programs (Components Of Net Periodic Benefit Cost (Income)) (Details)
Pensions And Other Benefit Programs (Tables)
Restructuring Charges
Restructuring Charges (Restructuring Charges) (Details)
Restructuring Charges (Tables)
Revenue
Revenue (Contract Assets And Advance Billings) (Details)
Revenue (Disaggregates Of Revenue) (Details)
Revenue (Future Performance Obligations) (Details)
Revenue (Narrative) (Details)
Revenue (Tables)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Stockholders??? Equity
Stockholders??? Equity (Details)
Stockholders??? Equity (Tables)

Material Contracts, Statements, Certifications & more

Pitney Bowes Inc provided additional information to their SEC Filing as exhibits

Ticker: PBI
CIK: 78814
Form Type: 10-Q Quarterly Report
Accession Number: 0000078814-20-000018
Submitted to the SEC: Mon May 04 2020 5:04:49 PM EST
Accepted by the SEC: Mon May 04 2020
Period: Tuesday, March 31, 2020
Industry: Office Machines

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