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Pitney Bowes Inc (PBI) SEC Filing 8-K Material Event for the period ending Monday, May 4, 2020

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.

Other Highlights:

  • The Company secured a new $850 million five-year Term Loan B; proceeds along with cash on the balance sheet used to pre-pay $928 million in near-term debt maturities.
  • The Company’s next bond maturity is not due until October 2021 for $172 million.
  • In April, the Company drew down $100 million from its revolving credit facility to hold in reserves. The Company continues to have access to the remaining balance of $400 million and is in compliance with all of its financial covenants contained in the credit facility.
  • The Company ended the first quarter with $730 million in cash and short-term investments on its balance sheet and remains confident in its liquidity position.
  • The Board of Directors has declared a quarterly cash dividend on the Company’s common stock of $0.05 per share.

First Quarter Results

Revenue totaled $796 million, which was flat to prior year. Revenue grew 1 percent over prior year when adjusted for both the impact of currency and the January 2019 sale of direct operations in 6 smaller European markets (market exits).

GAAP earnings per share was a loss of $1.22, which included a non-cash $1.15 per share goodwill impairment charge related to the Global Ecommerce business, $0.16 for the extinguishment of debt, $0.02 for restructuring charges and a benefit of $0.06 for discontinued operations. Adjusted earnings per share were $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 cash from operations was a use of $66 million, which included taxes related to the Software Solutions sale. Free cash flow was a use of $47 million. Compared to prior year, the decline in free cash flow was principally driven by higher accounts payable and accrued liabilities predominantly as a result of timing, in part due to the acceleration of interest payments related to the tender offer completed in the first quarter. Free cash flow versus prior year was also impacted by a lower run-off of finance receivables.


During the quarter, the Company used cash to reduce total debt by $110 million, paid $30 million as a premium payment to redeem debt, invested $26 million in capital expenditures, paid $9 million in dividends to its common shareholders and made $6 million in restructuring payments.

Earnings per share results for the first quarter are summarized in the table below:

 


First Quarter*

 


2020

 

2019

GAAP EPS


($1.22)

 

($0.01)

Discontinued operations


(0.06)

 

-

GAAP EPS from continuing operations


($1.28)

 

(0.01)

Goodwill impairment charge


1.15

 

-

Extinguishment of debt


0.16

 

-

Restructuring charges


0.02

 

0.01

Loss from market exits


-

 

0.10

Adjusted EPS


$0.05

 

$0.11

* The sum of the earnings per share may not equal the totals due to rounding.

Business Segment Reporting

The Commerce Services group includes the Global Ecommerce and Presort Services segments. Global Ecommerce facilitates domestic retail and ecommerce shipping solutions, including fulfillment and returns, and global cross-border ecommerce transactions. Presort Services provides sortation services to qualify large volumes of First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter for postal workshare discounts.

The Sending Technology Solutions segment offers physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications for small and medium businesses to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.

The sum of the segment results may not equal the totals due to rounding.


Commerce Services

 


First Quarter

($ millions)


2020

 

2019

 

Y/Y

Reported

 

Y/Y

Ex Currency

Revenue


 


 


 


 

Global Ecommerce


$292

 

$266

 

10%

 

10%

Presort Services


141

 

135

 

4%

 

4%

Commerce Services


$433

 

$401

 

8%

 

8%

 


 

 

 

 

 

 

 

EBITDA


 

 

 

 

 

 

 

Global Ecommerce


($11)

 

$2

 

>(100%)

 

 

Presort Services


23

 

22

 

7%

 

 

Commerce Services


$12

 

$24

 

(49%)

 

 

 


 

 

 

 

 

 

 

EBIT


 

 

 

 

 

 

 

Global Ecommerce


($29)

 

($15)

 

>(100%)

 

 

Presort Services


16

 

15

 

4%

 

 

Commerce Services


($14)

 

-

 

>(100%)

 

 









 

Global Ecommerce

Revenue growth driven by growth in Delivery and Fulfilment Services. EBIT and EBITDA margins were impacted by the mix of business and incremental costs associated with new facilities that opened during the fourth quarter 2019.

Covid-19 adversely impacted revenue and drove lower productivity across all sites, which was in part due to the difficulty in predicting accurate levels of consumer demand which impacted staffing levels. The business implemented CDC guidelines around social distancing at each sorting facility and incurred higher costs related to sanitizing facilities, staggered break and shift scheduling as well as health and temperature screenings.

Presort Services

Revenue growth was driven by investments in acquisitions for expansion along with higher revenue per piece. Volumes grew in First Class Mail and Marketing Mail Flats, which was partly offset by a decline in Marketing Mail. EBIT and EBITDA growth versus prior year were negatively impacted by $4 million from unrealized losses on certain investment securities driven by changes in the financial markets. Labor costs per piece improved from prior year as a result of productivity initiatives.

Covid-19 had an impact primarily on Marketing Mail volumes in addition to productivity across all sites during the first quarter. The business implemented CDC guidelines around social distancing at each sorting facility and incurred higher costs related to sanitizing facilities, staggered break and shift scheduling as well as health and temperature screenings.


SendTech Solutions

 


First Quarter

($ millions)


2020

 

2019

 

Y/Y

Reported

 

Y/Y

Ex Currency

Revenue


$363

 

$394

 

(8%)

 

(7%)

EBITDA


$116

 

$131

 

(12%)

 

 

EBIT


$107

 

$122

 

(13%)

 

 









 

Revenue declined driven by lower equipment, financing, support services, supplies, and rentals, partly offset by higher business services revenue.

Covid-19 adversely impacted revenue, particularly equipment sales and supplies. In addition to the revenue loss, EBIT and EBITDA were negatively impacted by $10 million as a result of the increase in credit loss provisions to reflect the current macro-environment conditions resulting from Covid-19 in connection with the application of the CECL accounting standard.

2020 Guidance

Based on the level of uncertainty around the depth and duration of Covid-19, in addition to the impact on clients, consumer demand and suppliers, and how it may ultimately impact each of our businesses, the Company is suspending guidance for the current financial year.

Conference Call and Webcast

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

About Pitney Bowes

Pitney Bowes (NYSE:PBI) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world, including 90 percent of the Fortune 500, rely on the accuracy and precision delivered by Pitney Bowes solutions, analytics, and APIs in the areas of ecommerce fulfillment, shipping and returns; cross-border ecommerce; office mailing and shipping; presort services; and financing. For 100 years Pitney Bowes has been innovating and delivering technologies that remove the complexity of getting commerce transactions precisely right. For additional information visit Pitney Bowes, the Craftsmen of Commerce, at www.pitneybowes.com.


Use of Non-GAAP Measures

The Company's financial results are reported in accordance with generally accepted accounting principles (GAAP); however, in its disclosures the Company uses certain non-GAAP measures, such as adjusted earnings before interest and taxes (EBIT), adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted earnings per share (EPS), revenue growth on a constant currency basis and free cash flow.

The Company reports measures such as adjusted EBIT, adjusted EBITDA and adjusted EPS to exclude the impact of items like discontinued operations, restructuring charges, gains, losses and costs related to acquisitions and dispositions, asset impairment charges, goodwill impairment charges and other unusual or one-time items. While these are actual Company income or expenses, they can mask underlying trends associated with its business. Such items are often inconsistent in amount and frequency and as such, the non-GAAP measures provide investors greater insight into the underlying operating trends of the business.

In addition, revenue growth is presented on a constant currency basis to exclude the impact of changes in foreign currency exchange rates since the prior period under comparison. Constant currency is calculated by converting the current period non-U.S. dollar denominated revenue using the prior year’s exchange rate for the comparable quarter. The Company also reported revenue growth excluding the impact of currency and market exits, which excludes the impact of changes in foreign currency exchange rates since the prior period and the revenues associated with 2019 market exits in several smaller markets. We believe that excluding the impacts of currency exchange rates and the revenues associated with the recent market exits in several smaller markets provides investors a better understanding of the underlying revenue performance. A reconciliation of reported revenue to constant currency revenue and “constant currency revenue excluding the impact of currency and market exits” can be found in the attached financial schedules.

The Company reports free cash flow in order to provide investors insight into the amount of cash that management could have available for other discretionary uses. Free cash flow adjusts GAAP cash from operations for cash flows of discontinued operations, capital expenditures, restructuring payments, changes in customer deposits held at the Pitney Bowes Bank, transaction costs and other special items. A reconciliation of GAAP cash from operations to free cash flow can be found in the attached financial schedules.


Segment EBIT is the primary measure of profitability and operational performance at the segment level. Segment EBIT is determined by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, general corporate expenses not allocated to a particular business segment, restructuring charges and goodwill and asset impairments, which are recognized on a consolidated basis. The Company also provides segment EBITDA, which further excludes depreciation and amortization expense for the segment, as an additional useful measure of segment profitability and operational performance. A reconciliation of segment EBIT and EBITDA to net income can be found in the attached financial schedules.

Pitney Bowes has provided a quantitative reconciliation to GAAP in supplemental schedules. This information can be found at the Company's web site www.pb.com/investorrelations.

This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance. Forward-looking statements include, but are not limited to, statements about its future revenue and earnings guidance and other statements about future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include the severity, magnitude and duration of the Covid-19 pandemic (Covid-19), including governments' responses to Covid-19, its continuing impact on our operations, employees, global supply chain and consumer demand across our and our clients' businesses as well as any deterioration or instability in global macroeconomic conditions. Other factors, which could cause future financial performance to differ materially from the expectations, and which may also be exacerbated by Covid-19 or a negative change in the economy, include, without limitation: declining physical mail volumes; changes in postal regulations, or the financial health of posts in the U.S. or other major markets or the loss of, or significant changes to, our contractual relationship with the United States Postal Service (USPS); our ability to continue to grow volumes, gain additional economies of scale and improve profitability within our Commerce Services group; the loss of some of our larger clients in our Commerce Services group; our success at managing customer credit risk; third-party suppliers' ability to provide products and services required by our clients; changes in labor conditions and transportation costs; capital market disruptions or credit rating downgrades that adversely impact our ability to access capital markets at reasonable costs; a breach of security, including a future cyber-attack or other comparable event; our success in developing and marketing new products and services and obtaining regulatory approvals, if required; competitive factors, including pricing pressures, technological developments and the introduction of new products and services by competitors and other factors as more fully outlined in the Company's 2019 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.


Note: Consolidated statements of income; revenue, EBIT and EBITDA by business segment; and reconciliations of GAAP to non-GAAP measures for the three months ended March 31, 2020 and 2019, and consolidated balance sheets as of March 31, 2020 and December 31, 2019 are attached.









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








 


Three months ended March 31,



2020


2019

Revenue:







Business services

$

444,379

 


$

406,545

 

Support services

 

122,015

 


 

128,599

 

Financing

 

89,078

 


 

97,043

 

Equipment sales

 

76,273

 


 

89,787

 

Supplies

 

45,709

 


 

50,953

 

Rentals

 

18,814

 


 

22,157

 

Total revenue

 

796,268

 


 

795,084

 









 
Costs and expenses:







Cost of business services

 

374,665

 


 

327,046

 

Cost of support services

 

39,760

 


 

41,847

 

Financing interest expense

 

12,489

 


 

11,364

 

Cost of equipment sales

 

57,359

 


 

63,665

 

Cost of supplies

 

12,240

 


 

13,550

 

Cost of rentals

 

6,378

 


 

9,715

 

Selling, general and administrative

 

248,633

 


 

261,669

 

Research and development

 

12,116

 


 

12,577

 

Goodwill impairment

 

198,169

 


 

-

 

Restructuring charges

 

3,817

 


 

3,700

 

Interest expense, net

 

25,883

 


 

27,602

 

Other components of net pension and postretirement income

 

(151

)


 

(638

)

Other expense, net

 

33,487

 


 

17,710

 

Total costs and expenses

 

1,024,845

 


 

789,807

 









 
(Loss) income from continuing operations before taxes

 

(228,577

)


 

5,277

 

(Benefit) provision for income taxes

 

(10,030

)


 

7,820

 

Loss from continuing operations

 

(218,547

)


 

(2,543

)

Income (loss) from discontinued operations, net of tax

 

10,064

 


 

(116

)

Net loss

$

(208,483

)


$

(2,659

)









 
Basic (loss) earnings per share (1):







Continuing operations

$

(1.28

)


$

(0.01

)

Discontinued operations

 

0.06

 


 

-

 

Net loss

$

(1.22

)


$

(0.01

)









 
Diluted (loss) earnings per share (1):







Continuing operations

$

(1.28

)


$

(0.01

)

Discontinued operations

 

0.06

 


 

-

 

Net loss

$

(1.22

)


$

(0.01

)









 
Weighted-average shares used in diluted earnings per share

 

170,912,395

 


 

185,970,755

 

(1)


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


 









 
Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited; in thousands, except share amounts)








 
Assets
March 31,
2020

December 31,
2019
Current assets:







Cash and cash equivalents

$

663,072

 


$

924,442

 

Short-term investments

 

67,180

 


 

115,879

 

Accounts and other receivables, net

 

342,823

 


 

373,471

 

Short-term finance receivables, net

 

597,805

 


 

629,643

 

Inventories

 

71,848

 


 

68,251

 

Current income taxes

 

16,356

 


 

5,565

 

Other current assets and prepayments

 

111,104

 


 

101,601

 

Assets of discontinued operations

 

-

 


 

17,229

 

Total current assets

 

1,870,188

 


 

2,236,081

 









 
Property, plant and equipment, net

 

371,464

 


 

376,177

 

Rental property and equipment, net

 

40,264

 


 

41,225

 

Long-term finance receivables, net

 

601,547

 


 

625,487

 

Goodwill

 

1,125,035

 


 

1,324,179

 

Intangible assets, net

 

181,624

 


 

190,640

 

Operating lease assets

 

193,635

 


 

200,752

 

Noncurrent income taxes

 

73,186

 


 

71,903

 

Other assets

 

436,487

 


 

400,456

 

Total assets

$

4,893,430

 


$

5,466,900

 









 
Liabilities and stockholders' equity







Current liabilities:







Accounts payable and accrued liabilities

$

653,539

 


$

793,690

 

Customer deposits of Pitney Bowes Bank

 

590,230

 


 

591,118

 

Current operating lease liabilities

 

36,085

 


 

36,060

 

Current portion of long-term debt

 

62,952

 


 

20,108

 

Advance billings

 

96,641

 


 

101,920

 

Current income taxes

 

3,070

 


 

17,083

 

Liabilities of discontinued operations

 

-

 


 

9,713

 

Total current liabilities

 

1,442,517

 


 

1,569,692

 









 
Long-term debt

 

2,567,010

 


 

2,719,614

 

Deferred taxes on income

 

275,815

 


 

274,435

 

Tax uncertainties and other income tax liabilities

 

36,096

 


 

38,834

 

Noncurrent operating lease liabilities

 

171,079

 


 

177,711

 

Other noncurrent liabilities

 

371,483

 


 

400,518

 

Total liabilities

 

4,864,000

 


 

5,180,804

 









 
Stockholders' equity:







Common stock, $1 par value

 

323,338

 


 

323,338

 

Additional paid-in-capital

 

69,553

 


 

98,748

 

Retained earnings

 

5,200,024

 


 

5,438,930

 

Accumulated other comprehensive loss

 

(857,874

)


 

(840,143

)

Treasury stock, at cost

 

(4,705,611

)


 

(4,734,777

)

Total stockholders' equity

 

29,430

 


 

286,096

 

Total liabilities and stockholders' equity

$

4,893,430

 


$

5,466,900

 









 










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









 


Three months ended March 31,



2020


2019


% Change

REVENUE








Global Ecommerce

$

292,323


$

266,254


10

%

Presort Services

 

140,720


 

134,847


4

%

Commerce Services

 

433,043


 

401,101


8

%










 
Sending Technology Solutions

 

363,225


 

393,983


(8

%)

Total revenue - GAAP

 

796,268


 

795,084


0

%










 
Currency impact on revenue

 

2,339


 

-




Revenue, at constant currency

 

798,607


 

795,084


0

%

Less revenue from Market Exits

 

552


 

4,102




Revenue, excluding currency and Market Exits

$

798,055


$

790,982


1

%










 


































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

































 


Three Months Ended March 31,



2020

 

2019

 

% change



EBIT (1)

 

 

D&A

 

 

EBITDA

 

EBIT (1)

 

 

D&A

 

 

EBITDA

 

EBIT

 

 

EBITDA


































 
Global Ecommerce

$

(29,475

)



$

18,065



$

(11,410

)


$

(14,600

)



$

16,458



$

1,858

 


>(100

%)



>(100

%)
Presort Services

 

15,695

 



 

7,774



 

23,469

 


 

15,066

 



 

6,920



 

21,986

 


4

%



7

%

Commerce Services

 

(13,780

)



 

25,839



 

12,059

 


 

466

 



 

23,378



 

23,844

 


>(100

%)



(49

%)





























 

 



 


Sending Technology Solutions

 

106,562

 



 

9,039



 

115,601

 


 

122,403

 



 

8,857



 

131,260

 


(13

%)



(12

%)





























 

 



 


Segment total

$

92,782

 



$

34,878



 

127,660

 


$

122,869

 



$

32,235



 

155,104

 


(24

%)



(18

%)


































 
Reconciliation of Segment EBITDA to Net Loss:
































Segment depreciation and amortization









 

(34,878

)











 

(32,235

)








Unallocated corporate expenses (2)









 

(43,722

)











 

(56,958

)








Interest, net









 

(38,372

)











 

(38,966

)








Goodwill impairment









 

(198,169

)











 

-

 








Restructuring charges









 

(3,817

)











 

(3,700

)








Loss on extinguishment of debt









 

(36,987

)











 

-

 








Loss on Market Exits









 

-

 











 

(17,710

)








Transaction costs









 

(292

)











 

(258

)








Benefit (provision) for income taxes









 

10,030

 











 

(7,820

)








Loss from continuing operations









 

(218,547

)











 

(2,543

)








Income (loss) from discontinued operations, net of tax









 

10,064

 











 

(116

)








Net loss









$

(208,483

)











$

(2,659

)









































 

(1)

 

Segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items that are not allocated to a particular business segment.

(2)

 

Includes corporate depreciation and amortization expense of $5,841 and $4,650 for the three months ended March 31, 2020 and 2019, respectively.



 









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








 


Three months ended March 31,



2020

 

2019









 
Reconciliation of reported net loss to adjusted net income, adjusted EBIT and adjusted EBITDA







Net loss

$

(208,483

)


$

(2,659

)

(Income) loss from discontinued operations, net of tax

 

(10,064

)


 

116

 

Goodwill impairment

 

196,600

 


 

-

 

Restructuring charges

 

2,671

 


 

2,745

 

Loss on extinguishment of debt

 

27,777

 


 

-

 

Loss on disposition of businesses

 

-

 


 

19,423

 

Transaction costs

 

223

 


 

192

 

Adjusted net income

 

8,724

 


 

19,817

 

Interest, net

 

38,372

 


 

38,966

 

Provision for income taxes, as adjusted

 

1,964

 


 

7,128

 

Adjusted EBIT

 

49,060

 


 

65,911

 

Depreciation and amortization

 

40,719

 


 

36,885

 

Adjusted EBITDA

$

89,779

 


$

102,796

 









 
Reconciliation of reported diluted loss per share to adjusted diluted earnings per share







Diluted loss per share

$

(1.22

)


$

(0.01

)

Income from discontinued operations, net of tax

 

(0.06

)


 

-

 

Goodwill impairment

 

1.15

 


 

-

 

Restructuring charges

 

0.02

 


 

0.01

 

Loss on extinguishment of debt

 

0.16

 


 

-

 

Loss on disposition of businesses

 

-

 


 

0.10

 

Adjusted diluted earnings per share

$

0.05

 


$

0.11

 









 
Note: The sum of the earnings per share amounts may not equal the totals due to rounding.








 
Reconciliation of reported net cash from operating activities to free cash flow







Net cash (used in) provided by operating activities

$

(66,284

)


$

69,728

 

Net cash used in (provided by) operating activities - discontinued operations

 

37,805

 


 

(1,257

)

Capital expenditures

 

(25,778

)


 

(27,694

)

Restructuring payments

 

6,047

 


 

8,246

 

Change in customer deposits at PB Bank

 

(888

)


 

(23,036

)

Transaction costs paid

 

1,740

 


 

1,839

 

Free cash flow

$

(47,358

)


$

27,826

 









 

 

Contacts

Editorial -
Bill Hughes
Chief Communications Officer
203/351-6785

Financial -
Adam David
VP, Investor Relations
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View differences made from one to another to evaluate Pitney Bowes Inc's financial trajectory

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Compare this 8-K Corporate News to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Pitney Bowes Inc.

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Assess how Pitney Bowes Inc's management team is paid from their Annual Proxy

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
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Financial Statements, Disclosures and Schedules

Inside this 8-K Corporate News

Material Contracts, Statements, Certifications & more

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

Ticker: PBI
CIK: 78814
Form Type: 8-K Corporate News
Accession Number: 0001157523-20-000636
Submitted to the SEC: Mon May 04 2020 7:00:50 AM EST
Accepted by the SEC: Mon May 04 2020
Period: Monday, May 4, 2020
Industry: Office Machines
Events:
  1. Earnings Release
  2. Financial Exhibit

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