Pitney Bowes Inc
(NYSE:PBI)

Pitney Bowes Inc., a technology company, provides commerce solutions in the United States and internationally. The company operates through Global Ecommerce, Presort Services, and SendTech Solutions segments. The Global Ecommerce segment provides domestic parcel services, cross-border solutions, and...

Website: http://www.pitneybowes.com

Founded: 1920

Full Time Employees: 11,000

Sector: Industrials

Industry: Business Equipment & Supplies

Industrials

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2005-03-31	2004-12-31	2003-12-31	2002-12-31

revenue:
services	307,700,000	289,476,000	290,423,000	318,432,000
products	90,927,000	89,712,000	90,880,000	93,190,000
financing and other	78,998,000	80,487,000	80,606,000	81,798,000
total revenue	477,625,000	459,675,000	461,909,000	493,420,000	516,121,000	499,463,000	793,170,000	830,509,000	871,578,000	783,751,000	776,481,000	834,538,000	908,691,000	830,914,000	871,495,000	926,942,000	983,712,000	875,449,000	899,203,000	915,197,000	1,028,417,000	891,898,000	837,492,000	796,268,000	831,343,000	790,125,000	860,779,000	868,402,000	947,140,000	832,856,000	861,436,000	983,182,000		821,371,000	836,640,000	887,069,000	839,031,000	835,886,000	844,589,000	936,947,000	869,541,000	880,891,000	890,681,000	983,913,000	941,644,000	958,450,000	937,497,000	1,031,187,000	938,786,000	1,158,207,000	1,166,956,000	1,186,864,000	1,215,677,000	1,245,818,000	1,255,656,000	1,340,707,000	1,299,724,000	1,314,474,000	1,323,069,000	1,434,042,000	1,345,742,000	1,297,237,000	1,348,233,000	1,454,305,000	1,356,820,000	1,378,462,000	1,379,584,000	1,552,589,000	1,547,673,000	1,588,086,000	1,573,957,000	1,664,247,000	1,508,277,000	1,543,034,000	1,414,237,000	1,545,832,000	1,433,331,000	1,389,210,000	1,317,788,000
yoy	-7.46%	-7.97%	-41.76%	-40.59%	-40.78%	-36.27%	2.15%	-0.48%	-4.08%	-5.68%	-10.90%	-9.97%	-7.63%	-5.09%	-3.08%	1.28%	-4.35%	-1.84%	7.37%	14.94%	23.71%	12.88%	-2.71%	-8.31%	-12.23%	-5.13%	-0.08%	-11.67%		1.40%	2.96%	10.83%		-1.74%	-0.94%	-5.32%	-3.51%	-5.11%	-5.17%	-4.77%	-7.66%	-8.09%	-4.99%	-4.58%	0.30%	-17.25%	-19.66%	-13.12%	-22.78%	-7.03%	-7.06%	-11.47%	-6.47%	-5.22%	-5.10%	-6.51%	-3.42%	1.33%	-1.87%	-1.39%	-0.82%	-5.89%	-2.27%	-6.33%	-12.33%	-13.20%	-12.35%	-6.71%	2.61%	2.92%	11.29%	7.66%	5.23%	11.07%	7.32%
qoq	3.90%	-0.48%	-6.39%	-4.40%	3.34%	-37.03%	-4.50%	-4.71%	11.21%	0.94%	-6.96%	-8.16%	9.36%	-4.66%	-5.98%	-5.77%	12.37%	-2.64%	-1.75%	-11.01%	15.31%	6.50%	5.18%	-4.22%	5.22%	-8.21%	-0.88%	-8.31%	13.72%	-3.32%	-12.38%			-1.83%	-5.68%	5.73%	0.38%	-1.03%	-9.86%	7.75%	-1.29%	-1.10%	-9.48%	4.49%	-1.75%	2.23%	-9.09%	9.84%	-18.94%	-0.75%	-1.68%	-2.37%	-2.42%	-0.78%	-6.34%	3.15%	-1.12%	-0.65%	-7.74%	6.56%	3.74%	-3.78%	-7.29%	7.18%	-1.57%	-0.08%	-11.14%	0.32%	-2.54%	0.90%	-5.43%	10.34%	-2.25%	9.11%	-8.51%	7.85%	3.18%	5.42%
costs and expenses:
cost of services	148,391,000	146,394,000	144,240,000	155,873,000
cost of products	52,666,000	54,294,000	54,487,000	50,919,000
cost of financing and other	13,632,000	14,708,000	15,656,000	17,507,000
selling, general and administrative	140,956,000	144,154,000	170,542,000	165,915,000	148,269,000	189,989,000	220,008,000	216,197,000	223,175,000	209,416,000	222,549,000	242,120,000	226,571,000	209,576,000	226,638,000	242,785,000	224,847,000	225,024,000	236,190,000		242,441,000	238,618,000	233,631,000	248,633,000	246,761,000	254,092,000	278,545,000	300,982,000	275,835,000	269,387,000	282,456,000	312,108,000		297,468,000	306,303,000	283,882,000	300,983,000	288,580,000	326,882,000	340,643,000	309,211,000	315,578,000	314,529,000	346,903,000	341,738,000	338,384,000	351,375,000	365,007,000	355,202,000	376,559,000	377,206,000	394,633,000	400,862,000	391,606,000	411,185,000	435,274,000	430,650,000	436,015,000	429,919,000	455,736,000	435,292,000	426,352,000	443,297,000	483,304,000	435,931,000	424,265,000	443,528,000	475,375,000	478,914,000	497,689,000	496,495,000	513,871,000	479,772,000	488,115,000	425,402,000	470,641,000	443,426,000	432,531,000	408,384,000
research and development	3,505,000	3,409,000	3,601,000	4,763,000	9,492,000	7,580,000	9,108,000	9,481,000	10,276,000	10,362,000	10,274,000	10,493,000	11,257,000	9,812,000	11,254,000	11,334,000	13,781,000	10,621,000	11,059,000		9,546,000	9,255,000	7,467,000	12,116,000	12,837,000	12,272,000	22,630,000	21,774,000	31,433,000	32,760,000	31,073,000	32,784,000		32,958,000	31,856,000	31,545,000	28,680,000	34,513,000	26,568,000	26,463,000	29,153,000	28,492,000	26,048,000	29,030,000	26,060,000	28,649,000	26,192,000	29,061,000	24,769,000	31,501,000	33,335,000	32,390,000	36,669,000	33,776,000	34,073,000	40,873,000	35,573,000	37,441,000	34,758,000	38,884,000	38,454,000	38,168,000	40,865,000	43,568,000	45,052,000	46,622,000	46,949,000	49,444,000	53,008,000	53,168,000	50,000,000	47,301,000	47,691,000	47,104,000	43,569,000	40,959,000	41,893,000	40,980,000	41,549,000
restructuring charges	41,618,000	1,836,000	13,806,000	1,400,000	12,056,000	30,694,000	31,843,000	4,315,000			22,443,000	3,599,000	6,043,000	4,264,000	4,224,000	4,184,000	2,858,500	3,701,000	4,844,000	-2,889,000				3,817,000				3,598,000				1,021,000							6,933,000				-81,000			8,299,000	9,841,000																													18,590,000	6,771,000	5,041,000
interest expense	26,181,000	26,072,000	24,937,000	24,270,000	26,771,000	27,764,000	28,767,000	27,766,000	28,401,000	26,782,000	22,920,000	22,342,000	23,164,000	23,685,000	21,007,000	22,124,000	23,070,000	24,312,000	24,346,000	-37,044,000	26,249,000	27,175,000	26,446,000	25,883,000	26,585,000	28,704,000	28,019,000	27,602,000	24,941,000	25,483,000	29,623,000	30,853,000		27,600,000	25,676,000	26,576,000	22,294,000	20,799,000	19,301,000	22,383,000	20,165,000	20,971,000	24,064,000	27,587,000	22,158,000	21,482,000	24,064,000																				52,203,000
other components of net pension and postretirement cost	2,097,000	1,645,000	1,947,000	1,854,000									1,079,000	1,427,000	958,000	844,000	302,000	46,000	312,000				386,000		-1,087,000	-882,000	-1,618,000	-638,000	28,495,000	-1,852,000	-2,499,000	-1,719,000
other expense	10,202,000	-981,000	-6,578,000	24,187,000	38,436,000	50,287,000							-1,319,000	-8,398,000		-11,901,000	633,000	3,193,000	-13,646,000		-1,636,000	-6,325,000	-17,375,000	33,487,000	5,956,000	667,000	-27,000	17,710,000		7,964,000								536,000		78,000	-1,781,000	-93,135,000		11,434,500	-15,919,000		61,657,000	7,518,000			25,121,000			4,372,000
total costs and expenses	439,248,000	391,531,000	422,638,000	446,688,000	564,318,000	543,343,000	831,834,000	820,835,000	1,099,439,000	800,455,000	927,431,000	845,525,000	901,274,000	820,785,000	874,185,000	901,918,000	982,241,000	868,479,000	873,412,000		1,012,818,000	880,571,000	820,773,000	1,024,845,000	822,962,000	809,675,000	826,402,000	861,530,000	894,661,000	787,727,000	807,972,000	910,090,000		767,518,000	740,091,000	927,194,000	745,438,000	742,648,000	744,925,000	807,723,000	732,989,000	671,438,000	755,085,000	887,233,000	800,107,000	819,973,000	882,995,000	919,437,000	846,145,000	1,127,619,000	1,065,245,000	1,005,046,000	1,108,061,000	1,089,330,000	1,096,965,000	1,319,621,000	1,199,879,000	1,155,298,000	1,188,895,000	1,306,184,000	1,202,798,000	1,193,470,000	1,188,225,000	1,286,813,000	1,188,851,000	1,199,196,000	1,201,135,000	1,425,502,000	1,371,385,000	1,381,564,000	1,370,677,000	1,681,911,000	1,300,903,000	1,303,069,000	1,183,201,000	1,290,716,000	1,207,886,000	1,168,637,000	1,090,019,000
income from continuing operations before taxes	38,536,750	68,144,000	39,271,000	46,732,000	-1,032,500	-43,880,000							8,115,750	10,129,000	-2,690,000	25,024,000	-2,221,500	6,970,000	25,791,000		-50,132,750	11,327,000	16,719,000	-228,577,000	4,690,250	-19,550,000	34,377,000	6,872,000	39,970,500	45,129,000	53,464,000
provision for income taxes	11,040,000	16,181,000	9,296,000	11,310,000	-6,134,000	-166,466,000		12,559,000	-4,025,000	-4,185,000		-3,250,000	1,121,000	4,642,000	-7,026,000	4,203,000	-320,000	-1,525,000	4,915,000		-813,000	554,000	17,016,000	-10,030,000	344,000	-24,895,000	4,099,000	8,301,000	-8,362,000	-1,976,000	6,458,000	19,579,000		4,952,000	31,416,000	38,204,000	23,197,000	33,394,000	37,024,000	44,204,000	42,676,000	52,351,000	50,547,000	19,920,250	25,310,000	46,335,000	8,036,000	27,539,000	11,370,000	15,160,000	27,549,000	56,786,000	26,489,000	52,271,000	14,759,000	-32,734,000	-17,087,000	53,012,000	41,394,000	50,468,000	46,880,000	35,177,000	73,245,000	47,779,000	57,691,000	62,535,000	72,149,000	29,540,000	69,456,000	70,386,000	75,547,000	45,656,000	73,272,000	81,588,000	79,706,000	87,782,000	77,565,000	96,077,000	78,165,000
income from continuing operations	27,337,000	51,963,000	29,975,000	35,422,000	-42,063,000	122,586,000							6,296,000	5,487,000	4,336,000	20,821,000	1,791,000	8,495,000	20,876,000		16,412,000	10,773,000	-297,000		8,037,000	5,345,000	30,278,000	-1,429,000	60,841,000	47,105,000	47,006,000			48,901,000		-78,329,000	70,396,000	59,844,000	62,640,000	85,020,000	93,876,000	157,102,000	85,049,000	63,546,000	116,227,000	92,142,000	46,466,000	84,211,000	81,271,000	15,428,000	74,162,000	125,032,000	81,127,000	104,217,000	143,932,000	53,820,000	116,932,000	106,164,000	92,780,000	77,390,000	96,064,000	68,590,000	86,763,000	119,713,000	110,278,000	116,731,000	106,300,000	92,926,000	100,292,000	131,340,000	122,935,000	-68,158,000	129,240,000	153,581,000	146,584,000	163,321,000	144,227,000	121,252,000
loss from discontinued operations, net of tax					4,690,000	-261,058,000																														-487,750	-291,000	-1,660,000																																	-3,832,000
net income	27,337,000	51,963,000	29,975,000	35,422,000	-37,373,000	-138,472,000	-24,867,000	-2,885,000	-223,836,000	-12,519,000	-141,535,000	-7,737,000	6,296,000	5,487,000	4,336,000	20,821,000	1,267,000	9,067,000	19,856,000	-31,541,000	18,879,000	11,389,000	-3,329,000	-208,483,000	176,696,000	-3,125,000	23,697,000	-2,659,000	44,985,000	76,953,000	48,214,000	53,513,000		48,901,000	65,133,000	-79,079,000	70,105,000	58,184,000	62,640,000	90,873,000	93,876,000	156,363,000	85,206,000	67,122,000	136,882,000	98,859,000	49,267,000												86,304,000	292,378,998.89	0.43	0.3	0.38	0.48	0.5	0.57	0.51	73,952,000	98,229,000	128,509,000	119,103,000	-57,929,000	127,675,000	152,239,000	144,796,000	159,273,000	148,620,000	-356,074,000	149,604,000
yoy	-173.15%	-137.53%	-220.54%	-1327.80%	-83.30%	1006.09%	-82.43%	-62.71%	-3655.21%	-328.16%	-3364.18%	-137.16%	396.92%	-39.48%	-78.16%	-166.01%	-93.29%	-20.39%	-696.46%	-84.87%	-89.32%	-464.45%	-114.05%	7740.65%	292.79%	-104.06%	-50.85%	-104.97%		57.36%	-25.98%	-167.67%		-15.95%	3.98%	-187.02%	-25.32%	-62.79%	-26.48%	35.38%	-31.42%	58.17%	72.95%																22711578847.37%	60912291335.42%	-14.00%	-47.37%	-25.49%	-100.00%	-100.00%	-100.00%	-100.00%	-227.66%	-23.06%	-15.59%	-17.74%	-136.37%	-14.09%	-142.75%	-3.21%
qoq	-47.39%	73.35%	-15.38%	-194.78%	-73.01%	456.85%	761.94%	-98.71%	1687.97%	-91.15%	1729.33%	-222.89%	14.74%	26.55%	-79.17%	1543.33%	-86.03%	-54.34%	-162.95%	-267.07%	65.77%	-442.11%	-98.40%	-217.99%	-5754.27%	-113.19%	-991.20%	-105.91%	-41.54%	59.61%	-9.90%			-24.92%	-182.36%	-212.80%	20.49%	-7.11%	-31.07%	-3.20%	-39.96%	83.51%	26.94%	-50.96%	38.46%	100.66%													-70.48%	67995115920.93%	43.33%	-21.05%	-20.83%	-4.00%	-12.28%	11.76%	-100.00%	-24.71%	-23.56%	7.90%	-305.60%	-145.37%	-16.14%	5.14%	-9.09%	7.17%	-141.74%	-338.01%
net income margin %	5.72%	11.30%	6.49%	7.18%	-7.24%	-27.72%	-3.14%	-0.35%	-25.68%	-1.60%	-18.23%	-0.93%	0.69%	0.66%	0.50%	2.25%	0.13%	1.04%	2.21%	-3.45%	1.84%	1.28%	-0.40%	-26.18%	21.25%	-0.40%	2.75%	-0.31%	4.75%	9.24%	5.60%	5.44%	NaN%	5.95%	7.79%	-8.91%	8.36%	6.96%	7.42%	9.70%	10.80%	17.75%	9.57%	6.82%	14.54%	10.31%	5.26%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	6.52%	20.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.76%	6.35%	8.09%	7.57%	-3.48%	8.46%	9.87%	10.24%	10.30%	10.37%	-25.63%	11.35%
basic earnings per share:
continuing operations	0.18	0.31	0.17	0.19	-0.24	0.68							0.03	0.03	0.02	0.12	0.01	0.05	0.12	-0.16	0.09	0.06		-1.28	0.05	0.03	0.17	-0.01	0.33	0.25	0.25			0.26		-0.44	0.35	0.29	0.3	0.41	0.45	0.76	0.4	0.3	0.55	0.43	0.21	0.4	0.38	0.05	0.35	0.6	0.38	0.5	0.7	0.25	0.56	0.5	0.43	0.36	0.44	0.31	0.4	0.54	0.51	0.54	0.49	0.45	0.48	0.63	0.58	-0.31	0.59	0.7	0.67	0.74	0.65	0.55
discontinued operations					0.03	-1.45											-0.01		-0.01	-0.02	0.02		-0.02	0.06	0.96	-0.05	-0.04	-0.01	-0.08	0.16	0.01							-0.01						0.02	0.1	0.03	0.01	0.05	-0.41	-0.1	-0.01	-0.05			0.1	1.03	0.3		-0.01	-0.05	-0.01	-0.01	-0.02	-0.07	-0.01	0.02	0.01				-0.02					-0.02	0.02	-2.15
diluted earnings per share:
business services					234,652,000	221,791,000	506,666,000	535,597,000	564,094,000	483,987,000	473,497,000	523,491,000	582,674,000	518,405,000	551,478,000	597,384,000	645,814,000	551,384,000	567,022,000		666,983,000	550,954,000	528,990,000	444,379,000	467,192,000	419,101,000	417,985,000	406,523,000	443,580,000	363,528,000	367,876,000	386,538,000		217,903,000	224,519,000	219,959,000	200,911,000	201,460,000	205,346,000	210,800,000	191,645,000	193,578,000	205,807,000	201,769,000	198,164,000	193,306,000	185,488,000	173,231,000	160,131,000	325,862,000	372,031,000	288,769,000	405,257,000	406,811,000	414,107,000	417,760,000	425,258,000	418,112,000	423,108,000	440,633,000	439,784,000	421,754,000	441,645,000	460,407,000	447,756,000	442,008,000	454,729,000	471,264,000	482,199,000	487,957,000	482,822,000	480,378,000	442,414,000	429,512,000	412,289,000	412,006,000	397,273,000	391,050,000	349,103,000
support services					93,270,000	90,956,000	94,012,000	96,333,000	100,280,000	101,855,000	103,315,000	105,284,000	112,572,000	107,642,000	107,625,000	110,352,000	113,622,000	113,413,000	115,156,000		119,972,000	117,519,000	113,786,000	122,015,000	123,609,000	126,274,000	127,683,000	128,621,000	74,102,000	74,117,000	72,171,000	118,463,000		115,299,000	118,847,000	129,188,000	123,954,000	131,418,000	128,260,000	139,149,000	136,820,000	139,237,000	139,558,000	154,372,000	154,321,000	158,190,000	158,252,000	172,516,000	166,785,000	163,178,000	165,486,000	173,243,000	171,652,000	171,254,000	173,518,000	175,798,000	175,286,000	176,807,000	178,614,000	180,343,000	175,844,000	175,298,000	180,034,000	183,229,000	177,607,000	179,246,000	174,347,000	188,428,000	193,516,000	194,955,000	194,460,000	196,318,000	185,520,000	192,773,000	186,304,000	187,157,000	182,294,000	176,339,000	194,934,000
financing					66,077,000	68,614,000	67,539,000	67,663,000	68,874,000	68,572,000	66,702,000	67,049,000	67,424,000	67,757,000	67,298,000	72,029,000	71,217,000	71,936,000	73,453,000		80,276,000	86,218,000	85,462,000	89,078,000	88,051,000	90,577,000	92,419,000	97,043,000	81,274,000	76,730,000	76,671,000	80,103,000		83,653,000	85,745,000	89,632,000	87,883,000	91,609,000	97,423,000	103,043,000	99,925,000	101,437,000	105,630,000	107,330,000	107,835,000	107,644,000	110,050,000	114,140,000	113,955,000	115,929,000	116,762,000	121,435,000	123,999,000	122,948,000	126,748,000	148,531,000	150,038,000	149,955,000	154,230,000	161,236,000	157,333,000	156,604,000	162,775,000	165,910,000	171,228,000	174,508,000	182,798,000	180,877,000	195,632,000	197,263,000	198,939,000	203,463,000	201,241,000	194,837,000	190,580,000	186,992,000	185,547,000	174,447,000	157,275,000
equipment sales					71,026,000	66,418,000	72,753,000	77,403,000	84,973,000	76,705,000	79,451,000	82,610,000	92,150,000	83,528,000	89,986,000	89,296,000	93,834,000	83,234,000	86,267,000		101,200,000	79,572,000	57,837,000	76,273,000	87,148,000	89,618,000	85,551,000	89,787,000	113,393,000	100,937,000	105,750,000	155,808,000		158,625,000	162,974,000	190,306,000	173,143,000	152,641,000	159,361,000	199,831,000	163,857,000	165,507,000	165,964,000	212,339,000	177,458,000	191,518,000	189,056,000	254,322,000	201,830,000	243,644,000	214,999,000	281,772,000	212,103,000	224,235,000	220,179,000	280,365,000	221,475,000	242,921,000	241,631,000	312,017,000	248,228,000	230,235,000	239,936,000	291,762,000	225,759,000	257,196,000	231,825,000	341,175,000	296,520,000	311,650,000	305,520,000	373,670,000	307,897,000	360,361,000	293,610,000	412,883,000	337,291,000	319,635,000
supplies					35,587,000	35,428,000	35,509,000	36,721,000	36,674,000	35,695,000	36,505,000	38,835,000	37,425,000	37,455,000	38,245,000	41,061,000	40,348,000	38,211,000	38,655,000		41,165,000	39,635,000	32,773,000	45,709,000	45,026,000	44,818,000	46,490,000	50,953,000	52,451,000	50,403,000	55,457,000	65,374,000		63,228,000	66,818,000	64,051,000	61,306,000	65,274,000	72,051,000	72,925,000	71,174,000	70,636,000	73,368,000	71,691,000	72,548,000	76,284,000	79,517,000	73,554,000	69,696,000	72,337,000	74,287,000	69,815,000	66,902,000	70,522,000	76,365,000	72,246,000	74,271,000	78,587,000	82,870,000	78,795,000	77,304,000	77,054,000	85,277,000	82,773,000	83,464,000	81,973,000	88,029,000	86,664,000	96,864,000	101,286,000	107,600,000	101,281,000	95,497,000	96,398,000	100,302,000	89,182,000	84,728,000	82,873,000
rentals					15,509,000	16,256,000	16,691,000	16,792,000	16,683,000	16,937,000	17,011,000	17,269,000	16,446,000	16,127,000	16,863,000	16,820,000	18,877,000	17,271,000	18,650,000		18,821,000	18,000,000	18,644,000	18,814,000	20,317,000	19,737,000	18,445,000	22,157,000	85,507,000	91,115,000	91,809,000	95,280,000		95,999,000	99,870,000	103,032,000	102,747,000	102,869,000	104,090,000	107,934,000	108,420,000	111,312,000	113,997,000	119,560,000	119,047,000	122,443,000	123,579,000	130,418,000	128,225,000	136,775,000	136,379,000	141,445,000	142,288,000	145,497,000	140,389,000	137,706,000	140,172,000	142,576,000	143,051,000	143,782,000	151,399,000	150,141,000	155,437,000	159,440,000	163,711,000	156,151,000	168,130,000	174,502,000	182,850,000	185,855,000	184,953,000	186,697,000	183,452,000	180,911,000	188,070,000	194,811,000	196,219,000	197,226,000	201,641,000
cost of business services					129,002,000	128,573,000	429,756,000	446,367,000	479,802,000	419,859,000	410,638,000	446,317,000	500,732,000	452,715,000	477,544,000	503,215,000	579,913,000	472,216,000	482,814,000		592,137,000	482,965,000	454,311,000	374,665,000	386,086,000	338,519,000	337,918,000	327,046,000	363,555,000	291,650,000	293,480,000	297,399,000		153,063,000	150,843,000	151,152,000	140,989,000	140,830,000	135,538,000	140,642,000	130,004,000	135,636,000	139,919,000	138,257,000	142,512,000	135,024,000	128,936,000	126,962,000	112,447,000	248,715,000	291,648,000	208,469,000	315,830,000	313,553,000	318,976,000	318,362,000	326,415,000	325,250,000	333,567,000	333,524,000	335,588,000	337,652,000	330,472,000	348,468,000	335,406,000	352,306,000	359,907,000	369,849,000	375,949,000	383,009,000	379,291,000	371,894,000	345,024,000	339,972,000	323,651,000	324,941,000	307,378,000	303,583,000	288,842,000
cost of support services					28,670,000	30,117,000	31,664,000	33,055,000	30,229,000	35,589,000	35,018,000	36,840,000	37,366,000	36,618,000	37,711,000	37,134,000	37,060,000	38,250,000	37,679,000		35,856,000	37,647,000	36,725,000	39,760,000	38,847,000	41,086,000	40,448,000	41,779,000	42,276,000	43,259,000	39,609,000	75,572,000		73,190,000	73,354,000	70,895,000	74,799,000	74,742,000	75,249,000	78,107,000	79,747,000	81,507,000	83,599,000	88,800,000	92,500,000	96,722,000	98,981,000	104,381,000	103,004,000	104,282,000	108,009,000	105,751,000	107,095,000	112,122,000	115,087,000	107,815,000	114,074,000	115,417,000	115,276,000	113,787,000	111,521,000	111,695,000	114,606,000	93,161,000	100,541,000	101,223,000	98,326,000	104,238,000	113,581,000	115,931,000	116,417,000	112,492,000	108,011,000	107,317,000	105,504,000	101,298,000	104,042,000	98,453,000	100,174,000
financing interest expense					14,937,000	16,095,000	15,965,000	16,603,000	17,169,000	16,813,000	14,763,000	14,536,000	13,962,000	13,692,000	12,533,000	11,602,000	11,690,000	11,710,000	11,773,000		12,108,000	11,626,000	11,939,000	12,489,000	11,215,000	11,026,000	11,043,000	11,364,000	12,332,000	11,954,000	12,346,000	12,225,000		12,843,000	12,974,000	13,866,000	12,965,000	13,495,000	14,915,000	17,620,000	17,533,000	17,868,000	18,770,000	18,829,000	19,667,000	20,413,000	19,653,000	21,117,000	20,306,000	19,798,000	19,875,000	19,755,000	19,604,000	20,642,000	21,139,000	20,783,000	21,430,000	22,192,000	23,293,000	22,344,000	22,189,000	21,821,000	21,938,000	23,721,000	23,975,000	25,438,000
cost of equipment sales					51,665,000	49,075,000	50,314,000	52,559,000	57,454,000	52,952,000	56,180,000	57,171,000	65,662,000	60,595,000	63,815,000	63,771,000	66,292,000	62,221,000	61,561,000		71,671,000	59,766,000	47,920,000	57,359,000	62,116,000	59,859,000	58,570,000	63,665,000	49,253,000	39,353,000	47,106,000	78,751,000		77,189,000	69,562,000	96,201,000	86,147,000	78,055,000	71,539,000	98,363,000	78,650,000	79,043,000	75,013,000	103,388,000	90,984,000	88,818,000	82,534,000	131,213,000	92,307,000	128,426,000	109,337,000	149,861,000	105,556,000	106,718,000	96,916,000	132,782,000	97,559,000	104,385,000	114,753,000	151,270,000	115,721,000	102,997,000	106,402,000	142,330,000	124,819,000	139,770,000	123,085,000	178,442,000	157,593,000	166,282,000	160,937,000	215,027,000	164,659,000	168,958,000	148,256,000	207,707,000	173,068,000	159,780,000
cost of supplies					9,981,000	10,051,000	10,358,000	10,195,000	10,740,000	10,498,000	10,884,000	11,225,000	10,704,000	10,529,000	11,028,000	11,517,000	11,597,000	10,705,000	10,467,000		10,928,000	10,132,000	8,379,000	12,240,000	12,349,000	12,225,000	11,758,000	13,550,000	14,308,000	13,967,000	15,738,000	21,147,000		19,909,000	21,471,000	20,758,000	20,348,000	19,624,000	20,690,000	22,890,000	21,629,000	21,624,000	22,659,000	23,546,000	22,470,000	23,505,000	24,154,000	23,361,000	21,840,000	22,692,000	23,262,000	22,141,000	20,694,000	20,863,000	23,871,000	23,089,000	22,611,000	25,562,000	26,192,000	23,791,000	23,843,000	24,173,000	25,365,000	25,165,000	23,785,000	21,369,000	23,341,000	23,197,000	26,382,000	26,419,000	27,872,000	28,793,000	27,061,000	24,725,000	26,123,000	23,560,000	26,071,000	19,796,000
cost of rentals					4,265,000	4,079,000	4,433,000	4,684,000	4,755,000	4,289,000	5,142,000	5,428,000	6,053,000	6,270,000	7,473,000	5,309,000	5,487,000	6,480,000	6,013,000		7,145,000	6,055,000	6,022,000	6,378,000	8,307,000	5,090,000	8,418,000	9,715,000	19,371,000	21,827,000	21,078,000	24,596,000		21,576,000	20,662,000	21,089,000	16,041,000	18,415,000	20,495,000	21,061,000	21,423,000	21,003,000	20,701,000	23,065,000	23,636,000	25,193,000	25,444,000	25,672,000	25,612,000	26,424,000	27,755,000	28,099,000	25,182,000	31,850,000	30,225,000	27,336,000	32,581,000	32,809,000	32,599,000	33,807,000	36,277,000	34,310,000	37,071,000	44,509,000	40,508,000	38,013,000	35,851,000	39,604,000	36,252,000	39,671,000	38,304,000	42,879,000	42,630,000	43,261,000	42,421,000	43,421,000	42,231,000	42,300,000	42,317,000
goodwill impairment									220,585,000		118,599,000													198,169,000																										97,787,000		4,578,750	18,315,000			84,500,000	45,650,000
other components of net pension and postretirement income					-432,500	-961,000	-382,000	-387,000																-151,000
other income									-766,000		-228,000	-2,836,000																																											-3,234,000	-9,200,000	-10,718,000
loss before taxes							-38,664,000
benefit for income taxes							-13,797,000				-9,415,000									13,992,000
basic net loss per share							-0.14	-0.02
diluted net loss per share							-0.14	-0.02
income before taxes								9,674,000	-44,660,250	-16,704,000	-150,950,000	-10,987,000
restructuring charges and asset impairments									10,655,000	16,578,000											8,207,000	3,766,000	4,922,000		12,990,000	47,017,000	7,279,000		7,438,000	7,232,000	11,503,000			26,927,000	2,082,000	13,793,000	16,494,000	26,076,000		11,477,000	36,000	14,350,000		61,894,000	4,526,000			30,404,000	34,909,000	19,955,000		12,057,000	9,986,000	1,074,000		84,177,000	32,956,000	4,994,000	26,024,000	79,235,000	33,805,000	48,512,000	20,722,000	35,901,000	12,845,000			115,117,000	49,229,000	18,815,000	17,093,000
other components of net pension and postretirement (income) cost									-2,112,000	-2,683,000	-1,751,000	-1,710,000									-1,834,000	-109,000
basic net earnings per share									-0.23	-0.07	-0.81	-0.04
diluted net earnings per share									-0.23	-0.07	-0.81	-0.04
income from discontinued operations, net of tax																	-524,000	572,000	-1,020,000	-3,886,000	2,467,000	616,000	-3,032,000	10,064,000	168,659,000	-8,470,000	-6,581,000	-1,230,000	-15,856,000	29,848,000	1,208,000									5,853,000		-739,000	157,000	3,576,000	20,655,000	6,717,000	2,801,000	10,471,000	-82,204,000	-20,067,000	-2,062,000	-10,101,000			19,332,000																					-114,066,000	4,393,000	-477,326,000
basic earnings per share :
diluted earnings per share :
global ecommerce																				413,086,000
presort services																				143,126,000
sendtech solutions																				358,985,000
total segment ebit																				107,145,000
reconciliation of segment ebit to net loss:
unallocated corporate expenses																				-57,465,000
loss on debt refinancing																				-51,394,000
transaction costs
loss from continuing operations																				-27,655,000				-218,547,000
numerator:
denominator:
weighted-average shares used for eps calculation																				172,856,000
dilutive effect of common stock equivalents
basic loss per share :
diluted loss per share :
common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:																				6,440
software																											72,206,000	73,318,000	96,833,000	76,026,000	91,702,000	81,616,000		86,664,000	77,867,000	90,901,000	89,087,000	90,615,000	78,058,000	103,265,000	97,700,000	99,184,000	86,357,000	116,852,000	112,271,000	109,065,000	91,555,000	113,006,000	98,164,000	100,482,000	87,012,000	110,385,000	93,476,000	104,551,000	104,350,000	108,301,000	113,224,000	105,516,000	99,565,000	117,236,000	95,850,000	86,151,000	83,129,000	110,784,000	87,295,000	87,380,000	79,726,000	109,679,000	100,092,000	109,120,000	99,663,000	122,440,000	92,256,000	88,242,000	43,082,000	62,801,000	49,979,000	47,640,000
cost of software																											23,419,000	23,383,000	25,424,000	24,743,000	26,459,000	25,353,000		24,795,000	25,308,000	26,345,000	25,698,000	26,983,000	26,815,000	27,996,000	27,219,000	28,501,000	29,864,000	30,337,000	29,775,000	33,484,000	30,164,000	30,560,000	29,698,000	21,435,000	20,706,000	24,427,000	22,784,000	24,404,000	21,093,000	25,566,000	23,431,000	24,898,000	25,212,000	25,095,000	21,191,000	19,282,000	20,591,000	21,761,000	19,413,000	21,570,000	19,497,000	21,250,000	25,917,000	26,453,000	25,491,000	27,724,000	21,749,000	21,076,000	11,548,000	10,625,000	11,044,000	11,103,000
amounts attributable to common stockholders:
dividends declared per share of common stock																													0.141	0.188	0.188	0.188		0.188	0.188	0.188	0.188	0.188	0.188	0.188	0.188	0.188	0.188	0.188	0.188	0.188		0.188	0.188	0.188						0.278	0.37	0.37	0.37	0.274	0.365	0.365	0.365	0.27	0.36	0.36	0.36	0.263	0.35	0.35	0.35	0.248	0.33	0.33	0.33	0.24	0.32	0.32	0.31
income before income taxes																																73,092,000		53,853,000	96,549,000																																												227,769,000
earnings per share attributable to common stockholders:
basic																																0.29			0.35
diluted																																0.28			0.35
less: preferred stock dividends attributable to noncontrolling interests																																				3,445,250	4,593,000	4,594,000	4,594,000	3,445,250	4,594,000	4,593,000	4,594,000	3,445,250	4,593,000	4,594,000	4,594,000	3,445,500	4,594,000	4,594,000
net income attributable to pitney bowes inc.																																		48,901,000	65,133,000	44,287,000	65,512,000	53,590,000	58,046,000	80,416,000	89,282,000	151,770,000	80,612,000	67,806,750	132,289,000	94,265,000	44,673,000
net income from continuing operations																																		48,901,000		-83,593,000	65,803,000	55,250,000	58,046,000	80,426,000	89,282,000	152,509,000	80,455,000	58,952,000	111,634,000	87,548,000	41,872,000	79,618,000	76,677,000	10,834,000	69,568,000	120,438,000	76,533,000
basic earnings per share attributable to common stockholders :
diluted earnings per share attributable to common stockholders :
income from continuing operations before income taxes																																				-40,125,000	93,593,000	93,238,000	99,664,000	129,224,000	136,552,000	209,453,000	135,596,000	96,680,000	141,537,000	138,477,000	54,502,000	111,750,000	92,641,000	30,588,000	101,711,000	181,818,000	107,616,000	156,488,000	158,691,000	21,086,000	99,845,000	159,176,000	134,174,000	127,858,000	142,944,000	103,767,000	160,008,000	167,492,000	167,969,000	179,266,000	178,449,000
basic earnings per share attributable to common stockholders:
diluted earnings per share attributable to common stockholders:
other interest expense																																																25,146,000	27,508,000	31,347,000	30,739,000	27,967,000	27,541,000	30,353,000	29,367,000	29,357,000	28,932,000	28,550,000	28,524,000	29,447,000	29,310,000	29,204,000	27,658,000	26,721,000	27,244,000	29,553,000
interest income																																																-965,000	-1,457,000	-1,302,000	-1,748,000	-2,189,000	-2,057,000	-2,003,000	-1,733,000	-1,093,000	-1,265,000	-2,215,000	-1,222,000	-736,000	-393,000	-696,000	-762,000	-1,796,000	-668,000	-933,000	-1,552,000
net income before attribution of noncontrolling interests																																																94,682,000	-933,000	-4,639,000	72,100,000	114,931,000	81,127,000	104,217,000	163,264,000	262,068,000	177,360,000	105,529,000	90,898,000	67,618,000	93,528,000	65,924,000	83,633,000	106,308,000	107,849,000	121,833,000	108,923,000
net income - pitney bowes inc.																																																90,089,000	-5,527,000	-9,233,000	67,506,000	110,337,000	76,533,000	99,623,000	158,670,000	257,474,000	172,767,000	100,935,000
less: preferred stock dividends of subsidiaries attributable to noncontrolling interests																																																			4,594,000	4,594,000	4,594,000	4,594,000	4,594,000	4,594,000	4,593,000	4,594,000	4,594,000	4,594,000	4,593,000	4,543,000	4,594,000	7,754,000	4,622,000	4,571,000	4,521,000
income from discontinued operations																																																							19,332,000
gain from discontinued operations, net of tax																																																								208,248,000	60,428,000
gain from discontinued operations																																																								208,248,000	60,428,000			-2,083,000	-2,536,000	-2,666,000	-3,130,000	-13,405,000	-2,429,000	5,102,000	2,623,000
loss from discontinued operations, net of income tax																																																										-635,000	-1,882,000
loss from discontinued operations																																																										-635,000	-1,882,000
gain from discontinued operations, net of income tax																																																												-2,083,000	-2,536,000	-2,666,000	-3,130,000	-13,405,000	-2,429,000	5,102,000	2,623,000
pitney bowes inc. net income																																																												57,338,750	88,935,000	61,381,000	79,039,000	98,554,000	103,227,000	117,262,000	104,402,000
amounts attributable to pitney bowes inc.:
basic earnings per share attributable to pitney bowes inc. common stockholders :
diluted earnings per share attributable to pitney bowes inc. common stockholders :
amounts attributable to pitney bowes inc. common stockholders:
basic earnings per share of common stock attributable to pitney bowes inc. common stockholders :
diluted earnings per share of common stock attributable to pitney bowes inc. common stockholders :
diluted earnings per share of common stock attributable to pitney bowes inc. common stockholders:
interest																																																																				41,866,000	54,560,000	54,127,000	58,777,000	44,913,500	60,386,000	62,541,000	56,727,000	40,150,000	51,962,000	55,070,000	46,816,000
income from continuing operations before income taxes and minority interest																																																																				127,087,000	176,288,000		203,280,000				231,036,000	255,116,000	225,445,000
minority interest (preferred stock dividends of
subsidiaries)																																																																				4,033,500	6,540,000	4,796,000
basic earnings per share of common stock:
diluted earnings per share of common stock:
income from continuing operations before income
taxes and minority interest (preferred stock dividends
of subsidiaries)																																																																						206,522,000
minority interest																																																																							4,798,000	4,838,000	4,862,000	4,796,000	4,746,000	4,013,000	3,653,000	3,244,000
basic earnings per share of common stock
prior year amounts have been reclassified to conform to the current period presentation.
see notes to condensed consolidated financial statements
other																																																																								980,000	3,920,000
taxes and minority interest																																																																								169,593,750	207,374,000
of tax
and minority interest																																																																										239,965,000				220,573,000
net loss from discontinued operations, net of tax
charitable contribution																																																																															10,000,000
basic earnings (loss) per share of common stock:
diluted earnings (loss) per share of common stock:
revenue from:
sales																																																																															381,427,000
capital services																																																																															33,408,000
cost of sales																																																																															167,777,000
restructuring																																																																															-15,840,000
basic earnings per share																																																																															0.65
diluted earnings per share																																																																															0.64

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2005-03-31	2004-12-31	2003-12-31	2002-12-31

assets
current assets:
cash and cash equivalents	284,887,000	320,994,000	285,177,000	323,787,000	469,726,000	561,538,000	590,147,000	516,092,000	601,053,000	557,696,000	541,704,000	511,761,000	669,981,000	596,647,000	570,697,000	622,575,000	732,480,000	729,149,000	799,470,000	680,727,000	921,450,000	799,177,000	862,897,000	663,072,000	924,442,000	514,851,000	771,042,000	838,905,000	867,262,000	759,231,000	689,870,000	719,875,000	1,009,021,000	840,564,000	739,553,000	764,522,000	992,089,000	675,972,000	612,987,000	650,557,000	715,976,000	754,171,000	871,687,000	1,079,145,000	923,676,000	1,005,901,000	903,342,000	907,806,000	759,636,000	608,568,000	909,664,000	913,276,000	424,789,000	499,772,000	915,553,000	856,238,000	715,194,000	578,448,000	652,069,000	484,363,000	386,046,000	459,451,000	476,940,000	412,737,000	441,128,000	445,262,000	423,217,000	376,671,000	458,786,000	429,412,000	397,786,000	377,176,000	338,763,000	251,967,000	232,245,000	239,102,000	202,865,000	196,315,000	322,544,000	316,217,000	293,812,000	315,156,000
short-term investments	12,232,000	14,978,000	15,606,000	16,175,000	16,374,000	13,972,000	21,852,000	21,859,000	22,166,000	21,732,000	18,972,000	15,614,000	11,172,000	10,014,000	11,519,000	11,383,000	14,440,000	14,060,000			18,974,000	21,185,000	153,221,000		115,879,000	137,032,000	59,516,000	65,405,000	59,391,000	55,929,000	55,699,000	55,603,000	48,988,000	164,716,000	43,895,000	38,448,000	24,259,000	74,809,000	122,147,000	117,021,000	34,318,000	46,256,000	41,741,000	32,121,000	35,348,000	23,976,000	27,060,000	31,128,000	20,471,000	22,898,000	37,712,000	36,611,000	36,238,000	38,549,000	35,863,000	12,971,000	53,866,000	45,667,000	28,398,000	30,609,000	21,351,000	21,839,000	19,211,000	14,682,000	17,660,000	23,399,000	19,717,000	21,551,000	22,597,000	26,842,000	68,112,000	63,279,000	98,101,000	97,842,000	63,770,000	62,512,000	830,711,000	81,504,000
accounts and other receivables	168,099,000	161,696,000	155,317,000	160,284,000	159,951,000	188,794,000	266,172,000	307,201,000	342,236,000	288,592,000	272,963,000	271,496,000	343,557,000	287,751,000	268,722,000	297,713,000	334,630,000	313,765,000	309,177,000	327,755,000	389,240,000	348,565,000	391,748,000	342,823,000	373,471,000	365,522,000	419,776,000
short-term finance receivables	496,446,000	497,573,000	506,989,000	526,411,000	535,608,000	530,698,000	541,957,000	547,235,000	563,536,000	550,152,000	559,979,000	551,348,000	564,972,000	551,476,000	557,571,000	564,835,000	560,680,000	556,985,000	552,858,000	551,061,000	568,050,000	559,148,000	555,196,000	597,805,000	629,643,000	617,178,000	682,828,000	684,436,000	789,661,000	787,121,000	812,055,000	792,802,000	828,003,000	857,764,000	853,390,000	893,950,000	870,256,000	918,974,000	912,755,000	935,170,000	940,624,000	952,890,000	962,073,000	1,000,304,000				1,102,921,000				1,188,292,000
inventories	66,241,000	75,699,000	79,001,000	65,103,000	59,836,000	71,642,000	76,500,000	78,683,000	70,053,000	83,781,000	92,783,000	94,016,000	83,720,000	89,946,000	82,797,000	87,661,000	78,588,000	69,496,000	67,538,000	63,680,000	65,845,000	66,974,000	73,653,000	71,848,000	68,251,000	76,339,000	73,347,000	68,876,000	41,964,000	48,199,000	49,051,000	96,224,000	89,679,000	121,478,000	115,638,000	92,726,000	108,766,000	110,960,000	100,353,000	88,824,000	103,195,000	101,072,000	95,029,000	84,827,000	94,879,000	101,252,000	100,956,000	103,580,000	134,266,000	141,061,000	167,469,000	179,678,000	187,082,000	187,562,000	179,321,000	178,599,000	178,553,000	177,504,000	180,292,000	168,967,000	187,875,000	182,974,000	162,070,000	156,502,000	176,626,000	171,267,000	170,228,000	161,321,000	204,606,000	214,110,000	218,036,000	197,962,000	257,086,000	248,588,000	248,617,000	237,817,000	244,523,000	243,225,000	224,095,000	206,697,000	209,527,000	210,888,000
current income taxes	3,143,000	4,313,000	1,300,000	984,000	10,429,000	19,730,000	7,850,000	987,000	564,000	6,392,000	11,159,000	19,318,000	8,790,000	27,442,000	15,875,000	12,778,000	13,894,000	32,290,000	37,384,000	44,288,000	23,219,000	11,477,000	1,893,000	16,356,000	5,565,000	25,598,000	22,474,000	21,897,000	5,947,000	11,395,000	39,100,000	42,274,000	58,439,000	28,732,000	11,919,000	11,373,000	13,060,000	12,186,000	11,494,000	6,584,000	33,057,000	37,035,000	36,743,000	40,542,000	29,815,000	31,580,000	30,006,000	28,934,000	28,419,000	30,578,000	49,082,000	51,836,000	22,044,000	20,107,000	116,247,000	102,556,000	67,263,000	70,890,000	66,678,000	103,542,000	112,719,000	146,859,000	82,095,000	101,248,000	73,386,000	91,465,000	53,018,000	59,594,000	76,633,000	92,392,000	89,409,000	83,227,000
other current assets and prepayments	69,451,000	74,290,000	82,600,000	92,145,000	66,030,000	99,778,000	101,263,000	110,041,000	92,309,000	109,189,000	117,132,000	125,746,000	115,824,000	146,636,000	151,090,000	145,167,000	157,341,000	127,513,000	117,425,000	124,394,000	120,145,000	115,981,000	121,924,000	111,104,000	101,601,000	101,829,000	132,878,000	134,929,000	99,332,000	92,916,000	102,104,000	94,227,000	77,954,000	89,061,000	78,749,000	68,637,000	65,622,000	61,039,000	70,609,000	64,325,000	71,454,000	72,079,000	67,881,000	57,173,000	135,973,000	125,540,000	125,065,000	147,067,000	173,068,000	158,812,000	113,142,000	114,184,000	144,987,000	124,922,000	128,244,000	134,774,000	118,191,000	113,052,000	115,683,000	107,029,000	102,838,000	99,856,000	101,014,000	98,297,000	98,736,000	102,911,000	79,458,000	138,063,000	256,346,000	263,806,000	268,401,000	258,411,000	257,670,000	246,650,000	228,745,000	231,096,000	239,940,000	225,588,000	201,748,000	197,874,000	192,011,000	172,264,000
total current assets	1,100,499,000	1,149,543,000	1,125,990,000	1,184,889,000	1,317,954,000	1,486,152,000	1,605,741,000	1,582,098,000	1,691,917,000	1,617,534,000	1,614,692,000	1,589,299,000	1,798,016,000	1,709,912,000	1,766,948,000	1,742,112,000	1,892,053,000	1,843,258,000	1,898,756,000	1,808,105,000	2,106,923,000	1,922,507,000	2,160,532,000	1,870,188,000	2,236,081,000	2,406,762,000	2,161,861,000	2,227,109,000	2,324,218,000	2,151,100,000	2,469,938,000	2,289,033,000	2,636,508,000	2,491,577,000	2,233,134,000	2,325,183,000	2,501,608,000	2,285,520,000	2,214,184,000	2,319,808,000	2,297,748,000	2,363,547,000	2,498,482,000	2,760,120,000	2,692,102,000	2,793,302,000	2,815,292,000	2,838,212,000	3,204,604,000	2,754,027,000	3,061,778,000	3,212,127,000	2,674,072,000	2,721,316,000	3,294,259,000	3,259,858,000	3,069,675,000	2,990,969,000	3,082,013,000	3,008,241,000	2,845,317,000	2,949,998,000	2,942,796,000	2,971,236,000	2,945,244,000	2,995,611,000	2,925,567,000	3,032,613,000	3,299,912,000	3,388,638,000	3,379,322,000	3,319,613,000	3,270,686,000	3,094,311,000	2,913,902,000	2,918,670,000	3,518,070,000	3,911,066,000	2,716,434,000	2,693,086,000	2,513,175,000
property, plant and equipment	185,913,000	184,043,000	193,264,000	204,380,000	218,657,000	228,826,000	359,452,000	370,110,000	383,628,000	391,649,000	401,905,000	411,793,000	420,672,000	427,958,000	427,438,000	430,498,000	429,162,000	467,396,000	429,785,000	405,226,000	391,280,000	367,466,000	375,465,000	371,464,000	376,177,000	371,666,000	416,512,000	412,727,000	410,114,000	399,347,000	398,909,000	386,977,000	379,044,000	327,140,000	319,899,000	314,603,000	312,597,000	309,491,000	335,760,000	330,088,000	317,005,000	304,990,000	288,680,000	285,091,000	266,520,000	242,742,000	237,901,000	245,171,000	240,609,000	351,606,000	377,246,000	385,377,000	382,850,000	391,651,000	403,657,000	404,146,000	414,342,000	429,737,000	420,385,000	426,501,000	458,766,000	463,993,000	488,245,000	514,904,000	529,079,000	546,805,000	555,963,000	574,260,000	591,940,000	610,080,000	613,590,000	627,918,000	664,592,000	626,576,000	605,962,000	612,640,000	614,817,000	621,627,000	638,811,000	644,495,000	653,661,000	622,244,000
rental property and equipment	24,054,000	22,605,000	23,004,000	24,275,000	24,587,000	23,664,000	22,334,000	22,580,000	23,583,000	24,652,000	25,936,000	26,955,000	27,487,000	28,451,000	30,889,000	33,849,000	34,774,000	36,461,000	38,814,000	37,708,000	38,435,000	40,352,000	40,875,000	40,264,000	41,225,000	39,400,000	36,917,000	41,862,000	178,099,000	179,058,000	180,585,000	182,727,000	185,741,000	182,997,000	178,281,000	188,054,000	179,554,000	172,269,000	178,877,000	180,662,000	188,485,000	193,939,000	193,369,000	200,380,000	206,394,000	215,793,000	219,512,000	226,146,000	230,098,000	230,759,000	236,026,000	241,192,000	249,310,000	251,495,000	261,388,000	258,711,000	267,189,000	282,976,000	290,013,000	300,170,000	315,489,000	322,110,000	344,363,000	360,207,000	374,021,000	365,852,000	385,680,000	397,949,000	407,220,000	430,255,000	434,624,000	435,927,000	506,062,000	504,213,000	502,095,000	503,911,000	491,777,000	480,942,000
long-term finance receivables	605,129,000	624,496,000	638,625,000	624,400,000	610,316,000	622,378,000	625,734,000	638,380,000	653,085,000	641,251,000	640,097,000	636,518,000	627,124,000	597,198,000	592,928,000	588,040,000	587,427,000	582,352,000	588,602,000	597,012,000	605,292,000	587,548,000	583,839,000	601,547,000	625,487,000	616,746,000	554,075,000	545,360,000	592,165,000	600,129,000	597,302,000	640,987,000	652,087,000	662,384,000	664,630,000	673,207,000	704,294,000	693,589,000	741,138,000	763,054,000	768,139,000	780,968,000	775,223,000	819,721,000				962,363,000				1,026,489,000
goodwill	746,687,000	746,525,000	748,530,000	729,687,000	721,003,000	737,281,000	727,613,000	729,291,000	734,409,000	945,418,000	952,302,000	1,069,660,000	1,066,951,000	1,045,940,000	1,060,452,000	1,129,027,000	1,135,103,000	1,124,705,000	1,130,164,000	1,144,064,000	1,152,285,000	1,142,144,000	1,132,785,000	1,125,035,000	1,324,179,000	1,317,037,000	1,754,610,000	1,754,259,000	1,766,511,000	1,765,083,000	1,767,848,000	1,965,984,000	1,952,444,000	1,604,320,000	1,583,302,000	1,571,335,000	1,766,418,000	1,752,714,000	1,765,002,000	1,745,957,000	1,753,888,000	1,747,950,000	1,635,171,000	1,672,721,000	1,694,987,000	1,728,385,000	1,726,596,000	1,734,871,000	1,729,178,000	2,012,752,000	2,115,450,000	2,136,138,000	2,127,114,000	2,133,559,000	2,162,689,000	2,147,088,000	2,248,942,000	2,336,796,000	2,331,022,000	2,306,793,000	2,312,304,000	2,211,544,000	2,254,115,000	2,286,904,000	2,294,594,000	2,276,151,000	2,209,599,000	2,251,830,000	2,311,588,000	2,393,229,000	2,343,049,000	2,299,858,000	2,197,015,000	2,140,810,000	1,812,022,000	1,791,157,000	1,788,081,000	1,753,812,000	1,437,679,000	1,411,381,000	956,284,000	827,241,000
intangible assets	14,741,000	16,019,000	16,767,000	17,924,000	15,780,000	17,014,000	54,339,000	58,277,000	62,250,000	66,111,000	70,062,000	74,028,000	77,944,000	79,399,000	82,770,000	124,739,000	132,442,000	137,118,000	144,692,000	152,265,000	159,839,000	167,493,000	175,460,000	181,624,000	190,640,000	199,715,000	212,596,000	223,005,000	227,137,000	238,167,000	249,125,000	261,318,000	272,186,000	152,019,000	159,200,000	165,172,000	174,221,000	172,785,000	184,047,000	187,378,000	192,318,000	223,320,000	72,172,000	82,173,000	91,797,000	102,760,000	110,878,000	120,387,000	128,588,000	143,451,000	153,440,000	166,214,000	175,995,000	188,657,000	201,891,000	212,603,000	243,349,000	273,830,000	286,686,000	297,443,000	304,186,000	280,829,000	294,014,000	316,417,000	319,040,000	341,612,000	353,603,000	375,822,000	411,086,000	439,405,000	444,120,000	457,188,000	479,767,000	492,795,000	363,511,000	365,192,000	378,279,000	375,826,000	315,593,000	323,737,000	203,606,000
operating lease assets	106,996,000	107,457,000	113,136,000	113,433,000	113,357,000	121,533,000	297,638,000	304,939,000	309,958,000	309,995,000	284,783,000	287,703,000	296,129,000	259,248,000	242,452,000	236,477,000	208,428,000	212,028,000	205,584,000	196,843,000	201,916,000	213,490,000	199,162,000	193,635,000	200,752,000	172,617,000	180,983,000	152,139,000
noncurrent income taxes	95,412,000	101,738,000	103,767,000	101,350,000	99,773,000	90,832,000	58,063,000	58,884,000	60,995,000	55,378,000	44,859,000	44,595,000	46,613,000	56,339,000	62,849,000	66,208,000	68,398,000	67,049,000	69,150,000	68,732,000	72,653,000	69,305,000	68,449,000	73,186,000	71,903,000	80,561,000	63,013,000	61,700,000	61,420,000	54,114,000	54,099,000	61,367,000	59,909,000	75,105,000	78,946,000	74,806,000				70,294,000
other assets	289,520,000	302,785,000	275,755,000	269,365,000	276,089,000	320,036,000	327,488,000	338,488,000	352,360,000	370,716,000	388,728,000	390,298,000	380,419,000	388,704,000	410,865,000	436,114,000	471,084,000	484,247,000	507,748,000	531,226,000	491,514,000	533,726,000	379,611,000	436,487,000	400,456,000	392,720,000	377,420,000	388,104,000	413,239,000	526,937,000	528,945,000	531,225,000	540,796,000	541,806,000	529,779,000	524,773,000	553,635,000	510,267,000	518,377,000	544,221,000	553,467,000	560,677,000	561,087,000	569,110,000	544,091,000	538,073,000	543,620,000	537,397,000	538,255,000	563,027,000	564,503,000	563,374,000	555,661,000	528,614,000	538,172,000	530,644,000	541,253,000	484,166,000	486,211,000	478,769,000	484,376,000	481,404,000	386,457,000	387,182,000	414,215,000	389,188,000	425,769,000	417,685,000	611,678,000	610,884,000	621,897,000	598,377,000	575,835,000	548,341,000	547,845,000	543,326,000	849,333,000	799,506,000	872,924,000	863,132,000	958,808,000	1,059,430,000
total assets	3,168,951,000	3,255,211,000	3,238,838,000	3,269,703,000	3,397,516,000	3,647,716,000	4,078,402,000	4,103,047,000	4,272,185,000	4,422,704,000	4,423,364,000	4,530,849,000	4,741,355,000	4,593,149,000	4,677,591,000	4,787,064,000	4,958,871,000	4,954,614,000	5,013,295,000	4,941,181,000	5,220,137,000	5,044,031,000	5,116,178,000	4,893,430,000	5,466,900,000	5,597,224,000	5,757,987,000	5,806,265,000	5,972,903,000	5,913,935,000	6,246,751,000	6,319,618,000	6,678,715,000	6,037,348,000	5,747,171,000	5,837,133,000	6,258,874,000	5,963,577,000	6,005,822,000	6,141,462,000	6,141,781,000	6,254,157,000	6,109,443,000	6,485,693,000	6,424,037,000	6,596,083,000	6,631,336,000	6,772,708,000	7,149,932,000	7,133,202,000	7,616,106,000	7,859,891,000	7,274,166,000	7,344,997,000	8,062,258,000	8,147,104,000	8,163,067,000	8,368,954,000	8,496,854,000	8,444,023,000	8,315,907,000	8,277,067,000	8,368,349,000	8,533,911,000	8,544,021,000	8,568,179,000	8,485,122,000	8,736,431,000	9,374,378,000	9,653,639,000	9,629,550,000	9,549,943,000	9,516,879,000	9,190,875,000	8,474,503,000	8,480,420,000	9,420,939,000	9,712,621,000	9,818,720,000	9,820,580,000	8,891,388,000	8,732,314,000
liabilities and stockholders’ deficit
current liabilities:
accounts payable and accrued liabilities	845,378,000	698,686,000	742,804,000	743,846,000	873,626,000	852,566,000	843,148,000	784,020,000	875,476,000	793,609,000	812,474,000	800,050,000	907,083,000	766,170,000	827,639,000	876,645,000	922,543,000	871,798,000	820,065,000	820,286,000	880,616,000	760,363,000	732,048,000	653,539,000	1,384,808,000	1,337,214,000	1,295,712,000	1,313,440,000	1,401,635,000	1,342,097,000	1,349,344,000	1,375,166,000	1,486,741,000	1,339,287,000	1,317,532,000	1,378,822,000	1,307,808,000	1,345,653,000	1,311,486,000	1,448,321,000	1,379,337,000	1,420,283,000	1,354,876,000	1,558,731,000	1,428,690,000	1,504,887,000	1,484,250,000	1,644,582,000	1,501,189,000	1,563,069,000	1,586,957,000	1,809,226,000	1,643,395,000	1,701,135,000	1,675,152,000	1,840,465,000	1,664,217,000	1,748,628,000	1,757,372,000	1,825,261,000	1,694,745,000	1,661,401,000	1,661,467,000	1,748,254,000	1,693,697,000	1,722,404,000	1,684,080,000	1,922,399,000	1,876,174,000	1,915,896,000	1,893,884,000	1,965,567,000	1,748,183,000	1,613,887,000	1,534,864,000	1,677,501,000	1,568,610,000	1,478,114,000	1,419,783,000	1,475,107,000	1,392,597,000	1,248,337,000
customer deposits at pitney bowes bank	582,630,000	602,189,000	608,937,000	625,095,000	645,860,000	670,678,000	628,711,000	599,976,000		642,556,000	639,425,000	594,546,000		663,420,000	616,150,000	619,103,000		642,712,000	632,833,000	589,406,000		610,582,000	613,449,000	590,230,000
current operating lease liabilities	28,396,000	27,030,000	27,276,000	27,322,000	26,912,000	29,218,000	61,143,000	60,087,000	60,069,000	58,270,000	53,984,000	53,848,000	52,576,000	45,761,000	42,253,000	41,600,000	40,299,000	41,347,000	41,835,000	39,587,000	39,182,000	38,007,000	35,432,000	36,085,000	36,060,000	34,091,000	34,612,000	35,219,000
current portion of long-term debt	17,150,000	16,150,000	15,150,000	14,150,000	53,250,000	56,466,000	57,290,000	58,111,000	58,931,000	56,533,000	264,980,000	262,439,000	32,764,000	27,133,000	24,752,000	24,746,000	24,739,000	24,733,000	97,015,000	19,972,000	216,032,000	63,509,000	163,257,000	62,952,000	20,108,000	501,728,000	214,927,000	207,231,000	199,535,000	192,649,000	334,999,000	327,429,000		985,291,000	785,287,000										274,879,000	274,879,000	274,879,000
advance billings	69,075,000	72,766,000	76,231,000	75,060,000	70,131,000	74,153,000	86,339,000	89,014,000	89,087,000	87,739,000	82,828,000	86,802,000	105,207,000	94,100,000	96,573,000	102,289,000	99,280,000	104,094,000	119,645,000	118,166,000	114,550,000	102,919,000	122,606,000	96,641,000	101,920,000	106,968,000	211,061,000	213,171,000	237,529,000	224,141,000	237,709,000	292,174,000	288,372,000	291,180,000	295,688,000	299,878,000	303,153,000	308,728,000	356,412,000	353,025,000	353,467,000	372,783,000	409,381,000	386,846,000	399,016,000	439,038,000	466,410,000	425,833,000	418,231,000	448,129,000	466,677,000	452,130,000	449,051,000	466,926,000	494,068,000	458,425,000	450,874,000	481,239,000	508,160,000	481,900,000	461,573,000	465,972,000	482,849,000	447,786,000	452,380,000	491,073,000	482,215,000	441,556,000	547,401,000	593,666,000	597,935,000	540,254,000	541,988,000	556,004,000	527,881,000	465,862,000	466,511,000	491,856,000	466,329,000	421,819,000	370,915,000	355,737,000
total current liabilities	1,547,839,000	1,421,730,000	1,488,906,000	1,489,001,000	1,672,727,000	1,684,552,000	1,678,187,000	1,625,420,000	1,730,409,000	1,640,526,000	1,856,620,000	1,798,666,000	1,727,803,000	1,598,635,000	1,628,932,000	1,667,247,000	1,727,940,000	1,688,762,000	1,717,237,000	1,594,256,000	1,870,460,000	1,577,907,000	1,678,515,000	1,442,517,000	1,569,692,000	2,145,560,000	1,762,323,000	1,774,758,000	1,857,140,000	1,809,351,000	2,011,957,000	2,004,226,000	2,054,993,000	2,633,107,000	2,448,440,000	2,327,619,000	2,165,420,000	2,131,674,000	1,965,101,000	2,279,051,000	2,333,584,000	2,406,972,000	2,387,518,000	2,360,623,000	2,256,394,000	2,410,491,000	2,389,735,000	2,227,755,000	2,629,097,000	2,286,737,000	2,635,715,000	2,877,037,000	2,687,682,000	2,773,303,000	3,042,333,000	3,091,862,000	2,458,381,000	2,464,326,000	2,517,116,000	2,553,579,000	2,422,106,000	2,416,048,000	2,403,720,000	2,566,447,000	2,429,768,000	2,609,388,000	2,689,572,000	3,243,118,000	3,568,710,000	3,489,063,000	3,451,198,000	3,556,439,000	3,522,588,000	3,457,908,000	2,731,482,000	2,746,833,000	4,050,533,000	4,345,644,000	2,893,277,000	3,294,477,000	2,646,969,000
long-term debt	1,975,888,000	2,087,966,000	1,881,565,000	1,899,002,000	1,866,458,000	2,052,298,000	2,065,034,000	2,076,054,000	2,087,101,000	2,101,595,000	1,884,798,000	1,910,529,000	2,172,502,000	2,189,566,000	2,194,767,000	2,199,833,000	2,299,099,000	2,314,151,000	2,330,698,000	2,418,885,000	2,348,361,000	2,531,712,000	2,553,490,000	2,567,010,000	2,719,614,000	2,567,363,000	3,029,246,000	3,047,661,000	3,066,073,000	3,076,968,000	3,237,810,000	3,248,713,000	3,559,278,000	2,543,476,000	2,499,025,000	2,750,405,000	2,831,767,000	2,623,764,000	2,775,213,000	2,507,912,000	2,471,055,000	2,473,087,000	2,554,317,000	2,927,127,000	2,962,997,000	2,964,843,000	3,066,690,000	3,346,295,000	3,351,020,000	3,654,032,000	3,657,634,000	3,642,375,000	3,305,504,000	3,306,473,000	3,682,798,000	3,683,909,000	4,243,547,000	4,239,965,000	4,236,437,000	4,239,248,000	4,242,845,000	4,233,469,000	4,215,728,000	4,213,640,000	4,218,646,000	4,209,129,000	4,227,697,000	3,934,865,000	3,872,580,000	4,013,910,000	4,047,013,000	3,802,075,000	3,793,974,000	3,636,998,000	3,738,074,000	3,847,617,000	3,348,990,000	3,363,665,000	3,176,025,000	2,798,894,000	2,840,943,000	2,316,844,000
deferred taxes on income	72,665,000	70,165,000	41,063,000	50,298,000	49,187,000	56,563,000	193,835,000	199,769,000	211,477,000	238,391,000	236,859,000	268,193,000	263,131,000	273,455,000	268,416,000	286,536,000	286,445,000	283,395,000	286,338,000	282,192,000	279,451,000	279,526,000	270,376,000	275,815,000	274,435,000	253,151,000	264,191,000	257,639,000	295,808,000	230,663,000	234,190,000	239,472,000	234,643,000	214,287,000	210,604,000	204,289,000	229,998,000	212,607,000	216,648,000	205,668,000	131,416,000	119,634,000	66,775,000	64,839,000	57,830,000	39,509,000	58,975,000	60,667,000	19,192,000	44,460,000	94,883,000	69,222,000	25,017,000	30,472,000	107,175,000	175,944,000	151,539,000	294,656,000	273,379,000	261,118,000	304,765,000	320,100,000	313,991,000	293,459,000	366,721,000	320,842,000	270,630,000	254,353,000	470,506,000	495,828,000	473,342,000	472,240,000	523,976,000	507,671,000	517,302,000	356,310,000	487,657,000	527,538,000	1,756,189,000	1,771,825,000	1,659,226,000	1,535,618,000
tax uncertainties and other income tax liabilities	278,000	724,000	12,538,000	14,560,000	13,770,000	12,898,000	14,538,000	19,054,000	19,091,000	21,386,000	24,745,000	23,778,000	23,841,000	31,566,000	31,643,000	31,358,000	31,935,000	35,380,000	37,155,000	37,936,000	38,163,000	40,642,000	35,928,000	36,096,000	38,834,000	45,179,000	45,586,000	51,950,000	39,548,000	101,362,000	105,803,000	112,520,000	116,551,000	51,112,000	61,195,000	61,276,000	57,423,000	69,803,000	67,502,000	68,429,000	94,822,000	85,191,000	88,381,000	86,127,000	148,119,000	166,920,000	187,423,000	186,452,000	157,102,000	144,260,000	144,739,000	145,881,000	193,867,000	223,603,000	198,853,000	194,840,000	564,981,000	557,081,000	546,881,000	536,531,000	546,314,000	541,332,000	533,775,000	525,253,000	293,476,000
noncurrent operating lease liabilities	99,757,000	94,260,000	100,244,000	100,754,000	100,804,000	117,812,000	263,758,000	272,024,000	277,981,000	279,920,000	254,051,000	256,158,000	265,696,000	239,788,000	227,238,000	220,614,000	192,092,000	193,861,000	182,746,000	174,798,000	180,292,000	192,789,000	177,901,000	171,079,000	177,711,000	148,125,000	154,648,000	124,873,000
noncurrent customer deposits at pitney bowes bank	71,000,000	46,000,000	51,977,000	51,977,000	57,977,000	58,977,000
other noncurrent liabilities	203,884,000	195,904,000	199,354,000	199,995,000	215,026,000	183,495,000	290,939,000	303,081,000	314,702,000	265,995,000	241,778,000	213,561,000	227,729,000	268,415,000	282,441,000	288,594,000	308,728,000	390,402,000	405,751,000	413,951,000	437,015,000	342,330,000	355,388,000	371,483,000	400,518,000	412,434,000	449,021,000	463,028,000	474,862,000	443,925,000	461,074,000	499,794,000	524,689,000	565,993,000	574,245,000	597,204,000				605,310,000																																	454,971,000	436,090,000	436,980,000		266,631,000	270,901,000	360,657,000	355,303,000	346,888,000
total liabilities	3,971,311,000	3,916,749,000	3,775,647,000	3,805,587,000	3,975,949,000	4,166,595,000	4,506,291,000	4,495,402,000	4,640,761,000	4,547,813,000	4,498,851,000	4,470,885,000	4,680,702,000	4,601,425,000	4,633,437,000	4,694,182,000	4,846,239,000	4,905,951,000	4,959,925,000	4,922,018,000	5,153,742,000	4,964,906,000	5,071,598,000	4,864,000,000	5,180,804,000	5,571,812,000	5,705,015,000	5,719,909,000	5,733,431,000	5,662,269,000	6,050,834,000	6,104,725,000	6,490,154,000	6,007,975,000	5,793,509,000	5,940,793,000	5,832,052,000	5,588,394,000	5,586,184,000	5,666,370,000	5,703,384,000	5,766,423,000	5,758,138,000	6,112,064,000	5,849,321,000	6,017,957,000	6,145,188,000	6,287,935,000	6,842,325,000	6,814,491,000	7,246,549,000	7,452,890,000	6,853,163,000	6,967,361,000	7,674,845,000	7,889,720,000	7,911,980,000	8,073,753,000	8,225,574,000	8,244,234,000	8,089,477,000	8,101,378,000	8,077,638,000	8,223,878,000	8,092,361,000	8,224,314,000	8,313,286,000	8,550,145,000	8,624,500,000	8,725,756,000	8,691,751,000	8,522,475,000	8,295,509,000	8,038,667,000	7,423,838,000	7,397,066,000	8,153,811,000	8,507,748,000	8,186,148,000	8,220,499,000	7,494,026,000
commitments and contingencies
stockholders' deficit:
common stock	270,338,000	270,338,000	270,338,000	270,338,000	270,338,000	270,338,000	270,338,000	270,338,000	270,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000		323,338,000		323,338,000	323,338,000	323,338,000		323,338,000	323,338,000	323,338,000	323,338,000	323,338,000	323,338,000
retained earnings	2,655,703,000	2,657,001,000	2,669,992,000	2,651,715,000	2,671,868,000	2,748,407,000	2,948,959,000	3,027,030,000	3,077,988,000	4,872,439,000	4,908,641,000	5,060,852,000	5,125,677,000	5,128,030,000	5,137,248,000	5,141,636,000	5,169,270,000	5,172,527,000	5,172,185,000	5,161,029,000	5,201,195,000	5,190,914,000	5,188,119,000	5,200,024,000	5,438,930,000	5,270,741,000	5,282,374,000	5,267,615,000	5,416,777,000	5,290,761,000	5,248,991,000	5,235,874,000	5,229,584,000	5,152,241,000	5,138,300,000	5,107,734,000	5,226,894,000	5,196,194,000	5,177,573,000	5,155,537,000	5,106,214,000	5,054,442,000	4,940,505,000	4,897,708,000	4,872,875,000	4,778,506,000	4,705,475,000	4,698,791,000	4,646,593,000	4,689,969,000	4,736,961,000	4,744,802,000	4,709,761,000	4,708,485,000	4,683,949,000	4,600,217,000	4,416,646,000	4,318,692,000	4,293,198,000	4,282,316,000	4,293,549,000	4,280,409,000	4,309,185,000	4,305,794,000	4,380,513,000	4,351,845,000	4,308,909,000	4,278,804,000	4,260,150,000	4,234,666,000	4,178,725,000	4,133,756,000	4,263,276,000	4,207,572,000	4,127,834,000	4,140,128,000	4,056,278,000	3,978,614,000	4,316,613,000	4,243,404,000	4,057,654,000	3,848,562,000
accumulated other comprehensive loss	-789,132,000	-765,354,000	-764,276,000	-811,575,000	-839,171,000	-820,870,000	-865,523,000	-863,811,000	-851,245,000	-838,071,000	-807,993,000	-819,978,000	-835,564,000	-905,453,000	-850,053,000	-800,330,000	-780,312,000	-841,230,000	-831,303,000	-847,538,000	-839,131,000	-813,572,000	-836,262,000	-857,874,000	-840,143,000	-926,452,000	-907,678,000	-918,072,000	-948,426,000	-804,609,000	-810,251,000	-771,995,000	-792,173,000	-859,315,000	-913,831,000	-940,133,000	-825,962,000	-840,427,000	-839,842,000	-888,635,000	-900,852,000	-892,506,000	-908,647,000	-846,156,000	-614,741,000	-559,351,000	-573,333,000	-574,556,000	-696,593,000	-723,523,000	-711,974,000	-681,213,000	-625,868,000	-657,658,000	-617,106,000	-661,645,000	-477,431,000	-379,162,000	-414,496,000	-473,806,000	-451,880,000	-583,181,000	-483,232,000	-457,378,000	-461,550,000	-533,571,000	-644,905,000
treasury stock	-2,939,269,000	-2,823,523,000	-2,712,863,000	-2,646,362,000	-2,681,468,000	-2,716,754,000	-2,781,663,000	-2,825,912,000	-2,865,657,000	-4,482,815,000	-4,499,473,000	-4,504,248,000	-4,552,798,000	-4,554,191,000	-4,566,379,000	-4,571,762,000	-4,602,149,000	-4,608,435,000	-4,616,753,000	-4,632,935,000	-4,687,509,000	-4,689,067,000	-4,699,113,000	-4,705,611,000	-4,734,777,000	-4,743,866,000	-4,750,403,000	-4,696,080,000	-4,674,089,000	-4,676,146,000	-4,689,309,000	-4,692,394,000	-4,710,997,000	-4,719,046,000	-4,721,188,000	-4,743,208,000	-4,744,305,000	-4,748,936,000	-4,684,049,000	-4,573,305,000	-4,543,388,000	-4,449,804,000	-4,453,674,000	-4,477,032,000	-4,478,469,000	-4,433,866,000	-4,436,304,000	-4,456,742,000	-4,464,356,000	-4,466,998,000	-4,479,244,000	-4,500,795,000	-4,505,875,000	-4,520,692,000	-4,525,664,000	-4,542,143,000	-4,546,877,000	-4,500,286,000	-4,464,508,000	-4,480,113,000	-4,483,555,000	-4,386,737,000	-4,402,717,000	-4,415,096,000	-4,416,959,000	-4,422,200,000	-4,446,185,000	-4,453,969,000	-4,455,640,000		-4,326,578,000	-4,155,642,000			-3,909,114,000	-3,869,166,000	-3,814,438,000	-3,819,467,000	-3,440,171,000	-3,413,458,000	-3,313,027,000	-3,198,414,000
total stockholders’ deficit	-802,360,000	-661,538,000	-536,809,000	-535,884,000	-578,433,000	-518,879,000	-427,889,000	-392,355,000
total liabilities and stockholders’ deficit	3,168,951,000	3,255,211,000	3,238,838,000	3,269,703,000	3,397,516,000	3,647,716,000	4,078,402,000	4,103,047,000																											5,747,171,000																															8,568,179,000	8,485,122,000
stockholders’ deficit:
assets of discontinued operations																									17,229,000	568,413,000			4,854,000	18,273,000	313,356,000																																															1,218,435,000
liabilities of discontinued operations																									9,713,000	157,034,000			3,276,000	10,446,000	84,219,000																																															1,448,121,000
liabilities and stockholders’ (deficit) equity
customer deposits at the bank									640,323,000				628,072,000				632,062,000				617,200,000
stockholders' (deficit) equity:
total stockholders’ (deficit) equity									-368,576,000	-125,109,000	-75,487,000			-8,276,000																																																						-187,879,000
total liabilities and stockholders’ (deficit) equity									4,272,185,000	4,422,704,000	4,423,364,000			4,593,149,000																																																						8,736,431,000
stockholders’ (deficit) equity:
liabilities and stockholders’ equity
stockholders’ equity:
total stockholders’ equity												59,964,000	60,653,000		44,154,000	92,882,000	112,632,000	48,663,000	53,370,000	19,163,000	66,395,000	79,125,000	44,580,000	29,430,000	286,096,000	25,412,000	52,972,000	86,356,000	239,472,000	251,666,000	195,917,000	214,893,000									142,027,000	191,364,000	54,935,000		278,346,000	281,756,000	189,778,000																						375,713,000	543,718,000	553,634,000	643,303,000	837,205,000	768,043,000	666,500,000	699,189,000	957,128,000	894,873,000	1,322,572,000	1,290,081,000	1,087,362,000
total liabilities and stockholders’ equity												4,530,849,000	4,741,355,000		4,677,591,000	4,787,064,000	4,958,871,000	4,954,614,000	5,013,295,000	4,941,181,000	5,220,137,000	5,044,031,000	5,116,178,000	4,893,430,000	5,466,900,000	5,597,224,000	5,757,987,000	5,806,265,000	5,972,903,000	5,913,935,000	6,246,751,000	6,319,618,000	6,678,715,000	6,037,348,000																																			9,374,378,000	9,653,639,000	9,629,550,000	9,549,943,000	9,516,879,000	9,190,875,000	8,474,503,000	8,480,420,000	9,420,939,000	9,712,621,000	9,818,720,000	9,820,580,000	8,891,388,000	8,732,314,000
stockholders' equity:
additional paid-in capital																	2,485,000	2,463,000	5,903,000	15,269,000	68,502,000	67,512,000	68,498,000	69,553,000	98,748,000	101,651,000	105,341,000	109,166,000	121,475,000	117,918,000	122,732,000	119,647,000	138,367,000	131,691,000	126,564,000	148,125,000	149,997,000	148,154,000	145,755,000	161,280,000	156,195,000	155,371,000	152,869,000	178,852,000	174,783,000	172,565,000	170,038,000	196,977,000	201,643,000	198,938,000	203,454,000	223,847,000	222,620,000	227,136,000	225,869,000	240,584,000	238,313,000	235,504,000	236,633,000	250,928,000	247,800,000	244,662,000	246,922,000	256,133,000	251,273,000	249,312,000	255,535,000	259,306,000
assets held for sale															108,677,000																												43,750,000	52,271,000	55,118,000	46,976,000	127,038,000	46,976,000	550,641,000	71,052,000
liabilities held for sale															18,700,000
short-term investments, reported at fair value																			14,904,000	16,200,000				67,180,000
cumulative preferred stock, 50 par value, 4% convertible																												1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	4,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	7,000	12,000	17,000	17,000	19,000	19,000	24,000
cumulative preference stock, no par value, 2.12 convertible																												388,000	396,000	403,000	415,000	422,000	441,000	463,000	478,000	483,000	489,000	489,000	492,000	505,000	519,000	522,000	543,000	548,000	559,000	563,000	563,000	591,000	608,000	613,000	648,000	648,000	653,000	653,000	653,000	659,000	724,000	741,000	741,000	752,000	804,000	824,000	841,000	868,000	876,000	969,000	972,000	976,000	977,000	983,000	987,000	1,003,000	1,026,000	1,043,000	1,059,000	1,068,000	1,092,000	1,105,000	1,235,000	1,252,000	1,315,000	1,432,000
accounts receivable																												412,661,000	455,807,000	378,036,000	408,703,000	488,028,000	524,424,000	389,262,000	389,990,000	455,527,000	427,556,000	431,580,000	383,839,000	457,327,000	399,124,000	400,044,000	379,578,000	413,737,000	399,051,000	409,514,000	430,249,000	469,800,000	418,035,000	588,540,000	647,618,000	728,250,000	667,220,000	661,099,000	694,329,000
current portion of long-term obligations																																	271,057,000			614,485,000				461,085,000				324,879,000								375,000,000
stockholders' equity
total pitney bowes inc. stockholders’ equity																																	188,561,000	29,373,000			130,452,000			178,721,000				77,259,000				188,403,000	11,237,000	22,341,000	73,187,000	110,631,000	124,633,000	81,266,000	91,043,000									13,663,000	77,495,000
stockholders’ equity
total pitney bowes inc. stockholders’ deficit																																			-46,338,000																					-38,986,000	-45,283,000	-1,169,000	-25,090,000	-96,581,000	-69,940,000	-120,681,000				-30,300,000	-202,329,000
liabilities, noncontrolling interests and stockholders’ (deficit) equity
noncontrolling interests																																					296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	296,370,000	374,165,000	374,165,000	374,165,000
total pitney bowes inc. stockholders’ (deficit) equity																																				-103,660,000																											-5,659,000
total liabilities, noncontrolling interests and stockholders’ (deficit) equity																																				5,837,133,000																											8,368,349,000
non-current income taxes																																					66,547,000	66,942,000	68,437,000		70,731,000	78,766,000	85,259,000	96,377,000	65,092,000	66,598,000	69,008,000	73,751,000	96,714,000	93,318,000	93,391,000	94,434,000	45,615,000	44,299,000	85,410,000	89,992,000	127,986,000	134,569,000	134,564,000	130,601,000	108,546,000	107,963,000	108,023,000	108,260,000	66,280,000	58,044,000	62,283,000	64,387,000	43,580,000	31,659,000	31,014,000	28,098,000
liabilities, noncontrolling interests and stockholders’ equity
current portion of long-term debt and notes payable																																					535,289,000	470,058,000	269,732,000		521,091,000	521,103,000	520,914,000
other non-current liabilities																																					547,444,000	550,546,000	561,720,000		672,507,000	681,539,000	661,147,000	673,348,000	423,981,000	436,194,000	442,365,000	466,766,000	685,914,000	685,002,000	713,578,000	718,375,000	641,093,000	633,510,000	643,686,000	743,165,000	493,532,000	517,725,000	651,761,000	653,758,000	573,447,000	590,429,000	610,424,000	625,079,000	783,750,000	788,244,000	820,310,000	823,322,000	408,823,000	427,993,000	428,339,000	406,216,000				446,306,000						366,216,000
total liabilities, noncontrolling interests and stockholders’ equity																																					6,258,874,000	5,963,577,000	6,005,822,000	6,141,461,000	6,141,781,000	6,254,157,000	6,109,443,000	6,485,693,000	6,424,037,000	6,596,083,000	6,631,336,000	6,772,708,000	7,149,932,000	7,133,202,000	7,616,106,000	7,859,891,000	7,274,166,000	7,344,997,000	8,062,258,000									8,533,911,000	8,544,021,000
total pitney bowes, inc. stockholders’ equity																																						78,813,000	123,268,000
finance receivables																																													1,018,242,000	1,048,563,000	1,071,576,000		1,120,068,000	1,132,518,000	1,160,865,000		1,218,080,000	1,221,086,000	1,263,826,000	1,296,673,000	1,312,858,000	1,328,180,000	1,336,881,000	1,370,305,000	1,357,187,000	1,375,195,000	1,380,606,000	1,417,708,000	1,408,964,000	1,408,002,000	1,428,249,000	1,501,678,000
investment in leveraged leases																																													32,465,000	33,431,000	33,690,000	34,410,000	34,858,000	33,606,000	34,236,000	34,546,000	34,373,000	32,725,000	32,977,000	138,271,000	133,995,000	262,052,000	258,905,000	251,006,000	241,125,000	232,820,000	242,666,000	233,359,000	231,088,000	212,235,000	195,340,000	201,921,000	237,417,000	242,853,000	239,847,000	249,191,000	248,850,000	226,824,000	210,684,000	215,371,000	255,993,000	255,724,000	1,551,035,000	1,585,030,000	1,534,864,000	1,559,915,000
liabilities related to assets held for sale																																															1,116,000		118,177,000	67,476,000
notes payable and current portion of long-term obligations																																																	299,570,000		375,000,000		375,000,000	375,000,000	577,830,000	550,000,000	1,941,000	2,477,000	45,450,000	53,494,000	135,674,000	149,082,000	103,533,000	226,022,000	170,783,000	292,869,000	384,382,000	770,501,000	985,196,000	866,862,000	818,503,000	953,767,000	1,102,053,000	1,180,815,000	577,361,000	490,540,000	1,007,712,000	707,050,000	747,268,000	1,178,946,000	728,658,000	1,647,338,000
accounts receivable, gross																																																			663,357,000		695,575,000	691,332,000	725,446,000
allowance for doubtful accounts receivables																																																			-15,739,000		-28,355,000	-30,233,000	-31,117,000	-31,855,000	-32,123,000	-31,367,000	-30,073,000	-31,880,000	-34,865,000	-34,565,000	-39,491,000	-42,781,000	-46,312,000	-46,647,000	-42,336,000	-45,264,000
allowance for credit losses																																																			-23,774,000		-26,368,000	-31,781,000	-39,124,000	-45,583,000	-51,247,000	-47,603,000	-47,981,000	-48,709,000	-48,366,000	-46,195,000	-44,578,000	-46,790,000	-43,333,000	-42,814,000	-43,592,000	-45,932,000
accounts receivables, gross																																																								755,485,000	707,120,000	756,198,000	780,066,000	824,015,000	760,532,000	744,584,000	804,929,000	859,633,000	818,389,000	842,766,000	837,608,000	864,931,000
accounts receivables																																																								723,630,000	674,997,000	724,831,000	749,993,000	792,135,000	725,667,000	710,019,000	765,438,000	816,852,000	772,077,000	796,119,000	795,272,000	819,667,000
liabilities, noncontrolling interests and stockholders’ deficit
total liabilities, noncontrolling interests and stockholders’ deficit																																																								8,147,104,000	8,163,067,000	8,368,954,000	8,496,854,000	8,444,023,000	8,315,907,000	8,277,067,000
fin 48 uncertainties and other income tax liabilities																																																																		296,711,000	305,077,000	294,487,000	303,881,000	298,962,000	291,859,000	285,505,000
preferred stockholders’ equity in subsidiaries																																																																				374,165,000	374,165,000	384,165,000	384,165,000	384,165,000			384,165,000	384,165,000
accumulated other comprehensive income																																																																				-596,341,000	-7,112,000	134,629,000	130,163,000	88,656,000	43,416,000		-117,773,000	-131,744,000	163,406,000	181,521,000	121,540,000	135,526,000	18,063,000	-121,615,000
accounts receivables, less allowances of 47,871 and 49,324 at september 30, 2008 and december 31, 2007, respectively																																																																					829,963,000
finance receivables, less allowances of 42,227 and 45,859 at september 30, 2008 and december 31, 2007, respectively																																																																					1,450,981,000
long-term finance receivables, less allowances of 26,189 and 32,512 at
september 30, 2008 and december 31, 2007, respectively																																																																					1,459,957,000
capital in excess of par value																																																																					253,993,000	248,681,000	246,992,000	252,185,000	250,079,000	244,700,000	241,149,000	235,558,000	227,440,000	229,745,000
accounts receivables, less allowances of 51,406 and 49,324 at june 30, 2008
and december 31, 2007, respectively																																																																						880,918,000
finance receivables, less allowances of 43,985 and 45,859 at june 30, 2008
long-term finance receivables, less allowances of 28,803 and 32,512 at
june 30, 2008 and december 31, 2007, respectively																																																																						1,506,636,000
issued)																																																																						323,338,000
accounts receivable, less allowances																																																																							853,236,000	841,072,000			747,533,000	744,073,000				567,772,000
finance receivables, less allowances of 44,017 and 45,859, respectively																																																																							1,484,342,000
long-term finance receivables, less allowances of 30,932 and 32,512, respectively																																																																							1,522,087,000
see notes to condensed consolidated financial statements
finance receivables, less allowances of 45,859 and 45,643, respectively																																																																								1,498,486,000
long-term finance receivables, less allowances of 32,512 and 36,856, respectively																																																																								1,533,773,000
323,337,912 shares issued)																																																																								323,338,000				323,338,000
accounts receivables, less allowances of 46,532 and 50,052 at september 30, 2007 and
december 31, 2006, respectively																																																																									826,917,000
finance receivables, less allowances of 44,220 and 45,643 at september 30, 2007 and
long-term finance receivables, less allowances of 33,476 and 36,856 at september 30, 2007
and december 31, 2006, respectively																																																																									1,574,072,000	795,873,000
income taxes payable																																																																									130,364,000	107,202,000	91,376,000	112,930,000	1,007,700,000	220,503,000	259,897,000	218,605,000	154,799,000	98,897,000
preferred stockholders’ equity in a subsidiary company																																																																									384,165,000	384,165,000			310,000,000	310,000,000	310,000,000	310,000,000	310,000,000	310,000,000
december 31, 2006, respectively)
accounts receivables, less allowances of 46,736 and 50,052 at june 30, 2007
finance receivables, less allowances of 40,923 and 45,643 at june 30, 2007
long-term finance receivables, less allowances of 33,179 and 36,856 at june 30, 2007
and december 31, 2006, respectively)
finance receivables, less allowances of 41,748 and 45,643, respectively																																																																											1,392,992,000
long-term finance receivables, less allowances of 34,826 and 36,856, respectively																																																																											1,518,482,000
finance receivables, less allowances of 45,643 and 52,622, respectively																																																																												1,404,070,000
long-term finance receivables, less allowances of 36,856 and 76,240,
respectively																																																																												1,530,153,000
accounts receivables, less allowances of 46,470 and 46,261, respectively																																																																													674,267,000
finance receivables, less allowances of 44,693 and 52,622, respectively																																																																													1,325,764,000
property leased under capital leases																																																																													2,427,000	2,396,000	2,897,000	3,081,000	2,230,000	1,974,000
long-term finance receivables, less allowances of 39,140 and 76,240, respectively																																																																													1,522,162,000
accounts receivables, less allowances of 46,856 and 46,261, respectively																																																																														660,092,000
finance receivables, less allowances of 46,435 and 52,622, respectively																																																																														1,285,907,000
long-term finance receivables, less allowances of 37,540 and 76,240, respectively																																																																														1,511,722,000
short-term investments, at cost which approximates market																																																																															13,706,000	3,933,000
3/05, 49,353; 12/04, 50,254																																																																															596,435,000
finance receivables, less allowances:
3/05, 69,260; 12/04, 71,001																																																																															1,357,906,000
rental equipment and related inventories																																																																															487,703,000	475,905,000	414,341,000	422,717,000
long-term finance receivables, less allowances:
3/05, 93,240; 12/04, 102,074																																																																															1,795,644,000
finance receivables, less allowances: 2004, 71,001; 2003, 62,269																																																																																1,400,593,000
long-term finance receivables, less allowances: 2004, 102,074; 2003, 78,915																																																																																1,820,733,000
long-term finance receivables, less allowances: 2003, 78,915; 2002, 82,635																																																																																	1,654,419,000
long-term finance receivables, less allowances: 2002, 82,635; 2001, 65,967																																																																																		1,686,168,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2005-03-31

cash flows from operating activities:
net income	27,337,000	51,963,000	29,975,000	35,422,000					-223,836,000	-12,519,000	-141,535,000	-7,737,000	6,296,000	5,487,000	4,336,000	20,821,000					18,879,000	11,389,000			176,696,000	-3,125,000	23,697,000	-2,659,000	44,985,000	76,953,000	48,214,000	53,513,000	48,901,000	65,133,000	-79,079,000	70,105,000	58,184,000	62,640,000	90,873,000	93,876,000	156,363,000	85,206,000	67,122,000																								73,952,000	98,229,000	128,509,000	119,103,000	-57,929,000	127,675,000	152,239,000	144,796,000	159,273,000	148,620,000	-352,150,000	149,604,000
loss from discontinued operations, net of tax					-4,690,000												524,000	-572,000	1,020,000	3,886,000		-616,000	3,032,000	-10,064,000		6,388,000	6,581,000	1,230,000
adjustments to reconcile net income or loss to net cash from operating activities:
depreciation and amortization	27,072,000	27,417,000	28,762,000	28,324,000	28,588,000	4,284,000	40,734,000	40,879,000	40,398,000	40,262,000	39,873,000	39,897,000	39,064,000	39,280,000	43,470,000	42,002,000	41,634,000	41,809,000	39,822,000	39,594,000	40,222,000	38,616,000	41,068,000	40,719,000	40,628,000	35,701,000	43,448,000	39,365,000	51,112,000	50,319,000	51,042,000	50,820,000	43,865,000	44,295,000	38,261,000	50,687,000	45,238,000	44,300,000	45,826,000	42,333,000	42,657,000	42,496,000	54,728,000	49,643,000	49,122,000	44,595,000	43,866,000	53,675,000	56,475,000	57,227,000	64,049,000	59,900,000	67,237,000	64,370,000	67,141,000	67,366,000	68,317,000	69,318,000	72,048,000	74,774,000	77,130,000	79,701,000	76,212,000	87,443,000	87,854,000	87,386,000	90,528,000	94,607,000	96,455,000	97,527,000	97,819,000	96,439,000	97,558,000	91,325,000	91,210,000	93,076,000	96,434,000	82,538,000
allowance for credit losses	3,852,000	4,221,000	3,183,000	1,978,000	3,794,000	301,000	4,422,000	4,665,000	5,294,000	4,229,000	2,856,000	4,308,000	2,582,000	-737,000	5,068,000	2,024,000	1,426,000	1,394,000	996,000	3,992,000	6,793,000	7,459,000	12,015,000	15,926,000
(reduction) allowance for dip facility
stock-based compensation	-887,000	2,751,000	9,604,000	2,683,000	6,203,000	3,754,000	4,177,000	2,390,000	2,316,000	1,206,000	2,830,000	3,245,000	1,392,000	5,371,000	5,371,000	4,495,000	5,414,000	3,170,000	7,057,000	5,221,000	2,240,000	8,286,000	5,429,000	1,521,000	7,282,000	6,702,000	2,381,000	6,784,000	5,271,000	6,618,000	5,880,000	3,273,000	6,893,000	5,638,000	-1,132,000	6,503,000	3,208,000	6,303,000	6,128,000	3,854,000	6,031,000	5,036,000	4,788,000	4,682,000	4,090,000	3,886,000	2,860,000	4,820,000	3,537,000	3,704,000	4,722,000	4,653,000	4,475,000	4,377,000	5,299,000	4,737,000	4,738,000	3,918,000	4,245,000	5,081,000	5,730,000	5,055,000	5,559,000	5,332,000	6,362,000	5,270,000	6,839,000	6,809,000	6,795,000	5,959,000	5,649,000	6,144,000	5,338,000	7,000,000	6,853,000	6,729,000
amortization of debt fees	1,907,000	1,720,000	1,447,000	2,152,000	3,445,000	3,295,000	3,099,000	3,068,000	3,094,000	3,191,000	2,295,000	2,118,000	1,937,000	3,752,000	1,506,000	1,479,000	1,469,000	1,591,000	1,459,000	2,644,000	2,909,000	2,908,000	2,754,000	2,300,000
loss on debt redemption/refinancing	-10,374,000	82,000	-282,000	24,646,000					0	0	-228,000	-2,836,000		0	0	4,993,000
restructuring charges	41,350,000	1,836,000	13,806,000	1,400,000	12,056,000	28,701,000	31,843,000	4,315,000			22,443,000	3,599,000	6,043,000	4,264,000	4,224,000	4,184,000		3,701,000	4,844,000	2,889,000				3,817,000				3,598,000				1,021,000						6,933,000			14,350,000	-81,000
restructuring payments	-10,495,000	-9,325,000	-8,412,000	-13,106,000	-32,105,000	-27,222,000	-11,708,000	-14,989,000	-9,291,000	-12,269,000	-8,242,000	-4,641,000	-3,645,000	-3,506,000	-4,970,000	-3,285,000	-7,143,000	-6,022,000	-4,870,000	-3,955,000	-4,145,000	-4,504,000	-5,318,000	-6,047,000	-8,303,000	-4,562,000	-6,139,000	-8,144,000	-13,874,000	-11,572,000	-11,826,000	-15,702,000	-6,600,000	-12,416,000	-13,769,000	-17,295,000	-12,210,000	-21,656,000	-16,030,000	-15,281,000	-8,901,000	-21,874,000	-14,011,000	-8,621,000	-14,593,000	-18,937,000	-18,167,000	-14,098,000	-10,980,000	-16,275,000	-13,972,000	-12,871,000	-21,630,000	-26,245,000	-28,623,000	-26,411,000	-22,223,000	-29,745,000	-28,852,000	-23,958,000	-39,035,000	-27,720,000	-38,333,000	-17,647,000	-16,409,000	-32,701,000
pension contributions and retiree medical payments	-3,852,000	-3,950,000	-5,458,000	-12,671,000	-3,634,000	-3,973,000	-5,533,000	-11,767,000	-3,076,000	-5,543,000	-5,258,000	-19,938,000	-3,358,000	-4,852,000	-5,042,000	-13,517,000
pension settlement charges
loss on disposal of fixed assets
loss on revaluation of intercompany loans	710,000	-3,390,000	17,029,000	7,595,000	-23,722,000
impairment charges					0
deferred taxes
other	1,037,000	631,000	1,794,000	4,779,000	-8,269,000	-10,243,000	7,106,000	-1,548,000	1,326,000	-2,850,000	3,392,000	4,172,000	-1,403,000	-2,795,000	13,426,000	4,769,000	-24,091,000	20,316,000	9,436,000	3,518,000	-5,585,000	-3,240,000	13,785,000	-18,658,000	-7,389,000	-4,016,000	-861,000	-993,000	-5,805,000	-7,288,000	-13,203,000	-11,409,000	9,754,000	-21,459,000	5,233,000	720,000	17,601,000	-7,077,000	21,016,000	22,242,000	-9,340,000	9,425,000	13,037,000	23,899,000																								17,823,000	-9,857,000	10,086,000	-7,178,000			-12,916,000	-19,534,000	-12,697,000	17,910,000	-4,290,000
changes in operating assets and liabilities, net of acquisitions/divestitures:
accounts and other receivables	-9,499,000	-9,320,000	4,951,000	-131,000	25,019,000	-61,958,000	38,869,000	30,053,000	-54,941,000	-18,592,000	-2,335,000	69,841,000	-54,198,000	-25,445,000	17,254,000	33,086,000	-25,034,000	-10,254,000	15,149,000	57,642,000
finance receivables	12,498,000	23,523,000	36,616,000	34,586,000	3,104,000	14,826,000	14,696,000	27,716,000	-10,790,000	4,307,000	-11,759,000	15,596,000	-11,466,000	-2,385,000	1,432,000	-172,000	-10,959,000	1,273,000	2,906,000	27,714,000
inventories	9,259,000	2,880,000	-12,898,000	-4,807,000	10,869,000	-1,541,000	1,937,000	-9,005,000	14,239,000	9,119,000	1,161,000	-10,226,000	7,291,000	-8,155,000	3,858,000	-7,936,000	-3,704,000	-2,420,000	-3,784,000	1,900,000																																																		-17,682,000	12,233,000			-8,920,000	6,735,000	3,105,000	2,117,000	-12,099,000
other current assets and prepayments	6,749,000	-576,000	-1,030,000	-4,326,000	26,407,000	-12,509,000	6,569,000	-19,471,000	25,602,000	6,800,000	6,819,000	-8,380,000	24,961,000	11,599,000	-8,407,000	-25,426,000	7,716,000	-10,467,000	8,720,000	-7,153,000																																																		-10,006,000	-879,000	647,000	2,279,000	-1,141,000	-2,173,000	-12,024,000	8,011,000	-5,174,000
accounts payable and accrued liabilities	109,637,000	-29,337,000	-1,046,000	-141,282,000	45,826,000	50,858,000	34,062,000	-83,398,000	74,266,000	-8,540,000	-4,846,000	-103,990,000	139,570,000	-48,892,000	-33,454,000	-38,647,000			-2,016,000	-54,022,000																																																		-85,485,000	89,299,000			-131,431,000	52,578,000	64,812,000	-31,963,000	-43,196,000
current and noncurrent income taxes	-21,472,000	5,960,000	324,000	8,382,000	157,109,000	-159,037,000	-50,039,000	16,897,000	41,723,000	-6,916,000	-21,833,000	-6,070,000	169,000	-564,000	-10,233,000	-3,836,000	17,265,000	-2,487,000	5,484,000	-17,291,000
advance billings	-3,665,000	-3,128,000	-816,000	4,130,000	-2,356,000	-568,000	-2,513,000	555,000	-1,138,000	6,842,000	-4,276,000	-18,672,000	9,116,000	-489,000	-2,707,000	2,422,000	-4,627,000	-14,673,000	1,004,000	4,267,000
net cash from operating activities: continuing operations
net cash from operating activities: discontinued operations
net cash from operating activities	221,700,000	66,848,000	111,388,000	-16,679,000	134,479,000	14,362,000	92,854,000	-12,525,000	93,921,000	25,305,000	-44,000	-39,714,000	166,754,000	-36,465,000	35,132,000	10,562,000	85,341,000	71,445,000	78,805,000	65,924,000	111,348,000	103,815,000	153,093,000	-66,284,000	69,923,000	95,502,000	17,054,000	69,728,000	101,636,000	115,592,000	92,362,000	82,672,000	30,641,000	154,006,000	199,763,000	137,342,000	95,221,000	58,366,000	163,924,000	150,384,000	96,444,000	103,887,000	258,094,000	116,985,000	174,831,000	105,616,000	131,264,000	214,525,000	146,875,000	132,160,000	220,555,000	69,466,000	274,172,000	95,995,000	169,737,000	301,055,000	152,640,000	296,761,000	285,224,000	243,085,000	117,654,000	306,148,000	91,644,000			276,471,000	248,735,000	280,848,000	212,517,000	248,337,000	363,697,000	289,792,000	186,751,000	220,225,000	-622,364,000	-60,555,000	203,986,000	192,359,000
cash flows from investing activities:
capital expenditures	-20,251,000	-15,797,000	-13,343,000	-16,887,000	-22,182,000	-9,128,000	-21,136,000	-19,957,000	-25,280,000	-22,952,000	-25,980,000	-28,666,000	-27,307,000	-33,359,000	-31,619,000	-32,555,000	-43,135,000	-57,204,000	-40,375,000	-43,328,000	-24,200,000	-20,833,000	-34,176,000	-25,778,000	-42,032,000	-33,894,000	-32,573,000	-28,754,000	-50,911,000	-40,511,000	-57,099,000	-42,923,000	-40,701,000	-35,920,000	-45,299,000	-44,173,000	-30,855,000	-40,504,000	-36,686,000	-40,708,000	-45,027,000	-43,908,000	-59,286,000	-48,920,000	-42,207,000	-30,143,000	-34,120,000	-29,951,000	-34,602,000	-38,839,000	-48,770,000	-39,065,000	-38,722,000	-50,029,000	-32,951,000	-35,012,000	-53,341,000	-34,676,000	-29,591,000	-31,538,000	-30,272,000	-28,367,000	-40,219,000			-47,776,000	0	0	0	-56,933,000	-62,643,000	0	0	-67,571,000	-84,019,000	-81,430,000	-82,889,000	-79,539,000
free cash flows	201,449,000	51,051,000	98,045,000	-33,566,000	112,297,000	5,234,000	71,718,000	-32,482,000	68,641,000	2,353,000	-26,024,000	-68,380,000	139,447,000	-69,824,000	3,513,000	-21,993,000	42,206,000	14,241,000	38,430,000	22,596,000	87,148,000	82,982,000	118,917,000	-92,062,000	27,891,000	61,608,000	-15,519,000	40,974,000	50,725,000	75,081,000	35,263,000	39,749,000	-10,060,000	118,086,000	154,464,000	93,169,000	64,366,000	17,862,000	127,238,000	109,676,000	51,417,000	59,979,000	198,808,000	68,065,000	132,624,000	75,473,000	97,144,000	184,574,000	112,273,000	93,321,000	171,785,000	30,401,000	235,450,000	45,966,000	136,786,000	266,043,000	99,299,000	262,085,000	255,633,000	211,547,000	87,382,000	277,781,000	51,425,000			228,695,000	248,735,000	280,848,000	212,517,000	191,404,000	301,054,000	289,792,000	186,751,000	152,654,000	-706,383,000	-141,985,000	121,097,000	112,820,000
purchases of investment securities	-4,733,000	-22,436,000	-3,693,000	-3,910,000	-1,739,000	-8,451,000	-5,712,000	-14,197,000	-7,639,000	-1,275,000	-4,793,000	-5,180,000	-3,141,000	-1,734,000	0	-3,988,000	-4,027,000	-2,753,000	-3,670,000	-64,473,000
proceeds from sales/maturities of investment securities	4,501,000	5,314,000	5,185,000	13,345,000	27,844,000	12,342,000	12,753,000	23,624,000	9,290,000	4,012,000	6,112,000	5,976,000	3,889,000	6,234,000	7,581,000	11,020,000	18,417,000	20,071,000	30,862,000	28,008,000
net investment in loan receivables	5,536,000	-5,086,000	-24,227,000	-37,423,000	-10,342,000	4,767,000	-1,777,000	-2,115,000	-12,715,000	-2,204,000	-1,956,000	-12,879,000	-22,013,000	-8,564,000	-11,307,000	-11,230,000	339,000	-3,663,000	4,352,000	-7,316,000
dip facility net reimbursement
acquisition	0	0	0	-2,200,000
settlement of derivative contracts									7,415,000	-13,173,000			21,327,000
other investing activities	381,000	691,000			9,404,000	761,000	0	804,000	1,533,000	852,000	1,149,000	-664,000	-11,697,000	25,431,000	-14,470,000	5,000,000					6,147,000	-626,000	-655,000	-230,000	-750,000	-750,000	-750,000	-7,841,000	-1,750,000	0	-1,250,000	-1,250,000	2,803,000	-5,803,000	512,000	-2,940,000	-81,000	-4,399,000	4,428,000	-5,975,000	6,933,000	1,953,000	954,000
net cash from investing activities: continuing operations
net cash from investing activities: discontinued operations
net cash from investing activities	-14,566,000	-36,431,000	-28,564,000	-45,536,000	17,292,000	-38,635,000	-15,872,000	-11,841,000	-27,396,000	-34,740,000	-19,283,000	-41,413,000	-40,660,000	43,909,000	-55,547,000	28,029,000	-43,565,000	-43,652,000	19,075,000	-87,109,000	20,043,000	-41,190,000	-29,087,000	-25,458,000	691,248,000	-165,530,000	-1,264,000	-34,887,000	57,559,000	303,511,000	-63,084,000	-38,242,000	-155,921,000	-68,870,000	-40,689,000	-58,357,000	43,472,000	-59,979,000	-99,391,000	-44,494,000	-94,763,000	-64,440,000	-61,612,000	-93,656,000	71,095,000	-59,088,000	367,915,000	-31,156,000	-21,489,000	-64,529,000	9,340,000	-80,731,000	-11,370,000	-3,971,000	51,877,000	-31,202,000	-55,922,000	-53,375,000	-25,202,000	-140,224,000	-95,321,000	-40,746,000	-18,393,000	-64,057,000	-27,230,000	-62,290,000				-71,359,000	13,359,000			-96,510,000			167,529,000	-23,014,000
cash flows from financing activities:
proceeds from the issuance of debt, net of discount				775,000,000					0								0	0	0	1,195,500,000
principal payments of debt	-114,054,000	-15,820,000	-17,255,000	-787,187,000	-191,529,000	-14,135,000	-14,134,000	-14,132,000					-11,136,000	-6,186,000	-6,184,000	-100,595,000	-16,131,000	-90,035,000	-12,253,000	-1,327,315,000
premiums and fees to redeem/refinance debt
dividends paid to stockholders	-14,154,000	-13,299,000	-12,626,000	-10,980,000	-9,110,000	-9,061,000	-8,953,000	-8,832,000	-8,885,000	-8,805,000	-8,800,000	-8,725,000	-8,705,000	-8,700,000	-8,625,000	-8,688,000	-8,750,000	-8,725,000	-8,700,000	-8,625,000	-8,598,000	-8,594,000	-8,576,000	-8,523,000	-8,507,000	-8,508,000	-8,938,000	-9,408,000	-35,202,000	-35,183,000	-35,097,000	-35,016,000	-34,960,000	-34,567,000	-34,817,000	-34,812,000	-34,969,000	-36,010,000	-36,956,000	-37,521,000	-37,833,000	-37,804,000	-37,648,000	-37,963,000	-38,025,000	-37,975,000	-37,891,000	-37,849,000	-37,759,000	-75,347,000	-75,296,000	-75,257,000	-75,087,000	-74,938,000											-74,326,000	-74,297,000
customer deposits at pitney bowes bank	5,440,000	-12,725,000	-16,157,000	-26,766,000		15,971,000	28,735,000	-29,347,000		36,108,000	85,874,000	-33,526,000		47,271,000	-2,953,000	-12,959,000		9,879,000
capped call payment	0
common stock repurchases	-126,587,000	-161,500,000	-75,274,000	-15,000,000									0	0	0	-13,446,000									0	-5,000,000	-60,858,000	-39,142,000							0	-2,491,000	-66,325,000	-128,451,000	-31,719,000
other financing activities	-5,472,000	12,680,000	-2,114,000	465,000	-2,228,000	11,804,000	-8,022,000	-6,122,000	-3,958,000	-2,540,000	-2,936,000	-6,173,000	-2,937,000	-2,061,000	-2,884,000	-5,411,000	-2,358,000	-751,000	-679,000	-5,648,000	-2,093,000	-144,000	-802,000	-2,372,000	-13,378,000	10,639,000	-436,000	-2,901,000	-256,000	-5,879,000	650,000	-50,256,000	107,000	-5,658,000
net cash from financing activities: continuing operations
net cash from financing activities: discontinued operations
net cash from financing activities	-242,971,000	6,105,000	-123,426,000	-85,066,000	-237,434,000	-7,214,000	-2,374,000	-58,433,000	-29,207,000	30,494,000	46,889,000	-79,442,000	-61,903,000	30,324,000	-20,646,000	-145,858,000	-38,522,000	-92,825,000	19,276,000	-218,300,000	-17,999,000	-132,774,000	74,998,000	-159,596,000	-359,448,000	-180,422,000	-82,778,000	-63,992,000	-40,497,000	-346,104,000	-39,501,000	-340,317,000	210,874,000	-119,503,000	-345,590,000	237,511,000	-60,157,000	-55,863,000	-98,908,000	-134,618,000	-125,229,000	-211,970,000	-29,516,000	-86,124,000	-146,285,000	-49,919,000	-346,394,000	-34,971,000	-420,202,000	-66,495,000	257,841,000	-72,542,000	-659,890,000	-45,049,000	-80,592,000	-121,546,000	-173,256,000	-79,623,000	-162,271,000	-185,274,000	-33,178,000	-199,245,000	-100,002,000	-194,672,000	-167,511,000	-163,676,000				-159,469,000	-341,810,000	-101,189,000	369,884,000	-131,253,000	-74,684,000	200,235,000	-402,007,000	-163,241,000
effect of exchange rate changes on cash and cash equivalents	-270,000	-705,000	1,992,000	1,342,000	-6,149,000	3,876,000	-552,000	-2,162,000	6,039,000	-5,067,000	2,381,000	2,349,000	9,143,000	-11,818,000	-10,817,000	-2,638,000	77,000	-5,289,000	1,587,000	-1,238,000	8,881,000	6,429,000	821,000	-10,032,000	7,868,000	-5,741,000	-875,000	794,000	-9,728,000	-2,612,000	-19,782,000	6,741,000	15,417,000	9,398,000	-30,684,000	-379,000	-15,551,000	19,906,000	-6,017,000	-9,467,000	6,032,000	-34,935,000	-11,497,000	-19,430,000	2,918,000	-1,073,000	-4,615,000	2,670,000	-6,280,000	-4,748,000	751,000	8,824,000	-18,693,000	12,340,000	22,000	-11,561,000	2,917,000	3,943,000	566,000	9,008,000	-6,644,000	-1,954,000	-1,640,000	5,558,000	9,870,000	-3,959,000
change in cash and cash equivalents	-36,107,000	35,817,000	-38,610,000	-145,939,000	-91,812,000	-27,611,000	74,056,000	-84,961,000	43,357,000	15,992,000	29,943,000	-158,220,000	73,334,000	25,950,000	-51,878,000	-109,905,000	3,331,000	-70,321,000	118,743,000	-240,723,000		-63,720,000	199,825,000	-261,370,000		-256,191,000	-67,863,000	-28,357,000
cash and cash equivalents at beginning of period	0	0	0	469,726,000	0	-998,000	-1,000	601,053,000	0	0	0	669,981,000	0	0	0	732,480,000	0	0	0	921,450,000	0	0	0	924,442,000	0	0	0	867,262,000	0	0	0	1,009,021,000	0	764,522,000	-10,367,000	0	0	650,557,000	-25,027,000	0	0	1,079,145,000	0	0	0	907,806,000	0	0	0	913,276,000	0	0	0	856,238,000	0	0	0	484,363,000	0	0	0	412,737,000	0	0	0	376,671,000		0	0	377,176,000		0	0	239,102,000		0
cash and cash equivalents at end of period	-36,107,000	35,817,000	-38,610,000	323,787,000	-91,812,000	-28,609,000	74,055,000	516,092,000	43,357,000	15,992,000	29,943,000	511,761,000	73,334,000	25,950,000	-51,878,000	622,575,000	3,331,000	-70,321,000	118,743,000	680,727,000	122,273,000	-63,720,000	199,825,000	663,072,000	409,591,000	-256,191,000	-67,863,000	838,905,000	108,970,000	70,387,000	-30,005,000	719,875,000	101,011,000	739,553,000	-227,567,000	316,117,000	62,985,000	612,987,000	-65,419,000	-38,195,000	-117,516,000	871,687,000	155,469,000	-82,225,000	102,559,000	903,342,000	148,170,000	151,068,000	-301,096,000	909,664,000	488,487,000	-74,983,000	-415,781,000	915,553,000	141,044,000	136,746,000	-73,621,000	652,069,000	98,317,000	-73,405,000	-17,489,000	476,940,000	-28,391,000	-4,134,000	22,045,000	423,217,000		29,374,000	31,626,000	397,786,000		86,796,000	19,722,000	232,245,000		6,550,000	-126,229,000	322,544,000
change in allowance for dip facility
loss on sale of assets		3,773,000	324,000	5,106,000
net cash from operating activities - continuing operations		66,848,000	111,388,000	-16,679,000														71,445,000	78,805,000	65,924,000		103,815,000	153,711,000	-28,479,000		72,763,000	20,321,000	73,342,000		113,164,000
net cash from operating activities - discontinued operations																						0	-618,000	-37,805,000		22,739,000	-3,267,000	-3,614,000		2,428,000
dip facility reimbursement		883,000	6,485,000	1,539,000
net cash from investing activities - continuing operations		-36,431,000	-28,564,000	-45,536,000										43,909,000				-43,549,000	20,582,000	-87,109,000		-41,190,000	-29,087,000	-22,956,000		-146,958,000	-1,264,000	-34,887,000		-36,856,000
net cash from investing activities - discontinued operations																		-103,000				0	0	-2,502,000						340,367,000
proceeds from the issuance of debt		230,000,000
premiums and fees paid to redeem/refinance debt		-8,529,000	0	-20,598,000						-6,067,000				0	0	-4,759,000
net cash from financing activities - continuing operations		6,105,000	-123,426,000	-85,066,000
net cash from financing activities - discontinued operations
reduction in allowance for dip facility
allowance for dip facility				-1,539,000	-9,938,000
gain on sale of businesses, including transaction costs
gain on sale of assets													0	0	0	-14,372,000
dip facility net disbursement
proceeds from sale of business, net of cash sold																		0
proceeds from asset sales													0	0	0	50,766,000
acquisitions, net of cash acquired																					0	0	-5,327,000	-1,281,000	0	-17,218,000	0	-4,882,000																															-2,037,000	-65,150,000										-5,100,000	-34,203,000			-15,992,000	-5,433,000	-67,211,000	-132,984,000	-25,000,000
premiums and fees to refinance debt
customer deposits at the bank
net loss						-138,472,000	-24,867,000	-2,885,000										9,067,000	19,856,000	-31,541,000				-208,483,000
loss on debt refinancing																	633,000	3,193,000	989,000	51,394,000
dip facility disbursement
premiums and fees paid to redeem debt
gain on debt redemption
goodwill impairment									220,585,000	0											0	0	0	198,169,000																							0	3,628,000			0
adjustments to reconcile net income to net cash from operating activities:
restructuring charges and asset impairments																					8,207,000	3,766,000			12,990,000	45,739,000			7,438,000	7,232,000			26,927,000	2,082,000	13,793,000	16,494,000			11,477,000				61,894,000	3,432,000	8,299,000	9,841,000	30,404,000	35,816,000			22,291,000	9,986,000
gain on sale of businesses
proceeds from sale of businesses
acquisitions
repayments of debt										-254,952,000	-22,785,000	-31,018,000
gain on sale of business															0	-2,522,000		0
proceeds from sale of business															-5,732,000	9,016,000
loss on sale of assets/businesses
deferred tax provision
proceeds from sale of assets/businesses, net of cash sold
adjustments to reconcile net loss to net cash from operating activities:
gain on asset sales
accounts payable
accrued liabilities
pension and retiree medical liabilities																		-15,880,000	-17,632,000	-24,775,000
premiums and fees paid to refinance debt																		-3,193,000	-2,519,000	-44,418,000
gain on sale of equity investment
proceeds from sale of other investments
proceeds from sale of assets
increase in short-term borrowings																																					50,325,000	179,550,000
decrease in customer deposits at pitney bowes bank																				-27,794,000
income from discontinued operations, net of tax
loss on extinguishment of debt																					0	0	0	36,987,000
gain on sale of investments																					0
loss on sale of businesses
pension plan settlement
increase in accounts and other receivables
decrease in finance receivables																					-15,088,000	1,251,000	65,499,000	18,843,000	-9,036,000	-7,070,000	-13,471,000	55,215,000	-440,000	19,795,000	11,213,000	49,350,000	14,487,000	63,390,000	6,703,000	39,684,000	18,633,000	54,863,000	3,927,000	15,452,000	12,642,000	64,590,000	12,641,000	24,430,000	29,740,000	52,857,000	-5,225,000	31,884,000	20,300,000	76,628,000	2,723,000	31,408,000	49,108,000	63,926,000									3,235,000	38,446,000	62,894,000	102,248,000
decrease in inventories																					2,094,000							-6,232,000											13,229,000					2,706,000	-1,405,000	-447,000	30,221,000	7,104,000	21,056,000	8,807,000	7,021,000	1,808,000	-10,353,000	925,000									19,031,000	-2,106,000	6,761,000	-11,499,000
increase in other current assets and prepayments																					-1,181,000	5,667,000	-16,098,000	-7,969,000	3,450,000	4,779,000	901,000	-36,226,000		8,605,000	-10,358,000	-22,683,000		-9,746,000				-7,978,000		-753,000	-2,709,000	-13,392,000	20,808,000	-22,545,000	-4,349,000	-4,020,000
increase in accounts payable and accrued liabilities																					95,898,000																											-18,894,000	-4,187,000	-169,292,000	77,536,000	-37,091,000	45,701,000	-133,169,000									68,586,000	-28,260,000	-26,040,000	-141,542,000
increase in current and noncurrent income taxes																					-13,060,000	-8,277,000	19,162,000	10,797,000
increase in advance billings																					10,322,000	-20,715,000	25,550,000	-4,148,000										-9,194,000			-46,699,000	1,289,000			-15,121,000	30,971,000			-25,322,000	36,523,000	6,729,000	-29,230,000	-17,050,000	23,101,000	5,318,000	-18,729,000	-25,988,000	43,166,000									-3,746,000	-41,889,000	-1,301,000	44,192,000
decrease in pension and retiree medical liabilities																					-10,914,000	-931,000
sale of other investments																					0	0
proceeds from issuance of long-term debt
principal payments of long-term debt																					-33,390,000	-124,036,000	-15,624,000	-932,600,000	-727,549,000	-177,553,000	-12,546,000	-12,541,000		-305,042,000	-5,054,000	-255,045,000	-150,045,000	-79,278,000		-55,000	0	-370,952,000		-50,043,000	-80,030,000	-274,879,000		0	-100,000,000	-499,850,000
premiums and fees to extinguish debt
increase in customer deposits at the bank
increase in cash and cash equivalents																													108,970,000	70,387,000					-217,200,000	316,117,000			-40,392,000	-38,195,000			155,469,000	-82,225,000						-3,612,000	488,487,000	-74,983,000	-415,781,000	59,315,000			-73,621,000	167,706,000	98,317,000	-73,405,000	-17,489,000	64,203,000	-28,391,000	-4,134,000	22,045,000	46,546,000	-82,115,000	29,374,000	31,626,000	20,610,000	38,413,000	86,796,000						6,327,000
less cash and cash equivalents of discontinued operations
cash and cash equivalents of continuing operations at end of period																									409,591,000				108,031,000
cash interest paid																					36,714,000	32,411,000	37,841,000	44,891,000	46,766,000	32,663,000	44,887,000	33,393,000	43,496,000	38,285,000	42,341,000	46,998,000	29,416,000	52,989,000	18,208,000	54,048,000	18,745,000	59,566,000	18,449,000	59,950,000	18,701,000	68,187,000	18,622,000	68,011,000	19,243,000	74,374,000	36,567,000	67,147,000	23,141,000	72,650,000	20,773,000	70,642,000	21,905,000	77,572,000	24,477,000	77,551,000	22,573,000	77,558,000	22,838,000	74,174,000	22,080,000	72,788,000	26,037,000	70,116,000	26,354,000	72,749,000
cash income tax payments, net of refunds																					324,000	7,685,000	-1,094,000	13,270,000	1,582,000	8,179,000	7,277,000	10,071,000	8,738,000	-2,076,000	14,684,000	4,560,000	60,138,000	18,511,000	31,812,000	11,262,000	58,640,000	25,585,000	43,107,000	19,831,000	54,742,000	21,197,000	86,511,000	44,941,000	66,092,000	5,649,000	114,036,000	-922,000	74,447,000	36,871,000
loss on sale of business
increase in accounts receivable
purchases of available-for-sale securities																						-276,862,000	-48,253,000	-67,312,000	-12,016,000	-38,787,000			-7,257,000	-25,967,000	-18,381,000	-29,922,000	-36,097,000	-34,308,000	-49,676,000	-85,949,000	-45,524,000	-31,661,000	-62,693,000	-36,132,000	-41,134,000	-65,297,000		-26,275,000
proceeds from sales/maturities of available-for-sale securities																						147,499,000	70,323,000	24,102,000	30,524,000	23,060,000	23,560,000	31,404,000	108,466,000	31,197,000	21,113,000	15,044,000	27,517,000	34,396,000		82,570,000	38,645,000	46,209,000		37,443,000	46,582,000	65,411,000		3,805,000
net activity from short-term and other investments																						112,499,000	-92,466,000	48,431,000		-90,810,000	170,000	-1,778,000		-2,480,000	-5,603,000	16,562,000
increase in customer deposits at pitney bowes bank																						-2,867,000
proceeds from the issuance of long-term debt																						100,000,000	0	816,544,000												594,744,000	0	300,000,000
premiums and fees paid to extinguish debt																						0	0	-32,645,000
loss on disposition of businesses																										0	-27,000	17,710,000
decrease in accounts receivable																							-56,585,000	7,182,000		-39,212,000	-7,850,000	59,571,000	-79,470,000	29,582,000	-23,202,000	37,525,000	10,514,000	67,765,000	-7,831,000	5,025,000	-29,731,000	76,559,000		-5,684,000	7,378,000	25,406,000		1,362,000	26,643,000	40,135,000	-52,569,000	44,129,000	-3,981,000	71,401,000	-61,203,000	-2,041,000	25,378,000	34,798,000
increase in inventories																							-1,491,000	-4,815,000	8,971,000	-3,678,000				547,000	-2,883,000	-3,823,000	-4,617,000	-22,195,000		2,112,000	-11,112,000	-11,489,000			-5,385,000	-12,029,000
decrease in accounts payable and accrued liabilities																							79,388,000	-104,556,000		57,342,000	-37,608,000	-37,260,000	73,668,000	-29,730,000	23,358,000	-70,476,000	-38,954,000	-32,829,000	60,368,000	-45,209,000	34,990,000	-115,029,000	26,528,000	-8,381,000	12,857,000	-142,957,000	69,249,000	-31,762,000	25,760,000	-114,327,000
change in customer deposits at pitney bowes bank																								-888,000
decrease in accounts and other receivables
decrease in current and noncurrent income taxes
decrease in advance billings																									-6,559,000	8,909,000	3,508,000	-16,219,000	12,803,000	-11,666,000	-20,537,000	-2,106,000
change in net operating lease assets and liabilities
net change in short-term and other investments																																			13,398,000
reserve account deposits																																													11,803,000	-15,159,000	-3,142,000	9,227,000	1,138,000	-27,327,000	17,009,000	-17,707,000	28,008,000	-25,674,000	49,882,000	-32,616,000	24,083,000	-5,995,000	4,994,000	-14,062,000	30,688,000	-11,221,000	7,900,000	-7,768,000	23,207,000	-21,675,000	16,742,000	-1,835,000	25,685,000	-7,233,000	36,160,000	17,002,000	20,456,000	-10,952,000	18,390,000			-18,700,000
change in reserve account deposits																										11,441,000	14,720,000	-23,036,000		905,000	-695,000	6,654,000	21,860,000	-19,346,000		8,956,000	9,110,000	-16,253,000		-4,166,000	-1,387,000	-20,077,000
less: cash and cash equivalents of discontinued operations
increase in current and non-current income taxes																											3,131,000	-2,398,000	-25,030,000	-4,347,000	-8,799,000	13,369,000		13,542,000	-2,578,000	12,344,000	-24,181,000	13,380,000	-47,327,000	44,634,000	-6,009,000	30,269,000	-76,298,000	16,561,000	2,163,000	5,494,000	-5,539,000	101,339,000	-78,006,000	-11,472,000	77,252,000	-47,794,000	33,468,000	53,087,000									12,175,000	57,008,000	-42,112,000	58,561,000
income from discontinued operations
special pension plan contribution																																																								0
gain on sale of technology
gain on debt forgiveness																																			0	0	0	-10,000,000
decrease in other current assets and prepayments																																				-3,894,000											16,760,000	-8,778,000	-414,000	-4,396,000	14,887,000	-21,179,000	138,000	3,023,000
principal payments of long-term obligations																																															-299,570,000	0	-375,000,000	-404,637,000	0	0	-400,000,000	-150,000,000
decrease in short-term borrowings
dividends paid to noncontrolling interests																																			-9,340,000	0			-9,187,000	0			-9,187,000	0			-9,187,000	0			-9,188,000	0			-9,187,000	0			-9,188,000	-816,000	-4,543,000	-4,594,000	-5,771,000	-4,622,000	-4,571,000	-4,521,000
redemption of noncontrolling interests
acquisition of businesses, net of cash acquired																														0	0	-2,407,000	0	-7,889,000		-24,525,000	-46,000	-13,371,000		4,140,000
decrease in cash and cash equivalents																																-289,146,000		-24,969,000				-37,570,000				-207,458,000				-4,464,000		151,068,000																										-6,857,000	10,749,000	6,684,000
net tax payments from other investments
gain on sale of leveraged lease assets, net of tax																																																			0	0	0	-12,886,000
proceeds from sale of businesses, net of cash transferred
special pension plan contributions																																				0	0	-36,731,000													0	0	0	-95,000,000
loss on disposal of businesses																																				1,839,000	40,000	2,059,000				821,000		-2,952,000	-26,691,000	539,000
proceeds from sale of buildings																																				0
divestiture of businesses, net of cash transferred																																								904,000
net change in short-term borrowings
net tax (payments) receipts from other investments
reserve account deposits and other
tax payments related to other investments
net proceeds from short-term and other investments
tax and other payments on sale of businesses and leveraged lease assets
proceeds from settlement of derivative instruments																																															3,221,000	0	0	4,838,000
changes in operating assets and liabilities:
decrease in accounts receivable, net of acquisitions/divestitures
purchases of held-to-maturity investments
gain on disposal of businesses																																								-1,521,000
proceeds from sale of former corporate world headquarters building																																								0
proceeds from the issuance of debt, net of fees and discounts of 7,475 in 2014																																								0
increase in notes payable																																								50,000,000	0	100,000,000												177,830,000									55,794,000			-384,650,000	-218,309,000	319,550,000			-148,569,000			-16,099,000	-514,289,000	303,400,000
proceeds from the issuance of common stock under employee stock-based compensation plans																																								2,946,000	872,000	713,000		1,842,000	928,000	3,099,000		2,878,000	1,745,000	1,876,000
purchase of subsidiary shares from noncontrolling interest																																											0	0	0	-7,718,000
net payments for divested businesses																																										-2,522,000
net tax receipts from other investments
(gain) loss on sale of businesses
decrease (increase) in accounts receivable
decrease (increase) in inventories
purchases of available-for-sale investment securities
proceeds from sales/maturities of available-for-sale investment securities
proceeds from sale of leveraged lease assets																																																			0	0	0	105,506,000
proceeds from issuance of common stock																																																			2,325,000	2,715,000	2,215,000	2,059,000	2,498,000	3,266,000	3,670,000	3,500,000	2,736,000	3,232,000	2,463,000	2,992,000	2,978,000	3,884,000	2,821,000	2,279,000
net proceeds from the sale of businesses																																												-275,000
proceeds from the issuance of debt, net of fees and discounts of 7,475 and 13,387, respectively																																												0	0	492,525,000
stock repurchases																																																							0	-49,999,000			0											-179,997,000	-120,000,000			-89,996,000	-88,240,000	-19,086,000	-228,949,000	-63,725,000
net income before attribution of noncontrolling interests																																													98,859,000	49,267,000	94,682,000	-933,000	-4,639,000	72,100,000	114,931,000	81,127,000	104,217,000	163,264,000	262,068,000	177,360,000	105,529,000	90,898,000	67,618,000	93,528,000	65,924,000	83,633,000	106,308,000	107,849,000	121,833,000	108,923,000
short-term and other investments																																													18,701,000	-12,650,000	12,685,000	-12,471,000	12,490,000	2,143,000		-27,289,000	1,983,000	-32,949,000	32,482,000	-64,032,000	-25,092,000	-11,144,000	-9,562,000	-28,998,000	-84,146,000	242,000	11,254,000	-19,110,000	-6,903,000	6,397,000	13,970,000	-6,475,000	34,924,000	-6,767,000
net investment in external financing																																													1,435,000	-597,000	-547,000	-588,000	-515,000	-506,000	-1,533,000	3,330,000	-2,639,000	-825,000	1,781,000	-1,326,000	-1,572,000	-1,560,000	-1,601,000	-476,000	-1,241,000	-1,400,000	2,672,000	-860,000	-1,120,000	764,000				4,674,000	2,797,000			-1,604,000
increase in other operating capital																																														210,000	-10,329,000	499,000	15,271,000	15,789,000	12,878,000	16,319,000	17,018,000	1,592,000									-5,009,000	-7,056,000	-1,083,000	5,686,000
net payments related to sale of businesses																																														-539,000
proceeds from sale of facility
decrease in notes payable																																																							0	0	-42,300,000	-7,700,000		-11,897,000	44,659,000	-121,994,000								-37,349,000								-22,357,000
tax payments related to sale of leveraged lease assets																																																			-14,879,000	-14,345,000	-15,671,000	-69,233,000
net proceeds from sale of businesses
proceeds from the issuance of long-term obligations, net of fees and discounts of 13,387																																																0	0	411,613,000
estimated loss on disposal of business
increase in commercial paper borrowings
cash income tax payments (refund)																																																				81,092,000	35,850,000	28,148,000
proceeds for settlement of derivative instruments
gain on sale of leveraged lease asset, after tax
changes in operating assets and liabilities, excluding effects of acquisitions:
decrease in accounts receivables																																																															-50,607,000	35,752,000	26,269,000	72,768,000
decrease in prepaid, deferred expense and other assets																																																															-249,000	5,865,000	-18,112,000	-2,540,000
proceeds from the sale a facility
proceeds from sale of leveraged lease asset
proceeds from long-term obligations																																																															0	0	0	297,513,000	0	0	0	245,582,000	150,000,000							398,029,000
principal payments on long-term obligations																																																															0							-119,679,000	-160,147,000			-6,361,000	-4,838,000	-34,432,000	78,301,000	-435,786,000
payments to redeem preferred stock issued by a subsidiary
proceeds from issuance of preferred stock by a subsidiary
cash income taxes paid																																																											45,471,000	47,853,000	113,406,000	24,820,000	64,117,000	14,676,000	109,758,000	9,374,000
restructuring charges and asset impairments, net of tax																																																								22,170,000	3,563,000	17,306,000	55,866,000	21,630,000
goodwill impairment, net of tax
(increase) decrease in accounts receivables																																																										51,868,000				60,369,000
(increase) decrease in finance receivables																																																										89,611,000				74,205,000
(increase) decrease in inventories																																																										-11,410,000				-7,152,000
(increase) decrease in prepaid, deferred expense and other assets																																																										-835,000				-5,151,000
increase (decrease) in accounts payable and accrued liabilities																																																										-79,362,000				-56,894,000
increase (decrease) in current and non-current income taxes																																																										66,915,000				57,312,000
increase (decrease) in advance billings																																																										22,100,000				21,694,000
increase (decrease) in other operating capital																																																										6,179,000				7,569,000
dividends paid to common stockholders																																																								-74,813,000	-75,440,000	-75,423,000		-75,793,000	-75,757,000	-75,649,000	-74,373,000
increase (decrease) in cash and cash equivalents
cash income tax (refund) payments																																																								-60,800,000	11,644,000	-19,503,000
proceeds (payments) for settlement of derivative instruments
increase in accounts receivables
increase in finance receivables
increase in prepaid, deferred expense and other assets
proceeds from the sale of a facility
payments for settlement of derivative instruments																																																																0	0	-20,281,000
restructuring charges, net of tax																																																														13,527,000
gain on sale of a facility, net of tax
proceeds from the sale of facilities
net cash provided by operating activities
increase (decrease) in notes payable
net gain on sale of businesses, net of tax
non-cash expense from fsc tax law change
non-cash expense related to irs settlement and sale of a business
tax and bond payments related to irs settlement and capital services sale																																																																											-802,200,000
gain on interest rate swap
loss on redemption of preferred stock issued by a subsidiary																																																																			0
proceeds from divestiture of businesses
advance against coli cash surrender value																																																																											0	0
proceeds from issuance of preferred stock in a subsidiary
dividends paid																																																																						-74,134,000	-71,591,000			-72,727,000	-70,804,000	-46,261,000	-96,463,000	-71,523,000
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
restructuring and other charges, net of tax																																																																				39,118,000	12,393,000	10,353,000	221,014,000				11,900,000	4,332,000
restructuring and other payments																																																																						-12,398,000	-7,123,000			-12,246,000	-10,583,000	-13,046,000
accounts receivable																																																																						-3,772,000	-8,768,000	16,541,000	-5,653,000	33,733,000	-69,146,000	-6,789,000	53,891,000	-24,579,000
net investment in internal finance receivables																																																																				22,045,000	21,416,000	30,827,000	-9,872,000			23,184,000	-98,903,000	-79,959,000	-68,660,000	10,650,000
current and non-current income taxes																																																																				44,627,000	-387,000	49,231,000
advanced billings																																																																				-32,823,000	-5,512,000	54,594,000		-25,164,000	1,747,000	31,775,000		-24,369,000	-27,915,000	46,205,000
net investment in leveraged leases
proceeds from issuance of stock																																																																				5,114,000	5,339,000	6,108,000	8,497,000	19,118,000	25,972,000	53,930,000	36,037,000	-3,386,000	36,677,000	32,121,000
effect of exchange rate changes on cash																																																																					-270,000	3,101,000	3,167,000	2,216,000	2,252,000	681,000	45,000	-202,000	2,325,000	223,000
interest paid																																																																				88,724,000	30,743,000	90,134,000		86,931,000	52,851,000	55,699,000		55,768,000	57,512,000	52,548,000
income taxes paid																																																																				31,581,000	71,397,000	22,767,000		49,395,000	68,771,000	20,870,000		278,154,000	123,034,000	37,232,000
see notes to condensed consolidated financial statements
loss on sale of capital services, net of tax																																																																											0	2,945,000
gain on sale of imagistics, net of tax																																																																											0	576,000
non-cash charge from fsc tax law change																																																																											0	0
non-cash tax charge																																																																											0	0
pension plan contributions
short-term investments																																																																							41,640,000	-8,328,000	9,446,000	-391,000	777,249,000	-755,242,000	-13,523,000	-9,779,000
net proceeds from sale of imagistics lease portfolio																																																																											0	0
net proceeds from sale of capital services
cash included in the sale of capital services
deferred taxes on income and income taxes payable																																																																								21,151,000	9,751,000	55,066,000	51,576,000	2,634,000
proceeds from sale of capital services
cash included in assets of discontinued operations																																																																												-134,000
adjustments to reconcile net income (loss) to net cash from operating activities:
proceeds from notes payable
net proceeds from sale of main plant																																																																														30,238,000
cash from consolidation of pbg capital partners llc
supplemental disclosure
cash payments for:
interest
income taxes
net investment in capital services																																																																												13,802,000	-11,571,000	79,766,000
net cash from (used in) investing activities
bond posted with the internal revenue service
nonrecurring (gains) charges, net of taxes																																																																														-3,131,000
nonrecurring payments																																																																														-31,292,000
increase in deferred taxes on income																																																																														-10,962,000
change in assets and liabilities, net of effects of acquisitions:
income taxes payable																																																																														38,085,000
cash and equivalents at beginning of period																																																																														316,217,000
nonrecurring charges
pension plan investment
investment in leveraged leases
net cash used in investing activities
net proceeds from the spin-off of imagistics international inc.
net cash used in financing activities
(decrease) increase in cash and cash equivalents
net investment in fixed assets
net investment in finance receivables
proceeds and cash receipts from the sale of amic
net proceeds from the sale of credit card portfolio
net investment in insurance contracts

Pitney Bowes Inc(NYSE:PBI)

Pitney Bowes Inc
(NYSE:PBI)