STAMFORD, Conn. — (BUSINESS WIRE) — January 31, 2024 — Pitney Bowes (NYSE: PBI) (“Pitney Bowes” or the “Company”), a global shipping and mailing company that provides technology, logistics, and financial services, today announced its financial results for the fourth quarter and full year of 2023.

Jason Dies, Interim Chief Executive Officer, commented:

“Pitney Bowes is beginning 2024 with positive momentum and a strong set of go-forward priorities following a productive fourth quarter. At the enterprise level, we are on track with our cost reduction and restructuring efforts after increasing targets late last year. Our SendTech and Presort segments again delivered solid profit increases and margin expansion in the fourth quarter, reflecting continued focus on both productivity and revenue growth initiatives. Global Ecommerce delivered improved profitability year-over-year and sequentially in the fourth quarter, demonstrating the value of our network in peak and on a go forward basis. We are continuing to take actions and review options to realize the value of this segment. Importantly, as we look ahead in 2024, we will continue to operate with intensity and prioritize actions that support a shift into shipping solutions and our specific growth goals in SaaS shipping technology.”

Fourth Quarter Financial Highlights

• Revenue in the quarter was $872 million, a decrease of 4 percent on both a reported and comparable basis versus prior year ⁽¹⁾
• GAAP EPS was a loss of $1.27 compared to GAAP EPS of $0.04 in fourth quarter 2022; Adjusted EPS was $0.07 compared to $0.06 in the prior year
• GAAP EPS includes a loss of $1.24 for a non-cash goodwill impairment charge related to the Global Ecommerce segment and $0.08 for restructuring charges
• GAAP cash from operating activities was $94 million in the quarter and Free Cash Flow was $78 million
• Progressing well and on target with previously communicated cost reduction and restructuring efforts
• Cash and short-term investments were $623 million at year-end

Full Year Financial Highlights

• Revenue was $3.3 billion, a decrease of 8 percent on a reported basis and 3 percent on a comparable basis versus 2022 ⁽¹⁾
• GAAP EPS was a loss of $2.20 and Adjusted EPS was $0.04
• GAAP EPS includes a loss of $1.91 for non-cash goodwill impairment charges related to the Global Ecommerce segment and $0.26 for restructuring charges
• GAAP cash from operating activities was $79 million and Free Cash Flow was $22 million
• Reduced total debt by $59 million and refinanced our 2024 notes

(1) Comparable basis is defined in the “Use of Non-GAAP Measures” section

Earnings per share results are summarized in the table below: