Pitney Bowes Annual Report 2019

110
Pitney Bowes Annual Report 2019

Transcript of Pitney Bowes Annual Report 2019

Page 1: Pitney Bowes Annual Report 2019

Pitney Bowes Annual Report 2019

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Since Arthur Pitney and Walter Bowes first met to put their ideas together, we have had a living legacy of always innovating, adapting and striving to do better. One thing, however, has never changed. Pitney Bowes will always be a company driven by values. From the beginning — founded on innovation and powering commerce from day one — we have sought to do the right thing the right way for our clients, our people, and the world around us.

C E L E B R AT I N G 10 0 Y E A R S O F I N N OVAT I O N

Women were nearly 40% of the workforce in the Stamford, CT plant. By the end of 1946, nearly half of the men employed at Pitney Bowes were World War II veterans.

Introducing the desktop mail stationThe company launches the first mass-market desktop mail station. Postage paid on metered mail reaches an all-time high of $500M, or 36% of all USPS postal revenues.

Enabling high- volume mailingA new mail inserterhelps clients boostproductivity, driveprecision and decrease costs in large-volume mailing.

Transferring fundselectronicallyThe introduction of“Postage by Phone”allows companies toorder postage viatelephone and havetheir meters resetelectronically.

Demonstrating financial stabilityPitney Bowes is listed on the New York Stock Exchange.

Keeping pace withbusiness transactionsPitney Bowes introduces the automatic mail- sorting machine.

Meeting client need for capitalThe Pitney BowesCredit Services Corporation isestablished to provide leasing of Pitney Bowes equipment to clients.

Integrated processingA new age of integrated mail processing begins with the launch of the Paragon® system which automatically calculates and affixes postage based on weight and size.

Offering new waysto buy postageA line of credit forpostage allows clients to “mail now and pay later” — helping to improve their cash flow.

September 01The Post Office formally approvedthe Pitney Bowes postage meter for use throughout the United States Postal System. By 1922, both England and Canada had followed suit and approved the use of the Pitney Bowes postage meter.

April 23The Pitney Bowes Postage Meter Company was founded. Arthur Pitney was the inventor and Walter Bowes the promoter.

Significant innovationPitney Bowes creates a machine that can print various postage rates on both letters and parcels, an upgrade from previous version that only worked with letters.

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Acquiring and leading in US presort market Pitney Bowes completes the acquisition of PSI to become the largest presort mail company in the US.

Going global with ecommerce marketplace offering The Global Shipping Program enables US marketplace sellers to provide products to buyers outside of the country.

Growing the ecommerce businessPitney Bowes acquires Newgistics, building its ecommerce fulfillment, delivery and return capabilities in the US.

Modernizing officeshipping and mailingPitney Bowes launches the SendPro® 300, the first multi-carrier office shipping solution in the US, based on Cloud technology.

Enabling complex-free commerce The Pitney Bowes Commerce Cloud, a commerce enabler, provides access to solutions, analytics and APIs across the full commerce continuum.

Celebrating a milestoneInnovations at Pitney Bowes will continue to drive success in commerce for all clients, all while remaining focused on our core value of doing the right thing the right way.

Pitney Bowes forms the Pitney Bowes FoundationThe Pitney Bowes Foundation focuses on literacy and education and deepens the community involvement of Pitney Bowes employees through volunteer grants and matching gifts.

Reaching anywhereto everywhereBorderfree acquisitionexpands the company’scommerce business with cross-border ecommerce solutions that help clientsgrow internationally.

eBay and Pitney BoweseBay selects Pitney Bowes for its shipping label printing service.

Leveragingfinancial expertiseWheeler Financial, a subsidiary of the Pitney Bowes Bank, begins to provide equipmentfinancing to small andmedium businesses.

202020052004 20152002 2012 20172016 2019

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Celebrating our first 100 years and the century to come.Pitney Bowes has reached a significant milestone on a remarkable, transformative and self-guided journey that continues to unfold with purpose and conviction. Rarely do businesses get this far, and rarer still does a venerable business enter its second century so full of promise.

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Marc B. LautenbachPresident and Chief Executive Officer

As we approach our 100-year anniversary, we continue to invest in

our business with an eye toward the long term. Pitney Bowes has always

been about the long term and building for the future. The company

has invented industries and business models that have endured and

evolved for decades. This is a wonderful time to celebrate our first

100 years, not just for what we have done, but also for the future

possibilities we have created.

2019 marked our third consecutive year of revenue growth on a constant currency basis, the

most important milestone in the transformation of the company. As we enter our second century,

we are now positioned to create profitable revenue growth, which is the key to creating enduring

value for our shareholders.

Over my last seven-plus years, we have worked to transform Pitney Bowes — building off of our

strong core of mailing to create second and third cores around shipping and financial services.

We have made decisions and invested to create long-term value for our shareholders. It has not

been easy and for sure not everything we have done has been a success, but everything we

have done has been with a focus on the future. Optimizing for the long term is not always easy

in today’s capital markets, but Pitney Bowes has not lasted for almost 100 years by taking the

expedient route.

Fellow shareholders:

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Letter to Shareholders

From pioneering the postage meter to pushing the boundaries of global ecommerce, Pitney Bowes continues to advance technology that reshapes how commerce happens.

10 0 Y E A R S O F CO N S TA N T LY I N N OVAT I N G

I recognize that optimizing for the long term,

making long-term investments and taking

operational risks have depressed our stock price.

That said, our initiatives over the past seven years

have created new and exciting possibilities for

Pitney Bowes. While no one, least of all me, is

satisfied with our stock price, the investments we

made were necessary to create the long-term

possibilities that are now within our grasp.

Last summer, I, along with most other members

of the Business Roundtable, signed on to a

statement on how successful companies thought

about long-term growth. The statement has

been described by some as stakeholder

management. While I did not think of it in those

terms, I understand why others have characterized

the statement that way. From my perspective, it was

a little different. As I have indicated in my previous

letters, I believe you cannot create long-term value

for your shareholders if you do not treat your

clients correctly, treat your employees well,

have appropriate governance and are good

corporate citizens.

The statement struck a nerve with many. Some

characterized it as a move away from shareholder

primacy, others thought it was “window dressing,”

and others agreed with the statement but wanted

to know more about what corporations were doing

to fulfill the vision that the Business Roundtable

statement espoused. Let me describe for you how

Pitney Bowes is working to fulfill that vision.

For me, and the rest of Pitney Bowes, our North

Star as we work to transform the business has been

our clients. Since 2012, we have worked to make

the client the center of everything we do. We don’t

The first postage meter, the first postage meter for both letters and parcels, the first desktop mail station, the first automatic mail sorter, the first multi-carrier office shipping solution, the Pitney Bowes Commerce Cloud, but also other innovations such as the API device that gave continuous latitude and longitude readings for the first time in the history of navigation. At Pitney Bowes, innovation never stops.

Pictured: The new SendPro Mailstation, a digitally connected, cloud-based sending device designed to simplify mailing and save more time and money.

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always get this right, but we have made substantial

progress since 2012. Each year we survey our

clients and benchmark our results against best-

of-class companies. In 2019, we continued to

improve with each of our client satisfaction metrics

and in our Presort Services business we have

best-of-class client satisfaction results. Serving

clients is something you are never done with,

but we have made demonstrable progress over

the past several years.

An engaged and motivated employee base is

considered the most predictive factor, next to

revenue growth, in the transformation of a

company. Last year I reported on our progress in

continuing to upskill our employees and how we

used the benefits from the tax bill to increase the

wages of the majority of our hourly employees.

In 2019, we built on those actions with a new

contemporary performance management system

that put much more emphasis on coaching

our employees. The efforts paid off. Our team

rated their relationships with their managers as

comparable to other high-performing companies

and gave Pitney Bowes high marks for providing

opportunities to build their own skills. There is no

doubt that in the 21st century skills are the most

important currency in our economy. Importantly,

Pitney Bowes also receives high ratings from

our employees from a diversity and inclusion

perspective, comparable to other high-performance

companies. In fact, Pitney Bowes was once again

recognized by Forbes as one of the best from a

diversity and inclusion perspective.

Diversity and inclusion are not just important to

our employee base; they’re important to our Board

of Directors. There has been much conversation

in the public domain about gender equality on

boards. Many have called for at least 20 percent

of directors to be women. It’s about time, but

Pitney Bowes has been there for a while, and, as

of 2020, 50 percent of our independent directors

are women. I’m particularly proud of this number.

I can say clearly, we did not set out to have a

certain percentage of women directors. We simply

looked for the best and the brightest that could

provide relevant skills on our journey. The only

thing we did differently is we cast our net broadly

to find great candidates. No surprise that we ended

up with a diverse board.

In 2019, we also amended our bylaws to do away

with term limits in favor of encouraging tenure

diversity — put another way, a purposeful mix

of new, medium and more tenured directors.

I consider this a best practice for boards today.

Pitney Bowes has long enjoyed a special

relationship with the communities in which we

operate. Our team donates their time and treasure

to support their local communities. Our focus has

been on education and there is no better return

on investment for society than investing in K–12

capabilities in the communities in which we live

and work.

We also recognize the importance of climate

change and how, as BlackRock Chairman and

CEO Larry Fink said so well in his recent letter, it

is driving a fundamental reshaping of finance and

the world of business. We are heeding his clarion

call and taking a fresh look at every aspect of our

business in that light — looking for ways to build

on our long tradition of environmental and

social responsibility.

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In 2019, we continued to take important actions

to create long-term value. Over the past 24 months,

we exited direct operations in six smaller European

countries, and divested our Production Mail

business and, most recently, our Software Solutions

business. Alternatively, we announced Wheeler

Financial from Pitney Bowes, our equipment

financing business dedicated to helping our small

and medium-sized clients acquire the critical

equipment required to run and grow their business.

Our vision is clear. We are continuing to build off

of our strong mail and financial services core to

enter logical adjacencies: ecommerce shipping

and the financing of mission-critical assets to small

businesses. Both are compelling opportunities and

growth areas where we have a clear right to win.

We exit 2019 in attractive markets where our

capabilities can power success. In 2020, 40 percent

of our revenue will come from shipping and,

if we just grow with the market going forward,

Sustainability has been a focus for Pitney Bowes

for some time. Over the past 50 years, we have

worked to minimize our waste streams; expand

on our use of returnable/reusable packaging

designs; maximize the use of water-based inks;

evaluate greener alternative waste stream

disposal practices and outlets; use partnerships

to improve the recovery of equipment for reuse,

recycling and end-of-life stewardship; employ

responsible waste management vendors; and

manage the remediation efforts from legacy site

contamination. In addition, we have taken numerous

steps to help our transportation fleet reduce GHG

(greenhouse gas) emissions and conserve fuel,

including limiting idle time to five minutes before

shutdown, using route optimization software to

minimize distances and travel times, and fitting

trucks and trailers with fairings to reduce drag.

Recently the company was awarded a 2020

Climate Leadership Award.

We know from experience that diversity brings strength.

Pitney Bowes has a long history of diversity. In 1942, women were more than a third of our workforce. Today, women represent 43 percent of our US workforce, and half of the independent directors on our Board. Women-led businesses drive more than 50 percent of our revenue. Forbes magazine has recognized us as among America’s Best Employers For Diversity, as well as a Best Employer For Women. We also are included in Bloomberg’s 2020 Gender-Equality Index for the second consecutive year.

10 0 Y E A R S O F D O I N G B U S I N E SS T H E R I G H T WAY

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Pitney Bowes will continue to grow. While this was

imaginable seven years ago, we were at that time

a long way from sustained growth.

In 2019, we also took aggressive actions to improve

our balance sheet. We reduced our debt by over

$500 million. If you look at 2018 and 2019 together,

we have reduced our debt by over $1 billion. We have

addressed our debt towers over the coming years

and substantially strengthened the balance sheet.

The combination of repositioning the company

for growth, focusing our portfolio, investing in our

capabilities and strengthening the balance sheet has

created the conditions for profitable growth and

long-term value creation going forward.

We are within a few short weeks of our 100-year

anniversary. Very few companies achieve that kind

of longevity. You don’t get to 100 years by taking the

easy way, short cuts, or making expedient decisions.

Our journey has not been easy, and I am sure there

will be more challenges along the way, but I like how

we are positioned and where we are headed.

As we look to our next 100 years, we know full

well what drives enduring value. The ingredients

for sustained success and our strong prospects

going forward are clear: putting the client first,

ceaseless innovation, exceptional people, deep ties

and commitment to our communities, and a culture

of doing the right thing the right way.

Marc B. Lautenbach

President and Chief Executive Officer

Letter to Shareholders

We have never stood still and never will, as our business evolves with change as the catalyst for productive and thriving growth.

Our business has changed dramatically over our first 100 years, through steady streams of innovation and upskilling, and through strategic mergers, acquisitions and divestitures. In recent years, we have fully embraced shipping and financial services as additional cores of our business. And we enter our second hundred years energized by the possibilities before us.

10 0 Y E A R S O F E M B R AC I N G C H A N G E

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Summary of Selected Financial Data

For the year 2019 2018 2017 (amounts in thousands, except per share data and total employees)

As reportedRevenue $ 3,205,125 $ 3,211,522 $ 2,784,007Net Income $ 194,609 $ 241,811 $ 243,528Diluted earnings per share from continuing operations $ 0.23 $ 0.96 $ 0.96Net cash provided by operating activities $ 252,207 $ 342,879 $ 454,158 Depreciation and amortization $ 159,142 $ 148,464 $ 126,790Capital expenditures $ 137,253 $ 137,810 $ 118,247Dividends per share of common stock $ 0.20 $ 0.75 $ 0.75Weighted average diluted shares outstanding 177,449 188,382 187,435Total assets $ 5,466,900 $ 5,938,419 $ 6,634,606Total debt $ 2,739,722 $ 3,265,608 $ 3,830,335Stockholders’ equity $ 286,096 $ 101,842 $ 30,553Total employees 11,000 13,300 14,700

As adjustedEBIT $ 279,341 $ 414,430 $ 412,949 Net income $ 119,850 $ 197,842 $ 198,284Diluted earnings per share $ 0.68 $ 1.05 $ 1.06Free cash flow $ 168,659 $ 300,926 $ 327,583EBIT to interest 1.8x 2.6x 2.5xEBITDA $ 438,483 $ 562,894 $ 539,739

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Reconciliation of Reported Consolidated Results to Adjusted Results

For the year 2019 2018 2017 (dollars in thousands, except per share data)

Net income $ 194,609 $ 241,811 $ 243,528 Income from discontinued operations, net of tax (154,460) (60,106) (63,489) Restructuring charges and asset impairments, net 52,427 20,071 29,330 Loss on disposition of businesses 20,280 — — Pension settlement — 23,402 — Tax adjustments, net — (34,281) (17,512) Loss on extinguishment of debt 4,961 5,933 2,375 Transaction costs 2,033 1,012 4,052

Adjusted net income 119,850 197,842 198,284 Provision for income taxes, as adjusted 3,933 56,831 50,503 Interest expense, net 155,558 159,757 164,162

Adjusted EBIT 279,341 414,430 412,949Depreciation and amortization 159,142 148,464 126,790

Adjusted EBITDA $ 438,483 $ 562,894 $ 539,739

Diluted earnings per share $ 1.10 $ 1.28 $ 1.30 Income from discontinued operations, net of tax (0.87) (0.32) (0.34) Restructuring charges and asset impairments, net 0.30 0.11 0.16 Loss on disposition of businesses 0.11 — — Pension settlement — 0.12 — Tax adjustments, net — (0.18) (0.09) Loss on extinguishment of debt 0.03 0.03 0.01 Transaction costs 0.01 0.01 0.02

Adjusted diluted earnings per share $ 0.68 $ 1.05 $ 1.06

Net cash provided by operating activities $ 252,207 $ 342,879 $ 454,158 Net cash (provided by) used in operating activities —

discontinued operations (9,272) 7,916 (52,758) Capital expenditures (137,253) (137,810) (118,247) Restructuring payments 27,148 52,730 26,080 Reserve account deposits 16,341 21,008 10,954 Transaction costs paid 19,488 14,203 7,396

Free cash flow $ 168,659 $ 300,926 $ 327,583

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

The Company’s financial results are reported in accordance with generally accepted accounting principles (GAAP); however, the Company uses certain non-GAAP measures such as adjusted earnings before interest and taxes (EBIT), adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted earnings per share, adjusted net income and free cash flow to exclude the impact of special items like discontinued operations, restructuring charges, gains, losses and costs related to acquisitions and dispositions, asset impairment charges, goodwill impairment charges and other unusual or one-time items.

While these are actual Company income or expenses, they can mask underlying trends associated with the business. Such items are often inconsistent in amount and frequency and as such, the non-GAAP measures provide investors greater insight into the underlying operating trends of the business.

Free cash flow provides investors insight into the amount of cash that management could have available for other discretionary uses. Free cash flow adjusts GAAP cash from operations for cash flows of discontinued operations, capital expenditures, restructuring payments, changes in customer deposits held at the Pitney Bowes Bank, transaction costs and other special items.

The adjusted financial information should not be construed as an alternative to our reported results determined in accordance with GAAP. Further, our definition of adjusted financial measures may differ from similarly titled measures used by other companies.

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Directors and Corporate Officers*

Directors

Anne M. BusquetPrincipal, AMB Advisors, LLC

Robert M. DutkowskyExecutive Chairman, Tech Data

Anne Sutherland FuchsConsultant

Mary J. Steele GuilfoileChairman, MG Advisors, Inc.

S. Douglas HutchesonExecutive Chairman, Kymeta Corporation

Marc B. LautenbachPresident and Chief Officer, Pitney Bowes Inc.

Michael I. RothChairman and Chief Executive Officer, The Interpublic Group of Companies, Inc. Non-Executive Chairman, Pitney Bowes Inc.

Linda SanfordRetired Senior Vice President, Enterprise Transformation, International Business Machines Corporation (IBM)

David L. ShedlarzRetired Vice Chairman, Pfizer Inc.

Corporate Officers

Marc B. LautenbachPresident and Chief Executive Officer

Bill BorrelleSenior Vice President and Chief Marketing Officer

Joseph CatapanoVice President, Chief Accounting Officer

Jason DiesExecutive Vice President and President, Sending Technology Solutions

James FairweatherSenior Vice President, Chief Innovation Officer

Daniel J. GoldsteinExecutive Vice President, Chief Legal Officer and Corporate Secretary

Debbie D. SalceVice President and Treasurer

Joseph SchmittSenior Vice President, Enterprise Information Technology and Operations

Lila SnyderExecutive Vice President and President, Commerce Services

Christoph StehmannExecutive Vice President, International, Sending Technology Solutions

Stanley J. Sutula IIIExecutive Vice President and Chief Financial Officer

Johnna G. TorsoneExecutive Vice President and Chief Human Resources Officer

*As of March 1, 2020

Stockholders may visit the Pitney Bowes corporate governance website at www.pitneybowes.com under Our Company — Our Leadership & Governance — Corporate Governance for information concerning the Company’s governance practices, including the Governance Principles of the Board of Directors, charters of the committees of the board, the Company’s Business Practices Guidelines and the Directors’ Code of Business Conduct and Ethics.

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Page 17: Pitney Bowes Annual Report 2019

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Page 20: Pitney Bowes Annual Report 2019

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Page 22: Pitney Bowes Annual Report 2019

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Page 101: Pitney Bowes Annual Report 2019

Exhibit 21PITNEY BOWES INC.

SUBSIDIARIES OF REGISTRANTThe Registrant, Pitney Bowes Inc., a Delaware Corporation, has no parent

The following are subsidiaries of the Registrant(as of December 31, 2019)

Subsidiary Name Country or state of incorporation

AtLast Holdings Inc. Colorado

B. Williams Funding Corp. Delaware

Borderfree Limited Ireland

Borderfree Research and Development Ltd. Israel

Borderfree Trading (Shanghai) Co., Ltd. China

Borderfree UK Limited United Kingdom

Borderfree, Inc. Delaware

Elmcroft Road Realty Corporation Connecticut

Enroute Systems Corporation Deleware

FSL Holdings Inc. Connecticut

FSL Risk Managers Inc. New York

Harvey Company, L.L.C Delaware

Intreprinderea Cu Capital Strain "Tacit Knowledge" S.R.L. Republic of Moldova

Mount Verde Insurance Company, Inc. Vermont

Newgistics, Inc. Delaware

NGS Holdings, Inc. Delaware

NGS Intermediate Holdings, Inc. Delaware

OldEurope Limited United Kingdom

OldMS Limited United Kingdom

PB Can US Holding LLC Delaware

PB Equipment Management Inc. Delaware

PB European UK LLC Delaware

PB Nova Scotia Holding Inc. Delaware

PB Nova Scotia Holdings ULC Canada

PB Nova Scotia II ULC Canada

PB Nova Scotia VI ULC Canada

PB Nova Scotia VII ULC Canada

PB Professional Services Inc. Delaware

PB US Can LLC Delaware

PB Wilmington USlux, LLC Delaware

PB Worldwide Inc, Delaware

Pitney Bowes (Asia Pacific) Pte. Ltd Singapore

Pitney Bowes Australia FAS Pty Limited Australia

Pitney Bowes Australia Pty Limited Australia

Pitney Bowes Brasil Equipamentos e Servicos Ltda Brazil

Pitney Bowes Canada II LP Canada

Pitney Bowes Deutschland GmbH Germany

Pitney Bowes Finance Ireland Limited Ireland

Pitney Bowes Finance Limited United Kingdom

Page 102: Pitney Bowes Annual Report 2019

Pitney Bowes Funding SRL Barbados

Pitney Bowes Global Financial Services LLC Delaware

Pitney Bowes Global Limited United Kingdom

Pitney Bowes Global LLC Delaware

Pitney Bowes Holdco Limited United Kingdom

Pitney Bowes Holding SNC France

Pitney Bowes Holdings Limited United Kingdom

Pitney Bowes India Private Limited India

Pitney Bowes International Finance Limited United Kingdom

Pitney Bowes International Holdings, Inc. Delaware

Pitney Bowes Ireland Limited Ireland

Pitney Bowes Japan K.K. Japan

Pitney Bowes Limited United Kingdom

Pitney Bowes Luxembourg Holding II S.a.r.l. Luxembourg

Pitney Bowes Luxembourg Holding S.a.r.l. Luxembourg

Pitney Bowes New Zealand Limited New Zealand

Pitney Bowes Nova Scotia ULC Canada

Pitney Bowes of Canada Ltd. - Pitney Bowes du Canada Ltee Canada

Pitney Bowes PayCo Australia PTY LTD Australia

Pitney Bowes PayCo Canada Ltd. Canada

Pitney Bowes PayCo EMR Limited United Arab Emirates

Pitney Bowes PayCo Holdings Limited Ireland

Pitney Bowes PayCo Hong Kong Limited Hong Kong

Pitney Bowes PayCo Japan KK Japan

Pitney Bowes PayCo Korea Ltd South Korea

Pitney Bowes PayCo Mexico, S. DE R.L. DE C.V. Mexico

Pitney Bowes PayCo Singapore Pte Ltd Singapore

Pitney Bowes PayCo Switzerland GmbH Switzerland

Pitney Bowes PayCo UK Limited United Kingdom

Pitney Bowes PayCo US Inc. Delaware

Pitney Bowes Polska Sp. z.o.o. Poland

Pitney Bowes Presort Services, Inc. Delaware

Pitney Bowes Properties Inc. Connecticut

Pitney Bowes Puerto Rico, Inc. Puerto Rico

Pitney Bowes SAS France

Pitney Bowes Shelton Realty LLC Connecticut

Pitney Bowes Software Pty Ltd Australia

Pitney Bowes UK Funding Limited United Kingdom

Pitney Bowes UK LP United Kingdom

Tacit Knowledge Latin America, S. de R.L de C.V. Mexico

Tacit Knowledge Ltd. United Kingdom

Tacit Knowledge Singapore PTE. LTD. Singapore

Tacit Knowledge, Inc. California

The Pitney Bowes Bank, Inc. Utah

Wheeler Financial from Pitney Bowes Inc. Delaware

Wheeler Insurance, Ltd. Vermont

Page 103: Pitney Bowes Annual Report 2019

EXHIBIT 23

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-224833, 333-190308, 333-145527, 333-132592, 333-132591, 333-132590, 333-132589, 333-66735, 333-05731 and 333-231313) and on Form S-3 (Nos. 333-216744, 333-198756) of Pitney Bowes Inc. of our report dated February 20, 2020 relating to the financial statements and financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLPStamford, ConnecticutFebruary 20, 2020

Page 104: Pitney Bowes Annual Report 2019

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Marc B. Lautenbach, certify that:

1. I have reviewed this Annual Report on Form 10-K of Pitney Bowes Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 20, 2020

/s/ Marc B. LautenbachMarc B. LautenbachPresident and Chief Executive Officer

Page 105: Pitney Bowes Annual Report 2019

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Stanley J. Sutula III, certify that:

1. I have reviewed this Annual Report on Form 10-K of Pitney Bowes Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 20, 2020

/s/ Stanley J. Sutula IIIStanley J. Sutula IIIExecutive Vice President and Chief Financial Officer

Page 106: Pitney Bowes Annual Report 2019

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Pitney Bowes Inc. (the "Company") on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Marc B. Lautenbach, President and Chief Executive Officer of the Company, certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Marc B. LautenbachMarc B. LautenbachPresident and Chief Executive Officer Date: February 20, 2020

The foregoing certification is being furnished solely to accompany this report pursuant to 18 U.S.C. §1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company.

Page 107: Pitney Bowes Annual Report 2019

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Pitney Bowes Inc. (the "Company") on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Stanley J. Sutula III, Executive Vice President and Chief Financial Officer of the Company, certify, to the best of my knowledge, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Stanley J. Sutula IIIStanley J. Sutula IIIExecutive Vice President and Chief Financial Officer Date: February 20, 2020

The foregoing certification is being furnished solely to accompany this report pursuant to 18 U.S.C. §1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company.

Page 108: Pitney Bowes Annual Report 2019
Page 109: Pitney Bowes Annual Report 2019

Stockholder Information

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World HeadquartersPitney Bowes Inc. 3001 Summer Street, Stamford, CT 06926 203.356.5000 www.pitneybowes.com

Annual MeetingStockholders are cordially invited to attend the Annual Meeting at 9:00 a.m., Monday, May 4, 2020, at the Hyatt Regency Hotel, 1800 East Putnam Ave., Old Greenwich, Connecticut. Notice of the meeting will be mailed or made available to stockholders of record as of March 6, 2020. Please refer to the Proxy Statement for information concerning admission to the meeting.

10-K ReportIncluded in this Annual Report to Stockholders is a copy of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as filed with the Securities and Exchange Commission (SEC). This Annual Report contains statements that are forward-looking. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the Forward-Looking Statements section of the Form 10-K. The CEO/CFO certifications required to be filed with the SEC under Section 302 of the Sarbanes-Oxley Act of 2002 were filed as exhibits to our Annual Report on Form 10-K for the fiscal year ended December 31, 2019. The CEO certification required to be submitted to the NYSE pursuant to Section 303A.12(a) of the NYSE Listed Company Manual was submitted on June 3, 2019.

Copies of our Form 10-K are available without charge at www.pb.com/investorrelations or upon written request to: Investor Relations Pitney Bowes Inc. 3001 Summer Street, Stamford, CT 06926

Stock ExchangePitney Bowes common stock is traded under the symbol “PBI.” The principal market on which it is listed is the New York Stock Exchange.

Investor InquiriesAll investor inquiries about Pitney Bowes should be addressed to: Investor Relations Pitney Bowes Inc. 3001 Summer Street, Stamford, CT 06926

Comments concerning the Annual Report should be sent to:Corporate Communications Pitney Bowes Inc. 3001 Summer Street, Stamford, CT 06926

Transfer Agent and RegistrarRegular Mail: Broadridge Corporate Issuer Solutions PO Box 1342 Brentwood, NY 11717

Overnight Mail: Broadridge Corporate Issuer Solutions ATTN: IWS 1155 Long Island Avenue Edgewood, NY 11717

Email: [email protected] Website: https://shareholder.broadridge.com/PBI Stockholders may call Broadridge at (800) 648-8170.

Stockholder InquiriesTo provide or obtain information concerning transfer requirements, lost certificates, dividends, changes of address and other matters, please call: (800) 648-8170, TDD phone service for the hearing impaired (855) 627-5080, for foreign holders (720) 414-6868; or write to an address above.

Dividend Reinvestment PlanOwners of Pitney Bowes Inc. common stock may purchase common stock, $1 par value, with their dividends through the Dividend Reinvestment Plan. A prospectus and enrollment card may be obtained by calling (800) 648-8170 or (720) 414-6868 (int’l) or by writing to the agent at an address above.

Direct Deposit of DividendsFor information about direct deposit of dividends, please call (800) 648-8170 or (720) 414-6868 (int’l) or write to the agent at an address above.

Duplicate MailingsIf you receive duplicate mailings because you have more than one account listing, you may wish to save your company money by consolidating your accounts. Please call (800) 648-8170 or (720) 414-6868 (int’l) or write to the agent at an address above.

The materials used in this publication are recyclable. The paper is certified to Forest Stewardship Council® (FSC®) standards.

Pitney Bowes, the Corporate Logo and other secondary marks are trademarks of Pitney Bowes Inc. All other trademarks are the intellectual property of their respective owners.

Page 110: Pitney Bowes Annual Report 2019

3001 Summer Street, Stamford, CT 06926 203.356.5000 www.pitneybowes.com