Pitney Bowes Inc. (PBI): Business Model Canvas [Dec-2025 Updated]

As a long-time observer of this sector, you know that understanding a company's true engine requires looking past the legacy business, and that's exactly what Pitney Bowes Inc. (PBI) is doing right now. We're looking at a firm actively pivoting away from traditional metering hardware toward a more profitable, cash-generative technology and services model, aiming for 2025 revenue between $\mathbf{\$1.90 \text{ billion}}$ and $\mathbf{\$1.95 \text{ billion}}$ while managing the wind-down of its Global E-commerce segment. This shift is fundamentally reshaping its nine building blocks, from leveraging its $\mathbf{\$1.15 \text{ billion}}$ in net finance receivables to securing deep USPS discounts for its Presort Services customers. Dive into the full Business Model Canvas below to see precisely how Pitney Bowes Inc. (PBI) is re-engineering its value capture for the next decade.

Pitney Bowes Inc. (PBI) - Canvas Business Model: Key Partnerships

You're looking at the network that keeps Pitney Bowes Inc. moving in a rapidly evolving logistics landscape. The Key Partnerships block is where the company secures access to physical networks and specialized capabilities it doesn't own outright. Honestly, this is where the rubber meets the road for their Presort and e-commerce offerings.

The United States Postal Service (USPS) remains the foundational partner for the Presort Services segment. This partnership is critical because Pitney Bowes Presort Services handles sortation that enables their clients to qualify for significant USPS workshare discounts across several mail classes, including First Class Mail, Marketing Mail, Marketing Mail Flats, and Bound Printed Matter. While the overall market sees shifts, the USPS handled 6.9 billion parcels in 2024, holding a 31% market share by volume. To be fair, the agency recorded a $9.5 billion loss last year, which puts pressure on all workshare agreements.

For the multicarrier shipping platform, Pitney Bowes Inc. must maintain deep integrations with the major parcel carriers. This is how their software helps clients compare rates and choose the best option. In 2024, UPS moved 4.7 billion parcels, representing a 21% volume share, while FedEx volume declined to 3.7 billion pieces, giving them a 17% share. The competition is fierce; the 'Others' category-regional and final-mile carriers-saw their combined volume jump 23% from 0.6 billion in 2023 to 0.8 billion in 2024.

Here's a quick comparison of the market heavyweights based on the latest available data from the Pitney Bowes Parcel Shipping Index:

Carrier	2024 Volume (Billions)	2024 Volume Market Share	Volume YoY Change (2023 to 2024)
USPS	6.9	31%	+3.4%
Amazon Logistics	6.3	28%	+7.3%
UPS	4.7	21%	+1.7%
FedEx	3.7	17%	Decline
Others (Combined)	0.8	3.5%	+23%

The focus on modernizing the e-commerce logistics network involves strategic technology alliances. Pitney Bowes Inc. partnered with Gatik to deploy Class 6 autonomous box trucks for middle-mile e-commerce shipments in the Dallas, Texas market, with operations starting in the first quarter of 2023. This collaboration was designed to establish a continuous, operational loop, accelerating delivery frequency and lowering logistics costs on known, repeatable routes.

For the SendTech Solutions segment, the local partner ecosystem is key to maintaining service reach. Pitney Bowes Inc. relies on local, certified SendTech partners to provide that hometown sales and service support across its client base, which includes over 600,000 clients worldwide. Still, the segment faces headwinds; SendTech Solutions reported revenue of $311 million for the third quarter of 2025, a 6% decline year-over-year, though Adjusted Segment EBITDA remained stable at $112 million.

The company also leverages partnerships through its technology offerings, specifically through its API programs:

• Shipping API Partner Program: Connects leading e-commerce platform providers with retailers needing to add USPS rates and services.
• Integrations: Connects with major shipping and delivery providers for multicarrier management solutions.

Finance: draft 13-week cash view by Friday.

Pitney Bowes Inc. (PBI) - Canvas Business Model: Key Activities

Operating a national Presort Services network of over 30 centers. Pitney Bowes Presort Services processes more than 15 billion pieces of mail each year, acting as the largest workshare partner of the USPS®. For the second quarter of 2025, the Presort Services segment reported revenue of $150 million. In the third quarter of 2025, Presort Services saw an 11% drop in revenue.

Developing and maintaining SaaS shipping and mailing technology platforms, primarily through the SendTech Solutions segment. SendTech Solutions reported revenue of $311 million in the third quarter of 2025, representing a 6% year-over-year decline. In the second quarter of 2025, SendTech Solutions revenue was $312 million, down 8% from the prior year. Adjusted Segment EBITDA for SendTech Solutions remained flat at $112 million in Q3 2025.

Providing financing and leasing for mailing and shipping equipment, managed in part through the Pitney Bowes Bank. The Bank held $84 million of associated leases under the Receivables Purchase Program at the end of Q1 2025, with a goal to increase this figure to $120 million by the end of 2025.

Executing a strategic plan to realize $180 million to $200 million in annualized cost savings. Prior cost rationalization efforts, excluding the Global E-commerce segment wind-down, had an increased savings target between $120 million to $160 million as of July 2024, with savings fully reflected in 2025.

Managing the orderly wind-down of the Global E-commerce (GEC) segment. The liquidation and wind-down process for GEC was anticipated to conclude in early 2025. The exit was expected to eliminate approximately $136 million in annualized losses, and Pitney Bowes anticipated incurring one-time cash costs not to exceed approximately $150 million related to the exit.

Here's a quick look at the segment performance from recent quarters:

Metric	Q2 2025 Value	Q3 2025 Value
Total Revenue	$462 million	$460 million
SendTech Revenue	$312 million	$311 million
Presort Services Revenue	$150 million	Not explicitly stated, but revenue declined 11%
Adjusted EBIT (Consolidated)	$102 million	$107 million

The company's focus on operational efficiency is reflected in margin expansion:

• Gross margin expanded to 56.3% in Q2 2025 from 54.3% in Q2 2024.
• SG&A expenses as a percentage of revenue improved to 37.0% in Q2 2025 from 39.4% in Q2 2024.
• Adjusted EBIT margin reached 22.1% in Q2 2025 compared to 15.3% in Q2 2024.

Capital allocation activities also form a key part of the current operations:

• Quarterly dividend raised to $0.09.
• Share repurchase authorization increased to $500 million.
• Year-to-date share repurchases reached $281.2 million as of Q3 2025.

Finance: review the Q4 2025 cash flow forecast incorporating the GEC wind-down costs by next Tuesday.

Pitney Bowes Inc. (PBI) - Canvas Business Model: Key Resources

You're looking at the core assets Pitney Bowes Inc. (PBI) relies on to run its business as of late 2025. These aren't just line items; they are the engines driving their value propositions across mailing, shipping, and finance.

The financial services arm, Pitney Bowes Bank, is a significant resource, backed by a substantial portfolio of finance receivables. As of the second quarter of 2025, the balance sheet clearly shows the scale of this financing capability.

Finance Receivables Component	Balance as of June 30, 2025 (in thousands)	Approximate Value
Short-term finance receivables, net	$506,989	$507.0 million
Long-term finance receivables (net of allowance)	$638,625	$638.6 million
Total Finance Receivables (approximate)	$1,145,614	$1.15 billion

This financing capacity supports the leasing and equipment side of the business, which is a crucial element for maintaining the installed base, especially as the company works through prior product migration issues. Here's the quick math: that total is right on the $1.15 billion mark you mentioned.

The technology backbone is centered on proprietary software platforms. These are the tools clients use daily to manage complex logistics. For instance, platforms like SendPro and PitneyShip are key for multicarrier management, helping businesses navigate the various carrier options and pricing structures.

Intellectual property forms another critical layer, especially given the regulatory environment. Pitney Bowes has extensive IP covering the foundational elements of their business-metering, sorting technology, and digital mailing capabilities. This is evidenced by their ongoing work to ensure compliance, such as migrating high-volume users off discontinued IBI meter technology to IMI-compliant solutions, a transition that had webinars scheduled as recently as April 2025.

The physical infrastructure supporting the Presort Services segment is also a key resource, though it faces near-term headwinds. The scale of this network can be seen through its recent financial contribution:

• Presort Services revenue for the three months ended September 30, 2025, was $148.9 million.
• Presort Services revenue for the nine months ended September 30, 2025, was $476.9 million.

Also, the company's commitment to secure, modern delivery is reflected in its technology certifications. Pitney Bowes maintains FedRAMP and StateRAMP authorized, secure SaaS technology, which is vital for government and large enterprise clients relying on cloud-hosted solutions like the subscriber version of SendPro Enterprise.

The company's overall client base, which includes over 90 percent of the Fortune 500, is an intangible but vital resource, built on decades of service. Finance: draft 13-week cash view by Friday.

Pitney Bowes Inc. (PBI) - Canvas Business Model: Value Propositions

Cost optimization is a core value proposition, delivered through deep access to United States Postal Service (USPS) discounts. Pitney Bowes clients can see savings up to 88% off retail rates via the USPS Connect Ecommerce (CeC) program. This is part of a broader strategy where the company helps manage rising rates, with webinars planned in December 2025 to prepare for anticipated January 2026 USPS Shipping Services price changes.

The company simplifies complex multicarrier shipping and mailing for SMBs and enterprises globally. This is evidenced by Pitney Bowes serving more than 90% of the Fortune 500 companies. The advanced SaaS-based multicarrier shipping platform was recognized as the Top Company in Shipping Software for 2025 by Logistics Tech Outlook.

Enabling postal workshare discounts for large mailers is achieved through Presort Services. This segment provides sortation services for First Class Mail, Marketing Mail, and Bound Printed Matter. For the three months ended September 30, 2025, Presort Services generated $148.9 million in revenue, with an Adjusted Segment EBIT of $33 million for the same period. The company holds a mid-30% market share for higher-margin First Class mail within this business.

Flexible financing options are provided for equipment purchases and leases, primarily through the SendTech Solutions segment. As of the second quarter of 2025, net finance receivables stood at $1.15 billion, with over 85% of these receivables concentrated in the North American portfolio.

Pitney Bowes offers a single, secure platform for physical and digital sending needs, which is part of its SendTech Solutions offering. The financial scale supporting this value proposition is significant, with SendTech Solutions generating $310.8 million in revenue for the third quarter of 2025, and $938.1 million for the first nine months of 2025.

Here's a quick look at the segment revenue performance for the three months ended September 30, 2025, illustrating the scale of the services underpinning the value propositions:

Segment	Revenue (3 Months Ended Sep 30, 2025)	Adjusted Segment EBIT (3 Months Ended Sep 30, 2025)
SendTech Solutions	$310.8 million	Not explicitly stated for Q3 2025
Presort Services	$148.9 million	$33 million

The overall focus on efficiency is reflected in company-wide metrics, which saw Adjusted EBIT surge by 37% year-over-year in Q2 2025, despite a 6% year-over-year revenue drop in that same quarter. The company is targeting annualized savings of $35 million to $50 million from a worldwide restructuring plan expected to conclude by the first half of 2026.

Key elements of the digital and physical sending platform value include:

• Advanced SaaS-based multicarrier shipping platform.
• Security and compliance meeting SOC2 and ISO 27001 certifications.
• Rule-based automation engine for shipping priorities.
• Platform supports shipping, tracking, and payments integration.
• Approximately 70% market share in the SendTech segment.

Pitney Bowes Inc. (PBI) - Canvas Business Model: Customer Relationships

You're looking at how Pitney Bowes Inc. manages its relationships across a diverse base, from massive corporations to individual users of its SaaS tools. The strategy clearly splits between high-touch enterprise sales and scalable digital service.

The direct sales effort targets the largest clients, where Pitney Bowes Inc. currently serves more than 90 percent of the Fortune 500. This high-value segment relies on a dedicated direct and inside sales force for complex, integrated solutions across its SendTech Solutions and Presort Services segments.

For the broader user base, automation is key. The shift to digital self-service via SaaS platforms like PitneyShip is evident in the massive reduction in manual support load. Five years ago, Pitney Bowes Inc. handled about 2 million inbound support calls annually; today, that number is under 700,000. This efficiency gain is driven by AI automation answering the top 22 most frequently asked questions instantly.

Contractual relationships form the backbone of the equipment and sortation business. For instance, a federal agreement for leasing and PM services shows a total award obligation of $10,110 (in thousands) with a base year running from September 16, 2025, to September 30, 2026. The balance sheet reflects significant long-term commitments, with Noncurrent operating lease liabilities reported at $100,244 (in thousands) as of June 30, 2025, supporting the equipment lease structure. The company's overall financial health, which supports these long-term agreements, showed GAAP cash from operating activities of $111 million for the six months ended June 30, 2025.

The commitment to customer experience is formalized with a stated target for overall satisfaction score of 85%. This focus is necessary as the company navigates its transformation, with Q2 2025 revenue at $462 million, down 6% year-over-year.

The relationship structure can be summarized by the scale of engagement and the service delivery model:

• Dedicated direct and inside sales force for large enterprise accounts.
• Automated, digital self-service via SaaS platforms like PitneyShip.
• Long-term, contractual relationships for equipment leases and Presort services.
• Local, high-touch support through a network of certified service partners.
• Customer-centric approach targeting an overall satisfaction score of 85%.

Here's a look at the scale of the customer relationship footprint and service efficiency:

Metric	Value	Context/Date
Fortune 500 Penetration	More than 90 percent	Clients served globally, as of early 2025.
Annual Inbound Support Calls (Current)	Under 700,000	As of late 2025, down from 2 million five years prior.
Automated Support Topics	22 most frequent queries	Handled by AI automation.
Noncurrent Operating Lease Liabilities	$100,244 thousand	Balance Sheet as of June 30, 2025.
Q2 2025 Total Revenue	$462 million	For the three months ended June 30, 2025.

The reliance on long-term agreements is further supported by the company's financial structure, which includes Long-term debt of $1,881,565 thousand as of the second quarter of 2025. This capital base underpins the ability to offer financing alternatives for equipment purchases mentioned in the SendTech Solutions segment.

The support model integrates external expertise; local, high-touch support is delivered through a network of certified service partners, complementing the internal direct sales and digital channels. This multi-pronged approach is necessary to service the company's broad customer base, which includes small businesses, large enterprises, and government entities.

Pitney Bowes Inc. (PBI) - Canvas Business Model: Channels

You're looking at how Pitney Bowes Inc. (PBI) gets its offerings into the hands of customers as of late 2025. It's a mix of old-school direct engagement and modern software delivery.

Direct Sales Force for SendTech and Presort Services Contracts

The direct sales force supports the core physical services. For the second quarter of 2025, the SendTech Solutions segment reported revenue of $312 Million, which was down 8% year-over-year. The Presort Services segment, which relies on direct client contracts for USPS workshare discounts, brought in $150 Million in revenue for Q2 2025, showing a 2% year-over-year increase. Pitney Bowes Inc. is a certified work-share partner of the United States Postal Service, processing approximately 15 Billion pieces of mail annually as of prior reporting. Government channels utilize specific agreements, such as the NASPO ValuePoint Master Agreement CTR058808, with some State contracts having end dates extending to June 30, 2026.

Digital Channels, Including PitneyShip and SendPro SaaS Platforms and APIs

The shift to Software as a Service (SaaS) is central. Pitney Bowes technology empowers businesses, including more than 90 percent of the Fortune 500, through its shipping software. The company was recognized as the Top Company in Shipping Software Solutions for 2025. For context, the worldwide SaaS market is valued at $390.5 Billion in 2025, and companies globally use an average of 106 SaaS applications. The PitneyShip platform has seen feature enhancements as recently as March 6, 2025, including support for DHL Express - Paperless Trade and UPS Multi-piece return labels.

Global and Regional Partner Channels for Product Distribution

While direct sales are key for SendTech, the overall reach is amplified through various channels. The company's Parcel Shipping Index, which measures parcel volume and spend across the USA, showed total parcel volume reached 22.4 Billion shipments last year compared to 2023. This index tracks shipments up to 31.5kg (70lb) across B2B, B2C, C2B, and C2C segments, indicating the scale of the ecosystem their technology interfaces with. The company also maintains a Partner Program, which includes Shipping APIs and Affiliates.

Direct Mailings and Digital Advertising for Lead Generation

Lead generation efforts utilize targeted digital outreach. A case study showed that an insight-driven email nurture campaign successfully converted warm leads into $7 Million in sales. The company serves approximately 750,000 customers globally as of 2021, suggesting a broad base for targeted digital campaigns.

Pitney Bowes Bank for Financial Services Delivery

Financial services are delivered through the banking arm. As of the second quarter of 2025, Pitney Bowes reported bank deposits of $684 Million. Furthermore, the Global Financial Services operation maintained net finance receivables at $1.15 Billion, which was flat compared to year-end figures.

The Channel structure supports the two primary segments, as shown below:

Channel Component	Associated Segment/Service	Latest Reported Metric (2025 Data)
Direct Sales Force	SendTech Solutions	$312 Million Revenue (Q2 2025)
Direct Sales Force/Contracts	Presort Services	$150 Million Revenue (Q2 2025)
SaaS Platforms (PitneyShip/SendPro)	SendTech Solutions (Digital)	Serving more than 90% of Fortune 500 clients
APIs/Partner Integrations	Sending Technology Solutions	Parcel market volume tracked: 22.4 Billion shipments (Last Year)
Direct Mail/Digital Advertising	Lead Generation	Case study conversion value: $7 Million in Sales
Pitney Bowes Bank Operations	Financial Services	Net Finance Receivables: $1.15 Billion (Q2 2025)

Pitney Bowes Inc. (PBI) - Canvas Business Model: Customer Segments

You're looking at the core groups Pitney Bowes Inc. (PBI) serves as of late 2025, based on their recent financial disclosures. It's a mix of very large, established entities and smaller businesses navigating shipping complexity.

Large Enterprises and Government Entities requiring high-volume mailing/shipping solutions

This group represents the highest tier of Pitney Bowes Inc. (PBI)'s client base, often requiring robust, scalable solutions for their mailing and parcel needs. The company explicitly states it serves clients around the world, including more than 90 percent of the Fortune 500. These large entities and government bodies rely on the technology-driven products and services to simplify sending mail and parcels.

Small and Medium-sized Businesses (SMBs) using mailing and shipping software

The SendTech Solutions segment is a primary touchpoint for small and medium businesses, offering SaaS shipping solutions and mailing innovation. While the overall SendTech Solutions revenue saw a 6% decline in Q3 2025, this was attributed to factors like product migration and a shrinking mailing install base, not necessarily a mass exodus of small business users. This segment is crucial for the recurring revenue stream from software and supplies.

High-volume mailers utilizing Presort Services for postal discounts

This segment is comprised of organizations that generate significant mail volume and use Pitney Bowes Inc. (PBI)'s Presort Services to qualify for USPS workshare discounts on First Class Mail, Marketing Mail, and other classes. This customer group faced headwinds; Presort Services experienced an 11% drop in revenue during Q3 2025, driven by client losses and broader market decline. The financial impact was clear: a $17 million decline in revenue in this service area led to a $13 million decline in EBITDA and EBIT for the quarter.

E-commerce retailers needing streamlined fulfillment and returns management

This customer group was historically served by the Global Ecommerce segment, which provides B2C online companies with logistics for domestic and cross-border fulfillment, delivery, and returns. While the company has been restructuring this area, the historical scale is notable: in 2023, Global Ecommerce revenue was over $1.35 billion, representing more than 40% of Pitney Bowes Inc. (PBI)'s total revenue of $3.27 billion that year. For context on the recent state of this customer base, the segment reported Q1 2025 revenue of $333 million, alongside an EBITDA loss of $21 million.

Here's a quick look at the segment performance data reported for Q3 2025, which gives you a snapshot of the current health across these customer groups:

Segment Area	Q3 2025 Revenue (Year-over-Year Change)	Q3 2025 Adj. Segment EBITDA	Q3 2025 Adj. Segment EBIT
SendTech Solutions	Decline of 6%	Flat year-over-year	Decline (driven by lower revenue)
Presort Services	Decline of 11%	Decline	Decline

The reliance on these established customer types is evident in the overall company figures for the period ending September 30, 2025, where total Trailing Twelve Months (TTM) Revenue stood at $1.93 Billion USD. You can see the direct impact of the enterprise and high-volume mailers through the SendTech and Presort results.

The key customer characteristics Pitney Bowes Inc. (PBI) targets include:

• Fortune 500 Presence: Serving more than 90% of these top-tier corporations.
• High-Volume Mailers: Customers driving the Presort Services business, which saw an 11% revenue drop in Q3 2025.
• SaaS/Software Users: The base for SendTech Solutions, which saw a 6% revenue decline in Q3 2025.
• E-commerce Logistics Users: A base that historically contributed over 40% of total revenue (based on 2023 figures).

Finance: draft 13-week cash view by Friday.

Pitney Bowes Inc. (PBI) - Canvas Business Model: Cost Structure

You're looking at the cost side of Pitney Bowes Inc. (PBI) as they push through their transformation. The structure reflects heavy investment in legacy networks alongside aggressive cost-cutting measures, especially following the Global E-commerce (GEC) exit.

High operating costs are definitely tied to the national Presort Services network. For the second quarter of 2025, the Selling, general and administrative (SG&A) expenses were reported at $170,542 thousand in the consolidated statements. This is a focus area for reduction, as the SG&A expense as a percentage of revenue improved to 37.0% in Q2 2025, down from 39.4% in the prior year period.

The balance sheet costs are significant, particularly the interest expense tied to outstanding debt. The company has been actively managing this profile.

Financial Metric	Amount (as of Q2 2025 / June 30, 2025)	Context/Source
Total Principal Debt	$1.93 billion	As of June 30, 2025.
Interest Expense (Net)	$24,937 thousand	Reported for the second quarter of 2025.
Total Debt (Q1 2025 End)	$1,896,715 thousand	Total debt as of March 31, 2025.

Restructuring and one-time cash costs stem heavily from the GEC segment exit, which was largely concluded in early 2025. Pitney Bowes anticipated incurring one-time cash costs not to exceed $150 million related to this exit. The company also expected a pretax loss of approximately $200 million from the GEC exit. The GEC segment itself generated annualized net losses of $136 million for the year ended December 31, 2023. As part of the wind-down, Pitney Bowes committed approximately $45 million in debtor-in-possession (DIP) financing.

The company is actively pursuing cost rationalization beyond the GEC wind-down. They are targeting total annualized gross savings between $120 million and $160 million from expense reduction initiatives, excluding GEC savings. By the end of the first quarter of 2025, the run-rate of net annualized savings achieved was $157 million.

Research and development (R&D) investment continues, focused on the shift to digital. For the second quarter of 2025, R&D expense was $3,601 thousand. This investment supports the growth in recurring revenue streams; for instance, Q4 2024 saw a 33% year-over-year improvement in SaaS subscription revenue.

Other specific costs impacting the income statement in Q2 2025 included:

• Restructuring charges: $13,806 thousand.
• GAAP EPS included a $0.06 per share impact from restructuring charges.
• GAAP EPS included a $0.07 per share impact from foreign currency loss on intercompany loans.

Finance: draft 13-week cash view by Friday.

Pitney Bowes Inc. (PBI) - Canvas Business Model: Revenue Streams

You're looking at the core ways Pitney Bowes Inc. (PBI) brings in cash as of late 2025. The company's full-year 2025 revenue guidance has been recalibrated to be between $1.90 billion and $1.95 billion. This reflects a focus on profitability even as top-line growth faces headwinds in certain areas.

The revenue streams are clearly segmented across the two primary reporting units, SendTech Solutions and Presort Services. Honestly, the recurring component within SendTech is what management is leaning on to stabilize the business. Specific initiatives mentioned include extending lease agreements to lock in that predictable revenue.

Here's a look at the latest reported segment revenue for the third quarter of 2025, which gives you a snapshot of the current mix:

Revenue Stream Component	Q3 2025 Revenue (Millions USD)	Nine Months 2025 Revenue (Millions USD)
SendTech Solutions Total Revenue	$310.8	$938.1
Presort Services Revenue	$148.9	$476.9
Total Reportable Segments Revenue	$459.7	$1,415.0

Within SendTech Solutions, you see the mix of equipment sales, supplies, and the more stable recurring elements. For example, looking at year-over-year growth trends from late 2024, the shift toward subscription models was showing strength:

• SaaS subscription revenue increased 33% year-over-year in Q4 2024.
• Shipping-related revenues grew 18% year-over-year in Q4 2024.
• The overall gross profit margin for the company stands at an impressive 53.78%.

Revenue from Presort Services is directly tied to mail volume and the workshare discounts Pitney Bowes Inc. secures with the USPS. This segment saw revenue of $148.9 million in the third quarter of 2025, down 11% year-over-year, driven by lower volumes from client losses tied to prior pricing strategies and a broader market decline. For the first nine months of 2025, Presort Services generated $476.9 million.

The financial services arm, Pitney Bowes Bank, contributes through interest and fee income derived from its lending activities. While specific income figures aren't detailed here, the scale of the portfolio is visible; net finance receivables were reported at $1.15 billion as of the second quarter of 2025. This bank activity is a key part of the overall structure, supporting the core business financing.

Sales of mailing and shipping supplies and equipment fall under the SendTech Solutions segment. The Q3 2025 revenue for the entire SendTech segment was $310.8 million. The company is actively targeting growth in shipping-related revenues to eventually surpass the declines seen in traditional mailing equipment placements.