On June 26, 2024, Pitney Bowes Inc., as part of its ongoing initiatives to accelerate value creation, approved a plan to realize cost reductions and improve efficiencies, which includes workforce reductions and other actions (the ?2024 Plan?). The Company currently expects to incur aggregate one-time, pre-tax charges associated with the 2024 Plan of approximately $25 million, primarily related to cash severance costs, to be recorded in the second quarter of 2024. The company anticipates incurring additional charges in future periods related to further workforce reductions and other actions.

The 2024 Plan is expected to be completed by the end of the first quarter of 2025.