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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________________ to ________________
Commission file number: 1-03579
PITNEY BOWES INC.
(Exact name of registrant as specified in its charter)
State of incorporation:DelawareI.R.S. Employer Identification No.06-0495050
Address of Principal Executive Offices:3001 Summer Street,Stamford,Connecticut06926
Telephone Number:(203)356-5000

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $1 par value per sharePBINew York Stock Exchange
6.7% Notes due 2043PBI.PRBNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerþAccelerated filer ☐Non-accelerated filer o
Smaller reporting company ☐Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ
As of April 28, 2023, 175,625,660 shares of common stock, par value $1 per share, of the registrant were outstanding.


PITNEY BOWES INC.
INDEX
Page Number
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2023 and 2022
Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2023 and 2022
Condensed Consolidated Balance Sheets at March 31, 2023 and December 31, 2022
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2023 and 2022
Item 6:
Exhibits
2


PART I. FINANCIAL INFORMATION
Item 1: Financial Statements
PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per share amounts)
Three Months Ended March 31,
20232022
Revenue:  
Business services$523,491 $597,384 
Support services105,284 110,352 
Financing67,049 72,029 
Equipment sales82,610 89,296 
Supplies38,835 41,061 
Rentals17,269 16,820 
Total revenue834,538 926,942 
Costs and expenses:
Cost of business services446,317 503,215 
Cost of support services36,840 37,134 
Financing interest expense14,536 11,602 
Cost of equipment sales57,171 63,771 
Cost of supplies11,225 11,517 
Cost of rentals5,428 5,309 
Selling, general and administrative242,120 242,785 
Research and development10,493 11,334 
Restructuring charges3,599 4,184 
Interest expense, net22,342 22,124 
Other components of net pension and postretirement (income) cost(1,710)844 
Other income, net(2,836)(11,901)
Total costs and expenses845,525 901,918 
(Loss) income before taxes(10,987)25,024 
(Benefit) provision for income taxes(3,250)4,203 
Net (loss) income$(7,737)$20,821 
Basic net (loss) earnings per share$(0.04)$0.12 
Diluted net (loss) earnings per share $(0.04)$0.12 













See Notes to Condensed Consolidated Financial Statements
3

PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in thousands)

Three Months Ended March 31,
20232022
Net (loss) income $(7,737)$20,821 
Other comprehensive income (loss), net of tax:
Foreign currency translation, net of tax of $174 and $(167), respectively
10,887 (17,565)
Net unrealized (loss) gain on cash flow hedges, net of tax of $(687) and $1,768, respectively
(2,062)5,333 
Net unrealized gain (loss) on investment securities, net of tax of $1,028 and $(5,146), respectively
3,272 (15,522)
Amortization of pension and postretirement costs, net of tax of $1,142 and $2,461, respectively
3,489 7,736 
Other comprehensive income (loss), net of tax15,586 (20,018)
Comprehensive income$7,849 $803 










































See Notes to Condensed Consolidated Financial Statements
4

PITNEY BOWES INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands, except per share amount)

March 31, 2023December 31, 2022
ASSETS  
Current assets:  
Cash and cash equivalents$511,761 $669,981 
Short-term investments (includes $2,388 and $1,882, respectively, reported at fair value)
15,614 11,172 
Accounts and other receivables (net of allowance of $6,083 and $5,344, respectively)
271,496 343,557 
Short-term finance receivables (net of allowance of $11,683 and $11,395, respectively)
551,348 564,972 
Inventories94,016 83,720 
Current income taxes19,318 8,790 
Other current assets and prepayments125,746 115,824 
Total current assets1,589,299 1,798,016 
Property, plant and equipment, net411,793 420,672 
Rental property and equipment, net26,955 27,487 
Long-term finance receivables (net of allowance of $10,221 and $10,555 respectively)
636,518 627,124 
Goodwill1,069,660 1,066,951 
Intangible assets, net74,028 77,944 
Operating lease assets287,703 296,129 
Noncurrent income taxes44,595 46,613 
Other assets (includes $231,732 and $229,936, respectively, reported at fair value)
390,298 380,419 
Total assets$4,530,849 $4,741,355 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Current liabilities:  
Accounts payable and accrued liabilities$800,050 $907,083 
Customer deposits at Pitney Bowes Bank594,546 628,072 
Current operating lease liabilities53,848 52,576 
Current portion of long-term debt262,439 32,764 
Advance billings86,802 105,207 
Current income taxes981 2,101 
Total current liabilities1,798,666 1,727,803 
Long-term debt1,910,529 2,172,502 
Deferred taxes on income268,193 263,131 
Tax uncertainties and other income tax liabilities23,778 23,841 
Noncurrent operating lease liabilities256,158 265,696 
Other noncurrent liabilities213,561 227,729 
Total liabilities4,470,885 4,680,702 
Commitments and contingencies (See Note 13)
Stockholders’ equity:
Common stock, $1 par value (480,000 shares authorized; 323,338 shares issued)
323,338 323,338 
Retained earnings5,060,852 5,125,677 
Accumulated other comprehensive loss(819,978)(835,564)
Treasury stock, at cost (147,714 and 149,307 shares, respectively)
(4,504,248)(4,552,798)
Total stockholders’ equity59,964 60,653 
Total liabilities and stockholders’ equity$4,530,849 $4,741,355 





See Notes to Condensed Consolidated Financial Statements
5

PITNEY BOWES INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in thousands)

Three Months Ended March 31,
20232022
Cash flows from operating activities:  
Net (loss) income $(7,737)$20,821 
Adjustments to reconcile net (loss) income to net cash from operating activities:  
Depreciation and amortization39,897 42,002 
Allowance for credit losses4,308 2,024 
Stock-based compensation3,245 4,495 
Amortization of debt fees2,118 1,479 
(Gain) loss on debt redemption/refinancing(2,836)4,993 
Restructuring charges3,599 4,184 
Restructuring payments(4,641)(3,285)
Pension contributions and retiree medical payments(19,938)(13,517)
Gain on sale of assets— (14,372)
Gain on sale of businesses— (2,522)
Changes in operating assets and liabilities, net of acquisitions/divestitures:  
Accounts and other receivables69,841 33,086 
Finance receivables15,596 (172)
Inventories(10,226)(7,936)
Other current assets and prepayments(8,380)(25,426)
Accounts payable and accrued liabilities(103,990)(38,647)
Current and noncurrent income taxes(6,070)(3,836)
Advance billings(18,672)2,422 
Other, net4,172 4,769 
   Net cash from operating activities(39,714)10,562 
Cash flows from investing activities:  
Capital expenditures(28,666)(32,555)
Purchases of investment securities(5,180)(3,988)
Proceeds from sales/maturities of investment securities5,976 11,020 
Net investment in loan receivables(12,879)(11,230)
Proceeds from asset sales— 50,766 
Proceeds from sale of businesses— 9,016 
Other investing activities(664)5,000 
   Net cash from investing activities(41,413)28,029 
Cash flows from financing activities:  
Repayments of debt(31,018)(100,595)
Premiums and fees paid to redeem/refinance debt— (4,759)
Dividends paid to stockholders(8,725)(8,688)
Customer deposits at Pitney Bowes Bank(33,526)(12,959)
Common stock repurchases— (13,446)
Other financing activities(6,173)(5,411)
   Net cash from financing activities(79,442)(145,858)
Effect of exchange rate changes on cash and cash equivalents2,349 (2,638)
Change in cash and cash equivalents(158,220)(109,905)
Cash and cash equivalents at beginning of period669,981 732,480 
Cash and cash equivalents at end of period$511,761 $622,575 









See Notes to Condensed Consolidated Financial Statements
6

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)

1. Description of Business and Basis of Presentation
Description of Business
Pitney Bowes Inc. (we, us, our, or the company) is a global shipping and mailing company that provides technology, logistics, and financial services to small and medium sized businesses, large enterprises, including more than 90 percent of the Fortune 500, retailers and government clients around the world. These clients rely on us to remove the complexity and increase the efficiency in their sending of mail and parcels. For additional information, visit www.pitneybowes.com.

Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In addition, the December 31, 2022 Condensed Consolidated Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In management's opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary to fairly state our financial position, results of operations and cash flows for the periods presented have been included. Operating results for the periods presented are not necessarily indicative of the results that may be expected for any other interim period or for the year ending December 31, 2023. These statements should be read in conjunction with the financial statements and notes thereto included in our Annual Report to Stockholders on Form 10-K for the year ended December 31, 2022 (2022 Annual Report).
During the second quarter of 2022, we determined that $5 million of cash outflows were incorrectly classified as operating activities instead of investing activities within the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2022. During the second quarter of 2022, we corrected this misstatement for the six months ended June 30, 2022. The impact of the adjustments is not material to the consolidated financial statements for any prior quarterly or annual periods.
Factors Affecting Comparability
Certain transactions and changes occurred during 2022 that impact the comparability of our 2023 financial results to the prior periods. These transactions and changes include:
•The sale of our Borderfree cross-border ecommerce solutions business (Borderfree) in July 2022. Accordingly, reported revenue and costs for the first half of 2022 include revenue and costs for Borderfree. Net income of Borderfree in the first half of 2022 was not significant.
•A change in the presentation of revenue for digital delivery services effective October 1, 2022, from a gross basis to a net basis. Accordingly, in 2023, revenue and costs of revenue for certain digital delivery services are reported on a net basis as business services revenue; whereas for the first nine months of 2022, revenue and cost of revenue for these services are reported as business services revenue and cost of business services, respectively. The change primarily impacts our Global Ecommerce business.

Accounting Pronouncements Adopted in 2023
On January 1, 2023, we adopted ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which requires disclosure of gross write-offs of finance receivables by year of origination. The adoption of this standard did not have a material impact on our financial statement disclosures.

Accounting Pronouncements Not Yet Adopted
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The transition to new reference interest rates will require certain contracts to be modified and the ASU is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The accommodations provided by the ASU are effective through December 31, 2024, and may be applied at the beginning of any interim period within that time frame. We continue to assess the impact of this standard on our condensed consolidated financial statements.




7

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
2. Revenue
Disaggregated Revenue
The following tables disaggregate our revenue by source and timing of recognition:
Three Months Ended March 31, 2023
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$348,391 $158,902 $16,198 $523,491 $— $523,491 
Support services— — 105,284 105,284 — 105,284 
Financing— — — — 67,049 67,049 
Equipment sales— — 19,995 19,995 62,615 82,610 
Supplies— — 38,835 38,835 — 38,835 
Rentals— — — — 17,269 17,269 
Subtotal348,391 158,902 180,312 687,605 $146,933 $834,538 
Revenue from leasing transactions and financing— — 146,933 146,933 
     Total revenue$348,391 $158,902 $327,245 $834,538 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$— $— $77,064 $77,064 
Products/services transferred over time348,391 158,902 103,248 610,541 
      Total$348,391 $158,902 $180,312 $687,605 

Three Months Ended March 31, 2022
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$418,527 $160,544 $18,313 $597,384 $— $597,384 
Support services— — 110,352 110,352 — 110,352 
Financing— — — — 72,029 72,029 
Equipment sales— — 21,299 21,299 67,997 89,296 
Supplies— — 41,061 41,061 — 41,061 
Rentals— — — — 16,820 16,820 
Subtotal418,527 160,544 191,025 770,096 $156,846 $926,942 
Revenue from leasing transactions and financing— — 156,846 156,846 
     Total revenue$418,527 $160,544 $347,871 $926,942 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$— $— $78,373 $78,373 
Products/services transferred over time418,527 160,544 112,652 691,723 
      Total$418,527 $160,544 $191,025 $770,096 




8

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Our performance obligations for revenue from products and services are as follows:
Business services includes fulfillment, delivery and return services, cross-border solutions, mail processing services and shipping subscription solutions. Revenue for fulfillment, delivery and return services and cross-border solutions and mail processing services is recognized over time using an output method based on the number of parcels or mail pieces either processed or delivered, depending on the service type, since that measure best depicts the value of goods and services transferred to the client over the contract period. Contract terms for these services initially range from one to five years and contain annual renewal options. Revenue for shipping subscription solutions is recognized ratably over the contract period as the client obtains equal benefit from these services through the period.
Support services includes providing maintenance, professional and subscription services for our equipment and digital mailing and shipping technology solutions. Contract terms range from one to five years, depending on the term of the lease contract for the related equipment. Revenue for maintenance and subscription services is recognized ratably over the contract period and revenue for professional services is recognized when services are provided.
Equipment sales generally includes the sale of mailing and shipping equipment, excluding sales-type leases. We recognize revenue upon delivery for self-install equipment and upon acceptance or installation for other equipment. We provide a warranty that the equipment is free of defects and meets stated specifications. The warranty is not considered a separate performance obligation.
Supplies includes revenue from supplies for our mailing equipment and is recognized upon delivery.
Revenue from leasing transactions and financing includes revenue from sales-type and operating leases, finance income, late fees and investment income, gains and losses at the Pitney Bowes Bank.

Advance Billings from Contracts with Customers
Balance sheet locationMarch 31, 2023December 31, 2022Increase/ (decrease)
Advance billings, currentAdvance billings$78,363 $97,904 $(19,541)
Advance billings, noncurrent Other noncurrent liabilities$949 $906 $43 

Advance billings are recorded when cash payments are due in advance of our performance. Revenue is recognized ratably over the contract term. Items in advance billings primarily relate to support services on mailing equipment. Revenue recognized during the period includes $57 million of advance billings at the beginning of the period. Advance billings, current, at March 31, 2023 and December 31, 2022 also includes $8 million and $7 million, respectively, from leasing transactions.

Future Performance Obligations
Future performance obligations include revenue streams bundled with our leasing contracts, primarily maintenance and subscription services. The transaction prices allocated to future performance obligations will be recognized as follows:
Remainder of 202320242025-2028Total
SendTech Solutions$193,946 $220,083 $293,623 $707,652 
The amounts above do not include revenue for performance obligations under contracts with terms less than 12 months or revenue for performance obligations where revenue is recognized based on the amount billable to the customer.
9

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
3. Segment Information
Our reportable segments are Global Ecommerce, Presort Services and SendTech Solutions. The principal products and services of each reportable segment are as follows:
Global Ecommerce: Includes the revenue and related expenses from domestic parcel services, cross-border services and digital delivery services.
Presort Services: Includes revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter for postal worksharing discounts.
SendTech Solutions: Includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.
Management measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Adjusted segment EBIT excludes interest, taxes, unallocated corporate expenses, restructuring charges and other items not allocated to business segments. Costs related to shared assets are allocated to the relevant segments. Management believes that adjusted segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. Adjusted segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and a reconciliation of adjusted segment EBIT to net (loss) income.
Revenue
Three Months Ended March 31,
20232022
Global Ecommerce$348,391 $418,527 
Presort Services158,902 160,544 
SendTech Solutions327,245 347,871 
Total revenue$834,538 $926,942 

Adjusted Segment EBIT
Three Months Ended March 31,
20232022
Global Ecommerce$(34,206)$(13,696)
Presort Services26,905 19,632 
SendTech Solutions96,671 104,575 
Total adjusted segment EBIT89,370 110,511 
Reconciliation of Adjusted Segment EBIT to net (loss) income:  
Unallocated corporate expenses(56,349)(57,834)
Restructuring charges(3,599)(4,184)
Interest expense, net(36,878)(33,726)
Proxy solicitation fees(6,367)— 
Gain (loss) on debt redemption/refinancing2,836 (4,993)
Gain on sale of assets— 14,372 
Gain on sale of businesses, including transaction costs— 878 
Benefit (provision) for income taxes3,250 (4,203)
Net (loss) income$(7,737)$20,821 



10

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
4. Earnings per Share
The calculation of basic and diluted earnings per share (EPS) is presented below.
Three Months Ended March 31,
20232022
Numerator:  
Net (loss) income$(7,737)$20,821 
Denominator:  
Weighted-average shares used in basic EPS174,626 174,115 
Dilutive effect of common stock equivalents (1)
— 3,919 
Weighted-average shares used in diluted EPS174,626 178,034 
  
Basic net (loss) earnings per share$(0.04)$0.12 
Diluted net (loss) earnings per share$(0.04)$0.12 
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:
8,148 9,590 
(1) Due to the net loss for the three months ended March 31, 2023, an additional 4.7 million of common stock equivalents were also excluded from the calculation of diluted earnings per share.


5. Inventories
Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or net realizable value. Inventories consisted of the following:
March 31,
2023		December 31,
2022
Raw materials$28,372 $25,539 
Supplies and service parts35,239 27,573 
Finished products30,405 30,608 
Total inventory, net$94,016 $83,720 















11

PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
6. Finance Assets and Lessor Operating Leases
Finance Assets
Finance receivables are comprised of sales-type lease receivables, secured loans and unsecured loans. Sales-type leases and secured loans are from financing options for the purchase or lease of Pitney Bowes equipment or other manufacturers' equipment and are generally due in installments over periods ranging from three to five years. Unsecured loans comprise revolving credit lines offered to our clients for postage, supplies and working capital purposes. These revolving credit lines are generally due monthly; however, clients may rollover outstanding balances. Interest is recognized on finance receivables using the effective interest method. Annual fees are recognized ratably over the period covered and client acquisition costs are expensed as incurred. All finance receivables are in our SendTech Solutions segment and we segregate finance receivables into a North America portfolio and an International portfolio.
Finance receivables consisted of the following:
March 31, 2023December 31, 2022
North AmericaInternationalTotalNorth AmericaInternationalTotal
Sales-type lease receivables      
Gross finance receivables$971,663 $149,227 $1,120,890 $967,298 $158,167 $1,125,465 
Unguaranteed residual values38,688 8,628 47,316 38,832 8,798 47,630 
Unearned income(242,564)(47,243)(289,807)(239,238)(48,334)(287,572)
Allowance for credit losses(13,458)(2,873)(16,331)(14,131)(2,893)(17,024)
Net investment in sales-type lease receivables754,329 107,739 862,068 752,761 115,738 868,499 
Loan receivables     
Loan receivables313,945 17,426 331,371 311,887 16,636 328,523 
Allowance for credit losses(5,423)(150)(5,573)(4,787)(139)(4,926)
Net investment in loan receivables308,522 17,276 325,798 307,100 16,497 323,597 
Net investment in finance receivables$1,062,851 $125,015 $1,187,866 $1,059,861 $132,235 $1,192,096 


Maturities of gross finance receivables at March 31, 2023 were as follows:

Sales-type Lease ReceivablesLoan Receivables
North AmericaInternationalTotalNorth AmericaInternationalTotal
Remainder 2023$279,986 $52,333 $332,319 $229,683 $17,426 $247,109 
2024299,265 44,812 344,077 31,141 — 31,141 
2025207,186 28,061 235,247 24,666 — 24,666 
2026126,392 16,005 142,397 15,966 — 15,966 
202755,014 6,320 61,334 10,122 — 10,122 
Thereafter3,820 1,696 5,516