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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, 2022
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 29, 2022, 173,432,129 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, 2022 and 2021
Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2022 and 2021
Condensed Consolidated Balance Sheets at March 31, 2022 and December 31, 2021
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021
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,
20222021
Revenue:  
Business services$597,384 $570,454 
Support services110,352 118,697 
Financing72,029 77,812 
Equipment sales89,296 86,803 
Supplies41,061 42,224 
Rentals16,820 19,207 
Total revenue926,942 915,197 
Costs and expenses:
Cost of business services503,215 499,534 
Cost of support services37,134 36,717 
Financing interest expense11,602 11,886 
Cost of equipment sales63,771 61,840 
Cost of supplies11,517 11,211 
Cost of rentals5,309 6,447 
Selling, general and administrative242,785 238,102 
Research and development11,334 11,316 
Restructuring charges4,184 2,889 
Interest expense, net22,124 25,158 
Other components of net pension and postretirement cost844 350 
Other (income) expense(11,901)51,394 
Total costs and expenses901,918 956,844 
Income (loss) from continuing operations before taxes25,024 (41,647)
Provision (benefit) for income taxes4,203 (13,992)
Income (loss) from continuing operations20,821 (27,655)
Loss from discontinued operations, net of tax (3,886)
Net income (loss)$20,821 $(31,541)
Basic earnings (loss) per share (1):
Continuing operations$0.12 $(0.16)
Discontinued operations (0.02)
Net income (loss)$0.12 $(0.18)
Diluted earnings (loss) per share (1):
Continuing operations$0.12 $(0.16)
Discontinued operations (0.02)
Net income (loss)$0.12 $(0.18)

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





See Notes to Condensed Consolidated Financial Statements
3


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

Three Months Ended March 31,
20222021
Net income (loss)$20,821 $(31,541)
Other comprehensive loss, net of tax:
Foreign currency translation, net of tax of $(167) and $(13), respectively
(17,565)(14,258)
Net unrealized gain on cash flow hedges, net of tax of $1,768 and $1,601, respectively
5,333 4,830 
Net unrealized loss on investment securities, net of tax of $(5,146) and $(2,956), respectively
(15,522)(8,916)
Amortization of pension and postretirement costs, net of tax of $2,461 and $3,208, respectively
7,736 9,937 
Other comprehensive loss, net of tax(20,018)(8,407)
Comprehensive income (loss)$803 $(39,948)











































See Notes to Condensed Consolidated Financial Statements
4


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

March 31, 2022December 31, 2021
ASSETS  
Current assets:  
Cash and cash equivalents$622,575 $732,480 
Short-term investments (includes $2,639 and $2,658, respectively, reported at fair value)
11,383 14,440 
Accounts and other receivables (net of allowance of $10,061 and $11,168, respectively)
297,713 334,630 
Short-term finance receivables (net of allowance of $12,024 and $12,812, respectively)
564,835 560,680 
Inventories87,661 78,588 
Current income taxes12,778 13,894 
Other current assets and prepayments145,167 157,341 
Total current assets1,742,112 1,892,053 
Property, plant and equipment, net430,498 429,162 
Rental property and equipment, net33,849 34,774 
Long-term finance receivables (net of allowance of $13,207 and $13,406 respectively)
588,040 587,427 
Goodwill1,129,027 1,135,103 
Intangible assets, net124,739 132,442 
Operating lease assets236,477 208,428 
Noncurrent income taxes66,208 68,398 
Other assets (includes $281,811 and $318,754, respectively, reported at fair value)
436,114 471,084 
Total assets$4,787,064 $4,958,871 
LIABILITIES AND STOCKHOLDERS’ EQUITY 
Current liabilities:  
Accounts payable and accrued liabilities$876,645 $922,543 
Customer deposits at Pitney Bowes Bank619,103 632,062 
Current operating lease liabilities41,600 40,299 
Current portion of long-term debt24,746 24,739 
Advance billings102,289 99,280 
Current income taxes2,864 9,017 
Total current liabilities1,667,247 1,727,940 
Long-term debt2,199,833 2,299,099 
Deferred taxes on income286,536 286,445 
Tax uncertainties and other income tax liabilities31,358 31,935 
Noncurrent operating lease liabilities220,614 192,092 
Other noncurrent liabilities288,594 308,728 
Total liabilities4,694,182 4,846,239 
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 
Additional paid-in capital 2,485 
Retained earnings5,141,636 5,169,270 
Accumulated other comprehensive loss(800,330)(780,312)
Treasury stock, at cost (149,929 and 148,607 shares, respectively)
(4,571,762)(4,602,149)
Total stockholders’ equity92,882 112,632 
Total liabilities and stockholders’ equity$4,787,064 $4,958,871 





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,
20222021
Cash flows from operating activities:  
Net income (loss)$20,821 $(31,541)
Loss from discontinued operations, net of tax 3,886 
Adjustments to reconcile net income (loss) to net cash from operating activities:  
Depreciation and amortization42,002 39,594 
Allowance for credit losses2,024 3,992 
Stock-based compensation4,495 5,221 
Amortization of debt fees1,479 2,645 
Loss on debt redemption/refinancing4,993 51,394 
Restructuring charges4,184 2,889 
Restructuring payments(3,285)(3,955)
Pension contributions and retiree medical payments(13,517)(13,230)
Gain on sale of assets(14,372) 
Gain on sale of business(2,522) 
Changes in operating assets and liabilities, net of acquisitions/divestitures:  
Accounts and other receivables33,086 57,642 
Finance receivables(172)27,714 
Inventories(7,936)1,900 
Other current assets and prepayments(25,426)(7,153)
Accounts payable and accrued liabilities(38,647)(54,022)
Current and noncurrent income taxes(3,836)(17,291)
Advance billings2,422 4,267 
Other, net4,769 (8,029)
   Net cash from operating activities10,562 65,923 
Cash flows from investing activities:  
Capital expenditures(32,555)(43,328)
Purchases of investment securities(3,988)(64,473)
Proceeds from sales/maturities of investment securities11,020 28,008 
Net investment in loan receivables(11,230)(7,316)
Proceeds from asset sales50,766  
Proceeds from sale of business9,016  
Other investing activities5,000  
   Net cash from investing activities28,029 (87,109)
Cash flows from financing activities:  
Proceeds from the issuance of debt, net of discount 1,195,500 
Principal payments of debt(100,595)(1,327,315)
Premiums and fees paid to redeem/refinance debt(4,759)(44,418)
Dividends paid to stockholders(8,688)(8,625)
Customer deposits at Pitney Bowes Bank(12,959)(27,794)
Common stock repurchases(13,446) 
Other financing activities(5,411)(5,648)
   Net cash from financing activities(145,858)(218,300)
Effect of exchange rate changes on cash and cash equivalents(2,638)(1,238)
Change in cash and cash equivalents(109,905)(240,724)
Cash and cash equivalents at beginning of period732,480 921,450 
Cash and cash equivalents at end of period$622,575 $680,726 







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, 2021 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, 2022. 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, 2021 (2021 Annual Report).

Net income for the three months ended March 31, 2022 benefited by approximately $3 million from adjustments related to prior years. The impact of the adjustments is not material to the consolidated financial statements for any prior quarterly or annual periods, and is not expected to be material to the current annual period.

Risks and Uncertainties
The effects of COVID-19 on global economies and businesses continues to impact how we conduct business and our operating results, financial position and cash flows. Its impact on our business remains unpredictable and accordingly, we are not able to reasonably estimate the full extent of the impact of COVID-19 on our operating results, financial position and cash flows.

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, 2022, and may be applied at the beginning of any interim period within that time frame.
We have matched LIBOR-based debt with LIBOR-based interest rate swaps and have elected to apply the practical expedient related to probability and the assessment of the effectiveness for future LIBOR-indexed cash flows, which assumes that the debt instrument will use the same index rate as its corresponding interest rate swap once a new reference rate is established to replace LIBOR. We may apply other expedients as additional reference rate changes occur. We continue to assess the impact of this standard on our consolidated financial statements.

In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which requires disclosure of gross write-offs and recoveries of financing receivables by year of origination. The standard is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. We are currently assessing the impact this standard will have on our financial statement disclosures.


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, 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 

Three Months Ended March 31, 2021
Global EcommercePresort ServicesSendTech SolutionsRevenue from products and servicesRevenue from leasing transactions and financingTotal consolidated revenue
Major products/service lines
Business services$413,086 $143,126 $14,242 $570,454 $ $570,454 
Support services  118,697 118,697  118,697 
Financing    77,812 77,812 
Equipment sales  19,118 19,118 67,685 86,803 
Supplies  42,224 42,224  42,224 
Rentals    19,207 19,207 
Subtotal413,086 143,126 194,281 750,493 $164,704 $915,197 
Revenue from leasing transactions and financing  164,704 164,704 
     Total revenue$413,086 $143,126 $358,985 $915,197 
Timing of revenue recognition from products and services
Products/services transferred at a point in time$ $ $77,538 $77,538 
Products/services transferred over time413,086 143,126 116,743 672,955 
      Total$413,086 $143,126 $194,281 $750,493 



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 revenue 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 revenue 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 Bank.

Advance Billings from Contracts with Customers
Balance sheet locationMarch 31, 2022December 31, 2021Increase/ (decrease)
Advance billings, currentAdvance billings$93,905 $92,926 $979 
Advance billings, noncurrent Other noncurrent liabilities$772 $1,109 $(337)

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 $55 million of advance billings at the beginning of the period. Advance billings, current reported on the condensed consolidated balance sheets at March 31, 2022 and December 31, 2021 also includes $8 million and $6 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 202220232024-2027Total
SendTech Solutions$205,644 $218,121 $264,498 $688,263 
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 business to consumer logistics services for domestic and cross-border delivery, returns and fulfillment.
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 segment earnings before interest and taxes (EBIT). Segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, unallocated corporate expenses, restructuring charges, asset and goodwill impairment charges and other items not allocated to a business segment. Costs related to shared assets are allocated to the relevant segments. Management believes that segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. 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 reconciliation of segment EBIT to net income (loss).
Revenue
Three Months Ended March 31,
20222021
Global Ecommerce$418,527 $413,086 
Presort Services160,544 143,126 
SendTech Solutions347,871 358,985 
Total revenue$926,942 $915,197 

EBIT
Three Months Ended March 31,
20222021
Global Ecommerce$(13,696)$(26,376)
Presort Services19,632 19,051 
SendTech Solutions104,575 114,470 
Total segment EBIT110,511 107,145 
Reconciliation of Segment EBIT to net income (loss):  
Unallocated corporate expenses(57,834)(57,465)
Restructuring charges(4,184)(2,889)
Interest expense, net(33,726)(37,044)
Loss on debt redemption/refinancing(4,993)(51,394)
Gain on sale of business2,522  
Gain on sale of assets14,372  
Transaction costs(1,644) 
(Provision) benefit for income taxes(4,203)13,992 
Income (loss) from continuing operations 20,821 (27,655)
Loss from discontinued operations, net of tax (3,886)
Net income (loss)$20,821 $(31,541)
10


PITNEY BOWES INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited; table amounts in thousands unless otherwise noted, except per share amounts)
Effective for 2022, we refined our methodology for allocating transportation costs between Global Ecommerce and Presort Services, resulting in an increase to Global Ecommerce EBIT and a corresponding decrease to Presort Services EBIT of approximately $3 million for the three months ended March 31, 2022.

4. Earnings per Share (EPS)
The calculation of basic and diluted earnings per share is presented below. The sum of the earnings per share amounts may not equal the totals due to rounding.
Three Months Ended March 31,
20222021
Numerator:  
Income (loss) from continuing operations$20,821 $(27,655)
Loss from discontinued operations, net of tax (3,886)
Net income (loss)$20,821 $(31,541)
Denominator:  
Weighted-average shares used in basic EPS174,115 172,856 
Dilutive effect of common stock equivalents (1)
3,919  
Weighted-average shares used in diluted EPS178,034 172,856 
Basic earnings (loss) per share:  
Continuing operations$0.12 $(0.16)
Discontinued operations (0.02)
Net income (loss)$0.12 $(0.18)
Diluted earnings (loss) per share:
Continuing operations$0.12 $(0.16)
Discontinued operations (0.02)
Net income (loss)$0.12 $(0.18)
Common stock equivalents excluded from calculation of diluted earnings per share because their impact would be anti-dilutive:
9,590 6,440 
(1)     Due to the net loss for the three months ended March 31, 2021, common stock equivalents of 5,804 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,
2022
December 31,
2021
Raw materials$25,510 $22,352 
Supplies and service parts31,869 26,076 
Finished products30,282 30,160 
Total inventory, net$87,661 $78,588 






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 provided to clients for Pitney Bowes equipment or leasing of 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 annual 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, 2022December 31, 2021
North AmericaInternationalTotalNorth AmericaInternationalTotal
Sales-type lease receivables      
Gross finance receivables$959,257 $172,840 $1,132,097 $958,440 $187,831 $1,146,271 
Unguaranteed residual values38,157 10,171 48,328 37,896 10,717 48,613 
Unearned income(243,818)(54,190)(298,008)(246,381)(56,643)(303,024)
Allowance for credit losses(18,960)(2,790)(21,750)(19,546)(3,246)(22,792)
Net investment in sales-type lease receivables734,636 126,031 860,667 730,409 138,659 869,068 
Loan receivables     
Loan receivables274,661 21,028 295,689 262,310 20,155 282,465 
Allowance for credit losses(3,297)(184)(3,481)(3,259)(167)(3,426)
Net investment in loan receivables271,364 20,844 292,208 259,051 19,988 279,039 
Net investment in finance receivables$1,006,000 $146,875 $1,152,875