PBI - Earnings call 3 2023 | Pitney Bowes Inc.

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Operator

Good morning, and welcome to the Pitney Bowes Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Today's call is also being recorded. [Operator Instructions] I would now like to introduce participants on today's conference call, Mr. Jason Dies, Interim Chief Executive Officer; Ms. Ana Maria Chadwick, Executive Vice President and Chief Financial Officer; and Mr. Investor Global President, Vice Landler, Relations Strategy. and Philip Mr. call safe harbor will now a the begin Landler overview. with

Philip Landler

going Bowes morning. the for Good I'm Relations partnering Pitney I'll prior Brown, know covering who calls. Philip for we'll many calls. program with these Investor of Alex you joining include Landler. Part information us. managing of safe be duties forward, harbor be and from you Thank earnings the my

forward-looking cover that. Included our in So statements let are performance. about business presentation me financial and briefly future today's

undertake and Forward-looking and statements cause be presentation statements SEC the information appropriate to Investor about release. materially by our that XX-K, do the in earnings www.pb.com we can involve located other these are risks website Relations. to and measures not used that at our report our are in or information found for of press clicking reconciliations actual to new different find our reports uncertainties could release, filed projections. More can be results Form press to with attached obligation uncertainties you GAAP on on our keep risks the and XXXX result from in release forward-looking our discussed in Please or tables measures that a in any materials, press update non-GAAP developments. Also, the mind as annual

presentation with Dies. to segment historical Jason slide spreadsheet information website. And and Interim a call the turn like provided over now our have I'd we to Finally, CEO, on our

Jason Dies

by Good Pitney for your morning, you ongoing thanking in begin Bowes. everyone. want investment to I

as is first to to a focused just these of results. call, I'm calls areas. Since on minutes today will be my you As portion quarter's my few X our forward path preceding today, as going cover take the hear will

First, overview background. a of my brief

various stepping Pitney in my lastly, X. With X leadership XXXX I And joined decades in role my focused I've what in opportunities, positions been April increasing a Bowes clients business, high-level my Bowes strong equipped IBM. responsibility on overseeing has Spending of initial our background, in on and me partners. October respect at context we my Second, to Pitney which leadership Production Mail of roles here into divested challenges, of summary our since years XXXX. past new a style. the with I spent years on X after understanding at

began our Following strong resulting of segment. revenue, led opportunities successful flow our Presort growth transformation SendTech and subsequently that, in I also a cash in shipping. segment, overseeing I

a with well our segment me the my groups profit in cash highly working my to needs So relationships proactive, role. When it leaders company's clients' course running us as believe that and experience correct. I've X the global to and expect of prioritizes ground the or hit teams accountability the I adaptable as in is culture outcomes. led drivers. leadership our and e-commerce to enabling to style, I flow This be new operating functional when especially broader comes maintaining require and environment

of our this segments road our strategic objectives phase days, and corporate getting individuals very and has resources, of Bowes, number the take long-term and structures, from the working review This to our cost I've XX change fact my operating positive we are first a evolved reflects primary next is fresh a the our been our embody and these XXX-year-old business The a we operating which teams opportunities. The Fortunately, I'm to why company a identify dedicated, are establish Pitney have principles. discovery at times. In It look and with value responses in map. with are functions. conducting talented of means near-term encouraging. infrastructure DNA teams that very passionate markets at drivers is of our pillars who that always

even of opportunities shed immediate and on early areas capitalize future. to light observations I in some but for while can preliminary still going the opportunity. the on planning we're very process, It's Importantly,

is expansion strategy proving margin SendTech strong evidenced effective, Our as EBIT by the quarter. last segment's and

and to increase product its management continue shipping in refresh and cost the the ideally transform segment growth to position revenues term. long efforts, Our over

these can a value. For sustained meaningful source SendTech of reasons, we believe be

quarter. driving Presort again growth results Our EBIT strategy including also and is we the have growth anticipated, strong top line last

GEC, We an be can SendTech, Pitney ongoing expect driving in to source Presort in respect sustain has this of an Bowes and value. With succeeded extremely built domestic cornerstone growth. valuable momentum. to of Like our a team significant foundation with parcel

incur with to the the not level aim However, of we've actions we losses reporting. focused of continuing been are on

deliver clients segment's potential. we the action prioritizing efforts As taking realize our season, centered continue during and we to making are peak on sure

As you. In is we on is unturned. Nobody from updates to million. Throughout progress, I restructuring previously organization the we're constructive opportunities, spirit, satisfied performance. of planning. long-term want the this course we're be to on a overall recent to I and great and improving the initiative our as far the additional near-term I in going welcome and our weeks committed closing, schedule share a expense streamlining same and look our by reduction feedback to coming that based on analysis we over to continuing new with as increasing leave with we've are actively done that in recent the expense months, of forward are XXXX. for our weeks, was of of ahead stone we in of $XX actions results. businesses, annualized target all here savings stated million continue And the and approximately cost $XXX end no million, hitting target And involved clear annualized strong well to us of Bowes financial bringing as company target Pitney savings year. $XX to by

can stronger the a opportunities to a have of all in base. This foundation we leverage our growth valuable deliver is and and segments, foundation profitable X much by motivated cash-generative employee that future. a We talented businesses ultimately anchored across is results

over financials to results and Ana turn our discuss me detail. it to Let in now

Ana Chadwick

Thank you, morning, Jason, good and everyone.

Adjusted previously on begin services a to comparable implemented revenues, was that basis, financial for a presentation affects review, the which, my global for year-over-year lesser beginning revenue and otherwise change e-commerce be I extent, SendTech. profitability. Also, will impact revenue note year. a noted, and, primarily discussed, currency revenue quarter change fourth as discussed the Before not adjust X% EBIT, change as will of This EBITDA that and I'll last unless I other digital presentation quarter basis. our affect The grew information EBIT does to million in such million by resulting revenue EBIT $X was adjusted X $XXX higher offset grew EPS million of EPS expense $X to the This $XX prior year. adjusted quarter. for in was speak $XX items quarter. Total in quarter. to Adjusted the the decline year-over-year of an on versus million growth in interest a million, the EBITDA

$XX the year. GAAP operating activities was quarter flow and versus $XX up and cash flow. year-to-date cash cash cash to from of prior Turning Free million million. is free in flow

our margin driven down Let's SendTech revenues SendTech. million dive X EBIT X% in basis by the with XXX prior I'll business start year. points, improved quarter, to segments. expanded productivity. into reported compared $XXX of

revenue. with start Let's

up XX% now which to prior continue from and is XX year. make on the percentage are progress We technology USPS points through refresh product our migration,

of in product our different success equipment puts advanced life Our us cycle. compliant placing in stage a

less fixed-term We new lease will more lease and opportunities. renewals increasingly have

mail top equipment a to X% a of service year now overall revenue shift revenue very total sales continues line to grew contributed X% encouraged SendTech gross growth the contracts prior financial profit margin over XX% is in with the flow. our pressures, line year. points. as expanded result parties. Shipping From especially we exiting drove a this enterprise down SendTech. with unprofitable products of service area to perspective, positive total In to XXX and compared a by revenue declined the market of are revenue. be cash financing We shipping-related certain over X% by third to comprises increasing equipment traction for This receiving, by basis net prior Support shipping and quarter, and remain clients. Despite

manufacturing which lower to freight, and of continue the contributed year-over-year the We expansion. margin to equipment cost

Our sales service commitment priority. in efficiency to our customer a and top operations remains drive

decline processes, EBIT America. The remains growth X% and of over steady scores spend XX% operating on calls execution. I'll modernize to prior cost our expense attention of an SMB adjusted service redoubling year-over-year returns. moment client a of customer Services and total financial continue we our XX% improvement and segment to of year, North and satisfaction performance sold and business of are We solutions in component the drove client customer goods providing in increasing valuable important Financial simplifying SendTech. optimizing the services pursuing driving inside that a are we on business, the

of the financing the We receivables will announced of bank quarter-over-quarter. health program good and are lease and will and that executing of and overall. The captive enterprise the durability bank in to previously initiatives flat $X.X at receivables where be our demonstrate our participate offerings. continues quality select our Finance for low remained Write-offs portfolio the be continued our billion. on roughly steady to

labor pieces, Next, Growth another X% per segment prior X.X Presort of contributed to let's volume piece. Adjusted more increased turn investment to margin from XX% also classes offset per compared automation. generated an higher-yielding and unit million to up the volume declined improvement quarter. EBIT sortation almost higher XXX importantly, than billion in the expanded Total but to decline. revenue for Presort, transportation from year. The had basis to which outstanding cost $XXX in the EBIT expansion mail most last piece new in revenue quarter, quarter year. were: XX%. continued X% revenue sources piece, our million, X was segment of per points Adjusted revenue of gains margin $XX main lower productivity increase

of measured we labor year-over-year which For improvement hour. labor pieces fleet, almost productivity an have by X% X our refreshed past over the as XX% example, sorter contributed fed to years, per

to quarter. carry this fourth the into momentum expect We positive

to relationships revenues were both declines $XX year. In driven prior line $XX top earlier year. million and $XX million bottom primarily versus gross Adjusted year. year. million was million, revenue $XXX this change cross-border Let's Year-over-year that X large million profit prior to cross-border the and of declined total, stabilized $XX e-commerce. of were versus occurred loss of quarter-over-quarter. EBIT segment loss compared by in Cross-border last client a shift X% on down the a global Segment

year-over-year XXXX. However, quarter it will comparison first a a remain through on drag

million XX representing processed parcel. Turning XX% in We of packages to the growth year-over-year. domestic quarter,

We cost in levels high pricing, economics. value our client revenue XX% downward to continue translated driven offset gain put challenging the This continue The and pressure on quarter. the the macro in by continued improvement market mix to of overcapacity unit our growth satisfaction. strong offerings, parcel to which market share, and service environment,

during sites million optimizing will focus by actions and $X automated as quarter closing previously capacity, drive These benefits by in addition, the basis, XX we domestic consolidation older facility moving on In completed quarter. operating gross initiative our part decreased our the enhancing and points. X forward. Overall, and of continuing the announced onetime resulted year-over-year in costs of basis margin parcel a less higher on

the both past the Finally, over taken versus operating and expense X quarters. due prior quarter cost declined reduction actions periods primarily year to

We expect benefit this to be a forward. re-occurring moving

team of more years enable for The and we our made for peak. fluctuations and peak technology ahead, holiday volume the clients. our prepared network us automation, our to investments handle is couple Looking in efficiently over associated well with deliver have past

to on restructuring. Moving

meaningful plan announced continue earnings. on during We our to quarter first make progress

recorded quarter, payments. During restructuring-related made we $XX have in $XX cash and charges million of million the

This program to tracking savings by of XXXX. of are mentioned, from the $XX the expanding end we total million to brings Jason annualized $XX program are As million. million plan ahead by savings the $XX and this now

on We will continue updates to restructuring current our provide progress plan.

offering. In of Net $XXX we used A. loan capital term raised portion our structure. private to notes remaining proceeds July, of placement million $XX from million to XXXX redeem Moving were and the the a

Our in XXXX. debt next is maturity

we updating our guidance. Finally, are

and of solid by capabilities. remain of Given year. In both units, from volumes, SendTech. driven now challenges and our prior very team the revenue quarter, despite our continued service full working between relatively global growing X% from year our results full We Presort the realize to the e-commerce, and encouraged is hard network decline continued expect by versus year global in on strong competitive comparable and our EBIT global headwinds, performance levels, company's we year-over-year a margins grew flat performance potential year-to-date EBIT remain e-commerce in consolidated the to scalable e-commerce and and to basis closing, X% adjusted market these

our cost help our In addition, we have drive will on made progress margins and meaningful expanded plan initiatives forward. improved going reduction restructuring

Let Jason me call pass remarks. to for additional the back some

Jason Dies

many opportunity Bowes. I PB Before the very of Everyone Marc best. years Marc Lautenbach getting a of to thank to portion for final take the to his Pitney to commitment the Q&A wishes at call, dedication want and

open can up for questions. Now the call we

Operator

with go Kartik And we'll Northcoast Mehta first [Operator to Instructions] Research.

Kartik Mehta

what look of changes do at kind business get picture you to to your and being as the into business profitability expectations? the kind and business, Jason, dive anticipate big the make of to e-commerce able you up to

Jason Dies

the we make potential little short-term some realize for by improvements off we thanks segment then at really Ana and the short-term end. we've let efforts the Kartik, talk improvements change saying question. said, how are of Yes, let we taking in level of that that sustainable. That us she's to short-term I'll that a seeing, and bit reporting not full this been can I'll help start segment. recognize of do that back Look, about the me look at come losses the are

Ana Chadwick

Yes.

doing is, down commented technology we were an mention to sites creating and around I'll a sites as adjacent we're technology disruption. lot without we that sufficient thing first and serve X older capacity our with in more restructuring. opportunity modern remarks, And clients the The had closed better

looking We and overhead our unturned. no leaving at stone infrastructure cost and are

unit that, from also the make growth. improving from pointed efficient but which improving. impacted ability our to sources. productivity our to In better route from They're also I economics, They're transportation, more the gets addition improving are our X network by volume, our to

opportunity, look So do again, is the to really team we'll at hard continue working to every so. and

Jason Dies

here. are just it Yes. say, multiple said I'd well, And Ana pieces there

it's and that term medium to Ana significant volumes business obviously drive Clients the the term. both in is bringing fact rate extremely in are then the about our seeing we're on continue first that to reacting taking short opportunity way that parcel we which an it's the positive have to are value also we touched to for The table. pretty the piece, for our the clients we are going that improve business, offerings, you for the actions cost per better domestic what think clear clearly will if see sign growth in forward. which economics. And

our certainly So a client and to economics. do forward the cost lot in I with how in-period offering a positive and look of in short-term ability our note. confidence on continue to after work to But is we something clearly the go deliver

Kartik Mehta

anticipate of the pricing? And in And holiday then in industry, the what what do seeing you season? are you terms for

Jason Dies

Yes.

of things. I So think a couple

approaches varied a saw you So companies' pricing peak activity. reaction on different to

bit So first confusion, of it little off, created uncertainty. the think, that market, I some in a created

that to in volumes confused let's our leverage. But very be environment. thoughtful be clear, I cost that bringing careful in are forward. margin said, pricing is we don't clear You've that right we which to seen competitive other announcements the already opportunity about want this as is are that season clearly there a and that we're to anyone improve some in significant we pricing our use go after But lever pressures. That we a earnings and market some can fixed going to creating now, said, overcapacity profit have improve

And other you over tell and in win very fairly thing watch past I that few consistent rate, one that our heard will carefully the that quarters. the we is has that forms. You've been

Kartik Mehta

I appreciate it. really

Operator

go Next & Lebiedzinski Company. Anthony we can Sidoti to with

Anthony Lebiedzinski

And welcome and Phil. Jason

efforts? new. But with wondering, to do area So first, see and this a think, with specifically it's but that it's efforts so you're think talked automation of their about talked kind necessarily it's about helping, an to those guys Ana, any Or additional for just continuing I out Presort, while, nice improve know not performance. solid the I tapped you SendTech automation? further opportunities Presort you you there are

Ana Chadwick

-- is tackling the I did as mean, and is now I'll transportation. Presort game. optimization on Anthony. in the working of pennies, lot is is They're They're this the really of focused. refreshes. we a conveyors never-ending you, tell for very game team well. of sort Productivity Thanks question, a And right

new productivity as we So, the over vary expect automation continued rate as and technologies pace but well. and do explore I will time,

Anthony Lebiedzinski

hear. seems it's which we the know cross-border, necessarily to the as to if GEC. with GEC, That's far were be regards of were do the to so we great to Can headwind I within the this. or as terms sense biggest for don't if If exclude maybe And But us same exclude better GEC, give hypothetically or worse? rest be to that, that? profitability the the in of in business versus last to that some you year easy would

Ana Chadwick

Sure.

at quarter-over-quarter, that you look look did things So as into better investments when we down say, when more And that. I mentioned, you affected gives mention those kind did headwind And compare quarter-over-quarter, performance. And at year-on-year. The would I'll investments will it site cross-border. mention flattish future. around cross-border when that fruits I X is you business really of a the representation those pay the around is true I maybe book But you operating, profitability. our a it of are slightly excluding some closures it

addition So from network, down sold optimization operating I doing the seeing improvements actions. quarter-over-quarter, expenses year-over-year and We're in mentioned. the and of the to anticipate of the and the that's progress in cost around our we're the that warehousing goods I cost

Anthony Lebiedzinski

Got it.

-- million, in that And savings restructuring expanded Okay. more coming as of details. as then Just the get curious is from? additional are terms to $XX where where those that far

Ana Chadwick

Sure.

base. cost of you reprioritizing and sense. probably from give do. and the things are productivity-related and of come overhead some I'll we we So and about expense sold them a We'll that about programs looking half other of half goods Overall, our our at other see entire activities from

working it's it topic. with and it base, end employee We're know, sensitive I'll you internally a our As through there.

Jason Dies

on just jump top I'll that. of Yes. in

this more trying on teams been that about we're it, working out one the of part as how in how cost do So really to things the with the do do trying right? be smart complexity is we're we go I've how things of we take themes to business, of effort simple. the we of One is make

on addition make as And going to that's in which do, way it's ultimately we've cost us is past and going we team long the in allow how really been of a just important as a the be that we're we in a forward that sake, smarter to that's for as more way for that focus out taking the do to go keep market. And cost out it do so leadership areas the days over one forward. been stronger in cost business doing to to the we need the go working term we that's XX effective

Anthony Lebiedzinski

Understood.

Operator

go Peter Sakon CreditSights. And next, we'll to with

Peter Sakon

Just million? on $XXX segment a follow-up overhead. cost you the question. by You break is this cost-cutting Can said half the saving out

So corporate is from it half unallocated coming overhead?

Ana Chadwick

Listen, we're the felt on lot you the business our be of I lot that what process we're will expansion SendTech and through saw units, in specifics. working of and feeling the margin a in it. in already will the A you vast of we will an segments, that is improved started go of we've to move see margin testament to this majority you restructuring the as and taken actions Presort the in forward. throughout. we earlier the tell should a cost The year and

Jason Dies

add parts to right units they run the decisions that that ultimately really they're see coming what business sure it the do I'll and important cuts who and the execute from in want make of on making the for all Yes. That business. I just business. resources, to the said, perspective, my the fund From need need again. cost is

business, done do the at do think with the business units productive we across with meet about in we to really work opportunity. differently? need they the and leaders, have over how the need end to that last the incremental what in sure of very working run really of having leaders can the we the the each some the And day, days effective markets? what go make be discussions them to this how the functional engaging of processes unit focused business XX on We've on we've services part as So been cost shared after

Peter Sakon

you're Presort's the you more Can the charging about along improvement great price the higher save little XX%. XX% is the improvement, that Pulse by government bit in you tell service EBITDA us or with driven a profitability obviously, because is

just could context. better you bit through me If a appreciate walk little I'd it.

Jason Dies

Yes.

Let I mean, that done Presort start team productivity. say the I terrific and foremost, with a would around first that. job me has

their them very see is the You're on really starting productivity across best, do and to sites business. well what they execute driving across which

is the decline good that. from very some clearly done the into They've benefit So coming business. natural additional Mailing job volumes also to network a of their the of bringing replace of

value Presort that giving that do reason share benefited your value the certainly discount supportive you drive they I us. heart, been that It's for reflected out emphasize changes that's But is then table. cost that Our see is to change in that was because USPS brings day, business end something the to benefit of doing of work really just as us not see to at for of in the right? and of that USPS a the third, point, they're well. And discounts. the So the there benefit their that the USPS, the that want the work share teams the the

Peter Sakon

Great.

covenant Lastly, disclose can leverage? you and EBITDA the

Ana Chadwick

the some We have be done later. you We team the call past. that with follow-up more and take IR in specifics the through after not may

Peter Sakon

non-deal show. to road in the the on And market Okay.

value So the enterprise is the company the of majority vast of debt.

you company. So investors review for credit I flexibility. significant can see a who helpful we the would covenant estimate think And it be the

it be the So company. to I will helpful think

Ana Chadwick

absolutely welcome As feedback and the I up mentioned, more we'll take follow We take with into disclosures, if going we forward. we'll consideration be specifics. off-line doing, and more should that there's it

Operator

Instructions] [Operator Baird. to we'll Swope go with Next, Matt

Matthew Swope

thought -- or shutting selling not step? a but profitable, than doing Jason, little business, rather little in do e-commerce, business, maybe drastic things the there here fair any more a your it's On recent drastic But talking about I know question a given something ways the to status. either a is more change taking plan global be more

Jason Dies

extremely say is I domestic that specific foundation is to the portfolio on believe in I'm to be on to mean, What any comment valuable will business, we an parcel especially Matt, there Look, actions. fair, side. going that I continue not

focused We that said, taking with the in financial that. And delivering are the are we clearly satisfied not on performance very term. on to improve actions been near try we've to the short-term as I profitability

at day, from as number the a as to to Everything of doing our is goal said well to of we're be to at the again, going underway potentially doing the And to coming differently. But back long-term forward. market that to looking we I to going take drive. efforts our the ensure business. to maximize pricing everything the opportunity drive I that end have change moment keep outcome of is I we before, about value we that at We of trajectory business that, are opportunity that thinking that think how at network that look the the should in

Matthew Swope

fair. the specific that's that's on again, should us. part you alternatives maybe well, way But GEC. of I to No, Okay. more the at wonder more of strategic going be that I a question behind if a scenes. Can just presented as on least ask conversation

Just are around the about issues holiday going holiday on versus labor. How past the in season, that there been season? you some thinking into variable this fixed have

Ana Chadwick

Yes.

take past holiday peak. it's been saying And very I'll been for me few the preparing team, through here. entire seasons gone what for We've the Let humbling start by hard working very that. we've

say I'll a we're thing second The learning very theme. much of is

more we're get taking And those an So we the and same we the do to forecast And learnings. is have continue example. we sure prepared. I'll those with we're you always make share all past, forecasts. from we towards staff we people, In clients. our absolutely the so

our have developed We in easier network, flex ability flex to down. than now the up to

volumes. planning below, flex we're now we will the see we if and slightly up So

much ability that to volumes and is putting our years, -- the now. our we've again we'll of greater. for And developed all processes in So in our practice inside throughout flex that be of

so the been. So always one season as but peak is as they've knows, never team prepared careful, is ever

Matthew Swope

as is labor And That's force as far to labor getting readily flex available? helpful. that up,

Ana Chadwick

ratio temporary the mix in that seasons, sites perm, which labor to conditions strongly we peak our they and labor And force. much current our a over temp Actually, as X the not distribute have prepared. when very past market, and permanent very holiday market were to well of of the the same are across feel we better you the

Matthew Swope

language fixed on Got an opportunities term have SendTech, Ana, lease release fewer it. works in that extensions. offset by And us could if how be in but help you some Can you generally revenue new the then that you to on And increase a expect work lease you what that perspective? front? environment interest you from understand help does in the maybe to rate about

Ana Chadwick

It's Sure. great question. a

start let we product life in So our with me are where cycle.

about compliance we was X rolling and As United our started you ago States the we know, [ Service years the for rolling new meet when need out Send-Pre the ] that technology of some Postal for to that started out.

we're be our somewhere offering of tend our and launches capabilities clients. With that, So lease to to the those that to X- -- X-year our in our new that was of new start product the bulk range. terms

the demand. that start good, So still market as off, still to come product those very meets is

new that at renew and say, equipment So sale. fixed product come in a to going let's does term. is a going require That we're to not client

So years, going better -- that you because come you're another through, revenue revenue upfront revenue actually have lease new and over when time. margin costs. When cash X a more -- of going to X this to the margin, happens you're higher have have cost but to term you equipment renew flow an for recognition have it's in what lot is but higher sale, you and of a it's that's very good

we more which overtime, that lease of term. So of mean having that's the less is renewal the new being with what upfront sale the and by a equipment new new

Matthew Swope

is there financing is with that, or the how it of that, set? that portion with associated And part see. fluctuates I interest an of that rate

Ana Chadwick

question. that's a Actually, great

really sales on Our to the value the sell force payment. based tends

the shift in from the upfront in a margin than imagine, So the as profitability you stronger, can perspective. renewal

Matthew Swope

Right. I see.

Great. then last just a And me. Okay. question for

do capital market in next the Or focus being your On you Would think steps at where dealt structure front, how you your that point? is the with with you've buying structure? the consider this back capital next about XXXX's, now your bonds?

Ana Chadwick

Yes.

to So priority in capital at taking step our business. structure, be our back #X continues a reinvesting

You been have fact in capital been in there as optimization. seen we a definitely SendTech used Presort global but we've our has driver the significant. decrease The and are main that in our e-commerce, expenditures and not CapEx and investing and expanding also it's to capacity in we're

will that's selectively. number point one. Point number very of acquisitions, course, we is So look at to two continue

EBITDA put example, because we tend ones always the to which around them network. mind an to into As come are our at the that space, we're Presort immediately to be accretive our that looking very

we be, continue to mainly our open will will market ]. repurchases, market assess the Third XXs [ around for

As you those that's in about which Board And course, calendar capital year-to-date, a we've is actually $XX And the structure. kind we our X year actively or on the our of of return through XXXX. with means of discuss dividends something the repurchases capital know, of quarterly elements key of million then, done other of basis.

Matthew Swope

it. Got Great. Appreciate it.

Operator

the And to if additional hand I'll remarks has Dies, to call any back he over make. Mr.

Jason Dies

everyone stakeholders streamlined are of days at I am I look you I with to of call. maximizing of the employees our continuing to very And and energy engagement businesses. shareholders. dedication delivering tell of our here I by continued am forward. will and in, the move as and the I we to forward work will potential our outstanding committed a company all we and much. encouraged you very XX you, organization want to Well, together for today's joining PB the Yes. teams thank importantly, thank now tell each

joining call. for again you thank the So

Operator

AT&T And call teleconference. conclude that your Thanks for participation does and for today. for using the

You may now disconnect.

Pitney Bowes (PBI) 2 Nov 232023 Q3 Earnings call transcript