Pitney Bowes Q2 2026 Earnings Report

Pitney Bowes EPS Results

• Actual EPS: $0.43
• Consensus EPS: $0.34
• Beat/Miss: Beat by +$0.10
• One Year Ago EPS: $0.27

Pitney Bowes Revenue Results

• Actual Revenue: $451.50 million
• Expected Revenue: $453.95 million
• Beat/Miss: Missed by -$2.45 million
• YoY Revenue Growth: -2.40%

Pitney Bowes Announcement Details

• Quarter: Q2 2026
• Date: 7/29/2026
• Time: After Market Closes
• Conference Call Date: Thursday, July 30, 2026
• Conference Call Time: 8:00AM ET

Pitney Bowes (NYSE:PBI) (NYSE:PBI) is a global technology, shipping and mailing company that provides solutions for businesses managing physical and digital communications, parcels and mail. Its offerings include mailing and shipping equipment, software, supplies, services and financing options designed to help organizations process, track and deliver items.

The company operates through businesses focused on shipping and mailing technology and presort services. Its products and services include postage meters and other mailroom equipment, cloud-based shipping and mailing software, parcel management tools, address and data services, and outsourced mail processing. Pitney Bowes also supports e-commerce and logistics operations through solutions intended to improve fulfillment, delivery visibility and customer communications.

Founded in 1920 by Arthur Pitney and Walter Bowes, the company helped establish the modern postage-meter industry. Pitney Bowes serves commercial, governmental and small-business customers in the United States and internationally, with operations and clients across multiple global markets. In recent years, the company has emphasized its SendTech and Presort Services businesses while streamlining its portfolio, including the divestiture of its Global Ecommerce business.

Pitney Bowes Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Raised full-year guidance for adjusted EBIT, EPS, and free cash flow, citing strong second-quarter execution despite transportation-cost headwinds.
• Positive Sentiment: Pitney Bowes reduced debt by more than $200 million over four months and extended its nearest maturity to March 2029, improving financial flexibility for future capital allocation.
• Negative Sentiment: Presort returned to revenue growth in June and continues to report market-share wins, but elevated transportation and fuel costs reduced second-quarter profitability by approximately $6 million; reimbursement through USPS rates is expected to lag until potentially July 2027.
• Negative Sentiment: SendTech margins benefited from operational improvements and a tariff refund, but management does not expect core SendTech revenue growth in the second half; mailing-meter declines, non-core customer exits, and bank balance-sheet reductions remain headwinds, with broader growth viewed as a 2027-or-later possibility.
• Neutral Sentiment: Pitney Bowes Bank is piloting asset-based lending for Presort customers, credit for shipping-software customers, and short-term logistics-related lending while continuing to shrink its balance sheet cautiously; management also began the second phase of its strategic review without providing a timeline or potential outcomes.

Presentation

[Operator]

Good day, welcome to the Pitney Bowes second quarter 2026 earnings call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker, Mr. Alex Brown, Director of Investor Relations. Please go ahead.

[Alex Brown, Director of Investor Relations at Pitney Bowes]

Good morning, thank you for joining us. Included in today's presentation are forward-looking statements about our future business and financial performance. Forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from our projections. More information about these items can be found in our earnings press release, our Form 10-K, and other reports filed with the SEC that are located on our website at www.pb.com, clicking on Investor Relations.

[Alex Brown, Director of Investor Relations at Pitney Bowes]

Please keep in mind that we do not undertake any obligation to update forward-looking statements as a result of new information or developments. Also included in today's presentation are non-GAAP measures. Specifically, EBIT, EBITDA, EPS, and free cash flow are all on an adjusted basis. You can find a reconciliation for these items to the appropriate GAAP measures in the tables attached to our press release. We've also provided a slide presentation and spreadsheet with historical segment information on our website. With that, I'd like to turn the call over to Kurt.

[Kurt Wolf, CEO at Pitney Bowes]

Good morning, thank you for joining us today. Second quarter results built on first quarter momentum and give us confidence to raise our adjusted EBIT, EPS, and free cash flow guidance. I will now cover a few key highlights from the quarter. Presort continues to win new business and maintains a robust sales pipeline. That said, higher transportation costs materially impacted Presort's second quarter profitability. Moving to SendTech, continued operational improvements led to higher margins despite increased spending on future growth.

[Kurt Wolf, CEO at Pitney Bowes]

At Pitney Bowes Bank, Steve and his team have made significant progress on building out our infrastructure, which will support future growth. Also, the bank is now originating loans through three pilot programs which leverage and enhance existing client relationships. Moving to capital allocation, we reduced debt by more than $200 million over the past four months and pushed out our nearest maturity to March of 2029.

[Kurt Wolf, CEO at Pitney Bowes]

Having reduced debt by approximately $55 million year-to-date, we are once again in a solid position to allocate capital opportunistically. Additionally, last month, we initiated the second phase of our Strategic Review. Given the nature of the review, we will not be commenting on potential outcomes or timeline on this call. The highlights I just covered reflect the momentum we continue to build toward achieving profitable organic growth in the coming years. Finally, I would like to thank my leadership team and our more than 6,000 team members for their hard work and dedication, which drove our strong second quarter results. With that, we will open the call for questions.

[Operator]

Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, press star one one again. One moment while we compile the Q&A roster. Our first question will come from the line of Aaron Kimson with Citizens. Your line is open.

[Aaron Kimson, Analyst at Citizens]

Great. Thanks for the questions. Can you provide some color on the three new products Steve and the team are piloting at the bank, as well as the decision to start breaking the bank out separately in next year's financials?

[Kurt Wolf, CEO at Pitney Bowes]

Good morning, Aaron. Thanks for the question. As we've talked about, it's really important to us that we take advantage of the opportunities that we have at the bank to leverage existing strengths in the company. There are now three pilots that Steve and his team are focused on. The first is extending credit, asset-based lending to certain Presort customers. These are large customers with strong financial health. We believe there's a low level of risk associated with that. That's one thing that's up and running that we're evaluating. A second pertains to our shipping software business.

[Kurt Wolf, CEO at Pitney Bowes]

With the post office, unlike the private companies, they don't offer terms of credit to shipping software customers. The one advantage we have vis-a-vis our competitors is that we can offer credit through our bank. It gives us a real advantage, not just in terms of getting access to attractive loans, but it also is a competitive advantage in trying to go out and win shipping software customers. The third one, which is the most recent that we've initiated, ties to the logistics space. Here we have relationships with a lot of 3PLs.

[Kurt Wolf, CEO at Pitney Bowes]

What we're looking at is, as you know, throughout the logistics supply chain, you have merchants getting products to 3PLs that are using shipping services, transportation companies, and there's a lag effect in terms of payment on all of that. One of the things that we're exploring is the opportunity not just to work with 3PLs to extend short-term credit to deal with that, but we're also working to try to work back from the 3PLs into the merchant space to extend credit to those merchants.

[Kurt Wolf, CEO at Pitney Bowes]

One of the really attractive parts of that is with the 3PLs. We can get information on the actual assets sitting in their facilities. We have some level of understanding of the credit, or the underlying assets that would be essentially held against those loans. Again, all three of these are in the pilot stage. We expect to pilot more initiatives, all focused on leveraging our existing relationships. We don't expect all of these to work, but we're taking a very slow approach to each of them.

[Kurt Wolf, CEO at Pitney Bowes]

We want to make sure that we don't repeat the mistakes of the past, move too quickly. As I'm sure everybody listening to this call appreciates lending in the banking industry, there's a lot of problems a company can get into due to the levels of leverage. We're being very cautious as we explore these, which is why we continue to expect the Bank to shrink, despite the fact that we're running three pilots that we hope we can extend more broadly within the company.

[Aaron Kimson, Analyst at Citizens]

Super detailed. Thank you. Secondly, can you help us think about the price and quantity function for the Mail Exchange program in Presort? Does it make sense to potentially shift volume out of that program given the higher transit costs you're seeing? My understanding is that space is more and more about price than anything else, including delivery time.

[Paul Evans, EVP, CFO, and Treasurer at Pitney Bowes]

Yeah. Hi there. This is Paul. On that question, Mail Exchange is actually an advantage we have. We have a national network, and as we look at when we want to sort of maximize the five-digit discount, what we can do is move it to another location. We can overcome the fuel cost, even at these elevated levels, and still derive a benefit for our shareholders. No, we're not at a point where it doesn't work.

[Kurt Wolf, CEO at Pitney Bowes]

Yeah. Aaron, I would just add to that, we're very long-term focused, across all businesses. But within Presort, we see a tremendous opportunity to continue to win customers, and Mail Exchange creates value for our customers. As Paul mentioned, by moving mail amongst our facilities, we can get to a five-digit sort faster than competitors. Oftentimes, what you'll see competitors do is sit on mail in order to get it to that five-digit sort. It almost seems counterintuitive, but by moving and transporting mail across our facilities, we can get that five-digit sort, which we pass that discount along to our customers.

[Kurt Wolf, CEO at Pitney Bowes]

We're able to get mail to the end recipient of that mail faster than our competitors. Unfortunately, it does create an additional cost for us, but it creates value for our customers. We have a lower overall cost structure. It is hitting us right now, we're investing in the future of the business. We want to get to growth, at some point, transportation costs will decline. We don't want to be shortsighted and overreact to short-term movement and transportation costs.

[Aaron Kimson, Analyst at Citizens]

That makes much more sense. Thank you.

[Kurt Wolf, CEO at Pitney Bowes]

Of course.

[Operator]

One moment for our next question. That will come from the line of Jasper Bibb with Truist Securities. Your line is open.

[Jasper Bibb, Analyst at Truist Securities]

Hey, good morning, guys. This was a really nice quarter for SendTech margins. I guess could you just talk a little bit more about the drivers there? It seems like still pretty healthy margin expansion on a year-over-year basis, even if you back out the tariff refund and some of the cost-cutting.

[Paul Evans, EVP, CFO, and Treasurer at Pitney Bowes]

Yeah. Long-term, the margins in the mid-30s. Obviously, last year it was depressed because we were a taker of the tariff. This year we got a refund of the tariff, so that elevated our margins. Sorry about that. For what you're doing, I'd say mid-30s is where we see the long run for that.

[Jasper Bibb, Analyst at Truist Securities]

That makes sense. The SendTech revenue declines narrowed again. You also had bookings up year-over-year. I know you don't guide at the segment level, but what does this, I guess, tell us about what SendTech might look like in the second half? I'm also curious, do you think SendTech revenue would maybe be growing in the second half, if not for the impact of some of those non-core customer exits you've talked about the past couple quarters?

[Kurt Wolf, CEO at Pitney Bowes]

Yes. I'll take that. Just to start with the end of the question, with respect to the non-core customers, we want to be very clear and transparent about that. There are certain customer contracts that we're losing. These contracts used to be a part of the GEC business, so they're essentially not core. That's why we refer to them as non-core SendTech. Those will have a material impact on revenue, as we've expressed. In terms of the second half, I wish I could say that we're going to get to growth excluding those, there's a couple factors working against us.

[Kurt Wolf, CEO at Pitney Bowes]

The reality is that we do continue to lose mailing meters. We're making efforts to stem that and reduce the rate at which we lose those, and I'm confident we can make that happen. A second piece as well is with the bank. I touched a bit on this in our letter. For the long-term health of the business, we're actually actively shrinking the size of the bank balance sheet by getting out of low-value assets. This gets, again, to the risk of banks with leverage. We could go out and buy hundreds of millions or billions of loans and borrow CDs, generate net interest margin, which would also come through at the revenue line, and getting growth, that's a really unattractive way to grow.

[Kurt Wolf, CEO at Pitney Bowes]

We're actively shrinking our least attractive assets to create a healthier balance sheet, that as we get to a point where we have these pilot programs, we're originating loans, which are incredibly important in the financial services space. Originated loans are way more attractive, better risk-adjusted returns. That's going to create a headwind as well going forward. It's been a headwind all year. It's, again, the right thing to do for the business long term. We do think shipping software, we see opportunities for growth there, or continued growth.

[Kurt Wolf, CEO at Pitney Bowes]

Right now, that's not enough to offset the two of them. I think we'll get to revenue growth in SendTech as we get to growth at the bank, assuming we don't break that out, which we've discussed doing, also as we get shipping software growing. Finally, we did address Mailstream On Demand, which is a small product that's growing. We're investing and trying to accelerate that growth. That's something that could also start to push growth in the space. Again, to be quite honest, it's a small business. It's going to take time for that to get big enough to really impact revenue growth. I don't see growth in the second half in core SendTech.

[Jasper Bibb, Analyst at Truist Securities]

Makes sense. Thank you for taking the questions, guys. Appreciate all the details there.

[Kurt Wolf, CEO at Pitney Bowes]

Yeah, thanks for the question, Jasper.

[Operator]

One moment for our next question. That will come from the line of Alex Lakritz with Goldman Sachs. Your line is open.

[Kurt Wolf, CEO at Pitney Bowes]

Morning, Alex.

[George Tong, Analyst at Goldman Sachs]

Hi, this is George Tong at Goldman.

[Kurt Wolf, CEO at Pitney Bowes]

Hey, George.

[George Tong, Analyst at Goldman Sachs]

Hey. Quick question following up on the SendTech piece. Can you talk about how quickly the shipping software is growing, and how you see the industry-level volume declines comparing to that? In other words, where do you think that crossover happens? It sounds like it's not going to happen in the second half, but is this a 2027 story? Is it likely going to happen beyond next year?

[Kurt Wolf, CEO at Pitney Bowes]

George, I would say, it's more of a 2027 story or even further out. I know everybody's looking for revenue growth at the company, but we have a long history of chasing revenue. Turns out not to be profitable, and we do a lot of ready, fire, aim. We're now working off the measure twice, cut once approach, which I think is going to be much more successful for the long term, and the best thing for shareholders in the long term. With respect to the shipping space, part of what we're working on now is rationalizing and consolidating our offerings.

[Kurt Wolf, CEO at Pitney Bowes]

We have a reasonably sized shipping software business, but we have it spread across, I believe, five different software offerings, multiple physical offerings, and then in addition to that, we have analytics, which I guess would be another offering. Tracking, another offering. We just have a lot of offerings, and at our size, trying to invest in all of those just leads to spreading your investments too thin, and we're not picking winners.

[Kurt Wolf, CEO at Pitney Bowes]

One of the things we're really focused on now is figuring out where do we have our best competitive advantage, where will investment get the best return on assets, and where will it create the greatest long-term revenue growth opportunity. Again, right now, to answer your initial question, it's close to break even, I think maybe a little above. Again, part of that is due to the fact that we're starting to rationalize the shipping software space. I think as we get through the process, we expect to get to growth as we're focusing more resources on our best product offerings and service offerings in the space.

[George Tong, Analyst at Goldman Sachs]

Got it. That makes sense. Then turning to Presort. Revenue growth there turned positive in June, and you're continuing to target positive volume growth in the third quarter. To what extent would you say the improvement there is being driven by company specific share gains compared to underlying market trends? How sustainable would you say that these share gains are as you look into 2027?

[Paul Evans, EVP, CFO, and Treasurer at Pitney Bowes]

I'll start. I think it's an effort from Debbie and her team. I mean, we've invested in our sales force. We see a growth in their pipeline, which is always a positive step. We need to see that pipeline turn into backlog, that backlog turn into revenue, and that revenue turn into cash. There's positive signs there, but I'd say that the efforts are really ours first. If the industry itself, I don't think we're really benefiting from that. Kurt, anything you want to add to that?

[Kurt Wolf, CEO at Pitney Bowes]

No, I would add that again, we lost a lot of business in the first half of last year. Since that time, we've had very few losses, and we've had a lot of wins. Just based on that, we have every reason to believe that we're winning market share, and have been over the last year. It's a slowly declining industry, but fortunately, our aggregate share across marketing mail and first-class mail leaves us with a lot of room to continue to gain share.

[Kurt Wolf, CEO at Pitney Bowes]

As we've said a million times, we have the low-cost structure in the industry. We have the highest service levels. I think our Net Promoter Score are over 90, which is ridiculously high. We're very well positioned to gain share. Everything we're seeing internally suggests that we are taking share right now.

[George Tong, Analyst at Goldman Sachs]

Got it. Very helpful. Thank you.

[Kurt Wolf, CEO at Pitney Bowes]

Of course.

[Operator]

Thank you. Our next question will come from the line of Justin Dopierala with DOMO Capital. Your line is open.

[Justin Dopierala, Analyst at DOMO Capital]

Hey, thanks for having me. Kurt, you guys were talking about Mail Exchange earlier, and the higher freight costs you're experiencing there. As investors think about how the majority of your business deals with freight costs, doesn't the USPS reimburse most of these?

[Kurt Wolf, CEO at Pitney Bowes]

They do, it's on a lag effect. Any increase in transportation costs will show up in their next calculation of cost, which would ultimately flow through to any sort of rate increase. That wouldn't happen until likely July of next year.

[Justin Dopierala, Analyst at DOMO Capital]

Got it. It would be something that investors should look forward to going forward.

[Kurt Wolf, CEO at Pitney Bowes]

Correct. Yes.

[Justin Dopierala, Analyst at DOMO Capital]

Okay. Then I was wondering if you could reconcile the headwinds you're expecting in the second half of the year here with the increase in guidance that you gave.

[Kurt Wolf, CEO at Pitney Bowes]

Yeah. Absolutely. Let me just make a few points. First, I want to highlight that under my leadership, we've always been very transparent about the challenges we face. As an investor, I always was frustrated. You hear the good news and never the bad. We're trying to be incredibly clear about the challenges we face. Then second of all, I think that the leadership team here, as well as the 6,000 employees here, have shown an incredible ability to mitigate and reduce the impact of any headwinds we face. I think our 2025 results reflect that.

[Kurt Wolf, CEO at Pitney Bowes]

Finally, what I'd highlight is, we're confident enough in our ability to continue to execute, that we did raise adjusted EBIT, adjusted EPS, adjusted free cash flow. That really reflects the fact that some of these headwinds we did expect, and obviously we didn't expect the transportation costs, other components of it we knew were coming. We have an incredibly dedicated team that's working incredibly hard, and execution is outpacing. Despite the headwinds we face, execution's been even better than the unexpected headwinds.

[Justin Dopierala, Analyst at DOMO Capital]

Got it. Lastly, how should investors think about both the sales and distribution of shares by Hestia?

[Kurt Wolf, CEO at Pitney Bowes]

Happy to answer that. I'll start by saying I believe this to be true. I'm the largest individual shareholder of Pitney Bowes, and these are shares that I've bought with my own money. This is my investment in capital. This doesn't come from salary or bonuses from the company. I personally own tens of millions of dollars worth of our stock. The reason I do that is I believe we can create a lot more value at the company. With respect to Hestia itself and the shares and distributions, I'd just highlight that it's a deep value investment firm. Since taking our position, the stock has gone from $3 a share to above $18. We've been holding Pitney Bowes shares for years.

[Kurt Wolf, CEO at Pitney Bowes]

There's a partnership agreement that addresses, as I manage the fund, the manner in which I'll manage that. I can still look at something, think it's an incredible investment, but it may not meet the criteria to be an investment at Hestia Capital. Shares by Hestia Capital don't reflect my view. They're more reflective of the agreement between me and my LPs. I would highlight as well, as far as the distributions go, that's one way that the last distribution was 1.5 million shares. I took personally over 1 million of those shares, and that's based on my conviction in the company. I'd say that investors can expect future distribution, at least one future distribution, which almost entirely will go to me.

[Kurt Wolf, CEO at Pitney Bowes]

Once again, this just reflects the fact that I personally have tremendous optimism as the CEO of the company and the future of the company. I want to have exposure to it myself. When it's all said and done, my personal exposure to Pitney Bowes conceivably could be higher at the end of that than it was six months ago. I understand there is some concern that the investment firm I manage is selling or distributing shares, but I just, again, highlight that as the CEO of the company, as an individual, I'm increasing my exposure to the company. Hopefully that's reassuring to shareholders.

[Justin Dopierala, Analyst at DOMO Capital]

Absolutely. Thank you.

[Kurt Wolf, CEO at Pitney Bowes]

Of course. Thank you, Justin.

[Operator]

Thank you. Our next question will come from the line of Anthony Lebiedzinski with Sidoti. Your line is open.

[Anthony Lebiedzinski, Analyst at Sidoti]

Thank you, and good morning, everyone. Thanks for taking the questions. Certainly nice to see the better-than-expected results, especially at SendTech. Kurt, one of the things that you pointed out in your shareholder letter is that you're improving your sales execution. Maybe if you could share with us some examples of what you're doing differently now to improve that, and how do you see that going forward as far as your ability to improve SendTech?

[Kurt Wolf, CEO at Pitney Bowes]

I can give quite a few. There are quite a few. I'll just limit to a couple. One is, historically, we had very poor sales support, our salespeople were spending 50%+ of their time servicing customers as opposed to going out and hunting. Todd's done a tremendous job of building out sales support so that the salespeople have more time to actively sell. Just as an aside, this is something I think is really important to note that it hasn't come up in any of the Q&A, but as we continue to forecast, we are investing in growth. When I say investing, I don't mean CapEx, I mean OpEx. Our improved results reflect an increased expense level on trying to grow and hopefully growing the business.

[Kurt Wolf, CEO at Pitney Bowes]

It just speaks even more to the efficiencies and performance of the team and delivering for shareholders. That's one example. Another is that we've had very little to no integration between enterprise sales. The example I gave before of offering bank credit to SendTech customers would be one example of crossover sale. More important, another example would be between Presort and SendTech. There's a lot of opportunities there where you can have customers that could be tied to both. Our Mailstream On Demand is considered a part of SendTech, but it involves Presort quite a bit, and there was very little coordination. We're now coordinating more there.

[Kurt Wolf, CEO at Pitney Bowes]

Again, I could go on for a while, but one last example is we have a new business group that's sort of going out to untouched land within SendTech or places that we don't have. An example would be we have a government group because we have a lot of government business. We have a group specifically targeting sort of areas that we historically have not competed. There, Todd has done a lot to overhaul the sales team itself to get the right talent for that type of sales.

[Kurt Wolf, CEO at Pitney Bowes]

It's shown up in the results as part of the reason that our sales figures have improved is that group historically has significantly underperformed budget and targets, and now they're at and above budgets pretty regularly. It's been a big change. Again, what's great about that is that's areas that we typically did not necessarily have a presence. It's sort of opening new addressable market for us. That would just be three examples I'd point to.

[Anthony Lebiedzinski, Analyst at Sidoti]

That's very helpful color. Okay. Then just switching to Presort, just wondering if you could share maybe more details about the impact of higher fuel costs that you had in the second quarter and as far as your implied guidance for the second half. We obviously saw a big spike in fuel costs, then there was some easing. Then here as of last week or two, we've seen an uptick again in fuel costs as well. Maybe if you could comment on that, and then what actions are you taking to help to mitigate these costs? [crosstalk]

[Paul Evans, EVP, CFO, and Treasurer at Pitney Bowes]

Yeah. I'll take that. Yeah. Q2, I think, is around $6 million. The impact to us of elevated fuel costs. We rely on rolling stock, we're not unlike a lot of companies out there that are facing the challenges with the conflict with Iran. I think second half of the year, we expect elevated fuel costs. I mean, we're doing things, I don't want to go deep into our playbook on how to mitigate that, how to reduce the impact. Obviously, the other part of it is there's been a change with the administration on CDL drivers, there's been a loss of those in the system.

[Paul Evans, EVP, CFO, and Treasurer at Pitney Bowes]

We were impacted by that, not unlike a lot of others who rely on rolling stock. Again, we expect elevated costs there. The other side of it is we see a healthy growth in our pipeline, our sales force doing a great job. We expect further increases in our volumes. Again, Debbie's team is doing a great job in running the business efficiently. We have this headwind of fuel costs. We have this headwind of the loss of CDL drivers. All that being said, as Kurt mentioned before, despite all that, we still raised our EPS, EBIT and free cash flow guidance on an adjusted basis.

[Anthony Lebiedzinski, Analyst at Sidoti]

Sounds good. Well, thank you very much and best of luck.

[Paul Evans, EVP, CFO, and Treasurer at Pitney Bowes]

Yeah, thank you.

[Operator]

Thank you. As a reminder, if you would like to ask a question, please press star one. Our next question will come from line of Kartik Mehta with Northcoast Research. Your line is open.

[Kurt Wolf, CEO at Pitney Bowes]

Morning, Kartik.

[Operator]

If you're on mute, please unmute your line. Your line is open.

[Kurt Wolf, CEO at Pitney Bowes]

Kartik, are you there?

[Kartik Mehta, Analyst at Northcoast Research]

Yeah. Can you hear me?

[Kurt Wolf, CEO at Pitney Bowes]

Now we can. Kartik, we can't hear you. If you can hear us, Kartik, we'll have a follow-up call. We can talk to you then. I don't want to make everybody wait here, hope you don't mind. Is that our last question? I believe so. Okay.

[Operator]

Yes. I do believe that is our last question. I'm showing no further questions in the queue. I would now like to turn the call back over to Mr. Kurt Wolf for any closing remarks.

[Kurt Wolf, CEO at Pitney Bowes]

Yeah. Thank you, operator. I'd just like to close by acknowledging the recent passage of George Harvey. For everybody's knowledge, he led the company from 1983-1997, which was a period of tremendous value creation for shareholders. I think what really stood out about Mr. Harvey was he did this by really focusing on culture. Sometimes people take it as cliché, but I think it's a very apt business saying, and that is that culture eats strategy for breakfast. As an ex-consultant that's been inside numerous companies, I've seen it firsthand.

[Kurt Wolf, CEO at Pitney Bowes]

One thing that has really stood out to me at Pitney Bowes is the strength of the culture here. I think that Mr. Harvey really built a lot of the culture that's leading to the success we have today. I guess I'd just like to thank him for his contributions, and again, just highlight for all shareholders listening right now that I can't emphasize enough the winning culture that we have here at Pitney Bowes, particularly as it pertains to the level of focus on team, the willingness to sacrifice on behalf of the company is something that's truly extraordinary.

[Kurt Wolf, CEO at Pitney Bowes]

It's one of the reasons I'm so invested in the company, is I do believe the culture plays a huge role. I think every shareholder listening right now should feel encouraged by the 6,000+ employees at this company and their dedication and hard work on your behalf and the behalf of the company. A tip of the hat to Mr. Harvey. With that, appreciate everybody for tuning in. Thank you all.

[Operator]

This concludes today's program. Thank you all for participating. You may now disconnect.

Participants

Executives

• Alex Brown, Director of Investor Relations
• Kurt Wolf, CEO

Analysts

• Aaron Kimson, Analyst at Citizens
• Paul Evans, EVP, CFO, and Treasurer at Pitney Bowes
• Jasper Bibb, Analyst at Truist Securities
• George Tong, Analyst at Goldman Sachs
• Justin Dopierala, Analyst at DOMO Capital
• Anthony Lebiedzinski, Analyst at Sidoti
• Kartik Mehta, Analyst at Northcoast Research