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- **Strategic Investments**: $161 million share buyback and $50-60 million cost reductions reflect confidence in future growth and operational efficiency.
- **Presort Recovery**: Aggressive efforts to regain lost volumes through competitive bidding and potential acquisitions, leveraging low-cost provider advantage.
- **Free Cash Flow Strength**: Maintained guidance of $330 million, supported by tax assets and working capital normalization, with Q4 expected to meet target.
- **Employee Resilience**: CEO highlights workforce dedication and adaptability, crucial for navigating challenges and driving innovation.

**【CEO Opening Remarks】**
- Reported continued profitability improvements but expects the year to come in at the low end of revenue, EBIT, and free cash flow guidance due to forecasting issues, not operational performance.
- Highlighted progress in strategic review, including talent enhancement, process improvements, and profitable growth opportunities, leading to an additional $161 million share repurchase during the quarter.
- Acknowledged past forecasting challenges and emphasized efforts to fix the process with external help, noting this as a critical issue for accurate decision-making.

**【Q&A Highlights】**
- **SendTech and Presort**: Revenue decline deceleration in SendTech due to IMI migration lapping. Todd Everett's focus on profitable growth in shipping and potential mailing opportunities. Presort volumes lost to competitors due to rate case pricing, with efforts to regain share through aggressive bidding and potential acquisitions.
- **Cost Management**: $50-60 million cost cuts across the organization, driven by leadership restructuring and process improvements, expected to be fully realized by end of 2026. Includes merit increases and benefits, offsetting $15-20 million in additional costs.
- **Free Cash Flow**: Guidance maintained at $330 million, with Q4 expected to meet this target despite high working capital use ($205 million year-to-date). Tax assets benefits expected to continue for 2-3 years, supporting cash flow.
- **Capital Allocation**: Preference for share buybacks due to attractive valuation, with flexibility for small acquisitions and debt buybacks. Convertible bond issuance seen as an attractive market opportunity.
- **Employee Base**: Praise for resilience and commitment despite recent changes, emphasizing company strength beyond financials, with a focus on customer-centric restructuring.

Pitney Bowes Inc. (PBI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

PBI

PBI fundamentals

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