必能寶 (PBI) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Janice, and I will be your conference operator today.

感謝您的支持。我叫 Janice，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Q1 2025 Pitney Bowes Inc. Earnings Conference Call. (Operator Instructions)

現在，我歡迎大家參加 Pitney Bowes Inc. 2025 年第一季財報電話會議。（操作員指示）

I'd like to turn the call over to Alex Brown, Director, Investor Relations. Please go ahead.

我想將電話轉給投資者關係總監 Alex Brown。請繼續。

Good afternoon and 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 along with uncertainties that could cause actual results to be materially different from our projections.

下午好，感謝您加入我們。今天的演示中包含了有關我們未來業務和財務表現的前瞻性陳述。前瞻性陳述涉及風險和不確定性，可能導致實際結果與我們的預測有重大差異。

More information about these items can be found in our earnings press release, our 2024 Form 10-K and other reports filed with the SEC that are located on our website at www.pb.com and by clicking on Investor Relations. Please keep in mind that we do not undertake any obligation to update forward-looking statements as a result of new information or development.

有關這些項目的更多信息，請參閱我們的收益新聞稿、2024 年 10-K 表格以及向美國證券交易委員會提交的其他報告，這些報告位於我們的網站 www.pb.com 上，點擊“投資者關係”即可找到。請記住，我們不承擔因新資訊或發展而更新前瞻性聲明的任何義務。

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 reconciliations for these items to the appropriate GAAP measure in the tables attached to our press release. We have also provided a slide presentation and a spreadsheet with historical segment information on our Investor Relations website. With that, I'd now like to turn the call over to Lance.

今天的演示中還包括非公認會計準則衡量指標。具體來說，EBIT、EBITDA、EPS 和自由現金流均為調整後數據。您可以在我們的新聞稿所附的表格中找到這些項目與適當的 GAAP 指標的對帳表。我們還在投資者關係網站上提供了包含歷史細分資訊的幻燈片簡報和電子表格。說完這些，我現在想把電話轉給蘭斯。

Thank you, Alex, and good afternoon, everyone. In the first quarter, we continued repositioning Pitney Bowes as a cash generative and profitable technology-enabled services company. We produced strong results that have enabled us to reiterate robust full-year guidance and increase our dividend for the second consecutive quarter. In terms of our results, revenue was $493 million, in line with previously disclosed expectations for this point in our product life cycle, and down 5% year over year.

謝謝你，亞歷克斯，大家下午好。在第一季度，我們繼續將 Pitney Bowes 重新定位為一家能夠產生現金並獲利的技術支援服務公司。我們取得了強勁的業績，這使我們能夠重申強勁的全年預期，並連續第二個季度增加股息。就我們的業績而言，營收為 4.93 億美元，與我們先前揭露的產品生命週期這一階段的預期一致，年減 5%。

Adjusted EPS was $0.33, up 74% year over year.

調整後每股收益為 0.33 美元，年增 74%。

Adjusted EBIT was $120 million, up 28% year over year. And free cash flow was a use of $20 million, excluding $13 million of restructuring payments. The use of cash was based on timing factors, and is consistent with our budget and guidance.

調整後息稅前利潤為 1.2 億美元，年增 28%。自由現金流使用額為 2,000 萬美元，不包括 1,300 萬美元的重組付款。現金的使用是基於時間因素，並且與我們的預算和指導一致。

There were three main drivers of progress in the quarter: sustaining high margins in SendTech, sustaining high margins in Presort and remaining disciplined on cost controls at the corporate level. In light of our momentum, we have taken three notable steps today.

本季取得進展的主要驅動力有三：維持 SendTech 的高利潤率、維持 Presort 的高利潤率以及在公司層級嚴格控製成本。鑑於我們的勢頭，我們今天採取了三項值得注意的措施。

First, we've reaffirmed the company's full year guidance. This reflects our belief in the strength and resilience of our business, even against an uncertain economic backdrop and tariffs. And to be clear, our guidance bakes in tariffs based on what we know currently. Second, we are taking additional steps to cut costs and deleverage to strengthen our financial position. And third, given our improved financial position and stable outlook, we've increased our quarterly dividend for a second consecutive quarter from $0.06 to $0.07 a share.

首先，我們重申了公司的全年業績指引。這反映了我們對業務實力和韌性的信心，即使在不確定的經濟背景和關稅面前也是如此。需要明確的是，我們的指導意見是根據我們目前所了解的情況來制定關稅的。其次，我們正在採取額外措施削減成本和去槓桿，以增強我們的財務狀況。第三，鑑於我們財務狀況的改善和穩定的前景，我們連續第二季將季度股息從每股 0.06 美元提高到 0.07 美元。

Even in the current macroeconomic environment, we expect to remain on track to meaningfully grow cash flow and increase profitability in 2025. We are fortunate to operate businesses that are relatively insulated from consumer pullbacks and macro policy decisions such as tariffs.

即使在當前的宏觀經濟環境下，我們預計到 2025 年，現金流和獲利能力仍將保持大幅成長。我們很幸運，經營的業務相對不受消費者回落和關稅等宏觀政策決策的影響。

On the cost front, we're keeping our foot on the pedal. We removed an additional $34 million of annualized costs in Q1, reaching an annualized run rate of $157 million at the end of the quarter. Consequently, we are raising our cost savings target to $180 million to $200 million.

在成本方面，我們正持續加強。我們在第一季又削減了 3,400 萬美元的年化成本，至本季末，年化運行率已達 1.57 億美元。因此，我們將成本節約目標提高到 1.8 億至 2 億美元。

In terms of debt management, we repurchased $37 million of debt at an average cost slightly below par through the end of last week. Additionally, we now expect to drop below our 3x leverage ratio target by Q3 of this year. Once we get there, we will no longer be limited with respect to restricted payments under our covenants. This will further increase our ability to take value enhancing actions such as continuing to increase dividends and repurchasing shares at attractive prices. Now I'll summarize our 2025 business level priorities.

在債務管理方面，截至上週末，我們以略低於票面價值的平均成本回購了 3,700 萬美元的債務。此外，我們預計今年第三季槓桿率將降至 3 倍以下。一旦我們實現這一目標，我們將不再受到契約規定的限制性付款的限制。這將進一步增強我們採取增值行動的能力，例如繼續增加股息和以有吸引力的價格回購股票。現在我將總結我們 2025 年的業務層面重點。

In SendTech, we're focused on maximizing profitability and minimizing churn in our mailing business while continuing to grow our shipping business. As we have stated in previous calls, our shipping business has similar profitability characteristics to our mailing business, and we expect shipping growth to more than offset revenue slowdowns elsewhere in SendTech over the next 12 months to 24 months. We are specifically focused on high margin customer groups in targeted verticals. As far as global financial services, this business has been a hidden gem for Pitney Bowes.

在 SendTech，我們專注於最大化盈利能力並最小化郵寄業務的客戶流失，同時繼續發展我們的運輸業務。正如我們在先前的電話會議中所述，我們的運輸業務具有與郵寄業務類似的盈利特徵，我們預計在未來 12 個月到 24 個月內，運輸增長將足以抵消 SendTech 其他業務的收入放緩。我們特別關注目標垂直領域的高利潤客戶群。就全球金融服務而言，這項業務對 Pitney Bowes 來說一直是一顆隱藏的寶石。

For the past 50 years, we have financed captive equipment, enabled postage payments for our clients, and as of the end of this quarter, we had $1.15 billion of finance receivables. You're going to begin hearing more from us about our efforts to capture value via the Pitney Bowes Bank's Receivables Purchase Program, which involves the sale of eligible leases to the bank. These sales accelerate time to cash, allowing us to reduce parent company interest costs while also improving bank profitability.

在過去的 50 年裡，我們為自備設備提供融資，為客戶提供郵資支付，截至本季末，我們的融資應收帳款為 11.5 億美元。您將開始聽到更多關於我們透過 Pitney Bowes 銀行應收帳款購買計劃獲取價值的努力的消息，該計劃涉及向銀行出售合格的租賃。這些銷售加快了現金到帳時間，使我們能夠降低母公司的利息成本，同時提高銀行的獲利能力。

The Pitney Bowes Bank held $84 million of associated leases at the end of Q1, and we're aiming to grow that figure to at least $120 million by the end of 2025. We expect this program to accelerate the return of an additional $100 million in cash over the next few years, and we are evaluating other ways to expand the program. Bob will talk more about Global Financial Services in a bit.

截至第一季末，Pitney Bowes Bank 持有價值 8,400 萬美元的相關租賃，我們的目標是到 2025 年底將這一數字增加到至少 1.2 億美元。我們預計該計劃將在未來幾年加速返還另外 1 億美元的現金，我們正在評估擴大該計劃的其他方式。鮑伯稍後會詳細談論全球金融服務。

In Presort, we intend to sustain our efficient and lean model that benefits from unique economies of scale and a true moat in the industry. On past calls, we mentioned our focus on tuck-in acquisitions that meet a very high return on invested capital threshold. We intend to continue pursuing these small roll-up transactions that generate high ROIs with very short payback periods. However, I want to be clear that we are not pursuing high-cost or transformative acquisitions anywhere throughout the company.

在 Presort，我們打算維持高效精益的模式，該模式受益於獨特的規模經濟和產業真正的護城河。在過去的電話會議中，我們提到我們專注於滿足非常高的投資資本回報率門檻的補充收購。我們打算繼續推行這些小型總交易，這些交易可以在很短的回報期間產生高投資報酬率。然而，我想明確表示，我們不會在整個公司範圍內進行高成本或變革性的收購。

Looking forward, we have significant momentum in our pursuit of strong cash flow, earnings and overall value. Also, we are committed to generating meaningful value for shareholders by returning a significant portion of that cash flow to them. I am incredibly optimistic about what we can accomplish by remaining disciplined and focused here in 2025.

展望未來，我們在追求強勁現金流、獲利和整體價值方面擁有強大的動力。此外，我們致力於將大部分現金流返還給股東，為股東創造有意義的價值。我對我們在 2025 年只要保持紀律和專注就能取得的成就充滿信心。

With that, I welcome Bob Gold to his first earnings call with us. Bob, over to you.

我歡迎鮑勃·戈爾德 (Bob Gold) 參加我們的第一次財報電話會議。鮑勃，交給你了。

Thank you, Lance. First, let me say how excited I am to have joined Pitney Bowes. After about two months in the role, I've seen first-hand the strength of our team, the durability of our business model and the many opportunities ahead. As Lance mentioned, Q1 was a strong start to the year. I won't repeat what Lance already covered, but just a word on free cash flow.

謝謝你，蘭斯。首先，我要說一下加入 Pitney Bowes 讓我感到非常興奮。任職大約兩個月後，我親眼目睹了我們團隊的實力、商業模式的持久性以及未來的許多機會。正如 Lance 所提到的，第一季是今年的一個強勁開端。我不會重複 Lance 已經講過的內容，只是簡單談談自由現金流。

The use of $20 million in Q1 reflected normal seasonality and working capital needs, specifically in Presort where clients drew down prefunded postage they deposited late in Q4, ahead of our January peak, as well as the timing of employee benefit and variable compensation payments.

第一季使用 2000 萬美元反映了正常的季節性和營運資金需求，特別是在預分類方面，客戶在第四季度末（即我們 1 月份的峰值之前）提取了預付郵資，以及員工福利和浮動薪酬支付的時間。

Importantly, despite the negative cash flow in the first quarter, we remain a highly cash-generative company, and we continue to expect $330 million to $370 million in free cash flow for the full year. From a capital allocation perspective, during Q1, we repurchased $15 million of shares, paid $11 million in dividends and bought back $23 million of debt through open market transactions.

重要的是，儘管第一季現金流為負，但我們仍然是一家現金流充足的公司，我們預計全年自由現金流將達到 3.3 億至 3.7 億美元。從資本配置角度來看，在第一季度，我們透過公開市場交易回購了 1,500 萬美元的股票，支付了 1,100 萬美元的股息，並回購了 2,300 萬美元的債務。

Following quarter end through May 2, we repurchased an additional $12 million of shares and $14 million of debt. As of the end of last week, we had $123 million left in our share repurchase authorization. Returning capital to shareholders will remain a central part of the company's capital allocation framework, and the company will repurchase stock opportunistically based on market conditions and other relevant considerations.

截至 5 月 2 日的季度結束後，我們又回購了價值 1,200 萬美元的股票和價值 1,400 萬美元的債務。截至上週末，我們的股票回購授權還剩下 1.23 億美元。向股東返還資本仍將是公司資本配置框架的核心部分，公司將根據市場狀況和其他相關考量適時回購股票。

I want to highlight two accounting changes we made this quarter to simplify and better reflect the business.

我想強調我們本季做出的兩項會計變更，以簡化和更好地反映業務。

First, with respect to revenue, we condensed six categories into three: products, services and financing and other, aligned with our current offerings. Second, with respect to marketing and innovation expenses. These costs have moved from corporate to SendTech to align with the organizational structure. Nearly all marketing and innovation spending supports SendTech today. We posted a file on our Investor Relations site that reflects these historical adjustments.

首先，就收入而言，我們將六個類別濃縮為三個：產品、服務和融資以及其他，這與我們目前的產品保持一致。第二，關於行銷和創新費用。這些成本已從公司轉移到 SendTech，以符合組織結構。如今，幾乎所有的行銷和創新支出都用於支援 SendTech。我們在投資者關係網站上發布了一份反映這些歷史調整的文件。

Turning to segment performance, starting with SendTech. Revenue was $298 million, down 9%, in line with our expectations. As I anticipated, the conclusion of the IMI migration in Q4 2024 resulted in less product revenue.

談到細分市場表現，首先從 SendTech 開始。營收為 2.98 億美元，下降 9%，符合我們的預期。正如我所預料的，2024 年第四季 IMI 遷移的結束導致產品收入減少。

We expect this rate of decline to moderate over the next one to two quarters. We continue to see a shift from new equipment placements toward lease extensions. While these lease extensions defer revenue recognition to future periods, they also enhance overall profitability and support stable cash flow throughout the lease term. Simply put, these lease extensions are better for the long-term health of the business, but do not have the upfront revenue associated with new equipment sales.

我們預計未來一到兩個季度內下降速度將會放緩。我們繼續看到從新設備安裝到租賃延期的轉變。雖然這些租賃延期將收入確認推遲到未來期間，但它們也提高了整體盈利能力並支持整個租賃期內穩定的現金流。簡而言之，這些租賃延期對企業的長期健康更有利，但沒有與新設備銷售相關的前期收入。

Given our focus on long-term profitability and cash flow, we have begun emphasizing lease extensions over new equipment placements. SendTech year-over-year results were impacted by two nonrecurring items: a $4 million unfavorable one-time accounting adjustment related to prior period shipping revenue. Shipping-related revenue declined 1% in the first quarter year over year, including this adjustment. However, excluding the prior period accounting adjustment, shipping-related revenue grew 7%.

鑑於我們關注長期獲利能力和現金流，我們開始強調延長租賃而不是新設備配置。SendTech 的同比業績受到兩項非經常性項目的影響：與前期運輸收入相關的 400 萬美元的不利一次性會計調整。包括此次調整在內，第一季航運相關營收年減 1%。然而，如果不計入上期會計調整，航運相關收入成長了7%。

Additionally, for comparative purposes, the prior period included $4 million of upfront revenue from a large government contract. We continue to expect shipping growth for the rest of the year.

此外，為了進行比較，上期還包括來自一項大型政府合約的 400 萬美元前期收入。我們預計今年剩餘時間航運業仍將成長。

SendTech gross profit was down by $13 million year over year, driven by revenue declines. However, gross margin improved by 230 basis points to 68.9%, benefiting from service cost optimizations and a favorable mix shift toward financing and other revenue.

由於收入下降，SendTech 毛利年減 1300 萬美元。然而，受益於服務成本優化以及向融資和其他收入的有利組合轉變，毛利率提高了 230 個基點，達到 68.9%。

Operating expenses declined $14 million or 11%, reflecting strong cost discipline. As a result, SendTech EBIT increased slightly to $95 million.

營運費用下降了 1,400 萬美元，即 11%，反映出嚴格的成本控制。因此，SendTech EBIT 小幅增加至 9,500 萬美元。

Moving to Global Financial Services within SendTech. Net finance receivables ended the quarter at $1.15 billion, up slightly from year-end. Portfolio quality remained very stable with relatively low levels of delinquencies and write-offs.

轉向 SendTech 內的全球金融服務。本季末淨融資應收款為 11.5 億美元，較去年末略有成長。投資組合品質保持非常穩定，拖欠和註銷的水平相對較低。

Bank deposits were $701 million, down seasonally from year-end. Under the Pitney Bowes Bank Receivables Purchase Program, from inception through the first quarter of 2025, we have freed up $84 million of cash at the parent company level while providing the bank with access to diversified low-risk, high-yielding assets. The program is working well, and we will continue to evaluate ways to expand the program to maximize the benefits of accelerating cash and lowering the effective borrowing costs of our finance receivables as we move leases down to the bank.

銀行存款為 7.01 億美元，較年底出現季節性下降。根據 Pitney Bowes 銀行應收帳款購買計劃，從計劃成立到 2025 年第一季度，我們在母公司層面釋放了 8,400 萬美元的現金，同時為銀行提供了多元化的低風險、高收益資產。該計劃運作良好，我們將繼續評估擴大該計劃的方法，以便在將租賃轉移到銀行時最大限度地發揮加速現金和降低財務應收款有效借貸成本的效益。

Turning to Presort Services. Revenue was $178 million, up 5%, driven by higher revenue per piece. Volumes declined 2%, and there was one less day in the quarter. Average daily volumes were flat year over year. Gross profit rose $11 million, up 17%, helped by pricing, a 3% improvement in labor productivity and 3% lower unit transportation costs.

轉向預分類服務。營收為 1.78 億美元，成長 5%，這得益於每件產品收入的增加。交易量下降了 2%，本季交易天數減少了一天。日平均交易量與去年同期持平。毛利上漲 1,100 萬美元，漲幅達 17%，這得益於定價、勞動生產力提高 3% 以及單位運輸成本降低 3%。

Operating expenses declined $4 million or 17%. Presort EBIT was $55 million, up $14 million or 36%. Finally, corporate expenses were $32 million, down $10 million from the prior year. Turning to guidance. We are reaffirming our full year guidance and continue to feel good about the quarters to come.

營運費用下降了 400 萬美元，即 17%。分類前息稅前利潤為 5,500 萬美元，成長 1,400 萬美元，增幅為 36%。最後，公司支出為 3,200 萬美元，比前一年減少了 1,000 萬美元。轉向指導。我們重申全年業績指引，並繼續對未來幾季充滿信心。

As always, the Board and management will continue to evaluate our guidance as the year progresses. We continue to realize benefits from our strategic initiatives, particularly our cost reduction program.

與往常一樣，董事會和管理層將隨著時間的推移繼續評估我們的指導。我們繼續從我們的策略舉措，特別是我們的成本削減計劃中獲得收益。

In Q1 alone, we removed $34 million of annualized costs, exiting the quarter with an annualized run rate of $157 million. As Lance mentioned, we are raising our cost savings target to between $180 million and $200 million of annualized net savings over the next year.

光是第一季度，我們就削減了 3,400 萬美元的年度成本，本季結束時年度運行率已達到 1.57 億美元。正如 Lance 所提到的，我們將把明年的成本節約目標提高到 1.8 億美元至 2 億美元的年度淨節約額。

On our ability to successfully navigate tariffs, we do not expect tariffs to have a meaningful impact on the business. Approximately 85% of our revenue is US-based, and the majority of our mailing products have their final assembly here in the United States. We do source certain components from abroad, but we have a diversified supplier base that we believe will allow us to mitigate country-specific impacts.

關於我們成功應對關稅的能力，我們預期關稅不會對業務產生重大影響。我們約 85% 的收入來自美國，而且我們的大多數郵寄產品都在美國進行最終組裝。我們確實從國外採購某些零件，但我們擁有多元化的供應商基礎，我們相信這將使我們能夠減輕特定國家的影響。

More broadly, our business is highly durable with meaningful recurring high-margin revenue streams and stable cash flows. Pitney Bowes has historically weathered downturns well, and we believe we are well positioned to do so again.

更廣泛地說，我們的業務具有高度的持久性，具有有意義的經常性高利潤收入流和穩定的現金流。從歷史上看，Pitney Bowes 曾成功度過經濟衰退，我們相信我們有能力再次做到這一點。

In closing, Q1 was a good start to 2025, and I'm energized about the opportunities ahead to enhance shareholder value. We have a range of strategic and operational levers, and we're focused on executing with discipline to deliver sustained performance.

最後，第一季是 2025 年的一個好開端，我對未來提升股東價值的機會充滿信心。我們擁有一系列策略和營運手段，並專注於嚴格執行以實現持續的績效。

With that, I'll turn it back to Lance. Thank you.

說完這些，我就把它交還給蘭斯。謝謝。

Thank you, Bob. I want to end by taking a step back and making some broad observations. Over the past year, we have completely transformed the financial position of Pitney Bowes.

謝謝你，鮑伯。最後，我想回顧並提出一些廣泛的觀察。在過去的一年裡，我們徹底改變了 Pitney Bowes 的財務狀況。

Specifically, we have exited the extremely unprofitable GEC business; identified and are quickly implementing $180 million to $200 million of cost cuts, which translates to profitability improvements; improved cash management, seeing the amount of freed up trapped cash reach approximately $275 million; begun to leverage significant opportunities to unlock value from Pitney Bowes Bank; and thanks to all these actions, we have paid off our most expensive debt entirely from company cash and refinanced our revolving credit facility, Term Loan A and Term Loan B with more relaxed covenants.

具體來說，我們退出了利潤極低的GEC業務；確定並迅速實施1.8億至2億美元的成本削減計劃，從而提高盈利能力；改善現金管理，釋放的受困現金額達到約 2.75 億美元；開始利用重大機遇從 Pitney Bowes Bank 釋放價值；由於採取了這些措施，我們已經用公司完全償還了成本的信貸進行了再融資。

Thanks to the tough decisions and hard work of our teams, we are now in a position that few outside the company could have imagined just 18 months ago, expecting to generate between $330 million and $370 million of free cash flow in 2025. For context, our market capitalization was roughly $500 million less than two years ago. Even based on our current market capitalization of approximately $1.6 billion, we are still trading at only 5x levered free cash flow, representing what we believe is the significant opportunity for investment in our shares.

由於我們團隊的艱難決策和辛勤工作，我們現在所處的境地是 18 個月前公司外部很少有人能想像到的，我們預計 2025 年將產生 3.3 億美元至 3.7 億美元的自由現金流。就背景而言，不到兩年前我們的市值約為 5 億美元。即使基於我們目前約 16 億美元的市值，我們的交易槓桿自由現金流仍然只有 5 倍，這表明我們認為投資我們股票存在重大機會。

Moving forward, we are set up to reward our long-term shareholders for their patience by returning a significant amount of capital to them. One of our top objectives will remain sustaining both appropriate dividend increases and meaningful share repurchases. Thank you to everyone for joining today.

展望未來，我們將向長期股東返還大量資本，以獎勵他們的耐心。我們的首要目標之一仍然是維持適當的股息成長和有意義的股票回購。感謝大家今天的參加。

And now we'll open it up for questions.

現在我們開始提問。

(Operator Instructions) Kartik Mehta, Northcoast Research.

（操作員指示）Kartik Mehta，Northcoast Research。

Bob, you talked about extending lease -- emphasizing lease extensions versus new equipment, which makes sense. I'm assuming you're at a point where the number of customers that want new equipment is getting down to a few and therefore, extending leases is probably the right financial decision. But I'm wondering what type of impact you anticipate that having on revenue since you're not selling new equipment?

鮑勃，你談到了延長租約——強調延長租約而不是購買新設備，這是有道理的。我假設您現在正處於需要新設備的客戶數量正在減少的階段，因此延長租約可能是正確的財務決策。但我想知道，由於您不銷售新設備，您預計這會對收入產生什麼樣的影響？

What we expect to see -- thank you, Kartik, for the question. Appreciate it. What we expect to see with respect to the lease extensions is a more stable revenue -- revenue and cash flow. I don't think that the number of product placements or equipment placements is few and far between. We still have demand for new product placements. But the focus on lease extensions gives us a much more predictable, stable revenue stream and cash flow.

我們希望看到——感謝卡蒂克提出這個問題。非常感謝。我們希望看到的是租約延長帶來的更穩定的收入——收入和現金流。我不認為產品植入或設備植入的數量是少數。我們仍對新產品置入有需求。但專注於延長租約讓我們獲得了更可預測、穩定的收入流和現金流。

And then obviously, there's been a lot of discussion about what could happen to the USPS. It seems like there's a new story every other day. I'm wondering if there have been any changes at the USPS that you've noticed? And if any of those changes have resulted in either a positive or negative impact to the business?

顯然，關於美國郵政服務可能會發生什麼，已經有很多討論。似乎每隔一天就會有一個新故事。我想知道您是否注意到 USPS 發生了任何變化？這些變化是否會對業務產生正面或負面的影響？

Kartik, I'll take that one. Thanks for that question. I was actually just with virtually the entire leadership team of the USPS last week. And I think that the organization continues to be strong. And the partnership that Pitney Bowes has with the USPS, which has been there for over 100 years, I think, is exceptional on many, many levels throughout the organization.

卡蒂克，我想要這個。謝謝你的提問。事實上，上週我幾乎與美國郵政署的整個領導團隊都在一起。我認為該組織將繼續保持強大。我認為 Pitney Bowes 與 USPS 的合作關係已超過 100 年，在整個組織的許多層面上都非常出色。

We've got a great working relationship, a great partnership across our businesses, and we're excited about the future of the USPS.

我們擁有良好的工作關係和業務夥伴關係，我們對美國郵政服務的未來充滿期待。

And then just one last question, Lance. I know obviously, tariffs aren't impacting the business. I'm wondering if you're seeing any hesitation or any change in how your customers are reacting, especially for the Presort business because of what might be happening with their business related to tariffs?

最後一個問題，蘭斯。我顯然知道關稅不會影響業務。我想知道，您是否發現客戶的反應有任何猶豫或變化，特別是對於預分類業務，因為他們的業務可能會因關稅而變化？

Yes. So I'd say a couple of things. One is we have seen some delays from businesses that are operating under greater levels of uncertainty. We might have expected a close in one quarter and it's kind of being pushed off to the next quarter. And you mentioned Presort.

是的。所以我想說幾件事。一是，我們看到一些在更大程度的不確定性下運作的企業出現了延誤。我們可能預計在一個季度內完成，但卻被推遲到下個季度。您還提到了 Presort。

There's also a little bit of that across particularly federal clients, federal agencies. I wouldn't say any of that is material. It's more kind of anecdotal at this stage.

特別是聯邦客戶和聯邦機構也存在一些這樣的情況。我不會說這些都具有實質意義。目前，這更像是一種軼事。

Anthony Lebiedzinski, Sidoti.

安東尼·萊比津斯基，西多蒂。

My apologies I joined the call late, so you may have addressed some of these topics. But in terms of the increased cost savings program that you announced today, where is that coming from? And could you give us maybe some examples of what else you're finding there to save money on? And then I have a couple of other questions as well.

很抱歉我遲到了，所以您可能已經討論了其中一些主題。但是就您今天宣布的增加成本節約計劃而言，這是從何而來的呢？您能否給我們舉一些例子，說明您還發現了哪些可以省錢的方法？我還有其他幾個問題。

Anthony, thank you for the question. The cost savings we're seeing today are part of the broader cost saving program we announced last year. They are primarily -- they're really across the business and bottoms-up built. What I would say is we're also focusing on indirect spend and external spend, contract negotiations, vendor negotiations as well as things like insurance.

安東尼，謝謝你的提問。我們今天看到的成本節約是我們去年宣布的更廣泛的成本節約計劃的一部分。它們主要是——它們確實是跨業務且自下而上構建的。我想說的是，我們也關注間接支出和外部支出、合約談判、供應商談判以及保險等方面。

And Anthony, I'd add to that that we've really implemented a cultural shift at Pitney Bowes that kind of puts cost management and lean operations really at the forefront. And we're going to continue to prioritize running an efficient and well-run business going forward.

安東尼，我想補充一點，我們在 Pitney Bowes 確實實施了文化轉變，將成本管理和精益營運置於首位。我們將繼續優先考慮高效且運作良好的業務。

Got you. Okay. And then in terms of the SendTech business, I know you talked about the shipping component of that increasing, I think, 7% in the quarter. What was that as a percentage of overall revenue for SendTech? And do you guys have a goal in mind as to where you want to be by the end of the year or by next year in terms of shipping as a percentage of SendTech?

明白了。好的。然後就 SendTech 業務而言，我知道您談到了其中的運輸部分，我認為本季度增長了 7%。這佔 SendTech 總收入的百分比是多少？你們心中是否有一個目標，希望今年底或明年，SendTech 的運輸份額達到多少？

Yes. We don't -- I'll give a general answer, Anthony, and then Bob can fill in some details. So we don't have a specific announced goal. We have said that we expect that the growth in SendTech shipping will overtake any declines in SendTech mailing, and we gave a time period of 12 months to 24 months.

是的。我們不會——我會給出一個大概的答案，安東尼，然後鮑勃可以補充一些細節。因此，我們沒有宣布具體的目標。我們已經表示，我們預計 SendTech 運輸量的成長將超過 SendTech 郵寄量的下降，並且我們給出了 12 個月到 24 個月的時間段。

Got you. Okay. That's very helpful. Okay. And then as far as Presort, so obviously you guys have done a great job there in terms of improving the sales and profitability of that segment.

明白了。好的。這非常有幫助。好的。至於預分類，顯然你們在提高該部門的銷售額和盈利能力方面做得非常出色。

This quarter, again you had higher revenue per piece, improved productivity. What's your confidence level about being able to sustain this even with some of the macro and tariff uncertainties?

本季度，您的每件產品收入再次增加，生產力也提高了。即使存在一些宏觀和關稅不確定性，您對能夠維持這一水平有多大信心？

Yes. Presort is a great business, you know, as is SendTech. We love all of our businesses. But Presort has really proven over the last, I don't know, dozen years that it could consistently grow in all the ups and downs and changes of the economy. I think the only year that it didn't show growth was the COVID year.

是的。你知道，Presort 是一家很棒的公司，SendTech 也是。我們熱愛我們所有的業務。但 Presort 在過去的十幾年裡確實證明了，它能夠在經濟的所有起伏和變化中持續成長。我認為唯一沒有出現成長的年份是新冠疫情年。

And we're very optimistic about the future of that business. It's not really that dependent on tariffs and things along those lines. Its customers are all -- I think it's 100% U.S. And the -- it's based on the mail volumes of these large shippers who send very large quantities of mail across first-class mail and also marketing mail that has some really attractive growth opportunities for us.

我們對該業務的未來非常樂觀。它實際上並不那麼依賴關稅和類似的東西。它的客戶全部都是——我認為 100% 都是美國客戶。而且——這是基於這些大型托運人的郵件量，他們透過頭等郵件和行銷郵件發送大量郵件，這對我們來說有一些非常有吸引力的成長機會。

Got it, yes. And just to kind of follow up on this on the Presort side. I know you did a tuck-in acquisition earlier in the year. Maybe just give us a quick update on that. And are you looking for additional tuck-in deals in that space?

明白了，是的。只是為了在預分類方面跟進這一點。我知道您今年早些時候進行了一次小規模收購。也許只需向我們簡要介紹一下最新情況即可。您是否正在尋找該領域的其他優惠優惠？

Yes. So that deal is going very, very well. It's been fully integrated within the Presort network. We did not take on any of that company's assets. So we have completely subsumed it within our existing operations, which improves our capital efficiency, it improves our asset utilization, it improves our returns, very fast payback.

是的。所以這筆交易進展非常非常順利。它已完全融入 Presort 網路。我們沒有接管該公司的任何資產。因此，我們將其完全納入我們現有的營運中，這提高了我們的資本效率，提高了我們的資產利用率，提高了我們的回報，並且回報速度非常快。

Super excited with how the Presort team has implemented that acquisition. And we hope to do more. It's really a focus area of us to do these small kind of tuck-in acquisitions. But again, I want to emphasize that we are not looking at game-changing, large-size transformative acquisitions, 0 interest. But these small tuck-ins, they're really terrific.

我對 Presort 團隊如何實施此次收購感到非常興奮。我們希望做得更多。進行這些小型的收購確實是我們關注的重點領域。但我再次強調，我們不考慮改變遊戲規則、大規模變革性的收購，零利息。但這些小東西確實非常棒。

Peter Sakon, CreditSights.

Peter Sakon，CreditSights。

In your prepared remarks, you discussed minimizing churn at SendTech. Could you give us some specifics such as how much is it currently, and what was it last year? And then what are your goals going forward?

在您準備好的發言中，您討論瞭如何最大限度地減少 SendTech 的客戶流失。您能否告訴我們一些具體情況，例如目前是多少，去年是多少？那你未來的目標是什麼？

Yes. So we don't specify churn as a metric. But what we are focused on -- and that's really in the mailing side of the business -- is sort of elongating the strong cash flows and performance of that business. And I sort of analogize it to the software businesses that a few years ago, many of them transformed from kind of licensed software models to SaaS models. And as we do that migration in that business, we think it provides a very predictable, consistent level of revenues and earnings.

是的。因此，我們沒有指定客戶流失作為衡量標準。但我們的重點——實際上是在業務的郵寄方面——是延長該業務的強勁現金流和業績。我將其比作幾年前的軟體業務，其中許多從許可軟體模式轉變為 SaaS 模式。當我們在該業務中進行遷移時，我們認為它提供了非常可預測的、一致的收入和收益水平。

And it enables customers to kind of stick with their Pitney Bowes products without needing to lay out significant CapEx for new equipment.

它使客戶能夠繼續使用 Pitney Bowes 產品，而無需為新設備投入大量的資本支出。

Lance, I think the only thing I would add is that as we've gotten past the IMI migration, we see cancellation rates really mitigating through this year.

蘭斯，我想我唯一要補充的是，隨著我們度過 IMI 遷移期，我們發現今年的取消率確實有所下降。

And following on Kartik's question about equipment sales, how much are new quarterly product placements at SendTech?

接下來回答 Kartik 關於設備銷售的問題，SendTech 每季新產品的銷售量是多少？

Can you sort of explain exactly what you're looking for, Peter? I want to make sure we answer it correctly.

彼得，你能確切地解釋一下你在尋找什麼嗎？我想確保我們能正確回答這個問題。

Yes. The first question, he was -- Kartik was asking about equipment sales being few and far between. And I agree, it's not that. But I was just wondering if you could quantify new quarterly equipment sales versus, I guess, existing sales that run through the income statement.

是的。第一個問題是──卡蒂克詢問的是設備銷售稀少的情況。我同意，事實並非如此。但我只是想知道您是否可以量化新季度設備銷售額與貫穿損益表的現有銷售額。

Peter, thank you. We don't provide that breakdown, equipment versus services sales. Our sales are broken out in products and services now, as I mentioned earlier. And equipment sales, supplies and so on are all included in products for SendTech, but that would include shipping equipment as well. What I just do want to stress that I think it was Kartik who said it earlier, equipment sales are not few and far between.

彼得，謝謝你。我們不提供設備與服務銷售的細分。正如我之前提到的，我們的銷售額現在按產品和服務細分。設備銷售、供應等都包含在 SendTech 的產品中，但也包括運輸設備。我只是想強調的是，我認為卡蒂克之前就說過，設備銷售並不稀少。

While we are seeing a long-term decline in equipment sales, it's still a strong part of our revenue stream.

儘管我們看到設備銷售額長期下滑，但它仍然是我們收入來源的重要組成部分。

Okay. And then my last question is regarding Presort. I believe there's a July 1 annual adjustment to pricing. How much is the adjustment this year? And how much will it impact profitability going forward for the back half of the year?

好的。我的最後一個問題是關於預先排序的。我相信每年 7 月 1 日都會對價格進行調整。今年調整幅度是多少？這對下半年的獲利能力有多大影響？

Sure. So the announced changes are still subject to final approval. And so we're kind of waiting until it's fully baked. But we think that the impact on Pitney Bowes, if what has been announced is approved, is sort of modestly positive for us.

當然。因此，宣布的變更仍需獲得最終批准。所以我們正在等待它完全成熟。但我們認為，如果宣布的內容獲得批准，對 Pitney Bowes 的影響對我們來說是適度的正面影響。

Justin Dopierala, DOMO Capital Management, LLC.

Justin Dopierala，DOMO 資本管理有限公司。

Fantastic quarter. Just a question, first of all, on restructuring. Should we think of the $13 million is kind of the run rate for each quarter?

非常棒的一個季度。首先，我有一個關於重組的問題。我們是否應該認為 1300 萬美元是每季的運行率？

No. Thank you, Justin, for the question. I don't have the specific run rate at my fingertips, but as we're nearing the end of the period of executing the restructuring, we would expect those payments to tail off.

不。謝謝賈斯汀提出的問題。我目前還沒有具體的運行率，但隨著重組執行期即將結束，我們預計這些付款將會減少。

Got it. Okay. Because I know your $330 million to $370 million excludes it. So I mean, as I'm thinking about that number then and the negative $20 million approximately in the first quarter, I mean that means over the next 3 quarters, you guys may be generating close to $400 million in free cash flow.

知道了。好的。因為我知道你的 3.3 億到 3.7 億美元不包括它。所以我的意思是，當我考慮這個數字以及第一季大約負的 2000 萬美元時，這意味著在接下來的 3 個季度裡，你們可能會產生接近 4 億美元的自由現金流。

And I guess as I think about it, if we're just looking at the first quarter specifically, you allocated about $25 million towards dividends and buybacks, and $25 million approximately towards debt repurchases, so like a 50-50.

我想，如果我們只具體看第一季度，您分配了大約 2500 萬美元用於股息和回購，大約 2500 萬美元用於債務回購，所以比例是 50-50。

And I guess I'm wondering, over the next nine months, like how should we think about the split that you're thinking of for the $400 million of free cash flow your company will be getting and how you allocate that towards debt versus, as you would call it, the shareholder initiatives and giving back to shareholders?

我想知道，在接下來的九個月裡，我們應該如何考慮您所考慮的對公司將獲得的 4 億美元自由現金流的分割，以及如何將其分配給債務，以及您所說的股東計劃和回饋股東？

Justin, thank you. There's a lot to unpack in that question. So if I miss something, you'll let me know.

賈斯汀，謝謝你。這個問題有很多內容需要解釋。所以如果我錯過了什麼，你會告訴我。

First, I think it's important, as we talked earlier, there was a seasonal use of cash or timing use of cash in Q1, as I mentioned earlier, related to the drawdown of deposits that were made in Q4 related to our Presort customers who prepaid for their January peak volume. In addition to that, in Q1, we had seasonal -- I don't like the term seasonal, but we had first quarter employee benefit and variable compensation payments that won't repeat in the following quarters.

首先，我認為很重要的一點是，正如我們之前談到的，第一季的現金使用存在季節性或定時性，正如我之前提到的，這與第四季度預付給 1 月份峰值交易量的預分類客戶的存款減少有關。除此之外，在第一季度，我們有季節性——我不喜歡季節性這個詞，但我們有第一季的員工福利和浮動薪資支付，這些支付不會在接下來的幾季重複。

The quarter performed very strong, excluding those payments. In addition, I guess the other side of your question is how are we going to allocate capital going forward? The answer to that is that we'll continue to opportunistically buy shares and debt as we have been, based on the markets.

除這些付款外，本季表現非常強勁。此外，我想您問題的另一個面向是我們未來將如何分配資本？答案是，我們將繼續根據市場情況，擇機購買股票和債務。

And the only thing I'd add, Justin, is that if you think about it, a couple of years ago, our free cash flow when we had GEC was around $20 million. And today, it's up to $330 million to $370 million. And that kind of creates the opportunity for capital allocation.

賈斯汀，我唯一想補充的是，如果你想想，幾年前，當我們擁有 GEC 時，我們的自由現金流約為 2000 萬美元。如今，這一數字已升至 3.3 億美元至 3.7 億美元。這為資本配置創造了機會。

Secondly, we've noted that the -- a really key kind of debt metric for us is getting below a 3.0 leverage ratio because at that point, restrictions on our use of cash become much more limited. And so we are continuing to prioritize debt reduction so that we get below that 3.0 number. But once we've done that, then I think we've got far more flexibility to allocate greater amounts toward shareholders.

其次，我們注意到，對我們來說，一個真正關鍵的債務指標是低於 3.0 的槓桿率，因為此時，我們對現金使用的限制變得更加有限。因此，我們將繼續優先減少債務，以便將債務率降至 3.0 以下。但一旦我們做到了這一點，那麼我認為我們就有更大的靈活性來向股東分配更多的資金。

Got it. Yes, I'm happy to hear that you guys also think the shares are extremely undervalued. My last question then is, do you see any opportunities with artificial intelligence?

知道了。是的，我很高興聽到你們也認為這些股票被嚴重低估了。我的最後一個問題是，您是否看到了人工智慧帶來的任何機會？

Absolutely. You're really getting me excited here. So we have recently announced our new Chief Information Officer who's joined the company, Alex. And Alex brings an enormously impressive background in AI and is really looking across the organization at ways that we can better utilize AI.

絕對地。你確實讓我很興奮。因此，我們最近宣布了新任資訊長亞歷克斯 (Alex) 加入公司。亞歷克斯在人工智慧領域擁有非常令人印象深刻的背景，他正在整個組織內尋找更好地利用人工智慧的方法。

I'm utilizing it personally in a whole bunch of different areas as is our leadership team, and we are rolling it out to improve our productivity, to improve our performance, to think better really across the company.

我個人和我們的領導團隊正在許多不同領域使用它，我們正在推廣它來提高我們的生產力，提高我們的績效，並在整個公司範圍內更好地思考。

David Steinhardt, Contrarian Capital.

大衛·斯坦哈特（David Steinhardt），Contrarian Capital。

I'm sure we'll see this in the 10-Q when it comes out, but what was the average price paid for the shares that we bought back?

我確信我們會在 10-Q 報告發佈時看到這一點，但我們回購的股票的平均價格是多少？

I think -- I don't have that number at my fingertips. I'll have to follow up.

我想——我手頭上還沒有這個數字。我必須跟進。

We're tracking it, David, closely to make sure that our purchases are sort of in line, if not better, than daily averages. And it will be in the queue just to confirm that.

大衛，我們正在密切跟踪，以確保我們的購買量與每日平均水平一致，甚至更好。它將處於隊列中只是為了確認這一點。

Understood. Right. I was just hoping, I guess, for an early preview. In terms of when we get down to below 3x leverage, have you thought about what capital allocation might look like in terms of percent towards tuck-in acquisitions, repurchases of stock? And to that end, have you thought about a range in which that you would be comfortable operating in in terms of a debt level, let's say, 2x to 3x going forward?

明白了。正確的。我想，我只是希望能儘早預覽一下。就當我們的槓桿率低於 3 倍時而言，您是否考慮過資本配置在用於補充收購、股票回購的百分比方面會是什麼樣子？為此，您是否考慮過一個您可以接受的債務水準範圍，例如未來的 2 倍到 3 倍？

Or is it too early to preview that?

還是現在預測還為時過早？

It's a bit early. I mean we obviously do a lot of thought to that and planning internally. But we're not yet giving guidance along the lines of sort of long-term debt levels, et cetera. But the company is very consistently generating cash. And that gives us comfort to maintain sort of reasonable debt levels.

有點早。我的意思是我們顯然對此進行了大量的思考和內部規劃。但我們尚未就長期債務水平等方面提供指導。但該公司的現金產生非常穩定。這讓我們能夠安心地維持合理的債務水準。

And we're kind of excited about the long-term prospects in terms of cash generation and what we can do with that. One thing I mentioned that we're not planning to do with that is large acquisitions. And the small ones that we do, the tuck-ins, we have a very high threshold for ROI, for return -- for the payback period, et cetera, as we do for other uses of cash within the company. We really set a high bar that when we're investing internally, it has to have a very, very high return for us.

我們對現金創造的長期前景以及我們可以利用現金做什麼感到非常興奮。我曾提到我們不打算進行大規模收購。而對於我們所做的小規模投資，例如補充投資，我們對投資報酬率、回報期等都有很高的門檻，就像我們對公司內部其他現金用途一樣。我們確實設定了一個很高的標準，當我們進行內部投資時，它必須為我們帶來非常非常高的回報。

Understood. And in terms of our credit rating, what will Moody's and S&P look for from us to improve our credit rating? And I don't know if the goal is to become an investment-grade company over time. But if you could give us a sense of what your discussions have been with your rating agencies, that would be helpful.

明白了。就我們的信用評級而言，穆迪和標準普爾會要求我們做出哪些改進來提高我們的信用評級？我不知道我們的目標是否是隨著時間的推移成為一家投資級公司。但如果您可以讓我們了解您與評級機構的討論情況，那將會很有幫助。

David, I'll take that. So as a part of my onboarding, I had initial meetings with both S&P and Moody's, and asked that exact question. The answer won't surprise you. They said we need to get a few more quarters under our belt before they will raise our rating. Clearly, coming out of this quarter after a really strong '24, I'm going to be pushing them again to raise our rating.

大衛，我接受。因此，作為入職培訓的一部分，我與標準普爾和穆迪進行了初步會面，並提出了這個確切的問題。答案不會讓你感到驚訝。他們說我們需要再經歷幾個季度才會提高我們的評級。顯然，在經歷了 24 年的強勁表現後，本季我將再次敦促他們提高我們的評級。

And the only thing I'd add, Bob, is that we do not have a stated goal to become an investment-grade credit. Investment-grade credits are increasingly few and far between and are generally companies with relatively little levels of leverage. And I think we can be prudent in uses of leverage that don't necessarily require that kind of credit rating.

鮑勃，我唯一要補充的是，我們並沒有明確目標要成為投資級信貸。投資等級信貸越來越少，而且一般都是槓桿率相對較低的公司。我認為我們可以謹慎使用槓桿，而不一定需要這種信用評級。

I will now turn the call back over to Lance Rosenzweig, CEO, for closing remarks. Please go ahead.

現在我將把電話轉回給執行長 Lance Rosenzweig，請他作最後發言。請繼續。

Thank you all for joining us for our first quarter earnings call, and we look forward to sharing more information in our next quarter call. Appreciate it.

感謝大家參加我們的第一季財報電話會議，我們期待在下一季電話會議上分享更多資訊。非常感謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。