必能寶 (PBI) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q2 2025 Pitney Bowes earnings conference call. (Operator Instructions) Please advise that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第二季 Pitney Bowes 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

I'll now hand the conference over to your first speaker today, Alex Brown, Director of Investor Relations. Please go ahead.

現在我將會議交給今天的第一位發言者，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. 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 clicking on Invest Relations.

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。關於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 (SEC) 提交的其他報告，這些報告位於我們的網站 www.pb.com 上，點擊「投資關係」即可找到。

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 reconciliations for these items to the appropriate GAAP measure and the tables attached to our press release. We have also provided a slide presentation and a spreadsheet with recast historical segment information on our Invest Relations website.

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。今天的演示中還包括非 GAAP 指標，特別是 EBIT、EBITDA、EPS 和自由現金流都經過調整。您可以在我們的新聞稿中找到這些項目與適當的 GAAP 指標的對帳表以及隨附的表格。我們還在投資關係網站上提供了包含重編歷史細分資訊的幻燈片簡報和電子表格。

With that, I'd like to turn the call over to our CEO, Kurt Wolf.

說到這裡，我想把電話轉給我們的執行長 Kurt Wolf。

Thank you, Alex, and thanks to everybody joining today's call. I'm here with Paul Evans, our newly appointed CFO who will also participate in today's Q&A.

謝謝你，亞歷克斯，也感謝今天參加電話會議的所有人。我和我們新任命的財務長保羅·埃文斯一起出席了今天的問答環節，他也將參加。

A few quick comments on our new CFO. Paul has prior experience as a public company CEO and CFO and knows Pitney Bowes extremely well due to his previous service as a Board member, Audit Committee Chair, and Value Enhancement Committee Chair. It's rare that a Board member is willing to give up their seat to take an operating role, but Paul sees the same opportunities that I do and was eager to roll up his sleeves and get to work.

對我們的新任財務長進行一些簡短的評論。Paul 曾擔任上市公司執行長和財務官，由於曾擔任董事會成員、審計委員會主席和價值提升委員會主席，因此對 Pitney Bowes 非常了解。董事會成員願意放棄自己的席位來擔任營運職務的情況很少見，但保羅看到了與我一樣的機會，並渴望捲起袖子開始工作。

Paul and I have a great history of working together, dating back to our days on the GameStop Board during that company's turnaround. We had tremendous success working there together, and I'm incredibly excited at the prospects of what we can do at Pitney Bowes.

保羅和我有著良好的合作歷史，可以追溯到我們在 GameStop 董事會任職期間，當時該公司正處於轉型期。我們在那裡共同工作並取得了巨大的成功，我對我們在 Pitney Bowes 的未來發展前景感到無比興奮。

A quick note on the changes we've made to our earnings process. We are now issuing a short CEO letter to accompany our press release. This provides you with immediate context alongside our earnings press release rather than making you wait to hear prerecorded commentary. This saves you time and will provide more time for questions, the latter of which is important is we are optimistic that we'll see significant growth in our research coverage over the coming months.

簡要說明一下我們對獲利流程所做的變更。我們現在正在發布一封簡短的執行長信函來配合我們的新聞稿。這為您提供了我們的收益新聞稿的即時背景信息，而不必讓您等待聽預先錄製的評論。這可以節省您的時間，並提供更多時間來解答問題，後者很重要，因為我們樂觀地認為，在未來幾個月內我們的研究覆蓋範圍將顯著增長。

Finally, this is a much more efficient process. And as with all things at Pitney Bowes, I'm striving to instill efficiency as a guiding principle of everything that we do.

最後，這是一個更有效率的過程。正如 Pitney Bowes 所做的一切事情一樣，我努力將效率作為我們所做一切事情的指導原則。

Next, I'd like to briefly touch on a few highlights from the quarter. Our businesses continue to drive significant earnings and cash flow growth on a year-over-year basis. We continue to honor our commitment to return capital to shareholders by almost exhausting our $150 million share repurchase authorization and by increasing our dividend by $0.01 for the third quarter in a row. Additionally, the Board has increased our share repurchase authorization to $400 million.

接下來，我想簡要介紹本季的一些亮點。我們的業務持續推動獲利和現金流逐年大幅成長。我們繼續履行向股東返還資本的承諾，幾乎用完了 1.5 億美元的股票回購授權，並連續第三個季度將股息提高 0.01 美元。此外，董事會已將我們的股票回購授權增加至 4 億美元。

Given our strong free cash flow, liquidity position, and increased financial flexibility as a result of our adjusted leverage ratio now being below 3x, we are comfortable with our ability to aggressively repurchase shares at prices we believe to be attractive.

鑑於我們強勁的自由現金流、流動性狀況以及由於調整後的槓桿率目前低於 3 倍而提高的財務靈活性，我們有信心以我們認為有吸引力的價格積極回購股票。

During the quarter, we initiated the first phase of our strategic review, which is focused on internal improvements. This has yielded numerous opportunities for value creation, and I look forward to speaking about them on future calls.

本季度，我們啟動了策略審查的第一階段，重點是內部改進。這為創造價值提供了無數的機會，我期待在未來的電話會議上談論這些機會。

I'd like to conclude with an update on full-year guidance. We reduced our revenue guidance range by $50 million, tightened our EBIT margin range by bringing down the high end of our range, reiterated our free cash flow guidance, and increased our EPS range by $0.10. The reduction in revenue guidance is largely due to decisions by prior management to accept customer losses rather than offer price concessions to at-risk Presort customers. These concessions would have allowed us to keep these customers, albeit at lower margins. I'm incredibly frustrated with this unforced error and we have addressed the issue.

最後，我想介紹一下全年指導的最新情況。我們將營收預期範圍下調了5,000萬美元，透過下調預期範圍的上限來縮減息稅前利潤率預期範圍，重申了自由現金流預期，並將每股收益預期範圍上調了0.10美元。營收預期下調的主要原因是前任管理層決定接受客戶損失，而不是向風險較高的預分類客戶提供價格優惠。儘管利潤率較低，但這些讓步可以讓我們留住這些客戶。我對這個非受迫性失誤感到非常沮喪，我們已經解決了這個問題。

Reduction in the top end of our EBIT guidance is driven by the aforementioned loss of Presort customers, partially offset by continued improvements in execution across the entire organization. The increase in EPS is largely driven by our ongoing share repurchases.

我們的息稅前利潤 (EBIT) 預測上限的減少是由於上述預分類客戶的流失，但整個組織執行力的持續改善部分抵消了這一影響。每股盈餘的成長很大程度上得益於我們正在進行的股票回購。

That concludes my comments. And with that, operator, please open the line for questions.

我的評論到此結束。接線員，請打開熱線來回答問題。

(Operator Instructions) Karthik Mehta, Northcoast Research.

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

Hey, good afternoon. Kurt, just going back to your comments on and execution of the share buyback. Obviously, you bought a significant amount of shares in the last 120 days. And I'm wondering, with the new authorization, do you intend to continue buyback in 2025 or is this you want to wait, make sure, see how the business is performing, see what pre-cash flow is before reengaging with the buyback?

嘿，下午好。庫爾特，我再回到你對股票回購的評論和執行。顯然，您在過去 120 天內購買了大量股票。我想知道，有了新的授權，您是否打算在 2025 年繼續回購，或者您是否想等待，確保，看看業務表現如何，看看預現金流是多少，然後再重新進行回購？

Yeah, Karthik, thank you for the question. What I can say is obviously, we can't really comment on future activity and purchases in the market. What I can say is, I think the rate at which we've been purchasing shares historically the prices at which we've been purchasing them says something about where we see value in the company.

是的，Karthik，謝謝你的提問。我可以說的是，顯然我們無法對未來的市場活動和購買情況發表評論。我可以說的是，我認為我們過去購買股票的速度和購買價格在一定程度上反映了我們對公司價值的看法。

I'd also point to the incentive structure that I know, I negotiated for myself, which is based almost exclusively on options that don't begin -- don't have strike have strike prices of [$12, $14, and $16]. So you have some idea of where I see value in the company. So I can't comment on what we will do but I can certain -- I'm sure you can infer from all of that maybe where we see value in the company and also highlight that, again, with us getting under a 3.0 leverage ratio, we now have increased access to restricted payments. And then even if we go back above that 3.0, the fact that we've gotten below it, it essentially replenishes all of those baskets. So even if we didn't have the unrestricted access for being below 3.0, we still have roughly $300 million in those baskets that we can use.

我還要指出的是，我所了解的激勵結構，我自己談判過的，幾乎完全基於沒有開始的選擇權——沒有執行價格的選擇權[12 美元、14 美元和 16 美元]。所以您對我認為公司的價值所在有所了解。因此我無法評論我們將要做什麼，但我可以肯定——我相信您可以從所有這些中推斷出我們看到的公司的價值所在，同時再次強調，隨著我們的槓桿率降至 3.0 以下，我們現在可以增加對受限支付的訪問權限。然後，即使我們回到 3.0 以上，但事實上我們已經低於這個水平，它基本上補充了所有這些籃子。因此，即使我們沒有低於 3.0 的不受限制的訪問權限，我們仍然可以使用這些籃子中的大約 3 億美元。

And then, Kurt, just on the strategic review, obviously, you've been -- I'm just taking that for a while, as you said, so you became CEO, obviously, new CFO in the fold. And I'm wondering, does that change the timing at all for the strategic review? And if not, any commentary on when you think that might be finished -- you might be finished with the process?

然後，庫爾特，就戰略評估而言，顯然，你已經——正如你所說，我只是花了一段時間才做到這一點，所以你成為了首席執行官，顯然，成為了新的首席財務官。我想知道，這是否會改變戰略評估的時間？如果沒有，您認為什麼時候可以完成這個過程？

Yeah, Karthik, so on that, what I would say is I think Paul hopefully coming in accelerates not slows down any sort of review. Paul and I have a great working relationship. Paul has been on the Board for nine months and been heavily involved. So he knows the business very well, which is atypical for an incoming CFO. And again, as I said, we work incredibly well together.

是的，Karthik，關於這一點，我想說的是，我認為 Paul 的加入會加速而不是減緩任何形式的審查。保羅和我有著良好的工作關係。保羅已在董事會任職九個月並積極參與董事會事務。因此，他非常了解業務，這對於新任財務長來說並不常見。正如我所說，我們的合作非常愉快。

As far as timing, we've conveyed it as a two-step process. The first step in the process is an internal review. And after we've completed that, we'd move on to the second half of the process. And we're being incredibly thorough during this first step of the process.

就時間安排而言，我們將其表達為一個兩步驟過程。該流程的第一步是內部審查。完成這一步之後，我們將進入流程的後半部。在這個過程的第一步中，我們非常認真細緻。

As I've highlighted, first of all, two things I would say to that. One is as we're going through this, we're finding numerous opportunities to create value for shareholders, so that's a great outcome of the process. And second of all, what to highlight is we all need to learn from our mistakes. And pointing to GEC as an example, that was a situation in which I would point to problems we had in trying to grow that business.

正如我所強調的，首先，我想說兩件事。一是，當我們經歷這個過程時，我們發現了許多為股東創造價值的機會，所以這是這個過程的一個很好的結果。其次，需要強調的是，我們都需要從錯誤中學習。以 GEC 為例，我指出了我們在嘗試發展該業務時遇到的問題。

One, I don't think we operated efficiently enough as an overall company to be competitive in the logistics space. So one of the things we need to address, regardless of how the second half of the strategic review goes, we need to get far more efficient in how we operate and effective in how we operate.

首先，我認為我們作為一家整體公司的營運效率不足以在物流領域具有競爭力。因此，無論策略評估的後半部分進展如何，我們需要解決的問題之一是，我們需要提高營運效率和有效性。

Secondarily, when we made that decision, part of the thinking, as far as I understand it is that we would be able to take advantage of shared transportation between the two businesses, between Presort and GEC, and that turned out not to be the case.

其次，據我所知，當我們做出決定時，部分想法是，我們將能夠利用 Presort 和 GEC 兩家企業之間的共享交通，但事實並非如此。

So before we make any decisions, a, we need to figure out how we operate as effective as effectively and efficiently as possible. And we need to understand our business to a level of granularity that we don't make any mistakes when we are determining how we're going to proceed or what is ultimately in the best interest of shareholders with respect to the company.

因此，在做出任何決定之前，我們需要弄清楚如何盡可能有效、有效率地運作。我們需要對我們的業務有細緻的了解，以便在決定如何開展業務或最終如何為公司股東謀取最大利益時不會犯任何錯誤。

As far as the timing question, realistically, my guess is that the internal review will probably continue throughout the remainder of 2025. And then the more fulsome review would begin at some point in 2026.

就時間問題而言，實際上，我猜內部審查可能會持續到 2025 年剩餘時間。然後，更全面的審查將於 2026 年的某個時候開始。

Perfect. And then just one last question, Kurt. Just in the Presort business, it seems like you're taking a little bit different strategy than previous management, as you indicated. Is the thought that maybe if you go after some of these larger customers with lower fee, but that fell pressure margins? Or are there opportunities to take costs out through automation or otherwise and be able to maintain margins in that business?

完美的。最後一個問題，庫爾特。僅在預分類業務中，正如您所說，您採取的策略似乎與先前的管理略有不同。您是否想過，如果您以較低的費用來爭取一些較大的客戶，但這會降低利潤率？或者是否有機會透過自動化或其他方式降低成本並維持該業務的利潤率？

Yeah, absolutely. So I guess what I'd say is there's two ways to look at it. One is margin, one is dollars. To me, the most important thing is dollars.

是的，絕對是如此。所以我想說的是，有兩種方式可以看待這個問題。一個是保證金，一個是美元。對我來說，最重要的是美元。

If we give up some percentage margin, as long as our EBIT dollars are going up, that's a win for everybody. And as far as what the opportunity is, I guess what I would highlight, and I understand different perspectives on this issue, just what I would point to is we have a tremendous operation.

如果我們放棄一些百分比的利潤，只要我們的息稅前利潤上升，那麼對每個人來說都是有益的。至於機會是什麼，我想我要強調的是，我了解對這個問題的不同看法，我只想指出的是，我們有一個巨大的行動。

We have a leader, Debbie Pfeiffer, we believe is peerless in terms of her ability to drive an efficient organization. I think our belief, and we have a lot of data that we look at, we believe we're the most efficient player in the space. We believe that we get mail to customers typically faster than many of our competitors. We believe our service levels are at the highest level.

我們有一位領導者，黛比·菲佛 (Debbie Pfeiffer)，我們相信她在領導一個高效組織方面的能力是無與倫比的。我認為我們的信念以及我們所觀察的大量數據都表明，我們相信我們是這個領域最有效率的參與者。我們相信，我們向客戶發送郵件的速度通常比許多競爭對手都要快。我們相信我們的服務水準是最高水準。

So when we look at it, if there's a customer that we can't serve profitably, we don't think there's anybody else that can serve profitably. So from that lens, there's not a customer that we shouldn't be able to get. So there were situations in the past, and again, I understand different perspectives. Personally, I don't agree with the thought, was that we were going to maintain our percentage margin. And unfortunately, we lost some large customers that we, to my understanding, could have kept at a profitable level. It just would have maybe brought our margin percentage down, even though it would have been additive to revenue and to actual EBIT dollars.

因此，當我們考慮這個問題時，如果我們無法為某個客戶提供獲利服務，那麼我們認為也不會有其他客戶能夠為我們提供服務並實現盈利。因此從這個角度來看，沒有我們無法獲得的客戶。過去確實存在一些情況，而且我再次理解不同的觀點。就我個人而言，我不同意我們要維持我們的百分比利潤率的想法。不幸的是，我們失去了一些大客戶，據我所知，我們本來可以保持這些客戶的獲利水準。儘管這會增加收入和實際息稅前利潤，但也許只會降低我們的利潤率。

Perfect. Thanks, Kurt. I really appreciate it. It makes sense. Thank you.

完美的。謝謝，庫爾特。我真的很感激。這是有道理的。謝謝。

Anthony Lebiedzinskiy, Sidoti.

安東尼·萊比津斯基，西多蒂。

Good afternoon, and thank you for taking the questions. So first on SendTech, in previous conference calls, you guys had talked about the shipping subsegment within SendTech, how that's grown. Can you give us an update on how that's tracking so far this year? And how do you see that the shipping subsegment doing for the balance of the year?

下午好，感謝您回答問題。首先關於 SendTech，在先前的電話會議中，你們曾討論過 SendTech 內部的航運子部門以及它的發展。您能否向我們介紹一下今年迄今的進展？您認為航運分部今年餘下時間的表現如何？

Yeah. Hey, Anthony. Yeah. So just to be, you know, answer the question, but just something that everybody should be aware of. We did a recast of our shipping segment. And what this what this involved is, as you recall, when we exited GEC, there was one piece of business that was profitable that is shipping related, unlike our core. And we and going forward, we'll talk about core shipping and just shipping overall.

是的。嘿，安東尼。是的。所以，您知道，只是為了回答這個問題，但這只是每個人都應該知道的事情。我們對航運部門進行了重組。正如您所記得的那樣，當我們退出 GEC 時，有一項盈利的業務與航運有關，與我們的核心業務不同。接下來，我們將討論核心運輸和整體運輸。

And what the difference will be is that overall shipping will be core shipping plus this one relationship that we have in the shipping space. This business actually handles packages. It's not a software business. So it's very different than our core software -- or core shipping software business.

差別在於，整體運輸將是核心運輸加上我們在運輸領域的這種關係。這家企業實際上是處理包裹的。這不是軟體業務。因此，它與我們的核心軟體或核心航運軟體業務非常不同。

So if you look at the overall shipping revenue, it was actually down 2.5% year over year for the quarter. However, that was due to significant declines in the non-core part of the business. If you strip out that one customer, that one relationship, which we'll continue to do on a quarterly basis, if you strip that out, we had 6% growth. It's not where we want to be. We're driving to make sure we're at double digits every quarter. But we did come in at about 6% year-over-year growth for the quarter.

因此，如果你看一下整體航運收入，你會發現本季的實際年減為 2.5%。然而，這是由於非核心業務部分大幅下滑所致。如果你去掉那一個客戶、那一個關係（我們將繼續按季度這樣做），如果你去掉那一個客戶、那一個關係，我們的成長率為 6%。這不是我們想要的。我們正在努力確保每個季度都達到兩位數的成長。但本季我們的銷售額確實年增了約 6%。

Got you. Okay, thanks for the clarification. Okay. All right. So as far as that I was more kind of interested in that SaaS piece, the shipping and the software. So in terms of that business, do you still have a positive outlook on that -- how that's going to grow going forward?

明白了。好的，感謝您的澄清。好的。好的。因此，就這一點而言，我對 SaaS 部分、運輸和軟體更感興趣。那麼就該業務而言，您是否仍然對此持樂觀態度——它未來將如何發展？

Yeah, no, the SaaS business continues to do very well. The growth there -- yeah, so sorry, just for the SaaS business itself, that was up 17% year over year for the quarter. And again, we expect that to continue to outpace the underlying core shipping revenue.

是的，SaaS 業務持續表現良好。是的，很抱歉，僅就 SaaS 業務本身而言，該業務本季同比增長了 17%。我們再次預計，這項成長將持續超過核心航運收入。

Got you. Okay, all right. Thanks for that. And then in terms of the Presort, so in your letter, you talked about reversing the losses. Have you already been able to do that so far in the third quarter, or is this more of an expectation that you think you will be able to reverse the customer losses?

明白了。好的，好的。謝謝。然後就預分類而言，您在信中談到了扭轉損失。到目前為止，你們在第三季已經能夠做到這一點了嗎？或者這更多的是一種期望，即您認為您能夠扭轉客戶流失的局面？

What I would say is I think we're very close to starting to reverse some of those losses. But to this point, we've not reversed any of it yet.

我想說的是，我認為我們已經非常接近扭轉部分損失了。但到目前為止，我們還沒有扭轉任何局面。

Got you. Okay. All right. And then, the prior CEO was open to doing acquisitions and Presort. What is your view on that strategy?

明白了。好的。好的。然後，前任執行長願意進行收購和預分類。您對於這項策略有何看法？

I mean, it's unbelievably attractive, and we're constantly scanning the horizon for opportunities. I think every CEO is mentioned these acquisitions are completed at very low multiples. And then when they're brought into our system, as I mentioned, the level of efficiency we have is peerless in the industry. So that profitability shoots up significantly. So they're just incredibly accretive business and we continue to prepare every chance we get.

我的意思是，它具有令人難以置信的吸引力，我們也不斷尋找機會。我認為每位執行長都提到這些收購都是以非常低的倍數完成的。然後，當他們進入我們的系統時，正如我所提到的，我們的效率水平在業界是無與倫比的。因此獲利能力大幅提升。因此，它們只是令人難以置信的增值業務，我們會繼續為我們所得到的每一個機會做好準備。

Understood. All right. And then just lastly, I guess more of a housekeeping question here. So in terms of your increased EPS guidance, what are you guys assuming for the diluted share count for the back half and for the full year?

明白了。好的。最後，我想這更多的是一個常規問題。那麼，就您提高的每股盈餘預期而言，您對下半年和全年的稀釋股數有何假設？

Yeah. I don't want to give that simply because it certainly gives some sense of where we are or where we think we may be in terms of share repurchases. But if you take our EBIT guidance, apply an assumed interest rate, assumed tax rate, and then look at our EBIT guidance versus our EPS guidance, that should probably give you some sense of where we might be on a diluted share account. I don't think --

是的。我不想只是給出這一點，因為它肯定會讓我們了解我們在股票回購方面處於什麼位置，或者我們認為我們可能處於什麼位置。但是，如果您採用我們的 EBIT 指導，請應用假設利率、假設稅率，然後查看我們的 EBIT 指導與 EPS 指導，這可能會讓您了解我們在稀釋股票帳戶中的位置。我不認為--

Okay, that sounds fair. All right. Well, thank you very much, and best of luck.

好的，聽起來很公平。好的。好吧，非常感謝，祝你好運。

Thank you, Anthony.

謝謝你，安東尼。

Matthew Swope, Baird.

馬修‧斯沃普，貝爾德。

Thank you very much. Kurt, could you talk about the measurement changes that have gone on, I think everybody's been a bit surprised. I mean, we knew you were deeply involved, but to see you step into the CEO role after Lance was made permanent in October. And then I know Bob was just made permanent in February. Are the management changes tied to sort of the unforced errors you referenced or can you just talk more broadly about that and sort of how we think about the management stability going forward?

非常感謝。庫爾特，你能談談已經發生的測量變化嗎？我想每個人都有點驚訝。我的意思是，我們知道您深度參與其中，但在 10 月 Lance 正式就任執行長後，我們才看到您接任執行長一職。然後我知道鮑伯在二月才剛成為正式員工。管理層的變化是否與您提到的非受迫性失誤有關，或者您能否更廣泛地談論這一點以及我們如何看待未來的管理穩定性？

Absolutely. Yeah. So two things I'd say on that, and I'll just address the most recent change. The Board can speak to the change of CEO.

絕對地。是的。因此，我想就此說兩點，我只想談談最近的變化。董事會可以談論執行長的變動。

With respect to the CFO position, this is no way -- the change is no way reflected on Bob. He's an excellent CFO. Just -- it's not often that I feel like we have an opportunity to bring in a talent like Paul. And I think as you guys talked to him in the coming quarters and I'm sure, if there's any questions in his wheelhouse, I'm sure I'll get to them today.

就財務長職位而言，這不可能——這種變化絕對不會反映在鮑伯身上。他是一位出色的財務長。只是──我感覺我們並不常有機會引進像保羅這樣的人才。我認為，正如你們在接下來的幾個季度中與他交談時所相信的，如果他有任何關於他工作方面的問題，我確信我今天都會解答。

It's not often we have an opportunity to get somebody like that into the organization. He and I have worked together for five years. We have a tremendous working relationship. We about -- we have the same values. have the same focus within running a business in terms of creating urgency, creating discipline, data-driven decision-making, et cetera. It was just -- it really a comment on the opportunity that we had to bring somebody of Paul's caliber.

我們不常有機會讓這樣的人加入組織。我和他已經一起工作了五年。我們有著良好的工作關係。我們擁有相同的價值觀，在經營企業時關注的重點也相同，包括創造緊迫感、建立紀律、數據驅動的決策等等。這只是——這實際上是對我們有機會引進像保羅這樣有能力的人才的評論。

And as I'm sure all of you can imagine, it's not often that a Board member gives up a Board seat for an executive role. But I think, and I don't know Paul wants to speak to it after this, but there's a tremendous opportunity. I think Paul sees it as well.

我相信大家都能想像，董事會成員放棄董事會席位而擔任執行職務的情況並不常見。但我認為，我不知道保羅是否想在此之後談論它，但這是一個巨大的機會。我想保羅也看到了這一點。

And then the other thing I would just say before Paul maybe talks about what he's saying. I would just highlight that change has been a huge catalyst for value creation at Pitney Bowes. And again, I know corporate America typically operates at a certain pace.

在保羅談論他所說的內容之前，我還要說另一件事。我只想強調，改變是 Pitney Bowes 價值創造的巨大催化劑。而且，我知道美國企業通常以一定的節奏運作。

My operating background was all at startups. So the rate at which I work, the rate of change at which I -- that I pursue is very aggressive. And anytime there's an opportunity to create more value than the disruption causes, we're always going to seize that opportunity. So I like to think that every change we've made has been significant value creation, but I do recognize that people see a lot of change and that's maybe not typical.

我的營運背景全部是在新創公司。因此，我的工作速度、我追求的改變的速度都非常快。任何時候，只要有機會創造比中斷造成的更多價值，我們就會抓住這個機會。因此，我喜歡認為我們所做的每一個改變都創造了重大的價值，但我確實認識到人們看到了很多改變，而這可能並不典型。

But with all that said, again, I really think it'd be great for Paul to talk about it because what he's done, I think is pretty unusual and really speaks to the opportunity at Pitney Bowes.

但儘管如此，我還是認為保羅談論這個問題會很棒，因為我認為他所做的事情非常不尋常，而且確實說明了 Pitney Bowes 的機會。

Hi, Matt. Nice to meet you over the phone. Yeah, look, as I sat on the Board, and I've been on the Board for nine months and I was the Audit Chair and then the EC Chair and so is deeply involved. And at heart, I'm still an operator, and I saw an opportunity to come alongside Kurt again and with an incredibly supportive board and incredibly talented management team. It seemed to be an easy decision for me and all the things that the company has in front of them, it's something that's in my wheelhouse to do. So I'm just really glad to be here and to accelerate returning this company to where it should be.

你好，馬特。很高興透過電話認識你。是的，你看，我曾在董事會任職，我已經在董事會任職九個月了，我曾擔任審計主席，然後擔任 EC 主席，因此深度參與其中。從內心來說，我仍然是一名運營者，我看到了再次與庫爾特並肩作戰的機會，並且擁有一支給予我極大支持的董事會和才華橫溢的管理團隊。對我來說這似乎是一個很容易的決定，而且公司面臨的所有事情都是我能勝任的。所以我很高興來到這裡並加速讓公司回到它應有的位置。

That's helpful. Thank you, Paul. Nice to meet you as well. Kurt, do you guys, do you see you and Paul in these roles for two years, three years? And I know it's hard to predict the future, but is this a permanent thing or is this a temporary sort of fix?

這很有幫助。謝謝你，保羅。我也很高興認識你。庫爾特，你們覺得你和保羅會擔任這些職務兩年還是三年呢？我知道預測未來很難，但這是永久性的還是一種臨時解決方案？

Yeah. So Matthew, I can speak for myself. Paul can speak for him. I will serve as long as the Board and I both all agree that I'm the best person for the job. As you know, probably everybody on this call knows, I have a tremendous amount of money invested in this company. There's nothing more important to me, financially as well as just emotionally, and just from a commitment to success than seeing this company be successful, I like to believe that today I'm the right person for the job. I'm committed to it as long as I am the right person. If the path that we end up on is not suited to my skill set, then we'll bring in somebody who's better suited to run the company. But for now, everything I've seen that there's -- I'm committed as long as I'm the right person.

是的。馬修，我可以代表我自己發言。保羅可以代表他發言。只要董事會和我都同意我是該職位的最佳人選，我就會一直任職。正如你們所知，可能電話會議中的每個人都知道，我在這家公司投資了大量資金。對我來說，沒有什麼比看到這家公司成功更重要，無論是從經濟上還是情感上，從對成功的承諾來看，我願意相信今天我是這份工作的合適人選。只要我是合適的人選，我就會致力於此。如果我們最終選擇的道路不適合我的技能，那麼我們就會引進更適合管理公司的人。但就目前而言，我所看到的一切——只要我是合適的人選，我就會全力以赴。

Yeah. I guess to speak for myself, I don't have an end date. I'm going to be here until the job's done. And I don't think the job's ever done, so as long as the Board will have me and Kurt will have me, I will be here.

是的。我想就我個人而言，我沒有結束日期。我會一直在這裡直到工作完成。我認為這項工作永遠沒有完成，所以只要董事會需要我，庫爾特需要我，我就會留在這裡。

I appreciate both of those. And Kurt, I will say I do absolutely admire how much difference you have made in the company, how much and very much respect how much you have invested in the company. You have absolutely put your money where your mouth is. Can I ask, as you go through the share buyback process, are you selling any of your personal shares or Hestia shares into the buyback?

我很欣賞這兩者。庫爾特，我要說的是，我非常欽佩你為公司所做的貢獻，以及你為公司投入的資金。您確實說到做到了。我可以問一下，在您進行股票回購的過程中，您是否會出售任何個人股票或 Hestia 股票來參與回購？

Yeah. So what I can say on that is any shares that I would execute would be filed by Form 4s, and I think it's been quite some time since any Form 4s have been filed, so I think it's pretty safe to assume that shares haven't been sold -- yeah. And I would just highlight as well that I did have a 10b5-1 in place, and that did expire. So at this at this point in time, I do not have a 10b5-1 in place for myself or for Hestia.

是的。因此我可以說的是，我執行的任何股票都將透過表格 4s 提交，而且我認為距離提交任何表格 4s 已經有一段時間了，所以我認為可以相當安全地假設股票尚未出售 - 是的。我還要強調的是，我確實有一個 10b5-1，而且它確實過期了。因此，此時此刻，我還沒有為自己或赫斯提亞制定 10b5-1。

Got you. Now, very helpful. And maybe I will take advantage of Paul's presence on the call as well, and I'll put on my debt hat for a second. I was reading through and Kurt in your letter when you talked about the potential refinancing of the bonds and the 2027 notes in particular not becoming callable at par until March of next year.

明白了。現在，非常有幫助。也許我也會利用保羅在電話中出現的機會，暫時承擔一些債務。我讀了你的信，其中 Kurt 談到了債券的潛在再融資，特別是 2027 年票據要到明年 3 月才能按面值贖回。

Can I just ask how you guys are looking at as the high-yield market is as wide open as I've seen it for a while. We're seeing lots of deals get done right now at levels that people didn't foresee as possible before for whatever the call premium is right now, 1.7 points or so. Do you think it might make sense to refinance those bonds earlier than that call date and maybe you would make up more than the savings on the coupon that you might get by refinancing in such a hot market?

我可以問一下你們如何看待高收益市場，因為正如我所見，它已經開放了一段時間了。我們看到現在很多交易的完成水準是人們以前無法預見的，無論現在的看漲期權溢價是多少，大約是 1.7 個點。您是否認為在贖回日之前對這些債券進行再融資是有意義的，也許您會從如此火爆的市場中獲得比透過再融資節省的票面利息更多的收益？

Yeah, I'll take that. Of course, we're going to look at that. I mean, my charge is I want to look at what's our average life or our debt, what's the coupon on our debt. Obviously, there's still some remnant restrictions that we need to clear ourselves to get back to the normal company that we are. So obviously, we're looking at our RCF, our TLA, our TLB, [the 27s]. I mean, we have the liquidity, we could pay off the 27s. We'll balance that against -- what's an appropriate level of leverage that would just a company like this should have.

是的，我會接受的。當然，我們會考慮這一點。我的意思是，我的職責是看看我們的平均壽命是多少，我們的債務是多少，我們的債務息票是多少。顯然，我們仍然需要清除一些殘餘的限制，才能恢復正常的運作。顯然，我們正在關注我們的 RCF、我們的 TLA、我們的 TLB [27s]。我的意思是，我們有流動資金，可以償還 27 英鎊的債務。我們會權衡這一點——像這樣的公司應該擁有的適當槓桿水平是多少。

But I mean, obviously, you can see that we're generating a significant amount of free cash flow and so it's a good option to have. But we're certainly how you described it is in our thought process.

但我的意思是，顯然，您可以看到我們正在產生大量的自由現金流，所以這是一個不錯的選擇。但我們的思考過程確實和您描述的一樣。

And just to add to that one plan -- no, just to add to that. And this is one of the reasons I really appreciate joint working with Paul. We see things very similarly and play off each other very well. Retiring debt and issuing debt don't necessarily always have to coincide. Just because we're not currently contemplating calling the debt or potentially paying it off previously, if there's a timing mismatch, Paul and I have already been through if there's a timing mismatch in terms of the raising and potential raising and pay off of debt or the call provision going away.

只是為了補充這個計劃——不，只是為了補充這個計劃。這也是我非常珍惜與保羅合作的原因之一。我們對事物的看法非常相似，並且能夠很好地相互配合。償還債務和發行債務並不一定總是同時發生。只是因為我們目前沒有考慮提前償還債務或可能償還債務，如果存在時間不匹配，保羅和我已經經歷過在籌集和潛在籌集以及償還債務或贖回條款消失方面是否存在時間不匹配的情況。

We're very, very value driven and it's just a simple mathematical calculation of what do we get on our cash? What are we paying up? And then what are we avoiding in terms of interest payments? And it's a pretty simple calculation of what price would you buy back your debt. So hopefully, that makes clear how we're thinking about it as well.

我們非常非常注重價值，這只是一個簡單的數學計算，我們能用現金得到什麼？我們付出了什麼？那麼，我們在支付利息方面要避免什麼呢？這是一個非常簡單的計算，你可以以什麼價格回購你的債務。所以希望這也能清楚地表明我們對此的看法。

No, that's helpful. Maybe just one last one for me. You've been, congratulations on getting to the 3 times earlier than you said you would. You mentioned it in your comments today, and it sounded like you might be comfortable going above 3 times leverage again. Can you talk about that? How much higher above 3 times would you be comfortable with going with that -- would that be a new higher level? Would that be for a temporary either acquisition or share buyback opportunity? How do I -- and Paul's band new, or at least new in this seat, how do you guys thinks about where leverage could go from here?

不，這很有幫助。對我來說也許只是最後一個。恭喜你，你比你承諾的提早 3 次到達目的地了。您在今天的評論中提到了這一點，聽起來您可能願意再次使用超過 3 倍的槓桿。你能談談這個嗎？您認為比 3 倍高出多少倍比較合適——這會是一個新的更高水平嗎？這是否是暫時的收購或股票回購機會？我和保羅的樂團是新來的，或至少是新來的人，你們認為從現在起影響力會如何發展？

I mean, look, philosophically, could we go higher? Sure, we could go higher. But to go higher and not have a use of that is not the best thing. We don't want to sit it on the balance sheet, a bunch of negative arb that we'll deal with. But we clearly could go higher.

我的意思是，從哲學角度來看，我們能走得更高嗎？當然，我們可以走得更高。但是，如果達到更高的高度而沒有利用它，那並不是最好的事情。我們不想把它放在資產負債表上，而是要處理一堆負面套利。但我們顯然可以走得更高。

And your idea, your suggestion, would you go higher if there was an accretive acquisition in front of us? Of course we would. But right now, we're sort of staying around the 3 times.

您的想法和建議是，如果我們面前有一個增值收購，您會提出更高的要求嗎？當然會。但目前，我們大致停留在 3 次左右。

And Paul and I have had this discussion as well. I think everybody at this company believes we could carry significantly, not significantly, we could carry a ratio above 3.0 in terms of our leverage ratio. We think it could be higher. But we recognize that us believing it and the market believing it are two different things. And we have to be cognizant of the market and what the market wants.

保羅和我也討論過這個問題。我想這家公司的每個人都相信我們可以將槓桿率保持在 3.0 以上，雖然不是很高。我們認為這個數字可能會更高。但我們認識到，我們相信它和市場相信它是兩碼事。我們必須了解市場以及市場的需求。

So while we believe we can run at a higher level, we need to get the market to understand and see what we see and get confident in the future of the company, which also includes getting to revenue growth. And I think we're confident we'll get there.

因此，雖然我們相信我們能夠在更高的水平上運營，但我們需要讓市場了解和看到我們所看到的，並對公司的未來充滿信心，其中也包括實現收入成長。我認為我們有信心實現這一目標。

And once the market sees that, I think the market will be much more receptive to us going above that 3.0. And at that point, we'd be more serious considering maybe increasing. But at this point, we want to be sensitive to the market and what opportunities the market presents.

一旦市場看到這一點，我認為市場會更容易接受我們超過3.0的定價。到那時，我們會更認真地考慮是否要提高定價。但此時此刻，我們希望對市場以及市場提供的機會保持敏感。

Okay. Well, thank you both very much for your time and look forward to working with both of you.

好的。好吧，非常感謝你們抽出時間，並期待與你們合作。

David Steinhardt, Contrarian.

大衛‧史坦哈特（David Steinhardt），反對者。

Hi, Paul. Welcome to the company. Well, to the CFO role. I'm sure you've been instrumental as a member. In the early innings of strategic review, how do you see the Presort business and SendTech business working hand in hand with each other? Are they potentially distinct businesses or do you still see benefits and then operating together under the Pitney Bowes' roof?

你好，保羅。歡迎來到本公司。嗯，擔任財務長一職。我確信你作為一名成員發揮了重要作用。在策略審查的早期階段，您如何看待 Presort 業務和 SendTech 業務的攜手合作？它們可能是不同的企業嗎？或者您仍然認為它們在 Pitney Bowes 旗下共同經營會帶來好處嗎？

Well, I think we'll go take -- I'll take a shot at that as somebody who's just come off the Board into management. So holistically, I see an opportunity how they can complement each other. And so I don't think that that value has been recognized in our stock price. And so there's definitely things to do there. So I come to the table with those ideas, and Kurt and I work with the team on how to optimize those businesses.

好吧，我想我們會去嘗試——作為一個剛從董事會進入管理層的人，我會嘗試一下。因此從整體上看，我看到了它們相互補充的機會。因此我認為我們的股價尚未反映出這一價值。所以那裡肯定有事情要做。因此我提出了這些想法，然後 Kurt 和我與團隊一起研究如何優化這些業務。

Kurt?

庫爾特？

Yeah, And I guess I would just add to that, at least from my perspective, half of my background is an entrepreneur. As an entrepreneur, you're constantly looking for opportunity. And I think we've uncovered a lot of opportunity for synergies between the business, whether it's cross sales. One example, GFS potentially could offer value to Presort customers. That's not something we've historically done.

是的，我想我還要補充一點，至少從我的角度來看，我的背景有一半是企業家。作為一名企業家，您一直在尋找機會。我認為我們已經發現了很多業務協同的機會，無論是交叉銷售。舉個例子，GFS 有可能為 Presort 客戶提供價值。這不是我們歷史上做過的事。

But the other half of me is an investor, and I have seen a lot of companies think they're smarter than the market, think they can do things that aren't necessarily easy to execute. So yeah, I've been burned as an investor when companies don't know what they're doing and get ahead of themselves to get over their skis. So I think we see a lot of opportunities to further create value between the businesses. But at this point, there's nothing significant that we're evaluating, but there's nothing significant on the horizon in terms of actually execution.

但我的另一半是一名投資者，我看到很多公司認為他們比市場更聰明，認為他們可以做一些不一定容易執行的事情。是的，當公司不知道自己在做什麼並且為了克服困難而超越自己時，作為一名投資者，我遭受了損失。因此我認為我們看到了很多在企業之間進一步創造價值的機會。但目前，我們評估的還沒有什麼重大的事情，而且從實際執行的角度來看，也沒有什麼重大的事情發生。

Understood. And this is more of a housekeeping question. In terms of repurchase of authorization, increasing from $150 million to $400 million, is there an expiration in mind for that authorization?

明白了。這更像是家務問題。就授權回購而言，從 1.5 億美元增加到 4 億美元，該授權是否有到期日？

Yeah. No, I don't think there's any expiration tied to it.

是的。不，我認為它沒有任何到期日。

Understood. Thank you.

明白了。謝謝。

(Operator Instructions) Justin Dopierala, DOMO Capital Management.

（操作員指示）Justin Dopierala，DOMO Capital Management。

Thank you. Hey, Kurt, Paul, congratulations on your appointments to CEO and CFO. It's fantastic having the GameStop Dream team back together.

謝謝。嘿，庫爾特、保羅，祝賀你們被任命為執行長和財務長。GameStop Dream 團隊重新聚首真是太棒了。

Thank you, Justin.

謝謝你，賈斯汀。

I have several questions, but first of all, I just want to commend you on the very aggressive share repurchases that have been made as well as the new plan you've announced. I mean, this is exactly what shareholders have wanted and speaks to how important it is to have a CEO that's a large shareholder so that everyone is appropriately aligned.

我有幾個問題，但首先，我只想讚揚您採取的非常積極的股票回購措施以及您宣布的新計劃。我的意思是，這正是股東們所希望的，也說明了擁有一位大股東作為執行長是多麼重要，這樣才能讓每個人都保持一致。

Yeah, thank you.

是的，謝謝。

Kurt in your letter to shareholders, you mentioned expanding the coverage you see from research analysts. I just wondering if you could provide some additional commentary around the importance of that.

庫爾特，在您致股東的信中，您提到擴大研究分析師的報道範圍。我只是想知道您是否可以就其重要性提供一些額外的評論。

Yeah, I appreciate the question. As you can imagine, we already have several companies covering us and we really value the coverage. We believe we're doing something really special at this company. Right now, we have three or four analysts covering us who can kind of spread the word. The more we can grow that, the more people get to hear exactly what it is that we're doing and it just facilitates. I think of it as a sales funnel.

是的，我很感謝你提出這個問題。正如您所想像的，我們已經有幾家公司為我們提供服務，我們非常重視這些服務。我們相信我們在這家公司正在做一些非常特別的事情。目前，我們有三到四名分析師負責報道，他們可以傳播消息。我們越能發展這一點，越多的人就能確切地了解我們正在做的事情，這只會更加便利。我認為它是一個銷售漏斗。

In order to get an investor into the stock, first, they have to get that first level of interest and want to put the time in to understand the company. Having as much coverage as we can is just more opportunities for people that are looking at us when we cross the screen to reach out to somebody and get an initial understanding, decide if they want to delve further into it.

為了讓投資人買股票，首先，他們必須產生第一層次的興趣，並願意花時間去了解該公司。盡可能多地進行報道，可以為那些在螢幕上看到我們的人提供更多機會，讓他們與某人取得聯繫，獲得初步了解，並決定是否想進一步深入了解。

And I think it's particularly important for us because we are a bit of an anomaly in the stock market or a bit of an orphan, which I think leads, I think it's great because it leads to undervaluation and we can buy back stock. So it's great in that perspective.

我認為這對我們來說尤其重要，因為我們在股票市場中有點異常，或者有點孤兒，我認為這會導致低估，我認為這很棒，因為它會導致低估，我們可以回購股票。從這個角度來看，這很棒。

But at some point, we do want full coverage of the company. When I say we're an orphan, of course, we don't have direct competitors to speak of, certainly not in the public market. Having that coverage just really helps attract people to at least spend the time to get to know the story. And we're convinced once people understand the story, they'll be very interested in investing. We think it's really important for us.

但在某些時候，我們確實希望對公司進行全面覆蓋。當我說我們是孤兒時，當然，我們沒有直接的競爭對手，當然在公開市場上也沒有。這樣的報道確實有助於吸引人們至少花時間去了解這個故事。我們相信，一旦人們了解了這個故事，他們就會對投資產生濃厚的興趣。我們認為這對我們而言確實很重要。

Makes a lot of sense. I know you haven't provided 2026 guidance, but is it safe to say that free cash flow of over $300 million a year going forward is sustainable?

很有道理。我知道您還沒有提供 2026 年的指導，但可以肯定地說，未來每年超過 3 億美元的自由現金流是可持續的嗎？

Yeah. I mean, we don't want to comment on that. We have -- we're very confident in the business, but we haven't -- we don't give guidance that far in advance. But I do appreciate the question, but no, it's not something we're answering at this time.

是的。我的意思是，我們不想對此發表評論。我們對業務非常有信心，但我們沒有提前那麼久給予指導。我確實很感謝你提出這個問題，但是現在我們無法回答這個問題。

All right. And I know in the past, you've talked about getting credit rating upgrades. Is that something you see is likely in the foreseeable future?

好的。我知道您過去曾談到提高信用評級的事情。您認為在可預見的未來有可能發生這樣的事情嗎？

I mean, look, we're certainly going to go meet with the agencies. Obviously, they're lagging on our performance. And we'll talk to them about that. And it's always helpful. It's not mandatory. We get to investment grade. But it's certainly helpful with some. And I bring a lot to bear on that back to my time at NRG in the '90s, so I've got a long track record with them. And so I look forward to sitting down with them and telling them why they're lagging on our rating.

我的意思是，看，我們肯定會去與這些機構會面。顯然，他們的表現落後於我們。我們會和他們討論此事。而且它總是有幫助的。這不是強制性的。我們達到了投資等級。但它對某些人來說確實有幫助。我對此有很多感受，可以追溯到 90 年代我在 NRG 工作時，因此我與他們有著長期的合作記錄。因此，我期待與他們坐下來談談，告訴他們為什麼他們的評級會落後。

Got it. I know you guys have talked a lot about Presort and what happened during the quarter. I just want to ask, can you confirm that there's no signs of structural weakness in the business at all there?

知道了。我知道你們已經談論了很多有關 Presort 以及本季發生的事情。我只是想問一下，您能否確認該業務完全沒有出現結構性疲軟的跡象？

Yeah. I mean, I guess, what I can say is we obviously don't share internal numbers. I would just say that I believe about 90% of the reduction we see is tied directly to Presort, which is almost entirely driven by competitive losses that we otherwise could have kept. So again, like I said, it's incredibly frustrating. This was an unforced error, and we're in not for that. We would not be changing our revenue guidance and then our EBIT guidance as well. We've been doing a great job driving efficiencies throughout the organization. would have been -- yeah, clearly, those might have been at lower margins, but they still would have generated EBIT. So it really was just an on-course error.

是的。我的意思是，我想，我可以說我們顯然不會分享內部數據。我只想說，我相信我們看到的減少量約 90% 與預分類直接相關，而預分類幾乎完全是由我們原本可以避免的競爭損失造成的。所以，就像我說的，這真的令人非常沮喪。這是一個非受迫性失誤，我們不該犯這樣的錯誤。我們不會改變我們的收入預期，也不會改變我們的息稅前利潤預期。我們在提高整個組織的效率方面做得很好。本來是——是的，顯然，這些利潤率可能會較低，但它們仍然會產生息稅前利潤。所以這其實只是一個航向錯誤。

And again, Presort as well as SendTech are incredibly strong businesses. The margins, the profitability, our ability to compete. And again, over time, we really want to introduce our business leaders to the broader investment community. We think we have some great leaders, Debbie being amongst them. She's going out and going and pounding the pavement, trying to win back customers and also gain new customers. And again, the one advantage we have for us is we're essentially the low-cost provider in the system, or in the industry. So if we're aggressive on sales, we should be able to continue to take share.

再說一次，Presort 和 SendTech 都是非常強大的企業。利潤率、獲利能力、我們的競爭能力。而且，隨著時間的推移，我們確實希望將我們的商業領袖介紹給更廣泛的投資界。我們認為我們有一些偉大的領導者，黛比就是其中之一。她四處奔走，試圖贏回客戶並贏得新客戶。再說一次，我們的一個優勢是，我們本質上是系統或產業中的低成本供應商。因此，如果我們積極銷售，我們就應該能夠繼續佔據市場份額。

Got you. And then this last one's a little bit long. I don't know if you'll be able to answer, but I did see some kind of commentary in your letter as well. But I guess long story short is there's some local news today in Milwaukee with Harley-Davidson doing a strategic partnership with KKR and PIMCO, which sent the shares rocketing higher. They're unlocking over $1 billion of cash by transforming their financial services business into a capital light financing business. And what they're doing is selling the existing and future retail loans, but they're not giving up control.

明白了。最後一個有點長。我不知道您是否能夠回答，但我在您的信中也確實看到了一些評論。但我想長話短說，今天密爾瓦基有一些當地新聞，哈雷戴維森與 KKR 和 PIMCO 建立了戰略合作夥伴關係，這導致其股價飆升。他們將金融服務業務轉型為輕資本融資業務，釋放了超過 10 億美元的現金。他們所做的就是出售現有和未來的零售貸款，但他們並沒有放棄控制權。

So, you know, the Harley-Davidson Financial Services segment seems to have a lot of parallels with the Pitney Bowes Bank. I don't know if you've seen this yet or are able to answer, but was just curious if you think you'd have a similar opportunity to unlock value in the same way for Pitney Bowes Bank?

所以，你知道，哈雷戴維森金融服務部門似乎與 Pitney Bowes 銀行有許多相似之處。我不知道您是否已經看過這個問題或能夠回答，但我只是好奇，您是否認為對於 Pitney Bowes Bank 來說，您也有類似的機會以同樣的方式釋放價值？

What you've hit on is one of the reasons I wanted to come alongside Kurt. I think it's an incredibly undervalued asset and the opportunity we have to bring value to our shareholders. Yeah, I mean, that's the template that you have out there, and I'm sure folks will be calling us on that so we're aware of that we're studying it, and I would just say just stay tuned.

您所說的話正是我想要與庫爾特並肩作戰的原因之一。我認為這是一筆被嚴重低估的資產，也是我們為股東帶來價值的機會。是的，我的意思是，這就是你們現有的模板，我相信人們會就此打電話給我們，所以我們知道我們正在研究它，我只是想說請繼續關注。

Fantastic. Thank you.

極好的。謝謝。

Any more questions, Justin, or? Okay, great. All right. Well, at this point, I don't see any more questions in the queue, so we'll just wrap it up.

還有其他問題嗎，賈斯汀？好的，太好了。好的。好吧，目前，我沒有看到隊列中還有其他問題，所以我們就結束討論。

And I'll just end by saying, again, my first 70 days at Pitney Bowes have been fantastic. Some of the things I've learned is we have an amazing team here. I always knew just how great our businesses were. Again, I think they're very underappreciated for the quality of the businesses. But it's becoming even more apparent just the quality of the team here.

最後，我想再次說，我在 Pitney Bowes 的頭 70 天過得很棒。我了解到的事情是，我們這裡有一支出色的團隊。我一直都知道我們的業務有多出色。再次，我認為他們的業務品質沒有得到充分重視。但這裡球隊的素質正變得越來越明顯。

And as we continue to build the leadership team here at the company, I think, and we continue to push hard on pushing through change, driving growth, and really moving the company forward, it's just incredibly encouraging just the commitment that our employees have to the company, which is I think pretty unique.

我認為，隨著我們繼續在公司建立領導團隊，並繼續努力推動變革、推動成長、真正推動公司向前發展，我們的員工對公司的承諾令人難以置信地鼓舞，我認為這非常獨特。

I was an ex-consultant who worked at a lot of companies. It's rare that you see a company that has employees that this dedicated to the company. So I'm incredibly excited for us to be able to talk to the employees about here's our path forward. Because it's a group of individuals that once they know what it is that we're going out to do, I would put them up against anybody in terms of willingness to do the hard work for the good of the company. So I think all shareholders should feel very encouraged that they have such a great group of employees at the company that they are owners of.

我曾擔任過多家公司的顧問。你很少看到一家公司有如此敬業的員工。因此，我非常高興能夠與員工討論我們的前進道路。因為一旦他們知道我們要做什麼，我就會讓他們與任何人相比，更願意為了公司的利益而努力工作。因此，我認為所有股東都應該感到非常鼓舞，因為他們所擁有的公司擁有如此優秀的員工團隊。

So thank you, everyone.

謝謝大家。

Thank you for participation in today's conference. Does this conclude the program. You may now disconnect.

感謝大家參加今天的會議。這個程序就此結束嗎？您現在可以斷開連線。