必能寶 (PBI) 2026 Q2 法說會逐字稿

Good day, and welcome to the Pitney Bowes second-quarter 2026 earnings call. (Operator Instructions) 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.

大家好，歡迎參加 Pitney Bowes 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給今天的發言人，投資人關係總監 Alex Brown 先生。請開始。

Good morning 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 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 and clicking on Investor Relations.

各位早安，感謝各位加入我們。今天的簡報包含關於我們未來業務與財務表現的前瞻性陳述。前瞻性陳述涉及風險與不確定性，可能導致實際結果與我們的預測存在重大差異。關於這些事項的更多資訊，請參閱我們的財報新聞稿、Form 10-K，以及其他向美國證券交易委員會（SEC）提交並刊載於我們網站 www.pb.com（點選 Investor Relations）的報告。

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.

請記住，我們不承擔因新資訊或新發展而更新前瞻性陳述的任何義務。今天的簡報亦包含非 GAAP 指標，具體包括 EBIT、EBITDA、EPS 與自由現金流，皆以調整後基礎呈列。您可在我們新聞稿所附表格中，找到這些項目與相應 GAAP 指標之間的調節表。我們也在網站上提供投影片簡報與包含歷史分部資訊的試算表。

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

接下來，我想把電話交給 Kurt。

Good morning and 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.

各位早安，感謝今天加入我們。第二季業績延續第一季的動能，讓我們有信心上調調整後 EBIT、EPS 與自由現金流的指引。我現在將說明本季幾項重點亮點。Presort 持續贏得新業務，並維持強勁的銷售管線。不過，較高的運輸成本對 Presort 第二季的獲利能力造成了實質影響。

Moving to SendTech, continued operational improvements led to higher margins despite increased spending on future growth. 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.

接著談 SendTech，持續的營運改善帶動毛利率提升，儘管我們增加了對未來成長的投入。在 Pitney Bowes Bank，Steve 與其團隊在建置我們的基礎設施方面取得顯著進展，這將支援未來成長。此外，該銀行目前正透過三個試點計畫承作放款，這些計畫可運用並強化既有客戶關係。

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. 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.

在資本配置方面，過去四個月我們已減少超過 2 億美元的負債，並將最近一期到期日延後至 2029 年 3 月。今年迄今已減債約 5,500 萬美元後，我們再次處於可機會性配置資本的穩健位置。另外，上個月我們啟動了策略檢討的第二階段。鑑於該檢討的性質，我們在本次電話會議上不會評論可能的結果或時間表。

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.

我剛才提到的亮點，反映出我們持續累積動能，朝向未來幾年實現具獲利性的有機成長邁進。最後，我要感謝我的領導團隊以及超過 6,000 位同仁的辛勤付出與投入，正是他們推動了我們強勁的第二季成果。

And with that, we will open the call for questions.

接下來，我們開放提問。

(Operator Instructions) Aaron Kimson, Citizens.

(接線員指示) Aaron Kimson，Citizens。

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?

能否請你們補充說明 Steve 與團隊在銀行端正在試點的三項新產品，以及為何決定在明年的財務報表中開始將銀行業務單獨拆分揭露？

Yeah. Good morning, Aaron, thanks for the question. Yeah. So 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. And there are now three pilots that we are -- that Steve and his team are focused on.

好的。早安，Aaron，謝謝你的提問。好的。如同我們先前談到的，對我們而言非常重要的是，要把握銀行端的機會，去運用公司既有的優勢。目前有三個試點計畫是我們——也就是 Steve 與他的團隊——正在聚焦的。

The first is extending credit, asset-based lending to certain Presort customers. These are large customers with strong financial health. So we believe there's a low level of risk associated with that. So that's one thing that's up and running that we're evaluating.

第一個是向部分 Presort 客戶提供授信，也就是資產基礎融資（asset-based lending）。這些都是規模很大的客戶，財務狀況良好。因此我們認為相關風險水準較低。這是目前已經上線並正在評估的一項。

Second pertains to our shipping software business. With the post office, they -- 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. So 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.

第二個與我們的運輸軟體業務有關。郵政機構——不同於民營公司——不會向運輸軟體客戶提供信用付款條件。相較於競爭對手，我們的一項優勢是可以透過自家銀行提供授信。因此這不僅讓我們能取得具吸引力的放款機會，也在我們對外爭取並贏得運輸軟體客戶時形成競爭優勢。

And then the third one, which is the most recent that we've initiated, ties to the logistics space. And here, we have relationships with a lot of 3PLs. So 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.

第三個也是我們最新啟動的，與物流領域相關。在這裡，我們與許多第三方物流（3PL）業者有合作關係。因此我們正在評估的是：如你所知，在整個物流供應鏈中，商家把商品交付給 3PL，而 3PL 會使用運輸服務與運輸公司；在所有這些環節的付款上都存在時間落差。

So 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. And one of the really attractive parts of that is with the 3PLs, we can get information on the actual assets sitting in their facilities so we have some level of understanding of the credit or the underlying assets that would be essentially held against those loans.

因此我們正在探索的其中一項機會，不僅是與 3PL 合作提供短期授信以因應上述情況，同時也在努力從 3PL 往上游延伸到商家端，向這些商家提供授信。其中一個非常吸引人的部分是，透過 3PL，我們可以取得其設施內實際存放資產的資訊，因此對於授信風險或作為放款擔保的底層資產，我們能有一定程度的掌握。

So 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. We want to make sure that we don't mis -- repeat the mistakes of the past and move too quickly.

再次強調，這三項目前都處於試點階段。我們預期會試點更多計畫，且都聚焦於運用我們既有的合作關係。我們不預期每一項都會成功，但我們對每一項都採取非常審慎、循序漸進的方式。我們希望確保不會——重蹈過去的錯誤、推進得太快。

And as I'm sure everybody listening to this call appreciates, lending in the banking industry, there's a lot of problems the company can get into due to the levels of leverage. So 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.

而且我相信所有收聽本次電話會議的人都理解，在銀行業的放款業務中，由於槓桿水準的關係，公司可能會陷入許多問題。因此我們在探索這些計畫時非常謹慎；這也是為什麼儘管我們正在進行三個試點、並希望未來能在公司內更廣泛推展，但我們仍預期銀行規模會持續縮小。

Super detailed. Thank you. And then 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 ship 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.

非常詳盡。謝謝。其次，你能否協助我們思考 Presort 中郵件交換（Mail Exchange）計畫的價格與數量函數？鑑於你們看到的更高運輸成本，是否有可能把部分量能從該計畫中移出會更合理？我的理解是，空間越來越取決於價格，而不是其他因素，包括配送時間。

Yeah. So this is Paul. So on that question, Mail Exchange is actually an advantage we have. We have a national network. And so 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 drive a benefit for our shareholders. So we're not at a point where it doesn't work.

是的。我是 Paul。就這個問題而言，郵件交換其實是我們的一項優勢。我們有全國性的網路。因此，當我們希望最大化五位數折扣（five-digit discount）時，我們可以把郵件移到另一個地點。即使在目前燃油成本處於高檔的情況下，我們仍能克服燃油成本，並且仍能為股東帶來效益。所以我們還沒到這個模式行不通的地步。

Yeah. And 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.

是的。Aaron，我再補充一下。我們在所有業務上都非常著眼長期。但在 Presort 之內，我們看到持續贏得客戶的巨大機會。而郵件交換能為客戶創造價值。如 Paul 所提到，透過在我們的設施之間移轉郵件，我們能比競爭對手更快達到五位數分揀。

Oftentimes, what you'll see competitors do is sit on mail in order to get it to that five-digit sort. So 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, we're able to get mail to the end user -- the end recipient of that mail faster than our competitors.

競爭對手常見的作法是把郵件先放著，以便湊到五位數分揀。所以這看起來幾乎有點違反直覺。但透過在我們各設施間移動與運輸郵件，我們可以達到五位數分揀，並將該折扣讓利給客戶，因此我們能比競爭對手更快把郵件送到終端使用者——也就是郵件的最終收件人。

So 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, but we're investing in the future of the business. We want to get to growth. And at some point, transportation costs will decline, but we don't want to be shortsighted and overreact to short-term movement in transportation costs.

因此，不幸的是，這確實會為我們帶來額外成本，但它能為客戶創造價值。我們的整體成本結構更低。目前這確實對我們造成影響，但我們是在投資業務的未來。我們希望回到成長。而在某個時間點，運輸成本會下降，但我們不希望短視近利，對運輸成本的短期波動反應過度。

That makes much more sense. Thank you.

這樣就合理多了。謝謝。

Jasper Bibb, Truist Securities.

Jasper Bibb，Truist Securities。

It 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.

SendTech 的利潤率這一季表現非常好。能否再多談一點背後的驅動因素？看起來即使扣除關稅退稅以及部分成本削減，年對年仍有相當健康的利潤率擴張。

Yeah. I mean, 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. So -- sorry about that. So for what you're doing, I'd say mid-30s is where we see the long run for that.

是的。我的意思是，長期來看，利潤率在 30% 中段。很明顯，去年因為我們是關稅的承擔方，所以利潤率被壓低。今年我們拿到了關稅退稅，因此推升了利潤率。所以——抱歉。就你在做的分析而言，我會說長期我們認為大約在 30% 中段。

That makes sense. And then 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? And I'm also curious, do you think SendTech revenue would maybe degrowing in the second half, if not for the impact of some of those noncore customer exits you've talked about in the past couple of quarters?

了解。另外，SendTech 營收下滑幅度再次收斂。你們的訂單（bookings）也年對年成長。我知道你們不提供分部層級的指引，但這是否能告訴我們 SendTech 在下半年可能會是什麼樣子？我也好奇，如果不是因為你們在過去幾季提到的一些非核心客戶退出的影響，你認為 SendTech 營收在下半年是否可能不再下滑（甚至轉為成長）？

Yeah. So I'll take that. Just to start with the end of the question with respect to the noncore customers, we want to be very clear and transparent about that. So there are certain customer contracts that we're losing. These contracts used to be a part of the GEC business.

是的。我來回答。先從問題最後一段、關於非核心客戶的部分開始，我們希望在這點上非常清楚且透明。因此，我們確實正在失去某些客戶合約。這些合約過去屬於 GEC 業務的一部分。

So they're essentially not -- that's why we refer to them as noncore SendTech. And 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, but there's a couple of factors working against us. 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.

所以本質上它們並不——這也是我們把它們稱為非核心 SendTech 的原因。正如我們所表達的，這些將對營收造成重大影響。至於下半年，我希望我能說排除這些因素後我們會回到成長，但有幾個因素對我們不利。現實是，我們仍在持續流失郵資機（mailing meters）。我們正努力遏止並降低流失速度，我有信心我們能做到。

And then a second piece as well is with the bank, I touched a bit on this in our letter, for the good -- 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. And 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 should -- also comes through the revenue line and getting growth, but that's a really unattractive way to grow.

第二個部分也與銀行有關，我在我們的信中稍微提到：為了業務的長期健康，我們正主動縮小銀行資產負債表的規模，退出低價值資產。這也再次回到槓桿銀行的風險。我們可以出去買進數億或數十億的貸款，並透過借入定期存單（CDs）來融資，產生淨利息收益率（net interest margin），這也會反映在營收項下並帶來成長，但那是一種非常沒有吸引力的成長方式。

So 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. So we're -- so that's going to create a headwind as well going forward.

因此，我們正主動縮減最不具吸引力的資產，以打造更健康的資產負債表；當我們推進這些試點計畫、開始發放貸款時——在金融服務領域，發放（自營）貸款非常重要，自行發放的貸款更具吸引力，風險調整後報酬更好。所以——這也會在未來形成逆風。

It's been a headwind all year, but it's, again, the right thing to do for the business long term. We do think shipping software, we see opportunity for growth there or continued growth. But 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 and then also as we get shipping software growing.

這整年一直是逆風，但同樣地，從長期來看這是對業務正確的事。我們確實認為在運輸軟體（shipping software）方面有成長機會，或持續成長。但目前這還不足以抵消前面兩項因素。我認為當銀行恢復成長時，SendTech 的營收也會回到成長——前提是我們不把它拆分揭露（我們曾討論過可能這麼做）——同時運輸軟體也持續成長。

And then finally, we did address Mailstream On Demand, which is a small product that's growing, and we're investing and trying to accelerate that growth. So that's something that could also start to push growth in the space. But again, that's -- 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. So I don't -- as much as I hate to say it, I don't see growth in the second half in core SendTech.

最後，我們也提到 Mailstream On Demand，這是一個正在成長的小型產品，我們正在投資並試圖加速其成長。因此，它也可能開始推動這個領域的成長。但同樣地——坦白說，它是一個小型業務。要讓它大到足以真正影響營收成長，還需要時間。所以我——儘管我很不想這麼說，我不認為下半年核心 SendTech 會有成長。

Makes sense. Thank you for taking the questions, guys. I appreciate all the detail there.

有道理。感謝各位回答提問。我很感謝你們提供的所有細節。

Alex Lakritz, Goldman Sachs.

Alex Lakritz，高盛。

This is George Tong at Goldman. So a 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? So 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?

我是高盛的 George Tong。我想就 SendTech 這塊快速追問一個問題。你們能談談運輸軟體的成長速度，以及你們如何看待產業層面的量下滑與其相比的情況嗎？換句話說，你們認為那個交叉點會在何時出現？聽起來下半年不會發生，但這會是 2027 年的故事嗎？還是很可能要到明年之後才會發生？

Yeah, George, I would say it's more of a 2027 story or even further out. I know everybody is looking for revenue growth at the company, but we have a long history of chasing revenue. It 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 investing for shareholders in the long term.

是的，George，我會說這比較像是 2027 年的故事，甚至更久之後。我知道大家都在尋找公司營收成長，但我們過去長期以來一直在追逐營收。結果證明那並不具獲利性，而且我們常常是先開火再瞄準。我們現在採取的是「量兩次、切一次」的方法，我認為這對長期成功以及為股東做長期投資會更有效。

So with respect to shipping -- the shipping space, part of what we're working on now is rationalizing and consolidating our offerings. 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. So we just have a lot of offerings.

就運輸——運輸領域而言，我們目前正在做的一部分工作是把產品線合理化並加以整併。我們有一個規模還不錯的運輸軟體業務，但分散在我想是五種不同的軟體產品上，還有多種實體產品。此外，我們還有分析（我想也算另一個產品）、追蹤（又是另一個產品）。所以我們的產品非常多。

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. So 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 investment get the -- where will it create the greatest long-term revenue growth opportunity.

以我們的規模來說，試圖在所有這些上面都投資，只會導致投資過於分散，而我們也沒有選出贏家。因此，我們現在真正聚焦的一件事是：找出我們在哪裡具備最佳競爭優勢、投資在哪裡能帶來最佳資產報酬，以及投資在哪裡能——在哪裡能創造最大的長期營收成長機會。

So again, right now, to answer your initial question, it's close to breakeven, I think maybe a little above. But again, part of that is due to the fact that we're starting to rationalize the shipping software space. And I think as we get through the process, we expect to get the growth as we're focusing more resources on our best product offerings and service offerings in the space.

所以回到你最初的問題，目前它接近損益兩平，我想可能略高一些。但同樣地，其中一部分原因是我們開始對運輸軟體領域做合理化調整。我認為當我們完成這個流程後，隨著我們把更多資源集中在該領域中最好的產品與服務上，我們預期會看到成長。

Got it. That makes sense. And 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? And how sustainable would you say that these share gains are as you look into 2027?

了解。這很合理。接著談到 Presort。那邊的營收成長在 6 月轉為正值，而你們仍以第三季實現正的量成長為目標。你們會說這項改善有多大程度是由公司自身的市占提升所驅動，相較於底層市場趨勢？而展望到 2027 年，你們認為這些市占提升的可持續性如何？

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.

我先說。我認為這是 Debbie 和她團隊的努力成果。我們已經在銷售團隊上投入。我們看到他們的商機管線在成長，這一直是正向的一步。我們需要看到這些管線轉成訂單積壓（backlog），訂單積壓轉成營收，營收再轉成現金。

And so there's positive signs there, but I'd say that the efforts are really ours first. And if the industry itself, I don't think we're really benefiting from that. Kurt, anything you want to add to that?

所以那裡有一些正向跡象，但我會說這些努力主要先來自我們自身。至於產業本身，我不認為我們真的有從中受益。Kurt，你有什麼要補充的嗎？

Yeah. I would add that over the -- 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. So 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.

有。我會補充說，在——同樣地，我們在去年上半年流失了不少業務。從那之後，我們幾乎沒有什麼流失，反而贏得了很多案子。所以就這點而言，我們完全有理由相信我們在過去一年一直在贏得市占。這是一個緩慢下滑的產業，但幸運的是，我們在 Marketing Mail 和 First-Class Mail 的合計市占，讓我們仍有很大的空間可以持續提升市占。

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 Scores are over 90, which is ridiculously high. So we're very well positioned to gain share. And everything we're seeing internally suggests that we are taking share right now.

我們已經說過無數次了，我們在產業中擁有最低的成本結構。我們有最高的服務水準。我想我們的淨推薦值（NPS）超過 90，這高得離譜。所以我們非常有利於提升市占。而我們內部看到的一切都顯示，我們現在正在拿下市占。

Got it. Pretty helpful. Thank you.

了解。很有幫助。謝謝。

Justin Dopierala, DOMO Capital.

Justin Dopierala，DOMO Capital。

I was -- you guys were talking about Mail Exchange earlier and the higher freight costs you're experiencing there. But as investors think about how the majority of your business deals with freight costs, doesn't the USPS reimburse most of these?

我想——你們先前談到 Mail Exchange，以及你們在那裡面臨較高的運費成本。但從投資人的角度來看，你們大部分業務所涉及的運費成本，USPS 不是會補償其中大多數嗎？

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

他們會，但會有時間落後效應。所以任何運輸成本的上升，會反映在他們下一次的成本計算中，最終會傳導到任何形式的費率上調，但那很可能要到明年 7 月才會發生。

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

了解。但這會是投資人未來可以期待的事情？

Correct. Yes.

正確。是的。

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

好的。另外我想請問，你們能否把今年下半年預期的逆風，與你們上調的財測指引做個對照說明？

Yeah, absolutely. So 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 to hear the good news and never the bad. So we're trying to be incredibly clear about the challenges we face.

可以，當然。我先提幾點。第一，我想強調在我的領導下，我們一直非常透明地揭露我們面臨的挑戰。作為投資人，我過去總是對只聽到好消息、卻從不聽到壞消息感到挫折。所以我們努力把我們面臨的挑戰講得非常清楚。

And 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. And I think our 2025 -- 2025 results reflect that.

第二，我認為這裡的領導團隊以及 6,000 名員工，展現了極強的能力，能夠緩解並降低我們所面臨任何逆風的影響。我認為我們 2025 年——2025 年的結果就反映了這一點。

And finally, what I'd highlight is we're confident enough in our ability to continue to execute that we did raise a lot of our -- we've raised adjusted EBIT, adjusted EPS, adjusted free cash flow. And that really reflects the fact that some of these headwinds we did expect. And obviously, we didn't expect the transportation costs, but other components of it we knew were coming.

最後，我想強調的是，我們對於持續落實執行的能力有足夠信心，因此我們確實上調了許多指標——我們已上調調整後 EBIT、調整後 EPS，以及調整後自由現金流。這也確實反映出，我們原本就預期會遇到其中一些逆風。而且很明顯地，我們沒有預期到運輸成本，但其他部分我們知道會到來。

But we have an incredibly dedicated team that's working incredibly hard and execution is outpacing. So despite the headwinds we faced, execution has been even better than the unexpected headwinds.

但我們有一支極其投入的團隊，正非常努力地工作，而執行表現正在超前。因此，儘管我們面臨逆風，執行表現甚至比那些意外逆風所帶來的影響還要更好。

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

了解。最後，投資人應該如何看待 Hestia 的股票出售與分配這兩件事？

Yeah, happy to answer that. And I'll start by saying I believe this to be true. I think I'm the largest individual shareholder of Pitney Bowes. And these are shares that I bought with my own money. This is my investment in capital. This doesn't come from salary or bonuses from the company.

好的，很樂意回答。我先說，我相信這是真的。我想我應該是 Pitney Bowes 最大的個人股東。而這些股票是我用自己的錢買的。這是我對資本的投資。這不是來自公司的薪資或獎金。

And I think I personally own tens of millions of dollars' worth of our stock. And the reason I do that is I believe we can create a lot more value at the company.

我想我個人持有我們股票的市值有數千萬美元。我之所以這麼做，是因為我相信我們能在公司創造更多價值。

With respect to Hestia itself and the shares and distributions, I'd just highlight that it's a deep value investment firm. And since taking our position, the stock has gone from $3 a share to above $18.

就 Hestia 本身以及持股與分配而言，我想強調它是一家深度價值投資公司。自從我們建立部位以來，股價已從每股 3 美元上升到 18 美元以上。

We've been holding Pitney Bowes shares for years. But there's an agreement and a partnership agreement that addresses as I manage the fund, the manner in which I'll manage that. So 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.

我們持有 Pitney Bowes 的股票已經好幾年了。但有一份協議與一份合作夥伴協議，規範了在我管理基金時，我將以何種方式來管理這件事。因此，我仍然可能看著某個標的，認為它是極佳的投資，但它未必符合在 Hestia Capital 成為投資標的的條件。

So shares by Hestia Capital don't reflect my view. They're more reflective of the agreement between me and my LPs. And then I would highlight as well, as far as the distributions go, that's one way that I think 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.

所以，Hestia Capital 的持股變動並不反映我的看法。它更多反映的是我與我的有限合夥人（LPs）之間的協議。另外我也要強調，就分配而言，那是一種方式；我想上一次的分配是 150 萬股。其中我個人拿了超過 100 萬股。這是基於我對公司的信念。

I'd say that investors can expect future distribution, at least one future distribution, which almost entirely will go to me. And 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, and I want to have exposure to it myself. And I think 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.

我會說，投資人可以預期未來還會有分配，至少會有一次未來分配，而幾乎全部都會分配給我。再一次，這反映出我作為公司 CEO，對公司以及公司未來抱持極大的樂觀，我也希望自己能夠直接曝險其中。而且我認為，等一切塵埃落定時，我個人對 Pitney Bowes 的曝險在那之後很可能會比六個月前更高。

So 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. And hopefully, that's reassuring to shareholders.

所以我理解，對於我所管理的投資公司正在出售或分配股票，市場可能有些疑慮；但我再次強調，作為公司 CEO、作為個人，我正在提高我對公司的曝險。希望這能讓股東感到安心。

Absolutely. Thank you.

當然。謝謝。

Anthony Lebiedzinski, Sidoti.

Sidoti 的 Anthony Lebiedzinski。

Certainly nice to see the better-than-expected results, especially at SendTech. So 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?

確實很高興看到優於預期的結果，尤其是在 SendTech 方面。Kurt，你在致股東信中提到你們正在改善銷售執行。也許你可以跟我們分享一些例子，說明你們現在做了哪些不同的作法來改善？以及展望未來，你如何看待你們提升 SendTech 的能力？

Yeah. So 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. So our salespeople were spending 50%-plus of their time servicing customers as opposed to going out and hunting.

好的。我可以舉不少例子。確實有很多。我就先限制在幾個。其中之一是，過去我們的銷售支援非常差。所以我們的業務人員把 50% 以上的時間花在服務客戶上，而不是出去開發新客戶。

So Todd has done a tremendous job of building out sales support so that the salespeople have more time to actively sell. And 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. And when I say investing, I don't mean CapEx, I mean OpEx.

因此 Todd 在建立銷售支援方面做得非常出色，讓業務人員有更多時間積極銷售。順帶一提，我認為有一點非常重要，值得注意的是，在任何問答中都還沒被提到。但隨著我們持續做預測，我們正在投資成長。我所說的投資，不是指資本支出（CapEx），而是指營運費用（OpEx）。

So our improved results reflect an increased expense level on trying to grow and hopefully growing the business. So it just speaks even more to the efficiencies and performance of the team and delivering for shareholders. So that's one example. Another is that we've had very little to no integration between enterprise sales. So the example I gave before of offering bank credit to SendTech customers would be one example of crossover sale.

因此，我們改善的結果反映出，我們在嘗試推動成長、並希望帶動業務成長方面，費用水準是提高的。所以這更能說明團隊的效率與表現，以及為股東交付成果的能力。這是一個例子。另一個例子是，我們在企業銷售之間過去幾乎沒有整合。所以我之前舉的例子——向 SendTech 客戶提供銀行信貸——就是一個交叉銷售的例子。

But more important, another example would be between Presort and SendTech. There's a lot of opportunities there. We 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.

但更重要的是，另一個例子會是在 Presort 與 SendTech 之間。那裡有很多機會。我們可能有同時適用於兩者的客戶。我們的 Mailstream on Demand 被視為 SendTech 的一部分，但它相當程度涉及 Presort，而過去幾乎沒有協同。我們現在在那方面協調得更多了。

And yet -- and 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, but we have a group specifically targeting sort of areas that we historically have not competed.

另外——再次強調，我其實可以講很久——但最後再舉一個例子：我們有一個新業務團隊，某種程度上是在 SendTech 內去開拓尚未觸及的領域，或是我們過去沒有涉足的地方——例如，我們有一個政府團隊，因為我們有很多政府業務；但我們也有一個團隊專門鎖定我們歷來未曾競爭的領域。

And there, Todd has done a lot to bring -- to overhaul the sales team itself to get the right talent for that type of sales. And it's shown up in the results. It's 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. So it's been a big change.

在那方面，Todd 也做了很多工作來帶動——並徹底改造銷售團隊本身，以便為那類型的銷售配置合適的人才。而這也反映在結果上。我們銷售數字改善的部分原因，就是因為那個團隊過去長期大幅低於預算與目標，但現在他們相當規律地達到甚至超過預算。所以這是一個很大的改變。

And again, it's -- what's great about that is that's areas that we typically did not necessarily have a presence. So it's sort of opening new addressable market for us. So that would just be three examples I'd point to.

再者，這點很棒之處在於，那些是我們過去通常未必有佈局的領域。因此，這等於為我們開啟了新的可觸及市場。所以這就是我想指出的三個例子。

That's very helpful color. And 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, and there was some easing and then here as of last week or two. We've seen an uptick again in fuel costs as well.

這些補充說明非常有幫助。接著切換到 Presort。想請問你是否能分享更多關於第二季較高燃料成本對你們造成影響的細節。至於你們對下半年所隱含的指引，我們顯然看到燃料成本大幅飆升，之後有所緩解，而就在上週或前兩週左右，我們也看到燃料成本再次上升。

So maybe if you could comment on that? And what actions are you taking to help to mitigate these costs? And lastly --

所以也許你可以評論一下？你們正在採取哪些行動來協助緩解這些成本？最後--

I'll take that. Yeah. So Q2, I think, is around $6 million, the impact to us of elevated fuel costs. We rely on rolling stock. So we're not unlike a lot of companies out there that are facing the challenges with the conflict with Iran. But I think second half of the year, we're going to keep -- we expect elevated fuel costs.

我來回答。好的。第二季我想大約是 600 萬美元，這是燃料成本上升對我們的影響。我們依賴車隊運輸資產。所以我們和許多公司一樣，都面臨與伊朗衝突相關的挑戰。但我認為在今年下半年，我們會維持——我們預期燃料成本仍將居高不下。

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 has been a change in with the administration on CDL drivers. And so there's been a loss of those in the system. And so we were impacted by that, not unlike a lot of others who rely on rolling stock.

我的意思是，我們正在做一些事情——我不想深入談我們用來緩解、降低影響的作戰手冊。當然，另一個部分是政府在 CDL 司機方面的政策有所變化。因此系統內的這類司機人數有所減少。所以我們也受到影響，和許多同樣依賴車隊運輸資產的公司並無不同。

So again, we expect elevated costs there. The other side of it is we see a healthy growth in our pipeline. Our sales force is doing a great job. And so we continue to see -- we expect further increases in our volumes. And again, Debbie's team is doing a great job in running the business efficiently. So we have this headwind of fuel costs.

因此，我們同樣預期那方面的成本會維持在較高水準。另一方面，我們看到銷售管線健康成長。我們的銷售團隊做得非常出色。因此我們持續看到——我們預期我們的量還會進一步增加。同時，Debbie 的團隊在高效率營運方面也做得非常好。所以我們面臨燃料成本這個逆風。

We have this headwind of the loss of CDL drivers. But 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.

我們面臨 CDL 司機流失這個逆風。但即便如此，正如 Kurt 先前提到的，儘管有這些因素，我們仍在調整後基礎上上調了 EPS、EBIT 與自由現金流的指引。

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

聽起來很好。非常感謝，祝你們一切順利。

(Operator Instructions) Kartik Mehta, Northcoast Research.

(接線員指示) Kartik Mehta，Northcoast Research。

Kartik, are you there?

Kartik，你在線上嗎？

Yes. Can you hear me?

是的。你聽得到我嗎？

Now we can. Kartik, we can't hear you. Well 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. So I hope you don't mind, we'll -- I think -- is that our last question, I believe so. Okay.

現在聽得到。Kartik，我們聽不到你。如果你聽得到我們，Kartik，我們之後再跟你回電。到時候我們再談。我不想讓大家在這裡等。所以希望你不介意，我們——我想——那是我們最後一個問題了，我相信是。好的。

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.

是的。我相信那就是我們最後一個問題。我這邊顯示佇列中沒有其他問題。現在我想把電話交回給 Kurt Wolf 先生，請他做結語。

Yeah. Thank you, operator. Yeah, I'd just like to close by acknowledging the recent passage of George Harvey for everybody's knowledge. He led the company from 1983 to 1997, which was a period of tremendous value creation for shareholders. And I think what really stood out about Mr. Harvey was he did this by really focusing on culture and sometimes people take it as cliche, but I think it's a very apt business saying, and that is that culture eats strategy for breakfast.

好的。謝謝你，接線員。我想在結束前先提及 George Harvey 近期過世的消息，讓大家知悉。他在 1983 年到 1997 年間領導公司，那是一段為股東創造巨大價值的時期。我認為 Harvey 先生最突出的地方在於，他是透過真正聚焦於企業文化來做到這點；有時人們會覺得這是老生常談，但我認為這句商業格言非常貼切，也就是：文化會把策略當早餐吃掉。

And as an ex-consultant that's been inside numerous companies, I've seen it firsthand. And one thing that has really stood out to me at Pitney Bowes is the strength of the culture here. And I think that Mr. Harvey really built a lot of the culture that's leading to the success we have today. So I guess I'd just like to thank him for his contributions.

作為一位曾任顧問、也曾深入多家公司的人，我親眼見過這點。而在 Pitney Bowes，最讓我印象深刻的一件事就是這裡文化的強大。我認為 Harvey 先生建立了許多文化基礎，並促成我們今天的成功。所以我想我只想感謝他所做的貢獻。

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. It's one of the reasons I'm so invested in the company is I do believe the culture plays a huge role.

另外，也再次向目前正在收聽的所有股東強調：我再怎麼強調都不為過，Pitney Bowes 擁有一種致勝的文化，特別是在團隊專注度，以及願意為公司做出犧牲的精神上，確實非常非凡。這也是我如此投入這家公司的一個原因，因為我相信文化扮演了極其重要的角色。

And I think every shareholder listening right now should feel encouraged by the 6,000-plus employees at this company and their dedication and hard work on your behalf and the behalf of the company. So a tip of the hat to Mr. Harvey. And with that, I appreciate everybody for tuning in. Thank you, all.

我認為每一位正在收聽的股東，都應該因公司 6,000 多名員工，以及他們為你們、也為公司所付出的投入與辛勤工作而感到振奮。向 Harvey 先生致敬。最後，感謝大家收聽。謝謝各位。

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

今天的節目到此結束。感謝各位參與。您現在可以掛線。