Pitney Bowes Inc. (NYSE:PBI) Q3 2023 Earnings Call Transcript

Ana Maria Chadwick: Yes. So taking a step back at capital structure, our number 1 priority continues to be reinvesting in our business. You have seen a decrease in our CapEx and our capital expenditures and it’s been significant. The main driver there has been the fact that we’re not expanding capacity in global e-commerce, but we are definitely investing in SendTech and Presort as we’ve used to and also in optimization. So that’s point number one. Point number two is we will continue to look at acquisitions, of course, very selectively. As an example, the ones that come to mind that we’re always looking at are around the Presort space, which tend to be very accretive to our EBITDA immediately because we put them into our network.

Third will be, we will continue to assess the market for open market repurchases, mainly around our 27s. As you know, year-to-date, we’ve done about $17 million of those repurchases in the calendar year of 2023. And then, of course, the return of capital through dividends or other means which is something we actually actively discuss with our Board on a quarterly basis. And that’s kind of the 4 key elements of our capital structure.

Matthew Swope: Got it, great. Thanks Ana, thanks Jason. I appreciate it.

Operator: And I’ll hand the call back over to Mr. Dies, if he has any additional remarks to make.

Jason Dies: Yes. Well, thank you very much. I want to thank everyone for joining today’s call. I am now 30 days in, and I will tell you our teams are committed to delivering a streamlined organization and importantly, maximizing the potential of each of our businesses. I am very encouraged by the continuing dedication and energy of the outstanding employees here at PB as we work together to move the company forward. And I will tell you, we look forward to continued engagement with all of our stakeholders and shareholders. So thank you again for joining the call.

Operator: And that does conclude the call for today. Thanks for your participation and for using AT&T Teleconference. You may now disconnect.