Matthew Swope: Okay. Well, I guess I’ll just ask if when you guys give us the reclassified financials, if you could sort of highlight what the past numbers would have looked like, under the new segment pieces, that would be very helpful.
Ana Maria Chadwick: That is absolutely what we will do as we release our earnings in the first quarter, we’ll do a full recap of that, between the segments.
Matthew Swope: And I’m sorry, just one last one for me, if I could, in the press release about the Board changes last night, you mentioned the cooperation agreement with Hestia. Could you elaborate on what that cooperation agreement entails, Jason?
Jason Dies: Yeah, let me — actually I appreciate the question. Let me step back and kind of put that announcement last night into some color and some context. And the first thing I’d say on that is Pitney Bowes is actually in a great position with that announcement. As you would expect the Board and I talk regularly about Board composition, and specifically, how do we enhance the skills and experiences on the Board so that they can best partner with management and lead the company during this particular time of change. The process that we went through was pretty clear. The Board engaged a nationally recognized search firm, as part of our active and ongoing refreshment. That search firm brought candidates forward. The Board had given them specific skill sets and criteria that they were looking for, things that you might expect around capital allocation, corporate governance transformation.
And at the end of the day, it was a successful process. And we now have two new Board members who bring those skills along with a wealth of experience to our boardroom. The second half is we also have clear and committed support of one of our largest shareholders as we make the changes that we need to make continuing to move forward. So it’s a win-win for us right now. And the announcement that you saw last night is a strong signal of confidence in the progress we’ve made in the past year, building alignment with shareholders. And more importantly, it’s a strong signal and the confidence and the path forward that I in the management team are pursuing here. I’ve talked to a lot of investors over the past four months, and the changes that I’m making are reflective of those conversations.
And I certainly hope that all of our stakeholders can get excited about the opportunities in front of us, about the transformation that we’re undertaking, and most importantly, about the progress that we’re starting to see, as evidenced by the results that we’re talking about right here. So at the end, all I will say on this is that the Board and I are fully committed to the same thing, making the changes we need to make to drive shareholder value. And we have what we need to move forward.
Matthew Swope: That’s helpful. Jason. Just one last one. Sorry, as I wrap up, you mentioned more disciplined capital allocation. Would you guys consider cutting a dividend?
Ana Maria Chadwick: So let me take a step back in terms of capital allocation, and I’ll bring it into kind of four buckets, as you know. First and foremost, I mean the generation of capital. And as we’ve talked about a restructuring program and different things to increase our profitability, increase our cash flow generation. Second priority is investing in our business. And we’ve talked about CapEx. And we have focused to more optimize the CapEx instead of new build and construction. So that is also providing some additional sources of capital vis-à-vis prior periods. Debt reduction, pay down, we have upcoming maturities all the way up to ’26 at the moment, but we’re focused and our intent is not to let that go current. And lastly, on return to shareholders, that is really a conversation we continue to have with the Board.
At the end, it is a Board decision. But I would say those — the order in which I just mentioned those four, that’s the order and how we think about it.
Jason Dies: And Matt, I’ll just point out I mean, we did reaffirm the dividend this morning. Clearly, that’s something we put a lot of thought and effort into with the Board. And what I will say is, you heard me talk about my strategic priorities for this year, and capital allocation was one of them. And I put that in there both as a signal externally, and also as a signal frankly, internally to our teams that we’re going to think differently about how we allocate capital. And we need to get — we need to make sure that we continue to look for ways to maximize return to all of our shareholders, both in the short term and in the long term.
Matthew Swope: Thanks, Jason. Thanks, Ana.
Operator: [Operator Instructions]. We can next go to Peter Sakon with CreditSights. Please go ahead.
Peter Sakon: Hi, good morning. For GEC, the press release, and as you mentioned, you talk about reviewing options to realize the value of the segment. Can you talk about the timing? And I’m sure it’s hard to give a specific number of months. But is this something that we’ll need to wait for the new Board members to get up to speed on? Is this something that the company needs to wait for the new CEO to the announced and then do an evaluation?
