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    David Steinhardt • Contrarian Capital Management, L.L.C.

    David Steinhardt's questions to Pitney Bowes Inc (PBI) leadership

    David Steinhardt's questions to Pitney Bowes Inc (PBI) leadership • Q2 2025

    Question

    David Steinhardt of Contrarian Capital Management asked about the potential synergies between the Presort and SendTech businesses and whether the new $400 million share repurchase authorization has an expiration date.

    Answer

    CFO Paul Evans responded that there are opportunities for the businesses to complement each other that are not yet reflected in the stock price. CEO Kurt Wolf added that while they see potential for synergies, they are proceeding cautiously. Wolf also confirmed that the new share repurchase authorization does not have a specific expiration date.

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    David Steinhardt's questions to Pitney Bowes Inc (PBI) leadership • Q1 2025

    Question

    David Steinhardt of Contrarian Capital Management asked about the average price of recent share repurchases, the capital allocation framework and target debt levels after achieving sub-3x leverage, and the path to a credit rating upgrade.

    Answer

    Executive Robert Gold stated the share repurchase price would be detailed in the 10-Q. CEO Lance Rosenzweig noted it's too early to provide specific long-term guidance on capital allocation or debt levels but stressed that all investments must meet a high ROI bar. Regarding credit ratings, Gold shared that agencies want to see 'a few more quarters' of performance, though he will continue to advocate for an upgrade. Rosenzweig added that achieving an investment-grade rating is not a stated company goal.

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    David Steinhardt's questions to Pitney Bowes Inc (PBI) leadership • Q3 2024

    Question

    David Steinhardt inquired about the completion timeline for the GEC exit, whether SendTech could return to growth in 2025, the strategy for upcoming debt reduction, and how management plans to maximize shareholder value and improve market perception.

    Answer

    CEO Lance Rosenzweig stated the GEC wind-down is progressing well and should be largely complete by year-end, though some creditor issues may take longer to optimize shareholder value. Regarding SendTech, he acknowledged revenue headwinds but noted positive earnings tailwinds without giving specific 2025 guidance. On debt, Rosenzweig explained that the company's improved credit position allows it to strategically address maturities and high-cost debt. He added that the company is earning back market credibility by delivering results, citing the GEC exit and overachieving on cost savings.

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