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    Justin Dopierala • DOMO Capital Management, LLC

    Justin Dopierala's questions to Pitney Bowes Inc (PBI) leadership

    Justin Dopierala's questions to Pitney Bowes Inc (PBI) leadership • Q2 2025

    Question

    Justin Dopierala of DOMO Capital Management asked about the importance of expanding research coverage, the sustainability of free cash flow, the likelihood of credit rating upgrades, the health of the Presort business, and the potential to unlock value from the Pitney Bowes Bank.

    Answer

    CEO Kurt Wolf stated that broader analyst coverage is crucial for attracting new investors. He declined to comment on 2026 free cash flow. CFO Paul Evans noted they will meet with credit agencies to address lagging ratings. Wolf asserted the Presort revenue issue was an "unforced error" from customer losses, not a structural weakness. Regarding the bank, Evans called it an "incredibly undervalued asset" and said they are studying capital-light models, advising investors to "stay tuned."

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    Justin Dopierala's questions to Pitney Bowes Inc (PBI) leadership • Q1 2025

    Question

    Justin Dopierala of DOMO Capital Management, LLC inquired about the run rate for restructuring costs, the capital allocation strategy for future free cash flow between debt and shareholder returns, and the company's opportunities in artificial intelligence.

    Answer

    Executive Robert Gold clarified that the Q1 restructuring cost is not a run rate and that these payments will decrease. Regarding capital allocation, Gold noted an opportunistic approach to buybacks and debt reduction. CEO Lance Rosenzweig emphasized the priority of reaching a sub-3.0x leverage ratio, which will increase flexibility for shareholder returns. Rosenzweig also expressed strong enthusiasm for AI, highlighting the new CIO's expertise and the company's focus on leveraging AI for productivity gains.

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    Justin Dopierala's questions to Pitney Bowes Inc (PBI) leadership • Q4 2024

    Question

    Justin Dopierala questioned the 2025 CapEx forecast, suggested that the 2025 EBIT guidance might be overly conservative given recent outperformance, and asked if management views the stock as undervalued and if the full buyback could be executed in 2025.

    Answer

    Interim CFO John Witek confirmed that 2025 CapEx is expected to be similar to 2024. While appreciating the enthusiasm, Witek stood by the $450 million to $480 million EBIT guidance, noting there are headwinds to consider. CEO Lance Rosenzweig declined to comment on a specific stock valuation but expressed excitement for the company's prospects. He also noted that the capacity for share repurchases under the new credit agreements would be detailed in an upcoming 8-K filing.

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    Justin Dopierala's questions to Pitney Bowes Inc (PBI) leadership • Q3 2024

    Question

    Justin Dopierala asked for clarification on the earnings impact of GEC's continuing operations, the long-term prospects for the core segments amid secular decline concerns, exciting new revenue ideas, the potential for a share repurchase plan, and the board's process for appointing the permanent CEO.

    Answer

    CFO John Witek confirmed the GEC portion in continuing ops had a negative impact of about $0.03 per share. CEO Lance Rosenzweig highlighted Presort's consistent growth and SendTech's effective transition to SaaS shipping markets. He pointed to Presort M&A and SendTech's expansion into e-commerce shipping as exciting growth areas. Regarding capital allocation, Rosenzweig noted the board's regular review and commitment to its dividend. Executive Kurt Wolf detailed the CEO search, stating Lance Rosenzweig was the clear choice for exceeding turnaround expectations and demonstrating strong leadership.

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