Pitney Bowes(PBI)

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Pitney Bowes(PBI) - 2021 Q3 - Earnings Call Transcript
2021-11-03 18:49
Financial Data and Key Metrics Changes - Total revenue for Q3 2021 was $875 million, a decline of 2% from the prior year, but a growth of over 10% compared to Q3 2019 [13][14] - Adjusted EPS was $0.08, while GAAP EPS was $0.05, reflecting a $0.02 net tax benefit offset by a $0.03 charge related to a pricing assessment in Global Ecommerce [14] - Free cash flow was $30 million, down from the prior year, largely due to higher CapEx and changes in working capital [14][15] - Total debt decreased by approximately $225 million since year-end 2020, totaling $2.3 billion [15] Business Line Data and Key Metrics Changes - Ecommerce revenue declined 4% to $398 million, but was up over 40% compared to Q3 2019 [17] - Presort revenue increased by 9% to $139 million, marking the third consecutive quarter of positive revenue growth [21] - SendTech revenue was $338 million, down 5% from the prior year, impacted by prior year investment gains [23] Market Data and Key Metrics Changes - Domestic Parcel volumes in Ecommerce were 41 million, down from the prior year but up from 2019 levels [17] - The company signed over 130 client deals in the quarter, bundling additional services with 40% of those signings [18] Company Strategy and Development Direction - The company is focusing on improving service levels and profitability through automation and a more permanent workforce [20][48] - A strategic shift towards subscription models is being implemented, which may depress short-term revenue but is expected to benefit long-term growth [9][24] - The company is enhancing its Ecommerce network and productivity initiatives, with significant investments in CapEx [15][25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges due to supply chain disruptions but expressed confidence in the company's positioning for the fourth quarter and beyond [11][25] - The company expects annual revenue growth in the low to mid-single-digit range and adjusted EPS in the range of $0.35 to $0.42 [25] - Management highlighted a strong demand environment across business lines, particularly in SendTech and Presort [63] Other Important Information - The company has improved end-to-end cycle times by 25% since the beginning of the year [10] - Significant improvements in gross margin were noted despite higher labor and transportation costs [18] Q&A Session Summary Question: Can you discuss the levers for margin improvement in Global Ecommerce? - Management indicated that small incremental improvements in labor and transportation could lead to significant margin gains, with a focus on a more permanent workforce and automation [29][30] Question: Can you explain the $8 million charge related to pricing in Global Ecommerce? - The charge was due to lower-than-anticipated volumes compared to growth targets set in a contract with a vendor, attributed to the high volumes experienced during COVID [32][33] Question: What aspects of transportation are being insourced? - The company is insourcing transportation primarily from sortation centers to the postal network, reducing reliance on the spot market and improving service levels [35][36] Question: What are the expectations for December quarter volumes? - Management expects December quarter volumes to be down year-over-year due to careful volume selection to maintain service levels and economic viability [39] Question: How flexible is the pricing with customers? - Pricing adjustments occur on a predictable rhythm, with annual price increases and peak pricing implemented during the holiday season [44] Question: What is the outlook for Wheeler Financial? - Wheeler Financial put $4 million to work during the quarter, with a total of $44 million life to date, and management sees significant growth opportunities in providing working capital for shipping [60][61]
Pitney Bowes(PBI) - 2021 Q2 - Earnings Call Transcript
2021-08-03 18:34
Pitney Bowes Inc. (NYSE:PBI) Q2 2021 Earnings Conference Call August 3, 2021 8:00 AM ET Company Participants Adam David - Vice President-Investor Relations and Financial Planning Marc Lautenbach - President and Chief Executive Officer Ana Maria Chadwick - Executive Vice President and Chief Financial Officer Conference Call Participants Ananda Baruah - Loop Capital Shannon Cross - Cross Research Allen Klee - Maxim Group Anthony Lebiedzinski - Sidoti & Company Operator Good morning, and welcome to the Pitney ...
Pitney Bowes(PBI) - 2021 Q1 - Earnings Call Transcript
2021-04-30 18:11
Pitney Bowes Inc. (NYSE:PBI) Q1 2021 Earnings Conference Call April 30, 2021 8:00 AM ET Company Participants Adam David – Vice President-Investor Relations and Financial Planning Marc Lautenbach – President and Chief Executive Officer Ana Maria Chadwick – Executive Vice President and Chief Financial Officer Conference Call Participants Ananda Baruah – Loop Capital Shannon Cross – Cross Research Kartik Mehta – Northcoast Research Allen Klee – Maxim Group Anthony Lebiedzinski – Sidoti & Company Operator Good ...
Pitney Bowes(PBI) - 2020 Q4 - Earnings Call Transcript
2021-02-02 17:41
Pitney Bowes Inc. (NYSE:PBI) Q4 2020 Earnings Conference Call February 2, 2021 8:00 AM ET Company Participants Adam David - Vice President Investor Relations & Financial Planning Marc Lautenbach - President & Chief Executive Officer Joe Catapano - Vice President, Finance & Chief Accounting Officer Conference Call Participants Ananda Baruah - Loop Capital Kartik Mehta - Northcoast Research Shannon Cross - Cross Research Allen Klee - Maxim Group Anthony Lebiedzinski - Sidoti Operator Good morning, and welcome ...