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  "documentTitle": "Hestia Pitney Bowes Presentation April 2023",
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  "notes": "The chart shows a trend of declining accumulated CapEx surplus, suggesting under-investment in the business unit.",
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      "text": "Based on our experience in similar industries (e.g., ATM, authorized wireless resellers), the industry structure is best suited to a market leader that focuses on maximizing ROI/EBIT rather than ongoing share gains.",
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      "text": "Estimated Value of Acquisitions, Presort D&A, Presort CapEx, Accumulated CapEx surplus (deficit)",
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      "text": "Source: Pitney Bowes 10-K filings 2011-2022.",
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