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  "documentTitle": "Hestia Pitney Bowes Presentation April 2023",
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  "presentationDate": "2023-04-01 00:00:00",
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  "notes": "The slide uses a line chart to contrast the company's performance against a peer average to debunk the 'COVID excuse'.",
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      "kind": "callout",
      "text": "Pitney Bowes cannot simply blame its poor performance on the COVID-19 pandemic when its competitors flourished due to increasing shipping demand.",
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      "text": "Pitney Bowes vs. Peers Trended EBITDA Margin %",
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      "text": "Note: 1). PBI GEC EBITDA is prior to any apportionment of unallocated Corporate Expenses. PBI GEC EBITDA margins would be even worse if that were included. 2). While the Competitive set is most like the GEC domestic parcel business, GEC also includes the more profitable cross-boarder solutions and digital delivery subsegments which, if excluded, would even further exacerbate the variance. *Comparable Data Set includes companies that compete with Pitney Bowes’ GEC segment including: XPO Inc, UPS, GXO Logistics, CEVA Logistics, FedEx.",
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      "text": "Over the last four years, companies within the logistics industry have been producing very robust results. By comparison, Pitney Bowes' GEC segment has been consistently unable to show a profit.",
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      "text": "Source: Company filings.",
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