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  "documentTitle": "Hestia Pitney Bowes Presentation April 2023",
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      "kind": "callout",
      "text": "THE OPPORTUNITY: By returning to being a niche player in the ecommerce logistics space, we believe that the domestic parcel business can thrive as a smaller, profitable and growing business.",
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      "text": "Pitney Bowes Completes Acquisition of Newgistics, Inc.",
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      "text": "On September 6, 2017, Pitney Bowes bought Newgistics, a logistics company. At the time of the acquisition, Newgistics was growing profitably and was the dominant player in the ecommerce returns niche. Mr. Lautenbach changed Newgistics' strategy from a profitable, growing niche player to a scale strategy that made the company compete more directly with UPS and FedEx. As a result of this misguided strategy, GEC lost over $100 million (EBIT) in 2022. EBITDA margins have dropped from an estimated 5% to 10% at the time of the Newgistics acquisition to an estimated -1%.",
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      "kind": "quote",
      "text": "We will never be a logistics company. We don't compete with UPS and FedEx.",
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      "text": "Strategic Missteps & Capital Allocation Mistakes: Newgistics: Destroying a Valuable Franchise",
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