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  "documentTitle": "Hestia Pitney Bowes Presentation April 2023",
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  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-04-01 00:00:00",
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  "pageNumber": 49,
  "pageCount": 116,
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  "slideType": "problem_statement",
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  "density": "dense",
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  "notes": "Uses a bar chart to visualize the gap between cash generation and debt obligations.",
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      "kind": "callout",
      "text": "Pitney Bowes has yet to articulate its approach to reducing debt but remains committed to its failed strategy that has placed the Company in financial distress.",
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      "kind": "chart",
      "text": "PBI Projected Cumulative Free Cash Flow and Maturing Debt Based on Current GEC Guidance",
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      "text": "Pitney Bowes has approximately $1.7 billion in debt coming due over the next six years. Yet, the Board and management are pursuing a misguided strategy that is resulting in rapidly declining free cash flow and credit ratings. Leadership’s corporate strategy and capital markets strategy are inconsistent and creating a significant, looming threat to the Company’s future.",
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      "kind": "other",
      "text": "Source: Company 2022 10-K; Debt Maturities Schedule, CFO dialogue with Hestia about amount of PBI cash that is “restricted,” needed for working capital, or otherwise “unusable.” *Based off analyst EPS for 2023 and 2024, not including FCF on a go forward based off 2024 FCF.",
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      "kind": "paragraph",
      "text": "The incumbent Board has failed to properly manage the Company’s debt and hold the current management team accountable to refinance or handle the debt coming due.",
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      "kind": "title",
      "text": "Impending Debt Maturities Pose an Increasingly Urgent Risk",
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