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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 two line charts to demonstrate that Pitney Bowes's unallocated corporate costs are high relative to peers, even after accounting for potential cuts.",
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      "kind": "callout",
      "text": "Even assuming $70 million in cuts, we would still be above levels at other “holding companies.”",
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      "text": "Based on our analysis of Pitney Bowes's SG&A, we believe there may be as much as a $50 million - $70 million opportunity in cost cuts.",
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      "text": "Source: Company filings; Hestia analysis.",
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      "kind": "source-note",
      "text": "*Logistics Company Peer Set... **Conglomerate Company Peer Set... +Unallocated expenses are primarily made up of shared corporate services...",
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      "text": "Pillar #1: Optimize Corporate Cost Structure",
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