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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 show year-over-year volatility and a stacked bar chart to illustrate the composition of unallocated costs.",
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      "text": "Illustration of Unallocated Cost Types",
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      "text": "SG&A (unallocated corporate)",
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      "text": "\"Unallocated Corporate\" costs typically fall into three buckets: 1. \"Fixed\" costs: Costs that vary minimally year-to-year, such as internal staff, audit costs, routine legal, etc. 2. \"Project\" costs: Costs that tend to be low, but spike in years of projects 3. \"Discretionary\" costs: Costs that tend to vary up and down, such as bonuses and marketing",
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      "text": "Our estimates are based on experience, limited data and anecdotes, given Pitney Bowes provides no transparency regarding unallocated corporate costs.",
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      "text": "Source: Unallocated expense data from Pitney Bowes 10-K filings, 2012-2022.",
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      "text": "Pillar #1: Optimize Corporate Cost Structure (Cont.)",
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