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  "documentTitle": "Hestia Pitney Bowes Presentation April 2023",
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  "notes": "Uses waterfall-style logic to show reduction from base to target cost levels.",
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      "text": "Although our exact categories will be refined once we have internal data, this range appears plausible based on us remaining significantly above “typical” conglomerates.",
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      "text": "Source: Company filings; Hestia analysis.",
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      "text": "Based on what we believe is a conservative estimate of the three categories, we estimate a $50 million - $70 million opportunity.",
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      "text": "We see a roughly $30 million - $40 million opportunity in discretionary costs based on our analysis suggesting significant marketing costs, which should be dramatically reduced until products and services are improved and looming debt issues are addressed.",
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      "text": "Pillar #1: Optimize Corporate Cost Structure (Cont.)",
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