{
  "docId": "019f6b8f-21c6-754a-b250-06b25ce76c19",
  "docSlug": "jarvis-hestia-pitney-bowes-presentation-april-2023",
  "documentTitle": "Hestia Pitney Bowes Presentation April 2023",
  "authorId": "hestia-pitney-bowes-presentation-april-2023",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-04-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 96,
  "pageCount": 116,
  "prevPage": 95,
  "nextPage": 97,
  "slideType": "problem_statement",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 4,
  "notes": "The slide uses comparative line charts to highlight the decline in SendTech's investment metrics relative to Quadient.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-21c6-754a-b250-06b25ce76c19/96",
  "deckHref": "/decks/019f6b8f-21c6-754a-b250-06b25ce76c19",
  "deckJsonHref": "/decks/019f6b8f-21c6-754a-b250-06b25ce76c19.json",
  "deckAnchorHref": "/decks/019f6b8f-21c6-754a-b250-06b25ce76c19#slide-96",
  "components": [
    {
      "bbox": {
        "h": 0.3,
        "w": 0.45,
        "x": 0.52,
        "y": 0.0016
      },
      "kind": "chart",
      "text": "CapEx as % of Revenue",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1fb32a8e-a19e-4876-85e0-ebe25d0addfb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.45,
        "x": 0.52,
        "y": 0.0053
      },
      "kind": "chart",
      "text": "Other OpEx as % of Revenue",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "53b03b64-5d80-4bb2-8da4-f1589c4948fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.03,
        "y": 0.8
      },
      "kind": "disclaimer",
      "text": "* SendTech CapEx dollars are down 69% during CEO's tenure, CapEx as a percent of revenue is down 49%. **PBI has only reported enough data to determine Segment Operating Expenses back to 2019. Although Quadient is included for comparability purposes, we believe there are good reasons for Pitney Bowes to be below them for both metrics, however the disparity (and its growth) highlights our concern.",
      "attrs": null,
      "subkind": "disclaimer",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6d4cb7ff-39c1-4cfc-9477-fdb9cd67386a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.45,
        "x": 0.03,
        "y": 0.0018
      },
      "kind": "list",
      "text": "Pouring cash into GEC while neglecting SendTech – Pitney Bowes’ crown jewel – has driven a drop in profitability. We must begin reinvesting in SendTech to sustain its position in the space. Current leadership has reduced SG&A, in part, by cutting external salesforce by approximately 90% (from 1,000+ to 150). We need to increase investment in SendTech, including growing our external sales team, who represent a long-term investment in future growth.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c3a9171c-bd72-410f-99f7-365eded9fd82",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.02,
        "y": 0.95
      },
      "kind": "other",
      "text": "Source: Company filings; Hestia analysis.",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b1e57e3-d9f7-4eed-a66e-1ec04c761a03",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.85,
        "x": 0.02,
        "y": 0.03
      },
      "kind": "title",
      "text": "Pillar #3: Drive Profitable Growth in SendTech (Cont.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5ca5a34b-f45d-4402-bd0a-a025f175e488",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "50d9ed19-6e71-464d-8aee-cc568ad1183b",
      "evidence": "Comparing SendTech metrics against Quadient to highlight underperformance.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 116,
      "from": 51,
      "beatId": "e2465868-9c4e-4fcc-aaaf-fd6f9d50aeb9",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document offers a solution, presenting a value creation plan and a new slate of directors.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}