Pitney Bowes Inc.

Good morning and welcome to the Pitney Bowes first quarter 2023 earnings conference call. Your lines have been placed in a listen-only mode during the conference call until the question and answer segment. Today's call is also being recorded. If you have any objections, please disconnect your lines at this time. I would now like to introduce participants on today's conference call, Mr. Mark Lautenbach, President and Chief Executive Officer, Ms. Anna Maria Chadwick, Executive Vice President and Chief Financial Officer, and Mr. Ned Zakhar, Vice President, Investor Relations. Mr. Zakhar will now begin the call with a Safe Harbor overview.

Good morning, everybody. This is Ned Zakhar, and I manage the Investor Relations program for Pitney Bowes. I'd like to welcome everyone to the call this morning. We very much appreciate your interest and participation. Part of my duties includes covering the Safe Harbor information for these calls, so please bear with me for just a few minutes. Included in today's presentation are forward-looking statements about our future business and financial performance. Forward-looking statements involve risks and uncertainties that could cause actual results to be materially different from our projections. For more information about these risks and uncertainties, please see our earnings press release, our 2022 Form 10-K annual report, and other reports filed with the SEC that are located on our website at www.pb.com. and by clicking on Investor Relations. Please keep in mind that we do not undertake any obligation to update forward-looking statements as a result of new information or developments. Also, for non-GAAP measures that are used in the press release or discussed in our presentation materials...

Yes, so the best way to think about this is we will have actions throughout time, so the best way to think about it is... As we are moving here into the next few quarters, we will be taking actions and we anticipate from the new restructuring program that will cost us about $40 to $50 million. And then the savings on a run rate basis, think about them on an annualized basis, from the restructuring program itself would be savings of $50 million. And then in addition to that, we have specific productivity actions, particularly in the global e-commerce segment. that will drive an incremental $25 million.