Pitney Bowes Inc.

Hello, and welcome to the third quarter 2025 Pitney Bowes, Inc. Earnings Conference Call. Joining us today are Chief Executive Officer, Kurt Wolf, Chief Financial Officer, Paul Evans, and Director, Investor Relations, Alex Brown. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand has been raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. It is now my pleasure to turn the call over to Director, Investor Relations, Alex Brown.

Good afternoon, and thank you for joining us. Included in today's presentation are forward-looking statements about future business and financial performance, Forward-looking statements involve risk along with uncertainties that could cause actual results to be materially different from our projections. More information about these items can be found in our earnings press release, our 2024 Form 10-K, 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 included in today's presentation are non-GAAP measures, specifically EBIT, EBITDA, EPS, and Free Cash Flow, all on an adjusted basis. You can find reconciliations for these items through the appropriate GAAP measures in the tables attached to our press release. We have also provided a slide presentation and a spreadsheet with historical segment information on our investor relations website. With that, I'd like to turn the call over to our CEO, Kurt Wolf.

Thank you, Alex, and thanks to everybody who is joining today's call. I trust that everybody has had a chance to review our press release and my letter. That said, I'd like to touch on a few key points before going to Q&A. We reported continued profitability improvements for the quarter. However, We expect the year to come in around the low end of our range for revenue, EBIT, and free cash flow. To be clear, this is primarily due to issues with forecasting and has nothing to do with operational factors, which have in fact been more positive than negative during the quarter. With respect to the forecasting issues, these are problems that have long plagued the company, and I'm working closely with Paul and his team to fix our forecasting process. Moving to our strategic review, we are making significant progress. We continue to enhance our talent, structure, and processes to support future growth of the business. Additionally, we are compiling and evaluating a set of profitable growth opportunities. What we are learning in the strategic review is giving increased optimism about the outlook for the business, which supports our decision to spend an additional $161 million on share purchases during the quarter. In summary, we are still tripping up on past mistakes, but are aggressively attacking and fixing issues as they arise, making us a stronger company. For this reason, my optimism about the future of Pitney Bowes only continues to grow stronger. With that, let's open the call for questions.