Pitney Bowes Inc.

Good day, and thank you for standing by. Welcome to the first quarter of 2026 Pitney Bowes, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised, today's conference is being recorded. I would now like to hand the conference over to your speaker today, Alex Brown, Director of Investor Relations and Assistant Treasurer. Please go ahead.

Good morning and thank you for joining us. 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. More information about these items can be found in our earnings press release and are 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 are all on an adjusted basis. You can find reconciliations for these items to the appropriate gap measures in the tables attached to our press release. We have also provided a slide presentation and spreadsheet with historical segment information on our website. With that, I'd like to turn the call over to Kurt.

Good morning, and thank you for joining us today. As reflected in our earnings release, first quarter results were strong and broad-based. Our results and outlook reflects momentum in the business and supported the upping of our guidance. Centec performed well in the quarter and is showing potential signs of turning the corner on sales. PreSort continues to win business and build sales momentum. We continue to expect growth to return to the business in the third quarter. Turning to Pitney Bowes Bank, Steve and his team are making rapid progress with respect to operational improvements and in identifying value driving opportunities. Additionally, we've delivered significant shareholder value through our capital allocation policy, including dividend increases and significant share repurchases. Finally, we have started interviewing advisors for the second stage of our strategic review. In summary, Pitney Bowes is extremely well positioned for the long term. In closing, I feel obliged to send out a special thank you to the over 6,000 Pitney Bowes team members. Our results are a direct reflection of their talent and dedication to the company. With that, let's open the call for questions.