Pitney Bowes Inc. (NYSE:PBI) Q2 2024 Earnings Conference Call August 8, 2024 5:00 PM ET

Company Participants

Alex Brown - Director, Investor Relations.
Lance Rosenzweig - Interim CEO & Director
John Witek - Interim Chief Financial Officer

Conference Call Participants

Anthony Lebiedzinski - Sidoti & Company, LLC
Matthew Swope - Robert W. Baird & Co.
Peter Sakon - CreditSights Inc.
David Steinhardt - Contrarian Capital
Will Brunemann - Northcoast Research
Justin Dopierala - DOMO Capital Management
Jeff Harlib - Barclays

Operator

Good afternoon. Welcome to the Pitney Bowes Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Today's call is also being recorded. I would like to introduce parties on today's conference call. Mr. Lance Rosenzweig, Interim Chief Executive Officer and Board Member; Mr. John Witek, Interim Chief Officer; and Mr. Alex Brown, Director, Investor Relations.

Mr. Brown will now begin the call with the Safe Harbor overview.

Alex Brown

Good afternoon, 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 risks and uncertainties can be found in our earnings press release, our 2023 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 we do not undertake any obligation to update forward-looking statements as a result of new information or developments.

For non-GAAP measures that are included in the press release or discussed in our presentation materials, you can find reconciliations to 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 website. Finally, in our prepared remarks, revenue comparisons will be on a constant currency basis with other items such as EBIT, EBITDA, EPS and free cash flow on an adjusted basis. At this time, I would like to turn the call over to our Interim CEO, Lance.

Lance Rosenzweig

Thank you, Alex, and good afternoon. I'm very excited to join you for my first quarterly earnings call with Pitney Bowes. Just a couple of months ago, at the end of May, I outlined our commitment to accelerating the transformation of this iconic shipping and mailing company by focusing on 4 strategic initiatives. Today, I am proud to share that we have made significant strides in delivering on that commitment. We have taken decisive steps to position Pitney Bowes for enhanced profitability and sustained value creation, while also delivering strong results for the quarter. I will begin by providing a high-level overview of our Q2 results, which reflect our commitment to quickly becoming a more efficient, profitable and cash-generating enterprise. We maintained relatively steady revenues and executed on our priorities within SendTech and Presort, resulting in $46 million in adjusted EBIT for the period, a 43% year-over-year increase compared to the second quarter of last year.