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Pitney Bowes Announces Third Quarter 2023 Financial Results

Pitney Bowes (NYSE: PBI) (“Pitney Bowes” or the “Company”), a global shipping and mailing company that provides technology, logistics, and financial services, today announced its financial results for the third quarter of fiscal year 2023.

Jason Dies, Interim Chief Executive Officer, commented:

“Our SendTech and Presort segments both delivered profit growth and margin expansion during the quarter, reflecting success in our growth strategies and productivity initiatives, as well as resilience in challenging economic conditions. We are ahead of schedule on delivering the savings associated with our previously announced restructuring plan. Building on this momentum, we have identified additional actions and are increasing our 2024 annualized cost savings under this program by an additional $40 million. This brings the total to approximately $115 million inclusive of restructuring and other productivity actions. Global Ecommerce did not meet financial expectations, and we are taking meaningful actions to enable this valuable segment to realize its potential. As we look ahead to next quarter and beyond, our teams will leave no stone unturned while working to identify near-term initiatives and long-term steps that can drive enhanced value for our stockholders and other stakeholders.”

Third Quarter Financial Highlights

  • Revenue in the quarter was $784 million, a decrease of 6 percent on a reported basis and 1 percent on a comparable basis versus prior year (1)
  • GAAP EPS was a loss of $0.07 in the quarter versus GAAP EPS of $0.03 in third quarter 2022; Adjusted EPS was $0.00 and flat versus prior year
  • GAAP cash from operating activities was $25 million in the quarter and Free Cash Flow was $15 million; both improved in the quarter compared to the prior year period
  • Cash and short-term investments were $579 million at quarter-end
  • Ahead of target on previously announced restructuring plan, adding incremental $40 million and now targeting $75 to $85 million in annual savings by end of 2024, bringing the total savings to $115 million when other productivity actions are included
  • Used the net proceeds from $275 million private placement offering in July 2023, to redeem the remaining balance of 2024 notes and $30 million of the Term Loan A

(1) Comparable basis is defined in the “Use of Non-GAAP Measures” section

Earnings per share results are summarized in the table below:

 

 

 

 

Third Quarter

 

2023

 

 

 

2022

GAAP EPS

($0.07)

 

 

 

$0.03

Restructuring Charges and Asset Impairments

$0.07

 

 

 

$0.02

Gain on Sale of Businesses

-

 

 

 

($0.05)

Adjusted EPS (2)

$0.00

 

 

 

$0.00

(2) The sum of the earnings per share may not equal the totals due to rounding.

Business Segment Reporting

SendTech Solutions

SendTech Solutions offers physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications for small and medium businesses, retail, enterprise, and government clients around the world to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.

 

Third Quarter

($ millions)

2023

 

 

 

2022

 

 

 

% Change

Reported

 

 

 

% Change

Comparable

Basis

Revenue

$318

 

 

 

$332

 

 

 

(4%)

 

 

 

(3%)

Adjusted Segment EBITDA

$105

 

 

 

$102

 

 

 

3%

 

 

 

 

Adjusted Segment EBIT

$98

 

 

 

$95

 

 

 

3%

 

 

 

 

 

We are in a stage of our product lifecycle where we will have fewer new lease opportunities, which we expect to be generally offset by an increase in fixed term lease extensions. From a financial perspective, this shift results in lower equipment sales partially offset by higher margin financing revenue spread over the lease term. Support service revenue declined in line with the mail market and as a result of exiting certain unprofitable contracts to service equipment of third parties. Shipping-related revenue grew 6 percent year over year, partially offsetting the decline in mail related revenue, and now accounts for 12 percent of segment revenue.

Simplification and cost reduction actions more than offset the revenue decline and resulted in Adjusted Segment EBIT improvement.

Presort Services

Presort Services provides sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter.

 

Third Quarter

($ millions)

2023

2022

% Change

Reported

Revenue

$152

 

 

 

$145

 

 

 

5%

Adjusted Segment EBITDA

$37

 

 

 

$28

 

 

 

35%

Adjusted Segment EBIT

$29

 

 

 

$21

 

 

 

42%

 

New sales and higher revenue per piece more than offset organic mail decline, driving segment revenue growth. Growth in higher yielding mail classes contributed to increased revenue per piece.

Adjusted Segment EBIT growth was driven by higher revenue, improved labor productivity from increased automation and process improvements, and lower unit transportation costs from select route insourcing.

Global Ecommerce

Global Ecommerce provides business to consumer logistics services for domestic and cross-border delivery, returns and fulfillment.

 

Third Quarter

($ millions)

2023

 

 

 

2022

 

 

 

% Change

Reported

 

 

 

% Change

Comparable

Basis

Revenue

$313

 

 

 

$354

 

 

 

(12%)

 

 

 

(1%)

Adjusted Segment EBITDA

($25)

 

 

 

($17)

 

 

 

(47%)

 

 

 

 

Adjusted Segment EBIT

($42)

 

 

 

($35)

 

 

 

(20%)

 

 

 

 

 

Global Ecommerce processed 51 million domestic parcels in the quarter, which is up 38 percent from third quarter 2022. Domestic parcel revenue growth of 29 percent versus prior year, was more than offset by a loss in revenue from cross-border as that offering resets from the previously announced change in two client relationships. Cross-border revenue stabilized in the quarter versus second quarter 2023.

The decline in Adjusted Segment EBIT was primarily a result of lower cross-border revenue, market pressures on domestic parcel revenue per piece, and incremental costs related to network consolidation efforts. Lower operating expenses partially offset the decline.

Full Year 2023 Guidance

Given our Global Ecommerce segment’s year-to-date performance and continued market headwinds, we now expect the Company’s full-year revenue to decline between 3% and 4% on a comparable basis and full-year adjusted EBIT margins to remain relatively flat versus the prior year.

Conference Call and Webcast

Management of Pitney Bowes will discuss the Company’s results in a broadcast over the Internet today at 8:00 a.m. ET. Instructions for listening to the earnings results via the Web are available on the Investor Relations page of the Company’s web site at www.pitneybowes.com.

About Pitney Bowes

Pitney Bowes (NYSE:PBI) is a global shipping and mailing company that provides technology, logistics, and financial services to more than 90 percent of the Fortune 500. Small business, retail, enterprise, and government clients around the world rely on Pitney Bowes to remove the complexity of sending mail and parcels. For additional information, visit: www.pitneybowes.com

Use of Non-GAAP Measures

Our financial results are reported in accordance with generally accepted accounting principles (GAAP). We also disclose certain non-GAAP measures, such as adjusted earnings before interest and taxes (Adjusted EBIT), adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), adjusted earnings per share (Adjusted EPS), revenue growth on a comparable basis and free cash flow.

Adjusted EBIT, Adjusted EBITDA and Adjusted EPS exclude the impact of restructuring charges, goodwill impairment, gains, losses and costs related to the sale of assets, acquisitions and dispositions, losses on debt redemptions and refinancings and other unusual items. Management believes that these non-GAAP measures provide investors greater insight into the underlying operating trends of the business.

We disclose revenue growth on a comparable basis, which excludes three items. First, the comparison excludes the impacts of foreign currency. Second, we are excluding the impact of the divestiture of the Borderfree business effective July 1, 2022. Third, we are excluding the impact of a change in the presentation of revenue beginning in the fourth quarter of 2022, from a gross basis to net basis due to an adjustment in terms of one of our contracts with the United States Postal Service. The change in revenue presentation impacts both our Global Ecommerce and SendTech Solutions segments. The change in revenue presentation does not impact gross profit. Management believes that excluding these items provides investors with a better understanding of the underlying revenue performance.

Free cash flow adjusts cash flow from operations calculated in accordance with GAAP for capital expenditures, restructuring payments and other special items. Management believes free cash flow provides investors better insight into the amount of cash available for other discretionary uses.

Adjusted Segment EBIT is the primary measure of profitability and operational performance at the segment level and is determined by deducting from segment revenue the related costs and expenses attributable to the segment. Adjusted Segment EBIT excludes interest, taxes, unallocated corporate expenses, restructuring charges, goodwill impairment, and other items not allocated to a business segment. The Company also reports Adjusted Segment EBITDA as an additional useful measure of segment profitability and operational performance.

Complete reconciliations of non-GAAP measures to comparable GAAP measures can be found in the attached financial schedules and at the Company's web site at www.pb.com/investorrelations.

This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance. Forward-looking statements include, but are not limited to, statements about future revenue and earnings guidance and future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. Factors which could cause future financial performance to differ materially from expectations include, without limitation, declining physical mail volumes; changes in postal regulations or the operations and financial health of posts in the U.S. or other major markets or changes to the broader postal or shipping markets; our ability to continue to grow and manage unexpected fluctuations in volumes, gain additional economies of scale and improve profitability within our Global Ecommerce segment; the loss of some of our larger clients in our Global Ecommerce and Presort Services segments; the loss of, or significant changes to, United States Postal Service (USPS) commercial programs, or our contractual relationships with the USPS or their performance under those contracts; the impacts on our cost of debt due to recent increases in interest rates and the potential for future interest rate hikes; and other factors as more fully outlined in the Company's 2022 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission during 2023. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.

Note: Consolidated statements of income; revenue, adjusted segment EBIT and adjusted segment EBITDA by business segment; and reconciliations of GAAP to non-GAAP measures for the three and nine months ended September 30, 2023 and 2022, and consolidated balance sheets at September 30, 2023 and December 31, 2022 are attached.

 
Pitney Bowes Inc.
Consolidated Statements of Operations
(Unaudited; in thousands, except per share amounts)
 
Three months ended September 30, Nine months ended September 30,

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue:
Business services

$

483,987

 

$

518,405

 

$

1,480,975

 

$

1,667,267

 

Support services

 

101,855

 

 

107,642

 

 

310,454

 

 

325,619

 

Financing

 

68,572

 

 

67,757

 

 

202,323

 

 

207,084

 

Equipment sales

 

76,705

 

 

83,528

 

 

238,766

 

 

262,810

 

Supplies

 

35,695

 

 

37,455

 

 

111,035

 

 

116,761

 

Rentals

 

16,937

 

 

16,127

 

 

51,217

 

 

49,810

 

Total revenue

 

783,751

 

 

830,914

 

 

2,394,770

 

 

2,629,351

 

 
Costs and expenses:
Cost of business services

 

419,859

 

 

452,715

 

 

1,276,814

 

 

1,433,474

 

Cost of support services

 

35,589

 

 

36,618

 

 

107,447

 

 

111,463

 

Financing interest expense

 

16,813

 

 

13,692

 

 

46,112

 

 

37,827

 

Cost of equipment sales

 

52,952

 

 

60,595

 

 

166,303

 

 

188,181

 

Cost of supplies

 

10,498

 

 

10,529

 

 

32,607

 

 

33,074

 

Cost of rentals

 

4,289

 

 

6,270

 

 

14,859

 

 

19,052

 

Selling, general and administrative

 

209,416

 

 

209,576

 

 

674,085

 

 

678,999

 

Research and development

 

10,362

 

 

9,812

 

 

31,129

 

 

32,400

 

Restructuring charges and asset impairments

 

16,578

 

 

4,264

 

 

42,620

 

 

12,672

 

Goodwill impairment

 

-

 

 

-

 

 

118,599

 

 

-

 

Interest expense, net

 

26,782

 

 

23,685

 

 

72,044

 

 

66,816

 

Other components of net pension and postretirement (income) cost

 

(2,683

)

 

1,427

 

 

(6,144

)

 

3,229

 

Other income, net

 

-

 

 

(8,398

)

 

(3,064

)

 

(20,299

)

Total costs and expenses

 

800,455

 

 

820,785

 

 

2,573,411

 

 

2,596,888

 

 
(Loss) income before taxes

 

(16,704

)

 

10,129

 

 

(178,641

)

 

32,463

 

(Benefit) provision for income taxes

 

(4,185

)

 

4,642

 

 

(16,850

)

 

1,819

 

Net (loss) income

$

(12,519

)

$

5,487

 

$

(161,791

)

$

30,644

 

 
(Loss) earnings per share:
Basic

$

(0.07

)

$

0.03

 

$

(0.92

)

$

0.18

 

Diluted

$

(0.07

)

$

0.03

 

$

(0.92

)

$

0.17

 

 
Weighted-average shares used in diluted earnings per share

 

176,099

 

 

176,966

 

 

175,428

 

 

177,418

 

 
 
Pitney Bowes Inc.
Consolidated Balance Sheets
(Unaudited; in thousands)
 
Assets September 30,

2023
December 31,

2022
Current assets:
Cash and cash equivalents

$

557,696

 

$

669,981

 

Short-term investments

 

21,732

 

 

11,172

 

Accounts and other receivables, net

 

288,592

 

 

343,557

 

Short-term finance receivables, net

 

550,152

 

 

564,972

 

Inventories

 

83,781

 

 

83,720

 

Current income taxes

 

6,392

 

 

8,790

 

Other current assets and prepayments

 

109,189

 

 

115,824

 

Total current assets

 

1,617,534

 

 

1,798,016

 

Property, plant and equipment, net

 

391,649

 

 

420,672

 

Rental property and equipment, net

 

24,652

 

 

27,487

 

Long-term finance receivables, net

 

641,251

 

 

627,124

 

Goodwill

 

945,418

 

 

1,066,951

 

Intangible assets, net

 

66,111

 

 

77,944

 

Operating lease assets

 

309,995

 

 

296,129

 

Noncurrent income taxes

 

55,378

 

 

46,613

 

Other assets

 

370,716

 

 

380,419

 

Total assets

$

4,422,704

 

$

4,741,355

 

 
Liabilities and stockholders' (deficit) equity
Current liabilities:
Accounts payable and accrued liabilities

$

793,609

 

$

907,083

 

Customer deposits at Pitney Bowes Bank

 

642,556

 

 

628,072

 

Current operating lease liabilities

 

58,270

 

 

52,576

 

Current portion of long-term debt

 

56,533

 

 

32,764

 

Advance billings

 

87,739

 

 

105,207

 

Current income taxes

 

1,819

 

 

2,101

 

Total current liabilities

 

1,640,526

 

 

1,727,803

 

Long-term debt

 

2,101,595

 

 

2,172,502

 

Deferred taxes on income

 

238,391

 

 

263,131

 

Tax uncertainties and other income tax liabilities

 

21,386

 

 

23,841

 

Noncurrent operating lease liabilities

 

279,920

 

 

265,696

 

Other noncurrent liabilities

 

265,995

 

 

227,729

 

Total liabilities

 

4,547,813

 

 

4,680,702

 

 
Stockholders' (deficit) equity:

Common stock

 

323,338

 

 

323,338

 

Retained earnings

 

4,872,439

 

 

5,125,677

 

Accumulated other comprehensive loss

 

(838,071

)

 

(835,564

)

Treasury stock, at cost

 

(4,482,815

)

 

(4,552,798

)

Total stockholders' (deficit) equity

 

(125,109

)

 

60,653

 

Total liabilities and stockholders' (deficit) equity

$

4,422,704

 

$

4,741,355

 

 
 
Pitney Bowes Inc.
Business Segment Revenue
(Unaudited; in thousands)
 
 
Three months ended September 30, Nine months ended September 30,

 

2023

 

 

 

2022

 

 

% Change

 

 

2023

 

 

2022

 

 

% Change

 
Global Ecommerce
Revenue, as reported

$

313,161

 

$

354,326

 

(12%)

$

974,306

$

1,166,623

 

(16%)

Impact of change in revenue presentation

 

(39,795

)

 

(115,171

)

Impact of Borderfree divestiture

 

-

 

 

(22,550

)

Comparable revenue before currency

 

313,161

 

 

314,531

 

(0%)

 

974,306

 

1,028,902

 

(5%)

Impact of currency on revenue

 

(1,023

)

 

2,255

Comparable revenue

$

312,138

 

$

314,531

 

(1%)

$

976,561

$

1,028,902

 

(5%)

 
Presort Services
Revenue, as reported

$

152,451

 

$

144,824

 

5%

$

454,460

$

444,302

 

2%

 
Sending Technology Solutions
Revenue, as reported

$

318,139

 

$

331,764

 

(4%)

$

966,004

$

1,018,426

 

(5%)

Impact of change in revenue presentation

 

(4,373

)

 

(12,916

)

Comparable revenue before currency

 

318,139

 

 

327,391

 

(3%)

 

966,004

 

1,005,510

 

(4%)

Impact of currency on revenue

 

(2,106

)

 

3,463

Comparable revenue

$

316,033

 

$

327,391

 

(3%)

$

969,467

$

1,005,510

 

(4%)

 
Consolidated
Revenue, as reported

$

783,751

 

$

830,914

 

(6%)

$

2,394,770

$

2,629,351

 

(9%)

Impact of change in revenue presentation

 

(44,168

)

 

(128,087

)

Impact of Borderfree divestiture

 

-

 

 

(22,550

)

Comparable revenue before currency

 

783,751

 

 

786,746

 

(0%)

 

2,394,770

 

2,478,714

 

(3%)

Impact of currency on revenue

 

(3,129

)

 

5,718

Comparable revenue

$

780,622

 

$

786,746

 

(1%)

$

2,400,488

$

2,478,714

 

(3%)

 
 
Pitney Bowes Inc.
Adjusted Segment EBIT & EBITDA
(Unaudited; in thousands)
 
 
 
Three months ended September 30,

2023

2022

% change
Adjusted

Segment

EBIT (1)
D&A Adjusted

Segment

EBITDA
Adjusted

Segment

EBIT (1)
D&A Adjusted

Segment

EBITDA
Adjusted

Segment

EBIT
Adjusted

Segment

EBITDA
 
Global Ecommerce

$

(41,712

)

$

16,872

$

(24,840

)

$

(34,881

)

$

17,982

$

(16,899

)

(20%)

(47%)

Presort Services

 

29,124

 

 

8,313

 

37,437

 

 

20,561

 

 

7,182

 

27,743

 

42%

35%

Sending Technology Solutions

 

97,761

 

 

7,494

 

105,255

 

 

95,234

 

 

7,248

 

102,482

 

3%

3%

Segment total

$

85,173

 

$

32,679

 

117,852

 

$

80,914

 

$

32,412

 

113,326

 

5%

4%

 
Reconciliation of Segment Adjusted EBITDA to Net (Loss) Income:
Segment depreciation and amortization

 

(32,679

)

 

(32,412

)

Unallocated corporate expenses

 

(41,704

)

 

(42,908

)

Restructuring charges and asset impairments

 

(16,578

)

 

(4,264

)

Gain on sale of businesses, including transaction costs

 

-

 

 

13,764

 

Interest expense, net

 

(43,595

)

 

(37,377

)

Benefit (provision) for income taxes

 

4,185

 

 

(4,642

)

Net (loss) income

$

(12,519

)

$

5,487

 

 
 
 
Nine months ended September 30,

2023

2022

% change
EBIT (1) D&A EBITDA EBIT (1) D&A EBITDA EBIT EBITDA
 
Global Ecommerce

$

(114,033

)

$

49,906

$

(64,127

)

$

(77,402

)

$

60,906

$

(16,496

)

(47%)

>(100%)
Presort Services

 

76,458

 

 

25,172

 

101,630

 

 

53,044

 

 

20,601

 

73,645

 

44%

38%

Sending Technology Solutions

 

291,912

 

 

22,344

 

314,256

 

 

295,374

 

 

22,159

 

317,533

 

(1%)

(1%)

Segment total

$

254,337

 

$

97,422

 

351,759

 

$

271,016

 

$

103,666

 

374,682

 

(6%)

(6%)

 
Reconciliation of Segment EBITDA to Net (Loss) Income:
Segment depreciation and amortization

 

(97,422

)

 

(103,666

)

Unallocated corporate expenses

 

(145,762

)

 

(141,537

)

Restructuring charges and asset impairments

 

(42,620

)

 

(12,672

)

Goodwill impairment

 

(118,599

)

 

-

 

Gain (loss) on debt redemption

 

3,064

 

 

(4,993

)

Proxy solicitation fees

 

(10,905

)

 

-

 

Gain on sale of assets

 

-

 

 

14,372

 

Gain on sale of businesses, including transaction costs

 

-

 

 

10,920

 

Interest expense, net

 

(118,156

)

 

(104,643

)

Benefit (provision) for income taxes

 

16,850

 

 

(1,819

)

Net (loss) income

$

(161,791

)

$

30,644

 

 

(1)

Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, goodwill impairment, and other items that are not allocated to a particular business segment.
 
 
Pitney Bowes Inc.
Reconciliation of Reported Consolidated Results to Adjusted Results
(Unaudited; in thousands, except per share amounts)
 
Three months ended September 30, Nine months ended September 30,

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 
Reconciliation of reported net (loss) income to adjusted EBIT and adjusted EBITDA
Net (loss) income

$

(12,519

)

$

5,487

 

$

(161,791

)

$

30,644

 

(Benefit) provision for income taxes

 

(4,185

)

 

4,642

 

 

(16,850

)

 

1,819

 

(Loss) income before taxes

 

(16,704

)

 

10,129

 

 

(178,641

)

 

32,463

 

Restructuring charges and asset impairments

 

16,578

 

 

4,264

 

 

42,620

 

 

12,672

 

Goodwill impairment

 

-

 

 

-

 

 

118,599

 

 

-

 

(Gain) loss on debt redemption

 

-

 

 

-

 

 

(3,064

)

 

4,993

 

Proxy solicitation fees

 

-

 

 

-

 

 

10,905

 

 

-

 

Gain on sale of assets

 

-

 

 

-

 

 

-

 

 

(14,372

)

Gain on sale of businesses, including transaction costs

 

-

 

 

(13,764

)

 

-

 

 

(10,920

)

Adjusted net (loss) income before tax

 

(126

)

 

629

 

 

(9,581

)

 

24,836

 

Interest, net

 

43,595

 

 

37,377

 

 

118,156

 

 

104,643

 

Adjusted EBIT

 

43,469

 

 

38,006

 

 

108,575

 

 

129,479

 

Depreciation and amortization

 

40,262

 

 

39,280

 

 

120,032

 

 

124,752

 

Adjusted EBITDA

$

83,731

 

$

77,286

 

$

228,607

 

$

254,231

 

 
Reconciliation of reported diluted (loss) earnings per share to adjusted diluted (loss) earnings per share
Diluted (loss) earnings per share

$

(0.07

)

$

0.03

 

$

(0.92

)

$

0.17

 

Restructuring charges and asset impairments

 

0.07

 

 

0.02

 

 

0.18

 

 

0.05

 

Goodwill impairment

 

-

 

 

-

 

 

0.67

 

 

-

 

(Gain) loss on debt redemption

 

-

 

 

-

 

 

(0.01

)

 

0.02

 

Proxy solicitation fees

 

-

 

 

-

 

 

0.05

 

 

-

 

Gain on sale of assets

 

-

 

 

-

 

 

-

 

 

(0.06

)

Gain on sale of businesses, including transaction costs

 

-

 

 

(0.05

)

 

-

 

 

(0.09

)

Adjusted diluted (loss) earnings per share (1)

$

0.00

 

$

(0.00

)

$

(0.04

)

$

0.10

 

 
(1) The sum of the earnings per share amounts may not equal the totals due to rounding.
 
Reconciliation of reported net cash from operating activities to free cash flow
Net cash from operating activities

$

25,305

 

$

(36,465

)

$

(14,453

)

$

9,229

 

Capital expenditures

 

(22,952

)

 

(33,359

)

 

(77,598

)

 

(97,533

)

Restructuring payments

 

12,269

 

 

3,506

 

 

25,152

 

 

11,761

 

Proxy solicitation fees paid

 

623

 

 

-

 

 

10,905

 

 

-

 

Transaction costs paid

 

-

 

 

3,268

 

 

-

 

 

5,400

 

Free cash flow

$

15,245

 

$

(63,050

)

$

(55,994

)

$

(71,143

)

 

 

Contacts

Editorial -

Kathleen Raymond

Head of Communications

203.351.7233

Financial -

Phil Landler

VP, Investor Relations

203.351.6141

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