Pitney Bowes is a technology and services company focused on two core businesses: mailing and shipping solutions (SendTech Solutions) and mail presortation services (Presort Services). The company exited its Global Ecommerce segment in mid-2024, simplifying its business considerably. SendTech provides postage meters, shipping software, supplies, and maintenance to businesses ranging from small e-commerce shippers to large enterprises. The mailing equipment business is in secular decline as physical mail volumes fall, and Pitney Bowes is managing it for cash flow while slowing customer churn. The shipping software business is growing, offering cloud-based, multi-carrier shipping platforms on a SaaS subscription model. Embedded within SendTech is Pitney Bowes Bank, a Utah industrial bank with roughly $1.15B in finance receivables that funds customer equipment leases and revolving postage credit, earning a spread on those receivables. Presort Services is the largest workshare partner of the USPS, processing upwards of 15B mail pieces annually. Pitney Bowes picks up large-volume commercial mail, sorts it through a national facility network, and injects it into the postal system — passing a share of USPS workshare discounts back to customers. Presort is a high-fixed-cost business where incremental volume flows largely to the bottom line. Across both segments, a large share of revenue is recurring — leases, subscriptions, and maintenance contracts — making cash flows relatively predictable. Management is focused on growing shipping software, recovering lost Presort volume, expanding the bank, and pursuing tuck-in Presort acquisitions, while deploying free cash flow toward debt reduction and shareholder returns.