This morning, Pitney Bowes announced that the company completed its previously announced 1.5% convertible senior note offering due August 2030 with gross proceeds of $230 million. After various fees, the net proceeds were $221.4 million, of which $24.7 million was used for capped call transactions (further discussed below) and $61.9 million were used for share buybacks (5,535,928 shares bought at $11.18 per share in privately negotiated transactions). The rest of the proceeds will be used for general corporate purposes, including the potential reduction of debt. The initial conversion price is $14.25 per share, though with PBI completing various capped call transactions, PBI effectively minimized potential dilution by setting a cap price of $22.36 per share. Overall, we think PBI is appropriately taking advantage of its much improved credit profile after its turnaround as the convertible note offering is an attractive way for Pitney Bowes to raise capital at a low interest rate. Given the reduced share count assumption for this buyback and likely additional share repurchases as part of the company's recently increased share repurchase program to $400 million, partly offset by modestly higher interest expense forecasts, we raise our 2025 and 2026 EPS estimates to $1.30 and $1.36, respectively (from $1.29 and $1.34 previously). Our moderate risk rating on PBI factors in the company's improved earnings profile, ample free cash flow and increasing dividends (raised last month by $0.01 per quarter to $0.08 per share now).