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$PBI Let me get this straight. The stock has tripled, and yet Kurt Wolf thinks the turnaround isn't moving fast enough. He abruptly told the CEO and CFO to get out of the car, snagged the keys, and started driving himself. Brought in Paul Evans as CFO. Market cap sits at $2.1B. Company maintains guidance on $330-370m FCF despite a major hiccup in Presort. They're within striking distance of remedying the problem, after which they're looking to substantially expand the segment's EBIT. There's so much remaining opportunity to drive efficiency and profit that Kurt casually compared the current state of the company to the GEC era. Tons of work to be done, he says. This is the verbiage of someone who sees a path to >$400m FCF in the near future. Then, $400m buyback authorized, representing ~20% of the float as of May. $130m already executed. At current prices, share count would be reduced to ~150m. Kurt is using all of it. This isn't a matter of debate. The only question is what price the market will let him have, and by the looks of it, everyone is fast asleep. So asleep that Kurt is making it a priority to get more analyst coverage. The call ends with the CFO admitting that he's looking into whether they can copy/mirror the execution of Harley Davidson's cash-out on their financial services division (!!). Hundreds of millions, apparently $300m+, would be freed up for more buybacks. And, again, Kurt is going to use the money. Kurt confirms that he deliberately let his 105b-1 plan expire. He could have sold ~2m more shares by now if he wanted to, but stopped the plan dead in its tracks. They say they're deliberately staying levered around 3.0x. Share repurchases are too attractive to pass up. But opportunistic debt optimization still possible regardless. And I'm supposed to care about revenue guidance falling $50m?