Segment Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Information

Segment Information

Our reportable segments are Global Ecommerce, Presort Services and SendTech Solutions. The principal products and services of each reportable segment are as follows:

Global Ecommerce: Includes the revenue and related expenses from business to consumer logistics services for domestic and cross-border delivery, returns and fulfillment.

Presort Services: Includes revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter for postal worksharing discounts.

SendTech Solutions: Includes the revenue and related expenses from physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.

Management measures segment profitability and performance using segment earnings before interest and taxes (EBIT). Segment EBIT is calculated by deducting from segment revenue the related costs and expenses attributable to the segment. Segment EBIT excludes interest, taxes, unallocated corporate expenses, restructuring charges, asset and goodwill impairment charges and other items not allocated to a business segment. Costs related to shared assets are allocated to the relevant segments. Management believes that segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. Segment EBIT may not be indicative of our overall consolidated performance and therefore, should be read in conjunction with our consolidated results of operations. The following tables provide information about our reportable segments and reconciliation of segment EBIT to net income (loss).

	Revenue
	Three Months Ended March 31,
	2022		2021
Global Ecommerce	$	418,527	$	413,086
Presort Services	160,544		143,126
SendTech Solutions	347,871		358,985
Total revenue	$	926,942	$	915,197

	EBIT
	Three Months Ended March 31,
	2022		2021
Global Ecommerce	$	(13,696)	$	(26,376)
Presort Services	19,632		19,051
SendTech Solutions	104,575		114,470
Total segment EBIT	110,511		107,145
Reconciliation of Segment EBIT to net income (loss):
Unallocated corporate expenses	(57,834)		(57,465)
Restructuring charges	(4,184)		(2,889)
Interest expense, net	(33,726)		(37,044)
Loss on debt redemption/refinancing	(4,993)		(51,394)
Gain on sale of business	2,522		—
Gain on sale of assets	14,372		—
Transaction costs	(1,644)		—
(Provision) benefit for income taxes	(4,203)		13,992
Income (loss) from continuing operations	20,821		(27,655)
Loss from discontinued operations, net of tax	—		(3,886)
Net income (loss)	$	20,821	$	(31,541)

Effective for 2022, we refined our methodology for allocating transportation costs between Global Ecommerce and Presort Services, resulting in an increase to Global Ecommerce EBIT and a corresponding decrease to Presort Services EBIT of approximately $3 million for the three months ended March 31, 2022.