Segment Information

3 Months Ended

Mar. 31, 2023

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 domestic parcel services, cross-border services and digital delivery services.

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 adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated 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 and other items not allocated to business segments. Costs related to shared assets are allocated to the relevant segments. Management believes that adjusted segment EBIT provides investors a useful measure of operating performance and underlying trends of the business. Adjusted 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 a reconciliation of adjusted segment EBIT to net (loss) income.

	Revenue
	Three Months Ended March 31,
	2023		2022
Global Ecommerce	$	348,391	$	418,527
Presort Services	158,902		160,544
SendTech Solutions	327,245		347,871
Total revenue	$	834,538	$	926,942

	Adjusted Segment EBIT
	Three Months Ended March 31,
	2023		2022
Global Ecommerce	$	(34,206)	$	(13,696)
Presort Services	26,905		19,632
SendTech Solutions	96,671		104,575
Total adjusted segment EBIT	89,370		110,511
Reconciliation of Adjusted Segment EBIT to net (loss) income:
Unallocated corporate expenses	(56,349)		(57,834)
Restructuring charges	(3,599)		(4,184)
Interest expense, net	(36,878)		(33,726)
Proxy solicitation fees	(6,367)		—
Gain (loss) on debt redemption/refinancing	2,836		(4,993)
Gain on sale of assets	—		14,372
Gain on sale of businesses, including transaction costs	—		878
Benefit (provision) for income taxes	3,250		(4,203)
Net (loss) income	$	(7,737)	$	20,821