Segment Information

6 Months Ended

Jun. 30, 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 business to consumer logistics services for domestic and cross-border delivery, returns and fulfillment.

Presort Services: Includes revenue and related expenses from sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter.

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 clients 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, goodwill impairment, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Global Ecommerce	$	312,754	$	393,770	$	661,145	$	812,297
Presort Services	143,107		138,934		302,009		299,478
SendTech Solutions	320,620		338,791		647,865		686,662
Total revenue	$	776,481	$	871,495	$	1,611,019	$	1,798,437

	Adjusted Segment EBIT
	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Global Ecommerce	$	(38,115)	$	(28,825)	$	(72,321)	$	(42,521)
Presort Services	20,429		12,851		47,334		32,483
SendTech Solutions	97,480		95,565		194,151		200,140
Total adjusted segment EBIT	79,794		79,591		169,164		190,102
Reconciliation of adjusted segment EBIT to net (loss) income:
Unallocated corporate expenses	(47,709)		(40,761)		(104,058)		(98,595)
Restructuring charges	(22,443)		(4,224)		(26,042)		(8,408)
Interest expense, net	(37,683)		(33,540)		(74,561)		(67,266)
Proxy solicitation fees	(4,538)		—		(10,905)		—
Goodwill impairment	(118,599)		—		(118,599)		—
Gain (loss) on debt redemption/refinancing	228		—		3,064		(4,993)
Gain on sale of assets	—		—		—		14,372
Loss on sale of businesses, including transaction costs	—		(3,756)		—		(2,878)
Benefit for income taxes	9,415		7,026		12,665		2,823
Net (loss) income	$	(141,535)	$	4,336	$	(149,272)	$	25,157