Segment Information

9 Months Ended

Sep. 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 and asset impairments, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Global Ecommerce	$	313,161	$	354,326	$	974,306	$	1,166,623
Presort Services	152,451		144,824		454,460		444,302
SendTech Solutions	318,139		331,764		966,004		1,018,426
Total revenue	$	783,751	$	830,914	$	2,394,770	$	2,629,351

	Adjusted Segment EBIT
	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Global Ecommerce	$	(41,712)	$	(34,881)	$	(114,033)	$	(77,402)
Presort Services	29,124		20,561		76,458		53,044
SendTech Solutions	97,761		95,234		291,912		295,374
Total adjusted segment EBIT	85,173		80,914		254,337		271,016
Reconciliation of adjusted segment EBIT to net (loss) income:
Unallocated corporate expenses	(41,704)		(42,908)		(145,762)		(141,537)
Restructuring charges and asset impairments	(16,578)		(4,264)		(42,620)		(12,672)
Interest expense, net	(43,595)		(37,377)		(118,156)		(104,643)
Proxy solicitation fees	—		—		(10,905)		—
Goodwill impairment	—		—		(118,599)		—
Gain (loss) on debt redemption/refinancing	—		—		3,064		(4,993)
Gain on sale of assets	—		—		—		14,372
Gain on sale of businesses, including transaction costs	—		13,764		—		10,920
Benefit (provision) for income taxes	4,185		(4,642)		16,850		(1,819)
Net (loss) income	$	(12,519)	$	5,487	$	(161,791)	$	30,644