Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

Effective January 1, 2024, we moved the digital delivery services offering from the Global Ecommerce segment to the SendTech Solutions segment in order to leverage our technology and innovation capabilities to better serve our clients. Prior periods have been recast to conform to our current segment presentation.

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 consumer logistics services for domestic and cross-border delivery, returns and fulfillment.

Presort Services: Includes revenue and related expenses from sortation services that qualify large volumes of First Class Mail, Marketing Mail and 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, general corporate expenses, restructuring charges, goodwill impairment charges and other items not allocated to a particular business segment. 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 income or loss.

	Revenue
	Three Months Ended March 31,
	2024		2023
Global Ecommerce	$	333,265	$	340,641
Presort Services	169,807		158,902
SendTech Solutions	327,437		334,995
Total revenue	$	830,509	$	834,538

	Adjusted Segment EBIT
	Three Months Ended March 31,
	2024		2023
Global Ecommerce	$	(35,427)	$	(33,172)
Presort Services	40,329		26,905
SendTech Solutions	101,278		95,637
Total adjusted segment EBIT	106,180		89,370
Reconciliation of adjusted segment EBIT to net income or loss:
Interest expense, net	(44,369)		(36,878)
Unallocated corporate expenses	(49,770)		(56,349)
Restructuring charges	(4,315)		(3,599)
Proxy solicitation fees	—		(6,367)
Gain on debt redemption	—		2,836
Foreign currency gain on intercompany loans	4,638		—
Transaction costs	(2,690)		—
(Provision) benefit for income taxes	(12,559)		3,250
Net loss	$	(2,885)	$	(7,737)