Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

Our reportable segments are SendTech Solutions and Presort Services. SendTech Solutions includes the revenue and related expenses from physical and digital shipping and mailing technology solutions, financing, services, supplies and other applications to help simplify and save on the sending, tracking and receiving of letters, parcels and flats. Presort Services includes the revenue and related expenses from sortation services to qualify large volumes of First Class Mail, Marketing Mail and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.

Other operations includes the revenue and related expenses of a cross-border services contract and prior operations and shared services of our former Global Ecommerce reporting segment that was retained or did not qualify for discontinued operations treatment.

Due to a change in how these functions are now managed, effective January 1, 2025, we revised our corporate expense allocation methodology to allocate all marketing and innovation expenses to our SendTech Solutions segment. Prior periods have been recast to conform to the current period presentation.

Management, including our Chief Executive Officer, who is the Chief Operating Decision Maker (CODM), measures segment profitability and performance using adjusted segment earnings before interest and taxes (EBIT). Adjusted segment EBIT is calculated as segment revenues less the related costs and expenses attributable to the segment. Adjusted segment EBIT excludes interest, taxes, general corporate expenses, restructuring charges, and other items not allocated to our 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 income or loss from continuing operations before taxes.

	Revenue
	Three Months Ended March 31,
	2025		2024
SendTech Solutions	$	298,055	$	327,437
Presort Services	177,814		169,807
Total segment revenue	475,869		497,244
Other	17,551		24,025
Total revenue	$	493,420	$	521,269

	Three Months Ended March 31,
	2025		2024
SendTech Solutions
Revenue	$	298,055	$	327,437
Less:
Cost of revenue	92,688		109,473
Operating expenses	110,433		124,254
Adjusted segment EBIT	$	94,934	$	93,710
Presort Services
Revenue	$	177,814	$	169,807
Less:
Cost of revenue	104,635		107,327
Operating expenses	18,400		22,151
Adjusted segment EBIT	$	54,779	$	40,329

	Adjusted Segment EBIT
	Three Months Ended March 31,
	2025		2024
SendTech Solutions	$	94,934	$	93,710
Presort Services	54,779		40,329
Total adjusted segment EBIT	149,713		134,039
Reconciliation of adjusted segment EBIT to income from continuing operations before taxes:
Other operations	1,879		1,494
Interest expense, net	(37,885)		(43,909)
Corporate expenses	(31,903)		(42,202)
Restructuring charges	(1,400)		(3,766)
Loss on debt redemption/refinancing	(24,646)		—
Foreign currency (loss) gain on intercompany loans	(7,595)		4,638
Benefit in connection with Ecommerce Restructuring	459		—
Strategic review costs	(1,890)		(2,690)
Income from continuing operations before taxes	$	46,732	$	47,604