v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
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 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. Presort Services includes the revenue and related expenses from sortation services to qualify large volumes of First Class Mail, First Class Flats, Marketing Mail and Marketing Mail Flats/Bound Printed Matter for postal worksharing discounts.
Management, including the 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. Effective January 1, 2026, we are excluding expense related to the U.S. and Canada pension plans from Adjusted segment EBIT as we have taken steps to terminate these plans. Prior periods were not recast. Management believes that adjusted segment EBIT provides 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 before taxes.
Revenue
Three Months Ended March 31,
20262025
SendTech Solutions$313,947 $315,606 
Presort Services163,466 177,814 
Total revenue$477,413 $493,420 


Three Months Ended March 31,
20262025
SendTech Solutions
Revenue$313,947 $315,606 
Less:
Cost of revenue102,027 106,030 
Operating expenses
98,390 112,549 
Adjusted segment EBIT$113,530 $97,027 
Presort Services
Revenue$163,466 $177,814 
Less:
Cost of revenue
106,020 104,635 
Operating expenses
18,268 18,400 
Adjusted segment EBIT$39,178 $54,779 
Adjusted Segment EBIT
Three Months Ended March 31,
20262025
SendTech Solutions$113,530 $97,027 
Presort Services39,178 54,779 
Total adjusted segment EBIT152,708 151,806 
Reconciliation of adjusted segment EBIT to income or loss before taxes: 
Interest expense, net(35,575)(37,885)
Corporate expenses
(22,331)(32,117)
Restructuring charges
(5,112)(1,400)
Loss on debt redemption/refinancing— (24,646)
Foreign currency gain (loss) on intercompany loans4,882 (7,595)
Charge in connection with Ecommerce Restructuring
— 459 
Pension expense of plans to be terminated
(7,554)— 
Transaction and Strategic review costs(6,544)(1,890)
Income before taxes$80,474 $46,732