(3) The sum of the earnings per share may not equal the totals due to rounding.
Business Segment Reporting
SendTech Solutions
SendTech Solutions offers physical and digital mailing and shipping technology solutions, financing, services, supplies and other applications for small and medium businesses, retail, enterprise, and government clients around the world to help simplify and save on the sending, tracking and receiving of letters, parcels and flats.
|
Fourth Quarter |
|||
($ millions) |
2023 |
2022 |
% Change Reported |
% Change Comparable Basis |
Revenue |
$327 |
$341 |
(4%) |
(5%) |
Adjusted Segment EBITDA |
$121 |
$113 |
7% |
|
Adjusted Segment EBIT |
$113 |
$106 |
7% |
|
|
Full Year |
|||
($ millions) |
2023 |
2022 |
% Change Reported |
% Change Comparable Basis |
Revenue |
$1,293 |
$1,360 |
(5%) |
(4%) |
Adjusted Segment EBITDA |
$435 |
$430 |
1% |
|
Adjusted Segment EBIT |
$405 |
$401 |
1% |
|
EBIT and EBIT margin expansion in the fourth quarter was driven by improvements in gross margin, strong execution, and cost reduction actions.
Fourth quarter revenue decline was driven by a reduction in our meter base, timing of our product lifecycle, and a tough prior year compare in our shipping products. Recurring revenue from our shipping solutions grew 17 percent versus prior year and helped offset the decline.
Presort Services
Presort Services provides sortation services that enable clients to qualify for USPS workshare discounts in First Class Mail, Marketing Mail, Marketing Mail Flats and Bound Printed Matter.
|
Fourth Quarter |
||
($ millions) |
2023 |
2022 |
% Change Reported |
Revenue |
$163 |
$158 |
3% |
Adjusted Segment EBITDA |
$43 |
$37 |
17% |
Adjusted Segment EBIT |
$34 |
$29 |
17% |
|
Full Year |
||
($ millions) |
2023 |
2022 |
% Change Reported |
Revenue |
$618 |
$602 |
3% |
| Adjusted Segment EBITDA |
$145 |
$110 |
31% |
| Adjusted Segment EBIT |
$111 |
$82 |
35% |
