hope good everyone health. Marc, primary of remain staying you, going morning. well-being during Thank our share our is on, unprecedented there safe uncertain And our is employees, our and and things and a safety the Marc’s health, times. while and communities; highest good sentiments these priority of and are partners clients, and large number in I focus
to discussed. into to the some down like the spend first of drilling areas some turn I Marc Before I'd time quarter,
implied First, billion. roughly cash down our investments is our receivables. year billion and into Total million which million is operating $X.X short-term is our company net position $XXX ended $X.X all debt Taking from in our total a debt, ago. first liquidity this debt Of the sheet. basis balance We quarter on consideration, associated an $XXX $X.X is position. billion, with with finance on our
putting over actions months. debt beginning renewed position We our progress October reduced facility; hand over XXXX balance very maturity utilizing in reduced new and have our last and nine sheet to the the and debt bond a but through materially with we've XXXX. years manageable the our billion; $X.X last no significant our towers few XXXX, issuance next by made address over especially of our in credit taken on several strengthening the we years, debt proceeds, until several cash Since
have We within tested are ratios we our multiple scenarios liquidity. covenants maintain adequate to access these also ensure stress to and performing under
million our down $XXX We have drawn of credit revolving facility.
We believe in balance access for are remaining $XXX this the the our and have million thing time, of needs draw the in immediate funds. of there facility. was the to financial all to continue contained and at We with are to down credit covenants prudent the compliance no
invested drawdown in As such, this be instrument. will short-term
capital and capital our reduce which we discretionary our our spend our at we is long-term around are reprioritizing XX% support to $XX million, we are estimating essential uses investments of cash, million lower that to our Looking $XX XX% and can allocation than By reprioritizing, to capital plan. by necessary objectives. about needs original
economic we're the our approach given services to a Financial, environment, financial Wheeler building out business. sound taking Within
and thing of We at no financial services more the and capital. year. in original our free time, remain this compared $XX prudent building right will over is for continue comes we flow plan We do expect to million. new to million to it this This our $XX committing cash to committed improve be originations long-term, XXXX, than will be out the our when as to to
an XX scenario year annual for cash Assumed the dividend flow run of million. planning at maintaining is rate in our the
We XXXX. are will repurchase transactions limiting M&A shares not in and
We and of an clients are each of levels work this receivables, some focusing some our businesses. timing are We collections working payables. is inventory as through and payments. will payment inventory capital, managing I impact color impacting on and terms the specifically our with we provide anticipate our of how our on
margin company's SendTech’s recurring flow. on them the essential our overall statements, rely are documents, services and materially high and cash clients our to contribute and revenues SendTech, parcels. invoices, help to products Within send
services, negatively However, largely the are equipment usage. sales; services Within are more as a of are impacted one-time linked supplies, they degree, lesser a closely and revenues demand around portion and to with our are XX% our financing large comprised business, of healthcare, other the XX% two-thirds our cap professional municipal middle approximately clients accounts of and and market, roughly insurance. and are which is small portfolio, finance of lease
client diversified base through when broadly a an these industries important multiple across Having cycles. economic managing is factor
help adjusted their during needs. We economic small cash our and services have crisis, this payment terms last with to we financial portfolio. clients further with experienced and downturns flow And sized the medium
increase and within strength write-off around average, to X.X% our the During financing below which between but that to up is reflecting X% X% we portfolio our rates provide and industry range, service our our normal of from a saw well portfolio trend clients. U.S. essential we the of period,
it’s We or impact are this At monitoring too write-off potential delinquency early level. really point, determine rates the daily. to
with saw this, half receive result when first but supply expect of this or cash in are to to revenue needs, prioritize We in a we working and We are quarter need flow minor Also their offer our impact of order maintain what clients programs on certain with adjust them terms other chain our managing our supply in in hardship to year. to to to second the help SendTech, the a we it's demand. as relationship. improve
market starting are more are now and daily. Class level. year to react significant XX% Mail, as we're Mail w a decline process seeing from First see average to of spend. volumes clients Commerce reduce Services are the demand businesses Presort, driven. and declines Class The are Presort low-single-digit in Within which XX% Marketing On mostly which Marketing Our we to prior related tracking demand Mail, volumes we is First remaining
volumes are there first demand. Ecommerce, delivery with around and and along to Domestic Within held primarily quarter. different digital domestic dynamics fulfillment, the in up cross-border demand,
margins and dynamics our However, a the the and domestic crisis. deliveries staffing mix quarter, of in accordingly. in predicting the demand to clients created adapting our as levels negatively partly a difficulty of impacted demand, hence, timing changed in due the for COVID client different from These result quarter Chinese
of possible the We're actions shipment. building to In advantage cross-border our on driving we we XXXX business, our entering flagship drive in automation to a our and take increase consolidation Within number decline targeted taken general pricing have improve business, at business, yields. higher taking restrictions along per end and XXXX, the of the in including a our management we investing continue California, implemented of to improve with costs within New system, our and improve across We profitability experienced where the in to our cost a our Jersey demand, international due productivity facilities unit. a to are Ecommerce transportation actions. price which of facilities transportation opened in series of the actions will
structural continue needed of our actions to some challenges seeing with are We market the path to actions to along took incremental address we in late the improve and are and around last benefits SG&A. productivity year take from the continued actions our the These shift to on are COVID-XX. profitability opportunity, critical
our to actions value these continuing and expect by to clients. bring effectiveness We improve to our efficiency
facilities, working of help variable and times costs, reduce and Ecommerce and and temporary our Presort facilities There's markets flexibility certain our clients both actively transportation to to in primarily employees based full of on time all with with around We regardless labor adjust costs. businesses, have variable productivity including certain consolidating components, we demand. a that’s required level Within maintain some costs to related demand. manage to service on fixed
labor COVID-XX the within is discretionary aggressively Within safety well-being like positions a a spend. we get to nonessential When conferences, will health, mail at parcels and both comes are employees as and as spends frozen able also priority. travel, and third-party unfilled cost. savings impacting Naturally of network, facilities to an all we Overall, there. are company, different our is we managing and redirect businesses, which increased our things are necessary, top productivity
reducing a market basis. are weekly spend, taking evaluating address on based the marketing conditions to We'll on and programs across actions company. this also our and We're staffing continue
in we repurchase, not taking CapEx. temporary Wheeler have around previously to do We're We Financial, actions through As limiting are originations place participate in M&A. any mentioned, labor. new share actions also and addition around limiting in
level impact financial based of COVID-XX in demand the the our monitoring current each of addition impacts of on they suppliers, being in suspending our ways to regularly. how of consumer the and each are and COVID-XX, on different impact said, guidance ultimately us businesses businesses, depth in and That year. around uncertainty we for are the duration clients, we and metrics
our discuss some take seeing through now trends me we're first the through Let you results of and April. quarter's
the noted, GAAP revenue Investor be will in on As statements measures constant Relations found going with otherwise statements in about release earnings on related unless when our comparisons earnings when financial our non-GAAP and currency past, forward Reconciliations my an a the and about cash website. our posted to talking basis adjusted including items, be basis press on of can flow. talking
standards. note quarter, loss of financing that to we the $XX get to Xst, banks reserves, our similar the cumulative in with increased with accounting a companies which was to and retained credit I arm, a details in resulted CECL recorded reserves the Effective credit increase compliance new as it's million January this be important Before up into our to earnings. other to catch
to addition environment In from impact or $XX rapidly conditions COVID-XX, resulting negative case million quarter. a we provision for first the a in updated recessionary our resulting changing losses, macro the credit increased of of and $X.XX for XXX% reflect EPS to
you the take me detail. in more through Let quarter
restructuring $X.XX Adjusted revenue EPS flat the quarter that totaled the market $X.XX For was in extinguishment debt, for for we you first costs loss a a the which of and for $X.XX completed the and into includes EPS quarter the a consideration discontinued exits operations. of quarter, charge for revenue prior year. benefit GAAP grew million $X.XX the was $XXX $X.XX take X%. of was When last year, first
along result a of experience. EPS Global addition, our impairment the business related goodwill macro charge non-cash a includes $X.XX operating In conditions, environment recent as Ecommerce with GAAP the to
in was of roughly prior in our tender the timing crisis million year, related, cash $X.XX impact in the accrued flow a was free was a quarter. prior our to negative run-off was payable had higher which of $XX the and of first flow throughout in increase credit due cash and liabilities, accounts the receivables. addition payments of completed year to by in offer to lower $XX from loss quarter, use to charge in million. cash by cash this a driven two-thirds Free related the Also, to as related Free provision. COVID interest business versus impacted I decline was use finance of acceleration also part discussed, flow the operations GAAP of Compared the
our discussed are cash and but of first had on sheet. short-term investments the the our position the capital where onset quarter. $XXX in I million briefly we me at the At remarks, my quarter, recap let we of of the end through end balance
quarter, cash million made shareholders approximately restructuring form We the million million the payments of in During dividends. spent return $X capital on to flows we in free expenditures. $X used to our and $XX
originations new Wheeler $X.X the and from funded total debt From million total $XX by with in billion which $XXX prior than a Wheeler lower in Financial the in perspective, since inception ended million the quarter, debt, debt lowered million year. we first the $X year quarter fund of bringing $XXX year. million to last prior is
of net operating I’ve implied our $X.X company at the end basis debt was an earlier, the As billion discussed on quarter. position
to margins of financing reflects with in of is This a quarter. of XX% as Gross a of prior of X%, revenue our X%. mix largely X grew line the We margin to and decline had and year, profit Business portfolio $XXX which decline shifting XX%, services of Ecommerce compared X%, million equipment the with declines rentals in was of XX%. points supplies P&L, support prior the starting XX%. from of services in year. performance Turning item by sales
revenue $XX points of X.X% year. million was and was of of $XXX prior which slightly million prior expense or which a R&D year. revenue, of nearly was million X as decline a XX% from SG&A was $XX percent revenue, down from or
profit certain EBIT million SG&A. year. margin including X The $X earnings adjusted to by and year, points was the and resolution $XX was margin partially gross provision by EBIT was the expense the our for X%. was was for was expense, decline, slightly tax declined was EBIT offset quarter. EBIT $XX on Interest by examinations interest which million quarter includes $XX prior improvements Compared million the in and driven the which in of primarily taxes from financing down tax rate prior XX%, million, which declined
end XX about shares of the than the million, prior Weighted in lower XXXX. average quarter shares outstanding share reflecting which XXX repurchase is were at million year, completed the
by our We over the discuss and business in In prior was year. volumes year, to million, of year was return strong So in our which revenue is generating let is quarter me in the growth for what Within which volume. million. XX% segments momentum $XX over and March. slowed million group, of was April. the Global a are million our growth $XXX loss with we parcels the domestic X% grew now million, was growth through offset performance revenue a $XX Commerce Delivery growth each revenue of of EBITDA deliveries, XX% which decline quarter, entered X% this XX EBIT Services return through $XXX February, seeing prior services of of XX% strong in to driven and by parcel Ecommerce
the As and to deliveries continues driven be fulfillment. growth such by revenue
and a take API strong volumes than last see from doubled offering. we year rate Our more to digital continue shipping this on
the revenue suspended client for a has grew COVID-XX. utilizing our services driven This by to since since largely cross-border shipments quarter. large cross-border logistics who Our was due mid-March
February international and marketplace resulting border-free transportation costs, to but crisis in shipments. Our volumes higher saw the a ramped decline restriction flat on through were as relatively retail March demand in sharp COVID due lower
delivery margin loss The recorded to continue where Within operate business. outpace Looking the higher shifting. a a see primarily of a is revenue services, the EBIT, return, we was and returns mix of $XX EBITDA and of $XX our overall at and domestic loss margin loss fulfillment the in by was parcel driven the million therefore at million. quarter we
at processing within we heavier a lower which percent to the are margin lightweight be our tend higher parcels, seeing parcels. a a some shift mix of in of we're volumes delivery where than Additionally, the
In addition a we costs to continued have our mix, of investments. as result higher
facilities processing and East an have on the this the and up operation that are These flagship we year. parcels large throughout not are last new fully operational quarter. now time Our facilities for West volumes did ramped Coasts
are into in meantime, new incurring and these We prior process but sites facilities; of the in costs are quarters. consolidating from incremental other volumes versus year
As which mentioned, COVID-XX impacted productivity due demand the the part revenue difficulty in labor quarter, lower accurately and was by accordingly. flexing in drove clients, in to predicting
guidelines social to temperature addition, implemented incurred higher and scheduling, distancing In related we CDC around and at shift each sorting costs well staggered facility health facilities, screening. as break as and sanitizing
credit increased with new accounting also We CECL of and standard. comply our reserves result a COVID-XX as to the
demand crisis. parcel. As double-digit deliveries rate. the to parcel COVID still we consumer percent In growing in we of grow due strong lightweight volume unknown and to higher and impact continue around severity are April, ahead, of excess Digital and look of the of the XX% there's uncertainty see to domestic duration deliveries a continue
more with addition than has Our fulfillment doubled. volume the large several of clients
returns However, declining are volumes cross-border and approximately XX%.
We based labor but COVID. absenteeism have higher our a addressing of related to level on demand, we're adjusted also temporary
we as at a a drive continue these cost regularly, as have priority, practice facilities. productivity. well-being thousands safe productivity remains of sanitize in which We of employees employees distancing facilities working our continue The to pricing and improvements top health and and social to to comes our
X year. were drew XX%. revenue EBIT, in for million which margins growth is year. largely in in versus margin investments EBIT EBITDA prior and acquisitions The investment certain with of unrealized from impacted quarter made XXXX markets. million prior flat XX%, peak. driven Services Presort in growth the represents by growth was $X X% along financial securities is revenue points of driven by million and over EBIT $XX margin changes was EBITDA per This Within $XX year revenue versus million prior on higher we of was $XXX the by which the EBITDA losses growth negatively
the done higher prior Excluding this, would year. points margins by have over X
the equipment improved costs last a per have improved more results. mail to by our And per years hour year productivity the on compared We continue over in labor unit we remain made yield investments and The year. as positive two resulting we prior have to million X% process focused fed actions Compared discipline we initiatives. to our management prior hours XXX,XXX taken, to pieces. less to XXX pieces result,
Marketing Our Presort on business COVID-XX quarter. saw during Mail volumes from significant first impact the
minimally impacted volumes in were timing volumes Mail part processed. to the scheduled due already of be to Class First
quarter impact typically we As largest Year for in the was an important as first recall, our our is some processing in you’ll reasons increase same and facilities in the our statements There typically productivity quarter the to New sees documents. Ecommerce. saw
in low it’s how will are Through XX% Ecommerce a to Mail Similar of are difficult prior a Class range. single-digit rate end April predict continue. this to declining to COVID the and at year Marketing crisis XX% client demand evolve volumes as First Mail volumes down from
by to drive of workers safety to actions offset will the our redirect facilities within be partially due however, we ensure productivity; continue needed our when to We COVID sites mail this our as between the will situation. and
the for X% segment, business. XX% SendTech situation year is for This year. of saw shipment. a equipment we COVID-XX this revenue sales, with resulted from the only in was being indicator February, down the shipments, March, of was year. Through down global decline up, as a in momentum our entered Turning ramped which equipment in prior nearly from XX% steep quarter. prior sales to in X% And the of We leading decline end $XXX global good was which the our million
year, end to COVID-XX supply through Supplies last components a we’re of contributing revenues was chain by the our offset was by as service in ended on for mostly higher products. certain of for saw to partly were the source impacted XX% factor as our steep the down business support also decline March. but financing declined, but Rentals, were indicated down We higher call, and the quarter, X% up a from which services. sales unable lower month again, February prior end we equipment being
negatively the were macro margin $XXX by was to the standard. as from conditions, EBITDA a XX%, resulting CECL accounting margin of impacted was EBIT result the EBIT XX%. the EBIT provisions with million, million, connection was credit loss margins environment EBITDA EBITDA reflect of in increasing current application was million $XXX $XX COVID-XX and
see We the our to the business. of continue impact particularly of COVID-XX transactional on side
with you're April, written will down delays trend approximately the March seeing continued XX% from and which to and revenue recognition. sales continue impact business installations, For U.S equipment
in decline We as are seeing a similar lower of largely a result consumption. supplies,
to with Most seen daily the any typically to of basis on last early April. through our delinquency delinquency on conclusion month being the have the percentile and uptick monitor slight cycle, too write-offs. continue of We billing rates largest draw of billed month it making and quarterly, are a a quarter clients
is delay chain through demand, still supply on fulfillment April. Our operating the but a month of based prioritizing on
closely with this in partners our second of year. the normalize working anticipate suppliers half this will and are We and
briefly Before with me cash on $XXX million and short-term take in sheet. recap, we your we questions, our investments let the balance exited first quarter
our million have million. to facility down against We credit access $XXX drawn remaining and of have balance $XXX the
We October coming have bonds until due no XXXX.
across our actions cash preserve also during are time. capital structure taking the to business within and We this
of COVID-XX the in the suspending we for uncertainty of and are at current of based remarks, of the our depth onset impact addition mentioned my duration to the year. around of I financial each As guidance level on businesses, the
trends the and take operations, manner. a We basis actions to in are metrics timely monitoring daily a on in order appropriate
Operator, the that, will open now we questions. take line. please With your
