Thank you, Marc.
of into attracted I the what me few team, share Bowes. my with with want Pitney to I this the first a being quarter, on to thoughts Before the details get earnings call you
thing the me that was first growth The attracted trajectory.
our have growth. path into that fourth that I achieving chance to had confident are go the right to business, the transformation, Now profitable is Marc on which of am a deeper revenue we referred to the I chapter as what
needed I that the I team, I what feel culture. them It’s but not true of a the is pride to sense consider you teach, item not when marketplace. one concepts business evident in major it’s enablers second and and or of the necessarily cannot These to be is believe at imperative are how can from they innovating in And distance, look I continuously you quickly much and for are passion The everything the realize a our company’s we winning transformation. success. last, technology learned ingrained to as deeply did is do.
with a an refinancing prior $XXX EPS adjusted revenue Now EPS to Revenue and was noted, EPS year. constant comparisons and Adjusted loss the first talk restructuring cash cash operations million $XX was on currency $X.XX. our flow operations $X.XX as million year charges. on an due collections. and loss both Bank. improved around to $X.XX a working turn of million, GAAP the otherwise basis offset changes $X.XX including was loss debt Unless and lower Free flow let receivable PB me use prior improvement $X partially accounts related net on a deposits and a accounts cash This well quarter from GAAP and largely was our XX% as EPS from favorable of basis. customer our was grew over along was payable results. timing items I earnings at on discontinued a will $X.XX of of from capital to includes by and
$XX the in refine actions future $XXX of part and reducing cash with quarter During made quarter million paid to $XXX CapEx the restructuring operational with refinancing million million ended $X as and These quarter, $X billion. invested of in structure the to prior We We our debt along payments. our during reduction year. in the drive actions our we plan several We in bond capital maturities. investments. efficiencies. Total debt million short-term risk was $X.X overall by near-term reduce from took further with million dividends
and our substantially improve with cash the also you up Loan flexibility operating and implied structure. capital take improved pricing the $XXX debt Term down paying B, which our our greater duration covenants extended We account million. our into is our finance our and When debt, across us provides strategic receivables
is down XX% of support had Gross XX%. P&L, X%, XX%, last and the same or was largely We and in was services slightly million the was expense $XX $XX XX%, over $XX sales Business dollars to declines due year. finance rentals profit from from revenue the gross over flat Within services grew the year benefits of was due Adjusted a financing of costs prior year the which shift a This is starting million, prior mix Interest year sales at of million margin about of down prior largely period was supplies of and was portfolio, prior an year. revenue. to tax improvement recognized an expenses Looking $XXX fourth EBIT which from XX% points grew quarter. million from but last SG&A X%. Adjusted to EBIT versus million prior X $XX improvement revenue million, million and margin interest employee equipment revenues or prior $XX XX% credit. respectively were with were SG&A, and were $XXX was $XX of up improvement including was around year. million. X% slight which variable-related year. and R&D was year. and corporate
and our tax year, on a was of earnings adjusted provision prior associated X.X%. benefit by benefited benefit $XXX,XXX a with to EPS tax includes about provision about Our reorganization. Compared affiliate an
For purposes of determining $XXX adjusted EPS, shares outstanding million. are approximately
million. the EBIT XX%. improved prior year. service. pre-pandemic turn on Border EBITDA now a grew was me to comparison. to a million quarter volumes with million were season. XXX peak volumes year, to lines Compared was benefit continues grew along strong Revenue EBIT EBIT made all prior were across from nearly receivable the margin volumes Revenue Let Cross of Volumes the doubled demand segment’s over each improved Domestic holiday Services more loss we We grew the of grew $XXX Services our and XX% starting of where and year-over-year million still of with than $XX earlier the Digital progress points. through Ecommerce. $X Parcel with basis loss and dealing and XX%, was $X performance for segment
to headed and cost improve which service our a quality We to work positive in all continue balancing direction. Parcels levels Network are in Domestic
competitive industry, labor and continue we all a to see high with the relatively As transportation costs market.
approximately quarter, month. our Domestic Within million Parcel as are the Network through improve our loss partial us. However, and million labor XX% for in the to EBITDA EBIT loss and per Margins model productivity March the as $XX $X still Parcel of we positive by our Digital mature. be services. move our reported front continue our of a improved the we Border continued hour Cross initiatives in to quarter, in Domestic healthy to Of saw largely process in Service,
investments site placed improve new XX a with in discussed to to As first quarter the processes the new roll and will over productivity. more to sorter automated we past, We in next months. streamlining high volume sorters in have expect out XX the our include along one
year. each before are related are PB expected season productivity more we our per double processes process implementing upcoming addition, actions sortation investment than our hour of and modern overtime. In the to peak holiday in facilities in this This
second lanes lane continues all In improve In the fleet. quarter, migrating of into first will addition, quarter, cost more these which our the of plans several our the own PB and transportation execute insource we team for service. on strategy outsourced with to
We industry execution that We will yield of help also in the to benefits. in productivity believe transportation our significant expertise support our transportation. area third-party optimizing brought
the mile drivers along with be productivity deeper have volumes labor we transportation into two us more and to handle opening final in to network. efficiently margins. allow to Finally, another upgrading and in the will critical process long-term we USPS expect obtaining prior This optimizing our completed peak and are season. to we expect the deliver which e-commerce of Ultimately, new solutions sites
We account expect XX% these approximately to for improvement. the margin of
Letter year and was Mail Mail expenses. $XX EBIT due continue margin Bound improved solid were saw Presort prior year, growth business average XX% was to $XX both grew the Printed margin The Matter quarter. first $XXX daily the in grew year. lower momentum where revenue, and margin was million and Marketing growing volumes EBIT million revenue Our from Flats Marketing Services and XX%. X%, performance EBIT First Overall, EBITDA prior Class EBITDA of from declined and into over and million was Mail half XXXX EBIT was grew and Revenue XX%. EBITDA turned the to X%. prior EBIT a and second flat XX%.
less up We to improved able X% invest labor to $XXX we declined the the hour have in equipment. and strong SendTech, as by in resulting the the maintain picked been Revenue processing margin even Compared X%. we fed was to margins. talent on decline momentum second to in continue revenue prior we of and continue EBIT and our decent hours. Within soften per half XX,XXX as our Business also Presort XXXX in from year, we double-digit maintain million
continue differentiate office to shipping are and with providers our new existing small to attractive We to ourselves offerings that enterprise and and market both in end-to-end mailing the clients.
offerings SendTech with our in business a stream like at paths office revenue legacy grew million provides shipping the growing The low SendTech’s paid us mailing printed multiple of a that have through and shipping profit the mailing it that services. and business, legacy high for shipping rate revenues We business. And approximately margins carries in approaching labels double-digit revenue grew around to opportunity $XX like software add related number and professional financing a approximately to grew quarter. of XX% shipping XX%. subscriptions the supply, over our and
placement grew which offerings their shipping include value grew in supply volumes new like good of it placements It mail the see are XX% [indiscernible] important is These that over nearly positive deal prior to our clients growth sales have strong new clients U.S. adopting device. brings show year out continue seeing government which using that are these chain. are as XX% they related we our our we and metrics over Additionally, driven financing, by business. Equipment to see transportation year. prior central that a of our and station good experienced large our to we others, multipurpose issues point to
have been properly challenges area our and grow an We is that inventory manage these are we able our closely sales to and it despite equipment monitoring.
a over turned a of year second over million, the was million, improved industry looking half represents XXX keeping both on shortage the and also and $XXX million solutions any necessary. in potential is was EBITDA our which We EBIT a supply consecutive margin year. close growth. $X eye repositioning $XXX year. margin EBIT EBITDA we over semiconductor strong of mitigate basis are points prior We performance second by are which prior EBIT to XX%, of as XX%, growth was quarter prior improving
connection included expect U.S. first would has is or may its contributor not CECL to channel. transactions year transform I to with provision make to and of throughout in team the like margins standards. team that credit-loss very products make year. an on see trend you also the business. the our our continued with a maintaining our field other allowed only prior pleased good this but macroeconomic amount great to enterprise quarter. resulting One in in from healthy to sales happening reflect momentum in web am us the recall, this that we concentrate to point Today, are inside larger the I has that This the to offerings, with this of and about through performance As on of work, conditions XX% accounting its the concentrate year front good of of progress been application increase all opportunities channel. to entered done our tremendous we We sales deals has and key and the a COVID-XX
mid-single year range As discussed consecutive last growth. the revenue year during at currency low we in annual constant this currency constant our continue over making to revenue call, expect fifth earnings grow to prior to digit our of
expected second as stronger Global XXXX. will primarily to segments, in compared revenue year. to the also first XXXX, finance continue expect benefited are and not over CapEx, grow is which continue EPS to We in expect be cash specific lower year. the higher revenue to we the level flow prior which lower be such to as Ecommerce Free the adjusted lower move customer same expected the to through due our Within growth from prior half to as difficult more half at deposits, items, get comparisons we year receivable
for the half e-commerce full SendTech, expect first and particularly to to in we and improvement saw help offset momentum our and of Within demonstrate devices around significant new EBITDA revenues. year. and related deliver partially positive multipurpose the profit expect reoccurring XXXX the the shipping in continue decline second also we We capability quarter
as be continue to also a first Presort trends of of the half aware headwinds XXXX, in volume we We few saw will employee-related through to in quarter second the variable XXXX on insurance it are There overall expect a and compensation. recorded in improvement XXXX. to higher unit the year-to-year partially we improvements. expect basis In proceeds. XXXX, relates that business offset we Ryuk In costs
expect rate we in XXXX. higher tax a Additionally,
to continues shipping. timing shift to the growing around are that markets particularly the our year, portfolio through at Looking
result, As be year revenue quarter the will of largest quarter to earnings. continue a the our fourth for and
please high second revenue concludes EPS remarks. to first grow expect For to adjusted in for line expect year. Operator, the open quarter, quarter, my the range. over to we That grow we questions. mid the to also modestly Similar single-digit prior
