revenue morning, Unless adjusted constant items speak and flow I EPS on and on EBIT, to comparisons you, Thank basis noted, good currency basis. and other an cash otherwise everyone. will Marc, a such as EBITDA,
our balance Let’s review a of year-over-year flow a comparison start high the discussion by data segment with of the results, level statement our outlook. cash our points, of and sheet, financial followed
the $XXX million, company margin last for a period which decrease. is revenue Gross X% year, for was down the million the Total for $XXX compared was same to quarter $XXX million, X%.
XXX points As basis to XX.X%. a percentage margin of gross decreased total revenues,
EBIT was million. down EBITDA was $XX Total in by million, from expense million Interest from reductions million, $XX year, down million. million, $XX $XX the outstanding. down driven $XX in total $XX prior debt primarily was from
that compared in $X.XX, quarter. to $X.XX. quarter, average Our was $X.XX tax Adjusted $X.XX. EPS totaled year’s end and rate weighted was insurance tax million. the outstanding XX% were XXX returned proceeds to of the diluted more shares figure At included normal approximately and levels Last the benefits
$XX for quarter, the cash compared second cash to Turning $XX was million million in year. XXXX. prior in flow million the to was cash quarter $XX in the operations compared flow, quarter, $X Free GAAP from million to
million was of partially of a XX% affected flow also income, versus postage replenishment. by Free timing timing by result in of lower by driven offset cash the in $XX account was insurance decrease in reductions spending. premium and client payments spend deposits, Approximately a net difference capital delta the
for prior $XX expenditures were in $XX year. million from quarter Capital million, the down
$XX XXXX. half, compared first $XX the in For were to capital million, expenditures million
our in year. to lower last expected overall are than capital shared be call, I As expenditures last
$X we million quarter, dividends $X the payments. in paid restructuring in made million and During
million Looking the July on $XXX at our domestic quarter end, needs. Pitney short-term usual the $XXX almost including XX% investments at XX% not held closed bank. to is balance sale the accounts, cash million and working balance capital from at in sheet, our the internationally approximately were cash cover which and Borderfree, customary Xst. of Approximately and total, is Bowes mainly is Of
our Also, financial our macro the undrawn. more Borderfree the proceeds challenging. remains $XXX even from augment As environment Marc million mentioned, flexibility become should revolver will
$XXX XXXX. Total Adjusted at billion, to million compared and operating $X.X compared debt at billion year-end for leases year-end. operating debt was to million, cash, $XXX $X.X was the company
segment our to following summarized both information website. are and Investor The slide is posted presentation, our release which press of in Relations
year. Let were quarter, $XXX is the million which a Presort me in from improvement start Presort. with revenues X% last
and per compared X.X offset than down New year. revenue declines. to volume customer increased X% prior of was pieces additions more billion Total piece volumes sortation
that the quarter decline labor XX% costs, driven discussed last we margin EBIT by our the X%, increased quarter. a in $XX second The allocation was was million, $XX was in quarter margins change EBIT transportation to methodology to ago. XXXX. year compared for including compared in largely million and
Additionally, our fuel doubled cost year-over-year.
half the EBIT second we optimistic return driven year, are to factors. can two the mid-teen margin to levels Looking of key we that by
the experiencing. us program already First, USPS we in recover work enable will discount cost adjustments are share to
our with sorter second, multi-phased And from costs. refresh help gains productivity will labor
excess We transportation. in-source utilizing are of transportation believe of the the we increasing by will which cost also lower lanes number capacity,
about continue second marketing revenue by mix very growth to is, increased measures. referenced per for feel bottomline cost driven mail piece, The better an and Presort, the good above of prospects we half
significant over reported better X% SendTech. sales to quarter, as noted, SendTech slight a accomplishment prior Marc higher has in natural which, equipment in business The by as stability well and million year, that $XXX services as a a revenue. was is the supplies, headwinds. driven increase Moving business revenues increase revenue for X% of
which now resulting revenue, shift result revenue revenue from of related a versus segment prior mix Shipping equipment XX% X%, Finance year. XX% improved is of down upgrades. as largely revenues, a was
balance years to for At our next we sales roughly over equipment client SendTech present, think ensure forward. upgrade which the expect an security equipment USPS few requirements, we the base compliance bodes to refresh of going with undergone and has well XX%
and EBIT margin $XX decline. million for $XXX with margin the were from changing along second mix, causes quarter the costs primary inflationary The compared revenue million, XXX component was was pressures XX%, in down to EBIT points XXXX. basis
finance by improvement net services, in future which financial bodes our quality. and stability For well continued receivables, we very for in portfolio are encouraged results
and year flat last prior Specifically, quarter. from were to XX-day delinquencies down XX%
net As end, of compared quarter were billion to finance for prior year. $X.XX billion, $X.XX assets
quarter the was of EBITDA second Global EBIT shift Ecommerce. margin me Let in the Ecommerce $X million million. X% $XX the loss Global million $X a quarter in Year-to-date million, to of to to to quarter the compared EBITDA million, quarter to prior revenue $XX compared EBIT of $XX in the margin million compared a Gross decreased $XX to Within a for year. in loss XXXX. million, breakeven. negative negative year was was Segment ago. positive X%, was compared a negative is for $XXX ago. X% year GEC,
a with While domestic we operations segment, seeing two inside the lower, Ecommerce headline our very essentially with Global numbers component. distinct are undercurrents international by divided component an versus are operations obviously
Global cross-border, I with will exist where in the Ecommerce. start is primary challenges which
down focused business to roughly originating It XX% parcels the of is cross-border international destinations. in Cross-border on quarter, segment Our were similar helping mid-teens move is revenues revenues. to clients quarter. first U.S. our largely the in
especially our overall describes with markets, simply dampening the U.S. products cross-border base on international Ecommerce and originating in economic dollar, Weaker sold strong conditions, are client Europe, and spending less are competitive into U.S. in a price. which
impacting and revenues revenue Global a Additionally, Ecommerce cross-border in is represented the cross-border quarter. international of are sold decline conditions operations. Borderfree, one-third was which that the has macro been on our roughly of part negatively Bottomline in Xst, operations July
Let’s is revenues, of news the where is segment to Domestic encouraging. half switch more Parcels, over which
First, It years. market our is we believe Domestic opportunity, continue the focus been with our of market. last biggest a investment a to significant over large growing business addressable the has several Parcel and
are we progress good Domestic growing and for Parcels. making headline The profit revenue is, very
we on in in China volumes from million exclude processed outperformed Said $XX While by network, total believe from volumes parcel originate parcels you and data. to $XX based grew another if million, a market are market domestic X%. quarter way, Parcel Domestic North that the American decreased grew range we the and clients volumes our of
by $X in and Parcel network lockdowns again, per the in was digits Parcel downturn quarter. roughly revenue originating revenue a by the million Despite country the The and Domestic mid-single well-reported experienced result our increased driven was better parcels Domestic largely parcel. decline volumes, China in in China, second of quarter processed the as that much in
In margin excellent our one better terms the half make of by to progress figure of to dollars. partial network in this multiplies efficiency, we first per improvement meaningful XXXX. we parcel. and turns flowing into gross hundreds millions of continue margin per have parcels compared When increased Year-to-date, efficiency $X.XX across through the of network, generating
with integrated growth. us national volume predictable systems me costs. about in and our Let talk more The to have a automated we us fully to technology, and people contributor that allowed and revenue network investments made another provides have service service levels, create
that has on-time client a now market competitive new XXXX. culminated quarter, in completed wins. delivering the performance from XX% improvement We quarter, and second substantial has are helped in in the services. first Better second dramatic of up work quarter we XXX on-time consistently In drive in performance signings
owned agreement signed logistics example, Quiet which the Eagle operation Outfitters. an Platforms, American with by For recently we is
the the We our generating arrangement into to quarter. in begin beginning meaningful volumes expect network fourth
These provide will the the and market. domestic signings in e-commerce that headwinds momentum are new offset appearing help
Third-party volumes in flat that e-commerce the down the spent slightly trends, of to data context inflationary quarter dollars for mid-single are But higher. are digits. indicates
Global an the in in operating factors as a decline experienced in also research from Ecommerce. an accounts development, Let financial increase higher expenses and including me the now client quarter, well on the write-off receivable to as bankruptcy. complete discussion Those We segment overall EBIT. contributed
Postal increases have Parcel than Recently, our lower profit States inquiries in program. were In Service the we and United about received reseller more Domestic by cross-border end, revenue the offset performance.
represent. some was and that background. The small- to the XXXX service current articles have will Recent drive outsourced press in shippers medium-sized volumes. USPS start suggested handful a established They framework essentially of postal reseller firms Let’s sales are with designated USPS discontinue with that parcel USPS program. recruit trade the
with volume USPS mean perspective? believe it this from We its Bowes Pitney the network. works and adjust looking how drive third-parties does to is What to compensates the that
going strongly with While state-of-the-art parties we are technology. we have been do can we USPS one ecosystem a those our and we not of believe and driving so reseller, volumes, forward relationships
we For cross-border, new of our us believe digital the to program we Global Ecommerce, will offerings all. arrangements enable not within reseller maintain our with SendTech and domestic economics business, now. same our the related to USPS have Also, the are inside physical both at network
USPS’ well support USPS offerings in the years of work that Global strategic positive services have there We or effects, fit USPS Ecommerce, intent. to the do substantial our over will and negative and and with technology is digital in reside we assessing the that network inside the capabilities into landscape. potential do integrate new reseller For the how built volumes believe
to but replace potential discontinued. That for in Bowes our should non-zero economics limited, Pitney program and the combination gross the attractive be should create going enable margin forward decline us
Lastly, on let year. Based the outlook results full sale macroeconomic perspective and of on uncertain for outlook Borderfree, me we updating first conditions, some follows. are the provide our the as year full half
increase. from full a year expects percentage a The currency increase. to a a revenue percentage to low full percentage from EBIT single-digit constant single-digit decline mid to company range single-digit The to single-digit low a year decline expects on percentage range company high
deposits, a against finance XXXX, last a sizable are in capital benefits to in differences than full strengthening partially lower expect offset driven client working receivables, The adjusted year. by and year XXXX shifts cash of free reduction level by solid generate capital flow in though, spending. at also lower We for primary
quarter, For we the financial second quarter third XXXX. roughly expect be to comparable overall results to
Ecommerce. especially quarter second organization front. in financials operational there on quarter, As inside Marc and perspective second the the that Global we believe We is more adds disappointing. I provided what progress shared, Nonetheless, illustrated were the happening both in detail than numbers the
expect results Looking half. in in and SendTech solid second ahead, Presort we the
Parcel will to profitability the Global working which into generate and we drive scale Domestic everyone have leverage built the are expects. Ecommerce operations, help volumes We
less while our versus your free taxes We remain and producer as lower, expense flow interest expectations challenging EBITDA, represents being to to all cash a more questions. prior year. are appropriate CapEx, cash flow environment. adjusted tackle improvement look a with And first a solid forward half committed amounts liquidity of consistent we We macro
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