Thank you, everyone. Marc, good and morning,
on services, will impact the This no disposition of adjusted adjusts as name EBIT, currency, for EPS the a we last how updating lesser Ecommerce and, calculated Before SendTech. which change speak profit for year-over-year have our items to change the are to our The not begin information noted, Also, be basis. I’ll revenue of such Borderfree note primarily affect which revenue presentation change extent, otherwise and revenue affects a unless note I our is digital segment in change adjusted these profitability of discussed EBITDA my in the does financial of basis, historically and the detail I that discussed presentation will measure please to Global that a comparable we There review, EBIT. quarter. figures. an dollar Also, on we other activities. revenue segment
following compared million, a gross $XX compared last was ago. company Gross XX% million profit up million year, year’s compared for million year. the same million X% compared was million terms, compared a $XX expenses the X% to high-level year-over-year Interest quarter. was to The decrease million was $XX our for first of year earnings to stable the loss period a year. quarter $XX EBITDA is Adjusted a review is of $X.XX $XX first were the million last quarter per expense $XX for revenue was our $XXX the to ago. EBIT $X.XX Corporate level. prior prior Total a $XX from quarter million, year compared million, comparison at for year prior year. results. share, percentage $XXX $X in to a down margin in was from for the was which to In million decrease. last $XXX
in of from reason the for balance year. a was operating our the Many normalize $XX deposits flow $XX quarter, last capital Pitney million differences, Working to activities the mechanism we was variance XXXX, negative primary last to Bank. of which $XX timing Free cash cash updated deposit our a of was in Bowes at the million $XX flow, Turning during million ongoing the million the of payment year. exclude a which spend. convenient definition quarter XXXX. this source expect for versus GAAP in compared compared cash to is Beginning cash postage we use money regularly to to at negative with bank, flow have free changes clients
cash from based Fluctuations removing cash how clients in our needs and free which why within of are on our control, we define we’re is these not deposits the flow. it
GAAP from $XX definition, $XX is less the was down operations, peers. CapEx, CapEx cash less onetime in new prior for many our quarter items in year. million, restructuring with million and industry of line from Our
million dividends we During made and in $X restructuring the payments. $X in quarter, paid million
slide compared Let’s I’ll on our with X start mid-single a website. which segments. were is of discussion digit, to our Segment $XXX quarter, all the in business turn was in million and revenues. SendTech of spreadsheet, press low Financing, continued information Relations which offset were Investor posted presentation to year. X% prior equipment, of declined SendTech. release, partially revenues our to down summarized which by reported supplies quarterly our revenues and shipping-related in rentals growth
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C SendPro has midrange demand over in the X Our Series highest years. seen
addition, Pitney efforts SendTech to more shipping our XXX remain continue robust. Cube We our launched In platform. features Ship recently in innovation to add and
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the business. finance $X.X quarter, of which the portfolio the its SendTech and billion. solid new made services, In overall financial totaled positive of continued products strides end As of the shipping, in indicators performance for the summary, health and are
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decline were gross in margin the a affect compared quarter Ecommerce primary which was year, the segment dollars down negative Global XX% The Cross-Border $XXX which of in XX% Global our prior services. while to Ecommerce, versus negative decline million were was EBIT revenues revenue, million, revenues headwinds our represented for Adjusted quarter, and XX%. profitability in down to year. is last year. the Global segment performance. driver to Ecommerce in shift versus $XX were X% revenue where $XX Cross-Border prior financial continue Let’s headwinds million considerable
client key changes into in lower taking U.S. two headwinds, Cross-Border diversify Canada have and been the macroeconomic largely into relationships are network. the of lanes. to offering, These expand we key are guidance, changing, so addition have In and intra-Canada to and including our resulting Cross-Border volumes incorporated to the actions expansion our
in we progress continues performance are Cross-Border by Domestic to Although ongoing Parcels. the encouraged be challenging,
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by to XX% the quarter transportation drive quarter, XXXX. are scale as per the labor In ability to and we volumes. parcel improved encouraged gains compared first costs productivity We team’s
in revenue The XXXX. fixed the flat second costs unit and half transportation were per were of piece. labor improvements of as by lower costs investments a Unit absorbed in result
returns Specifically, pound saw than order of and is incentives costs. in our out we more in volume reduced as retailers peak, less to cut of coming X softness
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conditions following industry we four are addition, on priorities. current responding and to focusing by the macro In
First, clients. regarding
launches spite logistics softer XX In the Our in prior compared we continues in to quarter year. first succeed respectively, trends. signed go-to-market XX service the the contracts XX, of XXXX, new and and XX to team market completed
more approximately year, than higher the weight new includes is and and revenue higher from a late-stage of margin XX% pipeline Anticipated prior sales favorable mix prospects. arrangements
investments our per our XX% expect drive combined we and to parcel Second, continued with transportation approximately growth, labor throughout in productivity XXXX. automation, in
more in sites. company-wide consolidating facilities we I’ll of clients’ Third, a some volumes shifting older on identified manual restructuring the neighboring shortly. consolidation address to as part we opportunities cost side, will more facilities have automated be detail several those which and program, smaller Ecommerce where see Global
the Global management In be rightsizing footprint. required for Ecommerce the will addition, oversight new
combined We $XX we terms level million. Ecommerce savings spending over nearly million actions, Global we complete improvements, is compared anticipate spent network and these annualized productivity of The $XX operating CapEx, XXXX. to million approximately the in in deliver less with anticipate $XX Fourth, efficiently. of build to
in volumes sites. We our long-term with expect to the fewer contemplated process plan
and on Parcel cross-border continued results first To mix, profitable combination weighed higher to Domestic are reductions Global conclude, Ecommerce towards growth, key profitability. cost more heavily to quarter strive volumes, the while transportation efficiency sustainable, of reaching better
detail. actions me gears cost Let shift company in overall more our and discuss
the earnings On third XXXX cost savings. quarter I discussed expected call,
flow. are a uncertainties, macro to we and continued announcing improve restructuring program the cash further Given profit
than of gross with communicated. $XX million, higher other actions, program, million to annual savings yield this approximately $XX expect We previously productivity combined
new million, with the This to program, first $XX majority in these actions this and in in workforce we will taken be charges program, restructuring of of reductions recognized $XX facility expect XXXX, million result combined rationalization. the the to For of XXXX. with quarter
We annualized or gross by savings total roughly two-thirds XXXX. the of million of the $XX end expect to achieve approximately
capital which than we be for lower expect to company roughly million closer million, $XXX $XX In the expenditures addition, to XXXX. is
structure. our capital Regarding
open million. quarter, has we in to market million bonds the $XXX bought the maturity the XXXX During been of $XX and reduced
maturity, revolver to sufficient actively needed. To the XXXX the are are maturity. cash of combination be debt We clear, options if handle exploring our refinance to and capacity
expect we percentage basis. a XXXX, to comparable revenue continue mid-single-digit to flat year on full growth For
to We performance also the percentage outpace continue revenue. to adjusted change EBIT expect in
current In business anticipate the we continue quarter. addition, trends into to second
driven Parcel volumes results We cost incremental expect year, the previously half improving in the Domestic discussed actions. the and by second of
this progress look In In solid made and to forward as closing, XXXX. Domestic we Parcel through continue Global continuing we performance. and SendTech and momentum move predictable Ecommerce, deliver Presort in to
please the Operator, open call to questions.
