Segments (Tables)

3 Months Ended

Mar. 31, 2023

The following table presents the Company’s segment results for the three months ended March 31, 2023 and 2022 (in millions):


	Three Months Ended
	March 31,
	2023			2022
Revenues:
Consumer-to-Consumer	$	938.3		$	999.0
Business Solutions (a)		15.4			89.1
Other		83.2			67.6
Total consolidated revenues	$	1,036.9		$	1,155.7
Operating income:
Consumer-to-Consumer	$	177.8		$	207.2
Business Solutions (a)		1.9			27.5
Other		32.1			21.5
Total segment operating income		211.8			256.2
Russia/Belarus exit costs (b)		—			(11.0	)
Business Solutions exit costs (b)		—			(7.7	)
Operating expense redeployment program costs (c)		(7.1	)		—
Total consolidated operating income	$	204.7		$	237.5

(a)

On August 4, 2021, the Company entered into an agreement to sell its Business Solutions business to the Buyer. The sale will be completed in three closings, the first of which occurred on March 1, 2022. The second occurred in December 2022, with the third expected to occur in the second quarter of 2023. See Note 4 for further information regarding this transaction.

(b)

Represents the exit costs incurred in connection with the Company's suspension of its operations in Russia and Belarus and the divestiture of the Business Solutions business, primarily related to severance and non-cash impairments of property and equipment, an operating lease right-of-use asset, and other intangible assets. While certain of the expenses are identifiable to the Company's segments, the expenses are not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses are therefore excluded from the Company's segment operating income results.

(c)

Represents severance, expenses associated with streamlining the Company's organizational and legal structure, and other expenses associated with the Company's program to redeploy expenses in its cost base through optimizations in vendor management, real estate, marketing, and people strategy, as previously announced in October 2022. In the fourth quarter of 2022, expenses incurred under the program included non-cash impairments of operating lease right-of-use assets and property and equipment. The expenses are not included in the measurement of segment operating income provided to the CODM for purposes of performance assessment and resource allocation. These expenses are therefore excluded from the Company's segment operating income results.