Revenue at constant currency grew 23%.
And our shipping-related revenues comprised 54% of our total revenue.
For the quarter, Global Ecommerce grew 60%, with profit improving from prior year and prior quarters, resulting in positive EBITDA.
From an annual perspective, Global Ecommerce turned in $1.6 billion in revenue, growing at a record rate of just over 40%.
This certainly wasn't always smooth sailing, but the business is in a much better place than it was 12 months ago.
Also notable, U.S. shipments of our low-end and middle-market devices grew 13% for the year.
For the full year, revenue was $3.6 billion, which was growth of 11% over prior year and is our fourth consecutive year of constant currency revenue growth.
Global Ecommerce grew 41%, Presort Services declined less than 2% and SendTech declined 7%.
Adjusted earnings per share was $0.30 and GAAP earnings per share was a loss of $1.06.
GAAP cash from operations was $298 million and free cash flow was $279 million.
Free cash flow increased $91 million over prior year.
Looking at our balance sheet and capital allocation, we ended the year with $940 million in cash and short-term investments.
For the year, we used free cash flow to return $34 million to our shareholders in the form of dividends.
Our capital expenditures totaled $105 million and reflect investments made throughout the year in new and existing facilities, our technology and our products.
As part of our ongoing transformation, we also made $20 million in restructuring payments.
Within our Pitney Bowes Bank, customer deposits grew to $617 million and Wheeler Financial funded $16 million in new deals for the year.
From a debt perspective, we ended the year with $102.6 billion in total debt, which is a reduction of $175 million from prior year.
In terms of our net debt, when you take our cash and short-term investments and finance receivables into consideration, our implied net debt position on an operating company basis was about $550 million at year-end.
We delivered $1 billion in revenue, which represents growth of 23%.
Global Ecommerce grew 60%, and both Presort and SendTech were flat to prior year.
For the quarter, adjusted earnings per share was $0.13 and GAAP earnings per share was $0.11.
EPS for the quarter reflects a $0.03 tax benefit, primarily related to deferred tax balances in certain international tax jurisdictions.
GAAP cash from operations was $111 million in the quarter and free cash flow was $97 million.
Free cash flow grew $16 million over prior year, predominantly driven by the timing of working capital.
During the quarter, we used free cash flow to reduce debt $31 million, invest $24 million in capital expenditures and pay $9 million in dividends.
Business services grew 43% and equipment sales grew 15%.
We had declines in support services of 4% and rentals of 8%, while financing and supplies both declined approximately 10%.
Gross profit was $311 million and gross margin was 30%.
SG&A was $242 million or just under 24% of revenue, which is a six-point improvement from prior year.
Within SG&A, unallocated corporate expenses were $54 million, which were $2.5 million higher than prior year.
It is important to note that full-year unallocated corporate expenses were $200 million, which were $11 million lower than prior year, primarily due to lower employee-related expenses.
R&D expense was $9.5 million or about 1% of revenue, which was about half-point improvement from prior year.
EBIT was $62 million and EBIT margin was 6%.
Compared to prior year, EBIT declined $3 million and EBIT margin declined about 2%, largely driven by the lower gross profit.
Interest expense, including financing interest expense, was $38 million, which was relatively flat to prior year.
The provision for taxes on adjusted earnings was less than $1 million and our tax rate for the quarter was 1%, bringing our annual tax rate to 13%.
Average diluted weighted shares outstanding at the end of the quarter were about $177 million.
Within Global Ecommerce, revenue was $518 million, which was growth of 60% over prior year and the first time we achieved over $500 million in quarterly revenue.
Compared to prior year, volumes grew by 50% or more across each of our lines of business.
Domestic parcel volumes grew 76% to just under 65 million parcels.
Digital volumes grew 50%, and cross-border volumes grew 76%.
Looking at EBIT, we recorded a loss of $15 million.
This was an improvement of $3 million from prior year and $5 million from prior quarter.
EBITDA was $3 million, which was an improvement from prior year and prior quarters.
Within Presort Services, revenue was $135 million, which is flat to prior year.
Overall average daily volumes declined 2%.
First Class Mail volumes declined 3%, while Marketing Mail volumes grew 2%.
Marketing Mail Flats and Bound Printed Matter volumes grew 26%.
EBIT was $13 million and EBIT margin was 10%.
EBITDA was $21 million and EBITDA margin was 16%.
Revenue was $376 million, which was flat to prior year, excluding the impact of currency, and represents growth of 1% on a reported basis.
In the fourth quarter, SendTech's shipping-related revenues grew nearly 30% to $35 million and our SaaS-based SendPro online offering grew its paid subscriptions by over 70%.
Shipping is a high-margin stream that contributes about 10% to SendTech's overall revenue today, with great opportunity for future growth still in front of us.
The impact of shipping is also resonating in our financing portfolio, as those clients through their shipping volumes by 65% over prior year.
Equipment sales grew 15% over prior year, driven by strong placements of our SendPro C and MailStation multipurpose products.
Since launching in April, we have shipped approximately 20,000 MailStation units.
The growth in equipment sales is a significant improvement from prior quarters, particularly against the decline of 32% we saw in the second quarter, at the height of the COVID lock-downs.
Supplies declined 10%, which is an improvement from prior quarters on increased usage and demand.
In the U.S., 70% of our supplies transactions were conducted online in the fourth quarter, which is up nine points from the same period last year.
Support services declined 4%, which is also an improvement from recent quarters.
When combined, rentals and financing revenues declined 9% in the quarter.
We turned in strong EBIT performance of $118 million, which represents growth of $5 million over prior year.
EBIT margin was 31%, which improved one point over prior year and is within the range projected in our long-term model.
EBITDA was $126 million and EBITDA margin was 34%, both improving over prior year.
We also expect adjusted earnings per share to grow over prior year.
Additionally, we expect our annual tax rate on adjusted earnings to be in the 23% to 27% range, which is higher than where we ended 2020.
Specifically in the first quarter, we expect revenue to grow over prior year in the high single-digit to low double-digit range and earnings per share to be relatively in line with prior year.

Summary:
For the quarter, adjusted earnings per share was $0.13 and GAAP earnings per share was $0.11.
We also expect adjusted earnings per share to grow over prior year.
Specifically in the first quarter, we expect revenue to grow over prior year in the high single-digit to low double-digit range and earnings per share to be relatively in line with prior year.