Investor Presentaiton
Financial & Performance Highlights | Domestic Express
Quarter Financials (in USD thousands)
GP Margin and Commentary
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GP Margin
Q3 2022 Q3 2023 Change
Change
Excl FX
Revenue
Total Direct Cost
Gross Profit
GP%
100,697 96,007 (5%)
76,490 76,358
(0%)
24,207 19,649
24%
20%
4%
25%
24%
26%
24%
30
21%
20%
20
(19%)
(9%)
10
0
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
Average KPIs per shipment
Avg. revenue per shipment
Avg. cost per shipment
Avg. GP per shipment
5 4
4.21
4.11
3.93
4.00
3.95
3.91
3 3.16
3.12
2.93
3.03
3.11
3.11
2
1.05
0.99
1.00
0.97
0.84
0.80
1
0
Q2 2022
Q3 2022
Q4 2022
Q1 2023
Q2 2023
Q3 2023
.
The Domestic Express business was impacted by foreign exchange translation, with
a negative impact of USD 8.3 million on Revenue and USD 2.5 million on Gross
Profit. Excluding FX, domestic revenue grew 4% and GP declined 9% in Q3 2023
compared to Q3 2022; with a corresponding GP margin of 21% in Q3 2023.
Internal reclassifications negatively impacted the financial performance comparison
to prior year: heavy shipment business in Ireland and UK was reclassified internally
from domestic to freight business from July 2023 onwards. The lower Gross Profit
margin is primarily attributed to the softness in Oceania, as well as a different
allocation of resources within the Group.
Revenue per shipment benefitted from 1) increases in rates and customer mix
which was offset by primarily 1) FX impact, and to a lesser degree, the 2) decrease
in fuel surcharges.
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