[TorqueDog]

Originally Posted by iggy_oi

I’m sorry Canada Post's workers' union chose to screw over Canadians and Canadian businesses like this.

Yeah, likewise.

Originally Posted by iggy_oi

Can you show us your math on this?

Canada Post CY2024-Q3 Financials and Canada Post's Year-End 2023 Annual Financial Report.

You don't need to be an accountant to know that having really big ass numbers in parenthesis in financial reports are bad. Now imagine you increase wages by 19% and refuse to allow Canada Post to become competitive with other parcel carriers by taking on PT weekend delivery how they're trying to, that's the hill the union has been willing to die on this whole time.

Our current financial picture

• For 2023, Canada Post recorded a loss before tax of $748 million, compared to a loss before tax of $548 million in 2022.
• Without changes to address the structural challenges with our operating model, we forecast larger, unsustainable losses in future years.
• Even with Canada Post's recently proposed stamp price increase, the Corporation projects that, without additional borrowing and refinancing, it will fall below its required operating and reserve cash requirements by early 2025.

Revenue and volumes by line of business
Parcels

Parcels revenue in Q3 and YTD 2024 declined by $46 million (-5.8%) and $133 million (-5.5%), respectively, and volumes declined (-9.6% and -6.0%, respectively for Q3 and YTD), compared to the same periods in 2023. Details by product category were as follows:

• Domestic Parcels revenue decreased by $26 million (-4.2%) in Q3 2024 and $87 million (-4.4%) YTD 2024, over the same period in 2023, primarily due to competitive pressures from global players and low-cost entrants, changes in customer and channel mix, and a decrease in fuel surcharges, which are tied to market fluctuations. Despite higher online shopping returns and improved service performance, volumes declined in Q3 and YTD 2024 as post-pandemic competition is driving Canada Post's loss of market share to other well-established global companies and low-cost entrants.
• Outbound Parcels revenue, consisting of revenue collected from domestic customers for parcels destined to foreign posts, increased by $3 million (+2.6%) for Q3 2024 and $3 million (+1.1%) for YTD 2024, compared to the same periods in 2023. In 2024, Outbound Parcels revenue per piece, which varies by destination country and sales channel (retail consumers or commercial customers), was negatively affected by the customer mix.
• Inbound Parcels revenue, including fees paid to Canada Post by other posts for items originating outside of Canada, declined by $22 million (-28.6%) and $52 million (-22.0%) in Q3 and YTD 2024, respectively, compared to 2023. As more countries make the transition from postal networks to competitive domestic channels and low-cost competitors, inbound volumes have steadily decreased.
• Revenue from Other Parcels, primarily consisting of fees from the Customs Postal Import Program, increased by $3 million (+10.4%) for the YTD 2024 compared to 2023, due to higher volumes of inbound postal items requiring customs and duties processing, for which we receive an administration fee per item.

I hope it doesn't take Locke 'showing [his] math' to drive home the point that if an org is already broke, paying more for the status quo will only put you deeper in the hole and it's either raise prices or face insolvency. Canada Post doesn't get tax dollars to operate.