Deluxe Corporation (DLX)

Gross profit margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Gross profit (ttm)	US$ in thousands	1,162,682	1,180,578	1,196,674	1,193,776	1,205,895	1,220,017	1,209,194	1,181,994	1,137,928	1,084,900	1,061,910	1,038,391	1,060,010	1,112,506	1,137,376	1,180,712	1,195,780	1,190,292	1,195,978	1,202,563
Revenue (ttm)	US$ in thousands	2,192,259	2,218,899	2,236,093	2,227,360	2,238,010	2,244,581	2,221,684	2,136,947	2,022,196	1,906,113	1,813,433	1,745,622	1,790,781	1,858,360	1,912,492	1,996,073	2,008,715	2,011,321	2,010,918	2,005,176
Gross profit margin		53.04%	53.21%	53.52%	53.60%	53.88%	54.35%	54.43%	55.31%	56.27%	56.92%	58.56%	59.49%	59.19%	59.86%	59.47%	59.15%	59.53%	59.18%	59.47%	59.97%

December 31, 2023 calculation

Gross profit margin = Gross profit (ttm) ÷ Revenue (ttm)
= $1,162,682K ÷ $2,192,259K
= 53.04%

The gross profit margin of Deluxe Corp. has shown a slight decline in recent quarters. The margin has decreased from 55.31% in Q1 2022 to 53.04% in Q4 2023. This downward trend suggests that the company's cost of goods sold has been increasing relative to its revenues over the past few quarters, which may be a cause for concern. However, it is worth noting that the margin has remained relatively stable in the range of 53-55% over the analyzed period, indicating that the company has been able to maintain a healthy level of profitability despite the recent fluctuations. Further investigation into the factors driving the changes in the gross profit margin would be necessary to fully assess the financial health of Deluxe Corp.