ArcBest Corp (ARCB)

Working capital turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	4,422,890	5,336,500	3,996,140	2,942,940	2,993,880
Total current assets	US$ in thousands	884,783	989,783	776,053	758,168	664,402
Total current liabilities	US$ in thousands	701,563	768,470	702,694	506,547	444,277
Working capital turnover		24.14	24.11	54.47	11.70	13.60

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $4,422,890K ÷ ($884,783K – $701,563K)
= 24.14

The working capital turnover ratio for ArcBest Corp has exhibited variability over the past five years, ranging from 11.68 in 2020 to 54.25 in 2021. In 2023, the ratio stood at 24.16, continuing the trend of relatively high turnover. This suggests that the company is efficiently utilizing its working capital to generate revenue. A higher turnover ratio indicates that the company is effectively managing its working capital and generating sales from its investment in current assets. However, the fluctuation in the ratio over the years may indicate changes in the company's operating efficiency and effectiveness in managing its working capital. Further analysis of the company's financial and operational data would be required to understand the underlying reasons for these fluctuations and assess the overall performance of the company in managing its working capital effectively.