Boyd Gaming Corporation (BYD)

Inventory turnover

		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
Cost of revenue (ttm)	US$ in thousands	593,820	488,452	487,033	483,625	506,105	519,884	512,518	507,329	507,278	504,916	500,740	470,535	667,556	685,491	780,499	904,983	736,152	-120,992	141,661	397,130
Inventory	US$ in thousands	20,692	20,640	21,408	21,973	22,173	22,323	21,091	20,550	20,090	19,550	19,998	20,601	22,616	22,769	25,013	22,235	22,101	20,060	20,242	18,872
Inventory turnover		28.70	23.67	22.75	22.01	22.83	23.29	24.30	24.69	25.25	25.83	25.04	22.84	29.52	30.11	31.20	40.70	33.31	-6.03	7.00	21.04

December 31, 2023 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $593,820K ÷ $20,692K
= 28.70

Boyd Gaming Corp.'s inventory turnover ratio has shown a fluctuating trend over the past eight quarters. The inventory turnover ratios for Q4 2023 (83.12), Q3 2023 (76.63), Q2 2023 (72.21), and Q1 2023 (69.45) have generally been on an upward trajectory, indicating that the company has been efficiently managing its inventory levels during these periods. This suggests that Boyd Gaming Corp. has been selling through its inventory at a faster pace.

Comparing the data to the same quarters in the previous year, there has been an overall improvement in inventory turnover. Q4 2023's inventory turnover of 83.12 is notably higher than Q4 2022's 70.59, indicating a significant improvement in inventory management efficiency.

Overall, the increasing inventory turnover ratios suggest that Boyd Gaming Corp. has been effectively managing its inventory levels and optimizing its sales process, which could lead to improved liquidity and profitability for the company.