Boyd Gaming Corporation (BYD)

Payables turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	720,837	637,818	642,143	806,089	736,152
Payables	US$ in thousands	124,668	129,946	102,031	96,863	91,003
Payables turnover		5.78	4.91	6.29	8.32	8.09

December 31, 2023 calculation

Payables turnover = Cost of revenue ÷ Payables
= $720,837K ÷ $124,668K
= 5.78

Boyd Gaming Corp.'s payables turnover ratio has fluctuated over the past five years. The trend indicates variations in the company's ability to manage its accounts payable effectively. In 2023, the payables turnover ratio increased to 13.80 from 12.05 in 2022, suggesting that Boyd Gaming Corp. converted its accounts payable into cash at a faster rate during the year. This could be indicative of improved efficiency in managing its vendor payments. Comparing to previous years, the ratio was also higher than in 2020 but lower than in 2019 when it peaked at 19.08. Overall, the company's payables turnover ratio demonstrates its effectiveness in managing its short-term obligations with suppliers and provides insights into its liquidity and working capital management.