CEVA Inc (CEVA)

Payables 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	15,503	28,459	31,763	33,016	34,105	24,813	23,982	20,850	16,827	13,394	11,067	10,379	10,749	11,082	11,346	10,834	10,106	9,268	8,507	8,002
Payables	US$ in thousands	1,154	1,221	1,104	1,820	1,995	1,721	2,241	3,176	1,464	1,781	2,077	818	894	862	1,290	925	701	1,319	542	750
Payables turnover		13.43	23.31	28.77	18.14	17.10	14.42	10.70	6.56	11.49	7.52	5.33	12.69	12.02	12.86	8.80	11.71	14.42	7.03	15.70	10.67

December 31, 2023 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $15,503K ÷ $1,154K
= 13.43

The payables turnover ratio for Ceva Inc. has been fluctuating over the past eight quarters. In Q2 2023, the company's payables turnover ratio reached its highest point at 22.38, indicating that Ceva Inc. took approximately 22.38 days to pay off its accounts payable during that period. This suggests that the company efficiently managed its payables by paying them off quickly.

However, the payables turnover ratio decreased in Q3 2023 and Q4 2023 to 15.66 and 10.09, respectively. This decline may suggest that Ceva Inc. took longer to pay off its accounts payable during these quarters compared to Q2 2023.

Overall, the payables turnover ratio for Ceva Inc. has shown some volatility, with peaks and troughs in different quarters. It is essential for the company to monitor and manage its payables effectively to ensure strong cash flow management and maintain positive relationships with suppliers.