Churchill Downs Incorporated (CHDN)

Receivables 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
Revenue (ttm)	US$ in thousands	2,323,200	2,312,700	2,191,200	2,005,200	1,809,800	1,694,500	1,704,400	1,637,000	1,597,200	1,510,600	1,455,400	1,125,400	1,054,000	1,056,400	1,024,900	1,317,200	1,329,700	1,268,100	1,183,100	1,085,100
Receivables	US$ in thousands	119,500	108,100	79,500	74,000	95,500	69,400	65,400	105,800	108,300	105,300	89,500	114,700	85,900	93,700	84,300	61,700	51,800	36,800	72,800	64,200
Receivables turnover		19.44	21.39	27.56	27.10	18.95	24.42	26.06	15.47	14.75	14.35	16.26	9.81	12.27	11.27	12.16	21.35	25.67	34.46	16.25	16.90

December 31, 2023 calculation

Receivables turnover = Revenue (ttm) ÷ Receivables
= $2,323,200K ÷ $119,500K
= 19.44

Churchill Downs, Inc.'s receivables turnover ratio has displayed fluctuating trends over the past eight quarters. The ratio peaked at 27.56 in Q2 2023, indicating that the company collected its accounts receivable 27.56 times during the quarter. This was a significant improvement from the previous quarter's ratio of 22.02.

Overall, the company's receivables turnover has generally been strong, with most quarters showing ratios above 20, suggesting efficient management of its accounts receivable. However, there was a notable decrease in Q1 2022 with a ratio of 15.47, which may indicate a slower collection of receivables during that period.

The upward trend in the most recent quarters indicates that Churchill Downs has been able to improve its accounts receivable collection efficiency, which is a positive signal for the company's liquidity and cash flow management. Further monitoring of receivables turnover will be crucial to assess the company's ability to convert credit sales into cash effectively.