ExlService Holdings Inc (EXLS)

Payables turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	1,391,910	1,219,880	966,412	848,412	909,849
Payables	US$ in thousands	5,055	7,789	5,647	6,992	6,564
Payables turnover		275.35	156.62	171.14	121.34	138.61

December 31, 2023 calculation

Payables turnover = Cost of revenue ÷ Payables
= $1,391,910K ÷ $5,055K
= 275.35

ExlService Holdings Inc's payables turnover has shown an increasing trend over the past five years, indicating the company's ability to efficiently manage its accounts payable. The payables turnover ratio has improved from 99.86 in 2019 to 202.35 in 2023, reflecting a significant enhancement in the company's ability to convert its accounts payable into revenue. This suggests that ExlService Holdings Inc is paying its suppliers more frequently or quickly compared to previous years, which can have positive implications for cash flow management and supplier relationships. The consistent increase in the payables turnover ratio signifies effective working capital management by the company.