Expeditors International of Washington Inc (EXPD)

Number of days of payables

		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
Payables turnover		9.31	10.66	13.36	13.66	13.41	10.72	8.65	7.92	7.20	6.98	7.81	7.83	7.84	8.89	10.00	8.13	6.02	4.19	2.11	2.21
Number of days of payables	days	39.20	34.24	27.32	26.72	27.23	34.05	42.20	46.09	50.72	52.32	46.74	46.61	46.54	41.04	36.48	44.87	60.59	87.03	172.98	164.79

December 31, 2023 calculation

Number of days of payables = 365 ÷ Payables turnover
= 365 ÷ 9.31
= 39.20

Expeditors International Of Washington, Inc. has shown fluctuations in its number of days of payables over the past eight quarters. The trend indicates that the number of days of payables decreased from 54.89 days in Q1 2022 to 32.20 days in Q1 2023, before increasing to 51.90 days in Q4 2023. This suggests that the company has been able to extend the payment period to its suppliers, leading to fewer days of payables on average. However, the recent increase in days of payables in Q4 2023 may indicate a change in the company's working capital management strategies. It is essential for stakeholders to monitor this ratio closely to understand the impact on the company's liquidity and financial health.