Forward Air Corporation (FWRD)

Inventory 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	483,787	558,511	557,843	553,240	551,869	536,962	521,692	509,905	490,525	1,061,440	1,018,083	969,672	989,927	588,743	787,572	975,152	1,085,533	1,017,387	1,005,232	1,005,118
Inventory	US$ in thousands	—	0	—	-0	—	0	0	—	—	—	—	—	21,002	16,925	11,871	—	2,132	—	—	—
Inventory turnover		—	—	—	—	—	—	—	—	—	—	—	—	47.13	34.79	66.34	—	509.16	—	—	—

December 31, 2023 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $483,787K ÷ $—K
= —

Based on the provided data, there is clear fluctuation in Forward Air Corporation's inventory turnover ratio over the periods. The inventory turnover ratio indicates how many times a company's inventory is sold and replaced over a specific period. In this case, the trend is not consistent, with significant variations observed.

In particular, the inventory turnover ratio shows a significant increase in the most recent quarter, reaching a high of 509.16. This indicates that the company's inventory was turned over more than 500 times during that period, which could suggest efficient inventory management and quick sales.

However, the data also reveals that for some quarters, the inventory turnover ratio was not provided, indicating potential data gaps or irregular reporting. This lack of data makes it challenging to draw comprehensive conclusions about the company's inventory management efficiency over these periods.

In general, a high inventory turnover ratio is usually seen as positive as it suggests efficient inventory management and potential for higher sales. However, the context of the industry and specific business operations should also be considered when interpreting this ratio. Further analysis and additional information would be needed to provide a more detailed understanding of Forward Air Corporation's inventory turnover performance.