Kirby Corporation (KEX)

Payables turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	343,313	310,292	615,382	828,781	363,478
Payables	US$ in thousands	269,378	278,081	199,088	162,507	206,778
Payables turnover		1.27	1.12	3.09	5.10	1.76

December 31, 2023 calculation

Payables turnover = Cost of revenue ÷ Payables
= $343,313K ÷ $269,378K
= 1.27

The payables turnover ratio for Kirby Corp. has been consistently reported as 0.00 for the past five years (from 2019 to 2023). This indicates that the company is not effectively managing its accounts payable or is not utilizing its suppliers' credit efficiently during this period. A payables turnover ratio of 0.00 could imply that Kirby Corp. is taking an unusually long time to pay its suppliers, possibly hindering its relationships with vendors or resulting in missed early payment discounts. Further analysis of the company's accounts payable practices and supplier relationships may be necessary to determine the reasons behind this low payables turnover ratio and to identify potential areas for improvement in managing payables more effectively.