Grand Canyon Education Inc (LOPE)

Payables 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	254,454	253,075	254,030	251,938	250,000	187,875	183,249	178,186	174,755	230,414	225,088	221,168	216,113	211,644	206,339	200,749	197,750	185,507	174,070	168,788
Payables	US$ in thousands	17,676	23,696	22,842	21,801	20,006	18,829	18,139	29,638	24,306	40,667	22,452	17,224	16,583	15,337	19,901	19,222	14,835	20,742	18,273	13,295
Payables turnover		14.40	10.68	11.12	11.56	12.50	9.98	10.10	6.01	7.19	5.67	10.03	12.84	13.03	13.80	10.37	10.44	13.33	8.94	9.53	12.70

December 31, 2023 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $254,454K ÷ $17,676K
= 14.40

Grand Canyon Education Inc's payables turnover ratio has shown some variability over the past 8 quarters. In Q4 2023, the company's payables turnover ratio was 8.76, indicating that the company converted its accounts payable into cash nearly 8.76 times during the quarter. This is an improvement from the previous quarter, where the ratio was 6.50.

The trend over the past year shows fluctuations in the payables turnover ratio, with some quarters showing higher turnover than others. Generally, a higher payables turnover ratio suggests that the company is managing its accounts payable efficiently by paying off its creditors quickly.

However, it is important to note that the payables turnover ratio should be analyzed in conjunction with other financial ratios and metrics to provide a comprehensive view of the company's liquidity and operating efficiency.