Medpace Holdings Inc (MEDP)

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	1,524,888	1,432,835	1,332,539	1,242,298	1,162,310	1,099,215	1,036,047	981,677	927,757	879,402	822,564	762,863	747,231	713,262	716,487	721,157	701,090	665,036	630,843	598,553
Payables	US$ in thousands	31,869	29,023	33,608	37,110	33,069	28,245	28,800	25,434	25,678	25,052	23,326	21,348	26,552	15,878	14,879	16,985	22,404	20,684	22,691	13,626
Payables turnover		47.85	49.37	39.65	33.48	35.15	38.92	35.97	38.60	36.13	35.10	35.26	35.73	28.14	44.92	48.15	42.46	31.29	32.15	27.80	43.93

December 31, 2023 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $1,524,888K ÷ $31,869K
= 47.85

Medpace Holdings Inc's payables turnover ratio has exhibited some fluctuations over the past eight quarters. The ratio indicates how efficiently the company is managing its payments to suppliers. A higher payables turnover ratio suggests that the company is paying its suppliers more quickly.

In Q4 2023, the payables turnover ratio was 42.72, showing a slight decrease from the previous quarter's ratio of 44.04. This may indicate that the company took slightly longer to pay its suppliers in the most recent quarter.

Looking at the trend over the past year, the payables turnover ratio has generally been above 30, which implies that Medpace Holdings Inc is efficiently managing its payables. The highest ratio was seen in Q3 2023 at 44.04, indicating that the company was paying its suppliers quickly during that period.

However, the significant fluctuations in the payables turnover ratio over the past eight quarters may suggest changes in the company's payment policies or supplier relationships. Further analysis of the specific reasons behind these fluctuations would provide deeper insights into the company's financial management practices.