Callaway Golf Company (MODG)
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 | 1,116,300 | 1,116,100 | 1,106,100 | 1,077,500 | 1,050,600 | 1,027,817 | 1,007,498 | 969,556 | 877,349 | 1,099,847 | 1,275,683 | 1,510,916 | 1,737,859 | 1,675,538 | 1,646,424 | 1,570,306 | 1,616,013 | 1,483,697 | 1,352,386 | 1,274,263 |
| Payables | US$ in thousands | 130,700 | 103,100 | 129,500 | 228,200 | 159,100 | 155,400 | 173,300 | 167,500 | 138,700 | 126,643 | 111,255 | 138,665 | 66,282 | — | — | — | 67,843 | — | — | — |
| Payables turnover | 8.54 | 10.83 | 8.54 | 4.72 | 6.60 | 6.61 | 5.81 | 5.79 | 6.33 | 8.68 | 11.47 | 10.90 | 26.22 | — | — | — | 23.82 | — | — | — |
December 31, 2023 calculation
Payables turnover = Cost of revenue (ttm) ÷ Payables
= $1,116,300K ÷ $130,700K
= 8.54
The payables turnover ratio for Topgolf Callaway Brands Corp has shown fluctuations over the past eight quarters. In Q3 2023, the ratio was at its highest point of 15.66, indicating that the company paid off its accounts payable almost 16 times during that quarter. This suggests efficient management of payables where the company is able to quickly repay its suppliers.
However, in Q1 2023, the payables turnover ratio dropped to 7.10, the lowest point in the data, indicating a decrease in the speed at which the company paid off its suppliers compared to other quarters. It may imply cash flow challenges or a change in payment terms with suppliers during that period.
Overall, the payables turnover ratio for Topgolf Callaway Brands Corp has exhibited variability over the quarters, with some periods showing more efficient management of payables than others. Further analysis of the company's financial position and management of working capital is recommended to fully understand the implications of these fluctuations.
Peer comparison
Dec 31, 2023