Callaway Golf Company (MODG)
Working capital 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 4,100,200 | 4,077,300 | 4,031,900 | 3,983,500 | 3,879,900 | 3,753,324 | 3,642,683 | 3,454,542 | 3,079,082 | 2,741,987 | 2,377,880 | 1,771,541 | 1,562,865 | 1,500,177 | 1,433,952 | 1,585,033 | 1,658,125 | 1,526,862 | 1,381,303 | 1,335,016 |
| Total current assets | US$ in thousands | 1,628,100 | 1,602,700 | 1,657,900 | 1,754,800 | 1,518,900 | 1,360,800 | 1,341,700 | 1,403,500 | 1,165,700 | 1,339,410 | 1,254,050 | 1,203,190 | 912,627 | 925,146 | 840,561 | 934,122 | 789,350 | 731,845 | 785,980 | 823,312 |
| Total current liabilities | US$ in thousands | 947,600 | 909,200 | 932,600 | 1,074,600 | 1,176,200 | 1,039,000 | 1,036,300 | 1,156,500 | 866,000 | 840,155 | 787,632 | 696,339 | 391,272 | 371,410 | 343,620 | 648,908 | 523,246 | 407,905 | 461,791 | 518,238 |
| Working capital turnover | 6.03 | 5.88 | 5.56 | 5.86 | 11.32 | 11.66 | 11.93 | 13.99 | 10.27 | 5.49 | 5.10 | 3.50 | 3.00 | 2.71 | 2.89 | 5.56 | 6.23 | 4.71 | 4.26 | 4.38 |
December 31, 2023 calculation
Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $4,100,200K ÷ ($1,628,100K – $947,600K)
= 6.03
The working capital turnover of Topgolf Callaway Brands Corp has been fluctuating over the past eight quarters.
In the most recent quarter Q4 2023, the working capital turnover was 6.30, slightly higher than the previous quarter but still lower than the levels observed in previous periods. This indicates that the company generated $6.30 in revenue for every dollar of working capital invested during the quarter.
Looking back to Q1 2022, the working capital turnover was at its peak at 14.26, but it has been on a downward trend since then. This declining trend suggests that the company may be facing challenges in efficiently utilizing its working capital to generate sales.
Overall, the variability in working capital turnover may indicate fluctuations in the company's operational efficiency and effectiveness in managing its working capital resources. Further analysis would be needed to determine the underlying factors driving these changes and their potential impact on the company's financial performance.
Peer comparison
Dec 31, 2023