Murphy USA Inc (MUSA)

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	2,763,500	2,773,400	2,750,600	2,701,600	2,657,200	2,594,000	2,539,100	2,503,100	2,460,800	2,368,200	2,287,500	2,117,800	2,096,200	2,077,300	2,108,500	2,221,500	2,198,900	2,217,100	2,175,400	5,686,300
Payables	US$ in thousands	520,300	—	—	—	547,600	—	—	—	392,500	—	—	—	261,000	—	—	—	280,800	—	—	—
Payables turnover		5.31	—	—	—	4.85	—	—	—	6.27	—	—	—	8.03	—	—	—	7.83	—	—	—

December 31, 2023 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $2,763,500K ÷ $520,300K
= 5.31

The payables turnover ratio for Murphy USA Inc decreased from 38.43 in Q4 2022 to 36.93 in Q4 2023. This indicates that the company took longer to pay its accounts payable in Q4 2023 compared to the same quarter in the previous year. A lower payables turnover ratio may suggest a possible delay in payments to suppliers, which could impact the company's relationships with its vendors. It is important for Murphy USA Inc to monitor its payables turnover ratio closely to ensure efficient management of its accounts payable and maintain healthy vendor relationships. Additionally, analyzing the reasons behind the decrease in the payables turnover ratio can provide insights into the company's cash flow management and working capital efficiency.