Old Dominion Freight Line Inc (ODFL)

Payables turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	3,288,590	3,297,910	3,011,120	2,555,300	2,661,030
Payables	US$ in thousands	112,774	106,275	82,519	68,511	70,254
Payables turnover		29.16	31.03	36.49	37.30	37.88

December 31, 2023 calculation

Payables turnover = Cost of revenue ÷ Payables
= $3,288,590K ÷ $112,774K
= 29.16

The payables turnover ratio for Old Dominion Freight Line, Inc. for the past five years has been consistently reported as 0.00, indicating that the company has not been effectively managing its accounts payables in relation to its cost of sales during these periods. A low or zero payables turnover ratio may suggest that the company is holding onto its payables for an extended period, potentially indicating inefficiencies in managing supplier payments or a longer payment cycle.

Further analysis and comparison with industry peers or historical data would be necessary to determine the specific reasons behind the consistently low payables turnover ratio and to assess the impact on the company's financial performance and working capital management. Additionally, it would be important to investigate whether there have been any significant changes in the company's payables policies or operating environment that could have influenced this ratio over the years.