One Gas Inc (OGS)

Inventory 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	1,177,829	1,394,943	1,450,230	1,507,340	1,478,887	502,525	436,227	341,077	13,700	154,035	134,621	102,430	11,600	327,939	289,554	309,632	448,569	778,165	923,764	1,038,330
Inventory	US$ in thousands	187,097	204,407	144,742	98,966	269,205	343,377	198,306	78,945	179,646	166,778	85,748	44,321	93,946	105,377	72,192	48,032	104,259	118,450	88,235	51,475
Inventory turnover		6.30	6.82	10.02	15.23	5.49	1.46	2.20	4.32	0.08	0.92	1.57	2.31	0.12	3.11	4.01	6.45	4.30	6.57	10.47	20.17

December 31, 2023 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $1,177,829K ÷ $187,097K
= 6.30

The inventory turnover of ONE Gas Inc has shown fluctuations over the past eight quarters. In Q1 2022, the inventory turnover was at its highest level of 8.27, indicating that the company's inventory was sold and replenished approximately 8.27 times during that quarter. This high turnover rate suggests efficient inventory management.

Subsequently, the inventory turnover decreased in Q2 2022 to 4.58 and then increased in Q3 2022 to 3.08. However, the ratio rebounded in Q4 2022 to 4.29, the same level as in Q4 2023. This indicates some level of stability in inventory turnover between the end of 2022 and 2023.

In 2023, starting with Q1, there was a notable increase in inventory turnover to 8.63, followed by a more moderate rate of 6.57 in Q2 and further decline to 4.91 in Q3. Finally, in Q4 2023, the ratio settled at 4.29, which was comparable to the levels seen in Q4 2022.

Overall, the trend in ONE Gas Inc's inventory turnover indicates fluctuations over the observed periods. The company experienced both highs and lows in managing its inventory levels efficiently, with significant variations in turnover rates between quarters.