PBF Energy Inc (PBF)

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	35,926,200	36,748,700	38,434,400	41,925,400	42,151,700	40,140,200	35,966,800	30,524,700	26,366,200	22,336,100	19,298,900	14,920,300	16,745,600	18,976,300	21,239,900	25,415,600	23,595,100	24,179,600	25,266,500	25,733,200
Payables	US$ in thousands	959,000	1,213,300	635,300	750,200	854,600	912,300	1,341,700	1,625,100	911,700	461,200	783,300	710,600	407,000	212,700	423,400	437,100	601,400	521,200	444,200	556,200
Payables turnover		37.46	30.29	60.50	55.89	49.32	44.00	26.81	18.78	28.92	48.43	24.64	21.00	41.14	89.22	50.17	58.15	39.23	46.39	56.88	46.27

December 31, 2023 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $35,926,200K ÷ $959,000K
= 37.46

The payables turnover ratio measures how efficiently a company is managing its payables by evaluating how many times a company pays off its suppliers during a specific period.

In the case of PBF Energy Inc, the payables turnover ratio has shown fluctuations over the past eight quarters. In Q1 2022, the ratio was 17.13, significantly lower compared to the following quarters. Throughout 2022, the ratio saw an upward trend, with Q2 and Q3 experiencing moderate increases before a substantial jump in Q4 2022 to 45.69.

In 2023, the payables turnover ratio continued to demonstrate variability. The ratio increased sharply in Q1 2023 to 51.50, indicating that the company was paying off its suppliers at a faster rate compared to the previous quarter. However, the ratio decreased in Q2 2023 to 55.35, which was still higher than Q1 2023. Q3 2023 and Q4 2023 saw additional fluctuations, with figures of 27.58 and 34.07, respectively.

Overall, the payables turnover ratio for PBF Energy Inc has shown mixed results, with periods of significant improvement followed by fluctuations. It is essential to further analyze the company's payables management strategies and industry dynamics to understand the reasons behind these variations in the payables turnover ratio.