Penn National Gaming Inc (PENN)

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	2,401,200	2,098,400	2,156,400	2,100,900	1,922,500	1,982,700	1,854,600	1,810,400	1,788,900	1,670,500	1,628,000	1,525,600	2,136,800	1,903,000	1,899,800	1,996,788	1,369,069	1,232,769	1,005,392	809,433
Inventory	US$ in thousands	225,600	11,400	33,000	34,700	11,100	111,800	132,800	134,300	132,300	112,000	104,400	112,200	103,500	49,500	57,100	—	76,700	72,800	73,961	67,856
Inventory turnover		10.64	184.07	65.35	60.54	173.20	17.73	13.97	13.48	13.52	14.92	15.59	13.60	20.65	38.44	33.27	—	17.85	16.93	13.59	11.93

December 31, 2023 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $2,401,200K ÷ $225,600K
= 10.64

The inventory turnover for PENN Entertainment Inc fluctuated significantly over the past year, with notable changes in Q1, Q2, and Q3 of 2023. In Q3 2023, the inventory turnover ratio was 336.68, indicating that the company's inventory was sold and replaced 336.68 times during that quarter. This sharp increase from the previous quarter signals a more efficient management of inventory levels. However, in Q2 2023, the inventory turnover ratio dropped to 115.91, suggesting a slower rate of inventory turnover compared to Q3 2023. Q1 2023 also saw a relatively high inventory turnover ratio of 107.98, indicating efficient inventory management during that period.

It is important to note the lack of data for inventory turnover in Q4 2023 and the preceding quarters of 2022, which limits the ability to track the trend more comprehensively. Overall, the varying inventory turnover ratios suggest fluctuations in sales and inventory management efficiency within the company. Further analysis of the underlying factors influencing these changes would provide valuable insights into PENN Entertainment Inc's operational performance.