Penn National Gaming Inc (PENN)

Payables turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	2,317,800	1,936,900	1,788,900	2,136,800	1,774,300
Payables	US$ in thousands	36,600	40,100	53,300	33,200	40,300
Payables turnover		63.33	48.30	33.56	64.36	44.03

December 31, 2023 calculation

Payables turnover = Cost of revenue ÷ Payables
= $2,317,800K ÷ $36,600K
= 63.33

The payables turnover ratio for PENN Entertainment Inc has shown an increasing trend over the past five years. From 73.31 in 2019 to 109.31 in 2023, the company has been able to manage its accounts payable more efficiently. This indicates that PENN Entertainment Inc is taking less time to pay its suppliers, which can be seen as a positive sign of effective working capital management. The significant increase in the payables turnover ratio from 2021 to 2022 suggests that the company has been improving its liquidity position and ability to meet short-term obligations. Overall, the rising trend in payables turnover ratio reflects positively on the company's financial management and operational efficiency.