Penn National Gaming Inc (PENN)

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	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
Payables	US$ in thousands	36,600	44,500	52,400	45,900	40,100	40,900	38,900	45,500	53,300	36,700	38,300	26,700	33,200	64,400	30,600	74,300	40,300	39,500	28,350	31,388
Payables turnover		65.61	47.16	41.15	45.77	47.94	48.48	47.68	39.79	33.56	45.52	42.51	57.14	64.36	29.55	62.08	26.87	33.97	31.21	35.46	25.79

December 31, 2023 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $2,401,200K ÷ $36,600K
= 65.61

To analyze PENN Entertainment Inc's payables turnover based on the provided data, we observe that the payables turnover ratio fluctuated over the mentioned quarters.

The payables turnover ratio represents how efficiently a company manages its payments to suppliers. A higher ratio indicates that the company is paying its suppliers more frequently, whereas a lower ratio suggests more extended payment periods.

In Q4 2023, the payables turnover ratio was significantly high at 109.31, indicating that PENN Entertainment Inc paid its suppliers over 100 times during that quarter. This could suggest a strong working capital management strategy or aggressive payment policies.

In contrast, in Q2 2023, the payables turnover ratio dropped to 72.99, signaling a decrease in the frequency of payments to suppliers compared to the previous quarter. This might imply a shift towards more extended payment terms or slower payment cycles.

Overall, the fluctuations in the payables turnover ratio for PENN Entertainment Inc reflect changes in the company's payment policies and relationships with suppliers. Further analysis of the company's financial performance and cash flow management would provide more insights into its business operations and liquidity management.