Papa John's International Inc (PZZA)

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	275,306	266,338	273,005	266,627	290,380	305,479	300,709	309,761	286,558	283,191	281,722	276,452	270,209	273,566	274,801	275,091	278,575	212,543	214,169	204,423
Inventory	US$ in thousands	36,126	37,666	37,515	37,112	41,382	42,448	38,076	38,992	34,981	33,490	29,843	27,552	30,265	28,702	32,546	29,810	27,529	25,190	26,615	26,144
Inventory turnover		7.62	7.07	7.28	7.18	7.02	7.20	7.90	7.94	8.19	8.46	9.44	10.03	8.93	9.53	8.44	9.23	10.12	8.44	8.05	7.82

December 31, 2023 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $275,306K ÷ $36,126K
= 7.62

Based on the provided data, it appears that Papa John`s International, Inc. had inventory turnover ratios of 0.00 in each quarter from Q1 2022 to Q4 2023. An inventory turnover ratio of 0.00 signifies that the company's inventory was not being sold or turned over during those periods. This could be indicative of inventory management issues, overstocking, or potentially slow sales. Further analysis and investigation into the reasons behind the consistently low inventory turnover are warranted to understand the impact on the company's operations and financial performance.