Papa John's International Inc (PZZA)

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	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
Payables	US$ in thousands	74,949	68,020	55,351	68,622	62,316	44,263	40,845	35,434	28,092	42,384	31,496	32,020	37,370	32,288	30,699	33,745	29,141	42,027	32,516	35,214
Payables turnover		3.67	3.92	4.93	3.89	4.66	6.90	7.36	8.74	10.20	6.68	8.94	8.63	7.23	8.47	8.95	8.15	9.56	5.06	6.59	5.81

December 31, 2023 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $275,306K ÷ $74,949K
= 3.67

Based on the data provided, Papa John's International, Inc. payables turnover ratio has been recorded as 0.00 consistently across all quarters from Q1 2022 to Q4 2023. A payables turnover ratio of 0.00 indicates that the company is not utilizing its accounts payable to finance its operations or purchases during these periods. This could suggest that Papa John's may be paying off its suppliers very quickly, potentially affecting its cash flow and liquidity position. It is important to further investigate the reasons behind a consistently low or zero payables turnover ratio to understand the company's supplier relationships, payment terms, and overall financial management practices.