Qualys Inc (QLYS)

Payables turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	107,485	102,788	89,439	79,226	69,517
Payables	US$ in thousands	988	2,808	1,296	731	848
Payables turnover		108.79	36.61	69.01	108.38	81.98

December 31, 2023 calculation

Payables turnover = Cost of revenue ÷ Payables
= $107,485K ÷ $988K
= 108.79

Qualys Inc's payables turnover ratio has shown fluctuations over the past five years. In 2023, the payables turnover ratio significantly increased to 108.79, indicating that the company paid off its accounts payable approximately 108.79 times during the year. This substantial increase from the previous year's ratio of 36.61 suggests that Qualys Inc may have efficiently managed its accounts payable in 2023.

Comparing to the ratios in 2021 and 2020, which were 69.01 and 108.38 respectively, the company's 2023 ratio demonstrates a positive trend in managing its payables. However, it is lower than the ratio in 2019, which was 81.98, indicating that the company may not have been as efficient in paying off its accounts payable in 2023 as it was in 2019.

Overall, while the significant increase in payables turnover in 2023 is a positive indicator, further analysis of the company's payment policies and liquidity management is recommended to fully understand the implications of this ratio on Qualys Inc's financial performance and liquidity position.