QuinStreet Inc (QNST)

Payables turnover

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Cost of revenue (ttm)	US$ in thousands	982,840	929,524	841,820	701,808	567,268	506,093	507,450	517,130	532,101	547,130	528,064	518,108	528,368	526,248	522,346	527,229	507,955	480,480	462,025	446,906
Payables	US$ in thousands	62,247	55,819	55,357	60,404	48,204	40,621	33,783	34,286	37,926	41,279	37,840	40,916	42,410	39,667	39,139	48,354	45,231	39,848	37,748	47,596
Payables turnover		15.79	16.65	15.21	11.62	11.77	12.46	15.02	15.08	14.03	13.25	13.96	12.66	12.46	13.27	13.35	10.90	11.23	12.06	12.24	9.39

June 30, 2025 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $982,840K ÷ $62,247K
= 15.79

The payables turnover ratio for QuinStreet Inc exhibits notable fluctuations over the analyzed period, reflecting changes in the company's management of its payables relative to its cost of goods sold or total procurement activities. Starting from September 30, 2020, the ratio was approximately 9.39, indicating a moderate efficiency in paying its suppliers. Throughout the subsequent quarters, the ratio generally trended upward, reaching a peak of approximately 15.21 on December 31, 2024.

This increase suggests that QuinStreet has progressively accelerated its payments to suppliers, reducing the average payables period and indicating improved liquidity management or a strategic shift toward faster payments. The ratio peaked around late 2024 and early 2025, with values exceeding 15, before slightly diminishing to approximately 11.62 by September 30, 2024, and then rising again to approximately 16.65 on March 31, 2025.

The fluctuation implies periods of strategic payment behavior, possibly influenced by cash flow considerations, vendor relationships, or operational needs. The recent upward trend toward March 2025 indicates a tendency toward paying suppliers more quickly than in earlier periods, which could signal a focus on maintaining strong supplier relationships or improving credit terms.

Overall, the payables turnover ratio indicates that QuinStreet Inc has moved from a relatively conservative payables strategy toward a more aggressive payment approach over time, with significant variability throughout the analyzed period. This evolving trend warrants consideration when assessing the company's liquidity position and its relationships with suppliers.