Saia Inc (SAIA)

Working capital 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
Revenue (ttm)	US$ in thousands	2,877,988	2,783,224	2,737,815	2,788,663	2,789,396	2,750,341	2,640,762	2,466,465	2,289,386	2,149,757	2,010,987	1,856,791	1,819,754	1,786,337	1,772,393	1,818,283	1,780,974	1,744,659	1,701,913	1,666,971
Total current assets	US$ in thousands	648,694	645,593	578,869	513,514	530,886	551,402	536,376	510,666	416,255	450,609	353,881	348,315	271,696	280,117	269,643	305,908	232,379	249,709	261,389	241,087
Total current liabilities	US$ in thousands	322,056	299,228	267,294	270,531	274,085	338,469	339,149	339,121	321,348	338,621	284,895	307,258	275,754	275,691	248,094	249,047	241,246	244,081	237,190	211,466
Working capital turnover		8.81	8.04	8.79	11.48	10.86	12.92	13.39	14.38	24.12	19.20	29.15	45.22	—	403.60	82.25	31.98	—	310.00	70.33	56.28

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $2,877,988K ÷ ($648,694K – $322,056K)
= 8.81

Saia Inc.'s working capital turnover ratio has shown fluctuations over the past eight quarters. The ratio measures how efficiently the company is utilizing its working capital to generate revenue.

In Q1 2022, the working capital turnover was the highest at 14.37, indicating that the company was effectively using its current assets and liabilities to support its operations and sales. However, the ratio has been on a declining trend since then.

In the most recent quarter, Q4 2023, the working capital turnover stood at 8.82, showing a decrease from the previous quarter's 8.04. This suggests that in the latest quarter, Saia Inc. was less efficient in utilizing its working capital compared to the previous quarter.

Over the past two years, the working capital turnover ratio has generally been on a downward trend, indicating possible inefficiencies or changes in the company's working capital management practices. It's essential for Saia Inc. to closely monitor and improve its working capital turnover to ensure optimal utilization of resources and support sustainable business operations.