Saia Inc (SAIA)

Cash conversion cycle

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 Jun 30, 2020 Mar 31, 2020
Days of inventory on hand (DOH) days — 7.88 — — — 7.30 — — 12.52 3.26 — — — — — — — — — —
Days of sales outstanding (DSO) days 41.76 43.86 45.08 42.47 39.66 45.37 39.94 38.60 41.05 44.54 49.35 47.70 44.12 50.23 47.68 47.75 43.52 46.32 42.48 43.65
Number of days of payables days 14.96 35.53 35.52 36.51 34.86 28.85 26.10 29.23 27.19 31.54 40.64 37.11 33.73 42.92 31.40 39.50 29.21 32.22 27.14 30.21
Cash conversion cycle days 26.81 16.21 9.56 5.95 4.80 23.81 13.84 9.37 26.39 16.26 8.71 10.59 10.40 7.32 16.28 8.25 14.32 14.10 15.34 13.44

December 31, 2024 calculation

Cash conversion cycle = DOH + DSO – Number of days of payables
= — + 41.76 – 14.96
= 26.81

The cash conversion cycle of Saia Inc has exhibited fluctuations over the past few years. Starting from 13.44 days at the end of March 2020, the cycle increased to 15.34 days by June 2020 before decreasing to 14.10 days by September 2020. This downward trend continued slightly as the cycle stood at 14.32 days by December 2020.

There was a significant improvement in the cash conversion cycle by March 2021, falling sharply to 8.25 days. However, this improvement was short-lived, as the cycle increased to 16.28 days by June 2021. The cycle then reduced to 7.32 days by September 2021 before rising again to 10.40 days by December 2021.

Subsequently, the cycle stayed relatively stable around the 10-day mark through March 2022 and June 2022. However, there was a notable increase to 16.26 days by September 2022 and a further rise to 26.39 days by December 2022.

Significant fluctuations continued in the following periods, with the cycle dropping to 9.37 days by March 2023, rising again to 13.84 days by June 2023, drastically increasing to 23.81 days by September 2023, and then plunging to 4.80 days by December 2023.

The cycle stayed relatively low around 5-10 days in the following periods, with minor fluctuations. Specifically, it stood at 5.95 days by March 2024, 9.56 days by June 2024, and 16.21 days by September 2024. However, there was a notable increase to 26.81 days by December 2024.

Overall, the cash conversion cycle of Saia Inc has shown volatility, indicating fluctuations in the efficiency of the company's operations in managing its cash flow, inventory, and receivables.