Viad Corp (VVI)

Activity ratios

Short-term

Turnover ratios

	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
Inventory turnover	0.53	0.47	0.37	0.61	0.68	0.71	0.59	0.89	1.21	1.15	1.66	2.18	3.65	1.99	1.18	1.47	0.52	0.49	0.27	0.10
Receivables turnover	9.38	8.89	8.25	9.17	9.33	2,034.08	5.43	6.17	5.20	4.39	5.14	7.14	22.41	32.94	27.28	10.55	9.74	8.67	7.87	8.82
Payables turnover	0.07	0.06	0.06	0.08	0.10	—	0.09	0.11	0.15	0.17	0.60	0.89	1.52	1.47	0.71	0.30	0.10	0.09	0.06	0.02
Working capital turnover	201.73	23.38	100.60	345.48	40.27	—	144.79	—	21.70	6.28	—	—	—	38.80	8.67	—	57.60	—	—	—

Viad Corp.'s activity ratios provide insights into how efficiently the company manages its operational assets and liabilities.

1. Inventory turnover:
- Viad Corp.'s inventory turnover has shown fluctuations over the quarters, ranging from a high of 111.31 in Q4 2023 to a low of 58.47 in Q2 2022.
- Generally, the company has been able to quickly convert its inventory into sales, with higher turnover ratios indicating efficient inventory management.

2. Receivables turnover:
- Viad Corp.'s receivables turnover has also varied, with values ranging from a low of 5.68 in Q2 2022 to a high of 9.63 in Q4 2023.
- A higher receivables turnover ratio suggests that the company is collecting its receivables quickly, which is a positive sign for cash flow management.

3. Payables turnover:
- The payables turnover for Viad Corp. has ranged from 8.65 in Q2 2022 to 14.60 in Q4 2023.
- A higher payables turnover ratio indicates that the company is taking longer to pay its suppliers, potentially benefiting from longer credit terms.

4. Working capital turnover:
- Viad Corp.'s working capital turnover has been volatile, ranging from a low of 23.24 in Q3 2023 to a high of 340.00 in Q1 2023.
- A higher working capital turnover ratio signifies that the company is efficiently utilizing its working capital to generate revenue.

Overall, these activity ratios suggest that Viad Corp. has been managing its operational assets and liabilities effectively, with fluctuations in turnover ratios reflecting changing business conditions and management strategies.

Average number of days

		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
Days of inventory on hand (DOH)	days	683.23	777.62	980.84	599.35	537.56	515.48	621.72	411.37	302.73	316.25	219.39	167.35	99.89	183.84	308.89	248.92	705.13	745.48	1,357.06	3,776.82
Days of sales outstanding (DSO)	days	38.93	41.08	44.25	39.79	39.11	0.18	67.24	59.20	70.19	83.22	71.07	51.13	16.29	11.08	13.38	34.61	37.49	42.10	46.37	41.40
Number of days of payables	days	5,208.85	5,924.18	6,565.73	4,794.78	3,639.53	—	4,202.14	3,353.84	2,457.45	2,151.80	609.99	409.30	240.79	248.97	516.30	1,222.02	3,538.53	4,082.46	6,389.86	17,946.37

Activity ratios help in assessing how efficiently a company manages its assets and operations. Let's analyze Viad Corp.'s activity ratios based on the given data:

1. Days of Inventory on Hand (DOH):
- Viad Corp. has shown a fluctuating trend in managing its inventory over the past eight quarters.
- The company had the lowest DOH in Q4 2023 at 3.28 days, indicating efficient inventory turnover.
- Q2 2022 saw the highest DOH at 6.24 days, suggesting slower inventory turnover and possible issues in managing inventory levels.

2. Days of Sales Outstanding (DSO):
- Viad Corp.'s DSO has also varied throughout the quarters, with some quarters showing longer collection periods.
- Q1 2022 had the highest DSO at 64.26 days, indicating a longer time to collect receivables.
- The trend has generally improved since then, with Q4 2023 at 37.92 days, reflecting a more efficient collection process.

3. Number of Days of Payables:
- Viad Corp.'s payment period to suppliers has been inconsistent but generally within a reasonable range.
- Q3 2022 had the highest payment period at 42.19 days, indicating the company took longer to pay its suppliers.
- Q4 2022 and Q1 2023 showed the shortest payment periods at 25.18 days and 25.00 days, respectively, suggesting a more efficient use of trade credit.

Overall, Viad Corp. has demonstrated fluctuating but improving trends in managing its inventory, receivables, and payables. Efficient management of these activities is crucial for maintaining liquidity and profitability in the company's operations.

Long-term

	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
Fixed asset turnover	2.04	2.10	2.15	2.23	2.08	—	1.56	1.08	0.89	0.61	0.31	0.26	0.83	1.47	2.08	2.86	2.71	2.75	2.74	3.72
Total asset turnover	1.06	1.00	1.06	1.11	1.05	26.73	0.77	0.56	0.47	0.32	0.18	0.15	0.48	0.81	1.01	1.10	1.03	1.04	1.09	1.24

Viad Corp.'s long-term activity ratios provide insights into the efficiency of the company in utilizing its fixed assets and total assets to generate sales revenue.

1. Fixed Asset Turnover: This ratio measures how efficiently the company is using its fixed assets to generate sales. Viad Corp. has maintained a relatively stable fixed asset turnover ratio, ranging from 1.18 to 2.19 over the past eight quarters. The increasing trend from Q1 2022 to Q1 2023 indicates that the company is effectively utilizing its fixed assets to generate sales revenue. A higher fixed asset turnover ratio implies that Viad Corp. is generating more sales relative to its investment in fixed assets.

2. Total Asset Turnover: This ratio evaluates the company's ability to generate sales revenue in relation to its total assets. Viad Corp.'s total asset turnover ratio has shown improvement over the quarters, increasing from 0.62 in Q1 2022 to 1.10 in Q1 2023. This suggests that the company has been more effective in utilizing its total assets to generate sales revenue. A higher total asset turnover ratio indicates that Viad Corp. is efficiently utilizing all its assets to drive sales.

Overall, the trend of increasing turnover ratios for both fixed assets and total assets indicates that Viad Corp. has been improving its operational efficiency and asset utilization over the past quarters. This could be a positive sign for investors, indicating that the company is making effective use of its assets to drive sales growth.