Short-term (Operating) Activity Analysis
Quarterly Data

Difficulty: Beginner


Ratios (Summary)

Express Scripts Holding Co., short-term (operating) activity ratios (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Turnover Ratios
Inventory turnover 39.97 45.08 42.97 44.30 47.76 52.13 46.79 55.48 54.19 53.78 46.14 54.12 57.16 49.89 43.99 51.66 52.45 54.33 51.29
Receivables turnover 13.69 14.75 14.18 14.49 14.19 14.44 14.20 14.58 13.75 15.04 15.14 13.79 15.77 17.55 16.87 15.72 19.41 26.04 25.88
Payables turnover 19.12 23.10 24.31 20.77 20.90 25.01 23.65 24.55 22.15 25.32 27.04 28.61 28.38 30.97 29.63 31.12 31.32 33.16 33.09
Working capital turnover
Average No. of Days
Average inventory processing period 9 8 8 8 8 7 8 7 7 7 8 7 6 7 8 7 7 7 7
Add: Average receivable collection period 27 25 26 25 26 25 26 25 27 24 24 26 23 21 22 23 19 14 14
Operating cycle 36 33 34 33 34 32 34 32 34 31 32 33 29 28 30 30 26 21 21
Less: Average payables payment period 19 16 15 18 17 15 15 15 16 14 13 13 13 12 12 12 12 11 11
Cash conversion cycle 17 17 19 15 17 17 19 17 18 17 19 20 16 16 18 18 14 10 10
Source: Based on data from Express Scripts Holding Co. Quarterly and Annual Reports
Ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Express Scripts Holding Co.'s inventory turnover improved from Q4 2017 to Q1 2018 but then deteriorated significantly from Q1 2018 to Q2 2018.
Receivables turnover An activity ratio equal to revenue divided by receivables. Express Scripts Holding Co.'s receivables turnover improved from Q4 2017 to Q1 2018 but then deteriorated significantly from Q1 2018 to Q2 2018.
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Express Scripts Holding Co.'s payables turnover declined from Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.
Working capital turnover An activity ratio calculated as revenue divided by working capital.
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Express Scripts Holding Co.'s average receivable collection period improved from Q4 2017 to Q1 2018 but then deteriorated significantly from Q1 2018 to Q2 2018.
Operating cycle Equal to average inventory processing period plus average receivables collection period. Express Scripts Holding Co.'s operating cycle improved from Q4 2017 to Q1 2018 but then deteriorated significantly from Q1 2018 to Q2 2018.
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Express Scripts Holding Co.'s average payables payment period increased from Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.

Inventory Turnover

Express Scripts Holding Co., inventory turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data (USD $ in thousands)
Cost of revenues 23,437,600  22,890,000  22,888,300  22,445,700  23,186,300  22,782,200  22,525,100  23,136,000  23,061,100  22,944,800  23,912,200  23,049,100  23,323,000  23,065,600  24,218,600  23,705,500  23,103,300  21,934,600  23,720,400  23,921,400  24,266,800  24,057,800 
Inventories 2,293,100  2,027,800  2,124,900  2,052,900  1,918,700  1,755,400  1,959,000  1,677,400  1,715,700  1,733,400  2,023,100  1,730,400  1,650,000  1,885,900  2,113,200  1,789,800  1,767,000  1,727,300  1,871,100  1,643,600  1,672,900  1,657,400 
Ratio
Inventory turnover1 39.97 45.08 42.97 44.30 47.76 52.13 46.79 55.48 54.19 53.78 46.14 54.12 57.16 49.89 43.99 51.66 52.45 54.33 51.29
Source: Based on data from Express Scripts Holding Co. Quarterly and Annual Reports

Q2 2018 Calculations

1 Inventory turnover = (Cost of revenuesQ2 2018 + Cost of revenuesQ1 2018 + Cost of revenuesQ4 2017 + Cost of revenuesQ3 2017) ÷ Inventories
= (23,437,600 + 22,890,000 + 22,888,300 + 22,445,700) ÷ 2,293,100 = 39.97

Ratio Description The company
Inventory turnover An activity ratio calculated as cost of goods sold divided by inventory. Express Scripts Holding Co.'s inventory turnover improved from Q4 2017 to Q1 2018 but then deteriorated significantly from Q1 2018 to Q2 2018.

Receivables Turnover

Express Scripts Holding Co., receivables turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data (USD $ in thousands)
Revenues 25,641,800  24,769,400  25,378,800  24,683,400  25,347,500  24,654,900  24,863,300  25,410,100  25,222,300  24,791,800  26,175,400  25,222,600  25,454,200  24,899,600  26,312,600  25,778,500  25,111,000  23,685,000  25,781,400  25,915,600  26,381,900  26,019,900 
Receivables, net 7,338,100  6,793,600  7,056,300  6,871,500  7,067,500  6,936,100  7,062,100  6,967,000  7,373,600  6,758,400  6,721,300  7,391,100  6,494,500  5,819,400  5,979,800  6,384,500  5,178,200  3,907,300  4,022,900  5,112,400  4,552,800  4,294,100 
Ratio
Receivables turnover1 13.69 14.75 14.18 14.49 14.19 14.44 14.20 14.58 13.75 15.04 15.14 13.79 15.77 17.55 16.87 15.72 19.41 26.04 25.88
Source: Based on data from Express Scripts Holding Co. Quarterly and Annual Reports

Q2 2018 Calculations

1 Receivables turnover = (RevenuesQ2 2018 + RevenuesQ1 2018 + RevenuesQ4 2017 + RevenuesQ3 2017) ÷ Receivables, net
= (25,641,800 + 24,769,400 + 25,378,800 + 24,683,400) ÷ 7,338,100 = 13.69

Ratio Description The company
Receivables turnover An activity ratio equal to revenue divided by receivables. Express Scripts Holding Co.'s receivables turnover improved from Q4 2017 to Q1 2018 but then deteriorated significantly from Q1 2018 to Q2 2018.

Payables Turnover

Express Scripts Holding Co., payables turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data (USD $ in thousands)
Cost of revenues 23,437,600  22,890,000  22,888,300  22,445,700  23,186,300  22,782,200  22,525,100  23,136,000  23,061,100  22,944,800  23,912,200  23,049,100  23,323,000  23,065,600  24,218,600  23,705,500  23,103,300  21,934,600  23,720,400  23,921,400  24,266,800  24,057,800 
Accounts payable 4,793,500  3,957,400  3,755,700  4,377,900  4,383,600  3,658,000  3,875,700  3,791,100  4,197,300  3,681,800  3,451,800  3,273,000  3,322,700  3,038,500  3,137,300  2,971,500  2,959,300  2,830,400  2,900,000  2,573,400  2,639,300  2,573,700 
Ratio
Payables turnover1 19.12 23.10 24.31 20.77 20.90 25.01 23.65 24.55 22.15 25.32 27.04 28.61 28.38 30.97 29.63 31.12 31.32 33.16 33.09
Source: Based on data from Express Scripts Holding Co. Quarterly and Annual Reports

Q2 2018 Calculations

1 Payables turnover = (Cost of revenuesQ2 2018 + Cost of revenuesQ1 2018 + Cost of revenuesQ4 2017 + Cost of revenuesQ3 2017) ÷ Accounts payable
= (23,437,600 + 22,890,000 + 22,888,300 + 22,445,700) ÷ 4,793,500 = 19.12

Ratio Description The company
Payables turnover An activity ratio calculated as cost of goods sold divided by payables. Express Scripts Holding Co.'s payables turnover declined from Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.

Working Capital Turnover

Express Scripts Holding Co., working capital turnover calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data (USD $ in thousands)
Current assets 13,170,100  11,474,800  11,957,100  12,679,000  11,636,800  12,089,200  12,363,400  11,123,000  10,614,500  10,399,800  12,059,500  10,274,400  9,637,700  9,171,500  10,568,100  9,704,700  10,452,400  8,134,400  8,491,400  9,224,200  8,302,800  8,707,900 
Less: Current liabilities 18,586,700  16,723,100  17,846,400  17,356,800  16,779,300  17,041,700  16,428,100  15,978,500  19,136,500  17,236,900  17,155,300  16,013,800  15,868,800  14,900,200  17,016,900  15,922,500  15,984,400  13,574,900  13,235,300  11,226,200  10,618,300  11,524,100 
Working capital (5,416,600) (5,248,300) (5,889,300) (4,677,800) (5,142,500) (4,952,500) (4,064,700) (4,855,500) (8,522,000) (6,837,100) (5,095,800) (5,739,400) (6,231,100) (5,728,700) (6,448,800) (6,217,800) (5,532,000) (5,440,500) (4,743,900) (2,002,000) (2,315,500) (2,816,200)
Revenues 25,641,800  24,769,400  25,378,800  24,683,400  25,347,500  24,654,900  24,863,300  25,410,100  25,222,300  24,791,800  26,175,400  25,222,600  25,454,200  24,899,600  26,312,600  25,778,500  25,111,000  23,685,000  25,781,400  25,915,600  26,381,900  26,019,900 
Ratio
Working capital turnover1
Source: Based on data from Express Scripts Holding Co. Quarterly and Annual Reports

Q2 2018 Calculations

1 Working capital turnover = (RevenuesQ2 2018 + RevenuesQ1 2018 + RevenuesQ4 2017 + RevenuesQ3 2017) ÷ Working capital
= (25,641,800 + 24,769,400 + 25,378,800 + 24,683,400) ÷ -5,416,600 =

Ratio Description The company
Working capital turnover An activity ratio calculated as revenue divided by working capital.

Average Inventory Processing Period

Express Scripts Holding Co., average inventory processing period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data
Inventory turnover 39.97 45.08 42.97 44.30 47.76 52.13 46.79 55.48 54.19 53.78 46.14 54.12 57.16 49.89 43.99 51.66 52.45 54.33 51.29
Ratio (no. of days)
Average inventory processing period1 9 8 8 8 8 7 8 7 7 7 8 7 6 7 8 7 7 7 7
Source: Based on data from Express Scripts Holding Co. Quarterly and Annual Reports

Q2 2018 Calculations

1 Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 39.97 = 9

Ratio Description The company
Average inventory processing period An activity ratio equal to the number of days in the period divided by inventory turnover over the period.

Average Receivable Collection Period

Express Scripts Holding Co., average receivable collection period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data
Receivables turnover 13.69 14.75 14.18 14.49 14.19 14.44 14.20 14.58 13.75 15.04 15.14 13.79 15.77 17.55 16.87 15.72 19.41 26.04 25.88
Ratio (no. of days)
Average receivable collection period1 27 25 26 25 26 25 26 25 27 24 24 26 23 21 22 23 19 14 14
Source: Based on data from Express Scripts Holding Co. Quarterly and Annual Reports

Q2 2018 Calculations

1 Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 13.69 = 27

Ratio Description The company
Average receivable collection period An activity ratio equal to the number of days in the period divided by receivables turnover. Express Scripts Holding Co.'s average receivable collection period improved from Q4 2017 to Q1 2018 but then deteriorated significantly from Q1 2018 to Q2 2018.

Operating Cycle

Express Scripts Holding Co., operating cycle calculation (quarterly data)

No. of days

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data
Average inventory processing period 9 8 8 8 8 7 8 7 7 7 8 7 6 7 8 7 7 7 7
Average receivable collection period 27 25 26 25 26 25 26 25 27 24 24 26 23 21 22 23 19 14 14
Ratio
Operating cycle1 36 33 34 33 34 32 34 32 34 31 32 33 29 28 30 30 26 21 21
Source: Based on data from Express Scripts Holding Co. Quarterly and Annual Reports

Q2 2018 Calculations

1 Operating cycle = Average inventory processing period + Average receivable collection period
= 9 + 27 = 36

Ratio Description The company
Operating cycle Equal to average inventory processing period plus average receivables collection period. Express Scripts Holding Co.'s operating cycle improved from Q4 2017 to Q1 2018 but then deteriorated significantly from Q1 2018 to Q2 2018.

Average Payables Payment Period

Express Scripts Holding Co., average payables payment period calculation (quarterly data)

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data
Payables turnover 19.12 23.10 24.31 20.77 20.90 25.01 23.65 24.55 22.15 25.32 27.04 28.61 28.38 30.97 29.63 31.12 31.32 33.16 33.09
Ratio (no. of days)
Average payables payment period1 19 16 15 18 17 15 15 15 16 14 13 13 13 12 12 12 12 11 11
Source: Based on data from Express Scripts Holding Co. Quarterly and Annual Reports

Q2 2018 Calculations

1 Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 19.12 = 19

Ratio Description The company
Average payables payment period An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. Express Scripts Holding Co.'s average payables payment period increased from Q4 2017 to Q1 2018 and from Q1 2018 to Q2 2018.

Cash Conversion Cycle

Express Scripts Holding Co., cash conversion cycle calculation (quarterly data)

No. of days

Microsoft Excel LibreOffice Calc
Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Selected Financial Data
Average inventory processing period 9 8 8 8 8 7 8 7 7 7 8 7 6 7 8 7 7 7 7
Average receivable collection period 27 25 26 25 26 25 26 25 27 24 24 26 23 21 22 23 19 14 14
Average payables payment period 19 16 15 18 17 15 15 15 16 14 13 13 13 12 12 12 12 11 11
Ratio
Cash conversion cycle1 17 17 19 15 17 17 19 17 18 17 19 20 16 16 18 18 14 10 10
Source: Based on data from Express Scripts Holding Co. Quarterly and Annual Reports

Q2 2018 Calculations

1 Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 9 + 2719 = 17

Ratio Description The company
Cash conversion cycle A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period.