Analysis of Short-term (Operating) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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Short-term Activity Ratios (Summary)
Warner Bros. Discovery Inc., short-term (operating) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
- Receivables Turnover
- The receivables turnover ratio generally improved from 2.85 in March 2018 to a peak of 5.18 by March 2022, indicating an increased efficiency in collecting receivables over the period. However, there is a notable decline to 2.74 in June 2022 before recovering to 3.9 in September 2022. This suggests some volatility in collection efficiency toward the later quarters.
- Payables Turnover
- The payables turnover ratio exhibited variability, starting at 10.99 in March 2018 and peaking at 13.34 in September 2018. It then declined to a lower range around 7.49 by September 2022. This decline implies the company took longer to pay its suppliers, reflecting a slower payment cycle in more recent periods.
- Working Capital Turnover
- Working capital turnover showed extreme fluctuations, notably reaching an unusually high 177.93 in September 2018 and 45.1 in December 2018, followed by a sharp decrease and stabilization around 3.2 to 6.35 from 2019 through 2021. There is a spike again to 19.08 in March 2022. The extremely high ratios early on suggest possible anomalies or one-time events affecting the working capital base or revenues, while the subsequent lower and more stable figures indicate normalized operational efficiency.
- Average Receivable Collection Period
- The average receivable collection period decreased steadily from 128 days in March 2018 to a low of 71 days by March 2022, showing improved cash collection efficiency. However, there was a significant increase to 133 days in June 2022, followed by a decrease to 94 days in September 2022. The spike suggests a temporary delay in collections during mid-2022.
- Average Payables Payment Period
- The average payables payment period fluctuated between 27 and 49 days over the years. After an initial range of approximately 27 to 37 days up to 2019, the company extended payment periods up to 49 days in September 2022. This reflects a trend to use more trade credit and defer cash outflows somewhat longer in recent periods.
Turnover Ratios
Average No. Days
Receivables Turnover
Warner Bros. Discovery Inc., receivables turnover calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||
| Receivables, net | |||||||||||||||||||||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||
| Receivables turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||||
| Trade Desk Inc. | |||||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2022 Calculation
Receivables turnover
= (RevenuesQ3 2022
+ RevenuesQ2 2022
+ RevenuesQ1 2022
+ RevenuesQ4 2021)
÷ Receivables, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data exhibits several notable trends and patterns over the analyzed periods.
- Revenues
- Revenues demonstrate a generally steady performance with some fluctuations over time. The initial years show moderate variation from approximately $2,300 million to around $2,900 million quarterly. A peak is observed in late 2019, followed by a decline during early 2020, likely reflecting external market conditions impacting earnings. Subsequently, there is a gradual recovery, with revenues increasing again through 2021 and 2022, reaching levels exceeding $3,000 million in some quarters. The latest two quarters show substantially higher revenue figures, approximately $9,800 million, suggesting a change in accounting or business scale that requires further context for full understanding.
- Receivables, Net
- Net receivables remain relatively stable across the quarters, fluctuating between approximately $2,400 million and $2,800 million throughout most of the timeline. A slight downward trend is visible in more recent quarters, which may indicate improved collection efforts or shifts in credit terms with customers. Notably, the final periods show significantly higher receivable values, exceeding $6,600 million, which aligns with the corresponding large increase in revenue figures and may be due to changes in reporting or business scale.
- Receivables Turnover Ratio
- The receivables turnover ratio, which measures the efficiency of credit and collection processes, generally improves over the observed timeframe. Starting from a lower ratio around 2.85, the turnover ratio increases steadily and peaks around 5.18 in the latest quarter prior to the significant reporting changes. A higher turnover ratio indicates faster collection of receivables, reflecting positively on working capital management. The most recent two quarters display a notable decline in this ratio to 2.74 and 3.9, which may correspond with the large increases in receivables and revenues and could imply slower collections or changes in terms.
In summary, revenues and net receivables show consistent ranges with growth in later years, punctuated by substantial increases in the final quarters, potentially indicative of structural changes. The receivables turnover ratio trend suggests improving collection efficiency for the majority of the periods, with a recent decline possibly related to larger volume increases or altered credit policies.
Payables Turnover
Warner Bros. Discovery Inc., payables turnover calculation (quarterly data)
| Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Costs of revenues, excluding depreciation and amortization | |||||||||||||||||||||||||
| Accounts payable | |||||||||||||||||||||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||
| Payables turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Payables Turnover, Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||||
| Trade Desk Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2022 Calculation
Payables turnover
= (Costs of revenues, excluding depreciation and amortizationQ3 2022
+ Costs of revenues, excluding depreciation and amortizationQ2 2022
+ Costs of revenues, excluding depreciation and amortizationQ1 2022
+ Costs of revenues, excluding depreciation and amortizationQ4 2021)
÷ Accounts payable
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Costs of Revenues, Excluding Depreciation and Amortization
-
Throughout the observed periods, the costs of revenues excluding depreciation and amortization displayed notable fluctuations. Initially, there was a generally stable pattern around 900 to 1,000 million US dollars from early 2018 through mid-2019. A significant spike was observed in the fourth quarter of 2019, rising to 1037 million. Subsequently, the costs decreased sharply in the first half of 2020, reaching a low point around 810 million, likely reflective of external market or operational disruptions.
Following this decline, there was a marked upward trend starting in mid-2020, intensifying through 2021 with a peak of 1529 million in the third quarter. However, the costs decreased again in early 2022 before showing an anomalously large figure of 6625 million in the second quarter of 2022, which is substantially higher than previous data points and may indicate a change in accounting treatment or a one-time event. The final period reported shows a relative normalization but remains significantly above earlier levels.
- Accounts Payable
-
Accounts payable values showed an overall increasing trajectory over the time horizon. Starting from 283 million at the beginning of 2018, the values experienced moderate growth through 2019. Post-2019 data displays some gaps, but available points suggest continued upward movement, with pronounced increases in the most recent quarters of 2021 and 2022, reaching levels above 1,300 million.
This considerable increase in payables in later periods may reflect changes in supplier credit terms, increased procurement, or accumulated payment obligations. The overall magnitude more than quadruples across the years, indicating a significant shift in short-term liabilities management.
- Payables Turnover Ratio
-
The payables turnover ratio demonstrated variability without a consistent long-term trend. Early in the dataset, turnover ratios fluctuated between around 9 and 13 times annually, denoting moderately efficient payment cycles.
Through mid-2019 the ratio declined to about 8 times, signaling a relative slowdown in payments or increase in average days payable. After missing data periods, the ratio increased somewhat, peaking at 11.21 times in early 2022 before declining again. The final observed ratio was 9.49, near the lower range of the dataset.
The oscillations in turnover suggest varying payment policies or operational cash flows, possibly linked to the notable changes in accounts payable and revenue costs during this period.
Working Capital Turnover
Warner Bros. Discovery Inc., working capital turnover calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | |||||||||||||||||||||||||
| Less: Current liabilities | |||||||||||||||||||||||||
| Working capital | |||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||
| Short-term Activity Ratio | |||||||||||||||||||||||||
| Working capital turnover1 | |||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||||
| Trade Desk Inc. | |||||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2022 Calculation
Working capital turnover
= (RevenuesQ3 2022
+ RevenuesQ2 2022
+ RevenuesQ1 2022
+ RevenuesQ4 2021)
÷ Working capital
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends over the observed periods. The working capital figures exhibit significant fluctuations, starting at a comparatively high level, followed by a steep decline through 2018, reaching a low point near zero by September 2018. Subsequently, working capital improves steadily through 2019 and 2020, peaking at over 3,800 million US dollars by the end of 2021. However, a sharp deterioration is observed thereafter, with working capital turning negative by September 2022.
Revenue trends display a generally stable pattern with moderate variability quarter to quarter. Revenues begin at approximately 2,300 million US dollars in the first quarter of 2018, rise gradually with periodic fluctuations, reaching a maximum near 3,200 million US dollars in late 2021. A striking anomaly is apparent in mid-2022, where revenue spikes dramatically to an aggregated value close to 9,800 million US dollars, maintained in the subsequent quarter. This suggests either a significant one-time event or a change in revenue recognition.
Working capital turnover ratios, which measure the efficiency with which the company uses its working capital to generate revenue, initially show highly volatile and extreme values early in the dataset—reaching an abnormally high ratio of 177.93 and 45.1 in the first three quarters of 2018. These inflated ratios correspond with the periods of notably low working capital, likely causing distortion. After these irregularities, the turnover ratio settles into a more reasonable range between approximately 3 and 7 from late 2018 through 2021, indicating a more stable relationship between working capital and revenues. In 2022, a sudden increase to around 19.08 is observed, influenced by the aforementioned collapse in working capital and the spike in revenues, suggesting inefficiency or data irregularities during this period.
Overall, the data reflect a period of initial instability and working capital constraints in 2018, followed by stabilization and improvement through 2019 to 2021. The notable disruptions in working capital and revenues in mid to late 2022 merit further investigation to understand underlying causes, such as operational challenges, structural changes, or accounting adjustments. The working capital turnover metric supports this interpretation by shifting from consistent operational efficiency to apparent volatility in the final observations.
- Working Capital
- Marked by significant volatility early on, with a nadir in 2018, gradual recovery through 2021, and a steep decline turning negative in mid-2022.
- Revenues
- Generally stable with moderate growth until 2021, followed by an unusual, large aggregate increase in 2022.
- Working Capital Turnover
- Highly erratic in early periods due to low working capital, then stabilizing in a moderate range; a sharp rise in 2022 reflects combined effects of working capital decline and revenue increase.
Average Receivable Collection Period
Warner Bros. Discovery Inc., average receivable collection period calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||||
| Receivables turnover | |||||||||||||||||||||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||
| Average receivable collection period1 | |||||||||||||||||||||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||||
| Trade Desk Inc. | |||||||||||||||||||||||||
| Walt Disney Co. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2022 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
- Receivables Turnover Ratio
- The receivables turnover ratio shows an overall increasing trend from the first quarter of 2018 through the third quarter of 2022, with a few fluctuations. Starting at 2.85 in the first quarter of 2018, the ratio gradually improved, reaching peaks above 4.9 in late 2021. A noticeable decline appears in the second quarter of 2022, dropping to 2.74, before partially recovering to 3.9 in the third quarter of 2022. This ratio indicates an improvement in the company's efficiency in collecting receivables over much of the observed period, though recent quarters reveal a disruption in this positive trend.
- Average Receivable Collection Period
- The average receivable collection period, expressed in number of days, exhibits a general downward trend from March 2018 to the end of 2021. It decreases steadily from 128 days in early 2018 to a low of 71 days in the third quarter of 2022, indicating faster collection of receivables over that span. However, there is an irregular spike in the first quarter of 2022, where the collection period rises sharply to 133 days from 73 days in the preceding quarter. This spike suggests a temporary slowdown in cash collection efficiency during that period. Apart from this anomaly, the trend toward a shorter collection period suggests improving efficiency in managing receivables.
- Summary of Trends and Insights
- Both financial metrics demonstrate improved receivables management from 2018 through most of 2021, as shown by increasing receivables turnover and decreasing average collection periods. These trends reflect strengthened credit and collection policies, greater operational efficiency, or improved customer payments. The disruption in early 2022, marked by a sharp decline in receivables turnover and a significant increase in collection days, could indicate external challenges or internal operational issues impacting collections during that quarter. The partial recovery in the third quarter of 2022 suggests this may have been a temporary issue. Continuous monitoring is advisable to determine if this volatility is an isolated event or the onset of a sustained operational change.
Average Payables Payment Period
Warner Bros. Discovery Inc., average payables payment period calculation (quarterly data)
| 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 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||||
| Payables turnover | |||||||||||||||||||||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||||
| Average payables payment period1 | |||||||||||||||||||||||||
| Benchmarks (no. days) | |||||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | |||||||||||||||||||||||||
| Alphabet Inc. | |||||||||||||||||||||||||
| Comcast Corp. | |||||||||||||||||||||||||
| Meta Platforms Inc. | |||||||||||||||||||||||||
| Netflix Inc. | |||||||||||||||||||||||||
| Trade Desk Inc. | |||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q3 2022 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The payables turnover ratio and the average payables payment period over the analyzed quarters exhibit noticeable fluctuations that reflect changes in the company’s payment efficiency and supplier relations.
- Payables Turnover Ratio
- The payables turnover ratio displays an initial increasing trend from 10.99 in the first quarter of 2018 to a peak of 13.34 in the third quarter of 2018. Following this, a general decline is observed, reaching a low of 7.49 in the third quarter of 2022. Notably, there is some recovery after lows, such as the rise to 11.21 in the first quarter of 2022. This ratio indicates that the company was initially paying its suppliers more frequently, but payment frequency slowed over time, particularly in recent years.
- Average Payables Payment Period
- The average payables payment period in days inversely correlates with the turnover ratio, starting from 33 days in early 2018 and decreasing to a minimum of 27 days by the third quarter of 2018. Afterward, the period extends, peaking at 49 days in the third quarter of 2022, which suggests the company is taking longer to settle its payables over time. Periods of shorter payment times, such as 27 to 30 days, align with higher turnover ratios. The lengthening payment period in recent years may imply a strategic decision to optimize cash flow or reflect changes in payment terms.
- Overall Insights
- The trends suggest that the company initially maintained a relatively strong position in managing payables, with quicker payment cycles and higher turnover ratios. However, from late 2018 onwards, there was a marked shift towards extending payment periods and reducing turnover frequency. The variability in both measures in the most recent quarters reflects possible adjustments in working capital management or operational challenges affecting creditor payments.