Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Dollar General Corp., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).
- Current Ratio
- The current ratio exhibits a fluctuating trend over the analyzed periods. Initially, there is a gradual decline from 1.65 in May 2018 to a low of 1.05 in January 2022, indicating a reduction in short-term liquidity relative to short-term obligations. Beginning February 2022, the ratio shows a recovery trend, increasing to approximately 1.22 by August 2024. This reflects a moderate improvement in the company's ability to cover its current liabilities with current assets over the most recent periods.
- Quick Ratio
- The quick ratio displays a generally low level throughout the periods, consistently below 0.2 during the early years, with values between 0.11 and 0.05 from 2018 through early 2021. A notable peak occurs in May and July 2020, where the quick ratio sharply increases to 0.55, indicating a temporary increase in liquid assets excluding inventory. After this peak, the ratio declines again to levels below 0.1 and remains relatively low but shows minor upticks in the latest quarters, reaching 0.17 by August 2024. This suggests fluctuating but generally limited immediate liquidity without relying on inventory.
- Cash Ratio
- The cash ratio mirrors the quick ratio exactly in all observed periods, with identical values and the same pattern of change. This implies that the liquid assets measured as cash and cash equivalents drive the quick ratio entirely, with minimal difference between the two metrics. The significant rise in mid-2020 to 0.55 followed by a decline and slight recovery toward 0.17 by August 2024 is also present, indicating changes in cash holdings were the primary factor influencing liquidity ratios excluding inventory.
Current Ratio
Dollar General Corp., current ratio calculation (quarterly data)
| Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | Jan 31, 2020 | Nov 1, 2019 | Aug 2, 2019 | May 3, 2019 | Feb 1, 2019 | Nov 2, 2018 | Aug 3, 2018 | May 4, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||||||
| Current assets | 8,724,242) | 8,096,971) | 8,010,724) | 8,271,078) | 8,413,979) | 8,055,460) | 7,581,009) | 8,017,016) | 7,682,892) | 6,736,870) | 6,303,843) | 6,181,834) | 5,992,718) | 6,041,745) | 6,914,219) | 7,533,432) | 7,597,408) | 6,992,483) | 5,177,868) | 5,068,542) | 4,919,138) | 4,583,769) | 4,663,020) | 4,630,344) | 4,517,826) | 4,166,036) | ||||||||
| Current liabilities | 7,141,187) | 6,641,862) | 6,725,701) | 6,787,090) | 6,033,922) | 6,100,679) | 5,887,768) | 6,502,647) | 7,566,786) | 6,951,841) | 5,979,357) | 5,740,499) | 5,479,084) | 5,315,398) | 5,710,783) | 5,886,211) | 5,411,188) | 4,843,228) | 4,543,560) | 4,506,038) | 4,312,270) | 3,956,716) | 3,015,857) | 2,982,182) | 2,915,544) | 2,525,332) | ||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||||||
| Current ratio1 | 1.22 | 1.22 | 1.19 | 1.22 | 1.39 | 1.32 | 1.29 | 1.23 | 1.02 | 0.97 | 1.05 | 1.08 | 1.09 | 1.14 | 1.21 | 1.28 | 1.40 | 1.44 | 1.14 | 1.12 | 1.14 | 1.16 | 1.55 | 1.55 | 1.55 | 1.65 | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | 1.00 | 0.98 | 0.97 | 0.94 | 0.93 | 1.09 | 1.07 | 1.08 | 1.06 | 1.03 | 1.02 | 1.04 | 1.03 | 1.02 | 1.00 | 1.00 | 0.99 | 0.98 | 1.13 | 1.11 | 1.04 | 1.01 | 1.01 | 0.98 | 0.96 | 1.02 | ||||||||
| Target Corp. | 0.90 | 0.86 | 0.91 | 0.86 | 0.83 | 0.88 | 0.92 | 0.86 | 0.82 | 0.87 | 0.99 | 0.97 | 1.04 | 1.07 | 1.03 | 1.05 | 1.11 | 1.01 | 0.89 | 0.83 | 0.84 | 0.88 | — | — | — | — | ||||||||
| Walmart Inc. | 0.80 | 0.80 | 0.83 | 0.85 | 0.83 | 0.82 | 0.82 | 0.86 | 0.84 | 0.86 | 0.93 | 0.95 | 0.96 | 0.95 | 0.97 | 0.84 | 0.79 | 0.77 | 0.79 | 0.81 | 0.76 | 0.77 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).
1 Q2 2025 Calculation
Current ratio = Current assets ÷ Current liabilities
= 8,724,242 ÷ 7,141,187 = 1.22
2 Click competitor name to see calculations.
- Current Assets Trend
- Current assets showed a general upward trajectory over the analyzed periods. Starting from approximately 4.17 billion US dollars in early May 2018, current assets steadily increased to exceed 8.7 billion US dollars by August 2024. Notable accelerations are observed around early 2020, with a sharp rise from about 5.18 billion in January 2020 to nearly 7 billion in May 2020. This increased level maintained through to the last periods with some fluctuations but an overall rising trend.
- Current Liabilities Trend
- Current liabilities also displayed a rising trend over these periods. Initially reported at approximately 2.53 billion US dollars in May 2018, these liabilities climbed consistently, reaching a peak of roughly 7.56 billion in July 2022 before experiencing some declines and fluctuations thereafter. The liabilities remained elevated, fluctuating around 6.6 to 7.1 billion US dollars towards the latest periods in 2023 and 2024.
- Current Ratio Analysis
- The current ratio began at 1.65 in May 2018, which indicated a comfortable liquidity position. However, there was a downward trend through mid-2019, reaching lows near 1.05 to 1.08 by early 2022, suggesting tightening liquidity. Starting in mid-2022, the ratio rebounded somewhat, climbing back above 1.2 by early 2023 and maintaining stability around 1.2 to 1.39 through 2024. This indicates a partial recovery in short-term financial health but still relatively slim margins compared to the initial period.
- Overall Observations
- The data suggest that while both current assets and current liabilities have increased substantially over the period, liabilities grew at a faster pace particularly from mid-2018 to mid-2022, which put pressure on liquidity ratios. The initial decline in the current ratio underlines a riskier liquidity posture, although the recent stabilization implies some improvement in managing short-term obligations. The significant rise in both assets and liabilities during 2020 may reflect external economic impacts affecting working capital components.
Quick Ratio
Dollar General Corp., quick ratio calculation (quarterly data)
| Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | Jan 31, 2020 | Nov 1, 2019 | Aug 2, 2019 | May 3, 2019 | Feb 1, 2019 | Nov 2, 2018 | Aug 3, 2018 | May 4, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,222,691) | 720,700) | 537,283) | 365,447) | 353,018) | 313,064) | 381,576) | 362,731) | 326,263) | 335,613) | 344,829) | 488,662) | 313,666) | 688,055) | 1,376,577) | 2,199,443) | 2,959,604) | 2,673,912) | 240,320) | 276,076) | 259,568) | 271,111) | 235,487) | 260,688) | 265,288) | 283,970) | ||||||||
| Total quick assets | 1,222,691) | 720,700) | 537,283) | 365,447) | 353,018) | 313,064) | 381,576) | 362,731) | 326,263) | 335,613) | 344,829) | 488,662) | 313,666) | 688,055) | 1,376,577) | 2,199,443) | 2,959,604) | 2,673,912) | 240,320) | 276,076) | 259,568) | 271,111) | 235,487) | 260,688) | 265,288) | 283,970) | ||||||||
| Current liabilities | 7,141,187) | 6,641,862) | 6,725,701) | 6,787,090) | 6,033,922) | 6,100,679) | 5,887,768) | 6,502,647) | 7,566,786) | 6,951,841) | 5,979,357) | 5,740,499) | 5,479,084) | 5,315,398) | 5,710,783) | 5,886,211) | 5,411,188) | 4,843,228) | 4,543,560) | 4,506,038) | 4,312,270) | 3,956,716) | 3,015,857) | 2,982,182) | 2,915,544) | 2,525,332) | ||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||||||
| Quick ratio1 | 0.17 | 0.11 | 0.08 | 0.05 | 0.06 | 0.05 | 0.06 | 0.06 | 0.04 | 0.05 | 0.06 | 0.09 | 0.06 | 0.13 | 0.24 | 0.37 | 0.55 | 0.55 | 0.05 | 0.06 | 0.06 | 0.07 | 0.08 | 0.09 | 0.09 | 0.11 | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | 0.44 | 0.39 | 0.39 | 0.40 | 0.38 | 0.55 | 0.52 | 0.51 | 0.50 | 0.42 | 0.42 | 0.43 | 0.46 | 0.46 | 0.47 | 0.45 | 0.42 | 0.49 | 0.60 | 0.58 | 0.47 | 0.45 | 0.47 | 0.43 | 0.41 | 0.43 | ||||||||
| Target Corp. | 0.17 | 0.18 | 0.20 | 0.09 | 0.08 | 0.07 | 0.11 | 0.04 | 0.05 | 0.05 | 0.27 | 0.25 | 0.38 | 0.42 | 0.42 | 0.31 | 0.46 | 0.32 | 0.18 | 0.06 | 0.12 | 0.09 | — | — | — | — | ||||||||
| Walmart Inc. | 0.18 | 0.19 | 0.20 | 0.20 | 0.22 | 0.19 | 0.18 | 0.20 | 0.21 | 0.20 | 0.26 | 0.27 | 0.36 | 0.35 | 0.26 | 0.23 | 0.27 | 0.24 | 0.20 | 0.17 | 0.18 | 0.18 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).
1 Q2 2025 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 1,222,691 ÷ 7,141,187 = 0.17
2 Click competitor name to see calculations.
- Total Quick Assets
- The total quick assets exhibit a fluctuating pattern throughout the observed periods. Initially, from May 2018 to February 2019, there is a slight decline from approximately 284 million to 235 million US dollars. A sharp increase is noted in May 2020, peaking dramatically at about 2.67 billion US dollars, followed by a gradual reduction until July 2021, where values fall below 320 million US dollars. Subsequently, there is a general upward trend from July 2021 through August 2024, reaching a value exceeding 1.2 billion US dollars by the last period, indicating intermittent volatility but a long-term increase.
- Current Liabilities
- Current liabilities display a consistent upward trajectory from May 2018 through August 2024. Starting near 2.5 billion US dollars, liabilities steadily rise each period, reaching over 7 billion US dollars in August 2024. This continuous increase reflects an ongoing growth in short-term obligations, with no periods of significant decline or stabilization observed. Notably, the increases appear more pronounced after early 2020, aligning with a general escalation in financial commitments.
- Quick Ratio
- The quick ratio shows significant variability over the timeframe. The ratio begins low, around 0.11 in May 2018, declines further to a trough near 0.05 in early 2020, indicating increasingly tight liquidity conditions initially. A substantial improvement occurs in May and July 2020 with the ratio rising sharply to approximately 0.55, signaling a temporary enhancement in the company's ability to meet short-term liabilities without relying on inventory. However, this boost diminishes progressively through 2021 and most of 2022, lowering the ratio below 0.05 at some points, which implies heightened liquidity risk. Toward the most recent periods in 2023 and 2024, the quick ratio shows a recovery trend, increasing gradually to 0.17 by August 2024, although it remains below earlier peaks.
- Summary of Trends and Insights
- The data reveals a complex liquidity scenario where total quick assets experienced major volatility, especially during 2020, which might correspond to specific financial strategies or extraordinary events affecting asset liquidity. Current liabilities have persistently expanded, raising potential concerns about the company's rising short-term financial burdens. The quick ratio, a key liquidity indicator, underscores periods of considerable stress alternating with phases of relief, highlighting challenges in maintaining sustainable liquidity levels. The late recovery in the quick ratio suggests attempts to strengthen liquid asset positions relative to liabilities in recent quarters. Overall, the company appears to be navigating fluctuating liquidity conditions amidst increasing short-term liabilities.
Cash Ratio
Dollar General Corp., cash ratio calculation (quarterly data)
| Aug 2, 2024 | May 3, 2024 | Feb 2, 2024 | Nov 3, 2023 | Aug 4, 2023 | May 5, 2023 | Feb 3, 2023 | Oct 28, 2022 | Jul 29, 2022 | Apr 29, 2022 | Jan 28, 2022 | Oct 29, 2021 | Jul 30, 2021 | Apr 30, 2021 | Jan 29, 2021 | Oct 30, 2020 | Jul 31, 2020 | May 1, 2020 | Jan 31, 2020 | Nov 1, 2019 | Aug 2, 2019 | May 3, 2019 | Feb 1, 2019 | Nov 2, 2018 | Aug 3, 2018 | May 4, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 1,222,691) | 720,700) | 537,283) | 365,447) | 353,018) | 313,064) | 381,576) | 362,731) | 326,263) | 335,613) | 344,829) | 488,662) | 313,666) | 688,055) | 1,376,577) | 2,199,443) | 2,959,604) | 2,673,912) | 240,320) | 276,076) | 259,568) | 271,111) | 235,487) | 260,688) | 265,288) | 283,970) | ||||||||
| Total cash assets | 1,222,691) | 720,700) | 537,283) | 365,447) | 353,018) | 313,064) | 381,576) | 362,731) | 326,263) | 335,613) | 344,829) | 488,662) | 313,666) | 688,055) | 1,376,577) | 2,199,443) | 2,959,604) | 2,673,912) | 240,320) | 276,076) | 259,568) | 271,111) | 235,487) | 260,688) | 265,288) | 283,970) | ||||||||
| Current liabilities | 7,141,187) | 6,641,862) | 6,725,701) | 6,787,090) | 6,033,922) | 6,100,679) | 5,887,768) | 6,502,647) | 7,566,786) | 6,951,841) | 5,979,357) | 5,740,499) | 5,479,084) | 5,315,398) | 5,710,783) | 5,886,211) | 5,411,188) | 4,843,228) | 4,543,560) | 4,506,038) | 4,312,270) | 3,956,716) | 3,015,857) | 2,982,182) | 2,915,544) | 2,525,332) | ||||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||||||
| Cash ratio1 | 0.17 | 0.11 | 0.08 | 0.05 | 0.06 | 0.05 | 0.06 | 0.06 | 0.04 | 0.05 | 0.06 | 0.09 | 0.06 | 0.13 | 0.24 | 0.37 | 0.55 | 0.55 | 0.05 | 0.06 | 0.06 | 0.07 | 0.08 | 0.09 | 0.09 | 0.11 | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||||||||
| Costco Wholesale Corp. | 0.36 | 0.31 | 0.31 | 0.33 | 0.30 | 0.49 | 0.45 | 0.43 | 0.42 | 0.35 | 0.35 | 0.37 | 0.39 | 0.40 | 0.41 | 0.40 | 0.35 | 0.44 | 0.54 | 0.52 | 0.38 | 0.38 | 0.41 | 0.36 | 0.32 | 0.35 | ||||||||
| Target Corp. | 0.17 | 0.18 | 0.20 | 0.09 | 0.08 | 0.07 | 0.11 | 0.04 | 0.05 | 0.05 | 0.27 | 0.25 | 0.38 | 0.42 | 0.42 | 0.31 | 0.46 | 0.32 | 0.18 | 0.06 | 0.12 | 0.09 | — | — | — | — | ||||||||
| Walmart Inc. | 0.09 | 0.10 | 0.11 | 0.12 | 0.14 | 0.11 | 0.09 | 0.11 | 0.14 | 0.12 | 0.17 | 0.18 | 0.28 | 0.28 | 0.19 | 0.16 | 0.21 | 0.18 | 0.12 | 0.10 | 0.12 | 0.12 | — | — | — | — | ||||||||
Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).
1 Q2 2025 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 1,222,691 ÷ 7,141,187 = 0.17
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in liquidity and short-term financial position over the observed periods.
- Total Cash Assets
- The total cash assets exhibited considerable fluctuations with a generally rising trend in the middle of the period, peaking significantly around May and July 2020 at over 2.6 million US dollars in thousands. Following this peak, cash assets decreased substantially before showing some recovery toward the end of the timeline, rising again to exceed 1.2 million US dollars in thousands by August 2024.
- Current Liabilities
- Current liabilities showed a steady and consistent upward trajectory overall. The values rose from approximately 2.5 million US dollars in thousands in early 2018 to over 7.1 million US dollars in thousands by August 2024. There were no substantial declines, indicating growing short-term obligations.
- Cash Ratio
- The cash ratio experienced significant variability throughout the periods. Early values ranged between 0.05 and 0.11, pointing to relatively low liquidity at the start. A sharp increase in liquidity is observed during mid-2020, when the ratio reached a high of approximately 0.55, consistent with the surge in cash assets. Subsequently, the ratio declined again, reaching low points near 0.04 to 0.06 during late 2021 and most of 2022. Toward the end of the timeline, a mild upward trend is visible, with the ratio improving to 0.17 by August 2024.
Overall, the data indicates a period of dramatically increased liquidity around mid-2020, likely reflecting extraordinary events or strategic cash accumulation. Despite continuously increasing current liabilities, the company managed to maintain or recover liquidity multiple times, as reflected in the fluctuating cash ratio. However, the sustained rise in current liabilities highlights increasing short-term financial obligations, which may necessitate continued close monitoring of liquidity management going forward.