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.
Short-term Activity Ratios (Summary)
Fidelity National Information Services Inc., short-term (operating) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
The receivables turnover ratio exhibits significant fluctuations over the observed periods. Initially, the value was relatively high at 24.32, followed by a peak of 29.13 in the second quarter of 2019. Subsequently, it declined sharply to 12.13 and 15.97 in the following quarters of 2019, before stabilizing around the mid-teens through 2020. In 2021, the turnover ratio shows a tendency to decline, reaching the lowest point of 5.31 in the first quarter of 2023, followed by a moderate recovery to 10.19. This indicates a general trend of slower receivables collection over time, with some volatility in the recent quarters.
The payables turnover ratio shows a marked decrease after the first half of 2019. Starting from around 5.85 to 6.98, it falls drastically to about 1.25 and 1.56 in the late 2019 quarters. From 2020 through 2022, the ratio remains relatively stable but at a much lower level, fluctuating between 1.31 and 2.13. A slight recovery is apparent towards the end of the dataset, but the ratio remains considerably lower than initial values. This suggests the company is taking longer to pay its suppliers compared to earlier periods.
Data for the working capital turnover ratio is sparse, with only three values reported: a high figure of 93.49 in the first quarter of 2019, followed by a significant drop to 1.01 in the second quarter of 2019, and another value of 27.03 in the first quarter of 2020. The lack of data for later periods prevents a definitive trend analysis, but the initial sharp decline intimates possible volatility or changes in how working capital is managed in the early part of the timeline.
The average receivable collection period initially decreased from 15 days to 13 days in early 2019, then increased notably to 30 days later that year. In 2020, the period stabilized around the mid to high twenties, with the lowest duration recorded at 19 days in the fourth quarter of 2020. However, starting in 2021, the collection period lengthened consistently, reaching a peak of 69 days in the first quarter of 2023, before dropping again to 36 days in the latest quarter. This indicates a trend of increasing difficulty or delay in collecting receivables, which may impact cash flow.
The average payables payment period exhibits wide variation, beginning at 62 days and then decreasing to 52 days early in 2019. In late 2019, the period spiked dramatically to 291 and 233 days, suggesting significant delays in payment or changes in payment policies. Through 2020 and 2021, this period remained elevated, generally ranging from 171 to 228 days. More recent figures from 2022 and early 2023 show some fluctuation but generally remain high, indicating the company consistently takes a longer time to settle its payables compared to earlier years.
Turnover Ratios
Average No. Days
Receivables Turnover
Fidelity National Information Services Inc., receivables turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Revenue | 3,510) | 3,713) | 3,604) | 3,719) | 3,492) | 3,672) | 3,507) | 3,475) | 3,223) | 3,315) | 3,197) | 2,962) | 3,078) | 3,342) | 2,822) | 2,112) | 2,057) | ||||||
| Settlement receivables | 1,427) | 2,738) | 1,588) | 1,504) | 1,381) | 1,217) | 761) | 729) | 703) | 662) | 774) | 834) | 770) | 647) | 755) | 289) | 346) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Receivables turnover1 | 10.19 | 5.31 | 9.12 | 9.57 | 10.24 | 11.40 | 17.77 | 18.12 | 18.06 | 18.96 | 16.25 | 14.63 | 14.75 | 15.97 | 12.13 | 29.13 | 24.32 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Receivables Turnover, Competitors2 | |||||||||||||||||||||||
| Adobe Inc. | 9.99 | 8.53 | 9.98 | 10.51 | 9.58 | 8.41 | 9.77 | 9.74 | 9.00 | 9.20 | 9.44 | 8.82 | 8.40 | — | — | — | — | ||||||
| AppLovin Corp. | 4.56 | 4.01 | 4.37 | 4.23 | 4.11 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Cadence Design Systems Inc. | 7.54 | 7.32 | 8.78 | 8.38 | 8.72 | 8.85 | 9.09 | 7.41 | 7.21 | — | — | — | — | — | — | — | — | ||||||
| CrowdStrike Holdings Inc. | 4.43 | 3.94 | 4.54 | 4.27 | 4.73 | 3.66 | 4.41 | 4.38 | 3.91 | — | — | — | — | — | — | — | — | ||||||
| Datadog Inc. | 4.89 | 4.19 | 4.39 | 4.47 | 4.33 | 3.83 | 3.92 | 4.06 | 4.35 | — | — | — | — | — | — | — | — | ||||||
| International Business Machines Corp. | 10.52 | 9.25 | 10.95 | 10.17 | 9.79 | 8.49 | 9.23 | 9.57 | 10.72 | — | — | — | — | — | — | — | — | ||||||
| Intuit Inc. | 34.68 | 28.53 | 17.44 | 12.84 | 25.10 | 24.64 | 16.04 | 16.60 | 79.16 | — | — | — | — | — | — | — | — | ||||||
| Microsoft Corp. | 6.49 | 4.48 | 5.90 | 5.52 | 6.44 | 4.42 | 6.08 | 5.61 | 6.44 | — | — | — | — | — | — | — | — | ||||||
| Oracle Corp. | 7.44 | 7.13 | 9.12 | 9.28 | 9.11 | 7.48 | 8.56 | 8.91 | 8.57 | — | — | — | — | — | — | — | — | ||||||
| Palantir Technologies Inc. | 7.81 | 7.38 | 5.33 | 6.56 | 6.42 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Palo Alto Networks Inc. | 4.70 | 2.57 | 4.17 | 5.10 | 5.61 | 3.43 | 5.20 | 5.65 | 5.30 | — | — | — | — | — | — | — | — | ||||||
| Salesforce Inc. | 7.07 | 2.72 | 6.22 | 5.78 | 7.04 | 2.73 | 6.12 | 5.63 | 5.93 | — | — | — | — | — | — | — | — | ||||||
| ServiceNow Inc. | 6.87 | 4.20 | 7.71 | 7.74 | 7.59 | 4.24 | 7.13 | 6.62 | 7.49 | — | — | — | — | — | — | — | — | ||||||
| Synopsys Inc. | 5.00 | 6.38 | 7.25 | 6.58 | 4.34 | 7.40 | 7.06 | 6.51 | 4.84 | 4.72 | 5.50 | 5.36 | 4.22 | — | — | — | — | ||||||
| Workday Inc. | 6.94 | 4.14 | 5.66 | 5.35 | 6.91 | 4.18 | 5.60 | 5.75 | 6.54 | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
1 Q1 2023 Calculation
Receivables turnover
= (RevenueQ1 2023
+ RevenueQ4 2022
+ RevenueQ3 2022
+ RevenueQ2 2022)
÷ Settlement receivables
= (3,510 + 3,713 + 3,604 + 3,719)
÷ 1,427 = 10.19
2 Click competitor name to see calculations.
The revenue exhibited a generally upward trend from the first quarter of 2019 through the end of 2021, with a significant increase from 2,057 million to 3,672 million US dollars. During 2022, revenue fluctuated moderately between approximately 3,492 and 3,719 million US dollars, showing slight volatility but overall stability. In the first quarter of 2023, revenue decreased to 3,510 million US dollars, indicating a downward movement compared to the previous quarter.
Settlement receivables demonstrated notable volatility across the observed quarters. Initially, the figures fluctuated between 289 and 755 million US dollars in 2019, followed by a steady increase through 2020 and 2021, reaching a peak of 1,217 million at year-end 2021. The upward trend continued more markedly into 2022, culminating in a sharp rise to 2,738 million US dollars in the fourth quarter of 2022. However, in the first quarter of 2023, settlement receivables declined significantly to 1,427 million.
The receivables turnover ratio displayed irregular behavior throughout the period. In early 2019, the ratio ranged from about 24 to 29 times, suggesting a high efficiency in collecting receivables relative to sales. However, during 2019 and especially in 2020, this metric declined substantially, reaching levels as low as approximately 9 times. The downward trend persisted reaching a low point of 5.31 in the last quarter of 2022, signaling a reduced efficiency in converting receivables into cash or potentially an accumulation of outstanding amounts. There was a moderate recovery to 10.19 in the first quarter of 2023.
Overall, the company’s revenue growth was accompanied by increasing settlement receivables, possibly reflecting extended payment terms or delayed collections during certain periods. Meanwhile, the declining receivables turnover suggests a potential challenge in managing credit risk and cash flow efficiency over time, especially evident towards the end of the period analyzed.
- Revenue
- Trend of steady growth from early 2019 to late 2021, moderate fluctuations in 2022, slight decline in early 2023.
- Settlement Receivables
- Marked volatility with an overall upward trend, peaking in late 2022, followed by a sharp decrease in early 2023.
- Receivables Turnover Ratio
- Generally declining efficiency from high levels in 2019 to a low in late 2022, with some recovery in early 2023.
Payables Turnover
Fidelity National Information Services Inc., payables turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cost of revenue | 2,169) | 2,196) | 2,148) | 2,234) | 2,242) | 2,251) | 2,178) | 2,135) | 2,118) | 2,109) | 2,104) | 2,046) | 2,089) | 1,987) | 1,838) | 1,404) | 1,381) | ||||||
| Settlement payables | 5,331) | 6,752) | 5,076) | 5,154) | 5,228) | 5,295) | 5,342) | 4,840) | 4,735) | 4,934) | 4,438) | 4,214) | 3,434) | 4,228) | 4,791) | 792) | 946) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Payables turnover1 | 1.64 | 1.31 | 1.75 | 1.73 | 1.68 | 1.64 | 1.60 | 1.75 | 1.77 | 1.69 | 1.85 | 1.89 | 2.13 | 1.56 | 1.25 | 6.98 | 5.85 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Payables Turnover, Competitors2 | |||||||||||||||||||||||
| Accenture PLC | 17.54 | 16.37 | 16.93 | 17.22 | 16.45 | 15.03 | 16.92 | 17.94 | 20.16 | — | — | — | — | — | — | — | — | ||||||
| Adobe Inc. | 7.21 | 5.71 | 6.66 | 5.53 | 6.54 | 5.98 | 5.40 | 5.60 | 6.76 | 5.63 | 7.62 | 6.00 | 6.52 | — | — | — | — | ||||||
| AppLovin Corp. | 4.37 | 4.60 | 4.40 | 3.90 | 2.83 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| CrowdStrike Holdings Inc. | 39.15 | 8.05 | 47.07 | 15.13 | 75.30 | 19.03 | 27.52 | 17.99 | 24.39 | — | — | — | — | — | — | — | — | ||||||
| Datadog Inc. | 8.95 | 14.77 | 11.48 | 6.02 | 14.07 | 9.27 | 6.00 | 6.10 | 12.46 | — | — | — | — | — | — | — | — | ||||||
| International Business Machines Corp. | 7.44 | 6.87 | 7.35 | 7.40 | 7.69 | 6.54 | 6.71 | 7.47 | 8.35 | — | — | — | — | — | — | — | — | ||||||
| Intuit Inc. | 3.98 | 3.26 | 2.52 | 2.31 | 3.47 | 2.70 | 2.56 | 2.82 | 5.25 | — | — | — | — | — | — | — | — | ||||||
| Microsoft Corp. | 3.88 | 3.30 | 3.74 | 3.76 | 3.70 | 3.44 | 3.77 | 3.80 | 3.73 | — | — | — | — | — | — | — | — | ||||||
| Oracle Corp. | 6.72 | 6.74 | 7.65 | 8.03 | 10.79 | 10.54 | 9.49 | 10.71 | 14.72 | — | — | — | — | — | — | — | — | ||||||
| Palantir Technologies Inc. | 93.11 | 9.12 | 6.58 | 6.53 | 13.10 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Palo Alto Networks Inc. | 14.30 | 13.43 | 14.68 | 12.25 | 14.46 | 22.41 | 16.80 | 25.37 | 21.85 | — | — | — | — | — | — | — | — | ||||||
| ServiceNow Inc. | 7.20 | 5.74 | 7.86 | 5.60 | 8.57 | 15.20 | 19.64 | 11.82 | 9.75 | — | — | — | — | — | — | — | — | ||||||
| Workday Inc. | 12.14 | 25.74 | 28.20 | 24.24 | 25.48 | 15.85 | 21.29 | 19.83 | 31.83 | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
1 Q1 2023 Calculation
Payables turnover
= (Cost of revenueQ1 2023
+ Cost of revenueQ4 2022
+ Cost of revenueQ3 2022
+ Cost of revenueQ2 2022)
÷ Settlement payables
= (2,169 + 2,196 + 2,148 + 2,234)
÷ 5,331 = 1.64
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable patterns and trends across key financial metrics.
- Cost of Revenue
- The cost of revenue showed an upward trajectory from early 2019 through 2021, increasing from approximately 1381 million US dollars in the first quarter of 2019 to a peak exceeding 2250 million US dollars by the end of 2021. This increase indicates growing operational costs potentially linked to expanded business activity or inflationary pressures. From 2022 onward, the cost of revenue demonstrates a slight declining trend, falling from around 2242 million to approximately 2169 million in the first quarter of 2023. This moderation suggests some stabilization or improved cost management in recent periods.
- Settlement Payables
- Settlement payables experienced significant volatility throughout the analyzed timeframe. Initially, values fluctuated modestly between approximately 946 million and 792 million US dollars in early 2019, followed by a substantial spike to nearly 4791 million in the third quarter of 2019. After this peak, there was a fluctuating but generally high level of payables, ranging mostly between 3400 million to over 6700 million US dollars through 2022 and into early 2023. The highest value occurred in the fourth quarter of 2022, indicating a notable increase in liabilities or settlement obligations during that period. This pattern suggests increased operational scale or changes in payment timing, potentially impacting liquidity considerations.
- Payables Turnover Ratio
- The payables turnover ratio exhibits considerable variability over the examined quarters. Early 2019 showed relatively high turnover ratios above 5.5 times, reflecting rapid settlement of payables. However, a sharp decrease occurred in late 2019, reaching lows between 1.25 and 1.56, signaling slower payment cycles or increased outstanding payables. Throughout 2020 and 2021, the ratio fluctuated modestly within a range of approximately 1.6 to 2.1, suggesting a more stable but slower payables management pace compared to early 2019. The ratio dropped notably again to around 1.3 by the end of 2022 but showed some recovery in the first quarter of 2023. Overall, these fluctuations in turnover imply varying operational cash flow dynamics and payment policies over time.
In summary, the data indicates increasing operational costs until late 2021 with some subsequent stabilization, a highly variable but generally elevated level of settlement payables, and a decreasing trend in payables turnover ratio from early 2019 followed by periods of relative stability and minor recovery. These observations suggest evolving working capital management practices and cost dynamics impacting the company's financial position across the analyzed quarters.
Working Capital Turnover
Fidelity National Information Services Inc., working capital turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Current assets | 10,966) | 12,818) | 10,593) | 10,706) | 10,145) | 10,708) | 10,011) | 9,438) | 9,105) | 9,898) | 9,934) | 8,600) | 8,346) | 8,692) | 9,325) | 12,505) | 3,611) | ||||||
| Less: Current liabilities | 14,728) | 16,224) | 13,671) | 15,528) | 13,777) | 14,466) | 12,627) | 11,494) | 11,208) | 12,361) | 12,775) | 12,117) | 7,926) | 10,382) | 10,901) | 4,170) | 3,521) | ||||||
| Working capital | (3,762) | (3,406) | (3,078) | (4,822) | (3,632) | (3,758) | (2,616) | (2,056) | (2,103) | (2,463) | (2,841) | (3,517) | 420) | (1,690) | (1,576) | 8,335) | 90) | ||||||
| Revenue | 3,510) | 3,713) | 3,604) | 3,719) | 3,492) | 3,672) | 3,507) | 3,475) | 3,223) | 3,315) | 3,197) | 2,962) | 3,078) | 3,342) | 2,822) | 2,112) | 2,057) | ||||||
| Short-term Activity Ratio | |||||||||||||||||||||||
| Working capital turnover1 | — | — | — | — | — | — | — | — | — | — | — | — | 27.03 | — | — | 1.01 | 93.49 | ||||||
| Benchmarks | |||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | |||||||||||||||||||||||
| Accenture PLC | 14.81 | 15.07 | 13.41 | 15.55 | 15.85 | 12.77 | 7.71 | 8.35 | 7.70 | — | — | — | — | — | — | — | — | ||||||
| Adobe Inc. | 19.89 | 20.28 | 16.36 | 31.92 | 57.86 | 9.09 | 6.22 | 7.44 | 8.67 | 4.89 | 5.51 | 8.11 | 9.50 | — | — | — | — | ||||||
| AppLovin Corp. | 2.03 | 2.07 | 2.27 | 2.49 | 1.86 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Cadence Design Systems Inc. | 7.12 | 9.92 | 8.31 | 5.34 | 4.07 | 4.01 | 4.68 | 5.45 | 5.03 | — | — | — | — | — | — | — | — | ||||||
| CrowdStrike Holdings Inc. | 1.32 | 1.25 | 1.15 | 1.02 | 0.95 | 0.61 | 1.19 | 0.92 | 0.81 | — | — | — | — | — | — | — | — | ||||||
| Datadog Inc. | 1.06 | 1.06 | 1.02 | 0.95 | 0.85 | 0.77 | 0.68 | 0.61 | 0.47 | — | — | — | — | — | — | — | — | ||||||
| International Business Machines Corp. | 12.14 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Intuit Inc. | 10.83 | 8.98 | 5.68 | 21.87 | 4.39 | 3.85 | 3.40 | 5.45 | 1.74 | — | — | — | — | — | — | — | — | ||||||
| Microsoft Corp. | 2.77 | 2.66 | 2.52 | 1.91 | 1.88 | 1.76 | 1.71 | 1.44 | 1.37 | — | — | — | — | — | — | — | — | ||||||
| Oracle Corp. | — | 3.50 | 3.86 | 3.39 | 1.70 | 1.29 | 1.69 | 1.58 | 1.26 | — | — | — | — | — | — | — | — | ||||||
| Palantir Technologies Inc. | 0.75 | 0.78 | 0.81 | 0.78 | 0.73 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Palo Alto Networks Inc. | — | — | — | — | — | — | 3.52 | — | 2.15 | — | — | — | — | — | — | — | — | ||||||
| Salesforce Inc. | 54.57 | 24.95 | 27.10 | — | 4.36 | 5.11 | 7.48 | 10.29 | 9.75 | — | — | — | — | — | — | — | — | ||||||
| ServiceNow Inc. | 7.83 | 11.16 | 6.63 | 11.21 | 10.61 | 21.76 | 11.15 | 16.31 | 5.62 | — | — | — | — | — | — | — | — | ||||||
| Synopsys Inc. | 17.05 | 21.34 | 14.02 | 7.78 | 9.47 | 10.65 | 9.50 | 9.18 | 16.88 | 9.00 | 27.06 | — | — | — | — | — | — | ||||||
| Workday Inc. | 2.03 | 35.15 | 11.69 | 24.99 | — | 8.31 | 12.50 | 3.44 | 5.62 | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
1 Q1 2023 Calculation
Working capital turnover
= (RevenueQ1 2023
+ RevenueQ4 2022
+ RevenueQ3 2022
+ RevenueQ2 2022)
÷ Working capital
= (3,510 + 3,713 + 3,604 + 3,719)
÷ -3,762 = —
2 Click competitor name to see calculations.
The financial data reveals notable fluctuations in several key metrics over the observed periods. Working capital exhibits a high degree of volatility, alternating between positive and negative values. Initially, the working capital was relatively moderate at 90 million USD but surged substantially to 8,335 million USD in the second quarter of 2019 before declining sharply into negative territory from the third quarter of 2019 onward. This negative trend in working capital persisted, reaching its lowest points in the mid-2022 quarters, indicating possible challenges in managing current assets and liabilities efficiently.
Revenue demonstrates a steady upward trend with intermittent fluctuations across the quarters. Starting at 2,057 million USD in the first quarter of 2019, revenue increased overall with some variations, peaking around the end of 2021 and mid-2022 at just over 3,700 million USD before slightly declining in the first quarter of 2023. This pattern suggests growth in business operations despite short-term variability likely impacted by external factors.
The working capital turnover ratio is provided for a limited number of periods only. It begins at an exceptionally high value of 93.49 in the first quarter of 2019, which appears to be an outlier. For the remaining data points, the ratio is mostly missing except for a value of 1.01 in the second quarter of 2019 and 27.03 in the first quarter of 2020. This inconsistency in data prevents comprehensive trend analysis for this ratio, but the available values indicate considerable fluctuations in how efficiently the working capital is used to generate revenue during certain periods.
- Working Capital Analysis
- The shift from high positive working capital early in 2019 to a mostly negative position from late 2019 through 2023 suggests increased short-term liabilities relative to current assets. Persistent negative working capital may signal liquidity pressures or strategic changes in managing current assets and liabilities.
- Revenue Trends
- Revenue growth with some volatility indicates expanding operations overall. Peaks towards the end of 2021 and mid-2022 suggest periods of strong performance, although the slight dip in early 2023 could signal emerging challenges or seasonal fluctuations.
- Working Capital Turnover Ratio
- The sporadic availability of this ratio and extreme variation in values limit interpretability. Early 2019's extremely high reading could be a data anomaly or reflect unusual conditions. The generally low and inconsistent figures thereafter prevent clear conclusions on operational efficiency related to working capital.
In summary, the company shows revenue growth amidst significant and persistent working capital challenges, which may warrant closer attention to liquidity management and short-term financial strategies. The data hints at operational expansion but also potential risks associated with current asset and liability management.
Average Receivable Collection Period
Fidelity National Information Services Inc., average receivable collection period calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||
| Receivables turnover | 10.19 | 5.31 | 9.12 | 9.57 | 10.24 | 11.40 | 17.77 | 18.12 | 18.06 | 18.96 | 16.25 | 14.63 | 14.75 | 15.97 | 12.13 | 29.13 | 24.32 | ||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||
| Average receivable collection period1 | 36 | 69 | 40 | 38 | 36 | 32 | 21 | 20 | 20 | 19 | 22 | 25 | 25 | 23 | 30 | 13 | 15 | ||||||
| Benchmarks (no. days) | |||||||||||||||||||||||
| Average Receivable Collection Period, Competitors2 | |||||||||||||||||||||||
| Adobe Inc. | 37 | 43 | 37 | 35 | 38 | 43 | 37 | 37 | 41 | 40 | 39 | 41 | 43 | — | — | — | — | ||||||
| AppLovin Corp. | 80 | 91 | 84 | 86 | 89 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Cadence Design Systems Inc. | 48 | 50 | 42 | 44 | 42 | 41 | 40 | 49 | 51 | — | — | — | — | — | — | — | — | ||||||
| CrowdStrike Holdings Inc. | 82 | 93 | 80 | 85 | 77 | 100 | 83 | 83 | 93 | — | — | — | — | — | — | — | — | ||||||
| Datadog Inc. | 75 | 87 | 83 | 82 | 84 | 95 | 93 | 90 | 84 | — | — | — | — | — | — | — | — | ||||||
| International Business Machines Corp. | 35 | 39 | 33 | 36 | 37 | 43 | 40 | 38 | 34 | — | — | — | — | — | — | — | — | ||||||
| Intuit Inc. | 11 | 13 | 21 | 28 | 15 | 15 | 23 | 22 | 5 | — | — | — | — | — | — | — | — | ||||||
| Microsoft Corp. | 56 | 81 | 62 | 66 | 57 | 83 | 60 | 65 | 57 | — | — | — | — | — | — | — | — | ||||||
| Oracle Corp. | 49 | 51 | 40 | 39 | 40 | 49 | 43 | 41 | 43 | — | — | — | — | — | — | — | — | ||||||
| Palantir Technologies Inc. | 47 | 49 | 68 | 56 | 57 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Palo Alto Networks Inc. | 78 | 142 | 88 | 72 | 65 | 106 | 70 | 65 | 69 | — | — | — | — | — | — | — | — | ||||||
| Salesforce Inc. | 52 | 134 | 59 | 63 | 52 | 134 | 60 | 65 | 62 | — | — | — | — | — | — | — | — | ||||||
| ServiceNow Inc. | 53 | 87 | 47 | 47 | 48 | 86 | 51 | 55 | 49 | — | — | — | — | — | — | — | — | ||||||
| Synopsys Inc. | 73 | 57 | 50 | 55 | 84 | 49 | 52 | 56 | 75 | 77 | 66 | 68 | 86 | — | — | — | — | ||||||
| Workday Inc. | 53 | 88 | 65 | 68 | 53 | 87 | 65 | 63 | 56 | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
1 Q1 2023 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 10.19 = 36
2 Click competitor name to see calculations.
- Receivables Turnover
- The receivables turnover displayed notable volatility over the analyzed periods. Initially, it saw an increase from 24.32 to a peak of 29.13, indicating improved efficiency in collecting receivables. However, this was followed by a sharp decline to 12.13 in the third quarter of 2019, suggesting a slowdown in collections. From the end of 2019 through most of 2020, turnover ratios fluctuated moderately between 14.63 and 18.96, signaling somewhat stabilized collection efficiency. Entering 2021, turnover ratios remained relatively steady around 17–18 but then experienced a significant decline in the final quarter of 2021 to 11.4 and further dropped to a low of 5.31 by the end of 2022. The most recent quarter saw a partial recovery to 10.19, yet this remains considerably lower than earlier periods, indicating a reduction in the pace at which receivables are collected compared to prior years.
- Average Receivable Collection Period
- The average receivable collection period inversely mirrors the turnover trend and revealed corresponding fluctuations. Early periods featured a low collection period at 13–15 days, indicating rapid turnover. However, this metric rose sharply to 30 days by the third quarter of 2019, reflecting slower collections consistent with the turnover decline. Throughout 2020, the collection period stabilized between 19 and 25 days, corresponding with the more moderate turnover ratios. During 2021, this period lingered around 20 to 21 days before increasing sharply to 32 days in the last quarter of the year and continuing to rise throughout 2022, peaking at 69 days by the end of the year. The subsequent quarter showed a notable improvement, dropping to 36 days, yet this represents a significantly longer collection timeframe than in earlier years, suggesting increased challenges in receivable collections or potential changes in credit policy or customer payment behavior.
- Overall Insights
- The trends in both receivables turnover and average collection period indicate a deterioration in the efficiency of receivables management over the analyzed timeframe, particularly from late 2021 onward. The substantial increase in collection days coupled with the decline in turnover ratio suggests that receivables are remaining outstanding longer, which may impact liquidity. The partial recovery seen in the most recent quarter is a positive sign but does not return to prior performance levels.
Average Payables Payment Period
Fidelity National Information Services Inc., average payables payment period calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||||||||
| Payables turnover | 1.64 | 1.31 | 1.75 | 1.73 | 1.68 | 1.64 | 1.60 | 1.75 | 1.77 | 1.69 | 1.85 | 1.89 | 2.13 | 1.56 | 1.25 | 6.98 | 5.85 | ||||||
| Short-term Activity Ratio (no. days) | |||||||||||||||||||||||
| Average payables payment period1 | 222 | 279 | 209 | 211 | 217 | 223 | 228 | 209 | 206 | 216 | 197 | 193 | 171 | 233 | 291 | 52 | 62 | ||||||
| Benchmarks (no. days) | |||||||||||||||||||||||
| Average Payables Payment Period, Competitors2 | |||||||||||||||||||||||
| Accenture PLC | 21 | 22 | 22 | 21 | 22 | 24 | 22 | 20 | 18 | — | — | — | — | — | — | — | — | ||||||
| Adobe Inc. | 51 | 64 | 55 | 66 | 56 | 61 | 68 | 65 | 54 | 65 | 48 | 61 | 56 | — | — | — | — | ||||||
| AppLovin Corp. | 84 | 79 | 83 | 94 | 129 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| CrowdStrike Holdings Inc. | 9 | 45 | 8 | 24 | 5 | 19 | 13 | 20 | 15 | — | — | — | — | — | — | — | — | ||||||
| Datadog Inc. | 41 | 25 | 32 | 61 | 26 | 39 | 61 | 60 | 29 | — | — | — | — | — | — | — | — | ||||||
| International Business Machines Corp. | 49 | 53 | 50 | 49 | 47 | 56 | 54 | 49 | 44 | — | — | — | — | — | — | — | — | ||||||
| Intuit Inc. | 92 | 112 | 145 | 158 | 105 | 135 | 142 | 129 | 70 | — | — | — | — | — | — | — | — | ||||||
| Microsoft Corp. | 94 | 111 | 98 | 97 | 99 | 106 | 97 | 96 | 98 | — | — | — | — | — | — | — | — | ||||||
| Oracle Corp. | 54 | 54 | 48 | 45 | 34 | 35 | 38 | 34 | 25 | — | — | — | — | — | — | — | — | ||||||
| Palantir Technologies Inc. | 4 | 40 | 55 | 56 | 28 | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Palo Alto Networks Inc. | 26 | 27 | 25 | 30 | 25 | 16 | 22 | 14 | 17 | — | — | — | — | — | — | — | — | ||||||
| ServiceNow Inc. | 51 | 64 | 46 | 65 | 43 | 24 | 19 | 31 | 37 | — | — | — | — | — | — | — | — | ||||||
| Workday Inc. | 30 | 14 | 13 | 15 | 14 | 23 | 17 | 18 | 11 | — | — | — | — | — | — | — | — | ||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 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).
1 Q1 2023 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 1.64 = 222
2 Click competitor name to see calculations.
- Payables Turnover Ratio
- The payables turnover ratio shows a significant decline from the first half of 2019 to the end of 2019. Initially, the ratio was quite high, peaking at 6.98 in the second quarter of 2019, before sharply dropping to 1.25 in the third quarter and remaining low through subsequent periods. From 2020 through early 2023, the ratio stabilized at a lower range, mostly fluctuating between approximately 1.3 and 1.8. The lowest point observed was 1.31 in the first quarter of 2023, suggesting potentially slower payments to suppliers or extended credit terms during this time.
- Average Payables Payment Period (Number of Days)
- The average payables payment period moved inversely to the payables turnover ratio, starting with relatively short periods in early 2019 at around 52–62 days. However, there was a sharp increase in the third and fourth quarters of 2019, with payment periods extending to 291 and 233 days, respectively. This lengthened payment period indicates delayed payments or longer credit extensions. From 2020 onwards, the period generally remained elevated and relatively stable, fluctuating between approximately 170 and 230 days, with a notable spike to 279 days in the first quarter of 2023. This suggests that the company consistently took a longer time to settle its payables over the last few years analyzed.
- Summary and Insights
- The data illustrates a clear shift from faster payments in the early part of 2019 toward much slower payments starting in the third quarter of the same year. The prolonged average payment period and correspondingly low payables turnover ratio suggest a strategic or situational move toward extending payment terms with suppliers. This pattern remained consistent through the subsequent years up to early 2023, with minor fluctuations but no return to the high turnover rates or low payment periods seen in early 2019. The increase in the payment period in the first quarter of 2023 to 279 days, accompanied by a decrease in turnover ratio, could indicate temporary liquidity management decisions or changes in vendor agreements.