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)
Las Vegas Sands Corp., short-term (operating) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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), 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).
The analysis of the quarterly financial data reveals several notable trends in the operational efficiency ratios and cycle periods over the reported periods.
- Inventory Turnover
- The inventory turnover ratio showed a downward trend from a high of approximately 212.94 in September 2019 to around 81.5 by March 2021, indicating a slowdown in inventory movement. Subsequently, there was a gradual recovery, reaching 126.8 by September 2023, suggesting improved inventory management in the later periods.
- Receivables Turnover
- This ratio exhibited some volatility but generally fluctuated between 15 and 27 throughout the period. Notably, there was a peak near 26.18 in September 2021, followed by a decline and another increase towards 21.98 in September 2023. The fluctuations suggest variable efficiency in collecting receivables over time.
- Payables Turnover
- The payables turnover ratio increased sharply from 39.18 in March 2019 to above 73 in mid-2020, indicating faster payments to suppliers during that timeframe. However, it then steadily decreased to the high 20s by the latter part of 2023, suggesting slower payment cycles in recent quarters.
- Working Capital Turnover
- Working capital turnover peaked at 11.06 in June 2020 but then dropped significantly, falling to lows near 0.81 by June 2022. Thereafter, it showed a moderate improvement, reaching 4.14 by September 2023. These movements indicate varying efficiency in using working capital to generate sales, with marked inefficiencies during 2021 and early 2022.
- Average Inventory Processing Period
- The average number of days to process inventory was quite stable, mostly ranging between 2 and 4 days. This steadiness shows consistent inventory holding and turnover times across the periods.
- Average Receivable Collection Period
- Receivable collection days fluctuated from around 13 to 34 days. The period peaked around 34 days in March 2021, indicating a slower collection phase, while the shortest collection periods occurred near 13 to 14 days in mid-2021, indicating improved collections efficiency during that time.
- Operating Cycle
- The operating cycle lengthened from 21 days in early 2019 to a peak of 38 days by March 2021, reflecting increasing time required to convert inventory and receivables into cash. Following this peak, the cycle shortened progressively to about 20 days by September 2023, pointing to enhanced operational efficiency.
- Average Payables Payment Period
- Payment periods to suppliers showed variability, initially around 7 to 9 days, decreasing to 5 days by mid-2020, then lengthening again to around 14 days in late 2021 and early 2022. In the most recent periods, this stabilized around 12 to 14 days, signifying moderate elongation in payables duration.
- Cash Conversion Cycle
- The cash conversion cycle expanded from 12 to 24 days between 2019 and early 2021, suggesting a longer duration between cash outflows and inflows. After reaching a low of 6 days in late 2021, it experienced some increase but remained under 15 days, indicating an overall improvement in cash flow management relative to earlier periods.
Turnover Ratios
Average No. Days
Inventory Turnover
Las Vegas Sands Corp., inventory turnover calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Cost of revenues | ||||||||||||||||||||||||||||||
| Inventories | ||||||||||||||||||||||||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||||||||
| Inventory turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Inventory Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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), 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 2023 Calculation
Inventory turnover
= (Cost of revenuesQ3 2023
+ Cost of revenuesQ2 2023
+ Cost of revenuesQ1 2023
+ Cost of revenuesQ4 2022)
÷ Inventories
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Cost of Revenues
- The cost of revenues displayed a generally stable pattern from early 2018 through 2019, fluctuating between approximately 1,600 and 1,800 million US dollars each quarter. However, a significant decline is noted starting in the first quarter of 2020, coinciding with the onset of widespread global economic disruptions. The lowest point occurred in the second quarter of 2020, with costs dropping sharply to 372 million US dollars. Following this trough, there was a gradual increase in cost of revenues throughout the remainder of 2020 and into 2021. The upward trend continued into 2022 and 2023, with costs rising substantially and reaching levels in 2023 close to or exceeding those observed in pre-2020 periods.
- Inventories
- Inventory levels showed a slight declining trend from the beginning of 2018 until the end of 2020, moving from mid-40s to low-20s in millions of US dollars. Starting in 2021, inventory levels stabilized somewhat in the low 20s, with minor fluctuations quarter over quarter. There was a modest upward movement in inventory levels observed in 2023, with values increasing from 28 million to 35 million US dollars by the third quarter.
- Inventory Turnover Ratio
- The inventory turnover ratio was highest from early 2019 through late 2019, peaking around 213 times per year, indicating efficient inventory management and rapid turnover. Beginning in early 2020, a marked decline in the ratio is evident, falling steeply to a low of approximately 82 by late 2020. This decline corresponds with the period of reduced cost of revenues and suggests slower inventory movement possibly due to operational disruptions. In 2021 and beyond, the ratio shows a recovery trend, improving to over 120 by late 2021 and sustaining levels above 100 in subsequent quarters. By 2023, the ratio reaches approximately 127, indicating a return to relatively higher inventory efficiency compared to the Covid-impacted period.
- Overall Trends and Insights
- The data reflect significant impacts beginning in early 2020, evidenced by decreased cost of revenues and reduced inventory turnover, likely due to external market disruptions. Inventory levels remained relatively stable throughout this period, suggesting consistent inventory hold despite fluctuating sales or cost basis. Recovery in operational efficiency is indicated by increasing cost of revenues and improving inventory turnover ratios starting in 2021 and continuing through 2023. The increase in cost of revenues along with rising inventory turnover in recent quarters suggests a rebound in sales activity and operational normalization.
Receivables Turnover
Las Vegas Sands Corp., receivables turnover calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Accounts receivable, net of provision for credit losses | ||||||||||||||||||||||||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||||||||
| Receivables turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Receivables Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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), 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 2023 Calculation
Receivables turnover
= (Net revenuesQ3 2023
+ Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022)
÷ Accounts receivable, net of provision for credit losses
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several important trends in net revenues, accounts receivable, and receivables turnover over the period from the first quarter of 2018 to the third quarter of 2023.
- Net Revenues
- Net revenues exhibit a generally stable pattern from 2018 through 2019, with quarterly values mostly fluctuating between approximately 3,200 and 3,650 million USD. However, a sharp decline is observed beginning in the first quarter of 2020, coinciding with the global impact of the COVID-19 pandemic, as revenues drop abruptly to 1,782 million USD in Q1 2020 and then to a low of 98 million USD in Q2 2020. A gradual recovery trend is evident from Q3 2020 onwards, with revenues increasing steadily each quarter. By the third quarter of 2023, net revenues have risen to 2,795 million USD, indicating a partial but incomplete recovery to pre-pandemic revenue levels.
- Accounts Receivable, Net
- Accounts receivable followed an increasing trend from 587 million USD in Q1 2018 to a peak of 844 million USD by Q4 2019, suggesting growth in outstanding customer balances during this period. A decline is seen during the pandemic onset period, with values dropping from 653 million USD in Q1 2020 to 338 million USD by Q4 2020, reflecting reduced sales activity and tighter credit management. Subsequently, accounts receivable remain comparatively lower and fluctuate moderately in the range of approximately 147 to 390 million USD between 2021 and 2023, indicating more conservative receivables management or lower credit sales relative to previous years.
- Receivables Turnover
- The receivables turnover ratio, available starting from Q1 2019, generally indicates efficient collection of receivables during normal periods, with values mostly ranging from about 18 to 27. A notable dip occurs in Q4 2020, where the ratio falls to 10.69, coinciding with the pandemic’s disruption and likely reflecting slower collections or changes in credit terms. Post-pandemic quarters show recovery and improvement in turnover ratios, frequently exceeding values of 20, reaching as high as 27.08 in Q2 2022, suggesting a return to more effective receivables management and faster collection cycles.
Overall, the data depicts the significant impact of the COVID-19 pandemic on revenue and credit metrics, followed by a gradual recovery phase characterized by improving revenues and receivable management. Despite these improvements, net revenues as of the latest quarters remain below pre-pandemic levels, while receivables turnover has shown strength, implying tighter credit controls or faster cash collections compared to the earlier pre-pandemic periods.
Payables Turnover
Las Vegas Sands Corp., payables turnover calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Cost of revenues | ||||||||||||||||||||||||||||||
| Accounts payable | ||||||||||||||||||||||||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||||||||
| Payables turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Payables Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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), 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 2023 Calculation
Payables turnover
= (Cost of revenuesQ3 2023
+ Cost of revenuesQ2 2023
+ Cost of revenuesQ1 2023
+ Cost of revenuesQ4 2022)
÷ Accounts payable
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The cost of revenues over the periods demonstrates fluctuations with a general downward trend from early 2018 through 2020, followed by a recovery and increase into 2023. Initially, values ranged around the mid-1700 million US dollars, decreasing significantly in 2020 to a low near 372 million in the second quarter, coinciding with potential external challenges. Subsequently, a gradual increase is observed, reaching higher levels above 1300 million by the third quarter of 2023, indicating a possible recovery or expansion phase.
Accounts payable exhibit a moderate variation across the timeline. Starting with values around 150 million US dollars, there is a modest decline into 2020, followed by fluctuations without a distinct upward or downward long-term trend. The values peak again towards 2023, reaching around 150 million, suggesting cyclical behavior in payment obligations possibly linked to operational scale changes.
The payables turnover ratio shows notable volatility. Initial data points start at relatively high ratios in 2018 and 2019, exceeding 40 and reaching peaks above 70 in mid-2020, reflecting a faster turnover of payables during that period. Post-2020, the ratio declines, stabilizing around the mid to high 20s by 2023. This decrease implies a slower payment cycle more recently, possibly as a consequence of changes in credit terms or cash management practices.
Overall, the data reveals a significant impact on cost structures and payment cycles around 2020, with a pronounced dip in expenses and a surge in payables turnover ratio. After this period, gradual normalization with increasing costs and adjustment in payment turnover dynamics is evident, pointing toward recovery and adaptation in financial operations.
Working Capital Turnover
Las Vegas Sands Corp., working capital turnover calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | 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 | ||||||||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||||||||
| Working capital turnover1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Working Capital Turnover, Competitors2 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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), 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 2023 Calculation
Working capital turnover
= (Net revenuesQ3 2023
+ Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022)
÷ Working capital
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the provided quarterly financial data reveals several key trends regarding liquidity, revenue generation, and operational efficiency over the analyzed periods.
- Working Capital
- The working capital figures demonstrate notable fluctuation throughout the quarters. Initially, from March 2018 to December 2019, there is a general decreasing trend from a peak at June 2018, reaching a low in September 2019, followed by a modest recovery in December 2019. However, starting from the onset of 2020, the working capital sharply declines, hitting particularly low points in December 2020. A significant recovery is observed in the first quarters of 2021 and 2022, with working capital reaching its highest values in March and June 2022. Subsequently, the figures decline again by September and December 2022, with a small uptick during the first three quarters of 2023 but remaining below the earlier peak values. This variability suggests volatility in the company's short-term financial health and liquidity management.
- Net Revenues
- Net revenues exhibit a relatively stable pattern between 2018 and 2019, consistently ranging around 3,200 to 3,600 million USD. However, there is a dramatic decline beginning in March 2020, coinciding with a reduction in working capital — revenues fall to a low of 98 million USD in June 2020, reflecting a substantial operational impact in that quarter. From the latter part of 2020 through 2023, net revenues gradually recover, demonstrating a steady increase each quarter, reaching levels above 2,500 million USD by mid-2023, though still below the pre-2020 range. This trajectory indicates the company faced a significant downturn but has been on a path to recovery.
- Working Capital Turnover
- This ratio, which measures revenue efficiency relative to working capital, is available only from December 2018 onward. The turnover ratio shows a rising trend from December 2018 (5.7) to December 2019 (6.6), then it surges sharply to 11.06 in March 2020 before decreasing again in the subsequent quarters of 2020. This spike in early 2020 likely reflects the sharp drop in working capital more than the increase in revenues. From early 2021 through 2022, the turnover ratio declines to below 1.0 and remains relatively low, suggesting that revenues generated per unit of working capital decreased substantially during this time. Starting from March 2023, the ratio climbs again, recovering to 4.14 by September 2023, indicating improved efficiency in capital utilization aligning with the recovery in net revenues.
In summary, the company experienced significant volatility in working capital and revenues from 2018 through mid-2020, with the most severe impact evident during 2020. Post-2020, both working capital and net revenues exhibit a recovery trend, although not yet reaching the highs of the pre-2020 period. The working capital turnover ratio reflects these dynamics, initially peaking due to decreased working capital, then dropping during the recovery years, and rising again as both revenues and working capital regain strength. Overall, the data suggest resilience and gradual operational stabilization following a period of financial stress.
Average Inventory Processing Period
Las Vegas Sands Corp., average inventory processing period calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||||||||
| Inventory turnover | ||||||||||||||||||||||||||||||
| Short-term Activity Ratio (no. days) | ||||||||||||||||||||||||||||||
| Average inventory processing period1 | ||||||||||||||||||||||||||||||
| Benchmarks (no. days) | ||||||||||||||||||||||||||||||
| Average Inventory Processing Period, Competitors2 | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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), 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 2023 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The inventory turnover ratio demonstrates notable fluctuations over the reported periods, indicating variability in the efficiency of inventory management. Commencing in March 2019, the ratio is relatively high at 199.26, reaching a peak in September 2019 at 212.94. Following this peak, the ratio gradually declines through 2020, reaching a low point of 81.5 in the first quarter of 2021. This decline suggests a reduction in the frequency with which inventory is sold and replaced, potentially reflecting changes in demand or inventory control challenges during this timeframe.
From early 2021 onward, the turnover ratio shows a recovery trend, increasing to 124.77 by the last quarter of 2021 and fluctuating moderately around this range through 2022 and 2023. The most recent data indicate a rising trend, with the ratio reaching 126.8 in September 2023, although still below earlier peak levels in 2019. This recovery could suggest improvements in inventory management or market conditions, though the level remains moderate compared to the highest historical values.
The average inventory processing period complements the turnover ratio analysis. It remains consistently low, starting at 2 days from March to September 2019, then increasing slightly to 3 or 4 days during 2020 and onwards. The increase in processing days correlates with the observed drop in inventory turnover ratio during 2020 and 2021, reflecting a longer duration to sell inventory.
Despite the slight increase in processing days in some periods, the company maintains a relatively short average inventory processing period overall, generally between 2 and 4 days. This short duration indicates efficient inventory handling, though the upward deviation in certain quarters suggests occasional slowdown in inventory turnover reflecting external market pressures or operational adjustments.
- Inventory Turnover Ratio
- High in 2019 with a peak above 212, followed by a significant decline through 2020, hitting the lowest point at 81.5 in early 2021.
- Recovering trend visible from 2021 through 2023, reaching about 127 in the latest period, but not regaining peak levels of 2019.
- Average Inventory Processing Period
- Steady at 2 days during 2019, increasing to 3–4 days in 2020 onward, indicating a longer time to process inventory during the pandemic period.
- Remains relatively short overall, signifying generally efficient inventory management practices with some temporal extensions aligned with turnover rate fluctuations.
Average Receivable Collection Period
Las Vegas Sands Corp., average receivable collection period calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | 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 | ||||||||||||||||||||||||||||||
| Airbnb Inc. | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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), 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 2023 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The receivables turnover ratio displays notable fluctuations over the analyzed quarters. Starting at 18.91 in the quarter ending March 31, 2018, the ratio slightly declines to 18.1 by December 31, 2018, followed by a more pronounced drop to 15.24 by September 30, 2020. Subsequently, it reaches a low of 10.69 in March 31, 2021, indicating a period of reduced efficiency in receivables collection. However, the ratio improves significantly afterward, peaking at 27.08 in December 31, 2021, before gradually declining again to 15.39 by December 31, 2022. The turnover ratio rebounds toward the most recent periods, rising to 21.98 by September 30, 2023. This pattern suggests periods of both challenges and improvements in managing receivables.
The average receivable collection period, expressed in days, inversely mirrors the turnover ratio trends. Initially stable at 19-20 days through 2018 and early 2019, it increases to a peak of 34 days in March 2021, corresponding with the trough in the turnover ratio. This spike indicates slower collection during that period. Following this, the collection period decreases sharply to 14 days in June and September 2021, reflecting improved efficiency. It then fluctuates moderately between 13 and 19 days through 2022 into early 2023, before improving to 17-18 days by the most recent quarter. These dynamics reveal some volatility in the collection efficiency, with a notable deterioration during the pandemic onset and recovery phases.
- Receivables turnover ratio
- Shows a downward trend from early 2018 to early 2021, reaching a low point, then recovers strongly through late 2021, followed by moderate declines and recent improvements.
- Average receivable collection period
- Exhibits an inverse pattern to turnover, with stable durations initially, a sharp increase up to 34 days around early 2021, and subsequent reduction and stabilization in the following quarters.
- Insights
- The data suggests a period of operational difficulties in receivables management around early 2021, possibly linked to external factors. Post-2021, there is a clear recovery and improved effectiveness in receivables collection. Despite fluctuations, recent quarters indicate a favorable trend towards shorter collection periods and higher turnover ratios, pointing to enhanced liquidity management in receivables.
Operating Cycle
Las Vegas Sands Corp., operating cycle calculation (quarterly data)
No. days
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||||||||
| Average inventory processing period | ||||||||||||||||||||||||||||||
| Average receivable collection period | ||||||||||||||||||||||||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||||||||
| Operating cycle1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Operating Cycle, Competitors2 | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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), 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 2023 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= + =
2 Click competitor name to see calculations.
The analysis of the financial periods reveals several trends in the company's working capital management, particularly in inventory processing, receivable collection, and the overall operating cycle.
- Average Inventory Processing Period
- The inventory processing period remained stable at 2 days from March 2019 through June 2020, indicating consistent inventory turnover during this time. However, a slight increase to 3 days occurred starting September 2020, with a peak at 4 days observed in March 2021 and repeated again in September and December 2022. Despite these minor fluctuations, the inventory period generally remained low and stable, suggesting efficient inventory handling with no substantial delays.
- Average Receivable Collection Period
- The receivable collection period showed more volatility compared to inventory processing. From March 2019 through December 2019, it remained steady at around 19-20 days. There was a notable increase starting March 2020, peaking at 34 days in March 2021. This spike indicates slower collection of receivables, possibly reflecting external economic challenges or changes in credit policies during that period. After the peak, the collection period decreased significantly to 14 days in March and June 2021, suggesting an improvement in receivables management. The latter periods show a moderate increase again, ranging mostly between 15 to 24 days, indicating fluctuating but generally improved collection efficiency compared to the peak.
- Operating Cycle
- The operating cycle mirrors the combined trends of inventory processing and receivable collection periods. It was stable around 21-22 days between March 2019 and December 2019. Following that, a noticeable extension to a peak of 38 days occurred in March 2021, largely due to the lengthened receivable collection period. Post-peak, the operating cycle shortens significantly to 16-20 days for the subsequent quarters in 2021 and early 2022, reflecting improved operational efficiency. From mid-2022 onwards, the operating cycle shows a moderate rise, ranging between 21 to 28 days, which aligns with the slight increases observed in both inventory processing and receivables collection periods.
Overall, the period around early 2021 stands out as a time of operational strain, with increased delays particularly in receivables collection, adversely impacting the operating cycle. Subsequent quarters indicate a recovery towards more efficient processes, although some variability persists. Maintaining low days in inventory processing throughout indicates generally effective inventory management regardless of fluctuations in receivables and overall cycle.
Average Payables Payment Period
Las Vegas Sands Corp., average payables payment period calculation (quarterly data)
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | 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 | ||||||||||||||||||||||||||||||
| Booking Holdings Inc. | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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), 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 2023 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ =
2 Click competitor name to see calculations.
The payables turnover ratio exhibits notable fluctuations over the observed periods. Initially, from March 31, 2019, to December 31, 2019, the ratio increased from 39.18 to 50.92, indicating a higher frequency of accounts payable turnover which may suggest improved payment efficiency or negotiating shorter payment terms. Subsequently, in 2020, there is a significant rise, peaking at over 73 in the second and third quarters, which could reflect accelerated payments or variations in payable management during this period. Following this peak, a declining trend occurs through 2021 and into 2023, with the ratio falling to around 27 to 29, signifying a slowing turnover rate and potentially extended payment periods to suppliers or changes in operational cash flow management.
The average payables payment period inversely mirrors the trends observed in the payables turnover ratio. Starting at 9 days in March 2019, it decreases to 7 days by September 2019, consistent with the increasing turnover ratio at that time. In 2020, corresponding to the peak turnover, the payment period shortens notably to 5 days during mid-year quarters, reflecting faster payments to creditors. The trend reverses afterward, with the payment period extending to between 10 and 14 days through 2021 and 2022, and remaining in the range of 12 to 14 days into 2023. This extension suggests a relaxation of payment terms or a strategy to conserve cash by delaying payments, aligning with the observed decrease in turnover ratios.
Overall, the data suggests a period of aggressive payment cycles in 2019 and 2020 with rapid turnover of payables and shorter payment periods, followed by a shift toward extended payment durations and reduced turnover from 2021 onwards. These patterns may reflect changes in company policy, cash flow management strategies, or external economic conditions influencing supplier payment practices.
- Payables Turnover Ratio
- Increased from 39.18 in March 2019 to a high of approximately 73 in mid-2020, then declined steadily to around 27-29 by mid-2023.
- Average Payables Payment Period
- Initially decreased to 5 days in mid-2020 during the high turnover period, then increased to roughly 12-14 days from 2021 through 2023.
- Interpretation
- Early periods reflect a strategy of rapid supplier payments and efficient payables turnover, shifting later to longer payment periods and slower turnover, possibly indicating a more conservative cash management approach.
Cash Conversion Cycle
Las Vegas Sands Corp., cash conversion cycle calculation (quarterly data)
No. days
| Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||||||||||||||||
| Average inventory processing period | ||||||||||||||||||||||||||||||
| Average receivable collection period | ||||||||||||||||||||||||||||||
| Average payables payment period | ||||||||||||||||||||||||||||||
| Short-term Activity Ratio | ||||||||||||||||||||||||||||||
| Cash conversion cycle1 | ||||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Cash Conversion Cycle, Competitors2 | ||||||||||||||||||||||||||||||
| Chipotle Mexican Grill Inc. | ||||||||||||||||||||||||||||||
| McDonald’s Corp. | ||||||||||||||||||||||||||||||
| Starbucks Corp. | ||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 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), 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 2023 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= + – =
2 Click competitor name to see calculations.
The financial data indicates several noteworthy patterns in the operational efficiency metrics over the observed periods.
- Average Inventory Processing Period
- This metric has remained relatively stable, fluctuating modestly between 2 and 4 days. Starting at 2 days in early 2019, it increased slightly to 4 days by early 2021 and then settled back to 3 days towards the end of the period in 2023. The limited variability suggests consistent inventory turnover efficiency with no significant disruption.
- Average Receivable Collection Period
- There has been considerable fluctuation in the receivable collection period. Initially, it hovered around 19 to 20 days in 2018 and early 2019, then showed a rising trend reaching as high as 34 days in early 2021. Subsequently, this period decreased sharply to around 14 days during mid-2021, indicating an improvement in receivables collection. The period then generally ranged between 13 and 24 days through 2022 and 2023, showing some variability but an overall downward trend towards the later quarters.
- Average Payables Payment Period
- This period exhibited variation with a downward trend from 9 days at the start of 2019 to 5 days in mid-2020, suggesting quicker payments to suppliers during that time. Afterward, it increased steadily to around 14 days by late 2022 and remained fairly stable near this level through 2023. The rise in the payment period indicates a possible strategic delay in supplier payments to manage cash flow.
- Cash Conversion Cycle
- The cash conversion cycle, an aggregate indicator of the net time between outlay and cash recovery, showed significant variance. Beginning at approximately 12 days in early 2019, it rose to peaks near 24 days in early 2021, reflecting extended time for cash recovery likely due to increased receivable collection periods. Following this peak, it decreased sharply to single-digit days around late 2021 and stayed mostly within 6 to 15 days after that, indicating improved operational cash flow management in the latest periods.
In summary, the company experienced some operational stress during early 2021, suggested by prolonged receivable collections and an extended cash conversion cycle. However, improvements are evident from mid-2021 onwards, with faster receivables collection and more effective cash flow management. The payables period trend indicates a strategic approach to supplier payments, possibly to optimize liquidity. Inventory management remained consistent throughout the timeframe.