Analysis of Short-term (Operating) Activity Ratios
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)
Parker-Hannifin Corp., short-term (operating) activity ratios
Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Parker-Hannifin Corp. inventory turnover ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Parker-Hannifin Corp. receivables turnover ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Parker-Hannifin Corp. payables turnover ratio decreased from 2020 to 2021 but then slightly increased from 2021 to 2022. |
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Parker-Hannifin Corp. working capital turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Parker-Hannifin Corp. number of days of inventory outstanding deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Parker-Hannifin Corp. number of days of receivables outstanding deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Parker-Hannifin Corp. operating cycle deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Parker-Hannifin Corp. number of days of payables outstanding increased from 2020 to 2021 but then slightly decreased from 2021 to 2022. |
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. | Parker-Hannifin Corp. cash conversion cycle improved from 2020 to 2021 and from 2021 to 2022. |
Inventory Turnover
Parker-Hannifin Corp., inventory turnover calculation, comparison to benchmarks
| Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | Jun 30, 2019 | Jun 30, 2018 | Jun 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Cost of sales | 11,387,267) | 10,449,680) | 10,286,518) | 10,703,484) | 10,762,841) | 9,188,962) | |
| Inventories | 2,214,553) | 2,090,642) | 1,814,631) | 1,678,132) | 1,621,304) | 1,549,494) | |
| Short-term Activity Ratio | |||||||
| Inventory turnover1 | 5.14 | 5.00 | 5.67 | 6.38 | 6.64 | 5.93 | |
| Benchmarks | |||||||
| Inventory Turnover, Competitors2 | |||||||
| Boeing Co. | 0.81 | 0.75 | 0.78 | 0.94 | — | — | |
| Caterpillar Inc. | 2.54 | 2.53 | 2.55 | 3.25 | — | — | |
| Eaton Corp. plc | 4.04 | 4.48 | 5.88 | 5.11 | — | — | |
| GE Aerospace | 3.19 | 3.40 | 3.80 | 4.74 | — | — | |
| Honeywell International Inc. | 4.04 | 4.29 | 4.94 | 5.51 | — | — | |
| Lockheed Martin Corp. | 18.68 | 19.45 | 16.01 | 14.22 | — | — | |
| RTX Corp. | 5.03 | 5.65 | 5.11 | 5.21 | — | — | |
| Inventory Turnover, Sector | |||||||
| Capital Goods | 2.28 | 2.28 | 2.28 | 2.61 | — | — | |
| Inventory Turnover, Industry | |||||||
| Industrials | 3.99 | 3.87 | 3.61 | 3.94 | — | — | |
Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).
1 2022 Calculation
Inventory turnover = Cost of sales ÷ Inventories
= 11,387,267 ÷ 2,214,553 = 5.14
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Parker-Hannifin Corp. inventory turnover ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
Receivables Turnover
Parker-Hannifin Corp., receivables turnover calculation, comparison to benchmarks
| Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | Jun 30, 2019 | Jun 30, 2018 | Jun 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Net sales | 15,861,608) | 14,347,640) | 13,695,520) | 14,320,324) | 14,302,392) | 12,029,312) | |
| Trade accounts receivable, net | 2,341,504) | 2,183,594) | 1,854,398) | 2,131,054) | 2,145,517) | 1,930,751) | |
| Short-term Activity Ratio | |||||||
| Receivables turnover1 | 6.77 | 6.57 | 7.39 | 6.72 | 6.67 | 6.23 | |
| Benchmarks | |||||||
| Receivables Turnover, Competitors2 | |||||||
| Boeing Co. | 26.46 | 23.58 | 29.75 | 23.44 | — | — | |
| Caterpillar Inc. | 6.39 | 5.68 | 5.33 | 5.92 | — | — | |
| Eaton Corp. plc | 5.09 | 5.95 | 6.15 | 6.22 | — | — | |
| GE Aerospace | 4.09 | 4.55 | 4.37 | 5.22 | — | — | |
| Honeywell International Inc. | 4.77 | 5.04 | 4.78 | 4.90 | — | — | |
| Lockheed Martin Corp. | 26.34 | 34.15 | 33.06 | 25.59 | — | — | |
| RTX Corp. | 7.36 | 6.66 | 6.11 | 5.70 | — | — | |
| Receivables Turnover, Sector | |||||||
| Capital Goods | 7.36 | 7.57 | 7.30 | 7.40 | — | — | |
| Receivables Turnover, Industry | |||||||
| Industrials | 7.80 | 7.60 | 7.49 | 7.67 | — | — | |
Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).
1 2022 Calculation
Receivables turnover = Net sales ÷ Trade accounts receivable, net
= 15,861,608 ÷ 2,341,504 = 6.77
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Parker-Hannifin Corp. receivables turnover ratio deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
Payables Turnover
Parker-Hannifin Corp., payables turnover calculation, comparison to benchmarks
| Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | Jun 30, 2019 | Jun 30, 2018 | Jun 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Cost of sales | 11,387,267) | 10,449,680) | 10,286,518) | 10,703,484) | 10,762,841) | 9,188,962) | |
| Accounts payable, trade | 1,731,925) | 1,667,878) | 1,111,759) | 1,413,155) | 1,430,306) | 1,300,496) | |
| Short-term Activity Ratio | |||||||
| Payables turnover1 | 6.57 | 6.27 | 9.25 | 7.57 | 7.52 | 7.07 | |
| Benchmarks | |||||||
| Payables Turnover, Competitors2 | |||||||
| Boeing Co. | 6.18 | 6.40 | 4.94 | 4.63 | — | — | |
| Caterpillar Inc. | 4.76 | 4.36 | 4.75 | 6.15 | — | — | |
| Eaton Corp. plc | 4.51 | 4.75 | 6.24 | 6.78 | — | — | |
| GE Aerospace | 2.98 | 3.32 | 3.67 | 4.20 | — | — | |
| Honeywell International Inc. | 3.53 | 3.40 | 3.86 | 4.25 | — | — | |
| Lockheed Martin Corp. | 27.25 | 74.34 | 64.48 | 40.16 | — | — | |
| RTX Corp. | 5.40 | 5.93 | 5.56 | 5.28 | — | — | |
| Payables Turnover, Sector | |||||||
| Capital Goods | 5.21 | 5.60 | 5.54 | 5.63 | — | — | |
| Payables Turnover, Industry | |||||||
| Industrials | 7.58 | 7.74 | 7.44 | 7.40 | — | — | |
Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).
1 2022 Calculation
Payables turnover = Cost of sales ÷ Accounts payable, trade
= 11,387,267 ÷ 1,731,925 = 6.57
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Parker-Hannifin Corp. payables turnover ratio decreased from 2020 to 2021 but then slightly increased from 2021 to 2022. |
Working Capital Turnover
Parker-Hannifin Corp., working capital turnover calculation, comparison to benchmarks
| Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | Jun 30, 2019 | Jun 30, 2018 | Jun 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Current assets | 12,046,644) | 5,616,750) | 4,885,204) | 7,673,086) | 5,085,238) | 4,779,718) | |
| Less: Current liabilities | 5,859,318) | 3,096,503) | 3,148,373) | 3,151,773) | 3,197,483) | 3,395,860) | |
| Working capital | 6,187,326) | 2,520,247) | 1,736,831) | 4,521,313) | 1,887,755) | 1,383,858) | |
| Net sales | 15,861,608) | 14,347,640) | 13,695,520) | 14,320,324) | 14,302,392) | 12,029,312) | |
| Short-term Activity Ratio | |||||||
| Working capital turnover1 | 2.56 | 5.69 | 7.89 | 3.17 | 7.58 | 8.69 | |
| Benchmarks | |||||||
| Working Capital Turnover, Competitors2 | |||||||
| Boeing Co. | 3.42 | 2.34 | 1.69 | 15.57 | — | — | |
| Caterpillar Inc. | 4.62 | 3.54 | 2.84 | 4.04 | — | — | |
| Eaton Corp. plc | 8.70 | 65.65 | 5.42 | 5.95 | — | — | |
| GE Aerospace | 7.93 | 4.94 | 2.26 | 7.03 | — | — | |
| Honeywell International Inc. | 7.03 | 5.86 | 3.64 | 5.92 | — | — | |
| Lockheed Martin Corp. | 12.93 | 11.52 | 12.01 | 19.15 | — | — | |
| RTX Corp. | 20.15 | 9.75 | 7.52 | 26.47 | — | — | |
| Working Capital Turnover, Sector | |||||||
| Capital Goods | 6.79 | 5.01 | 3.24 | 8.95 | — | — | |
| Working Capital Turnover, Industry | |||||||
| Industrials | 9.67 | 6.90 | 4.47 | 10.00 | — | — | |
Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).
1 2022 Calculation
Working capital turnover = Net sales ÷ Working capital
= 15,861,608 ÷ 6,187,326 = 2.56
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Working capital turnover | An activity ratio calculated as revenue divided by working capital. | Parker-Hannifin Corp. working capital turnover ratio deteriorated from 2020 to 2021 and from 2021 to 2022. |
Average Inventory Processing Period
Parker-Hannifin Corp., average inventory processing period calculation, comparison to benchmarks
| Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | Jun 30, 2019 | Jun 30, 2018 | Jun 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Inventory turnover | 5.14 | 5.00 | 5.67 | 6.38 | 6.64 | 5.93 | |
| Short-term Activity Ratio (no. days) | |||||||
| Average inventory processing period1 | 71 | 73 | 64 | 57 | 55 | 62 | |
| Benchmarks (no. days) | |||||||
| Average Inventory Processing Period, Competitors2 | |||||||
| Boeing Co. | 452 | 486 | 467 | 388 | — | — | |
| Caterpillar Inc. | 144 | 144 | 143 | 112 | — | — | |
| Eaton Corp. plc | 90 | 82 | 62 | 71 | — | — | |
| GE Aerospace | 114 | 107 | 96 | 77 | — | — | |
| Honeywell International Inc. | 90 | 85 | 74 | 66 | — | — | |
| Lockheed Martin Corp. | 20 | 19 | 23 | 26 | — | — | |
| RTX Corp. | 73 | 65 | 71 | 70 | — | — | |
| Average Inventory Processing Period, Sector | |||||||
| Capital Goods | 160 | 160 | 160 | 140 | — | — | |
| Average Inventory Processing Period, Industry | |||||||
| Industrials | 91 | 94 | 101 | 93 | — | — | |
Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).
1 2022 Calculation
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 5.14 = 71
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Parker-Hannifin Corp. number of days of inventory outstanding deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
Average Receivable Collection Period
Parker-Hannifin Corp., average receivable collection period calculation, comparison to benchmarks
| Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | Jun 30, 2019 | Jun 30, 2018 | Jun 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Receivables turnover | 6.77 | 6.57 | 7.39 | 6.72 | 6.67 | 6.23 | |
| Short-term Activity Ratio (no. days) | |||||||
| Average receivable collection period1 | 54 | 56 | 49 | 54 | 55 | 59 | |
| Benchmarks (no. days) | |||||||
| Average Receivable Collection Period, Competitors2 | |||||||
| Boeing Co. | 14 | 15 | 12 | 16 | — | — | |
| Caterpillar Inc. | 57 | 64 | 68 | 62 | — | — | |
| Eaton Corp. plc | 72 | 61 | 59 | 59 | — | — | |
| GE Aerospace | 89 | 80 | 83 | 70 | — | — | |
| Honeywell International Inc. | 77 | 72 | 76 | 75 | — | — | |
| Lockheed Martin Corp. | 14 | 11 | 11 | 14 | — | — | |
| RTX Corp. | 50 | 55 | 60 | 64 | — | — | |
| Average Receivable Collection Period, Sector | |||||||
| Capital Goods | 50 | 48 | 50 | 49 | — | — | |
| Average Receivable Collection Period, Industry | |||||||
| Industrials | 47 | 48 | 49 | 48 | — | — | |
Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).
1 2022 Calculation
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 6.77 = 54
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Parker-Hannifin Corp. number of days of receivables outstanding deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
Operating Cycle
Parker-Hannifin Corp., operating cycle calculation, comparison to benchmarks
No. days
| Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | Jun 30, 2019 | Jun 30, 2018 | Jun 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Average inventory processing period | 71 | 73 | 64 | 57 | 55 | 62 | |
| Average receivable collection period | 54 | 56 | 49 | 54 | 55 | 59 | |
| Short-term Activity Ratio | |||||||
| Operating cycle1 | 125 | 129 | 113 | 111 | 110 | 121 | |
| Benchmarks | |||||||
| Operating Cycle, Competitors2 | |||||||
| Boeing Co. | 466 | 501 | 479 | 404 | — | — | |
| Caterpillar Inc. | 201 | 208 | 211 | 174 | — | — | |
| Eaton Corp. plc | 162 | 143 | 121 | 130 | — | — | |
| GE Aerospace | 203 | 187 | 179 | 147 | — | — | |
| Honeywell International Inc. | 167 | 157 | 150 | 141 | — | — | |
| Lockheed Martin Corp. | 34 | 30 | 34 | 40 | — | — | |
| RTX Corp. | 123 | 120 | 131 | 134 | — | — | |
| Operating Cycle, Sector | |||||||
| Capital Goods | 210 | 208 | 210 | 189 | — | — | |
| Operating Cycle, Industry | |||||||
| Industrials | 138 | 142 | 150 | 141 | — | — | |
Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).
1 2022 Calculation
Operating cycle = Average inventory processing period + Average receivable collection period
= 71 + 54 = 125
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Parker-Hannifin Corp. operating cycle deteriorated from 2020 to 2021 but then slightly improved from 2021 to 2022. |
Average Payables Payment Period
Parker-Hannifin Corp., average payables payment period calculation, comparison to benchmarks
| Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | Jun 30, 2019 | Jun 30, 2018 | Jun 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Payables turnover | 6.57 | 6.27 | 9.25 | 7.57 | 7.52 | 7.07 | |
| Short-term Activity Ratio (no. days) | |||||||
| Average payables payment period1 | 56 | 58 | 39 | 48 | 49 | 52 | |
| Benchmarks (no. days) | |||||||
| Average Payables Payment Period, Competitors2 | |||||||
| Boeing Co. | 59 | 57 | 74 | 79 | — | — | |
| Caterpillar Inc. | 77 | 84 | 77 | 59 | — | — | |
| Eaton Corp. plc | 81 | 77 | 58 | 54 | — | — | |
| GE Aerospace | 123 | 110 | 100 | 87 | — | — | |
| Honeywell International Inc. | 103 | 107 | 95 | 86 | — | — | |
| Lockheed Martin Corp. | 13 | 5 | 6 | 9 | — | — | |
| RTX Corp. | 68 | 62 | 66 | 69 | — | — | |
| Average Payables Payment Period, Sector | |||||||
| Capital Goods | 70 | 65 | 66 | 65 | — | — | |
| Average Payables Payment Period, Industry | |||||||
| Industrials | 48 | 47 | 49 | 49 | — | — | |
Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).
1 2022 Calculation
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 6.57 = 56
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Parker-Hannifin Corp. number of days of payables outstanding increased from 2020 to 2021 but then slightly decreased from 2021 to 2022. |
Cash Conversion Cycle
Parker-Hannifin Corp., cash conversion cycle calculation, comparison to benchmarks
No. days
| Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | Jun 30, 2019 | Jun 30, 2018 | Jun 30, 2017 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Average inventory processing period | 71 | 73 | 64 | 57 | 55 | 62 | |
| Average receivable collection period | 54 | 56 | 49 | 54 | 55 | 59 | |
| Average payables payment period | 56 | 58 | 39 | 48 | 49 | 52 | |
| Short-term Activity Ratio | |||||||
| Cash conversion cycle1 | 69 | 71 | 74 | 63 | 61 | 69 | |
| Benchmarks | |||||||
| Cash Conversion Cycle, Competitors2 | |||||||
| Boeing Co. | 407 | 444 | 405 | 325 | — | — | |
| Caterpillar Inc. | 124 | 124 | 134 | 115 | — | — | |
| Eaton Corp. plc | 81 | 66 | 63 | 76 | — | — | |
| GE Aerospace | 80 | 77 | 79 | 60 | — | — | |
| Honeywell International Inc. | 64 | 50 | 55 | 55 | — | — | |
| Lockheed Martin Corp. | 21 | 25 | 28 | 31 | — | — | |
| RTX Corp. | 55 | 58 | 65 | 65 | — | — | |
| Cash Conversion Cycle, Sector | |||||||
| Capital Goods | 140 | 143 | 144 | 124 | — | — | |
| Cash Conversion Cycle, Industry | |||||||
| Industrials | 90 | 95 | 101 | 92 | — | — | |
Based on: 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30).
1 2022 Calculation
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 71 + 54 – 56 = 69
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. | Parker-Hannifin Corp. cash conversion cycle improved from 2020 to 2021 and from 2021 to 2022. |