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1、Working Capital Roundup 2024 Unlocking capital efficiency:Unveiling 2024 working capital trendsWorking Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trendsContentsGlossary of terms Executive summary1Impact of the economic slowdown on key financial metrics4 Working

2、capital performance6Industry findings:Consumer 8Industry findings:Energy,resources,and industrials11Industry findings:Life sciences and health care14Industry findings:Technology,media,and telecom16Looking ahead:Impact of agentic AI18Looking ahead:Supply chain finance19 Authors20 Endnotes21Working Ca

3、pital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends3Glossary of termsBasis of preparation and assumptionsAI Artificial intelligenceAP Accounts payableAR Accounts receivableCCC Cash conversion cycleDIO Days inventory outstandingDPO Days payable outstandingDSO Days sa

4、les outstandingEBITDA Earnings before interest,taxes,depreciation,and amortizationER&I Energy,resources,and industrialsFCF Free cash flowGDP Gross domestic productGenAI Generative artificial intelligenceLSHC Life sciences and health careM&A Mergers and acquisitionsPP Percentage pointQ QuarterQoQ Qua

5、rter over quarterRCP Retail and consumer productsSCF Supply chain financeT Trillion We analyzed the financial and working capital performance of publicly listed companies in the United States1 with data publicly available as of March 16,2025.Our analysis included 2,416 companies,looking at their WC

6、performance and related key indicators.We also analyzed shifts in performance on a quarterly and annual basis.Due to the varying WC trends and profiles,we excluded the following industries from our analysis:financial services,government&public services,and diversified real estate activities.THS Tran

7、sportation,hospitality,and servicesTME Telecom,media,and entertainmentTMT Technology,media,and telecommunications WC Working capitalYoY Year over yearWorking Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends1Executive summaryKey statistics(YoY Q4 2023 to Q4 2024

8、)24.4%0.3daysChange in revenueChange in DSO8.7%-1.1 days1.7%0.8daysChange in EBITDAChange in DIOFree cash flowChange in DPORed stands for deteriorationGreen stands for improvementWorking Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends2In this years edition of

9、the annual Working Capital Roundup,Deloitte analyzed the WC performance of more than 2,400 companies across four primary industries.The study aimed to obtain an understanding of the trends and shifts in AR,inventory,and AP.Additional metrics,including FCF and cash from operations,were included to pr

10、ovide in-depth insight into the overall financial health and stability of such companies.The analysis was conducted against the economic backdrop of high interest rates,political uncertainty,and challenging macroeconomic conditions.In 2024,the economy was relatively strong,with GDP growth rates stab

11、ilizing and consumer spending rebounding.3 However,persistent inflationary pressures,driven by supply chain constraints and rising commodity prices,posed significant challenges.Tighter monetary policies implemented by the Federal Reserve further complicated the management of working capital.Fluctuat

12、ing interest rates and increased costs of goods sold affected liquidity and operational efficiency.Companies faced several primary risks,including ongoing supply chain disruptions that resulted in delays and increased inventory costs.Labor shortages and wage inflation pressured profit margins,necess

13、itating more strategic cash flow management.Geopolitical tensions and trade uncertainties further complicated the landscape,requiring companies to adapt to shift-ing tariffs and regulatory changes.These risks highlighted the importance of agile financial strategies and broad risk management practice

14、s to maintain high-quality working capital levels and business continuity.Data from 2024 indicates that revenue experienced stronger growth than the prior year,increasing from 1.6%in 2023 to 4.4%in 2024.Net income saw similar growth,reaching 3.8%YoY.Additionally,FCF as a percentage of revenue remain

15、ed relatively stable at 7.8%in 2024,compared to 8.0%in 2023.Looking ahead,2025 may bring more volatile macroeconomic conditions than seen in 2024.This environment underscores the need for companies to seek risk protection and implement broad working capital management policies.Executive summary(cont

16、.)OverviewWorking Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends3Looking further ahead,the overall macro economic outlook for the United States has cooled for 2025.GDP growth is anticipated to be around 1.7%,down from 2.4%in 2024,and the Federal Reserve aims

17、to bring inflation closer to the 2%target.Labor markets remain solid,with low unemployment.4 However,factors such as dwindling consumer confidence and uncertainty around trade policies are expected to continue challenging companies throughout 2025.Companies with limited cash reserves and less access

18、 to credit are particularly susceptible to economic instability in 2025.Changes in trade policies may exert significant pressure on global supply chains,potentially causing considerable hardship for companies with limited financial flexibility.20102011201220132014201520162017201820192020202120222023

19、202420252026202720280%1%2%3%4%5%6%Federal funds rate%10-year yield%High interest rates are forecasted to persist for the next couple years(assuming nothing breaks in the economy in the meantime).Higher interest rates result in an elevated cost of capital and a significant impact on cash/debt.Cash is

20、 becoming more expensive due to interest rates at 15-year highs2029ForecastHistoricalExecutive summary(cont.)Overview(cont.)Working Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends4While still far from the strong revenue growth seen in 2021 and 2022 following t

21、he pandemic,2024 showed an improvement over 2023,with companies analyzed experiencing overall growth of 4.4%,compared to just 1.3%in 2023.The growth was primarily driven by the LSHC and TMT industries,which saw increases of 8.0%and 7.4%,respectively.LSHC experienced increased health care spending an

22、d greater adoption of digital health solutions.Meanwhile,TMT saw a boost from generative AI spending across many industries.The ER&I sector experienced the slowest growth,at only 1.1%YoY.This was due to slower government spending on infrastructure and energy price volatility.TMT exhibited the strong

23、est EBITDA growth,with a 16.1%improvement over 2023.The Consumer and LSHC sectors also performed well,with EBITDA growth of 7.2%and 7.8%,respectively.Impact on key financial metricsConversely,ER&I saw a decline,falling 1.8%YoY.TMT also led in net income growth,increasing by 18.4%compared to 2023.The

24、 consumer sector saw more modest growth,at 5.9%.Both ER&I and LSHC experienced declines in net income to 15.2%and 19.9%,respectively.Going down to the sector level,2024 proved to be an excellent year for technology,which saw 10%revenue growth and a 4.7-day improvement in CCC.Alternatively,automotive

25、 maintained revenue growth,though it slowed to only a 3%increase over 2023,but saw CCC deteriorate by 2.7 days.Macroeconomic conditions may contribute to a similar trend in 2025.While overall revenue growth was strong,companies financial health faced some headwinds in 2024.After significant growth i

26、n 2023,cash and cash equivalents saw a slight dip of 0.3%.Net debt increased for the third consecutive year,growing by 6.6%,following increases of 5.6%in 2023 and 8.3%in 2022 across all industries.Following the robust FCF growth of 13.8%in 2023,2024 saw a modest increase of only 1.6%.Additionally,FC

27、F as a percentage of revenue dipped slightly from 7.9%in 2023 to 7.7%in 2024.FCF as a percentage of revenue continues to lag the 8.7%and 8.5%levels seen in 2020 and 2021,respectively.This trend suggests that companies might be struggling to manage their debt levels and generate cash from their opera

28、tions.The increased borrowing activity coupled with higher interest rates could indicate potential financial strain.WC performance,as measured by the CCC,improved YoY by 1.4 days.This marked a reversal of the decline seen in 2023 and is primarily attributable to a 1.3-day decrease in DIO,while DSO a

29、nd DPO remained relatively flat YoY.Working Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends5Overall,2024 was a year of growth and improvement for the companies analyzed.Almost all the major financial indicators saw improvement,with strong growth in EBITDA,in p

30、articular,and only a very minor drop in FCF as a percentage of revenue.Similarly,the working capital measures primarily trended to improvement,with only a small increase in DSO of 0.3 days to detract from an otherwise positive year.Improvements in the CCC were observed across the consumer,LSHC,and T

31、MT industries,by 1.7,1.1,and 1.9 days,respectively.Conversely,the ER&I industry experienced a slight deterioration of 0.2 days.In a reversal from 2023,59.9%of companies showed improvements in CCC in 2024,with the TMT industry leading the way,as 69.9%of companies in this industry reported CCC improve

32、ments.Impact on key financial metrics(cont.)Metric202220232024Change YoYRevenueEBITDANet incomeCash from operationsFree cash flowFCF as%of revenueCCCDSODIODPO$18.7T$3.1T$1.4T$2.4T$1.3T7.0%26.0 days38.4 days46.5 days58.9 days$19.0T$3.2T$1.5T$2.7T$1.5T8.0%27.7 days38.4 days47.6 days58.3 days$19.8T$3.4

33、T$1.5T$2.8T$1.5T7.8%26.2 days38.7 days46.5 days59.1 days4.4%8.7%4.1%4.8%1.7%-0.2pp-1.5 days0.3 days-1.1 days0.8 daysImpact on key financial metrics:Annual viewWhen evaluating CCC performance by revenue size,all revenue categories showed that a majority of companies experienced an improved CCC.This r

34、anged from 52%in companies with total revenues under$500 million to 61%in companies with revenues exceeding$10 billion.Working Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends6The overall CCC remained relatively stable throughout 2024,ending the year with a 1-d

35、ay improvement from Q4 2023.CCC remains above five-year lows seen in 2021 but has stayed clear of highs at the end of 2022.DSO was generally higher throughout the year with a cyclical dip in Q4,deteriorating by 0.3 days YoY and standing 1 day above the leading annual performance recorded in the past

36、 five years.This suggests companies are keeping a vigilant eye on customer payments.All industries except TMT showed improvement in DSO from Q1 to Q4 2024.Q1 2024 marked a significant quarterly surge in DIO,escalating from 44 to 47 daysa similar trend observed in Q1 2023.However,it gradually decline

37、d throughout 2024,ending the year at 43 days,matching the leading quarterly performance in the past five years.This trend was seen across all industries.Finally,DPO saw a drop in the final quarter of 2024,matching Q4 2023 at 54 days.This significantly contributed to the deterioration in CCC in Q4 ac

38、ross many sectors and industries.Working capital performanceQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4202020212022202320242628242522222224242425292827252727262526DPODIODSOCCC(54)4337(59)4638(58)4638(59)4739(54)4437(58)4637(57)4737(57)4838(54)4637(57)4637(58)4538(60)4538(55)4336(59)4537(58)4337(59)4437

39、(57)4538(59)4637(62)5040(57)4538CCC trend by quarter(days)Source data:S&P Global Market Intelligence;public financial data;quarterly earnings reportDXO figures are calculated weighted averages.Working Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends7Working cap

40、ital performance(cont.)Recent data reveals enhancements in WC performance across 5 out of the 10 sectors,with gains ranging from 0.1 to 4.8 days,led by the technology sector.The sectors experiencing declines saw relatively small dips between 0.1 and 1.4 days,indicating a rather strong year for WC pe

41、rformance overall.Unlike previous years,no sectors saw declines across all phases of working capital,contributing to the overall improvement in the CCC compared to 2023.In 2024,WC performance improvement was evident in only 60%of the evaluated companies.The consumer and TMT sectors saw the largest p

42、ercentage of CCC improvement,at 64%and 66%,respectively,while ER&I and LSHC sectors saw improvement in approximately 53%of evaluated companies.When categorized by revenue size,mid-to-large-size companies(more than$1 billion in annual revenue)generally saw improvements in CCC,while those under$1 bill

43、ion in revenue experienced deterioration in CCC,driven by increases in DSO and DIO.The largest companies(with revenues of more than$10 billion)in the technology and RCP sectors were most likely to see CCC improvements,with 80%and 76%of companies reporting improvements,respectively.However,smaller co

44、mpanies in these sectors significantly trailed behind,with only 57%and 55%reporting improvements,respectively.DPODIODSO0.6-6.0-2.01.3-0.52.42.6-2.1-1.1-2.11.5-0.8TechnologyRetail&consumer productsLife sciencesIndustrial products andconstructionEnergy&chemicalsPower,utilities andrenewablesHealthcareA

45、utomotiveIndustryCCC 2023ImprovementDeteriorationCCC 2024YoY change302147127341321(22)29(24)251746126341321(21)30(23)(4.8)(3.4)(1.8)(1.2)(0.1)0.10.10.41.21.40.4-1.04.2-1.22.8-1.4-1.0-0.6-2.7-0.80.7-0.3-0.14.9-1.0-0.7-2.0-0.9YoY changes in DSO,DIO and DPO by sector(days)Source data:S&P Global Market

46、Intelligence;public financial data;quarterly earnings reportWorking Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends8Industry findings:Consumer18.7daysCCC47.0daysDIO24.8daysDSO53.1daysDPO Amid improving macroeconomic conditions,the consumer industry demonstrate

47、d continued growth of 3%YoY.All three consumer subsectors maintained revenue growth,although there was a slowdown in the automotive sector compared to 2023.RCP grew by 2%,THS by 5%,and automotive by 3%.From a profitability standpoint,the RCP and THS sectors exhibited EBITDA growth of 9%and 6%,respec

48、tively.After a decline in 2023,the automotive sectors EBITDA grew by 10%,driven by improved cost management and operational efficiency.The consumer industry median CCC for 2024 was 40.8 days,a slight increase from prior year,led mainly by an increase of 4 days recorded in the automotive sector.Meanw

49、hile,RCP and THS sectors recorded modest increases.Looking ahead to 2025,the consumer industry shows signs of a relatively positive outlook.Spending is likely to grow,while inflationary pressure diminishes.The major risks to this scenario involve the evolution of geopolitics and trade barriers,which

50、 warrant a focus on supply chain resilience and redundancy.5 AI will likely be pivotal in improving supply chains,enhancing customer experiences through personalized marketing,and enabling autonomous driving technologies,thereby improving efficiency and innovation across the industry.Industry averag

51、e2024(18.7 days)495253616552517064651414111313071028271315262423-10-11-9-13-128595104107114105931251181174141413841AutomotiveRetail and consumer productsBottom quartileTop quartileMedianCCC in days by sector from 2020 to 2024Source data:S&P Global Market Intelligence;public financial data;quarterly

52、earnings report202122232420212223242021222324Industry average 2024Red stands for deteriorationGreen stands for improvementWorking Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends9Industry findings:Consumer(cont.)Analysis for the consumer sectorAutomotive With s

53、ales growth decelerating,there was a 1.9-day improvement in DSO;however,it was overshadowed by a 2.1-day reduction in DPO and a 1.1-day increase in DIO.Companies with revenues ranging from$5 billion to$10 billion saw the most significant increase in CCC at 6.5 days.Both operating and free cash flow

54、improved in 2024,with the decrease in DPO likely driven by faster payments to enhance vendor relationshipsa necessary step to mitigate supply chain challenges.However,inventory pressure remains a significant challenge due to decreasing demand,as evidenced by slower revenue growth.Transportation,hosp

55、itality,and services The THS sector experienced a comparable revenue increase of 5%.Within this sector,airlines,hospitality,and restaurants and food services demonstrated robust top-line growth.However,the transportation segment underperformed,registering only a 2%revenue increase.Post-pandemic reco

56、very and adaptation of digital tools has resulted in decline in DSO in recent years.Companies with revenue from$500 million to$1 billion achieved the most improvement in CCC of 2.6 days.The travel outlook remains positive,with 37%of Americans reporting an improved financial situation,up from 31%in 2

57、023.620212223242021222324202122232428.126.126.530.528.653.852.354.458.659.755.857.559.659.957.8DSODIODPO202122232420212223242021222324DSODIODPO44.941.640.137.837.610.09.59.710.09.835.335.935.034.634.1Source data:S&P Global Market Intelligence;public financial data;quarterly earnings reportDXO figure

58、s are calculated weighted averages across the sectors.AutomotiveTransportation,hospitality,and services20212223242021222324202122232428.126.126.530.528.653.852.354.458.659.755.857.559.659.957.8DSODIODPO202122232420212223242021222324DSODIODPO44.941.640.137.837.610.09.59.710.09.835.335.935.034.634.1So

59、urce data:S&P Global Market Intelligence;public financial data;quarterly earnings reportDXO figures are calculated weighted averages across the sectors.AutomotiveTransportation,hospitality,and servicesWorking Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends10In

60、dustry findings:Consumer(cont.)Analysis for the consumer sectorRetail and consumer products The RCP sector experienced revenue growth of 1.8%in 2024,despite the Federal Reserves interest rate cuts in late 2024.The trend toward discount stores persisted,with a notable 9%increase in revenue,while depa

61、rtment stores saw a modest 2%revenue growth.Despite these marginal revenue gains,retailers have effectively managed inventory and supplier relationships,evidenced by a 1.2-day decrease in DIO and a 2.8-day increase in DPO.Companies with revenues greater than$10 billion had the most decrease in CCC a

62、t 3.3 days,signifying their greater negotiating power.20212223242021222324202122232418.018.319.519.520.253.653.357.255.554.356.657.055.354.557.3DSODIODPOSource data:S&P Global Market Intelligence;public financial data;quarterly earnings reportDXO figures are calculated weighted averages across the s

63、ectors.Retail and consumer products20212223242021222324202122232418.018.319.519.520.253.653.357.255.554.356.657.055.354.557.3DSODIODPOSource data:S&P Global Market Intelligence;public financial data;quarterly earnings reportDXO figures are calculated weighted averages across the sectors.Retail and c

64、onsumer productsWorking Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends11Industry findings:Energy,resources,and industrials In 2024,the ER&I segment experienced relatively flat growth,with a modest 1.1%increase in revenue compared to the previous year.The ener

65、gy and chemicals sector largely contributed to this stagnation,reporting a 0.3%YoY decline.Several key disrupters dampened demand growth in 2024,including market volatility and inconsistent economic growth,supply chain disruptions,geopolitical uncertainty,and climate change associated challenges.7 C

66、onversely,the industrial products and construction sectors performed better,achieving an annual revenue increase of 2.6%.This growth was partly driven by a surge in infrastructure and supply chain investments,coupled with a resurgence in corporate capital expenditures driven by growing confidence in

67、 market conditions.8 In 2024,the power,utilities,and renewables sector carried the broader segment,achieving a 3.2%increase in revenue when compared to the previous year.This growth was largely driven by heightened demand from the emergence of AI data centers and modest economic expansion.While both

68、 the industrial products and construction sectors and the power,utilities,and renewables sector experienced a decline in net profitability margin in 2024,the power,utilities,and renewables sector reported a YoY increase in net profitability margin.The CCC for the ER&I segment remained steady at arou

69、nd 60 days,with no significant changes observed across the energy and chemicals,industrial products and construction,and power,utilities,and renewables sectors.60.4daysCCC63.8daysDIO53.0daysDSO56.5daysDPOIndustry average 20245445454851928710011511117172225144101110125656647267-5-1-13-2-3938589878914

70、31351491631673634374750Energy and chemicalsIndustrial products and constructionPower,utilities and renewablesSource data:S&P Global Market Intelligence;public financial data;quarterly earnings reportCCC in days by sector from 2020 to 2024202122232420212223242021222324Industry average2024(60.4 days)B

71、ottom quartileTop quartileMedian Looking ahead to 2025,increased capital discipline due to tumultuous market conditions and the need to free up capital for new technology investments will likely necessitate improved working capital management within the sector.954454548519287100115111171722251441011

72、10125656647267-5-1-13-2-393858987891431351491631673634374750Energy and chemicalsIndustrial products and constructionPower,utilities and renewablesSource data:S&P Global Market Intelligence;public financial data;quarterly earnings reportCCC in days by sector from 2020 to 20242021222324202122232420212

73、22324Industry average2024(60.4 days)Bottom quartileTop quartileMedianRed stands for deteriorationGreen stands for improvementWorking Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends12Source data:S&P Global Market Intelligence;public financial data;quarterly ear

74、nings reportDXO figures are calculated weighted averages accross the sectors.20212223242021222324202122232446.141.139.540.842.158.946.042.148.747.960.555.153.955.456.1DSODIODPOEnergy and chemicalsIndustry findings:Energy,resources,and industrials(cont.)Analysis for the energy,resources,and industria

75、ls sectorEnergy and chemicals In 2024,the energy and chemicals sector experienced a year of stability in both revenue and working capital metrics.The sectors CCC remained constant,with no significant changes in DSO,DIO,or DPO.Although the sector made notable improvements in working capital metrics i

76、n 2021 and 2022,these gains began to regress in 2023.In 2024,DIO slightly decreased from 48.7 to 47.9 days,and DPO edged up from 55.4 to 56.1 days,while DSO increased from 40.8 to 42.1 days.Notably,companies with revenues ranging from$1billion to$5 billion saw many significant improvements in CCC,de

77、creasing by 6.2 days YoY.This reduction indicates that cash is being freed up for other purposes within these larger companies.Working Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends13Industry findings:Energy,resources,and industrials(cont.)Analysis for the en

78、ergy,resources,and industrials sectorIndustrial products and construction The IPC sector experienced a 1.2-day improvement in its CCC,primarily driven by a 2.7-day decline in DIO.This indicates that inventory is being moved faster YoY.However,DPO decreased by 2 days YoY,suggesting an acceleration in

79、 payments to vendors.Similar to 2023,companies with revenues below$500 million saw the most significant increase in CCC,with a 23.4-day YoY rise.Conversely,firms with revenues above$1 billion reported slight improvements in CCC,indicating that larger entities in this sector might be leveraging their

80、 scale to enhance working capital positions.Power,utilities,and renewables The power,utilities,and renewables sector stabilized in 2024 after experiencing significant setbacks in working capital performance in 2023.The sectors CCC saw a marginal increase of 0.2 days,compared to a 6.5-day increase in

81、 2023.Notably,the largest moving component was a nearly 5-day surge in DPO,indicating that vendors in the space may be losing leverage.However,the sectors DIO deteriorated,increasing by 2.6 days,or 8%YoY,while DSO also increased by 2.4 days,or 5%YoY.20212223242021222324202122232472.169.971.172.471.8

82、106.2102.5105.1107.5104.957.757.555.552.950.9DSODIODPO202122232420212223242021222324DSODIODPO52.052.152.552.955.338.630.527.934.537.172.068.065.866.571.4Source data:S&P Global Market Intelligence;public financial data;quarterly earnings reportDXO figures are calculated weighted averages accross the

83、sectors.Industrial products and constructionPower,utilities,and renewables Interestingly,companies with revenues between$500 million and$10 billion achieved improvements in CCC,with an average decrease of 3.3 days.In contrast,companies with revenues below$500 million and those with revenues exceedin

84、g$10 billion reported decreased CCC performance.Working Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends14Industry findings:Life sciences and health care The LSHC industry reported an 8.7%revenue growth in 2024,outpacing the 7%increase observed in 2023.The indu

85、stry saw an enhancement in working capital performance in 2024,with the CCC decreasing by 9.4%,or 1.2 days,YoY,thereby sustaining its momentum above pre-pandemic levels.This improvement was driven by a reduction of 1.3 days in DSO,a 1.4-day decrease in DIO,and an offsetting decrease of 1.5 days in D

86、PO.Operating cash flow increased by 3.1%in 2024,contrasting with a 13.2%decrease seen in 2023 from 2022.EBITDA experienced growth of 8.9%in 2024,marking the first YoY growth since 2022.This indicates a remarkable rebound,as both 2022 and 2023 showed negative growth.Looking ahead,executives within th

87、e LSHC industry anticipate that digital transformation initiatives,including more GenAI options,will likely begin to demonstrate positive revenue impacts in 2025.Organizations are expected to harness the transformative capabilities of these technologies to generate value in multiple areas,such as re

88、ducing costs,accelerating development,and enhancing customer care channels.1011.6daysCCC34.6daysDIO38.2daysDSO61.2daysDPOIndustry average 202420212223242021222324Source data:S&P Global Market Intelligence;public financial data;quarterly earnings reportIndustry average2024(11.6 days)25313129285875861

89、04110-4-9-8-3-30009174542423946155159174204219Health careLife sciencesCCC in days by sector from 2020 to 2024Bottom quartileTop quartileMedianRed stands for deteriorationGreen stands for improvementWorking Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends15Indus

90、try findings:Life sciences and health care(cont.)Analysis for the LSHC sectorHealth care In the health care sector,the CCC showed a slight YoY increase of 0.4 days.This increase is primarily attributed to a decline in DPO of 2.0 days.Although DSO and DIO decreased by 1.0 and 0.6 days respectively Yo

91、Y,indicating modest gains in sales and inventory turnover,these improvements were quickly offset by a significant shift toward faster payments to vendors.However,on a QoQ basis,CCC performance deteriorated by 2.8 days from Q3 to Q4,as both DPO and DIO presented signs of weakening.Inventory turnover,

92、as measured by DIO,increased by 1.4 days,while payments to vendors continued to accelerate for the second consecutive quarter.Life sciences In the life sciences sector,the CCC performance improved YoY by 1.8 days.This improvement was observed across all phases of the CCC.Notably,companies with reven

93、ues in the$1billion to$5billion and greater than$10 billion ranges demonstrated the most significant improvements,while all other revenue sizes showed slight YoY deterioration.20212223242021222324202122232428.727.528.827.526.510.38.99.88.78.159.356.058.557.755.7DSODIODPO20212223242021222324202122232

94、4DSODIODPO48.749.151.450.148.764.762.863.865.264.266.365.766.968.067.3Source data:S&P Global Market Intelligence;public financial data;quarterly earnings reportDXO figures are calculated weighted averages accross the sectors.Health careLife sciences20212223242021222324202122232428.727.528.827.526.51

95、0.38.99.88.78.159.356.058.557.755.7DSODIODPO202122232420212223242021222324DSODIODPO48.749.151.450.148.764.762.863.865.264.266.365.766.968.067.3Source data:S&P Global Market Intelligence;public financial data;quarterly earnings reportDXO figures are calculated weighted averages accross the sectors.He

96、alth careLife sciences Conversely,when considering QoQ performance,the CCC showed signs of weakening,with an increase of 4.4 days from Q3 to Q4.This deterioration was largely attributed to the performance of DPO,which weakened by almost 10 days.Although DSO and DIO both improved,these gains were not

97、 sufficient to offset the significant reversal in DPO.20212223242021222324202122232428.727.528.827.526.510.38.99.88.78.159.356.058.557.755.7DSODIODPO202122232420212223242021222324DSODIODPO48.749.151.450.148.764.762.863.865.264.266.365.766.968.067.3Source data:S&P Global Market Intelligence;public fi

98、nancial data;quarterly earnings reportDXO figures are calculated weighted averages accross the sectors.Health careLife sciences20212223242021222324202122232428.727.528.827.526.510.38.99.88.78.159.356.058.557.755.7DSODIODPO202122232420212223242021222324DSODIODPO48.749.151.450.148.764.762.863.865.264.

99、266.365.766.968.067.3Source data:S&P Global Market Intelligence;public financial data;quarterly earnings reportDXO figures are calculated weighted averages accross the sectors.Health careLife sciencesWorking Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends16Ind

100、ustry findings:Technology,media,and telecom Throughout 2024,the TMT industry experienced a return to more modest revenue growth,with an increase of 7.4%over 2023,compared to only 3%the prior year.This growth was predominantly driven by the technology sector,which expanded by 10%,thanks in large part

101、 to the growth in GenAI spend.11 This improved performance marked a slight return to form,narrowly surpassing the 2022 performance of 6.2%,but still falling short of the 5-year high of 15.8%growth in 2021.Net income surged past the record highs of 2021 for the first time,with strong growth of 18.3%o

102、ver 2023 levels.The technology sector again led the way,with an impressive YoY improvement of 23.4%.Operating cash flow continued its upward trend in 2024,growing by 11.9%compared to 13.4%in 2023.Consequently,free cash flow as a percentage of revenue improved again in 2024,rising to 16.5%,from 16.1%

103、in 2023.EBITDA surged with a 16.1%improvement over 2023,and the EBITDA margin reached a 5-year high of 28.6%.Both the technology and TME sectors saw improvements in EBITDA margin,with a more modest increase of 1%for TME compared to the 3.6%growth for technology.8.5daysCCC34.9daysDIO49.6daysDSO76.1da

104、ysDPOIndustry average 202420212223242021222324Industry average2024(8.5 days)Source data:S&P Global Market Intelligence;public financial data;quarterly earnings report3534374239383439403400-20-1-8-14-15-15-1779778494867571768266TechnologyCCC in days by sector from 2020 to 2024Bottom quartileTop quart

105、ileMedian The CCC improved by 1.9 days YoY to 8.5 days,though it remains well above the 5-year low of 0.5 days in 2021.Improvements in DPO and DIO offset a slight dip in DSO performance.Looking ahead to 2025,GenAI is expected to continue driving growth in the TMT sector.Additionally,some analysts pr

106、oject strong increases in global IT spending in 2025,so we may see another strong year for revenue.12Red stands for deteriorationGreen stands for improvementWorking Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends17Industry findings:Technology,media,and telecom

107、(cont.)Analysis for the TMT sectorTechnology The technology sector saw a return to form on CCC,dropping back to 24.7 days after an increase the prior year.Only the smallest companies(with less than$500 million in annual revenues)saw worsening CCC,while many mid-to large-size companies saw modest to

108、strong CCC improvements.The primary driver of this improvement was an increase in DPO by 4.1 days over 2023.In contrast,on a QoQ basis,CCC worsened from 24.3 to 30 days in Q4.This deterioration was driven by a significant drop in DPO during the quarter,suggesting that suppliers were applying more pr

109、essure on this sector at financial year end.Telecom,media,and entertainment In 2024,the TME sectors CCC increased by 1.5 days.Despite this deterioration,it represents a smaller growth compared to prior years,which saw increases of 3 and 4 days in 2023 and 2022,respectively.Smaller companies fared be

110、tter,showing CCC improvements for those with annual revenues under$5 billion,while companies with revenues over$5 billion experienced CCC deterioration.Source data:S&P Global Market Intelligence,public financial data,quarterly earnings reportDXO figures are calculated weighted averages across the se

111、ctors20212223242021222324202122232450.547.950.350.250.638.538.446.346.245.266.866.970.267.071.1DSODIODPOTechnologySource data:S&P Global Market Intelligence;public financial data;quarterly earnings reportDXO figures are calculated weighted averages across the sectors.20212223242021222324202122232448

112、.546.446.946.247.713.613.915.816.115.289.292.489.886.485.5DSODIODPOTelecom,media,and entertainment Examining the QoQ results,there was a sharp decline in CCC from Q3 to Q4 by 10.3 days,following an improvement from Q2 to Q3 of 8 days.The primary factor in Q4s decline was a nearly 20-day reduction in

113、 DPO compared to Q3.Source data:S&P Global Market Intelligence;public financial data;quarterly earnings reportDXO figures are calculated weighted averages across the sectors.20212223242021222324202122232448.546.446.946.247.713.613.915.816.115.289.292.489.886.485.5DSODIODPOTelecom,media,and entertain

114、mentSource data:S&P Global Market Intelligence,public financial data,quarterly earnings reportDXO figures are calculated weighted averages across the sectors20212223242021222324202122232450.547.950.350.250.638.538.446.346.245.266.866.970.267.071.1DSODIODPOTechnologySource data:S&P Global Market Inte

115、lligence;public financial data;quarterly earnings reportDXO figures are calculated weighted averages across the sectors.20212223242021222324202122232448.546.446.946.247.713.613.915.816.115.289.292.489.886.485.5DSODIODPOTelecom,media,and entertainmentWorking Capital Roundup 2024|Unlocking capital eff

116、iciency:Unveiling 2024 working capital trends18Looking ahead:Impact of agentic AICross-industry impactNew and augmented workforce skills and rolesAgentic AI could have an impact on various industries by automating complex tasks,improving operational processes,increasing personalized customer interac

117、tions,and fostering innovation,ultimately leading to increased efficiency,reduced costs,and the creation of new business opportunities.Agentic AI will likely automate routine tasks,allowing employees to focus on strategic planning,creative problem-solving,innovation,and driving business growth.Agent

118、ic AI has become a major focus across all industriesAgentic AI autonomously makes decisions and takes actions based on data,whereas traditional AI typically requires human intervention for decision-making.What is agentic AI capable of?Independently makes decisions without human intervention Integrat

119、es insights from various data sources to improve decision-making processes Continuously learns and adapts from new data and experiences Anticipates needs and takes actions in advance Can initiate tasks and processes autonomouslyPotential use cases for agentic AI for working capital Automating the pr

120、ocessing of invoices,reducing the time and errors associated with manual handling Assessing the creditworthiness of customers and adjusting credit terms accordingly Identifying overdue payments and actioning by sending personalized email reminders to the customer,adjusting the customers credit limit

121、,and escalating the customer internally to make critical stakeholders aware of the overdue invoice Evaluating supplier performance and suggesting better payment terms Providing real-time cash flow forecasting by analyzing historical data and current financial trends Predicting demand and adjusting s

122、tock levels accordinglyPlease note that these use cases are conceptual and may not be fully operational at this time.Working Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends19Looking ahead:Supply chain financeIncreased adoptionGreater flexibility and risk avoid

123、anceSCF awareness is growing,and the technology is becoming more accessible;the cash flow management benefits will likely be increasingly valuable in a volatile and uncertain market.Suppliers will likely have access to greater liquidity to respond to market trends and buyers can extend payment terms

124、 without straining supplier relationships.Supply chain finance(SCF)is becoming more common across different industriesAdvancements in digital transformation,increased adoption,a focus on sustainability,regulatory changes,and enhanced integration with enterprise resource planning systems is making SC

125、F more accessible.Impact on WC SCF allows suppliers to receive early payments,improving their cash flow and reducing the need for expensive short-term borrowing.Buyers,on the other hand,can extend their payment terms without straining supplier relationships,thus improving their own working capital.S

126、uppliers can leverage the buyers credit rating to access lower-cost financing,reducing the overall cost of capital and allowing them to invest more in their operations and growth.SCF strengthens relationships between buyers and suppliers by providing financial stability and fostering collaboration,l

127、eading to more favorable terms,better service levels,and increased loyalty.Please note that these use cases are conceptual and may not be fully operational at this time.Why this matters in 2025 SCF helps mitigate risks associated with supply chain disruptions by ensuring that suppliers have the nece

128、ssary liquidity to continue operations.This is particularly important in times of economic uncertainty or during global events that impact supply chains.Advancements in technology have allowed for increased automation and digitization of SCF processes,which reduces administrative burdens and errors,

129、leading to more efficient financial operations and allowing companies to focus on strategic initiatives rather than manual processes.As markets see increasing levels of volatility from geopolitical events,the added flexibility and risk avoidance provided by SCF will likely be highly sought after in

130、2025.BankSupplierBuyerStandard purchase and sale of goods/servicesSend invoices of suppliers in SCF program to bank1234Buyer pays invoice amount on due dateBank purchases invoices from supplierWorking Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends20Anthony Ja

131、ckson PrincipalDeloitte Transactions and Business Analytics LLP Cash&Working Capital Services Practice Leader Wanya du Preez Managing DirectorDeloitte Transactions and Business Analytics LLP Jeff Keene Vice PresidentDeloitte Transactions and Business Analytics LLPMichael Quails Managing Director Del

132、oitte Transactions and Business Analytics LLP Justin HughesSenior Vice President Deloitte Transactions and Business Analytics LLP Ryan Maupin Managing Director Deloitte Transactions and Business Analytics LLP Turnaround&Restructuring Services Practice Leader Sam OrtonSenior ConsultantDeloitte Transa

133、ctions and Business Analytics LLPAustin SimonSenior Consultant Deloitte Transactions and Business Analytics LLPJonathan DeVaneSenior ConsultantDeloitte Transactions and Business Analytics LLPFowzi Ajmal Senior ConsultantDeloitte Transactions and Business Analytics LLPAyesha Khan Senior ConsultantDel

134、oitte&Touche Assurance and Enterprise Risk Services India Private L Additional contacts:Special contributions from:AuthorsWorking Capital Roundup 2024|Unlocking capital efficiency:Unveiling 2024 working capital trends21Endnotes1.Companies could be headquartered in countries other than the United Sta

135、tes.2.S&P Global Market Intelligence;public financial data;quarterly earnings report;change calculated in percentage and days:annual values measured YoY Q4 2023 against Q4 2024.3.Ira Kalish and Robyn Gibbard,United States Economic Forecast,Deloitte,March 26,2025.4.Board of Governors of the Federal R

136、eserve System,Federal Open Market Committee Chair Powells press conference,March 19,2025.5.Ed Johnson et al.,2025 consumer products industry outlook,Deloitte,2025.6.Eileen Crowley et al.,2025 travel industry outlook,Deloitte,2025.7.Lee Jongku and Rafael Cayuela,“3 trends that are changing the chemic

137、al industry in 2024,”World Economic Forum Annual Meeting(Davos-Klosters,Switzerland),January 1519,2024.8.Michelle Meisels et al.,2025 engineering and construction industry outlook,Deloitte,2024.9.Rick Carr et al.,2025 oil and gas industry outlook,Deloitte,2024.10.Pete Lyons et al.,2025 life sciences

138、 outlook,Deloitte,2024.11.Steve Fineberg et al.,2025 technology industry outlook,Deloitte,2025.12.Ben Stanton et al.,“Cloud gets lean:FinOps makes every dollar work harder,”Deloittes TMT Predictions 2025,November 19,2024.This presentation contains general information only and Deloitte is not,by mean

139、s of this presentation,rendering accounting,business,financial,investment,legal,tax,or other professional advice or services.This presentation is not a substitute for such professional advice or services,nor should it be used as a basis for any decision or action that may affect your business.Before

140、 making any decision or taking any action that may affect your business,you should consult a qualified professional advisor.Deloitte shall not be responsible for any loss sustained by any person who relies on this presentation.As used in this document,“Deloitte”means Deloitte Transactions and Busine

141、ss Analytics LLP,which provides a wide range of advisory and analytics services.Deloitte Transactions and Business Analytics LLP is not a certified public accounting firm.Please see for a detailed description of our legal structure.Certain services may not be available to attest clients under the rules and regulations of public accounting.Copyright 2025 Deloitte Development LLC.All rights reserved.