Fastenal(FAST) - 2024 Q1 - Earnings Call Presentation

• 1Q24 operating cash flow was $335.6, or 112.7% of net income, below 1Q23 (131.7%) but in line with historical first quarter conversion rates. In 1Q23 we were just beginning to unwind layers of stock that we had built to address supply chain constraints. In 1Q24 that process is largely complete, so rates of inventory decline have slowed. • Accounts receivable rose 5.5% from 1Q23 to support customer growth and as a result of a continued shift in our sales mix toward larger customers. Inventory fell 9.4% fro ...