I am trying to evaluate few Canadian telecommunication companies from the investment perspective. I am reading that one of the indicators that is advisable to evaluate is Cash Conversion Cycle (CCC). One of the factors for the calculation of this indicator is COGS (Cost of Goods Sold), however no companies that I am evaluating (Telus, Rogers) list this in their Income Statements.
I think it may be because these companies don't produce any material items. Is my assumption correct and if it is, how can I calculate CCC for this type of companies?