How to calculate Cash Conversion Cycle for the service company?

Question

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?
Thank you.

myroslav · Answer

From further research, I have found that different financial services companies - Morningstar, MarketWatch etc. use different ways of addressing it.
Morningstar, for example, uses Cost of Revenue and includes only Goods and Services Purchased from operating expenses while calculating components of CCC.
MarketWatch, on the contrary, still uses COGS term but bunches together all operating expenses into it.
So in summary, it appears that any of the following can be used in calculations of CCC as long as uniformity is upheld during the comparison of the companies under research:

Cost of goods sold
Cost of revenue
Cost of sales (oftentimes just a synonym to COGS)

How to calculate Cash Conversion Cycle for the service company?

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