Cognex Corporation (CGNX)

Receivables turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Revenue (ttm)	US$ in thousands	824,931	871,996	891,741	923,419	1,004,258	1,006,206	1,082,805	1,078,739	1,034,795	1,014,415	983,583	884,497	810,787	756,941	685,541	715,295	724,470	747,987	1,030,020	1,042,097
Receivables	US$ in thousands	116,566	132,130	150,107	—	127,596	—	—	—	134,338	—	—	—	—	—	—	—	—	—	—	—
Receivables turnover		7.08	6.60	5.94	—	7.87	—	—	—	7.70	—	—	—	—	—	—	—	—	—	—	—

December 31, 2023 calculation

Receivables turnover = Revenue (ttm) ÷ Receivables
= $824,931K ÷ $116,566K
= 7.08

The receivables turnover ratio for Cognex Corp. has shown some fluctuation over the past eight quarters, ranging from a low of 5.95 in Q2 2023 to a high of 10.27 in Q3 2022.

The ratio indicates that, on average, Cognex Corp. collects its accounts receivable approximately 6 to 7 times per year. A higher receivables turnover ratio typically suggests that the company is efficient in collecting payments from customers, while a lower ratio may signal potential issues with collecting outstanding receivables.

The recent decrease in receivables turnover from Q3 2022 to Q2 2023 could be a cause for concern, as it suggests a potential slowdown in the collection of receivables. Further analysis would be needed to determine the reasons behind this trend and assess its impact on the company's overall financial performance.

Overall, while the recent fluctuations in the receivables turnover ratio may warrant attention, it is important to consider other factors and trends in conjunction with this ratio to gain a comprehensive understanding of Cognex Corp.'s financial health and efficiency in managing its accounts receivable.