Liberty Oilfield Services Inc (LBRT)

Working capital 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	4,747,930	4,898,560	4,870,910	4,618,539	4,149,229	3,607,374	3,072,851	2,711,520	2,470,782	2,044,633	1,538,401	1,045,475	965,787	1,106,172	1,473,756	1,927,541	1,990,345	2,065,489	2,109,187	2,195,124
Total current assets	US$ in thousands	954,254	1,067,620	1,073,920	1,070,190	956,673	996,061	840,924	761,561	630,377	671,565	668,691	583,223	567,133	337,644	299,690	517,973	488,974	496,339	486,025	479,112
Total current liabilities	US$ in thousands	639,424	793,809	744,230	754,777	649,497	704,857	622,072	623,200	569,247	509,052	491,144	393,549	356,146	166,015	100,952	283,268	266,495	253,980	270,696	274,409
Working capital turnover		15.08	17.89	14.77	14.64	13.51	12.39	14.04	19.60	40.42	12.58	8.66	5.51	4.58	6.45	7.42	8.21	8.95	8.52	9.80	10.72

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $4,747,930K ÷ ($954,254K – $639,424K)
= 15.08

The working capital turnover of Liberty Energy Inc has shown fluctuation over the past eight quarters, ranging from a low of 12.39 in Q3 2022 to a high of 19.60 in Q1 2022. The average working capital turnover for the period is 15.35. The company's working capital turnover indicates how efficiently it is utilizing its working capital to generate sales revenue. A higher working capital turnover is generally seen as favorable, suggesting that the company is efficiently managing its working capital to generate sales. The upward trend from Q1 2022 to Q3 2023 indicates an improvement in the company's efficiency in utilizing its working capital. However, the slight decrease in Q4 2023 compared to the previous quarter may warrant further investigation to understand the underlying reasons for the change. Overall, Liberty Energy Inc's working capital turnover suggests effective management of working capital to support its sales operations.