Ligand Pharmaceuticals Incorporated (LGND)

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	170,010	192,291	223,059	237,358	219,555	225,577	224,017	280,928	278,971	292,557	263,940	185,255	166,048	123,061	103,297	84,365	93,671	117,133	135,781	196,095
Receivables	US$ in thousands	39,312	36,003	27,994	29,188	35,038	65,953	63,272	41,797	91,646	70,714	62,850	55,581	59,064	32,907	44,553	46,777	41,748	21,958	20,259	26,615
Receivables turnover		4.32	5.34	7.97	8.13	6.27	3.42	3.54	6.72	3.04	4.14	4.20	3.33	2.81	3.74	2.32	1.80	2.24	5.33	6.70	7.37

December 31, 2023 calculation

Receivables turnover = Revenue (ttm) ÷ Receivables
= $170,010K ÷ $39,312K
= 4.32

The receivables turnover ratio for Ligand Pharmaceuticals, Inc. has exhibited fluctuations over the last eight quarters. In Q1 2023 and Q2 2023, the company's receivables turnover ratio was notably higher at 6.66 and 5.84, respectively, reflecting a more efficient collection of receivables during those periods.

However, this trend was followed by a decrease in receivables turnover in Q3 2023 and Q4 2023 to 3.62 and 3.34, respectively. This decline may indicate a potential delay in collecting payments from customers during the latter part of the year.

Comparing the most recent figures to the same periods in the previous year, there has been some volatility in the receivables turnover ratio, with Q1 2023 and Q2 2023 showing significant improvements compared to Q1 2022 and Q2 2022.

Overall, the company's receivables turnover ratio has shown variability, suggesting potential changes in the efficiency of receivables management. Further analysis of the reasons behind these fluctuations would be necessary to determine the effectiveness of the company's credit and collection processes.