Oceaneering International Inc (OII)

Receivables turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	US$ in thousands	2,424,710	2,066,080	1,869,280	1,827,890	2,048,120
Receivables	US$ in thousands	331,326	296,554	262,960	296,214	421,360
Receivables turnover		7.32	6.97	7.11	6.17	4.86

December 31, 2023 calculation

Receivables turnover = Revenue ÷ Receivables
= $2,424,710K ÷ $331,326K
= 7.32

The trend in Oceaneering International, Inc.'s receivables turnover over the past five years shows a generally increasing pattern. The company's receivables turnover ratio has improved from 4.86 in 2019 to 7.32 in 2023. This indicates that the company is collecting its accounts receivable more efficiently.

A higher receivables turnover ratio suggests that the company is able to collect outstanding receivables more quickly, which is a positive sign of liquidity and efficient management of working capital. Oceaneering International's ability to convert its accounts receivable into cash has strengthened over the years, reflecting effective credit policies or better collections practices.

The upward trend in receivables turnover can also indicate that the company is managing its credit risk better or that customers are paying their bills in a timelier manner. Overall, the increasing trend in the receivables turnover ratio for Oceaneering International, Inc. signifies an improvement in the company's efficiency in managing and collecting its receivables over the analyzed period.