Penske Automotive Group Inc (PAG)

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	29,451,800	29,195,100	28,674,800	28,137,700	27,795,800	27,098,900	26,694,800	26,777,500	25,577,100	25,052,000	24,527,000	21,190,400	20,425,800	20,532,600	20,522,100	22,620,300	23,169,200	22,727,100	22,418,100	22,602,600
Total current assets	US$ in thousands	5,679,700	4,978,600	5,086,400	4,822,900	4,664,200	4,210,300	4,132,300	4,265,900	4,075,400	3,576,700	4,142,300	4,358,900	4,408,800	4,349,400	4,418,400	5,396,100	5,334,100	5,187,500	5,075,300	5,283,200
Total current liabilities	US$ in thousands	5,657,900	4,949,100	5,068,500	4,760,900	4,713,100	4,313,400	4,214,800	4,413,200	4,274,600	3,836,700	4,402,500	4,588,700	4,674,900	4,108,500	4,689,500	5,229,300	5,451,000	5,346,500	5,169,900	5,376,100
Working capital turnover		1,351.00	989.66	1,601.94	453.83	—	—	—	—	—	—	—	—	—	85.23	—	135.61	—	—	—	—

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $29,451,800K ÷ ($5,679,700K – $5,657,900K)
= 1,351.00

Based on the data provided for Penske Automotive Group Inc's working capital turnover, we observe varying levels across different quarters. In Q4 2023, the working capital turnover ratio stands at 1,354.47, indicating that the company generated $1,354.47 in net sales revenue for every dollar of working capital invested.

Comparing this to the previous quarters, we can see fluctuations in performance. Prior to Q4 2023, the working capital turnover ratios were 992.11 in Q3 2023, 1,605.59 in Q2 2023, and 454.49 in Q1 2023.

Notably, Q2 2023 had the highest working capital turnover ratio of 1,605.59, suggesting efficient utilization of working capital during that period. Conversely, Q1 2023 had the lowest ratio at 454.49, indicating lower sales generated relative to working capital.

It is also worth noting that data for the same metric is not available for the corresponding quarters in 2022, which limits our ability to provide a comprehensive trend analysis. However, based on the available data, Penske Automotive Group Inc experienced fluctuations in its working capital turnover, implying varying levels of efficiency in utilizing its working capital to generate sales revenue during the specified quarters.