Par Pacific Holdings Inc (PARR)

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	8,174,420	7,803,130	7,283,650	7,602,180	7,263,690	6,745,960	5,998,020	5,106,960	4,643,589	4,081,364	3,458,832	2,757,379	3,072,260	3,755,885	4,466,717	5,356,960	5,344,170	4,824,152	4,340,218	3,796,940
Total current assets	US$ in thousands	1,989,500	2,177,750	1,893,350	1,948,720	1,881,840	1,738,560	1,851,360	1,463,760	1,130,170	1,051,570	1,030,680	976,738	636,469	749,126	719,765	612,515	1,032,170	1,027,790	951,033	908,631
Total current liabilities	US$ in thousands	1,524,600	1,939,590	1,769,950	1,572,360	1,794,090	1,721,680	2,109,940	1,828,620	1,355,790	1,295,240	1,369,690	1,190,670	878,680	875,703	806,570	727,875	1,034,320	1,051,600	974,193	948,072
Working capital turnover		17.58	32.76	59.02	20.20	82.78	399.64	—	—	—	—	—	—	—	—	—	—	—	—	—	—

December 31, 2023 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $8,174,420K ÷ ($1,989,500K – $1,524,600K)
= 17.58

Par Pacific Holdings Inc's working capital turnover has shown significant fluctuations over the past several quarters. The ratio declined from 83.44 in Q4 2022 to 20.34 in Q1 2023, indicating a decrease in efficiency in utilizing working capital to generate revenue.

However, the ratio rebounded to 59.44 in Q2 2023, showcasing an improvement in the company's ability to convert working capital into revenue. This positive trend continued into Q3 2023 with a working capital turnover of 32.99, signaling a steady performance.

In Q4 2023, the working capital turnover further increased to 17.71, although it remains lower compared to the previous quarters. Overall, the company has experienced fluctuations in its working capital turnover, signifying variability in its working capital efficiency over the periods analyzed.