Phillips 66 (PSX)

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	147,811,000	151,287,000	158,181,000	173,624,000	175,470,000	167,636,000	152,331,000	129,770,000	114,646,000	98,020,000	83,151,000	66,441,000	65,456,000	78,172,000	89,782,000	107,160,000	109,529,000	109,502,000	112,260,000	113,560,000
Receivables	US$ in thousands	11,730,000	11,976,000	9,458,000	9,326,000	10,985,000	13,652,000	13,393,000	10,455,000	7,870,000	8,006,000	8,719,000	8,165,000	8,022,000	5,963,000	4,852,000	4,559,000	8,510,000	7,086,000	6,727,000	7,303,000
Receivables turnover		12.60	12.63	16.72	18.62	15.97	12.28	11.37	12.41	14.57	12.24	9.54	8.14	8.16	13.11	18.50	23.51	12.87	15.45	16.69	15.55

December 31, 2023 calculation

Receivables turnover = Revenue (ttm) ÷ Receivables
= $147,811,000K ÷ $11,730,000K
= 12.60

The receivables turnover ratio for Phillips 66 has shown fluctuations over the past eight quarters. In Q1 2022, the receivables turnover ratio was 12.05, indicating that on average, the company collected its accounts receivable approximately 12 times during that quarter.

Subsequently, the ratio increased to 11.89 in Q2 2022, slightly decreased to 11.02 in Q3 2022, and then rose again to 15.47 in Q4 2022. This trend of fluctuation continued in 2023, with the ratio dropping to 18.04 in Q1 2023, then decreasing further to 16.36 in Q2 2023.

It is noteworthy that the receivables turnover ratio saw a slight increase in Q3 2023, reaching 12.48, and then a slightly higher increase to 12.57 in Q4 2023. Overall, the trend indicates some variability in how efficiently Phillips 66 is collecting its accounts receivable, with periods of both improvement and decline in the turnover ratio.