Patterson-UTI Energy Inc (PTEN)
Payables 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue (ttm) | US$ in thousands | 315,167 | 233,592 | 135,385 | 120,849 | 119,956 | 150,739 | 148,024 | 149,166 | 145,230 | 115,237 | 116,811 | 118,299 | 523,374 | 527,174 | 556,850 | 566,153 | 171,549 | 380,247 | 359,936 | 362,656 |
| Payables | US$ in thousands | 534,420 | 579,724 | 245,562 | 271,442 | 237,056 | 263,761 | 252,692 | 206,798 | 190,219 | 165,779 | 120,853 | 101,165 | 91,023 | 74,367 | 72,958 | 140,102 | 170,475 | 208,801 | 242,166 | 260,378 |
| Payables turnover | 0.59 | 0.40 | 0.55 | 0.45 | 0.51 | 0.57 | 0.59 | 0.72 | 0.76 | 0.70 | 0.97 | 1.17 | 5.75 | 7.09 | 7.63 | 4.04 | 1.01 | 1.82 | 1.49 | 1.39 |
December 31, 2023 calculation
Payables turnover = Cost of revenue (ttm) ÷ Payables
= $315,167K ÷ $534,420K
= 0.59
Patterson-UTI Energy Inc's payables turnover ratio has shown fluctuating trends over the past eight quarters. The ratio peaked at 7.99 in Q2 2023, indicating that the company was able to pay off its accounts payable nearly 8 times during that quarter. This suggests efficient management of its outstanding obligations to suppliers.
However, in the subsequent quarters, the payables turnover ratio declined, reaching its lowest point of 3.72 in Q3 2023. This significant drop may signal potential issues with managing payables and could be a cause for concern as it indicates a slower rate of paying off its accounts payable.
Overall, Patterson-UTI Energy Inc's payables turnover performance varies, indicating potential changes in its payment practices and relationships with suppliers. Further analysis and comparison with industry benchmarks would be beneficial to assess the company's payables management efficiency accurately.
Peer comparison
Dec 31, 2023