Patterson-UTI Energy Inc (PTEN)
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 | 4,096,384 | 3,310,459 | 3,031,160 | 2,893,593 | 2,609,966 | 2,279,773 | 1,910,447 | 1,579,937 | 1,311,774 | 1,080,833 | 929,484 | 887,810 | 1,091,992 | 1,363,488 | 1,745,348 | 2,168,419 | 2,430,209 | 2,733,849 | 3,011,238 | 3,190,522 |
| Receivables | US$ in thousands | 998,040 | 1,040,600 | 503,431 | 493,563 | 565,919 | 546,711 | 473,340 | 377,639 | 356,150 | 263,250 | 196,726 | 181,261 | 164,642 | 136,107 | 166,706 | 327,446 | 346,096 | 417,136 | 507,160 | 552,076 |
| Receivables turnover | 4.10 | 3.18 | 6.02 | 5.86 | 4.61 | 4.17 | 4.04 | 4.18 | 3.68 | 4.11 | 4.72 | 4.90 | 6.63 | 10.02 | 10.47 | 6.62 | 7.02 | 6.55 | 5.94 | 5.78 |
December 31, 2023 calculation
Receivables turnover = Revenue (ttm) ÷ Receivables
= $4,096,384K ÷ $998,040K
= 4.10
Patterson-UTI Energy Inc's receivables turnover has shown some fluctuations in the recent quarters. The company's receivables turnover ratio ranged from 3.25 to 6.09 over the past eight quarters. A higher receivables turnover ratio indicates that the company is collecting its accounts receivable more efficiently.
In Q3 2023, the receivables turnover ratio dropped to 3.25, suggesting that the company took longer to collect its receivables during that period. However, in Q2 2023, the ratio significantly increased to 6.09, indicating a more efficient collection of accounts receivable.
On average, the receivables turnover ratio for Patterson-UTI Energy Inc over the last eight quarters is 4.58. This indicates that, on average, the company turns over its accounts receivable approximately 4.58 times a year. Overall, the company's receivables turnover has shown some variability, but it is essential to monitor this ratio to ensure efficient management of accounts receivable.
Peer comparison
Dec 31, 2023