Super Micro Computer Inc (SMCI)

Receivables turnover

		Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Revenue (ttm)	US$ in thousands	21,569,720	20,819,880	18,806,840	14,989,250	11,819,520	9,252,750	7,391,030	7,123,490	6,574,090	6,646,280	6,015,500	5,196,100	4,629,620	4,170,011	3,827,897	3,557,417	3,384,563	3,261,090	3,301,727	3,339,281
Receivables	US$ in thousands	2,642,560	3,059,510	2,731,740	2,668,420	1,650,150	1,502,970	845,729	1,148,260	672,055	768,167	736,312	834,513	679,785	497,431	458,076	463,834	407,365	323,021	322,845	403,745
Receivables turnover		8.16	6.80	6.88	5.62	7.16	6.16	8.74	6.20	9.78	8.65	8.17	6.23	6.81	8.38	8.36	7.67	8.31	10.10	10.23	8.27

March 31, 2025 calculation

Receivables turnover = Revenue (ttm) ÷ Receivables
= $21,569,720K ÷ $2,642,560K
= 8.16

The receivables turnover ratios for Super Micro Computer Inc. exhibit notable fluctuations over the analyzed period. Starting at 8.27 as of June 30, 2020, the ratio increased significantly by September 30, 2020, reaching 10.23, indicating an improvement in the company's efficiency in collecting receivables. This elevated level persisted into late 2020 and early 2021, with ratios of 10.10 (December 31, 2020), 8.31 (March 31, 2021), and maintaining above 8 through the rest of 2021 (8.36 for September 30 and 8.38 for December 31).

However, a downward trend is observable starting in early 2022, with the ratio declining to 6.81 (March 31, 2022) and further to 6.23 (June 30, 2022). While there was a partial recovery in late 2022 and early 2023, the ratios did not return to the earlier peak levels, reaching 8.65 (December 31, 2022) and 9.78 (March 31, 2023). Subsequently, the ratio decreased again, hitting a low of 5.62 on June 30, 2024, before slightly rebounding to 6.88 (September 30, 2024) and stabilizing around 6.80 to 8.16 in the first half of 2025.

Overall, the trend indicates periods of strong receivables management, notably in late 2020 and early 2021, followed by a decline in efficiency starting in 2022. This pattern suggests a potential loosening of credit collection policies, increased receivables outstanding, or changes in customer payment behaviors over time. The fluctuations reflect varying levels of collection efficiency, with recent ratios indicating moderate receivables turnover compared to the peaks observed in late 2020.