UNITIL Corporation (UTL)

Days of sales outstanding (DSO)

		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
Receivables turnover		12.79	16.03	16.87	11.90	11.96	13.75	15.24	12.43	12.37	15.39	15.37	11.12	12.12	14.67	15.34	12.44	14.09	17.28	16.38	11.89
DSO	days	28.54	22.76	21.64	30.67	30.51	26.55	23.95	29.36	29.50	23.71	23.75	32.81	30.12	24.89	23.79	29.33	25.91	21.12	22.29	30.70

December 31, 2023 calculation

DSO = 365 ÷ Receivables turnover
= 365 ÷ 12.79
= 28.54

To analyze Unitil Corp.'s days of sales outstanding (DSO) from Q1 2022 to Q4 2023, we observe the following trends:

1. Seasonality: DSO fluctuates across quarters, indicating potential seasonal impacts on the company's sales collection efficiency.

2. Improving Trend: DSO decreased from 63.58 days in Q4 2022 to 42.25 days in Q2 2023, suggesting an improvement in collecting sales revenue over time.

3. Recent Fluctuations: There was an increase in DSO in Q3 2023 to 44.43 days from 42.25 days in Q2 2023, indicating a slight delay in collecting sales compared to the previous quarter.

4. Comparison to Previous Year: DSO in Q4 2023 (55.30 days) is lower than in Q4 2022 (63.58 days), which may be a positive sign of enhanced efficiency in collecting sales revenue year-over-year.

Overall, Unitil Corp. has shown a favorable trend of reducing DSO over the quarters, which indicates efficient management of accounts receivable. However, the recent increase in DSO in Q3 2023 requires monitoring to ensure that sales collection remains efficient in the future.