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# Versum Materials Accounts Receivable

: \$166 Mil (As of Jun. 2019)
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Accounts Receivable are created when a customer has received a product but has not yet paid for that product. Versum Materials's accounts receivables for the quarter that ended in Jun. 2019 was \$166 Mil.

Accounts receivable can be measured by Days Sales Outstanding. Versum Materials's Days Sales Outstanding for the quarter that ended in Jun. 2019 was 46.79.

In Ben Graham's calculation of liquidation value, accounts receivable are only considered to be worth 75% of book value. Versum Materials's Net-Net Working Capital for the quarter that ended in Jun. 2019 was \$-755 Mil.

## Versum Materials Accounts Receivable Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

 Versum Materials Annual Data Sep13 Sep14 Sep15 Sep16 Sep17 Sep18 Accounts Receivable 130.80 127.10 130.00 145.30 184.40

 Versum Materials Quarterly Data Sep13 Sep14 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Accounts Receivable 194.80 184.40 188.80 188.10 166.30

## Versum Materials Accounts Receivable Calculation

Accounts Receivable is money owed to a business by customers and shown on its Balance Sheet as an asset.

## Versum Materials Accounts Receivable Explanation

1. Accounts Receivable are created when a customer has received a product but has not yet paid for that product. Days Sales Outstanding measures of the average number of days that a company takes to collect revenue after a sale has been made. It is a financial ratio that illustrates how well a company's accounts receivables are being managed.

Versum Materials's Days Sales Outstanding for the quarter that ended in Jun. 2019 is calculated as:

 Days Sales Outstanding = Accounts Receivable / Revenue * Days in Period = 166.3 / 324.3 * 91 = 46.79

2. In Ben Graham's calculation of liquidation value, Versum Materials's accounts receivable are only considered to be worth 75% of book value:

Versum Materials's liquidation value for the quarter that ended in Jun. 2019 is calculated as:

 Liquidation value = Cash And Cash Equivalents - Total Liabilities + (0.75 * Accounts Receivable) + (0.5 * Total Inventories) = 272.2 - 1255.1 + 0.75 * 166.3 + 0.5 * 206.3 = -755

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

Be Aware

Net receivables tells us a great deal about the different competitors in the same industry. In competitive industries, some attempt to gain advantage by offering better credit terms, causing increase in sales and receivables.

If company consistently shows lower % Net receivables to gross sales than competitors, then it usually has some kind of competitive advantage which requires further digging.

Average Days Sales Outstanding is a good indicator for measuring a company's sales channel and customers. A company may book great revenue and earnings growth but never receive payment from their customers. This may force a write-off in the future and depress future earnings.