Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Pioneer Natural Resources Co., liquidity ratios (quarterly data)
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
The analysis of the liquidity ratios over the reported quarters reveals several distinct patterns and fluctuations. These ratios—current ratio, quick ratio, and cash ratio—serve as indicators of short-term financial health, focusing on different levels of asset liquidity.
- Current Ratio
- The current ratio exhibits notable variability throughout the period. Starting near parity at 0.99 in early 2019, it experienced a decline to a low of 0.55 in mid-2021, indicating a reduction in current assets relative to current liabilities. However, there was a marked recovery late in 2021 and into early 2022, peaking at about 1.54, suggesting improved liquidity. This positive trend deteriorated steadily thereafter, falling below 1.0 again by the first quarter of 2023 and stabilizing between 0.73 and 0.88 towards the end of 2023. The ratio's fluctuation indicates periods of both constrained and relatively comfortable short-term liquidity positions.
- Quick Ratio
- The quick ratio, which excludes inventory from current assets, mirrors the current ratio's trend but at a generally lower level, consistent with its more conservative approach to liquidity. Its value starts at 0.86 in March 2019, declines to a low of 0.46 by mid-2021, then significantly rebounds to a peak around 1.41-1.40 in the first half of 2022. A gradual decline thereafter brings it below 1.0 again during 2023, ending near 0.66 by the last reported quarter. This pattern reinforces the observation of fluctuating liquidity, with the quick ratio underscoring tighter liquidity constraints relative to the current ratio due to its exclusion of less liquid assets.
- Cash Ratio
- The cash ratio shows the most pronounced volatility among the three ratios, highlighting swings in the company's most liquid assets (cash and equivalents) relative to current liabilities. Starting at 0.51 in early 2019, it declines to a trough of 0.07 in mid-2021—indicating very low cash coverage at that time. Subsequently, a significant rebound reaches a peak of 1.00 by the end of 2021, suggesting strong cash reserves during this period. After this peak, the cash ratio trends downwards again, hovering below 0.35 for most of 2023 and dropping as low as 0.07 in one quarter before a minor increase, signaling constrained immediate liquidity towards the end of the period under review.
Collectively, the three liquidity ratios reveal a cycle of liquidity tightening and easing. The pronounced dips in mid-2021 across all ratios point to a period of strained short-term liquidity, which is followed by a recovery phase in late 2021 and early 2022. The subsequent gradual decline through 2023 suggests renewed pressure on liquidity, though not to the lows experienced in mid-2021. This pattern indicates possible seasonal or operational influences affecting working capital and cash management, with an overall implication that liquidity management has been a dynamic challenge during this timeframe.
Current Ratio
Pioneer Natural Resources Co., current ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Current assets | 2,605) | 2,785) | 2,342) | 3,471) | 3,726) | 4,283) | 6,321) | 6,249) | 6,173) | 2,841) | 2,359) | 2,552) | 2,595) | 2,420) | 1,195) | 2,069) | 2,191) | 1,923) | 2,175) | 2,505) | ||||||
| Current liabilities | 2,974) | 3,283) | 3,199) | 3,935) | 3,887) | 4,170) | 4,749) | 4,056) | 4,073) | 4,535) | 4,273) | 3,243) | 1,906) | 1,688) | 1,584) | 2,080) | 2,496) | 2,460) | 2,525) | 2,532) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||||
| Current ratio1 | 0.88 | 0.85 | 0.73 | 0.88 | 0.96 | 1.03 | 1.33 | 1.54 | 1.52 | 0.63 | 0.55 | 0.79 | 1.36 | 1.43 | 0.75 | 0.99 | 0.88 | 0.78 | 0.86 | 0.99 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | 1.27 | 1.25 | 1.43 | 1.43 | 1.47 | 1.40 | 1.31 | 1.43 | 1.26 | 1.28 | 1.17 | 1.11 | 1.18 | 1.26 | 1.14 | 1.01 | — | — | — | — | ||||||
| ConocoPhillips | 1.43 | 1.66 | 1.41 | 1.39 | 1.46 | 1.46 | 1.54 | 1.51 | 1.34 | 1.93 | 2.11 | 2.03 | 2.25 | 2.38 | 2.69 | 2.16 | — | — | — | — | ||||||
| Exxon Mobil Corp. | 1.48 | 1.42 | 1.48 | 1.46 | 1.41 | 1.34 | 1.16 | 1.07 | 1.04 | 0.90 | 0.85 | 0.80 | 0.80 | 0.86 | 0.93 | 0.78 | — | — | — | — | ||||||
| Occidental Petroleum Corp. | 0.92 | 0.92 | 1.00 | 1.09 | 1.15 | 1.10 | 1.07 | 1.16 | 1.23 | 1.08 | 1.34 | 1.17 | 1.07 | 1.02 | 0.85 | 1.18 | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 2,605 ÷ 2,974 = 0.88
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the company's liquidity position over the specified periods.
- Current Assets
- Current assets exhibit a fluctuating pattern with an overall increase in value from early periods to the latest quarters. Initially, starting at US$ 2,505 million in March 2019, there is a decline reaching a low of US$ 1,195 million in June 2020. This is followed by a recovery and peak around December 2021 at US$ 6,173 million. Subsequently, current assets decrease again but remain relatively elevated compared to earlier periods, ending at US$ 2,605 million in December 2023.
- Current Liabilities
- Current liabilities show a general increase from approximately US$ 2,532 million in March 2019 to a peak of US$ 4,749 million in June 2022. Following this peak, a gradual decrease is observed, declining to US$ 2,974 million by the end of 2023. The pattern suggests increasing short-term obligations through mid-2022, followed by a moderate reduction in more recent quarters.
- Current Ratio
- The current ratio exhibits variability, reflecting the interplay between current assets and liabilities. Early values indicate a ratio below 1, implying potential liquidity constraints, with the lowest ratio observed at 0.55 in June 2021. Notably, there are periods with ratios rising above 1, such as from September 2020 (1.43) to December 2021 (1.52), indicating improved short-term financial health during those quarters. However, post-2021, the ratio declines again, settling below 1 for most recent quarters, indicating current liabilities exceed current assets and possibly suggesting tighter liquidity conditions towards the end of the period analyzed.
- Overall Insights
- The data suggest that the firm experienced fluctuations in liquidity, with periods of both constrained and strengthened short-term financial positions. The spike in current assets and ratios around late 2021 coincides with elevated current liabilities, signaling a complex balance in working capital management. The subsequent decline in both current assets and liabilities accompanied by ratios below 1 toward 2023 may warrant attention to liquidity risk and operational efficiency.
Quick Ratio
Pioneer Natural Resources Co., quick ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Cash and cash equivalents | 240) | 98) | 91) | 1,192) | 1,032) | 1,316) | 2,579) | 2,385) | 3,847) | 581) | 93) | 668) | 1,442) | 1,325) | 180) | 784) | 631) | 437) | 643) | 511) | ||||||
| Restricted cash | —) | —) | —) | —) | —) | 6) | 6) | 9) | 37) | 46) | 49) | 56) | 59) | 66) | 69) | 74) | 74) | 76) | 75) | —) | ||||||
| Accounts receivable, net | 1,590) | 1,850) | 1,513) | 1,392) | 1,853) | 1,938) | 2,344) | 2,397) | 1,685) | 1,680) | 1,670) | 1,273) | 695) | 662) | 566) | 555) | 1,035) | 853) | 789) | 877) | ||||||
| Investment in affiliate | 139) | 176) | 137) | 119) | 172) | 134) | 167) | 231) | 135) | 144) | 152) | 177) | 123) | 67) | 85) | 42) | 187) | 151) | 344) | 347) | ||||||
| Short-term investments, net | —) | —) | —) | —) | —) | 372) | 506) | 640) | 58) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 445) | ||||||
| Total quick assets | 1,969) | 2,124) | 1,741) | 2,703) | 3,057) | 3,766) | 5,602) | 5,662) | 5,762) | 2,451) | 1,964) | 2,174) | 2,319) | 2,120) | 900) | 1,455) | 1,927) | 1,517) | 1,851) | 2,180) | ||||||
| Current liabilities | 2,974) | 3,283) | 3,199) | 3,935) | 3,887) | 4,170) | 4,749) | 4,056) | 4,073) | 4,535) | 4,273) | 3,243) | 1,906) | 1,688) | 1,584) | 2,080) | 2,496) | 2,460) | 2,525) | 2,532) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||||
| Quick ratio1 | 0.66 | 0.65 | 0.54 | 0.69 | 0.79 | 0.90 | 1.18 | 1.40 | 1.41 | 0.54 | 0.46 | 0.67 | 1.22 | 1.26 | 0.57 | 0.70 | 0.77 | 0.62 | 0.73 | 0.86 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | 0.87 | 0.84 | 0.97 | 1.03 | 1.12 | 1.03 | 1.00 | 1.12 | 0.90 | 0.90 | 0.83 | 0.77 | 0.77 | 0.84 | 0.74 | 0.66 | — | — | — | — | ||||||
| ConocoPhillips | 1.21 | 1.46 | 1.19 | 1.20 | 1.27 | 1.27 | 1.34 | 1.29 | 1.10 | 1.66 | 1.86 | 1.81 | 1.98 | 2.04 | 2.29 | 1.72 | — | — | — | — | ||||||
| Exxon Mobil Corp. | 1.06 | 1.05 | 1.06 | 1.07 | 1.03 | 0.98 | 0.84 | 0.74 | 0.69 | 0.55 | 0.51 | 0.47 | 0.44 | 0.51 | 0.55 | 0.50 | — | — | — | — | ||||||
| Occidental Petroleum Corp. | 0.51 | 0.48 | 0.45 | 0.60 | 0.68 | 0.67 | 0.79 | 0.84 | 0.84 | 0.61 | 0.82 | 0.62 | 0.50 | 0.38 | 0.34 | 0.37 | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 1,969 ÷ 2,974 = 0.66
2 Click competitor name to see calculations.
- Total Quick Assets
-
Total quick assets exhibited notable fluctuations over the analyzed period. Initially, there was a gradual decline from 2,180 million USD in the first quarter of 2019 to a low point of 900 million USD by mid-2020. This phase was followed by a sharp rebound reaching a peak of 5,762 million USD at the end of 2021. Subsequent quarters showed a decreasing trend with values retreating to 1,969 million USD by the last quarter of 2023. The pattern indicates significant volatility, with periods of rapid accumulation succeeded by steady declines.
- Current Liabilities
-
Current liabilities initially remained relatively stable around 2,500 million USD in early 2019 but experienced a marked reduction to approximately 1,584 million USD by mid-2020. However, following this decrease, liabilities increased substantially to around 4,273 million USD by mid-2021. After this peak, they gradually declined though with some variability, reaching close to 2,974 million USD at the end of 2023. This trajectory suggests phases of both debt reduction and accumulation over the time horizon reviewed.
- Quick Ratio
-
The quick ratio displayed significant volatility, with values largely below 1 throughout the period, indicating a consistent challenge in covering current liabilities with quick assets. Starting at 0.86 in early 2019, it declined to a trough of 0.46 by mid-2021. This was followed by a strong recovery to 1.41 at the end of 2021, reflecting improved short-term liquidity during this phase. Nonetheless, the ratio diminished again thereafter, settling around 0.66 by the end of 2023. The fluctuating ratio highlights an unstable liquidity position, with occasional improvements potentially linked to temporary asset accumulation or liability adjustments.
- Overall Analysis
-
The interplay between total quick assets and current liabilities indicates periods of both financial strengthening and weakening. The surge in quick assets and quick ratio at the end of 2021 suggests a temporary enhancement of liquidity, possibly due to strategic asset management or financing activities. However, the subsequent downward trends in quick assets and persistent quick ratios below 1 suggest ongoing liquidity constraints. The variations in current liabilities corroborate these phases, reflecting active management of short-term obligations.
In summary, the company experienced marked liquidity fluctuations characterized by a significant but temporary improvement in late 2021, followed by a period of declining asset coverage of liabilities. This pattern underscores the importance of monitoring short-term financial flexibility to maintain a stable liquidity position.
Cash Ratio
Pioneer Natural Resources Co., cash ratio calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Cash and cash equivalents | 240) | 98) | 91) | 1,192) | 1,032) | 1,316) | 2,579) | 2,385) | 3,847) | 581) | 93) | 668) | 1,442) | 1,325) | 180) | 784) | 631) | 437) | 643) | 511) | ||||||
| Restricted cash | —) | —) | —) | —) | —) | 6) | 6) | 9) | 37) | 46) | 49) | 56) | 59) | 66) | 69) | 74) | 74) | 76) | 75) | —) | ||||||
| Investment in affiliate | 139) | 176) | 137) | 119) | 172) | 134) | 167) | 231) | 135) | 144) | 152) | 177) | 123) | 67) | 85) | 42) | 187) | 151) | 344) | 347) | ||||||
| Short-term investments, net | —) | —) | —) | —) | —) | 372) | 506) | 640) | 58) | —) | —) | —) | —) | —) | —) | —) | —) | —) | —) | 445) | ||||||
| Total cash assets | 379) | 274) | 228) | 1,311) | 1,204) | 1,828) | 3,258) | 3,265) | 4,077) | 771) | 294) | 901) | 1,624) | 1,458) | 334) | 900) | 892) | 664) | 1,062) | 1,303) | ||||||
| Current liabilities | 2,974) | 3,283) | 3,199) | 3,935) | 3,887) | 4,170) | 4,749) | 4,056) | 4,073) | 4,535) | 4,273) | 3,243) | 1,906) | 1,688) | 1,584) | 2,080) | 2,496) | 2,460) | 2,525) | 2,532) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||||
| Cash ratio1 | 0.13 | 0.08 | 0.07 | 0.33 | 0.31 | 0.44 | 0.69 | 0.80 | 1.00 | 0.17 | 0.07 | 0.28 | 0.85 | 0.86 | 0.21 | 0.43 | 0.36 | 0.27 | 0.42 | 0.51 | ||||||
| Benchmarks | ||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | 0.25 | 0.18 | 0.32 | 0.47 | 0.52 | 0.42 | 0.32 | 0.38 | 0.21 | 0.24 | 0.27 | 0.26 | 0.25 | 0.35 | 0.33 | 0.30 | — | — | — | — | ||||||
| ConocoPhillips | 0.66 | 0.91 | 0.71 | 0.75 | 0.72 | 0.74 | 0.67 | 0.61 | 0.55 | 1.14 | 1.31 | 1.18 | 1.46 | 1.58 | 1.92 | 1.35 | — | — | — | — | ||||||
| Exxon Mobil Corp. | 0.48 | 0.46 | 0.48 | 0.49 | 0.43 | 0.41 | 0.24 | 0.15 | 0.12 | 0.08 | 0.06 | 0.06 | 0.08 | 0.16 | 0.22 | 0.18 | — | — | — | — | ||||||
| Occidental Petroleum Corp. | 0.16 | 0.07 | 0.07 | 0.16 | 0.13 | 0.16 | 0.14 | 0.22 | 0.33 | 0.23 | 0.48 | 0.26 | 0.24 | 0.18 | 0.10 | 0.17 | — | — | — | — | ||||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q4 2023 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 379 ÷ 2,974 = 0.13
2 Click competitor name to see calculations.
- Total Cash Assets
- The total cash assets exhibit significant volatility across the reported quarters. Initially, from March 2019 to December 2019, there is a declining trend from 1303 million USD to 892 million USD, followed by a notable drop to 334 million USD as of June 2020, which is the lowest level in the early part of the period. Subsequently, cash assets rebound sharply to 1624 million USD by December 2020. Entering 2021, cash balances fluctuate, showing a decrease to 294 million USD by June 2021, followed by a strong spike to 4077 million USD by December 2021, the highest value in the dataset. In 2022, cash assets decrease gradually from 3265 million USD in March to 1204 million USD at year-end. The first quarter of 2023 sees a slight increase to 1311 million USD, but the following quarters again show a downward movement, reaching the lowest value of 228 million USD in June 2023 before ending at 379 million USD in December 2023.
- Current Liabilities
- Current liabilities show a relatively moderate range during 2019, remaining slightly below or around 2500 million USD. A decrease occurs in the first half of 2020, dropping to a low of 1584 million USD by June 2020. However, from the latter half of 2020 into early 2021, liabilities increase sharply, peaking at 4535 million USD in September 2021. Thereafter, the liabilities trend mostly downwards, falling to 3887 million USD by December 2022. In 2023, current liabilities continue to fluctuate, generally trending downward from 3935 million USD in March to 2974 million USD at year-end, indicating some management of short-term obligations.
- Cash Ratio
- The cash ratio, reflecting liquidity by comparing cash assets to current liabilities, mirrors the volatility observed in cash balances and liabilities. It remains below 1 throughout the period but exhibits marked fluctuations. For instance, it declines from 0.51 in March 2019 to a low of 0.21 by June 2020, then rapidly increases to peaks of 0.86 and 1.00 in September and December 2020 respectively, coinciding with rising cash assets and lower liabilities. The ratio drops sharply again during 2021, reaching 0.07 in June and September, despite elevated current liabilities, before bouncing back to 1.00 by December 2021. In 2022 and 2023, the ratio gradually decreases overall, fluctuating between 0.80 and as low as 0.07, finishing the period at 0.13, suggesting constrained liquidity relative to short-term obligations by the end of 2023.
- Summary of Trends
- The data indicates pronounced variability in cash holdings and liquidity over the five-year span. Sharp increases in cash and corresponding improvements in the cash ratio often align with periods of lower current liabilities, while declines in cash reserves generally coincide with spikes in liabilities, impacting liquidity negatively. The highest cash reserves and cash ratio values occur near the end of 2020 and in late 2021, reflecting temporary strengthening of liquidity. In contrast, mid-2020 and mid-2021 mark notable liquidity challenges, with depressed cash ratios near 0.07. Overall, the company experiences fluctuations in liquidity positioning, with a tendency toward lower liquidity ratios in recent quarters of 2023, signaling a need to monitor short-term asset management and liability levels carefully.