You have to wonder what is going on behind the scenes to rack up $128M in A/R on revenue of $148M. Oil and gas producers are historically slow at paying (60-90 days) but the the percentage of companies that don't pay for products and services rendered are negligible. I can only assume they are working for a lot of majors that do pay their bills. IMO, one of two things occurred: 1) PSN was overcharging for services and the Producers would not pay 2) PSN booked revenue that hadn't yet been earned in an attempt to hit revenue and EBITDA guidances.
Dayrates for modular tanks have dropped by 60%+ over the past 12 months and utilization has likely dropped considerably with the increase in competition. If PSN was booking $3k for 30 days/mth and were only actually earning $1,100 for 20 days/mth, this equates to a 75% drop in revenue. Personally I don't see how such a "mistake" could occur...I guess we will see.