DoorDash, Inc. Class A Common Stock (DASH)

Days of sales outstanding (DSO)

		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
Receivables turnover		14.37	12.40	16.32	16.43	16.69	16.20	19.54	20.07	18.75	16.46	18.66	16.30	16.41	14.01	15.94	16.99	12.77	9.92	12.16
DSO	days	25.39	29.45	22.36	22.22	21.87	22.53	18.68	18.19	19.47	22.18	19.56	22.40	22.25	26.06	22.90	21.49	28.58	36.80	30.00

March 31, 2025 calculation

DSO = 365 ÷ Receivables turnover
= 365 ÷ 14.37
= 25.39

The analysis of DoorDash, Inc.'s days of sales outstanding (DSO) reveals a pattern of generally stable receivables collection periods over the period from September 2020 through March 2025, with some notable fluctuations.

Initially, the DSO was approximately 30 days as of September 30, 2020, indicating a somewhat conservative period for collecting receivables. During the subsequent quarter ending December 31, 2020, the DSO increased to approximately 36.8 days, suggesting a slowdown in collection efficiency or changes in credit terms or customer payment behaviors during that period.

From early 2021, the DSO decreased, reaching around 28.58 days at the end of March 2021, and continued to decline to 21.49 days by June 30, 2021. This reduction indicates an improvement in receivables collection efficiency. For the remainder of 2021, the DSO fluctuated modestly between approximately 22 to 26 days, maintaining a generally stable collection pattern.

In 2022, the DSO remained relatively stable around 22 days, with a slight decrease to approximately 19.56 days by September 30, 2022. This suggests a consistent receivables collection period, potentially reflecting operational efficiencies or improved payment behaviors.

In 2023, the DSO continued to hover around 19 to 22 days, reaching approximately 22.53 days at the year's end. During this year, a slight increase is observable, possibly indicating minor fluctuations in collection cycles.

Moving into 2024, the DSO increased notably in the first quarter to approximately 25.39 days, and then stabilized around 22 days in the subsequent periods. The most significant deviation occurs at the end of 2024, with the DSO rising to approximately 29.45 days, which deviates from prior levels and may indicate emerging delays in collections or changes in customer credit policies.

As of March 2025, the DSO decreased somewhat to approximately 25.39 days but remains elevated compared to earlier periods in the previous years.

Overall, the DSO exhibited a trend of stability with minor fluctuations and periods of increase, particularly at the end of 2024. The earlier periods indicated efficient receivables management with collection periods typically around 20-30 days. The recent increase towards late 2024 and into early 2025 suggests a possible deterioration in collection efficiency or changes in the customer base or credit terms, warranting further operational or credit policy review.