DoorDash, Inc. Class A Common Stock (DASH)

Receivables turnover

		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
Revenue (ttm)	US$ in thousands	11,241,000	10,722,000	10,152,000	9,610,000	9,113,000	8,635,000	8,150,000	7,687,000	7,162,000	6,583,000	6,065,000	5,639,000	5,267,000	4,888,000	4,558,000	4,162,000	3,601,000	2,886,000	2,214,000
Receivables	US$ in thousands	782,000	865,000	622,000	585,000	546,000	533,000	417,000	383,000	382,000	400,000	325,000	346,000	321,000	349,000	286,000	245,000	282,000	291,000	182,000
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

March 31, 2025 calculation

Receivables turnover = Revenue (ttm) ÷ Receivables
= $11,241,000K ÷ $782,000K
= 14.37

The receivables turnover ratio for DoorDash, Inc. Class A Common Stock exhibits notable fluctuations over the analyzed period, reflecting varying efficiency in collecting accounts receivable.

Initially, in September 2020, the ratio stood at 12.16, indicating the number of times receivables were collected within a year. It decreased to 9.92 by December 2020, suggesting a temporary slowdown in collection efficiency. Subsequently, the ratio increased again, reaching 12.77 in March 2021, and then showed a significant upward trend, peaking at 20.07 in June 2023. This peak indicates a period of enhanced collection efficiency, possibly due to improved credit policies or operational improvements.

From June 2023 onward, a slight decline is observed, with the ratio decreasing to 19.54 by September 2023, and further dropping to 16.20 by December 2023. The early months of 2024 continued this downward trend, with ratios of 16.69 in March and 16.43 in June 2024, before a more notable decrease to 12.40 in December 2024. The ratio marginally increased again in March 2025, reaching 14.37.

Overall, the data indicates periods of both improvement and decline in the efficiency of receivables collection. The peaks suggest periods where the company managed to quickly convert receivables into cash, whereas the troughs may reflect times of increased credit extension, collection delays, or temporary operational challenges. The recent downward trend in late 2024 suggests a potential deterioration in collection efficiency or changes in credit terms, warranting further analysis of underlying causes.