Dynavax Technologies Corporation (DVAX)

Payables turnover

		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
Cost of revenue (ttm)	US$ in thousands	205,240	263,498	305,592	374,532	395,383	489,859	423,409	325,444	275,854	90,983	85,595	83,166	83,877	89,277	92,435	102,219	100,302	95,829	90,721	77,436
Payables	US$ in thousands	5,245	3,120	3,246	7,296	3,211	3,050	4,959	20,194	2,600	3,596	12,079	3,154	3,312	5,273	2,695	4,557	9,278	7,660	11,226	11,868
Payables turnover		39.13	84.45	94.14	51.33	123.13	160.61	85.38	16.12	106.10	25.30	7.09	26.37	25.33	16.93	34.30	22.43	10.81	12.51	8.08	6.52

December 31, 2023 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $205,240K ÷ $5,245K
= 39.13

The payables turnover ratio measures how efficiently a company is managing its accounts payable by evaluating how many times in a period the company pays off its suppliers. A higher payables turnover ratio indicates that the company is paying its suppliers more frequently, which may suggest good liquidity and strong working capital management.

Analyzing the payables turnover ratio of Dynavax Technologies Corp. over the past eight quarters shows significant fluctuations. In Q4 2022, the ratio was exceptionally high at 81.64, suggesting that the company paid its suppliers more than 81 times during that quarter. This may indicate aggressive payment practices or potentially better management of accounts payable. However, this high ratio could also be a sign of negotiation power or strained supplier relationships.

Subsequently, the payables turnover ratio experienced a decline in the following quarters, reaching a low point of 9.35 in Q1 2022. This decrease could be attributed to various factors such as changes in payment terms, supplier relationships, or fluctuations in the company's operational performance.

In Q2 and Q3 of 2023, the payables turnover ratio saw a significant increase, reaching 51.47 and 38.13 respectively. These higher ratios may suggest a shift towards paying suppliers more frequently compared to the previous quarters, potentially indicating improved liquidity or operational efficiency.

Overall, the fluctuating trend in Dynavax Technologies Corp.'s payables turnover ratio indicates varying levels of payment behavior and working capital management over the analyzed period. Further analysis of the company's financial statements and industry benchmarks would help provide more insight into the implications of these fluctuations.