Repligen Corporation (RGEN)

Payables turnover

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Cost of revenue	US$ in thousands	640,120	612,644	501,593	303,322	235,580
Payables	US$ in thousands	19,563	27,554	36,203	16,880	11,425
Payables turnover		32.72	22.23	13.86	17.97	20.62

December 31, 2023 calculation

Payables turnover = Cost of revenue ÷ Payables
= $640,120K ÷ $19,563K
= 32.72

Repligen Corp.'s payables turnover has shown an increasing trend over the past five years, indicating the company's ability to efficiently manage its accounts payable. In 2023, the payables turnover ratio was 18.09, significantly higher than the ratios in previous years (12.55 in 2022, 7.71 in 2021, 9.28 in 2020, and 10.42 in 2019). This improvement suggests that Repligen is taking longer to pay its suppliers, which may help improve working capital management and cash flow. A higher payables turnover ratio reflects a more efficient use of supplier credit and potential cost savings through better negotiation or discount opportunities.