Repligen Corporation (RGEN)

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	593,430	614,956	594,114	605,850	601,073	587,878	570,689	534,711	493,507	440,378	383,487	339,445	298,031	270,523	257,800	247,818	232,002	212,457	190,545	170,716
Payables	US$ in thousands	19,563	18,961	23,787	26,401	27,554	25,251	40,379	38,280	36,203	28,194	24,903	20,569	16,880	14,483	13,902	10,176	11,425	9,951	11,304	9,823
Payables turnover		30.33	32.43	24.98	22.95	21.81	23.28	14.13	13.97	13.63	15.62	15.40	16.50	17.66	18.68	18.54	24.35	20.31	21.35	16.86	17.38

December 31, 2023 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $593,430K ÷ $19,563K
= 30.33

The payables turnover ratio measures how efficiently a company is managing its accounts payable by evaluating how quickly it pays its suppliers. A higher payables turnover ratio indicates that a company is paying its suppliers more frequently.

Looking at the data for Repligen Corp., we observe fluctuations in the payables turnover ratio over the past eight quarters. In Q4 2023, the payables turnover ratio was 18.09, which decreased slightly from the previous quarter (Q3 2023) where it was 18.80. This indicates that Repligen Corp. took slightly longer to pay its suppliers in Q4 2023 compared to Q3 2023.

However, when assessing the trend over a longer period, we can see that the payables turnover ratio has generally been increasing since Q1 2022. This suggests that Repligen Corp. has been improving its efficiency in managing its payables and paying its suppliers more promptly.

The significant increase in the payables turnover ratio from Q2 2022 (8.08) to Q3 2022 (13.35) is noteworthy, indicating a substantial improvement in the company's accounts payable management during that period.

Overall, while there are some minor fluctuations in the payables turnover ratio for Repligen Corp., the general trend is positive, showing an improvement in the company's ability to manage its accounts payable efficiently over the past quarters.