Appfolio Inc (APPF)

Debt-to-capital ratio

		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	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	0	0	95,146	95,760	47,375	47,677	47,979
Total stockholders’ equity	US$ in thousands	339,195	297,312	262,656	225,953	240,569	265,546	271,872	264,991	288,743	297,381	291,699	287,267	285,784	285,920	284,516	144,504	124,875	131,950	125,417	118,215
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.40	0.43	0.26	0.28	0.29

March 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $339,195K)
= 0.00

The debt-to-capital ratio of Appfolio Inc has remained consistently low at 0.00 in all the quarters of 2022 and 2023. However, in the first quarter of 2020, there was a noticeable increase in the ratio to 0.40, followed by a further increase to 0.43 in the second quarter of 2020. Subsequently, the ratio decreased to 0.26 in the first quarter of 2021 and slightly increased to 0.28 and 0.29 in the following quarters. Overall, the recent trend indicates that Appfolio Inc has maintained a conservative capital structure with minimal reliance on debt to finance its operations.