The Cheesecake Factory (CAKE)

Debt-to-assets ratio

		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
Long-term debt	US$ in thousands	470,047	469,543	469,040	468,536	468,032	467,528	467,025	466,521	466,017	465,514	465,010	280,000	280,000	376,000	376,000	380,000	290,000	335,000	35,000	20,000
Total assets	US$ in thousands	2,840,380	2,776,890	2,769,710	2,742,490	2,775,220	2,734,070	2,772,430	2,753,740	2,798,120	2,717,720	2,722,290	2,735,440	2,747,050	2,828,060	2,867,280	2,675,780	2,840,590	2,381,770	2,073,790	2,076,080
Debt-to-assets ratio		0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.17	0.10	0.10	0.13	0.13	0.14	0.10	0.14	0.02	0.01

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $470,047K ÷ $2,840,380K
= 0.17

The debt-to-assets ratio for The Cheesecake Factory has been consistently stable at 0.17 for the most recent quarters, indicating that the company's level of debt relative to its total assets has remained relatively unchanged. This suggests that the company has maintained a conservative approach to financing its operations, with a low level of debt compared to its total assets. The sudden decrease in the ratio to 0.10 in the first quarter of 2021 may indicate a period of decreased debt relative to assets, possibly due to paying down debt or increasing asset value. Overall, the consistent ratio of 0.17 reflects a well-managed capital structure that balances debt and assets effectively.