Dayforce Inc. (DAY)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	2,398,200	2,109,400	2,227,500	2,098,200	1,882,300
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $2,398,200K)
= 0.00

Based on the historical trend of Dayforce Inc.'s debt-to-capital ratio from 2019 to 2023, it is evident that the company has consistently maintained a debt-to-capital ratio of 0.00 over the past five years. This indicates that the company has not utilized any debt to finance its operations or growth initiatives as a proportion of its total capital structure. While a debt-to-capital ratio of 0.00 may imply a conservative financial strategy and lower financial risk due to minimal debt exposure, it is essential to consider the potential implications on the company's cost of capital, future growth prospects, and overall financial flexibility. Further analysis of Dayforce Inc.'s capital structure, overall financial health, and strategic priorities would be crucial to understanding the rationale behind the consistent 0.00 debt-to-capital ratio and its implications for the company's financial performance and sustainability.