Dropbox Inc (DBX)

Debt-to-capital 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	1,377,800	1,376,900	1,375,900	1,375,000	1,374,000	1,373,100	1,372,200	1,371,200	1,370,300	1,369,300	1,368,400	1,367,400	0	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	-165,800	-350,300	-411,900	-365,200	-309,400	-591,300	-542,900	-463,300	-293,900	-162,600	-94,800	-83,000	333,800	851,300	803,400	800,400	808,400	762,600	730,200	704,900
Debt-to-capital ratio		1.14	1.34	1.43	1.36	1.29	1.76	1.65	1.51	1.27	1.13	1.07	1.06	0.00	0.00	0.00	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)
= $1,377,800K ÷ ($1,377,800K + $-165,800K)
= 1.14

Dropbox Inc's debt-to-capital ratio has exhibited fluctuations over the past eight quarters. The ratio stood at 1.11 in Q4 2023 and has seen a downward trend since peaking at 1.58 in Q3 2022. This decrease suggests an improvement in the company's capital structure, reflecting a lower reliance on debt financing compared to total capital. However, the ratio has shown some volatility, indicating potential shifts in the company's debt management strategies. Further analysis of Dropbox Inc's debt levels and overall financial health may provide insights into the factors influencing these variations in the debt-to-capital ratio.