Is Xperi (NYSE:XPER) Using Debt In A Risky Way?
Is Xperi (NYSE:XPER) Using Debt In A Risky Way?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We can see that Xperi Inc. (NYSE:XPER) does use debt in its business. But should shareholders be worried about its use of debt?
传奇基金经理李露(由查理·芒格支持)曾经说过:“最大的投资风险不是价格的波动,而是你是否会遭受永久的资本损失。”当我们思考一家公司的风险有多大时,我们总是喜欢考虑其债务的用途,因为债务过载可能导致破产。我们可以看到,Xperi Inc.(纽约证券交易所代码:XPER)确实在其业务中使用了债务。但是,股东是否应该担心其债务的使用?
When Is Debt Dangerous?
债务何时危险?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. The first step when considering a company's debt levels is to consider its cash and debt together.
一般而言,只有当公司无法通过筹集资金或用自己的现金流轻松还清债务时,债务才会成为真正的问题。在最坏的情况下,如果公司无法向债权人付款,它可能会破产。但是,更常见(但仍然昂贵)的情况是,公司为了控制债务,必须以低廉的股价稀释股东。但是,通过取代稀释,债务可以成为需要资本以高回报率投资增长的企业的极好工具。考虑公司的债务水平的第一步是同时考虑其现金和债务。
View our latest analysis for Xperi
查看我们对 Xperi 的最新分析
What Is Xperi's Debt?
Xperi 的债务是什么?
The chart below, which you can click on for greater detail, shows that Xperi had US$50.0m in debt in September 2023; about the same as the year before. But it also has US$131.5m in cash to offset that, meaning it has US$81.5m net cash.
您可以点击下图以获取更多详细信息,该图表显示,Xperi在2023年9月有5000万美元的债务;与前一年大致相同。但它也有1.315亿美元的现金可以抵消这一点,这意味着它的净现金为8,150万美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240119/0-1e16beacf59d52ffd4d7842d2f8f7bb3-0-c5eab528f7b10333cc28c688617c68ca.png/big)
A Look At Xperi's Liabilities
看看Xperi的负债
We can see from the most recent balance sheet that Xperi had liabilities of US$151.5m falling due within a year, and liabilities of US$126.3m due beyond that. On the other hand, it had cash of US$131.5m and US$125.3m worth of receivables due within a year. So it has liabilities totalling US$20.9m more than its cash and near-term receivables, combined.
我们可以从最新的资产负债表中看出,Xperi的负债为1.515亿美元,一年后到期的负债为1.263亿美元。另一方面,它有一年内到期的现金为1.355亿美元,还有价值1.253亿美元的应收账款。因此,它的负债总额比其现金和短期应收账款的总和多出2,090万美元。
Of course, Xperi has a market capitalization of US$438.1m, so these liabilities are probably manageable. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. While it does have liabilities worth noting, Xperi also has more cash than debt, so we're pretty confident it can manage its debt safely. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Xperi's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
当然,Xperi的市值为4.381亿美元,因此这些负债可能是可以控制的。话虽如此,很明显,我们应该继续监控其资产负债表,以免情况恶化。尽管Xperi确实有值得注意的负债,但其现金也多于债务,因此我们非常有信心它可以安全地管理债务。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,未来的收益将决定Xperi未来维持健康资产负债表的能力。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
Over 12 months, Xperi reported revenue of US$520m, which is a gain of 5.7%, although it did not report any earnings before interest and tax. We usually like to see faster growth from unprofitable companies, but each to their own.
在过去的12个月中,Xperi公布的收入为5.2亿美元,增长了5.7%,尽管它没有报告任何利息和税前收益。我们通常希望看到无利可图的公司实现更快的增长,但每家公司都有自己的发展。
So How Risky Is Xperi?
那么 Xperi 有多危险?
By their very nature companies that are losing money are more risky than those with a long history of profitability. And in the last year Xperi had an earnings before interest and tax (EBIT) loss, truth be told. Indeed, in that time it burnt through US$51m of cash and made a loss of US$409m. However, it has net cash of US$81.5m, so it has a bit of time before it will need more capital. Summing up, we're a little skeptical of this one, as it seems fairly risky in the absence of free cashflow. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Case in point: We've spotted 2 warning signs for Xperi you should be aware of.
就其本质而言,亏损的公司比盈利历史悠久的公司风险更大。说实话,去年Xperi出现了息税前收益(EBIT)亏损。事实上,在那段时间里,它烧毁了5100万美元的现金,损失了4.09亿美元。但是,它的净现金为8,150万美元,因此在需要更多资金之前还有一段时间。总而言之,我们对这个有点怀疑,因为在没有自由现金流的情况下,这似乎相当危险。在分析债务水平时,资产负债表是显而易见的起点。但是,并非所有的投资风险都存在于资产负债表中,远非如此。一个很好的例子:我们发现了两个你应该注意的Xperi警告信号。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
毕竟,如果你对一家资产负债表坚如磐石的快速成长型公司更感兴趣,那么请立即查看我们的净现金增长股票清单。
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