Is E2open Parent Holdings (NYSE:ETWO) Using Debt Sensibly?
Is E2open Parent Holdings (NYSE:ETWO) Using Debt Sensibly?
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. Importantly, E2open Parent Holdings, Inc. (NYSE:ETWO) does carry debt. But is this debt a concern to shareholders?
大卫·伊本说得好,他说:“波动性不是我们关心的风险。我们关心的是避免资本的永久损失。”因此,当你评估公司的风险时,看来聪明的货币知道债务(通常涉及破产)是一个非常重要的因素。重要的是,E2Open母公司控股有限公司(纽约证券交易所代码:ETWO)确实有债务。但是这笔债务是股东关心的问题吗?
When Is Debt A Problem?
债务何时会成为问题?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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.
债务可以帮助企业,直到企业难以偿还债务,无论是新资本还是自由现金流。归根结底,如果公司无法履行偿还债务的法律义务,股东可能一无所有地离开。尽管这种情况并不常见,但我们经常会看到负债公司永久稀释股东,因为贷款人强迫他们以不利的价格筹集资金。但是,通过取代稀释,对于需要资本以高回报率投资增长的企业来说,债务可能是一个非常好的工具。考虑公司的债务水平的第一步是将其现金和债务放在一起考虑。
How Much Debt Does E2open Parent Holdings Carry?
E2open母公司持有多少债务?
As you can see below, E2open Parent Holdings had US$1.05b of debt, at November 2023, which is about the same as the year before. You can click the chart for greater detail. However, it does have US$110.3m in cash offsetting this, leading to net debt of about US$939.8m.
如下所示,截至2023年11月,E2Open母公司拥有10.5亿美元的债务,与前一年大致相同。您可以单击图表以获取更多详细信息。但是,它确实有1.103亿美元的现金抵消了这一点,净负债约为9.398亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240208/0-c9e1626c7fdacf243dce4a478f6c06bb-0-e458ec6cc41f9da3412af8b4944967e1.png/big)
How Healthy Is E2open Parent Holdings' Balance Sheet?
E2Open家长控股公司的资产负债表有多健康?
According to the last reported balance sheet, E2open Parent Holdings had liabilities of US$300.4m due within 12 months, and liabilities of US$1.21b due beyond 12 months. Offsetting these obligations, it had cash of US$110.3m as well as receivables valued at US$132.0m due within 12 months. So its liabilities total US$1.27b more than the combination of its cash and short-term receivables.
根据上次报告的资产负债表,E2Open母公司在12个月内到期的负债为3.004亿美元,12个月以后到期的负债为12.1亿美元。除这些债务外,它有1.103亿美元的现金以及价值1.320亿美元的应收账款在12个月内到期。因此,其负债总额比其现金和短期应收账款的总和高出12.7亿美元。
This is a mountain of leverage relative to its market capitalization of US$1.28b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine E2open Parent Holdings'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.
相对于其12.8亿美元的市值,这是一座巨大的杠杆率。如果其贷款人要求其支撑资产负债表,股东可能会面临严重的稀释。在分析债务水平时,资产负债表是显而易见的起点。但是,未来的收益将决定E2Open Parent Holdings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, E2open Parent Holdings saw its revenue hold pretty steady, and it did not report positive earnings before interest and tax. While that hardly impresses, its not too bad either.
在过去的12个月中,E2Open Parent Holdings的收入保持相当稳定,并且没有公布利息和税前盈利。虽然这几乎没有给人留下深刻的印象,但也不算太糟糕。
Caveat Emptor
Caveat Emptor
Importantly, E2open Parent Holdings had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost US$26m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. We would feel better if it turned its trailing twelve month loss of US$1.3b into a profit. So to be blunt we do think it is risky. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 1 warning sign for E2open Parent Holdings that you should be aware of.
重要的是,E2Open母公司控股去年出现了息税前收益(EBIT)亏损。事实上,它在息税前利润水平上损失了2600万美元。考虑到除了上述负债外,我们对公司应该使用如此多的债务没有太大的信心。坦率地说,我们认为资产负债表远非匹配,尽管可以随着时间的推移而改善。如果它将过去十二个月的13亿美元亏损转化为利润,我们会感觉更好。因此,坦率地说,我们确实认为这是有风险的。资产负债表显然是分析债务时需要关注的领域。但归根结底,每家公司都可以控制资产负债表之外存在的风险。例如,我们已经确定了E2Open母公司控股的1个警告信号,你应该注意这一点。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
归根结底,通常最好将注意力集中在没有净负债的公司身上。您可以访问我们的此类公司的特别名单(所有公司都有利润增长记录)。它是免费的。
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