Is 8x8 (NASDAQ:EGHT) A Risky Investment?
Is 8x8 (NASDAQ:EGHT) A Risky Investment?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. We can see that 8x8, Inc. (NASDAQ:EGHT) does use debt in its business. But the more important question is: how much risk is that debt creating?
沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”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。我们可以看到,8x8, Inc.(纳斯达克股票代码:EGHT)确实在其业务中使用了债务。但更重要的问题是:这笔债务会带来多大的风险?
Why Does Debt Bring Risk?
为什么债务会带来风险?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务是帮助企业增长的工具,但是如果企业无法偿还贷款,那么债务就任其摆布。最终,如果公司无法履行偿还债务的法律义务,股东可能会一无所获。但是,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股本,从而永久稀释股东。当然,许多公司使用债务为增长提供资金,而不会产生任何负面影响。在考虑企业使用多少债务时,要做的第一件事是同时考虑其现金和债务。
What Is 8x8's Debt?
什么是 8x8 的债务?
You can click the graphic below for the historical numbers, but it shows that 8x8 had US$471.9m of debt in December 2023, down from US$495.6m, one year before. On the flip side, it has US$169.5m in cash leading to net debt of about US$302.4m.
你可以点击下图查看历史数字,但它显示8x8在2023年12月有4.719亿美元的债务,低于一年前的4.956亿美元。另一方面,它拥有1.695亿美元的现金,净负债约为3.024亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240312/0-8824dee4d63054ebd4d484f29fa56776-0-3c243c3cd19df1d7261dd24228322a76.png/big)
How Healthy Is 8x8's Balance Sheet?
8x8 的资产负债表有多健康?
Zooming in on the latest balance sheet data, we can see that 8x8 had liabilities of US$230.5m due within 12 months and liabilities of US$486.5m due beyond that. On the other hand, it had cash of US$169.5m and US$72.2m worth of receivables due within a year. So its liabilities total US$475.3m more than the combination of its cash and short-term receivables.
放大最新的资产负债表数据,我们可以看到,8x8在12个月内到期的负债为2.305亿美元,之后到期的负债为4.865亿美元。另一方面,它有1.695亿美元的现金和价值7,220万美元的应收账款将在一年内到期。因此,其负债总额比其现金和短期应收账款的总和高出4.753亿美元。
When you consider that this deficiency exceeds the company's US$388.8m market capitalization, you might well be inclined to review the balance sheet intently. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if 8x8 can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
当你考虑到这一缺口超过了公司的3.888亿美元市值时,你很可能会倾向于仔细审查资产负债表。在公司必须迅速清理资产负债表的情况下,股东似乎可能会遭受大规模稀释。资产负债表显然是分析债务时需要关注的领域。但最终,该业务未来的盈利能力将决定8x8能否随着时间的推移加强其资产负债表。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。
Over 12 months, 8x8 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,8x8的收入保持相当稳定,并且没有报告利息和税前收益。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
Over the last twelve months 8x8 produced an earnings before interest and tax (EBIT) loss. Indeed, it lost US$5.0m at the EBIT level. When we look at that alongside the significant liabilities, we're not particularly confident about the company. We'd want to see some strong near-term improvements before getting too interested in the stock. It's fair to say the loss of US$53m didn't encourage us either; we'd like to see a profit. In the meantime, we consider the stock to be risky. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - 8x8 has 3 warning signs we think you should be aware of.
在过去的十二个月中,8x8产生了息税前收益(EBIT)亏损。事实上,它在息税前利润水平上损失了500万美元。当我们将其与巨额负债一起看时,我们对公司并不特别有信心。在对股票过于感兴趣之前,我们希望看到一些强劲的短期改善。可以公平地说,5300万美元的损失也没有鼓励我们;我们希望看到盈利。同时,我们认为该股票存在风险。在分析债务水平时,资产负债表是显而易见的起点。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-8x8 有 3 个警告标志,我们认为您应该注意。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果你有兴趣投资能够在没有债务负担的情况下增加利润的企业,请查看这份资产负债表上有净现金的成长型企业的免费清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。