Would Corsair Gaming (NASDAQ:CRSR) Be Better Off With Less Debt?
Would Corsair Gaming (NASDAQ:CRSR) Be Better Off With Less Debt?
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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. Importantly, Corsair Gaming, Inc. (NASDAQ:CRSR) does carry debt. But the real question is whether this debt is making the company risky.
著名基金经理李璐(受查理·芒格支持)曾说:“最大的投资风险不是价格波动,而是您是否会遭受资本永久性损失。”当您考虑一家公司有多大风险时,考虑其资产负债表是再自然不过的事情了,因为一旦企业破产,通常涉及债务。但是,重要的是,Corsair Gaming, Inc.(NASDAQ: CRSR)确实有债务。但是,真正的问题在于这笔债务是否使该公司具有风险。
When Is Debt Dangerous?
债务何时有危险?
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. 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. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
债务是帮助企业增长的工具,但如果企业无力偿还债务,则仅存在于债权人的掌控之中。 如果公司无法满足法定还款义务,股东可能会一无所有。尽管这不太常见,但我们经常看到负债累累的企业因为贷款人迫使它们以困境价格筹集资本而永久性地稀释股东。当然,债务的好处是,它通常代表着廉价的资本,特别是在替代具有高回报率再投资能力的企业股份稀释时。当我们考虑公司对债务的使用时,首先会查看现金和负债的总和。
How Much Debt Does Corsair Gaming Carry?
Corsair Gaming负债多少?
The image below, which you can click on for greater detail, shows that Corsair Gaming had debt of US$183.3m at the end of March 2024, a reduction from US$228.8m over a year. However, because it has a cash reserve of US$127.8m, its net debt is less, at about US$55.6m.
以下图像展示的是Corsair Gaming在2024年3月底的债务情况(点击图象可放大观看),较去年同期的228.8百万美金减少到了183.3百万美金。但是,由于该公司有1.278百万美金的现金储备,因此净负债就少啦,只有约5,560万美金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240720/0-459b88bab28b9c1b78b75ee05ef574e0-0-05839482ea3ed5eb790f1e11ae831313.png/big)
How Strong Is Corsair Gaming's Balance Sheet?
Corsair Gaming资产负债表有多强劲?
According to the last reported balance sheet, Corsair Gaming had liabilities of US$342.1m due within 12 months, and liabilities of US$225.8m due beyond 12 months. On the other hand, it had cash of US$127.8m and US$204.9m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$235.3m.
根据最近披露的资产负债表,Corsair Gaming在12个月内有3.421百万美元的负债,超过12个月有2.258百万美元的负债。另一方面,它拥有1.278百万美金的现金和2.049百万美金的应收账款。因此,其负债超过其现金和(短期)应收账款的总和,超过了2.353百万美金。
This deficit isn't so bad because Corsair Gaming is worth US$1.01b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine Corsair Gaming'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.
这个差额不算太糟糕,因为Corsair Gaming价值1.01亿美金,因此如果有需要,可能能筹集足够的资金来支撑其资产负债表。但是我们肯定要敏锐地关注证明其债务带来过多风险的迹象。当分析债务水平时,资产负债表是开始的明显地方。但是更重要的是未来的收入,这些未来的收入将决定Corsair Gaming维持健康资产负债表的能力。因此,如果您想看看专业人士的看法,您可能会发现这份分析师利润预测的免费报告很有趣。
In the last year Corsair Gaming wasn't profitable at an EBIT level, but managed to grow its revenue by 7.0%, to US$1.4b. We usually like to see faster growth from unprofitable companies, but each to their own.
去年 corsair gaming 在EBIT水平上亏损,但其营业收入增长了7.0%,达到14亿美元。我们通常希望看到亏损的公司增长更快,但这是每个人的选择。
Caveat Emptor
买方自负。
Over the last twelve months Corsair Gaming produced an earnings before interest and tax (EBIT) loss. Indeed, it lost US$1.6m 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. So we think its balance sheet is a little strained, though not beyond repair. For example, we would not want to see a repeat of last year's loss of US$8.3m. So we do think this stock is quite risky. For riskier companies like Corsair Gaming I always like to keep an eye on the long term profit and revenue trends. Fortunately, you can click to see our interactive graph of its profit, revenue, and operating cashflow.
在过去的十二个月中,Corsair Gaming EBIt亏损,EBIt亏损了160万美元。考虑到上面提到的负债,我们并不认为公司应该使用太多债务,因此我们认为它的资产负债表有点紧绷,但并不超出修复范畴。例如,我们不希望看到去年的830万美元亏损重演。因此,我们认为这只股票相当有风险。对于类似Corsair Gaming这样的高风险公司,我总是喜欢关注长期的利润和收入趋势。幸运的是,您可以点击查看我们的交互式图形,了解其盈利,收入和营运现金流。
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.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。