Alpha and Omega Semiconductor (NASDAQ:AOSL) Takes On Some Risk With Its Use Of Debt
Alpha and Omega Semiconductor (NASDAQ:AOSL) Takes On Some Risk With Its Use Of 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. We can see that Alpha and Omega Semiconductor Limited (NASDAQ:AOSL) does use debt in its business. But the real question is whether this debt is making the company risky.
传奇基金经理李录(Charlie Munger支持者)曾经说过,'最大的投资风险不是价格的波动,而是您是否会遭受永久性的资本损失。' 当您考虑公司的风险时,自然要考虑它的资产负债表,因为当一家企业垮掉时,往往会涉及债务。我们可以看到Alpha and Omega Semiconductor Limited(NASDAQ:AOSL)确实在业务中使用债务。但真正的问题是这笔债务是否会使公司变得风险。
When Is Debt A Problem?
什么时候负债才是一个问题?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
债务对业务有益,直到业务难以通过新的资本或自由现金流偿还。如果情况变得非常糟糕,贷款人就会控制企业。虽然这种情况并不太常见,但我们经常看到负债公司因贷方强迫其以窘迫的价格筹集资本而永久性地稀释股东。当然,债务可以是企业重要的工具,特别是在资本密集型企业中。当我们审查债务水平时,我们首先考虑现金和债务的总和。
What Is Alpha and Omega Semiconductor's Debt?
Alpha和Omega半导体的债务是什么?
The image below, which you can click on for greater detail, shows that Alpha and Omega Semiconductor had debt of US$41.2m at the end of March 2024, a reduction from US$66.1m over a year. However, it does have US$174.4m in cash offsetting this, leading to net cash of US$133.2m.
下图显示Alpha和Omega半导体于2024年3月底的债务为4120万美元,与一年前的6610万美元相比有所减少。但是,它有17440万美元的现金来抵消这一点,导致净现金为13320万美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240802/0-c95c31d40a92a202d1e5f3924ed65fc2-0-3c44f15ce9ffe5476da2958cc9223c37.png/big)
How Strong Is Alpha and Omega Semiconductor's Balance Sheet?
Alpha和Omega半导体的资产负债表有多牢固?
According to the last reported balance sheet, Alpha and Omega Semiconductor had liabilities of US$159.9m due within 12 months, and liabilities of US$105.2m due beyond 12 months. Offsetting these obligations, it had cash of US$174.4m as well as receivables valued at US$14.3m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$76.4m.
根据最后公布的资产负债表,Alpha和Omega半导体在12个月内有价值15990万美元的负债,超过12个月有10520万美元的负债。抵消这些债务,它有17440万美元的现金以及价值1430万美元的应收账款要在12个月内到期。所以它的负债超过了其现金和(短期)应收账款的总和7640万美元。
Since publicly traded Alpha and Omega Semiconductor shares are worth a total of US$1.19b, it seems unlikely that this level of liabilities would be a major threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, Alpha and Omega Semiconductor boasts net cash, so it's fair to say it does not have a heavy debt load!
由于Alpha和Omega半导体上市公司的市值总共达到11.9亿美元,因此这种负债程度似乎不会构成重大威胁。话虽如此,我们清楚地知道,应继续监控其资产负债表,以防情况恶化。尽管其有相当可观的负债,但Alpha和Omega半导体拥有净现金,因此公平地说,它的负债负担并不重!
In fact Alpha and Omega Semiconductor's saving grace is its low debt levels, because its EBIT has tanked 99% in the last twelve months. Falling earnings (if the trend continues) could eventually make even modest debt quite risky. 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 Alpha and Omega Semiconductor's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
实际上,Alpha和Omega半导体的救命稻草是其低负债水平,因为其Ebit在过去的十二个月中暴跌了99%。下降的盈利(如果趋势持续下去)最终可能使即使是适度的债务也变得非常风险。毫无疑问,资产负债表对于我们了解负债情况最为重要。但是,未来的盈利,比任何东西都更能决定Alpha和Omega半导体在未来保持健康的资产负债表的能力。因此,如果您关注未来,可以查看这份显示分析师利润预测的免费报告。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While Alpha and Omega Semiconductor has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, Alpha and Omega Semiconductor recorded negative free cash flow, in total. Debt is usually more expensive, and almost always more risky in the hands of a company with negative free cash flow. Shareholders ought to hope for an improvement.
最后,公司只能用冰冷的现金而不是会计利润偿还债务。尽管Alpha和Omega半导体在其资产负债表上有净现金,但我们仍然值得关注它将利润(利息和税前利润)转化为自由现金流的能力,以帮助我们了解其建立(或侵蚀)现金余额的速度。在过去的三年中,Alpha和Omega半导体总共记录了负面自由现金流。对于一个负面自由现金流的公司来说,债务通常更加昂贵,并且几乎总是更加风险。股东们应该希望有所改善。
Summing Up
总之
While it is always sensible to look at a company's total liabilities, it is very reassuring that Alpha and Omega Semiconductor has US$133.2m in net cash. So while Alpha and Omega Semiconductor does not have a great balance sheet, it's certainly not too bad. 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. For instance, we've identified 1 warning sign for Alpha and Omega Semiconductor that you should be aware of.
尽管一直审慎地查看一家公司的总负债是明智的,但令人非常欣慰的是,Alpha和Omega半导体拥有13320万美元的净现金。因此,尽管Alpha和Omega半导体的资产负债表不好,但肯定还不至于太糟糕。在分析债务水平时,资产负债表是一个明显的起点。然而,并非所有的投资风险都来自于资产负债表,而是远远不够的。例如,我们已经确定了Alpha和Omega半导体的一个警告迹象,您应该注意一下。
Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.
当然,如果您是那种喜欢购买没有债务负担的股票的投资者,那么不要犹豫,立即发现我们独家的净现金增长股票列表。
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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。