Would Five9 (NASDAQ:FIVN) Be Better Off With Less Debt?
Would Five9 (NASDAQ:FIVN) Be Better Off With Less Debt?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a 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. We note that Five9, Inc. (NASDAQ:FIVN) does have debt on its balance sheet. But is this debt a concern to shareholders?
伯克希尔哈撒韦公司的外部基金经理李录决不掩饰他所说的“最大的投资风险不是价格波动,而是是否会遭受永久性的资本损失。因此,看起来聪明的钱已经知道了,在评估一家公司的风险性时,通常会涉及破产时会产生的债务问题。我们注意到,Five9, Inc. (NASDAQ:FIVN) 的资产负债表上确实有债务。但这个债务是否会令股东担忧呢?
When Is Debt Dangerous?
债务何时有危险?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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 thing to do when considering how much debt a business uses is to look at its cash and debt together.
当企业无法用自由现金流或以优惠价格筹集资金时,债务和其他负债关系可能对企业构成风险。资本主义的一个本质过程就是“创造性破坏”,银行家无情地清算失败的企业。然而,更多的情况是一家公司必须以低廉的股价稀释股东权益,以便控制债务。然而,通过取代稀释,债务实际上可以成为那些需要资本以高回报率投资增长的企业的极好工具。考虑企业使用多少债务时,首先要做的是查看现金和债务的总和。
How Much Debt Does Five9 Carry?
Five9负债多少?
The image below, which you can click on for greater detail, shows that at June 2024 Five9 had debt of US$1.16b, up from US$740.2m in one year. On the flip side, it has US$1.11b in cash leading to net debt of about US$56.0m.
下图可以点开看到更详细的信息,显示截至2024年6月,Five9有1160万美元的债务,一年前为7402万美元。相反,它有1.11亿美元的现金,导致净债务约5600万美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240814/0-65a564d9411a15f1741e322da7bad0e9-0-e3f03a14ea33a5c087f02e25c60beb8e.png/big)
How Strong Is Five9's Balance Sheet?
Five9的资产负债表有多强?
Zooming in on the latest balance sheet data, we can see that Five9 had liabilities of US$614.7m due within 12 months and liabilities of US$769.8m due beyond that. On the other hand, it had cash of US$1.11b and US$106.4m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$171.8m.
放大最新的资产负债表数据,我们可以看到,Five9在12个月内有6147万美元的负债,且在此之后有7698万美元的负债。另一方面,它有1.11亿美元的现金和1064万美元的应收账款。因此,其负债超过其现金和(短期)应收账款的总和约为1718万美元。
Since publicly traded Five9 shares are worth a total of US$2.42b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. 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 Five9'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.
由于五九股票总价值为2.42亿美元,因此这种水平的负债似乎不会构成重大威胁。然而,我们确实认为值得关注的是其资产负债表的强度,因为它可能随时间变化。毫无疑问,我们从资产负债表中获得的关于债务的大部分信息。但是,与任何其他东西相比,未来的收益将决定Five9维持健康资产负债表的能力。因此,如果您关注未来,可以查看此免费报告,其中显示了分析师的利润预测。
In the last year Five9 wasn't profitable at an EBIT level, but managed to grow its revenue by 14%, to US$968m. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
在过去一年中,Five9的EBIt利润不盈利,但营业收入增长了14%,达到9680万美元。对于我们的口味来说,这种增长率有点慢,但它需要多样化来创造一个世界。
Caveat Emptor
买方自负。
Importantly, Five9 had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost US$77m 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$53m. So we do think this stock is quite risky. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Be aware that Five9 is showing 2 warning signs in our investment analysis , you should know about...
重要的是,过去一年中,Five9的利润在利息和税前亏损(EBIT)方面下降。实际上,它在EBIT层面上亏损了7700万美元。考虑到上述负债,我们并不怀疑这家公司应该使用如此多的债务。因此,我们认为其资产负债表有些紧张,但并没有超出修复的范围。例如,我们不希望看到去年5,300万美元的损失再次出现。所以我们认为这只股票相当有风险。资产负债表显然是分析债务的重点。但是,并非所有的投资风险都在资产负债表内,相反,你需要知道,Five9在我们的投资分析中展示了两个预警信号。
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
说到底,有时候更容易集中精力关注根本不需要债务的公司。读者可以免费访问零净债务增长股票列表。
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