BILL Holdings (NYSE:BILL) Has Debt But No Earnings; Should You Worry?
BILL Holdings (NYSE:BILL) Has Debt But No Earnings; Should You Worry?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. Importantly, BILL Holdings, Inc. (NYSE:BILL) does carry debt. But the more important question is: how much risk is that debt creating?
霍华德·马克斯说得很好,他说,与其担心股价的波动,'永久性损失的可能性才是我担心的风险...我认识的每个实际投资者都担心这一点。因此,显然,您需要考虑债务,当您考虑任何给定股票的风险时,因为太多债务可能会拖垮一家公司。重要的是,BILL Holdings, Inc. (纽交所:BILL) 确实承载债务。但更重要的问题是:这笔债务造成了多大风险?
When Is Debt Dangerous?
债务何时有危险?
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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
债务会帮助企业,直到企业开始有困难偿还它,无论是用新资本还是自由现金流。如果情况变得非常糟糕,贷款人就可以接管企业。虽然这种情况并不常见,但我们经常看到负债的公司因为贷款人强迫它们以贱价筹集资本而永久地稀释股东的股权。话虽如此,最普遍的情况是一家公司合理地管理其债务,并从中受益。当我们审查债务水平时,我们首先考虑现金和债务水平。
How Much Debt Does BILL Holdings Carry?
BILL Holdings承担了多少债务?
As you can see below, BILL Holdings had US$914.0m of debt at June 2024, down from US$1.84b a year prior. But on the other hand it also has US$1.59b in cash, leading to a US$673.5m net cash position.
正如您所看到的,BILL Holdings于2024年6月的债务为9.14亿美元,低于一年前的184亿美元。但另一方面,它还有15.9亿美元的现金,导致净现金头寸为6.735亿美元。
A Look At BILL Holdings' Liabilities
查看bill holdings的负债情况
Zooming in on the latest balance sheet data, we can see that BILL Holdings had liabilities of US$4.06b due within 12 months and liabilities of US$981.6m due beyond that. On the other hand, it had cash of US$1.59b and US$736.1m worth of receivables due within a year. So it has liabilities totalling US$2.72b more than its cash and near-term receivables, combined.
深入研究最新资产负债表数据,我们可以看到bill holdings有40.6亿美元的短期负债,及98160万美元的非流动负债。另一方面,其账上有15.9亿美元的现金,及73610万美元的应收款项,这些款项均在一年内到期。因此,它的负债总额比现金和短期应收款合计多出27.2亿美元。
BILL Holdings has a market capitalization of US$5.48b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. Despite its noteworthy liabilities, BILL Holdings boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine BILL Holdings'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.
bill holdings的市值为54.8亿美元,因此,如果有需要,很可能会筹集现金来改善其资产负债表。但很明显我们应该仔细审查它是否可以在不进行股权稀释的情况下管理其债务。尽管它有显著的负债,bill holdings拥有净现金,所以可以说它没有沉重的债务负担!在分析债务水平时,资产负债表是明显的起点。但最终,决定bill holdings能否保持健康资产负债表的是未来的盈利,比其他任何事情都更重要。所以,如果你关注未来,可以查看这份免费报告,展示分析师的盈利预测。
In the last year BILL Holdings wasn't profitable at an EBIT level, but managed to grow its revenue by 22%, to US$1.3b. With any luck the company will be able to grow its way to profitability.
在过去一年里,bill holdings在EBIT水平上没有盈利,但成功将营业收入增长了22%,达到13亿美元。幸运的话,公司将能够实现盈利增长。
So How Risky Is BILL Holdings?
bill holdings到底有多大的风险?
While BILL Holdings lost money on an earnings before interest and tax (EBIT) level, it actually generated positive free cash flow US$258m. So although it is loss-making, it doesn't seem to have too much near-term balance sheet risk, keeping in mind the net cash. One positive is that BILL Holdings is growing revenue apace, which makes it easier to sell a growth story and raise capital if need be. But we still think it's somewhat 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. Case in point: We've spotted 2 warning signs for BILL Holdings you should be aware of, and 1 of them is a bit concerning.
虽然bill holdings在EBIT水平上亏损,但实际上拥有25800万美元的正的自由现金流。因此,尽管亏损,但考虑到净现金,近期资产负债表风险并不那么大。一个积极的因素是,bill holdings营业收入递增,这使得更容易讲述增长故事并在需要时筹集资本。但我们仍认为这是有些风险的。资产负债表在分析债务时显然是需要关注的地方。但最终,每间公司都可能存在超出资产负债表之外的风险。事实证明:我们发现了2个bill holdings的警示信号,您应该知晓,其中有1个令人有些担忧。
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,专注于没有净债务的公司往往更好。您可以访问我们的特别列表,其中包括所有表现出盈利增长轨迹的公司。这是免费的。
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