We Think Cerence (NASDAQ:CRNC) Has A Fair Chunk Of Debt
We Think Cerence (NASDAQ:CRNC) Has A Fair Chunk Of Debt
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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 Cerence Inc. (NASDAQ:CRNC) does use debt in its business. But is this debt a concern to shareholders?
有人說,波動性,而不是債務,是投資者思考風險的最佳方式,但禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。我們可以看到,Cerence Inc.(納斯達克股票代碼:CRNC)確實在其業務中使用了債務。但是這筆債務是股東關心的問題嗎?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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.
債務可以幫助企業,直到企業難以償還債務,無論是新資本還是自由現金流。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。但是,通過取代稀釋,對於需要資本以高回報率投資增長的企業來說,債務可以成爲一個非常好的工具。在考慮企業使用多少債務時,要做的第一件事是同時考慮其現金和債務。
See our latest analysis for Cerence
查看我們對Cerence的最新分析
How Much Debt Does Cerence Carry?
Cerence 揹負了多少債務?
As you can see below, Cerence had US$279.4m of debt, at June 2023, which is about the same as the year before. You can click the chart for greater detail. However, it also had US$102.8m in cash, and so its net debt is US$176.6m.
如下所示,截至2023年6月,塞倫斯有2.794億美元的債務,與前一年大致相同。您可以單擊圖表以獲取更多詳細信息。但是,它也有1.028億美元的現金,因此其淨負債爲1.766億美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231116/0-fc1a87095f9a6517e816243296d1e1b9-0-29cfcae2b648df05cf533454d03a631e.png/big)
How Healthy Is Cerence's Balance Sheet?
Cerence 的資產負債表有多健康?
The latest balance sheet data shows that Cerence had liabilities of US$168.4m due within a year, and liabilities of US$440.9m falling due after that. On the other hand, it had cash of US$102.8m and US$57.0m worth of receivables due within a year. So its liabilities total US$449.6m more than the combination of its cash and short-term receivables.
最新的資產負債表數據顯示,Cerence的負債爲1.684億美元,此後到期的負債爲4.409億美元。另一方面,它有1.028億美元的現金和價值5,700萬美元的應收賬款將在一年內到期。因此,其負債總額比其現金和短期應收賬款的總和高出4.496億美元。
This deficit is considerable relative to its market capitalization of US$748.6m, so it does suggest shareholders should keep an eye on Cerence's use of debt. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. 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 Cerence'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.
相對於其7.486億美元的市值,這一赤字相當可觀,因此這確實表明股東應密切關注Cerence使用債務的情況。如果其貸款人要求其支撐資產負債表,股東可能會面臨嚴重的稀釋。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,未來的收益比什麼都重要,將決定Cerence未來維持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。
Over 12 months, Cerence made a loss at the EBIT level, and saw its revenue drop to US$272m, which is a fall of 26%. To be frank that doesn't bode well.
在過去的12個月中,Cerence的息稅前利潤水平出現虧損,收入降至2.72億美元,下降了26%。坦率地說,這並不是一個好兆頭。
Caveat Emptor
Caveat Emptor
While Cerence's falling revenue is about as heartwarming as a wet blanket, arguably its earnings before interest and tax (EBIT) loss is even less appealing. To be specific the EBIT loss came in at US$37m. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. Another cause for caution is that is bled US$15m in negative free cash flow over the last twelve months. So to be blunt we think it is 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 instance, we've identified 2 warning signs for Cerence that you should be aware of.
儘管Cerence收入的下降就像開玩笑一樣令人心動,但可以說,其利息和稅前收益(EBIT)虧損的吸引力更小。具體而言,息稅前利潤虧損爲3700萬美元。考慮到除了上述負債外,我們對公司應該使用如此多的債務沒有太大的信心。坦率地說,我們認爲資產負債表遠非匹配,儘管可以隨着時間的推移而改善。另一個需要謹慎的原因是,在過去的十二個月中,自由現金流減少了1500萬美元。因此,坦率地說,我們認爲這是有風險的。在分析債務水平時,資產負債表是顯而易見的起點。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。例如,我們已經爲Cerence確定了兩個你應該注意的警告信號。
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.
當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。