Is 8x8 (NASDAQ:EGHT) A Risky Investment?
Is 8x8 (NASDAQ:EGHT) A Risky Investment?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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 can see that 8x8, Inc. (NASDAQ:EGHT) does use debt in its business. But the more important question is: how much risk is that debt creating?
禾倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。我們可以看到,8x8, Inc.(納斯達克股票代碼:EGHT)確實在其業務中使用了債務。但更重要的問題是:這筆債務會帶來多大的風險?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
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. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
債務是幫助企業增長的工具,但是如果企業無法償還貸款,那麼債務就任其擺佈。最終,如果公司無法履行償還債務的法律義務,股東可能會一無所獲。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。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。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。
What Is 8x8's Debt?
什麼是 8x8 的債務?
You can click the graphic below for the historical numbers, but it shows that 8x8 had US$471.9m of debt in December 2023, down from US$495.6m, one year before. On the flip side, it has US$169.5m in cash leading to net debt of about US$302.4m.
你可以點擊下圖查看歷史數字,但它顯示8x8在2023年12月有4.719億美元的債務,低於一年前的4.956億美元。另一方面,它擁有1.695億美元的現金,淨負債約爲3.024億美元。
How Healthy Is 8x8's Balance Sheet?
8x8 的資產負債表有多健康?
Zooming in on the latest balance sheet data, we can see that 8x8 had liabilities of US$230.5m due within 12 months and liabilities of US$486.5m due beyond that. On the other hand, it had cash of US$169.5m and US$72.2m worth of receivables due within a year. So its liabilities total US$475.3m more than the combination of its cash and short-term receivables.
放大最新的資產負債表數據,我們可以看到,8x8在12個月內到期的負債爲2.305億美元,之後到期的負債爲4.865億美元。另一方面,它有1.695億美元的現金和價值7,220萬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4.753億美元。
When you consider that this deficiency exceeds the company's US$388.8m market capitalization, you might well be inclined to review the balance sheet intently. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if 8x8 can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
當你考慮到這一缺口超過了公司的3.888億美元市值時,你很可能會傾向於仔細審查資產負債表。在公司必須迅速清理資產負債表的情況下,股東似乎可能會遭受大規模稀釋。資產負債表顯然是分析債務時需要關注的領域。但最終,該業務未來的盈利能力將決定8x8能否隨着時間的推移加強其資產負債表。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, 8x8 saw its revenue hold pretty steady, and it did not report positive earnings before interest and tax. While that hardly impresses, its not too bad either.
在過去的12個月中,8x8的收入保持相當穩定,並且沒有報告利息和稅前收益。雖然這幾乎沒有給人留下深刻的印象,但也不算太糟糕。
Caveat Emptor
Caveat Emptor
Over the last twelve months 8x8 produced an earnings before interest and tax (EBIT) loss. Indeed, it lost US$5.0m at the EBIT level. When we look at that alongside the significant liabilities, we're not particularly confident about the company. We'd want to see some strong near-term improvements before getting too interested in the stock. It's fair to say the loss of US$53m didn't encourage us either; we'd like to see a profit. In the meantime, we consider the stock to be 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 example - 8x8 has 3 warning signs we think you should be aware of.
在過去的十二個月中,8x8產生了息稅前收益(EBIT)虧損。事實上,它在息稅前利潤水平上損失了500萬美元。當我們將其與巨額負債一起看時,我們對公司並不特別有信心。在對股票過於感興趣之前,我們希望看到一些強勁的短期改善。可以公平地說,5300萬美元的損失也沒有鼓勵我們;我們希望看到盈利。同時,我們認爲該股票存在風險。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-8x8 有 3 個警告標誌,我們認爲您應該注意。
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.
如果你有興趣投資能夠在沒有債務負擔的情況下增加利潤的企業,請查看這份資產負債表上有淨現金的成長型企業的免費清單。
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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。