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Is Despegar.com (NYSE:DESP) Using Too Much Debt?

Is Despegar.com (NYSE:DESP) Using Too Much Debt?

Despegar.com (紐交所:DESP)是否使用了過多的債務?
Simply Wall St ·  07/11 15:34

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.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Despegar.com, Corp. (NYSE:DESP) makes use of debt. But the real question is whether this debt is making the company risky.

霍華德·馬克斯很好地表達了這一點,他說,與其擔心股價波動,“我擔心的是永久性損失的風險……我認識的每一個實際投資者也都擔心這個問題。”我們在考慮公司的風險性時,總是喜歡看它使用的債務,因爲債務負擔過重可能導致破產。與其他許多公司一樣,紐交所上市公司Despegar.com(NYSE:DESP)利用了債務。但真正的問題是,這筆債務是否會使公司變得風險較大。

When Is Debt Dangerous?

債務何時有危險?

Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

一般來說,只有當企業無法輕易用籌資或自有現金流來償還債務時,債務才會成爲真正的問題。資本主義的一部分是“創造性破壞”的過程,失敗的企業會被它們的銀行家無情地清算。雖然這不太常見,但我們經常看到負債的公司由於借款人強迫他們以低價籌集資本而永久稀釋股東的權益。當然,債務可以是企業的重要工具,特別是在資本密集的企業中。考慮企業使用多少債務時,首先要看其現金和債務總額。

How Much Debt Does Despegar.com Carry?

Despegar.com負債多少?

As you can see below, at the end of March 2024, Despegar.com had US$30.4m of debt, up from US$24.8m a year ago. Click the image for more detail. But it also has US$181.5m in cash to offset that, meaning it has US$151.1m net cash.

正如下圖所示,在2024年3月底,Despegar.com的債務爲3040萬美元,比一年前的2480萬美元增加。點擊圖像以獲取更多詳細信息。但它還有18150萬美元的現金來抵消,這意味着它有15110萬美元的淨現金。

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NYSE:DESP Debt to Equity History July 11th 2024
NYSE:DESP歷史上的資產負債比率是7月11日2024年

How Strong Is Despegar.com's Balance Sheet?

Despegar.com的資產負債表有多強?

Zooming in on the latest balance sheet data, we can see that Despegar.com had liabilities of US$657.8m due within 12 months and liabilities of US$174.3m due beyond that. Offsetting these obligations, it had cash of US$181.5m as well as receivables valued at US$240.1m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$410.4m.

深入研究最新的資產負債表數據,我們可以看到Despegar.com有65780萬美元的負債在12個月內到期,17430萬美元的負債在12個月以後到期。抵消這些義務,它有18150萬美元的現金和24010萬美元的應收賬款在12個月內到期。因此,它的負債超過了其現金和(短期)應收賬款的總和41040萬美元。

This deficit isn't so bad because Despegar.com is worth US$908.4m, and thus could probably raise enough capital to shore up 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. While it does have liabilities worth noting, Despegar.com also has more cash than debt, so we're pretty confident it can manage its debt safely.

這個赤字並不那麼糟糕,因爲Despegar.com的價值爲90840萬美元,因此如果有需要,它可能會籌集足夠的資本來支持其資產負債表。但顯然,我們應該仔細研究它是否可以在不稀釋股權的情況下管理其債務。雖然它確實有值得注意的負債,但Despegar.com的現金比債務多,因此我們非常有信心它可以安全地管理其債務。

Even more impressive was the fact that Despegar.com grew its EBIT by 766% over twelve months. That boost will make it even easier to pay down debt going forward. 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 Despegar.com's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.

更令人印象深刻的是,Despegar.com在十二個月內使其EBIt增長了766%。這一提振將使未來更容易償還債務。毫無疑問,我們從資產負債表中了解到的最多是有關債務的信息。但是未來的收益最重要,它將決定Despegar.com在未來保持健康資產負債表的能力。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告有趣。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Despegar.com may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Looking at the most recent two years, Despegar.com recorded free cash flow of 31% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.

但我們的最後考慮也很重要,因爲公司不能用虛構的利潤來償還債務,而是需要真金白銀。Despegar.com可能在資產負債表上有淨現金,但是看看公司如何將它的利息和稅前利潤(EBIT)轉化爲自由現金流,這仍然很有趣,因爲它將影響公司管理債務的需要和能力。在過去的兩年中,Despegar.com的自由現金流爲EBIt的31%,這比我們預期的要弱。在償還債務方面並不理想。

Summing Up

總之

Although Despegar.com's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of US$151.1m. And it impressed us with its EBIT growth of 766% over the last year. So we are not troubled with Despegar.com's debt use. Over time, share prices tend to follow earnings per share, so if you're interested in Despegar.com, you may well want to click here to check an interactive graph of its earnings per share history.

儘管Despegar.com的資產負債表並不特別強大,由於總負債,但明顯看到它有15110萬美元的淨現金。其令人印象深刻的EBIt增長了766%,這讓我們感到滿意。因此,我們對Despegar.com的債務使用並不擔憂。隨着時間的推移,股價往往會跟隨每股收益,所以如果你對Despegar.com感興趣,你可能會點擊這裏查看其每股收益歷史的互動圖表。

If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.

如果您在所有這些工作之後,更感興趣於擁有堅實資產負債表的快速發展公司,請立即查看我們的淨現金成長股列表。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
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.

對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team (at) simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

對本文有反饋?對內容感到擔憂?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。

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