Is Q2 Holdings (NYSE:QTWO) A Risky Investment?
Is Q2 Holdings (NYSE:QTWO) A Risky Investment?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. As with many other companies Q2 Holdings, Inc. (NYSE:QTWO) makes use of debt. But the more important question is: how much risk is that debt creating?
傳奇基金經理李璐(查理·芒格支持的)曾說:“最大的投資風險不是價格波動,而是您是否會遭受永久性的資本損失。” 當您檢查一家公司的風險程度時,考慮其資產負債表是很自然的,因爲當一家公司破產時通常涉及到債務。 正如許多其他公司一樣,Q2 Holdings, Inc.(NYSE:QTWO)利用債務。 但更重要的問題是:這種債務創造了多少風險?
When Is Debt A Problem?
什麼時候負債才是一個問題?
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. If things get really bad, the lenders can take control of the business. 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, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
當企業無法通過自由現金流或以有吸引力的價格籌集資本時,債務和其他負債對企業構成風險。如果情況變得非常糟糕,放貸人可以控制企業。然而,更常見(但仍然痛苦的)情況是,它必須以低價發行新股權資本,從而永久性地稀釋股東的股份。當然,債務的好處在於它通常代表了廉價的資本,特別是當它用於替換具有高回報率再投資的公司的稀釋時。當我們考慮一家公司使用債務時,我們首先看的是現金和債務。
What Is Q2 Holdings's Net Debt?
Q2 Holdings的淨債務是多少?
As you can see below, Q2 Holdings had US$491.0m of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. On the flip side, it has US$338.5m in cash leading to net debt of about US$152.5m.
正如下圖所示,2024年3月,Q2 Holdings的債務爲4,9100萬美元,與去年大致相同。 您可以單擊圖表以獲得更詳細信息。 另一方面,它擁有3,3850萬美元的現金,導致淨債務約爲1,5250萬美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240714/0-531ef547b4250cb09c0135ac8fffb9aa-0-a1fe680d703aed6b54bee1d15112cc71.png/big)
How Healthy Is Q2 Holdings' Balance Sheet?
Q2 Holdings的資產負債表情況如何?
We can see from the most recent balance sheet that Q2 Holdings had liabilities of US$192.7m falling due within a year, and liabilities of US$570.8m due beyond that. Offsetting these obligations, it had cash of US$338.5m as well as receivables valued at US$62.9m due within 12 months. So it has liabilities totalling US$362.1m more than its cash and near-term receivables, combined.
我們可以從最近的資產負債表上看到,Q2 Holdings在一年內到期的負債爲1,9270萬美元,到期時間超過一年的負債爲5,7080萬美元。 抵消這些義務,它有3,3850萬美元的現金以及價值6,290萬美元的應收賬款在12個月內到期。 因此,它的負債總額超過現金和短期應收賬款的3,6210萬美元。
Since publicly traded Q2 Holdings shares are worth a total of US$3.94b, it seems unlikely that this level of liabilities would be a major threat. But there are sufficient liabilities that we would certainly recommend shareholders continue to monitor the balance sheet, going forward. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Q2 Holdings 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.
由於公開交易的Q2 Holdings股票總值爲3.94億美元,因此看起來這種程度的負債不太可能構成主要威脅。 但是,有足夠的債務,我們肯定建議股東繼續監視資產負債表。 在分析債務水平時,資產負債表是顯而易見的起點。 但是,最終企業的未來盈利能力將決定Q2 Holdings能否隨着時間的推移增強其資產負債表。 因此,如果您關注未來,可以查看此免費報告,顯示分析師對利潤的預測。
In the last year Q2 Holdings wasn't profitable at an EBIT level, but managed to grow its revenue by 9.0%, to US$637m. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
在過去的一年中,Q2 Holdings未在EBIt水平上獲利,但卻成功將其收入增長了9.0%,達到了6370萬美元。 這種增長速度有點緩慢,但需要各種類型。
Caveat Emptor
買方自負。
Importantly, Q2 Holdings had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost US$79m at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. For example, we would not want to see a repeat of last year's loss of US$79m. So to be blunt we do think it is risky. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. Be aware that Q2 Holdings is showing 3 warning signs in our investment analysis , you should know about...
重要的是,Q2 Holdings在過去一年中的利息和稅前利潤(EBIT)爲負。事實上,它在EBIT水平上損失了7900萬美元。當我們考慮到這一點並回憶起其資產負債表上的負債,相對於現金,對於公司擁有任何債務,我們認爲這並不明智。說實話,我們認爲資產負債表與實際情況相差甚遠,儘管它隨着時間的推移可能會得到改善。例如,我們不想看到去年的7900萬美元虧損再次重演。因此,坦率地說,我們認爲它是有風險的。在分析債務水平時,資產負債表是顯而易見的起點。然而,並非所有的投資風險都存在於資產負債表中 - 遠非如此。請注意,Q2 Holdings在我們的投資分析中顯示了3個警告信號,您應該了解......
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。