Would Five9 (NASDAQ:FIVN) Be Better Off With Less Debt?
Would Five9 (NASDAQ:FIVN) Be Better Off With Less Debt?
The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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 note that Five9, Inc. (NASDAQ:FIVN) does have debt on its balance sheet. But is this debt a concern to shareholders?
伯克希爾哈撒韋公司的外部基金經理李錄決不掩飾他所說的“最大的投資風險不是價格波動,而是是否會遭受永久性的資本損失。因此,看起來聰明的錢已經知道了,在評估一家公司的風險性時,通常會涉及破產時會產生的債務問題。我們注意到,Five9, Inc. (NASDAQ:FIVN) 的資產負債表上確實有債務。但這個債務是否會令股東擔憂呢?
When Is Debt Dangerous?
債務何時有危險?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. 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.
當企業無法用自由現金流或以優惠價格籌集資金時,債務和其他負債關係可能對企業構成風險。資本主義的一個本質過程就是「創造性破壞」,銀行家無情地清算失敗的企業。然而,更多的情況是一家公司必須以低廉的股價稀釋股東權益,以便控制債務。然而,通過取代稀釋,債務實際上可以成爲那些需要資本以高回報率投資增長的企業的極好工具。考慮企業使用多少債務時,首先要做的是查看現金和債務的總和。
How Much Debt Does Five9 Carry?
Five9負債多少?
The image below, which you can click on for greater detail, shows that at June 2024 Five9 had debt of US$1.16b, up from US$740.2m in one year. On the flip side, it has US$1.11b in cash leading to net debt of about US$56.0m.
下圖可以點開看到更詳細的信息,顯示截至2024年6月,Five9有1160萬美元的債務,一年前爲7402萬美元。相反,它有1.11億美元的現金,導致淨債務約5600萬美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240814/0-65a564d9411a15f1741e322da7bad0e9-0-e3f03a14ea33a5c087f02e25c60beb8e.png/big)
How Strong Is Five9's Balance Sheet?
Five9的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that Five9 had liabilities of US$614.7m due within 12 months and liabilities of US$769.8m due beyond that. On the other hand, it had cash of US$1.11b and US$106.4m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$171.8m.
放大最新的資產負債表數據,我們可以看到,Five9在12個月內有6147萬美元的負債,且在此之後有7698萬美元的負債。另一方面,它有1.11億美元的現金和1064萬美元的應收賬款。因此,其負債超過其現金和(短期)應收賬款的總和約爲1718萬美元。
Since publicly traded Five9 shares are worth a total of US$2.42b, it seems unlikely that this level of liabilities would be a major threat. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. 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 Five9'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.
由於五九股票總價值爲2.42億美元,因此這種水平的負債似乎不會構成重大威脅。然而,我們確實認爲值得關注的是其資產負債表的強度,因爲它可能隨時間變化。毫無疑問,我們從資產負債表中獲得的關於債務的大部分信息。但是,與任何其他東西相比,未來的收益將決定Five9維持健康資產負債表的能力。因此,如果您關注未來,可以查看此免費報告,其中顯示了分析師的利潤預測。
In the last year Five9 wasn't profitable at an EBIT level, but managed to grow its revenue by 14%, to US$968m. That rate of growth is a bit slow for our taste, but it takes all types to make a world.
在過去一年中,Five9的EBIt利潤不盈利,但營業收入增長了14%,達到9680萬美元。對於我們的口味來說,這種增長率有點慢,但它需要多樣化來創造一個世界。
Caveat Emptor
買方自負。
Importantly, Five9 had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost US$77m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. So we think its balance sheet is a little strained, though not beyond repair. For example, we would not want to see a repeat of last year's loss of US$53m. So we do think this stock is quite risky. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Be aware that Five9 is showing 2 warning signs in our investment analysis , you should know about...
重要的是,過去一年中,Five9的利潤在利息和稅前虧損(EBIT)方面下降。實際上,它在EBIT層面上虧損了7700萬美元。考慮到上述負債,我們並不懷疑這家公司應該使用如此多的債務。因此,我們認爲其資產負債表有些緊張,但並沒有超出修復的範圍。例如,我們不希望看到去年5,300萬美元的損失再次出現。所以我們認爲這隻股票相當有風險。資產負債表顯然是分析債務的重點。但是,並非所有的投資風險都在資產負債表內,相反,你需要知道,Five9在我們的投資分析中展示了兩個預警信號。
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.
說到底,有時候更容易集中精力關注根本不需要債務的公司。讀者可以免費訪問零淨債務增長股票列表。
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