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Does Shutterstock (NYSE:SSTK) Have A Healthy Balance Sheet?

Does Shutterstock (NYSE:SSTK) Have A Healthy Balance Sheet?

shutterstock(紐交所:SSTK)是否擁有健康的資產負債表?
Simply Wall St ·  09/13 06:54

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. We note that Shutterstock, Inc. (NYSE:SSTK) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?

禾倫·巴菲特曾經說過:「波動性遠非風險的代名詞。」 當我們考慮一家公司有多大風險時,我們總是喜歡看它的債務使用情況,因爲債務過載可能導致破產。 我們注意到Shutterstock, Inc. (紐交所:SSTK) 的資產負債表上確實有債務。 但更重要的問題是:這些債務造成了多大風險?

When Is Debt A Problem?

什麼時候負債才是一個問題?

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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. When we think about a company's use of debt, we first look at cash and debt together.

一般來說,當一家公司無法輕鬆償還債務時,債務才會成爲真正的問題,無論是通過融資還是通過自身現金流。 在最糟糕的情況下,如果一家公司無法償還債權人,它可能會破產。 然而,更普遍的(但仍然昂貴)情況是,一家公司必須以低廉的股價稀釋股東權益,才能控制債務。 然而,通過替代股權稀釋,債務對於那些需要資本以高回報率投資增長的企業來說可能是一種極好的工具。 當我們考慮一家公司對債務的使用時,我們首先看現金和債務的總額。

What Is Shutterstock's Debt?

Shutterstock的債務是什麼?

As you can see below, Shutterstock had US$30.0m of debt, at June 2024, which is about the same as the year before. You can click the chart for greater detail. However, its balance sheet shows it holds US$74.9m in cash, so it actually has US$44.9m net cash.

正如您下面所看到的,Shutterstock在2024年6月有3000萬美元的債務,與前一年大致相同。 您可以點擊圖表以查看更詳細的信息。 然而,它的資產負債表顯示,它持有7490萬美元現金,因此實際上有4490萬美元的淨現金。

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NYSE:SSTK Debt to Equity History September 13th 2024
紐交所:SSTK 債務與股權歷史 2024年9月13日

How Healthy Is Shutterstock's Balance Sheet?

Shutterstock的資產負債表健康程度如何?

The latest balance sheet data shows that Shutterstock had liabilities of US$432.3m due within a year, and liabilities of US$51.1m falling due after that. Offsetting this, it had US$74.9m in cash and US$128.9m in receivables that were due within 12 months. So it has liabilities totalling US$279.6m more than its cash and near-term receivables, combined.

最新的資產負債表數據顯示,Shutterstock公司有着4.32億美元的短期負債,以及5.11億美元的長期負債。相應地,公司有着7.49億美元的現金和1.289億美元的應收賬款,這些應收賬款將於12個月內到期。所以,公司的負債總額超過現金和短期應收賬款的總和達到了2.796億美元。

This deficit isn't so bad because Shutterstock is worth US$1.18b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk. While it does have liabilities worth noting, Shutterstock also has more cash than debt, so we're pretty confident it can manage its debt safely.

儘管這個負債差額不算太糟糕,因爲Shutterstock的市值達到了11.8億美元,所以如果需要的話,公司很可能能夠籌集到足夠的資本來支持其資產負債表。但是,我們確實需要留意公司的負債是否帶來了過多的風險。儘管有需要注意的負債,Shutterstock依然擁有比債務更多的現金,因此我們相當有信心公司能夠安全地管理其負債。

But the bad news is that Shutterstock has seen its EBIT plunge 17% in the last twelve months. We think hat kind of performance, if repeated frequently, could well lead to difficulties for the stock. 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 Shutterstock'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.

但是,壞消息是Shutterstock過去12個月的稅息折舊攤銷前利潤(EBIt)下降了17%。我們認爲,如果這種表現頻繁發生,可能會給股票帶來困難。毫無疑問,我們從資產負債表中可以了解到債務的大部分情況。但是未來的盈利更比任何事情,決定了Shutterstock維持健康資產負債表的能力。所以,如果你想知道專業人士的看法,你可能會對這份關於分析師利潤預測的免費報告很感興趣。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. While Shutterstock has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Over the last three years, Shutterstock recorded free cash flow worth a fulsome 82% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.

但是,我們還需要考慮最後一個因素,因爲公司不能用紙上利潤償還債務,而是需要現金。雖然Shutterstock在資產負債表上有淨現金,但我們還是要看看它將稅息折舊攤銷前利潤(EBIT)轉化爲自由現金流的能力,以幫助我們了解它正在以多快的速度積累(或消耗)現金。在過去的三年中,Shutterstock公司記錄了佔EBIT的82%的自由現金流,這比我們通常所預期的要強。這使其有能力在需要的時候償還債務。

Summing Up

總之

Although Shutterstock'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$44.9m. The cherry on top was that in converted 82% of that EBIT to free cash flow, bringing in US$27m. So we don't have any problem with Shutterstock's use of debt. 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 3 warning signs for Shutterstock that you should be aware of.

儘管Shutterstock的資產負債表並不特別強大,但由於總負債的原因,它明顯地擁有4490萬美元的淨現金。而且,令人高興的是,將82%的EBIT轉化爲自由現金流,帶來了2700萬美元。因此,我們對Shutterstock的債務使用沒有任何問題。在分析債務水平時,資產負債表是一個明顯的起點。但最終,每個公司都可能存在於資產負債表之外的風險。例如,我們已經發現了Shutterstock的3個警示信號,你應該注意。

At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.

歸根結底,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包括所有表現出盈利增長軌跡的公司。這是免費的。

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.

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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。

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