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Here's Why ZoomInfo Technologies (NASDAQ:ZI) Has A Meaningful Debt Burden

Here's Why ZoomInfo Technologies (NASDAQ:ZI) Has A Meaningful Debt Burden

這是爲什麼zoominfo科技(納斯達克:ZI)面臨 significant 的債務負擔
Simply Wall St ·  12/09 20:43

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the 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 can see that ZoomInfo Technologies Inc. (NASDAQ:ZI) does use debt in its business. But the real question is whether this debt is making the company risky.

大衛·伊本說得好,『波動性不是我們關心的風險。我們關心的是避免資本的永久損失。』所以聰明的錢知道,債務——通常與破產有關——是在評估公司風險時非常重要的因素。我們可以看到,zoominfo科技公司(納斯達克:ZI)確實在其業務中使用債務。但真正的問題是,這筆債務是否讓公司變得有風險。

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.

一般而言,當一家公司無法輕鬆償還債務,無論是通過籌集資金還是憑藉自身現金流時,債務才會真正成爲問題。如果公司無法履行法律義務償還債務,股東可能會一無所獲。然而,更常見(但仍然代價高昂)的情況是,公司必須以低價發行股票,永久稀釋股東股權,僅僅是爲了支撐其資產負債表。但通過替代稀釋,債務對於需要資本投資於高回報增長的企業而言,可以是一個非常優秀的工具。在考慮企業使用多少債務時,首先要查看其現金和債務的綜合情況。

How Much Debt Does ZoomInfo Technologies Carry?

zoominfo科技公司有多少債務?

The chart below, which you can click on for greater detail, shows that ZoomInfo Technologies had US$1.23b in debt in September 2024; about the same as the year before. However, it also had US$164.8m in cash, and so its net debt is US$1.06b.

下面的圖表可以點擊查看更詳細的內容,顯示zoominfo科技在2024年9月的債務爲12.3億美金;與前一年大致相同。然而,它也有16480萬美金的現金,因此其淨債務爲10.6億美金。

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NasdaqGS:ZI Debt to Equity History December 9th 2024
納斯達克GS:ZI債務與股本歷史 2024年12月9日

How Healthy Is ZoomInfo Technologies' Balance Sheet?

zoominfo科技的資產負債表有多健康?

The latest balance sheet data shows that ZoomInfo Technologies had liabilities of US$624.1m due within a year, and liabilities of US$4.10b falling due after that. Offsetting these obligations, it had cash of US$164.8m as well as receivables valued at US$174.9m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$4.39b.

最新的資產負債表數據顯示,zoominfo科技的負債爲62410萬美元,需在一年內到期,且41億美元的負債將在之後到期。爲了抵消這些債務,它有16480萬美元的現金以及17490萬美元的應收賬款,這些賬款將在12個月內到期。因此,它的負債總額超過現金和(短期)應收賬款之和的43.9億美元。

Given this deficit is actually higher than the company's market capitalization of US$3.79b, we think shareholders really should watch ZoomInfo Technologies's debt levels, like a parent watching their child ride a bike for the first time. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution.

考慮到這個赤字實際上高於公司37.9億的市值,我們認爲股東確實應該關注zoominfo科技的債務水平,就像父母第一次看着孩子騎自行車一樣。在公司必須迅速清理資產負債表的情況下,股東似乎會經歷大規模的稀釋。

We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

我們通過將公司的淨債務與其息稅折舊攤銷前利潤(EBITDA)相除,並計算其息稅前利潤(EBIT)如何覆蓋其利息費用(利息覆蓋率)來衡量公司的債務負擔相對於其盈利能力。因此,我們同時考慮債務的絕對數量以及所支付的利率。

With net debt to EBITDA of 4.4 ZoomInfo Technologies has a fairly noticeable amount of debt. But the high interest coverage of 7.5 suggests it can easily service that debt. The bad news is that ZoomInfo Technologies saw its EBIT decline by 18% over the last year. If earnings continue to decline at that rate then handling the debt will be more difficult than taking three children under 5 to a fancy pants restaurant. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine ZoomInfo Technologies'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.

zoominfo科技的淨債務與EBITDA之比爲4.4,說明其負債相當明顯。但是,7.5的高利息覆蓋率表明,它可以輕鬆償還這筆債務。壞消息是,zoominfo科技的EBIT在過去一年中下降了18%。如果收益繼續以這種速度下降,那麼處理債務將比帶着三個5萬億以下的孩子去一家高檔餐廳還要困難。在分析債務水平時,資產負債表是顯而易見的起點。但決定zoominfo科技未來能否維持健康資產負債表的,更多的是未來的收益。因此,如果你關注未來,可以查看這份分析師收益預測的免費報告。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Over the last three years, ZoomInfo Technologies actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.

但是我們最終的考慮也很重要,因爲一家公司不能用紙面利潤來償還債務;它需要現金。因此,邏輯上的下一步是查看EBIT與實際自由現金流的匹配比例。在過去三年中,zoominfo科技實際上產生了比EBIT更多的自由現金流。這種強勁的現金轉換讓我們像在Daft Punk演唱會中音樂節拍響起時的人群一樣興奮。

Our View

我們的觀點

We'd go so far as to say ZoomInfo Technologies's EBIT growth rate was disappointing. But on the bright side, its conversion of EBIT to free cash flow is a good sign, and makes us more optimistic. Looking at the balance sheet and taking into account all these factors, we do believe that debt is making ZoomInfo Technologies stock a bit risky. Some people like that sort of risk, but we're mindful of the potential pitfalls, so we'd probably prefer it carry less debt. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 4 warning signs for ZoomInfo Technologies that you should be aware of before investing here.

我們甚至可以說ZoomInfo Technologies的EBIt增長率令人失望。但從積極的一面來看,它將EBIt轉化爲自由現金流的能力是一個好跡象,讓我們更加樂觀。考慮到資產負債表及所有這些因素,我們確實認爲債務讓ZoomInfo Technologies的股票有點風險。一些人喜歡這種風險,但我們意識到潛在的陷阱,所以我們可能更希望它的債務更少。無疑,我們從資產負債表中學到的關於債務的知識是最多的。但最終,每個公司都可能存在賬面之外的風險。例如,我們發現了ZoomInfo Technologies的4個警告信號,在投資之前你應該了解這些。

Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.

當然,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。

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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的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

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