Is Insight Enterprises (NASDAQ:NSIT) Using Too Much Debt?
Is Insight Enterprises (NASDAQ:NSIT) Using Too Much Debt?
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. We note that Insight Enterprises, Inc. (NASDAQ:NSIT) does have debt on its balance sheet. But is this debt a concern to shareholders?
禾倫·巴菲特曾說過一句名言:「波動性遠非風險的代名詞。」當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。我們注意到,Insight Enterprises, Inc.(納斯達克股票代碼:NSIT)的資產負債表上確實有債務。但是這筆債務是股東關心的問題嗎?
When Is Debt A Problem?
債務何時成爲問題?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
債務可以幫助企業,直到企業難以償還債務,無論是新資本還是自由現金流。最終,如果公司無法履行償還債務的法律義務,股東可能會一無所獲。但是,更常見(但仍然昂貴)的情況是,公司爲了控制債務,必須以低廉的股價稀釋股東。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。考慮公司的債務水平的第一步是同時考慮其現金和債務。
How Much Debt Does Insight Enterprises Carry?
洞察企業揹負了多少債務?
The image below, which you can click on for greater detail, shows that at September 2024 Insight Enterprises had debt of US$1.32b, up from US$940.7m in one year. However, because it has a cash reserve of US$317.4m, its net debt is less, at about US$1.00b.
你可以點擊下圖查看更多細節,該圖片顯示,截至2024年9月,Insight Enterprises的債務爲13.2億美元,高於一年的9.407億美元。但是,由於其現金儲備爲3.174億美元,其淨負債較少,約爲10億美元。
How Healthy Is Insight Enterprises' Balance Sheet?
Insight Enterprises 資產負債表有多健康?
We can see from the most recent balance sheet that Insight Enterprises had liabilities of US$3.74b falling due within a year, and liabilities of US$1.78b due beyond that. On the other hand, it had cash of US$317.4m and US$3.98b worth of receivables due within a year. So its liabilities total US$1.22b more than the combination of its cash and short-term receivables.
我們可以從最新的資產負債表中看出,Insight Enterprises的負債爲37.4億美元,一年後到期的負債爲17.8億美元。另一方面,它有3.174億美元的現金和價值39.8億美元的應收賬款將在一年內到期。因此,其負債總額比其現金和短期應收賬款的總和高出12.2億美元。
While this might seem like a lot, it is not so bad since Insight Enterprises has a market capitalization of US$4.81b, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution.
儘管這可能看起來很多,但還不錯,因爲Insight Enterprises的市值爲48.1億美元,因此如果需要,它可能會通過籌集資金來加強資產負債表。但很明顯,我們一定要仔細研究它能否在不稀釋的情況下管理債務。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
我們使用兩個主要比率來告知我們債務水平與收益的關係。第一個是淨負債除以扣除利息、稅項、折舊和攤銷前的收益(EBITDA),第二個是其利息和稅前收益(EBIT)抵消利息支出(或簡稱利息保障)的多少倍。這種方法的優勢在於,我們既考慮了債務的絕對數量(淨負債佔息稅折舊攤銷前利潤),也考慮了與該債務相關的實際利息支出(及其利息覆蓋率)。
With a debt to EBITDA ratio of 1.9, Insight Enterprises uses debt artfully but responsibly. And the alluring interest cover (EBIT of 8.5 times interest expense) certainly does not do anything to dispel this impression. We saw Insight Enterprises grow its EBIT by 5.4% in the last twelve months. Whilst that hardly knocks our socks off it is a positive when it comes to debt. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Insight Enterprises 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.
Insight Enterprises的債務與息稅折舊攤銷前利潤的比率爲1.9,巧妙但負責任地使用債務。而誘人的利息保障(息稅前利潤是利息支出的8.5倍)當然無助於消除這種印象。在過去的十二個月中,我們看到Insight Enterprises的息稅前利潤增長了5.4%。儘管這幾乎無法使我們大吃一驚,但在債務方面卻是一個積極因素。在分析債務水平時,資產負債表是顯而易見的起點。但最終,該業務未來的盈利能力將決定Insight Enterprises能否隨着時間的推移加強其資產負債表。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So we clearly need to look at whether that EBIT is leading to corresponding free cash flow. Over the last three years, Insight Enterprises recorded free cash flow worth a fulsome 98% of its EBIT, which is stronger than we'd usually expect. That positions it well to pay down debt if desirable to do so.
但是我們最終的考慮因素也很重要,因爲公司無法用紙面利潤來償還債務;它需要冷硬現金。因此,我們顯然需要研究該息稅前利潤是否會帶來相應的自由現金流。在過去的三年中,Insight Enterprises記錄的自由現金流相當於其息稅前利潤的98%,比我們通常預期的要強。如果需要的話,這有利於償還債務。
Our View
我們的觀點
Happily, Insight Enterprises's impressive conversion of EBIT to free cash flow implies it has the upper hand on its debt. And its interest cover is good too. When we consider the range of factors above, it looks like Insight Enterprises is pretty sensible with its use of debt. That means they are taking on a bit more risk, in the hope of boosting shareholder returns. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 1 warning sign we've spotted with Insight Enterprises .
令人高興的是,Insight Enterprises令人印象深刻地將息稅前利潤轉換爲自由現金流,這意味着它在債務上佔了上風。而且它的利息保障也很好。當我們考慮上述一系列因素時,Insight Enterprises使用債務似乎相當明智。這意味着他們正在承擔更多的風險,希望提高股東的回報。資產負債表顯然是分析債務時需要關注的領域。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。爲此,你應該注意我們在Insight Enterprises中發現的1個警告信號。
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.
畢竟,如果你對一家資產負債表堅如磐石的快速成長型公司更感興趣,那麼請立即查看我們的淨現金增長股票清單。
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Simply Wall ST 的這篇文章本質上是籠統的。我們僅使用公正的方法提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。