Would PAR Technology (NYSE:PAR) Be Better Off With Less Debt?
Would PAR Technology (NYSE:PAR) Be Better Off With Less 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 can see that PAR Technology Corporation (NYSE:PAR) does use debt in its business. But the real question is whether this debt is making the company risky.
沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”当你研究公司的资产负债表的风险时,自然会考虑它的资产负债表,因为企业倒闭时通常会涉及债务。我们可以看到,PAR科技公司(纽约证券交易所代码:PAR)确实在其业务中使用了债务。但真正的问题是这笔债务是否使公司面临风险。
When Is Debt Dangerous?
债务何时危险?
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
债务是帮助企业增长的工具,但如果企业无法还清贷方,那么债务就任其摆布。资本主义的重要部分是 “创造性破坏” 的过程,在这个过程中,倒闭的企业被银行家无情地清算。但是,更常见(但仍然令人痛苦)的情况是,它必须以低廉的价格筹集新的股权资本,从而永久稀释股东。话虽如此,最常见的情况是公司合理地管理债务,而且对自己有利。在考虑企业使用多少债务时,要做的第一件事是将其现金和债务放在一起考虑。
Check out our latest analysis for PAR Technology
查看我们对 PAR 技术的最新分析
What Is PAR Technology's Debt?
PAR Technology的债务是什么?
As you can see below, PAR Technology had US$390.8m of debt, at September 2023, which is about the same as the year before. You can click the chart for greater detail. However, it also had US$79.9m in cash, and so its net debt is US$310.9m.
如下所示,截至2023年9月,PAR Technology的债务为3.908亿美元,与前一年大致相同。您可以单击图表以获取更多详细信息。但是,它也有7,990万美元的现金,因此其净负债为3.109亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20231118/0-446c8f6cfefa7c5d78b09dba5dfbf0b3-0-929a5b2085b00d627efac0092d84a0f0.png/big)
How Healthy Is PAR Technology's Balance Sheet?
PAR 科技的资产负债表有多健康?
According to the last reported balance sheet, PAR Technology had liabilities of US$87.2m due within 12 months, and liabilities of US$389.2m due beyond 12 months. Offsetting these obligations, it had cash of US$79.9m as well as receivables valued at US$66.4m due within 12 months. So it has liabilities totalling US$330.2m more than its cash and near-term receivables, combined.
根据上次报告的资产负债表,PAR Technology的负债为8,720万美元,在12个月后到期的负债为3.892亿美元。为了抵消这些债务,它有7,990万美元的现金以及价值6,640万美元的应收账款,将在12个月内到期。因此,它的负债总额比其现金和短期应收账款的总和高出3.302亿美元。
PAR Technology has a market capitalization of US$1.00b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off 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 PAR Technology can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
PAR Technology的市值为10亿美元,因此,如果有需要,它很可能会筹集资金来改善资产负债表。但是,仍然值得仔细研究其偿还债务的能力。在分析债务水平时,资产负债表显然是起点。但最终,该业务的未来盈利能力将决定PAR Technology能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
Over 12 months, PAR Technology reported revenue of US$406m, which is a gain of 19%, although it did not report any earnings before interest and tax. We usually like to see faster growth from unprofitable companies, but each to their own.
在过去的12个月中,PAR Technology公布的收入为4.06亿美元,增长了19%,尽管它没有报告任何利息和税前收益。我们通常希望看到无利可图的公司实现更快的增长,但每家公司都有自己的增长。
Caveat Emptor
Caveat Emptor
Over the last twelve months PAR Technology produced an earnings before interest and tax (EBIT) loss. Indeed, it lost US$66m 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. Another cause for caution is that is bled US$38m in negative free cash flow over the last twelve months. So suffice it to say we do consider the stock to be 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. To that end, you should be aware of the 2 warning signs we've spotted with PAR Technology .
在过去的十二个月中,PAR Technology产生了利息和税前收益(EBIT)亏损。事实上,它在息税前利润水平上损失了6600万美元。当我们审视这个问题并回顾其资产负债表上相对于现金的负债时,我们认为该公司有任何债务似乎是不明智的。坦率地说,我们认为资产负债表远非匹配,尽管随着时间的推移可能会有所改善。另一个值得谨慎的理由是,在过去的十二个月中,自由现金流为负3,800万美元。因此,只要说我们确实认为这只股票有风险就足够了。在分析债务水平时,资产负债表显然是起点。但是,并非所有的投资风险都存在于资产负债表中——远非如此。为此,你应该注意我们在PAR技术上发现的两个警告信号。
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.
归根结底,通常最好将注意力集中在没有净负债的公司身上。您可以访问我们的此类公司的特别名单(所有公司都有利润增长记录)。它是免费的。
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