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.
沃倫·巴菲特曾說過一句名言:“波動性遠非風險的代名詞。”當你研究公司的資產負債表的風險時,自然會考慮它的資產負債表,因爲企業倒閉時通常會涉及債務。我們可以看到,PAR科技公司(紐約證券交易所代碼:PAR)確實在其業務中使用了債務。但真正的問題是這筆債務是否使公司面臨風險。
When Is Debt Dangerous?
債務何時危險?
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.
債務是幫助企業增長的工具,但如果企業無法還清貸方,那麼債務就任其擺佈。資本主義的重要部分是 “創造性破壞” 的過程,在這個過程中,倒閉的企業被銀行家無情地清算。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股權資本,從而永久稀釋股東。話雖如此,最常見的情況是公司合理地管理債務,而且對自己有利。在考慮企業使用多少債務時,要做的第一件事是將其現金和債務放在一起考慮。
Check out our latest analysis for PAR Technology
查看我們對 PAR 技術的最新分析
What Is PAR Technology's Debt?
PAR Technology的債務是什麼?
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的債務爲3.908億美元,與前一年大致相同。您可以單擊圖表以獲取更多詳細信息。但是,它也有7,990萬美元的現金,因此其淨負債爲3.109億美元。
![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 科技的資產負債表有多健康?
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.
根據上次報告的資產負債表,PAR Technology的負債爲8,720萬美元,在12個月後到期的負債爲3.892億美元。爲了抵消這些債務,它有7,990萬美元的現金以及價值6,640萬美元的應收賬款,將在12個月內到期。因此,它的負債總額比其現金和短期應收賬款的總和高出3.302億美元。
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的市值爲10億美元,因此,如果有需要,它很可能會籌集資金來改善資產負債表。但是,仍然值得仔細研究其償還債務的能力。在分析債務水平時,資產負債表顯然是起點。但最終,該業務的未來盈利能力將決定PAR Technology能否隨着時間的推移加強其資產負債表。因此,如果你想看看專業人士的想法,你可能會發現這份關於分析師利潤預測的免費報告很有趣。
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.
在過去的12個月中,PAR Technology公佈的收入爲4.06億美元,增長了19%,儘管它沒有報告任何利息和稅前收益。我們通常希望看到無利可圖的公司實現更快的增長,但每家公司都有自己的增長。
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 .
在過去的十二個月中,PAR Technology產生了利息和稅前收益(EBIT)虧損。事實上,它在息稅前利潤水平上損失了6600萬美元。當我們審視這個問題並回顧其資產負債表上相對於現金的負債時,我們認爲該公司有任何債務似乎是不明智的。坦率地說,我們認爲資產負債表遠非匹配,儘管隨着時間的推移可能會有所改善。另一個值得謹慎的理由是,在過去的十二個月中,自由現金流爲負3,800萬美元。因此,只要說我們確實認爲這隻股票有風險就足夠了。在分析債務水平時,資產負債表顯然是起點。但是,並非所有的投資風險都存在於資產負債表中——遠非如此。爲此,你應該注意我們在PAR技術上發現的兩個警告信號。
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,通常最好將注意力集中在沒有淨負債的公司身上。您可以訪問我們的此類公司的特別名單(所有公司都有利潤增長記錄)。它是免費的。
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