Is E2open Parent Holdings (NYSE:ETWO) Using Debt Sensibly?
Is E2open Parent Holdings (NYSE:ETWO) Using Debt Sensibly?
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. Importantly, E2open Parent Holdings, Inc. (NYSE:ETWO) does carry debt. But is this debt a concern to shareholders?
大衛·伊本說得好,他說:“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。”因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。重要的是,E2Open母公司控股有限公司(紐約證券交易所代碼:ETWO)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?
債務何時會成爲問題?
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. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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 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。歸根結底,如果公司無法履行償還債務的法律義務,股東可能一無所有地離開。儘管這種情況並不常見,但我們經常會看到負債公司永久稀釋股東,因爲貸款人強迫他們以不利的價格籌集資金。但是,通過取代稀釋,對於需要資本以高回報率投資增長的企業來說,債務可能是一個非常好的工具。考慮公司的債務水平的第一步是將其現金和債務放在一起考慮。
How Much Debt Does E2open Parent Holdings Carry?
E2open母公司持有多少債務?
As you can see below, E2open Parent Holdings had US$1.05b of debt, at November 2023, which is about the same as the year before. You can click the chart for greater detail. However, it does have US$110.3m in cash offsetting this, leading to net debt of about US$939.8m.
如下所示,截至2023年11月,E2Open母公司擁有10.5億美元的債務,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,它確實有1.103億美元的現金抵消了這一點,淨負債約爲9.398億美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240208/0-c9e1626c7fdacf243dce4a478f6c06bb-0-e458ec6cc41f9da3412af8b4944967e1.png/big)
How Healthy Is E2open Parent Holdings' Balance Sheet?
E2Open家長控股公司的資產負債表有多健康?
According to the last reported balance sheet, E2open Parent Holdings had liabilities of US$300.4m due within 12 months, and liabilities of US$1.21b due beyond 12 months. Offsetting these obligations, it had cash of US$110.3m as well as receivables valued at US$132.0m due within 12 months. So its liabilities total US$1.27b more than the combination of its cash and short-term receivables.
根據上次報告的資產負債表,E2Open母公司在12個月內到期的負債爲3.004億美元,12個月以後到期的負債爲12.1億美元。除這些債務外,它有1.103億美元的現金以及價值1.320億美元的應收賬款在12個月內到期。因此,其負債總額比其現金和短期應收賬款的總和高出12.7億美元。
This is a mountain of leverage relative to its market capitalization of US$1.28b. Should its lenders demand that it shore up the balance sheet, shareholders would likely face severe dilution. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine E2open Parent Holdings'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.
相對於其12.8億美元的市值,這是一座巨大的槓桿率。如果其貸款人要求其支撐資產負債表,股東可能會面臨嚴重的稀釋。在分析債務水平時,資產負債表是顯而易見的起點。但是,未來的收益將決定E2Open Parent Holdings未來維持健康資產負債表的能力。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, E2open Parent Holdings saw its revenue hold pretty steady, and it did not report positive earnings before interest and tax. While that hardly impresses, its not too bad either.
在過去的12個月中,E2Open Parent Holdings的收入保持相當穩定,並且沒有公佈利息和稅前盈利。雖然這幾乎沒有給人留下深刻的印象,但也不算太糟糕。
Caveat Emptor
Caveat Emptor
Importantly, E2open Parent Holdings had an earnings before interest and tax (EBIT) loss over the last year. Indeed, it lost US$26m at the EBIT level. Considering that alongside the liabilities mentioned above does not give us much confidence that company should be using so much debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. We would feel better if it turned its trailing twelve month loss of US$1.3b into a profit. So to be blunt we do think it is risky. 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. For instance, we've identified 1 warning sign for E2open Parent Holdings that you should be aware of.
重要的是,E2Open母公司控股去年出現了息稅前收益(EBIT)虧損。事實上,它在息稅前利潤水平上損失了2600萬美元。考慮到除了上述負債外,我們對公司應該使用如此多的債務沒有太大的信心。坦率地說,我們認爲資產負債表遠非匹配,儘管可以隨着時間的推移而改善。如果它將過去十二個月的13億美元虧損轉化爲利潤,我們會感覺更好。因此,坦率地說,我們確實認爲這是有風險的。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。例如,我們已經確定了E2Open母公司控股的1個警告信號,你應該注意這一點。
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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