Is Despegar.com (NYSE:DESP) Using Too Much Debt?
Is Despegar.com (NYSE:DESP) Using Too Much Debt?
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. As with many other companies Despegar.com, Corp. (NYSE:DESP) makes use of debt. But the real question is whether this debt is making the company risky.
霍华德·马克斯很好地表达了这一点,他说,与其担心股价波动,“我担心的是永久性损失的风险……我认识的每一个实际投资者也都担心这个问题。”我们在考虑公司的风险性时,总是喜欢看它使用的债务,因为债务负担过重可能导致破产。与其他许多公司一样,纽交所上市公司Despegar.com(NYSE:DESP)利用了债务。但真正的问题是,这笔债务是否会使公司变得风险较大。
When Is Debt Dangerous?
债务何时有危险?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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. Of course, debt can be an important tool in businesses, particularly capital heavy businesses. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
总的来说,债务只有在公司无法通过发行股票或靠自己的现金流容易偿还时才会成为真正的问题。资本主义中必要的过程是"创造性破坏",银行家们无情地清算破产企业。虽然这种情况不太常见,但我们也经常看到企业因欠债而永久稀释股东利益,因为贷款人迫使它们以困境价格募集资金。当然,债务可以成为企业的重要工具,特别是资本密集型企业。考虑一家企业使用的债务量时,首先要做的是将其现金和债务放在一起看。
How Much Debt Does Despegar.com Carry?
Despegar.com负债多少?
As you can see below, at the end of March 2024, Despegar.com had US$30.4m of debt, up from US$24.8m a year ago. Click the image for more detail. But it also has US$181.5m in cash to offset that, meaning it has US$151.1m net cash.
正如下图所示,在2024年3月底,Despegar.com的债务为3040万美元,比一年前的2480万美元增加。点击图像以获取更多详细信息。但它还有18150万美元的现金来抵消,这意味着它有15110万美元的净现金。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240712/0-38b3f8485de053862296e17544b872f7-0-a82961f788026d16f8b5e47af4346408.png/big)
How Strong Is Despegar.com's Balance Sheet?
Despegar.com的资产负债表有多强?
Zooming in on the latest balance sheet data, we can see that Despegar.com had liabilities of US$657.8m due within 12 months and liabilities of US$174.3m due beyond that. Offsetting these obligations, it had cash of US$181.5m as well as receivables valued at US$240.1m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$410.4m.
深入研究最新的资产负债表数据,我们可以看到Despegar.com有65780万美元的负债在12个月内到期,17430万美元的负债在12个月以后到期。抵消这些义务,它有18150万美元的现金和24010万美元的应收账款在12个月内到期。因此,它的负债超过了其现金和(短期)应收账款的总和41040万美元。
This deficit isn't so bad because Despegar.com is worth US$908.4m, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. While it does have liabilities worth noting, Despegar.com also has more cash than debt, so we're pretty confident it can manage its debt safely.
这个赤字并不那么糟糕,因为Despegar.com的价值为90840万美元,因此如果有需要,它可能会筹集足够的资本来支持其资产负债表。但显然,我们应该仔细研究它是否可以在不稀释股权的情况下管理其债务。虽然它确实有值得注意的负债,但Despegar.com的现金比债务多,因此我们非常有信心它可以安全地管理其债务。
Even more impressive was the fact that Despegar.com grew its EBIT by 766% over twelve months. That boost will make it even easier to pay down debt going forward. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine Despegar.com'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.
更令人印象深刻的是,Despegar.com在十二个月内使其EBIt增长了766%。这一提振将使未来更容易偿还债务。毫无疑问,我们从资产负债表中了解到的最多是有关债务的信息。但是未来的收益最重要,它将决定Despegar.com在未来保持健康资产负债表的能力。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有趣。
But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. Despegar.com may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. Looking at the most recent two years, Despegar.com recorded free cash flow of 31% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
但我们的最后考虑也很重要,因为公司不能用虚构的利润来偿还债务,而是需要真金白银。Despegar.com可能在资产负债表上有净现金,但是看看公司如何将它的利息和税前利润(EBIT)转化为自由现金流,这仍然很有趣,因为它将影响公司管理债务的需要和能力。在过去的两年中,Despegar.com的自由现金流为EBIt的31%,这比我们预期的要弱。在偿还债务方面并不理想。
Summing Up
总之
Although Despegar.com's balance sheet isn't particularly strong, due to the total liabilities, it is clearly positive to see that it has net cash of US$151.1m. And it impressed us with its EBIT growth of 766% over the last year. So we are not troubled with Despegar.com's debt use. Over time, share prices tend to follow earnings per share, so if you're interested in Despegar.com, you may well want to click here to check an interactive graph of its earnings per share history.
尽管Despegar.com的资产负债表并不特别强大,由于总负债,但明显看到它有15110万美元的净现金。其令人印象深刻的EBIt增长了766%,这让我们感到满意。因此,我们对Despegar.com的债务使用并不担忧。随着时间的推移,股价往往会跟随每股收益,所以如果你对Despegar.com感兴趣,你可能会点击这里查看其每股收益历史的互动图表。
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.
如果您在所有这些工作之后,更感兴趣于拥有坚实资产负债表的快速发展公司,请立即查看我们的净现金成长股列表。
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