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These 4 Measures Indicate That SolarWinds (NYSE:SWI) Is Using Debt Reasonably Well

These 4 Measures Indicate That SolarWinds (NYSE:SWI) Is Using Debt Reasonably Well

這4項措施表明solarwinds(紐交所:SWI)合理使用債務。
Simply Wall St ·  08/05 10:40

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. As with many other companies SolarWinds Corporation (NYSE:SWI) makes use of debt. But the real question is whether this debt is making the company risky.

伯克希爾哈撒韋公司的Charlie Munger支持的外部基金經理Li Lu明確表示:“最大的投資風險不是價格波動,而是您是否會遭受永久性的資本損失。” 當企業出現困難無法償還債務時,負債會讓企業面臨風險。和其他許多公司一樣,SolarWinds Corporation (NYSE:SWI)也利用債務。但真正的問題是,這些債務是否會讓公司陷入風險。

When Is Debt A Problem?

什麼時候負債才是一個問題?

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. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we think about a company's use of debt, we first look at cash and debt together.

企業使用債務來發展業務,直到企業發現無法以新資本或自由現金流償還債務爲止。如果企業不能償還法律債務,股東可能會一無所有。儘管這並不常見,但我們經常看到負債累累的公司因貸方強制以困境價格募集資本而永久稀釋股東。當然,許多公司使用債務來擴大業務,並沒有任何負面影響。當我們考慮企業使用債務時,我們首先查看現金和債務的總和。

How Much Debt Does SolarWinds Carry?

SolarWinds負債多少?點擊下面的圖表以獲取更詳細信息,可以看到SolarWinds在2024年6月時有US$1.21億的債務;與去年持平。然而,它有1.696億美元的現金抵消了這一點,導致淨負債約爲1.04億美元。

The chart below, which you can click on for greater detail, shows that SolarWinds had US$1.21b in debt in June 2024; about the same as the year before. However, it does have US$169.6m in cash offsetting this, leading to net debt of about US$1.04b.

下面的圖表可以點擊查看更多詳細信息,顯示SolarWinds在2024年6月有12.1億美元的債務,與前一年大致相同。但是,它有1.696億美元的現金抵消,導致淨債務約爲10.4億美元。

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NYSE:SWI Debt to Equity History August 5th 2024
NYSE:SWI資產負債率歷史數據:2024年8月5日

A Look At SolarWinds' Liabilities

根據最近的資產負債表,SolarWinds有4.548億美元的負債應該在12個月內償還,以及13億美元的負債應該超過12個月。除此之外,它還有1.696億美元的現金和8910萬美元的應收賬款,應該在12個月內償還。因此,其負債總額比其現金和短期應收賬款的總和多1.49億美元。相對於其市值18.8億美元,這種赤字相當可觀,因此這表明股東應關注SolarWinds的債務使用。這表明如果企業需要緊急籌資,股東將面臨沉重的稀釋。

According to the last reported balance sheet, SolarWinds had liabilities of US$454.8m due within 12 months, and liabilities of US$1.30b due beyond 12 months. Offsetting this, it had US$169.6m in cash and US$89.1m in receivables that were due within 12 months. So its liabilities total US$1.49b more than the combination of its cash and short-term receivables.

雖然我們不擔心SolarWinds的淨負債/EBITDA比率爲4.1,但我們認爲其超低的利息覆蓋率爲1.7倍是高槓杆的標誌。因此,股東應該意識到利息支出似乎最近對業務產生了真正的影響。看到積極的一面,SolarWinds去年的EBIT增長了34%。像人類善良之奶“的那種增長增加了企業的彈性,使企業更有能力管理債務。資產負債表顯然是分析債務的重點領域。但最終業務的未來盈利能力將決定SolarWinds是否能隨着時間的推移加強其資產負債表。因此,如果您想了解專業人士的看法,您可能會發現對分析師盈利預測的免費報告非常有趣。最後,雖然稅務人員可能欣賞會計利潤,但貸方只接受即期現金。因此,我們總是覈對EBIT轉化爲自由現金流的數量。在過去三年中,SolarWinds實際上產生的自由現金流比EBIT更多。這種強勁的現金轉換使我們對SolarWinds的負債管理能力感到興奮。

This deficit is considerable relative to its market capitalization of US$1.88b, so it does suggest shareholders should keep an eye on SolarWinds' use of debt. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.

SolarWinds能夠將EBIT轉化爲自由現金流的能力以及EBIT增長率使我們相信它能夠處理其債務。相反,我們的信心被其明顯難以用EBIT支付其利息費用所削弱。考慮到這些數據點的範圍,我們認爲SolarWinds處於管理其債務水平良好的位置。話雖如此,負擔還是太重了,我們建議各股東密切關注。在分析債務水平時,資產負債表是顯而易見的起點。但最終,每家公司都可能存在超出資產負債表範圍的風險。例如,我們發現了SolarWinds的兩個警示信息(其中1個有點令人擔憂!),您應該在投資之前了解這些信息。

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). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.

Service Corporation International的債務是其EBITDA的3.5倍,而其EBIT可覆蓋其利息開支的3.7倍。綜合考慮,雖然我們不希望看到債務水平上升,但我們認爲它可以應對當前的槓桿。好消息是,Service Corporation International在過去12個月中將其EBIT提高了2.9%,從而逐漸降低了其相對於收益的債務水平。毫無疑問,我們從資產負債表中獲得了有關債務的大部分內容。但是,相對於資產負債表,更重要的是未來收益,這將決定Service Corporation International維持健康資產負債表的能力。如果您關注未來,您可以查看此免費報告,其中有分析師的利潤預測。

While we wouldn't worry about SolarWinds's net debt to EBITDA ratio of 4.1, we think its super-low interest cover of 1.7 times is a sign of high leverage. So shareholders should probably be aware that interest expenses appear to have really impacted the business lately. Looking on the bright side, SolarWinds boosted its EBIT by a silky 34% in the last year. Like the milk of human kindness that sort of growth increases resilience, making the company more capable of managing debt. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if SolarWinds 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.

雖然我們不擔心SolarWinds的淨負債/EBITDA比率爲4.1,但我們認爲其超低的利息覆蓋率爲1.7倍是高槓杆的標誌。

Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Over the last three years, SolarWinds actually produced more free cash flow than EBIT. That sort of strong cash conversion gets us as excited as the crowd when the beat drops at a Daft Punk concert.

EBIT的多少能轉化爲自由現金流是稅務人員可以欣賞會計利潤,但貸方只接受即期現金。因此,我們總是覈查EBIT轉換爲自由現金流的數量。在過去三年中,SolarWinds實際上產生的自由現金流比EBIT更多。這種強勁的現金轉換會讓我們像達夫特朋克音樂會現場的人一樣興奮。

Our View

我們的觀點

Both SolarWinds's ability to to convert EBIT to free cash flow and its EBIT growth rate gave us comfort that it can handle its debt. In contrast, our confidence was undermined by its apparent struggle to cover its interest expense with its EBIT. Considering this range of data points, we think SolarWinds is in a good position to manage its debt levels. Having said that, the load is sufficiently heavy that we would recommend any shareholders keep a close eye on it. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. For example, we've discovered 2 warning signs for SolarWinds (1 is a bit concerning!) that you should be aware of before investing here.

SolarWinds的EBIT轉化爲自由現金流的能力以及EBIT增長率使我們相信它能夠處理其債務。相反,我們的信心被其明顯難以用EBIT支付其利息費用所削弱。考慮到這些數據點的範圍,我們認爲SolarWinds處於管理其債務水平良好的位置。

Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.

當然,如果您是那種喜歡購買沒有債務負擔的股票的投資者,那麼不要猶豫,立即發現我們獨家的淨現金增長股票列表。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。
這篇文章是Simply Wall St的一般性文章。我們根據歷史數據和分析師預測提供評論,只使用公正的方法論,我們的文章並不意味着提供任何金融建議。文章不構成買賣任何股票的建議,也不考慮您的目標或您的財務狀況。我們的目標是帶給您基本數據驅動的長期關注分析。請注意,我們的分析可能不考慮最新的價格敏感公司公告或定性材料。Simply Wall St沒有任何股票頭寸。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

對本文有任何反饋?對內容有任何疑慮?請直接與我們聯繫。或者,發送電子郵件至editorial-team@simplywallst.com。

声明:本內容僅用作提供資訊及教育之目的,不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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