Is PagerDuty (NYSE:PD) Using Too Much Debt?
Is PagerDuty (NYSE:PD) Using Too Much 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. As with many other companies PagerDuty, Inc. (NYSE:PD) makes use of debt. But is this debt a concern to shareholders?
沃伦·巴菲特曾经说过:'波动性与风险远非同义词。' 当你判断一个公司的风险时,考虑到它的负债状况是很自然的,因为很多时候企业崩溃都与债务有关。正如许多其他公司一样,PagerDuty,Inc. (纽交所:PD) 吸纳了负债。但是这样的债务对股东来说是一种担忧吗?
What Risk Does Debt Bring?
债务带来了什么风险?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. If things get really bad, the lenders can take control of the business. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.
负债帮助业务直到业务有困难偿还它,或者通过新的资本或自由现金流偿还。如果情况变得非常糟糕,借款人可以控制业务。然而,更频繁(但仍然昂贵)的情况是,一家公司必须以低廉的价格发行股票,永久性地稀释股东,以弥补其资产负债表。当然,很多公司使用债务来资助业务增长,没有任何负面影响。当我们思考一家公司对债务的使用时,我们首先看现金和债务两者结合起来。
How Much Debt Does PagerDuty Carry?
PagerDuty持有多少债务?
You can click the graphic below for the historical numbers, but it shows that as of April 2024 PagerDuty had US$448.7m of debt, an increase on US$283.4m, over one year. But on the other hand it also has US$592.8m in cash, leading to a US$144.1m net cash position.
你可以点击下方的图表查看历史数据,但是它显示PagerDuty截至2024年4月持有448.7百万美元的债务,相比去年增加了283.4百万美元。但换而言之,它也持有592.8百万美元的现金,导致其净现金超过1.441百万美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240816/0-0d7405e956cdaee79a3e6d8b18f03dc2-0-aa1c98ccc2644a58b1b102b013704eaa.png/big)
A Look At PagerDuty's Liabilities
分析PagerDuty的负债
According to the last reported balance sheet, PagerDuty had liabilities of US$273.1m due within 12 months, and liabilities of US$462.9m due beyond 12 months. Offsetting these obligations, it had cash of US$592.8m as well as receivables valued at US$77.5m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$65.7m.
根据最近披露的资产负债表,PagerDuty在12个月内有2,731百万美元的负债,并且有46,290百万美元的长期负债。同时,它持有59,280百万美元的现金以及7,750百万美元应在12个月内收回的应收账款。因此,其负债超过了其现金和(短期)应收账款总和6,570百万美元。
Given PagerDuty has a market capitalization of US$1.80b, it's hard to believe these liabilities pose much threat. Having said that, it's clear that we should continue to monitor its balance sheet, lest it change for the worse. Despite its noteworthy liabilities, PagerDuty boasts net cash, so it's fair to say it does not have a heavy debt load! The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine PagerDuty's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
考虑到PagerDuty的市值为18亿美元,很难相信这些负债会对其构成威胁。尽管有着显著的负债,但由于其拥有净现金,因此可以说它并没有承受沉重的负担!当您分析债务时, 清晰地看到资产负债表才是关键所在。但最重要的是,未来的收益将决定PagerDuty保持健康资产负债表的能力。因此,如果您关注未来,您可以查看此免费报告,了解分析师的利润预测。
In the last year PagerDuty wasn't profitable at an EBIT level, but managed to grow its revenue by 13%, to US$439m. We usually like to see faster growth from unprofitable companies, but each to their own.
在过去的一年中,PagerDuty EBIt收益未能盈利,但其收入增长了13%,达到4,390万美元。我们通常希望看到不盈利的公司有更快的增长,但各自有各自的选择。
So How Risky Is PagerDuty?
PagerDuty有多大的风险?
While PagerDuty lost money on an earnings before interest and tax (EBIT) level, it actually generated positive free cash flow US$71m. So taking that on face value, and considering the net cash situation, we don't think that the stock is too risky in the near term. Until we see some positive EBIT, we're a bit cautious of the stock, not least because of the rather modest revenue growth. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For instance, we've identified 2 warning signs for PagerDuty that you should be aware of.
虽然PagerDuty在税前利润和税前利润税前息税前利润(EBIt)方面亏损,但它实际上产生了7100万美元的正自由现金流。因此,从表面上看,并考虑到净现金状况,我们认为在短期内该股不太有风险。在看到一些积极的EBIt之前,我们还是有点谨慎,这与其收入增长的相对缓慢有关。并非所有的投资风险都存于资产负债表中,我们已经确定了PagerDuty的2项警告信号,您需要知道这些信号。
If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.
如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。
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.
对本文有任何反馈?对内容有任何疑虑?请直接与我们联系。或者,发送电子邮件至editorial-team@simplywallst.com。
这篇文章是Simply Wall St的一般性文章。我们根据历史数据和分析师预测提供评论,只使用公正的方法论,我们的文章并不意味着提供任何金融建议。文章不构成买卖任何股票的建议,也不考虑您的目标或您的财务状况。我们的目标是带给您基本数据驱动的长期关注分析。请注意,我们的分析可能不考虑最新的价格敏感公司公告或定性材料。Simply Wall St没有任何股票头寸。