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Companies Like Couchbase (NASDAQ:BASE) Can Afford To Invest In Growth

Companies Like Couchbase (NASDAQ:BASE) Can Afford To Invest In Growth

像Couchbase这样的公司(纳斯达克:BASE)能够承担投资增长的成本
Simply Wall St ·  10/18 08:52

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although software-as-a-service business Salesforce.com lost money for years while it grew recurring revenue, if you held shares since 2005, you'd have done very well indeed. Nonetheless, only a fool would ignore the risk that a loss making company burns through its cash too quickly.

毫无疑问,拥有亏损企业的股票可以获利。例如,虽然软件即服务业务Salesforce.com在增长持续性收入时多年亏损,但如果您从2005年开始持有股票,您会非常成功。然而,仅有愚蠢之人才会忽视亏损企业烧光现金的风险。

So should Couchbase (NASDAQ:BASE) shareholders be worried about its cash burn? For the purpose of this article, we'll define cash burn as the amount of cash the company is spending each year to fund its growth (also called its negative free cash flow). Let's start with an examination of the business' cash, relative to its cash burn.

那么Couchbase(纳斯达克:BASE)的股东应该担心其现金流失吗?在本文中,我们将现金流失定义为公司每年用来资助增长的现金金额(也称为负自由现金流)。让我们从审视业务的现金相对于其现金流失开始。

How Long Is Couchbase's Cash Runway?

Couchbase的现金空头期有多长?

A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. When Couchbase last reported its July 2024 balance sheet in September 2024, it had zero debt and cash worth US$156m. Importantly, its cash burn was US$27m over the trailing twelve months. Therefore, from July 2024 it had 5.8 years of cash runway. Notably, however, analysts think that Couchbase will break even (at a free cash flow level) before then. In that case, it may never reach the end of its cash runway. The image below shows how its cash balance has been changing over the last few years.

公司的现金空头期是指以当前现金流失速率耗尽现金储备所需的时间。当Couchbase在2024年7月报告其2024年9月资产负债表时,它没有债务,现金价值为15600万美元。值得注意的是,其过去十二个月的现金流失为2700万美元。因此,从2024年7月开始它有5.8年的现金空头期。但值得注意的是,分析师认为Couchbase在那之前会实现盈亏平衡(在自由现金流水平上)。在这种情况下,它可能永远不会用尽其现金空头期。下面的图片显示了其现金余额在过去几年中的变化。

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NasdaqGS:BASE Debt to Equity History October 18th 2024
NasdaqGS:BASE负债资产比历史数据2024年10月18日

How Well Is Couchbase Growing?

Couchbase的增长情况如何?很高兴看到Couchbase在去年将其现金流失减少了30%。考虑到在那一时期其营业收入增长了21%,这是令人欣慰的。总的来说,我们会说该公司随着时间的推移在改进。虽然过去总是值得研究的,但最重要的是未来。因此,您可能想要查看该公司未来几年预计增长多少。

It was fairly positive to see that Couchbase reduced its cash burn by 30% during the last year. And considering that its operating revenue gained 21% during that period, that's great to see. On balance, we'd say the company is improving over time. While the past is always worth studying, it is the future that matters most of all. So you might want to take a peek at how much the company is expected to grow in the next few years.

看到Couchbase在过去一年中将其现金流失减少了30%,这是相当积极的。而且考虑到在该时期其营业收入增长了21%,这是非常好的。总的来看,我们会说该公司随着时间的推移在改进。虽然过去总是值得研究的,但最重要的是未来。因此,您可能想要查看该公司未来几年预计增长多少。

Can Couchbase Raise More Cash Easily?

Couchbase能轻松筹集更多现金吗?

We are certainly impressed with the progress Couchbase has made over the last year, but it is also worth considering how costly it would be if it wanted to raise more cash to fund faster growth. Generally speaking, a listed business can raise new cash through issuing shares or taking on debt. Commonly, a business will sell new shares in itself to raise cash and drive growth. We can compare a company's cash burn to its market capitalisation to get a sense for how many new shares a company would have to issue to fund one year's operations.

我们对Couchbase过去一年取得的进展印象深刻,但值得考虑的是,如果想要筹集更多现金以加快增长速度,成本会很高。一般来说,上市公司可以通过发行股票或负债来筹集新资金。通常情况下,一家公司会出售自己的新股份以筹集现金并推动增长。我们可以将公司的现金燃烧对比市值,以了解一家公司需要发行多少新股来筹资一年的运营。

Couchbase's cash burn of US$27m is about 3.2% of its US$838m market capitalisation. Given that is a rather small percentage, it would probably be really easy for the company to fund another year's growth by issuing some new shares to investors, or even by taking out a loan.

Couchbase的现金燃烧为2700万美元,约占其83800万美元的市值的3.2%。鉴于这个比例相当小,该公司很可能很容易通过向投资者发行一些新股份或甚至通过贷款来为另一年的增长提供资金支持。

So, Should We Worry About Couchbase's Cash Burn?

那么,我们应该担心Couchbase的现金燃烧吗?

As you can probably tell by now, we're not too worried about Couchbase's cash burn. For example, we think its cash runway suggests that the company is on a good path. And even though its cash burn reduction wasn't quite as impressive, it was still a positive. There's no doubt that shareholders can take a lot of heart from the fact that analysts are forecasting it will reach breakeven before too long. Taking all the factors in this report into account, we're not at all worried about its cash burn, as the business appears well capitalized to spend as needs be. Its important for readers to be cognizant of the risks that can affect the company's operations, and we've picked out 2 warning signs for Couchbase that investors should know when investing in the stock.

您现在可能已经注意到,我们对Couchbase的现金燃烧并不太担心。例如,我们认为其现金储备表明该公司走在了正确的道路上。即使其现金燃烧减少的效果并不那么令人印象深刻,但仍是一个积极的信号。毫无疑问,股东们可以从分析师预测公司不久即将达到盈亏平衡这一事实中获得很大的信心。考虑到本报告中的所有因素,我们对其现金燃烧一点也不担心,因为公司似乎资本充足,可以根据需要进行支出。对于读者来说,认识到可能影响公司运营的风险至关重要,我们在投资该股票时挑出了2个投资者应知道的Couchbase警示信号。

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies with significant insider holdings, and this list of stocks growth stocks (according to analyst forecasts)

当然,您也可以通过在其他地方寻找找到出色的投资机会。因此,请查看具有重要内部股权的公司的免费列表,以及此分析师预测的股票成长列表。

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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.

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