Does A.k.a. Brands Holding (NYSE:AKA) Have A Healthy Balance Sheet?
Does A.k.a. Brands Holding (NYSE:AKA) Have A Healthy Balance Sheet?
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. We note that a.k.a. Brands Holding Corp. (NYSE:AKA) does have debt on its balance sheet. But the more important question is: how much risk is that debt creating?
霍华德·马克斯说得好，他说的不是担心股价的波动，而是 “永久损失的可能性是我担心的风险... 也是我认识的每位实际投资者所担心的风险。”当我们思考一家公司的风险有多大时，我们总是喜欢考虑其债务的用途，因为债务过载可能导致破产。我们注意到，又名品牌控股公司（纽约证券交易所代码：AKA）的资产负债表上确实有债务。但更重要的问题是：这笔债务会带来多大的风险？
Why Does Debt Bring Risk?
为什么债务会带来风险？
Debt is a tool to help businesses grow, but if a business is incapable of paying off its lenders, then it exists at their mercy. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, plenty of companies use debt to fund growth, without any negative consequences. When we examine debt levels, we first consider both cash and debt levels, together.
债务是帮助企业增长的工具，但是如果企业无法偿还贷款人的债务，那么债务就会任由他们摆布。如果情况变得非常糟糕，贷款人可以控制业务。但是，更常见（但仍然很痛苦）的情况是，它必须以低廉的价格筹集新的股权资本，从而永久稀释股东。当然，许多公司使用债务为增长提供资金，而不会产生任何负面影响。当我们研究债务水平时，我们首先要同时考虑现金和债务水平。
How Much Debt Does a.k.a. Brands Holding Carry?
又名品牌持有多少债务？
As you can see below, a.k.a. Brands Holding had US$93.4m of debt at December 2023, down from US$143.6m a year prior. However, because it has a cash reserve of US$21.9m, its net debt is less, at about US$71.5m.
如下所示，截至2023年12月，又名品牌控股公司的债务为9,340万美元，低于去年同期的1.436亿美元。但是，由于其现金储备为2190万美元，其净负债较少，约为7,150万美元。
How Healthy Is a.k.a. Brands Holding's Balance Sheet?
又名品牌控股公司的资产负债表有多健康？
According to the last reported balance sheet, a.k.a. Brands Holding had liabilities of US$86.0m due within 12 months, and liabilities of US$127.1m due beyond 12 months. On the other hand, it had cash of US$21.9m and US$4.80m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$186.4m.
根据上次报告的资产负债表，又名品牌控股公司在12个月内到期的负债为8,600万美元，12个月以后到期的负债为1.271亿美元。另一方面，它有2190万美元的现金和价值480万美元的应收账款将在一年内到期。因此，其负债超过其现金和（短期）应收账款总额1.864亿美元。
When you consider that this deficiency exceeds the company's US$152.2m market capitalization, you might well be inclined to review the balance sheet intently. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price. There's no doubt that we learn most about debt from the balance sheet. But ultimately the future profitability of the business will decide if a.k.a. Brands Holding 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.
当你考虑到这一缺口超过了公司1.522亿美元的市值时，你很可能会倾向于仔细审查资产负债表。假设，如果公司被迫通过按当前股价筹集资金来偿还负债，则需要进行极其严重的稀释。毫无疑问，我们从资产负债表中学到的关于债务的知识最多。但最终，该业务未来的盈利能力将决定又名品牌控股公司能否随着时间的推移加强其资产负债表。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很有趣。
In the last year a.k.a. Brands Holding had a loss before interest and tax, and actually shrunk its revenue by 11%, to US$546m. That's not what we would hope to see.
去年，又名品牌控股公司在利息和税前出现亏损，实际上其收入减少了11％，至5.46亿美元。这不是我们希望看到的。
Caveat Emptor
Caveat Emptor
Not only did a.k.a. Brands Holding's revenue slip over the last twelve months, but it also produced negative earnings before interest and tax (EBIT). Indeed, it lost US$15m at the EBIT level. When we look at that alongside the significant liabilities, we're not particularly confident about the company. It would need to improve its operations quickly for us to be interested in it. It's fair to say the loss of US$99m didn't encourage us either; we'd like to see a profit. And until that time we think this is a risky stock. The balance sheet is clearly the area to focus on when you are analysing debt. However, not all investment risk resides within the balance sheet - far from it. Be aware that a.k.a. Brands Holding is showing 2 warning signs in our investment analysis , you should know about...
在过去的十二个月中，Ak.a. Brands Holding的收入不仅下滑，而且还产生了负的利息和税前收益（EBIT）。事实上，它在息税前利润水平上损失了1500万美元。当我们将其与巨额负债一起看时，我们对公司并不特别有信心。它需要迅速改善其运营，我们才会对此感兴趣。可以公平地说，9900万美元的损失也没有鼓励我们；我们希望看到盈利。在那之前，我们认为这是一只风险股票。资产负债表显然是分析债务时需要关注的领域。但是，并非所有的投资风险都存在于资产负债表中，远非如此。请注意，A.k.a. Brands Holding在我们的投资分析中显示出两个警告信号，您应该知道...
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.
毕竟，如果你对一家资产负债表坚如磐石的快速成长型公司更感兴趣，那么请立即查看我们的净现金增长股票清单。
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