We Think Electronic Arts (NASDAQ:EA) Can Manage Its Debt With Ease
We Think Electronic Arts (NASDAQ:EA) Can Manage Its Debt With Ease
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. We can see that Electronic Arts Inc. (NASDAQ:EA) does use debt in its business. But is this debt a concern to shareholders?
華倫·巴菲特曾經說過：“波動性可遠不等於風險。” 因此，當您考慮任何股票的風險時，需要考慮其債務，因爲過多的債務可能會拖垮一家公司。我們可以看到，藝電（NASDAQ: EA）在其業務中確實使用了債務。但這些債務是否對股東構成了擔憂呢？
Why Does Debt Bring Risk?
爲什麼債務會帶來風險？
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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 examine debt levels, we first consider both cash and debt levels, together.
債務和其他負債的風險取決於企業是否可以以可觀的自由現金流或以有吸引力的價格籌集資本，以便輕鬆履行這些義務。在最壞的情況下，如果企業無法還清債權人的債務，公司可能會破產。然而，更爲頻繁但仍然代價高昂的情況是，公司必須以低廉的價格發行股票，永久性的稀釋股東，以恢復其資產負債表。當然，大部分公司會使用債務來資助成長，而不會遭受任何負面後果。當我們審查債務水平時，首先要考慮現金和負債水平，兩者合併在一起。
How Much Debt Does Electronic Arts Carry?
藝電承擔了多少債務？
As you can see below, Electronic Arts had US$1.88b of debt, at March 2024, which is about the same as the year before. You can click the chart for greater detail. But it also has US$3.26b in cash to offset that, meaning it has US$1.38b net cash.
正如您下面所看到的，截至2024年3月，藝電負債1.88億美元，與前一年大致相同。您可以點擊圖表查看更多詳情。但同時，藝電擁有3.26億美元的現金用於抵消，這意味着其淨現金爲1.38億美元。
How Strong Is Electronic Arts' Balance Sheet?
我們可以從最近的資產負債表中看到，藝電在一年內有30.9億美元的到期負債，而在一年以上的負債有28.2億美元。抵消這些義務，藝電擁有3.26億美元的現金，以及價值5.65億美元的應收賬款在12個月內到期。因此，其負債總額比其現金和短期應收賬款總額高208億美元。
We can see from the most recent balance sheet that Electronic Arts had liabilities of US$3.09b falling due within a year, and liabilities of US$2.82b due beyond that. Offsetting these obligations, it had cash of US$3.26b as well as receivables valued at US$565.0m due within 12 months. So it has liabilities totalling US$2.08b more than its cash and near-term receivables, combined.
當然，藝電擁有規模龐大的市值（370億美元），所以這些負債可能是可以管理的。然而，我們認爲值得關注的是其資產負債表強度，因爲它可能會隨着時間的推移而發生變化。儘管該公司有值得注意的負債，但藝電的現金要高於債務，因此我們相信它可以安全地管理其債務。
Of course, Electronic Arts has a titanic market capitalization of US$37.0b, so these liabilities are probably manageable. However, we do think it is worth keeping an eye on its balance sheet strength, as it may change over time. While it does have liabilities worth noting, Electronic Arts also has more cash than debt, so we're pretty confident it can manage its debt safely.
好消息是，藝電的EBIT在過去12個月裏增長了8.1％，這應該可以緩解有關償還債務的任何擔憂。顯然，資產負債表是您分析債務的主要區域。但最終，重要的還是未來的收益，因爲這將決定藝電能否保持健康的資產負債表。因此，如果您想了解專業人士的意見，那麼您可能會發現分析師盈利預測的免費報告很有趣。
The good news is that Electronic Arts has increased its EBIT by 8.1% over twelve months, which should ease any concerns about debt repayment. 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 Electronic Arts'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.
最後，雖然稅務人員可能會崇拜會計利潤，但放貸人只接受冷硬現金。雖然藝電在資產負債表中可能會有淨現金，但是查看企業如何將利息和稅前利潤（EBIT）轉化爲自由現金流，這一點仍然很有趣，因爲這將影響其管理債務的需求和能力。在過去的三年中，藝電實際上產生的自由現金流比EBIT還多。這種強大的現金轉化類型讓我們像聽到Daft Punk音樂會的掌聲一樣興奮。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Electronic Arts 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. Over the last three years, Electronic Arts 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.
我們可以理解投資者擔心藝電的負債，但是我們對其擁有1.38億美元的淨現金感到放心。並且它以2.1億美元的自由現金流給我們留下了深刻的印象，這相當於其EBIT的119％。所以，藝電的負債是否存在風險？在我們看來似乎並不存在。如果內部人員一直在購買股票，這將是讓我們對藝電有信心的另一個因素：如果您也關注該信號，可以通過點擊此鏈接立即了解詳情。
Summing Up
總之
We could understand if investors are concerned about Electronic Arts's liabilities, but we can be reassured by the fact it has has net cash of US$1.38b. And it impressed us with free cash flow of US$2.1b, being 119% of its EBIT. So is Electronic Arts's debt a risk? It doesn't seem so to us. Another factor that would give us confidence in Electronic Arts would be if insiders have been buying shares: if you're conscious of that signal too, you can find out instantly by clicking this link.
華倫·巴菲特曾經說過：“波動性可遠不等於風險。” 因此，當您考慮任何股票的風險時，需要考慮其債務，因爲過多的債務可能會拖垮一家公司。我們可以看到，藝電（NASDAQ: EA）在其業務中確實使用了債務。但這些債務是否對股東構成了擔憂呢？債務和其他負債的風險取決於企業是否可以以可觀的自由現金流或以有吸引力的價格籌集資本，以便輕鬆履行這些義務。在最壞的情況下，如果企業無法還清債權人的債務，公司可能會破產。然而，更爲頻繁但仍然代價高昂的情況是，公司必須以低廉的價格發行股票，永久性的稀釋股東，以恢復其資產負債表。當然，大部分公司會使用債務來資助成長，而不會遭受任何負面後果。當我們審查債務水平時，首先要考慮現金和負債水平，兩者合併在一起。正如您下面所看到的，截至2024年3月，藝電負債1.88億美元，與前一年大致相同。您可以點擊圖表查看更多詳情。但同時，藝電擁有3.26億美元的現金用於抵消，這意味着其淨現金爲1.38億美元。我們可以從最近的資產負債表中看到，藝電在一年內有30.9億美元的到期負債，而在一年以上的負債有28.2億美元。抵消這些義務，藝電擁有3.26億美元的現金，以及價值5.65億美元的應收賬款在12個月內到期。因此，其負債總額比其現金和短期應收賬款總額高208億美元。當然，藝電擁有規模龐大的市值（370億美元），所以這些負債可能是可以管理的。然而，我們認爲值得關注的是其資產負債表強度，因爲它可能會隨着時間的推移而發生變化。儘管該公司有值得注意的負債，但藝電的現金要高於債務，因此我們相信它可以安全地管理其債務。好消息是，藝電的EBIT在過去12個月裏增長了8.1％，這應該可以緩解有關償還債務的任何擔憂。顯然，資產負債表是您分析債務的主要區域。但最終，重要的還是未來的收益，因爲這將決定藝電能否保持健康的資產負債表。因此，如果您想了解專業人士的意見，那麼您可能會發現分析師盈利預測的免費報告很有趣。最後，雖然稅務人員可能會崇拜會計利潤，但放貸人只接受冷硬現金。雖然藝電在資產負債表中可能會有淨現金，但是查看企業如何將利息和稅前利潤（EBIT）轉化爲自由現金流，這一點仍然很有趣，因爲這將影響其管理債務的需求和能力。在過去的三年中，藝電實際上產生的自由現金流比EBIT還多。這種強大的現金轉化類型讓我們像聽到Daft Punk音樂會的掌聲一樣興奮。我們可以理解投資者擔心藝電的負債，但是我們對其擁有1.38億美元的淨現金感到放心。並且它以2.1億美元的自由現金流給我們留下了深刻的印象，這相當於其EBIT的119％。所以，藝電的負債是否存在風險？在我們看來似乎並不存在。如果內部人員一直在購買股票，這將是讓我們對藝電有信心的另一個因素：如果您也關注該信號，可以通過點擊此鏈接立即了解詳情。
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.
如果您在所有這些工作之後，更感興趣於擁有堅實資產負債表的快速發展公司，請立即查看我們的淨現金成長股列表。
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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.
對本文有反饋？關於內容有所顧慮？直接和我們聯繫。或者，發送電子郵件至editorial-team (at) 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
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譯文內容由第三人軟體翻譯。