Companies Like Couchbase (NASDAQ:BASE) Can Afford To Invest In Growth
Companies Like Couchbase (NASDAQ:BASE) Can Afford To Invest In Growth
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.
毫無疑問,擁有虧損企業的股票可以獲利。例如,雖然軟件即服務業務Salesforce.com在增長持續性收入時多年虧損,但如果您從2005年開始持有股票,您會非常成功。然而,僅有愚蠢之人才會忽視虧損企業燒光現金的風險。
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.
那麼Couchbase(納斯達克:BASE)的股東應該擔心其現金流失嗎?在本文中,我們將現金流失定義爲公司每年用來資助增長的現金金額(也稱爲負自由現金流)。讓我們從審視業務的現金相對於其現金流失開始。
How Long Is Couchbase's Cash Runway?
Couchbase的現金空頭期有多長?
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.
公司的現金空頭期是指以當前現金流失速率耗盡現金儲備所需的時間。當Couchbase在2024年7月報告其2024年9月資產負債表時,它沒有債務,現金價值爲15600萬美元。值得注意的是,其過去十二個月的現金流失爲2700萬美元。因此,從2024年7月開始它有5.8年的現金空頭期。但值得注意的是,分析師認爲Couchbase在那之前會實現盈虧平衡(在自由現金流水平上)。在這種情況下,它可能永遠不會用盡其現金空頭期。下面的圖片顯示了其現金餘額在過去幾年中的變化。
How Well Is Couchbase Growing?
Couchbase的增長情況如何?很高興看到Couchbase在去年將其現金流失減少了30%。考慮到在那一時期其營業收入增長了21%,這是令人欣慰的。總的來說,我們會說該公司隨着時間的推移在改進。雖然過去總是值得研究的,但最重要的是未來。因此,您可能想要查看該公司未來幾年預計增長多少。
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在過去一年中將其現金流失減少了30%,這是相當積極的。而且考慮到在該時期其營業收入增長了21%,這是非常好的。總的來看,我們會說該公司隨着時間的推移在改進。雖然過去總是值得研究的,但最重要的是未來。因此,您可能想要查看該公司未來幾年預計增長多少。
Can Couchbase Raise More Cash Easily?
Couchbase能輕鬆籌集更多現金嗎?
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.
我們對Couchbase過去一年取得的進展印象深刻,但值得考慮的是,如果想要籌集更多現金以加快增長速度,成本會很高。一般來說,上市公司可以通過發行股票或負債來籌集新資金。通常情況下,一家公司會出售自己的新股份以籌集現金並推動增長。我們可以將公司的現金燃燒對比市值,以了解一家公司需要發行多少新股來籌資一年的運營。
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的現金燃燒爲2700萬美元,約佔其83800萬美元的市值的3.2%。鑑於這個比例相當小,該公司很可能很容易通過向投資者發行一些新股份或甚至通過貸款來爲另一年的增長提供資金支持。
So, Should We Worry About Couchbase's Cash Burn?
那麼,我們應該擔心Couchbase的現金燃燒嗎?
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.
您現在可能已經注意到,我們對Couchbase的現金燃燒並不太擔心。例如,我們認爲其現金儲備表明該公司走在了正確的道路上。即使其現金燃燒減少的效果並不那麼令人印象深刻,但仍是一個積極的信號。毫無疑問,股東們可以從分析師預測公司不久即將達到盈虧平衡這一事實中獲得很大的信心。考慮到本報告中的所有因素,我們對其現金燃燒一點也不擔心,因爲公司似乎資本充足,可以根據需要進行支出。對於讀者來說,認識到可能影響公司運營的風險至關重要,我們在投資該股票時挑出了2個投資者應知道的Couchbase警示信號。
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)
當然,您也可以通過在其他地方尋找找到出色的投資機會。因此,請查看具有重要內部股權的公司的免費列表,以及此分析師預測的股票成長列表。
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