Statutory Profit Doesn't Reflect How Good Fiverr International's (NYSE:FVRR) Earnings Are
Statutory Profit Doesn't Reflect How Good Fiverr International's (NYSE:FVRR) Earnings Are
Fiverr International Ltd.'s (NYSE:FVRR) strong earnings report was rewarded with a positive stock price move. We did some digging and found some further encouraging factors that investors will like.
fiverr international有強勁的業績,股價表現積極。我們進行了一些調查,並發現了一些進一步令投資者感興趣的因素。
Zooming In On Fiverr International's Earnings
聚焦fiverr international的盈利能力
One key financial ratio used to measure how well a company converts its profit to free cash flow (FCF) is the accrual ratio. In plain english, this ratio subtracts FCF from net profit, and divides that number by the company's average operating assets over that period. The ratio shows us how much a company's profit exceeds its FCF.
用於衡量公司如何將其利潤轉化爲自由現金流(FCF)的一個關鍵財務比率是預提帳戶。簡單地說,這個比率從淨利潤中減去FCF,然後將那個數字除以該期間公司的平均營運資產。該比率顯示了一個公司的利潤超過了其FCF的多少。
As a result, a negative accrual ratio is a positive for the company, and a positive accrual ratio is a negative. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
因此,負淨應計比率對公司來說是一個積極的因素,而正淨應計比率則是一個消極因素。雖然淨應計比率高於零並不令人擔憂,但我們認爲,當一個公司的淨應計比率相對較高時,值得注意。值得注意的是,有一些學術證據表明,高淨應計比率通常是短期利潤的一個不良跡象。
Fiverr International has an accrual ratio of -0.21 for the year to September 2024. Therefore, its statutory earnings were very significantly less than its free cashflow. To wit, it produced free cash flow of US$79m during the period, dwarfing its reported profit of US$10.1m. Fiverr International shareholders are no doubt pleased that free cash flow improved over the last twelve months. Having said that, there is more to the story. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
fiverr international於2024年9月期間的應計比率爲-0.21。因此,其公佈的利潤遠遠低於其自由現金流。換句話說,該公司在該期間產生了7900萬美元的自由現金流,遠遠超過其1010萬美元的報告利潤。fiverr international的股東無疑會高興,因爲過去十二個月的自由現金流有所提高。話雖如此,故事還有更多。我們可以看到,一些飛凡事項影響了其公佈的利潤,因此影響了應計比率。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
這可能會讓您想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看基於其估計的未來盈利能力的互動圖表。
The Impact Of Unusual Items On Profit
除了稀釋之外,還應該注意的是,萬集科技在過去12個月中因不尋常項目獲得了價值人民幣3.5萬元的利潤。雖然我們希望看到利潤增加,但當這些不尋常項目對利潤做出重大貢獻時,我們會更加謹慎。我們對全球大部分上市公司的數據進行了分析,發現不尋常項目往往是一次性的。這正如我們所期望的那樣,因爲這些提升被描述爲"不尋常"。相對於其利潤而言,萬集科技在2021年12月前的不尋常項目貢獻大。因此,我們可以推斷出,這些不尋常項目正在使其財務利潤顯著增強。
Fiverr International's profit was reduced by unusual items worth US$1.4m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. When we analysed the vast majority of listed companies worldwide, we found that significant unusual items are often not repeated. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect Fiverr International to produce a higher profit next year, all else being equal.
fiverr international的利潤在過去十二個月中減少了價值140萬美元的飛凡項目,這幫助其產生了高現金轉化率,正如其飛凡項目所反映的那樣。 當一家公司有非現金費用導致紙面利潤減少時,您會希望看到這種情況。 看到飛凡項目給公司帶來利潤並不是什麼好事,但好消息是,情況可能比以往更快得到改善。 當我們分析全球絕大多數上市公司時,我們發現重大的飛凡項目通常不會重複發生。 而且,這正是會計術語暗示的內容。 假設這些飛凡費用不會再次出現,因此我們預計飛凡國際明年的利潤將更高,其他條件不變。
Our Take On Fiverr International's Profit Performance
我們對Fiverr International的盈利表現的看法
Considering both Fiverr International's accrual ratio and its unusual items, we think its statutory earnings are unlikely to exaggerate the company's underlying earnings power. After considering all this, we reckon Fiverr International's statutory profit probably understates its earnings potential! Obviously, we love to consider the historical data to inform our opinion of a company. But it can be really valuable to consider what other analysts are forecasting. Luckily, you can check out what analysts are forecasting by clicking here.
考慮到飛凡國際的權責發生比率和其飛凡項目,我們認爲其法定盈利不太可能誇大公司的潛在盈利能力。 綜合考慮所有這些因素,我們認爲飛凡國際的法定利潤可能低估了其盈利潛力! 很明顯,我們喜歡考慮歷史數據以了解我們對一家公司的看法。 但考慮其他分析師的預測也可能非常有價值。 幸運的是,您可以通過單擊此處查看分析師的預測。
After our examination into the nature of Fiverr International's profit, we've come away optimistic for the company. But there is always more to discover if you are capable of focussing your mind on minutiae. Some people consider a high return on equity to be a good sign of a quality business. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.
經過對飛凡國際利潤性質的調查,我們對這家公司感到樂觀。 但是,如果您能夠將注意力集中在細枝末節上,還有更多東西可以發現。 有些人認爲高股本回報率是企業質量的一大標誌。 因此,您可能希望查看這一高股本回報率公司的免費系列,或者這一高內部持股的股票清單。
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.
對這篇文章有反饋嗎?對內容感到擔憂嗎?請直接與我們聯繫。或者,發送電子郵件至editorial-team @ simplywallst.com。
Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。
譯文內容由第三人軟體翻譯。