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Does Spotify Technology (NYSE:SPOT) Have A Healthy Balance Sheet?

Does Spotify Technology (NYSE:SPOT) Have A Healthy Balance Sheet?

Spotify Technology(紐約證券交易所代碼:SPOT)的資產負債表是否良好?
Simply Wall St ·  05/22 00:53

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.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. We can see that Spotify Technology S.A. (NYSE:SPOT) does use debt in its business. But is this debt a concern to shareholders?

霍華德·馬克斯說得好,他說的不是擔心股價的波動,而是 “永久損失的可能性是我擔心的風險... 也是我認識的每位實際投資者所擔心的風險。”當你檢查公司的資產負債表的風險時,考慮它的資產負債表是很自然的,因爲企業倒閉時通常會涉及債務。我們可以看到,Spotify Technology S.A.(紐約證券交易所代碼:SPOT)確實在其業務中使用了債務。但是這筆債務是股東關心的問題嗎?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

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. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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 think about a company's use of debt, we first look at cash and debt together.

債務是幫助企業增長的工具,但是如果企業無法償還貸款,那麼債務就任其擺佈。在最壞的情況下,如果公司無法向債權人付款,它可能會破產。但是,更常見(但仍然令人痛苦)的情況是,它必須以低廉的價格籌集新的股本,從而永久稀釋股東。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。當我們考慮公司使用債務時,我們首先將現金和債務放在一起考慮。

What Is Spotify Technology's Debt?

Spotify Technology的債務是什麼?

The image below, which you can click on for greater detail, shows that at March 2024 Spotify Technology had debt of €1.27b, up from €1.16b in one year. However, it does have €4.33b in cash offsetting this, leading to net cash of €3.06b.

您可以點擊下圖查看更多詳情,該圖片顯示,截至2024年3月,Spotify Technology的債務爲12.7億歐元,高於一年的11.6億歐元。但是,它確實有43.3億歐元的現金抵消了這一點,淨現金爲30.6億歐元。

debt-equity-history-analysis
NYSE:SPOT Debt to Equity History May 21st 2024
紐約證券交易所:SPOT 債權比率歷史記錄 2024 年 5 月 21 日

How Healthy Is Spotify Technology's Balance Sheet?

Spotify Technology 的資產負債表有多健康?

We can see from the most recent balance sheet that Spotify Technology had liabilities of €3.97b falling due within a year, and liabilities of €1.80b due beyond that. Offsetting this, it had €4.33b in cash and €798.0m in receivables that were due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by €634.0m.

我們可以從最新的資產負債表中看出,Spotify Technology的負債爲39.7億歐元,一年後到期的負債爲18.0億歐元。與此相抵消的是,它有43.3億歐元的現金和7.98億歐元的應收賬款將在12個月內到期。因此,其負債超過其現金和(短期)應收賬款總額6.34億歐元。

Having regard to Spotify Technology's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the €55.3b company is struggling for cash, we still think it's worth monitoring its balance sheet. Despite its noteworthy liabilities, Spotify Technology boasts net cash, so it's fair to say it does not have a heavy debt load!

考慮到Spotify Technology的規模,其流動資產與總負債似乎保持了良好的平衡。因此,儘管很難想象這家553億歐元的公司正在爲現金而苦苦掙扎,但我們仍然認爲值得監控其資產負債表。儘管負債值得關注,但Spotify Technology擁有淨現金,因此可以公平地說,它沒有沉重的債務負擔!

It was also good to see that despite losing money on the EBIT line last year, Spotify Technology turned things around in the last 12 months, delivering and EBIT of €242m. 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 Spotify Technology can strengthen its balance sheet over time. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

同樣令人高興的是,儘管去年息稅前利潤虧損,但Spotify Technology在過去12個月中扭轉了局面,實現了2.42億歐元的息稅前利潤。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但最終,該業務未來的盈利能力將決定Spotify Technology能否隨着時間的推移加強其資產負債表。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。

Finally, a company can only pay off debt with cold hard cash, not accounting profits. Spotify Technology 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 year, Spotify Technology 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.

最後,公司只能用冷硬現金償還債務,不能用會計利潤償還債務。Spotify Technology的資產負債表上可能有淨現金,但研究該企業將其利息稅前收益(EBIT)轉換爲自由現金流的效果仍然很有趣,因爲這將影響其對債務的需求和管理能力。去年,Spotify Technology產生的自由現金流實際上超過了息稅前利潤。當Daft Punk音樂會的節拍下降時,這種強勁的現金轉換讓我們和觀衆一樣興奮。

Summing Up

總結

We could understand if investors are concerned about Spotify Technology's liabilities, but we can be reassured by the fact it has has net cash of €3.06b. And it impressed us with free cash flow of €823m, being 340% of its EBIT. So we don't think Spotify Technology's use of debt is risky. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example - Spotify Technology has 1 warning sign we think you should be aware of.

我們可以理解投資者是否擔心Spotify Technology的負債,但其淨現金爲30.6億歐元,這一事實可以使我們放心。它以8.23億歐元的自由現金流給我們留下了深刻的印象,佔其息稅前利潤的340%。因此,我們認爲Spotify Technology使用債務沒有風險。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,並非所有的投資風險都存在於資產負債表中,遠非如此。例如,Spotify Technology 有 1 個警告標誌,我們認爲你應該注意。

Of course, if you're the type of investor who prefers buying stocks without the burden of debt, then don't hesitate to discover our exclusive list of net cash growth stocks, today.

當然,如果你是那種喜歡在沒有債務負擔的情況下購買股票的投資者,那麼請立即查看我們的獨家淨現金增長股票清單。

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.

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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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