We Think Aurora Innovation (NASDAQ:AUR) Can Afford To Drive Business Growth
We Think Aurora Innovation (NASDAQ:AUR) Can Afford To Drive Business Growth
Just because a business does not make any money, does not mean that the stock will go down. For example, Aurora Innovation (NASDAQ:AUR) shareholders have done very well over the last year, with the share price soaring by 190%. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.
僅僅因爲企業不賺錢,並不意味着股票會下跌。例如,奧羅拉創新(納斯達克股票代碼:AUR)的股東在過去一年中表現非常出色,股價飆升了190%。話雖如此,無利可圖的公司是有風險的,因爲它們可能會耗盡所有現金並陷入困境。
So notwithstanding the buoyant share price, we think it's well worth asking whether Aurora Innovation's cash burn is too risky. In this report, we will consider the company's annual negative free cash flow, henceforth referring to it as the 'cash burn'. Let's start with an examination of the business' cash, relative to its cash burn.
因此,儘管股價上漲,但我們認爲值得一問的是,Aurora Innovation的現金消耗是否風險太大。在本報告中,我們將考慮公司的年度負自由現金流,此後將其稱爲 「現金消耗」。讓我們首先檢查一下企業的現金與其現金消耗的關係。
When Might Aurora Innovation Run Out Of Money?
Aurora Innovation 什麼時候會耗盡資金?
A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. As at September 2024, Aurora Innovation had cash of US$1.2b and no debt. In the last year, its cash burn was US$632m. Therefore, from September 2024 it had 2.0 years of cash runway. That's not too bad, but it's fair to say the end of the cash runway is in sight, unless cash burn reduces drastically. Importantly, if we extrapolate recent cash burn trends, the cash runway would be noticeably longer. You can see how its cash balance has changed over time in the image below.
現金流道的定義是,如果公司保持目前的現金消耗率,則需要多長時間才能耗盡資金。截至2024年9月,Aurora Innovation的現金爲12億美元,沒有債務。去年,其現金消耗爲6.32億美元。因此,從2024年9月起,它有2.0年的現金流道。這還不錯,但可以公平地說,除非現金消耗大幅減少,否則現金流的終結就在眼前。重要的是,如果我們推斷出最近的現金消耗趨勢,現金流將明顯更長。您可以在下圖中看到其現金餘額如何隨着時間的推移而變化。
How Is Aurora Innovation's Cash Burn Changing Over Time?
隨着時間的推移,Aurora Innovation的現金消耗如何變化?
Aurora Innovation didn't record any revenue over the last year, indicating that it's an early stage company still developing its business. Nonetheless, we can still examine its cash burn trajectory as part of our assessment of its cash burn situation. It seems likely that the business is content with its current spending, as the cash burn rate stayed steady over the last twelve months. Clearly, however, the crucial factor is whether the company will grow its business going forward. So you might want to take a peek at how much the company is expected to grow in the next few years.
Aurora Innovation去年沒有錄得任何收入,這表明它是一家處於早期階段的公司,仍在發展業務。儘管如此,作爲評估其現金消耗情況的一部分,我們仍然可以研究其現金消耗軌跡。由於現金消耗率在過去十二個月中保持穩定,該企業似乎很可能對當前的支出感到滿意。但是,顯然,關鍵因素是該公司未來是否會發展其業務。因此,你可能想看看該公司在未來幾年預計將增長多少。
Can Aurora Innovation Raise More Cash Easily?
Aurora Innovation 能否輕鬆籌集更多現金?
Since its cash burn is increasing (albeit only slightly), Aurora Innovation shareholders should still be mindful of the possibility it will require more cash in the future. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.
由於其現金消耗量正在增加(儘管略有增加),因此Aurora Innovation的股東仍應注意未來可能需要更多現金。發行新股或承擔債務是上市公司爲其業務籌集更多資金的最常見方式。上市公司的主要優勢之一是,它們可以向投資者出售股票以籌集現金和爲增長提供資金。通過觀察公司相對於其市值的現金消耗,我們可以深入了解如果公司需要籌集足夠的現金來彌補下一年的現金消耗,股東會被稀釋多少。
Aurora Innovation's cash burn of US$632m is about 7.1% of its US$8.9b 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.
Aurora Innovation的6.32億美元現金消耗約爲其89億美元市值的7.1%。鑑於這個百分比相當小,公司可能很容易通過向投資者發行一些新股甚至貸款來爲下一年的增長提供資金。
Is Aurora Innovation's Cash Burn A Worry?
Aurora Innovation 的現金消耗令人擔憂嗎?
Even though its increasing cash burn makes us a little nervous, we are compelled to mention that we thought Aurora Innovation's cash burn relative to its market cap was relatively promising. Based on the factors mentioned in this article, we think its cash burn situation warrants some attention from shareholders, but we don't think they should be worried. Taking a deeper dive, we've spotted 4 warning signs for Aurora Innovation you should be aware of, and 2 of them are potentially serious.
儘管Aurora Innovation不斷增加的現金消耗使我們有些緊張,但我們不得不提到,我們認爲Aurora Innovation的現金消耗相對於其市值相對較爲樂觀。根據本文中提到的因素,我們認爲其現金消耗情況值得股東關注,但我們認爲他們不應該擔心。深入研究,我們發現了你應該注意的4個Aurora Innovation警告信號,其中兩個可能很嚴重。
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies, and this list of stocks growth stocks (according to analyst forecasts)
當然,通過尋找其他地方,你可能會找到一筆不錯的投資。因此,來看看這份免費的有趣公司名單以及這份成長型股票清單(根據分析師的預測)
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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.
對這篇文章有反饋嗎?擔心內容嗎?直接聯繫我們。或者,發送電子郵件給編輯組(網址爲)simplywallst.com。
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提供基於歷史數據和分析師預測的評論,我們的文章並非旨在提供財務建議。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,我們的分析可能不會考慮最新的價格敏感型公司公告或定性材料。華爾街只是沒有持有上述任何股票的頭寸。
譯文內容由第三人軟體翻譯。