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Is ThredUp (NASDAQ:TDUP) Using Too Much Debt?

Is ThredUp (NASDAQ:TDUP) Using Too Much Debt?

ThredUp(納斯達克:TDUP)是否使用了過多的債務?
Simply Wall St ·  01/15 11:17

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' 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. Importantly, ThredUp Inc. (NASDAQ:TDUP) does carry debt. But should shareholders be worried about its use of debt?

由禾倫·巴菲特的查理·芒格支持的外部基金經理李錄直言不諱地表示:『最大的投資風險不是價格的波動,而是您是否會遭受永久性資本損失。』 因此,當你考慮任何給定股票的風險時,考慮債務可能是顯而易見的,因爲過多的債務可能會拖垮一家公司。重要的是,ThredUp Inc.(納斯達克:TDUP)確實負債。但股東應該對其債務的使用感到擔憂嗎?

When Is Debt Dangerous?

債務何時會變得危險?

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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. By replacing dilution, though, debt can be an extremely good tool for businesses that need capital to invest in growth at high rates of return. When we examine debt levels, we first consider both cash and debt levels, together.

債務是幫助企業增長的工具,但如果企業無法償還其貸款人,則它的生存就掌握在他們手中。最終,如果公司無法履行其法律義務以償還債務,股東可能會一無所獲。然而,更常見(但仍然昂貴)的情況是,公司必須以低價稀釋股東,以便僅僅控制債務。然而,通過替代稀釋,債務可以成爲需要資本投資於高回報增長的企業的極佳工具。當我們審視債務水平時,我們首先考慮現金和債務水平,放在一起。

What Is ThredUp's Debt?

ThredUp的債務是多少?

You can click the graphic below for the historical numbers, but it shows that ThredUp had US$23.0m of debt in September 2024, down from US$26.8m, one year before. But it also has US$55.3m in cash to offset that, meaning it has US$32.3m net cash.

您可以點擊下面的圖形查看歷史數據,但它顯示ThredUp在2024年9月的債務爲2300萬美元,比一年前的2680萬美元有所減少。但它的現金爲5530萬美元以抵消這些債務,這意味着它有3230萬美元的淨現金。

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NasdaqGS:TDUP Debt to Equity History January 15th 2025
納斯達克GS:TDUP 債務與股本歷史 2025年1月15日

How Healthy Is ThredUp's Balance Sheet?

ThredUp的資產負債表有多健康?

According to the last reported balance sheet, ThredUp had liabilities of US$76.4m due within 12 months, and liabilities of US$69.3m due beyond 12 months. Offsetting this, it had US$55.3m in cash and US$5.72m in receivables that were due within 12 months. So its liabilities total US$84.7m more than the combination of its cash and short-term receivables.

根據最新報告的資產負債表,ThredUp有7640萬美元的負債將在12個月內到期,6930萬美元的負債將在12個月後到期。對此,它擁有5530萬美元的現金和572萬美元的應收賬款,均將在12個月內到期。因此,它的負債總額比現金和短期應收賬款的總和多出8470萬美元。

While this might seem like a lot, it is not so bad since ThredUp has a market capitalization of US$215.0m, and so it could probably strengthen its balance sheet by raising capital if it needed to. But it's clear that we should definitely closely examine whether it can manage its debt without dilution. While it does have liabilities worth noting, ThredUp also has more cash than debt, so we're pretty confident it can manage its debt safely. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine ThredUp's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.

雖然這看起來很多,但並沒有那麼糟糕,因爲ThredUp的市值爲21500萬美元,因此如果需要,它可能通過融資來加強其資產負債表。但很明顯,我們確實應該仔細審查它是否能在不稀釋的情況下管理其債務。雖然它的負債值得注意,但ThredUp的現金比債務多,因此我們相當有信心它能安全地管理其債務。毫無疑問,我們主要通過資產負債表了解債務。但未來的收益,尤其是能否維持健康資產負債表,將是決定ThredUp的能力的關鍵。所以如果你關注未來,可以查看這份免費的報告,了解分析師的盈利預測。

Over 12 months, ThredUp saw its revenue hold pretty steady, and it did not report positive earnings before interest and tax. While that's not too bad, we'd prefer see growth.

在過去的12個月裏,ThredUp的營業收入保持相對穩定,並且未報告稅息前的正收益。雖然這並不是太糟糕,但我們希望看到增長。

So How Risky Is ThredUp?

那麼ThredUp有多風險呢?

By their very nature companies that are losing money are more risky than those with a long history of profitability. And the fact is that over the last twelve months ThredUp lost money at the earnings before interest and tax (EBIT) line. And over the same period it saw negative free cash outflow of US$16m and booked a US$70m accounting loss. But the saving grace is the US$32.3m on the balance sheet. That kitty means the company can keep spending for growth for at least two years, at current rates. Summing up, we're a little skeptical of this one, as it seems fairly risky in the absence of free cashflow. 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 ThredUp has 3 warning signs (and 1 which is a bit concerning) we think you should know about.

就其本質而言,虧損的公司比有長期盈利歷史的公司更具風險。事實上,在過去12個月中,ThredUp在稅息前利潤(EBIT)方面虧損。同時,在同一期間,它出現了1600萬美元的負自由現金流,並記錄了7000萬美元的會計損失。但拯救的曙光在於資產負債表上的3230萬美元。這筆資金意味着公司至少可以以當前的支出水平繼續投資於增長兩年。歸根結底,我們對此表示懷疑,因爲在沒有自由現金流的情況下,這似乎相當有風險。毫無疑問,我們主要通過資產負債表了解債務。然而,並非所有投資風險都存在於資產負債表中——遠非如此。例如,ThredUp有3個警示信號(還有一個稍顯令人擔憂),我們認爲你應該了解。

If you're interested in investing in businesses that can grow profits without the burden of debt, then check out this free list of growing businesses that have net cash on the balance sheet.

如果您有興趣投資那些能夠在沒有債務負擔的情況下增長利潤的業務,請查看這個自由名單,其中列出了在資產負債表上有淨現金的成長型企業。

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.

對本文有反饋?對內容有疑慮?請直接與我們聯繫。或者,發送電子郵件至 editorial-team (at) simplywallst.com。
這篇來自Simply Wall ST的文章是一般性的。我們根據歷史數據和分析師預測提供評論,採用無偏見的方法,我們的文章並不旨在提供財務建議。它不構成對任何股票的買入或賣出建議,也未考慮到您的目標或財務狀況。我們旨在爲您提供以基本數據驅動的長期分析。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在提到的任何股票中均沒有持倉。

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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