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Statutory Earnings May Not Be The Best Way To Understand Sphere Entertainment's (NYSE:SPHR) True Position

Statutory Earnings May Not Be The Best Way To Understand Sphere Entertainment's (NYSE:SPHR) True Position

法定收入可能不是了解Sphere Entertainment(紐約證券交易所代碼:SPHR)真實狀況的最佳途徑
Simply Wall St ·  05/21 06:28

Strong earnings weren't enough to please Sphere Entertainment Co.'s (NYSE:SPHR) shareholders over the last week. We did some analysis and believe that they might be concerned about some weak underlying factors.

強勁的收益不足以取悅Sphere Entertainment Co.”s(紐約證券交易所代碼:SPHR)的股東上週的走勢。我們做了一些分析,認爲他們可能會擔心一些薄弱的潛在因素。

earnings-and-revenue-history
NYSE:SPHR Earnings and Revenue History May 21st 2024
紐約證券交易所:SPHR 收益和收入歷史記錄 2024 年 5 月 21 日

Examining Cashflow Against Sphere Entertainment's Earnings

將現金流與Sphere娛樂的收益對比

Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. The ratio shows us how much a company's profit exceeds its FCF.

許多投資者尚未聽說過現金流的應計比率,但它實際上是衡量公司在給定時期內自由現金流(FCF)在多大程度上支持利潤的有用指標。應計比率從給定時期的利潤中減去FCF,然後將結果除以該時間內公司的平均運營資產。該比率向我們顯示了公司的利潤超過其FCF的程度。

Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. 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,當公司的應計比率爲負時,這實際上被認爲是一件好事,但如果其應計比率爲正,則是一件壞事。雖然應計比率高於零並不令人擔憂,但我們確實認爲,當公司的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,總的來說,高應計率對短期利潤來說是個壞兆頭。

Sphere Entertainment has an accrual ratio of 0.21 for the year to March 2024. We can therefore deduce that its free cash flow fell well short of covering its statutory profit. Over the last year it actually had negative free cash flow of US$529m, in contrast to the aforementioned profit of US$206.2m. We also note that Sphere Entertainment's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of US$529m. 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.

截至2024年3月的一年中,Sphere Entertainment的應計比率爲0.21。因此,我們可以推斷出其自由現金流遠不足以支付其法定利潤。在過去的一年裏,它實際上有 負面的 自由現金流爲5.29億美元,而上述利潤爲2.062億美元。我們還注意到,Sphere Entertainment去年的自由現金流實際上也是負的,因此我們可以理解股東是否被其5.29億美元的流出所困擾。話雖如此,故事還有更多。我們可以看到,不尋常的項目影響了其法定利潤,從而影響了應計比率。

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.

這可能會讓你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根據他們的估計描繪未來盈利能力的交互式圖表。

The Impact Of Unusual Items On Profit

不尋常物品對利潤的影響

The fact that the company had unusual items boosting profit by US$466m, in the last year, probably goes some way to explain why its accrual ratio was so weak. While it's always nice to have higher profit, a large contribution from unusual items sometimes dampens our enthusiasm. When we crunched the numbers on thousands of publicly listed companies, we found that a boost from unusual items in a given year is often not repeated the next year. And, after all, that's exactly what the accounting terminology implies. Sphere Entertainment had a rather significant contribution from unusual items relative to its profit to March 2024. As a result, we can surmise that the unusual items are making its statutory profit significantly stronger than it would otherwise be.

該公司去年有不尋常的項目將利潤提高了4.66億美元,這一事實可能在某種程度上可以解釋其應計比率爲何如此疲軟。雖然獲得更高的利潤總是件好事,但來自不尋常物品的巨額捐款有時會抑制我們的熱情。當我們計算數千家上市公司的數字時,我們發現,特定年份中不尋常的項目所帶來的提振通常不會在第二年重演。而且,畢竟,這正是會計術語的含義。截至2024年3月,Sphere Entertainment從不尋常的項目中獲得了相當大的利潤。因此,我們可以推測,這些不尋常的物品使其法定利潤明顯高於原來的水平。

Our Take On Sphere Entertainment's Profit Performance

我們對Sphere娛樂盈利表現的看法

Sphere Entertainment had a weak accrual ratio, but its profit did receive a boost from unusual items. Considering all this we'd argue Sphere Entertainment's profits probably give an overly generous impression of its sustainable level of profitability. So while earnings quality is important, it's equally important to consider the risks facing Sphere Entertainment at this point in time. For example, Sphere Entertainment has 3 warning signs (and 2 which are concerning) we think you should know about.

Sphere Entertainment的應計比率較低,但其利潤確實得到了不尋常項目的提振。考慮到所有這些,我們認爲Sphere Entertainment的利潤可能給人一種對其可持續盈利水平的過於慷慨的印象。因此,儘管收益質量很重要,但考慮Sphere Entertainment目前面臨的風險同樣重要。例如,Sphere Entertainment 有 3 個警告標誌(以及 2 個令人擔憂的)我們認爲你應該知道。

In this article we've looked at a number of factors that can impair the utility of profit numbers, and we've come away cautious. 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. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful.

在這篇文章中,我們研究了許多可能損害利潤數字效用的因素,我們採取了謹慎的態度。但是,如果你能夠將注意力集中在細節上,總會有更多的事情需要發現。有些人認爲高股本回報率是優質業務的好兆頭。雖然可能需要你進行一些研究,但你可能會發現這份免費收集的擁有高股本回報率的公司,或者這份擁有大量內幕持股的股票清單很有用。

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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.

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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。

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