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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(纽约证券交易所代码:SPHR)真实状况的最佳途径
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.

强劲的收益不足以取悦Sphere Entertainment Co.”s(纽约证券交易所代码:SPHR)的股东上周的走势。我们做了一些分析,认为他们可能会担心一些薄弱的潜在因素。

earnings-and-revenue-history
NYSE:SPHR Earnings and Revenue History May 21st 2024
纽约证券交易所:SPHR 收益和收入历史记录 2024 年 5 月 21 日

Examining Cashflow Against Sphere Entertainment's Earnings

将现金流与Sphere娱乐的收益对比

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.

许多投资者尚未听说过现金流的应计比率,但它实际上是衡量公司在给定时期内自由现金流(FCF)在多大程度上支持利润的有用指标。应计比率从给定时期的利润中减去FCF,然后将结果除以该时间内公司的平均运营资产。该比率向我们显示了公司的利润超过其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,当公司的应计比率为负时,这实际上被认为是一件好事,但如果其应计比率为正,则是一件坏事。虽然应计比率高于零并不令人担忧,但我们确实认为,当公司的应计比率相对较高时,值得注意。值得注意的是,有一些学术证据表明,总的来说,高应计率对短期利润来说是个坏兆头。

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的应计比率为0.21。因此,我们可以推断出其自由现金流远不足以支付其法定利润。在过去的一年里,它实际上有 负面的 自由现金流为5.29亿美元,而上述利润为2.062亿美元。我们还注意到,Sphere Entertainment去年的自由现金流实际上也是负的,因此我们可以理解股东是否被其5.29亿美元的流出所困扰。话虽如此,故事还有更多。我们可以看到,不寻常的项目影响了其法定利润,从而影响了应计比率。

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.

这可能会让你想知道分析师对未来盈利能力的预测。幸运的是,您可以单击此处查看根据他们的估计描绘未来盈利能力的交互式图表。

The Impact Of Unusual Items On Profit

不寻常物品对利润的影响

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.

该公司去年有不寻常的项目将利润提高了4.66亿美元,这一事实可能在某种程度上可以解释其应计比率为何如此疲软。虽然获得更高的利润总是件好事,但来自不寻常物品的巨额捐款有时会抑制我们的热情。当我们计算数千家上市公司的数字时,我们发现,特定年份中不寻常的项目所带来的提振通常不会在第二年重演。而且,毕竟,这正是会计术语的含义。截至2024年3月,Sphere Entertainment从不寻常的项目中获得了相当大的利润。因此,我们可以推测,这些不寻常的物品使其法定利润明显高于原来的水平。

Our Take On Sphere Entertainment's Profit Performance

我们对Sphere娱乐盈利表现的看法

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的应计比率较低,但其利润确实得到了不寻常项目的提振。考虑到所有这些,我们认为Sphere Entertainment的利润可能给人一种对其可持续盈利水平的过于慷慨的印象。因此,尽管收益质量很重要,但考虑Sphere Entertainment目前面临的风险同样重要。例如,Sphere Entertainment 有 3 个警告标志(以及 2 个令人担忧的)我们认为你应该知道。

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.

在这篇文章中,我们研究了许多可能损害利润数字效用的因素,我们采取了谨慎的态度。但是,如果你能够将注意力集中在细节上,总会有更多的事情需要发现。有些人认为高股本回报率是优质业务的好兆头。虽然可能需要你进行一些研究,但你可能会发现这份免费收集的拥有高股本回报率的公司,或者这份拥有大量内幕持股的股票清单很有用。

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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的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。

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