00:00
in this video I'm going to show you how to read through financial statements going to use a company called nextt
在這支影片中，我將向您展示如何閱讀財務報表，我將使用一家名為 Nextt Tracker 的公司
00:04
tracker it's a solar tech company and I'm going to walk you through using the data terminal kin this is coming from a
它是一家太陽能科技公司，我將帶您使用資料終端 Kin 進行分析，這是來自我
00:10
framework that I've developed over seven years in working as an equity research analyst and also getting a CFA I'm going
在擔任股票研究分析師並取得 CFA 證照的七年工作中所發展出的框架
00:15
to show you exactly what to look for why they're important and what they tell us about the business and I'm going to show
我將確切地展示要關注什麼、它們為何重要，以及它們告訴我們關於該企業的什麼資訊，我還將向您展示
00:20
you what kind of numbers you really want to see as an investor and what kind of numbers you don't want to see so let's
作為投資人，您真正想看到哪些數字，以及不想看到哪些數字，那麼讓我們
00:25
Jump Right In This is kin and I like to use data terminals because I want to see all the historical data in one place
直接開始。這是 Kin，我喜歡使用資料終端，因為我想在一個地方看到所有的歷史數據
00:30
because then that gives me an idea of how the business is developing so here's next tracker this is Solar Company I'm
這樣能讓我了解該業務的發展情況。這是 Next Tracker，這是一家太陽能公司，我將
00:35
going to jump into the financial analysis section and let's start off with the income statement I want to look
進入財務分析部分，讓我們從損益表開始。我想看看
00:40
at the revenues of the business that represents the sales for the business and so that represents the demand for
該業務的營收，這代表了該業務的銷售額，因此也代表了對
00:45
the company's products and services I'm looking at the growth rate first if it's higher obviously that means there's a
該公司產品和服務的需求。我首先看成長率，如果成長率較高，顯然意味著有
00:51
lot of demand I want to have a sense of what kind of growth rate the company can achieve and I do that by looking at its
很大的需求。我想了解該公司能達到什麼樣的成長率，我是通過觀察其
00:57
growth rate over time we can see that there's a clear acceleration over here in 2022 and it's been accelerating over
隨時間變化的成長率來做到這一點。我們可以看到在 2022 年這裡有明顯的加速，並且在過去幾年一直在加速
01:03
the past few years there's also been a slowing in 2021 if it's moving up or down a lot that makes me think that this
在 2021 年也有放緩。如果它大幅上升或下降，這讓我認為這家
01:10
company is in some kind of cyclical industry meaning the industry Trends tend to move up and down or that maybe
公司處於某種週期性行業，意味著行業趨勢往往上下波動，或者也許
01:16
sales are just not as consistent maybe there are product Cycles going on the solar industry is quite volatile prices
銷售不那麼穩定，可能正在經歷產品週期。太陽能行業波動很大，價格
01:22
tend to move up and down a lot because solar prices tend to move up and down and so this business is likely to be
往往大幅波動，因為太陽能價格傾向於上下波動，因此這項業務很可能
01:27
influenced by market trends in the solar industry ideally I want to see a consistently positive growth rate and
會受到太陽能行業市場趨勢的影響。理想情況下，我希望看到持續正向的成長率，
01:34
that is in indicative that the business can probably keep growing in the future but overall I like that it's growing
這表示該業務未來可能可以持續成長。但總體而言，我喜歡它成長得非常快，這表明對這家公司的產品和服務有
01:40
really fast it suggests that there's a lot of demand for this uh company's products and services 20 30% is really
很大的需求。20% 到 30% 是非常棒的成長率，但我想做個筆記，我想了解是什麼真正推動了那種成長。第二件事
01:46
great growth rates but I want to make a note of I want to understand what's really driving that growth second thing
但我想做個筆記，我想了解是什麼真正推動了那種成長。第二件事
01:51
is gross margin so gross margin over here we're looking at the gross profit so gross profit is the sales minus the
是毛利率，所以毛利率在這裡我們看的是毛利，毛利是銷售額減去
01:57
cost of producing the product or service plus the delivery and then the gross margin is just the percentage of gross
生產產品或服務的成本再加上運費，然後毛利率就是毛利占收入的百分比
02:04
profit as a percentage of revenues you can think of it say we have a car company the cost of goods sold would
你可以這樣想，假設我們有一家汽車公司，銷貨成本會
02:10
represent the cost of the materials the components all the Assembly of putting together all the cost that go into the
代表材料、零件、組裝汽車的所有成本，以及任何運送成本，所以毛利率代表這家企業每賣一輛車能賺多少錢
02:15
car itself as well as any delivery costs so the gross margin represents how much money the business is making on each car
所以對 Next Tracker 來說，這就是他們向太陽能產業銷售追蹤裝置能賺多少錢
02:22
so for next tracker this is how much money they're making on selling their tracking devices to the solar industry
當我們看毛利率成長時，要不是銷售額成長，要不是銷貨成本下降，對吧？所以如果毛利率上升
02:28
when we look at the growth gr margin it's either sales or cost of goods sold right so if gross margins are going up
這意味著要不是銷售額的成長速度快於銷貨成本，要不就是銷貨成本的成長速度
02:35
that means that either that sales are growing faster than cost of good sold or cost of good solds are growing less fast
比銷售額慢，所以這裡有個問題考考你，一家公司要如何在不增加總成本的情況下提高銷售額？有誰要猜猜看嗎？
02:41
than sales so here's a test for you how can a company raise its sales without increasing its overall costs any guesses
如果你猜是價格，那就答對了，這其實是金融業界常教的一個細微差別
02:50
well if you guessed price that's the correct answer and that's actually a Nuance that is taught in the financial
因為假設你有一家公司，如果你調高產品價格，通常不會增加
02:55
industry because say if you have a company if you raise your prices on your products usually that doesn't increase
你的成本，所以這會帶來更多銷售額，但你的成本傾向於維持不變，所以當我們看毛利率時
03:00
your cost so that leads to more sales but your costs tend to say the same so when we're looking at gross margin
因為它代表產品的銷售額和產品的成本，如果毛利率上升，這可能
03:07
because it represents the sales of the product and the cost of the product if gross margins are increasing that can
表示企業有能力爭取到更高的價格，或者在成本端，企業能夠更有效率地
03:13
indicate either the business is able to get stronger prices or on the cost side the business is able to produce the
生產商品或服務。當我們談到成本端時，例如如果 Next Tracker 或某家汽車公司有
03:20
goods or services more efficiently when we talk about the cost side for example if next tracker or or a car company had
生產設施，並且隨著產量增加而變得更有效率，這就是我們在商業和
03:28
a production facility and it started to get more efficient with more volume that's what we call scale in the
投資界所說的規模經濟，規模經濟的意思是，當你賣出更多商品時，利潤就能開始增加
03:34
business and investing world and scale just means you can start to increase your profits as you have more volumes of
這通常會反映在毛利率上，所以對 Next Tracker 來說，我們可以看到毛利率
03:40
goods sold and that usually happens on the gross margin line so for next tracker we can see that gross margins
在過去幾年持續上升，這是規模經濟的一個好跡象，這意味著公司能夠
03:46
have been rising steadily over the past couple years that's a great sign of scale it means that the company is able
讓其太陽能追蹤器和軟體的生產與運送成本，相對於價格維持在低點
03:52
to keep the costs of its production and delivery of its uh solar trackers and its software low relative to the price
能讓其太陽能追蹤器和軟體的生產與運送成本，相對於價格維持在低點
03:59
and can even be keeping positive price increases on the sales of his products even when the solar industry itself
甚至在太陽能產業本身價格下跌的情況下，還能維持其產品銷售的正向價格成長
04:06
solar prices are going down so that's a great sign that the company's achieving scale and again we want scale because
這是個好兆頭，代表公司正在實現規模經濟，而我們追求規模是因為
04:12
that just means we're getting more profits as the business grows so that's the first profit line that we want to
這意味著隨著業務增長，我們能獲得更多利潤，這是我們要看的第一個利潤指標
04:17
look at second thing we're looking at is the operating margin line so here we have ebit da margin so it's
第二個要看的是營業利潤率，這裡我們看到的是 EBITDA 利率
04:24
ebitda it represents the earnings before interest taxes depreciation and amortization it's the sales minus the
EBITDA 代表扣除利息、稅項、折舊及攤銷前的盈餘，也就是銷售收入減去
04:33
cost of producing the good and service so that's a gross profit and then minus the cost of operations and here
生產商品與服務的成本，這是毛利，接著再減去營運成本，而這裡
04:41
operations refers to payroll expense right things like sales marketing administrative expense those are all
的營運指的是薪資支出，像是銷售、行銷、管理費用等，這些都
04:48
considered operating costs and when we use the ebitda metric remember we're excluding interest and the reason why we
被視為營運成本，當我們使用 EBITDA 指標時，要記得我們排除了利息，這樣做是因為
04:55
do that is that's be considered a payment to a bank or investor we want to remove that so we can look at the
利息被視為支付給銀行或投資人的款項，我們想將其剔除，以便獨立看待
05:01
business independent of payments to investors and same thing with taxes just because we want to look at the business
業務本身，不受對投資人付款的影響，稅項也是同樣道理，我們只是想檢視業務本身
05:07
itself and then depreciation and amortization is sometimes excluded because it's a non-cash charge
而折舊與攤銷有時會被排除，因為它們是非現金支出
05:13
depreciation is like the wear and tear of a house so for example if you have a house and your door breaks it's a cost
折舊就像房屋的磨損，舉例來說，如果你有一棟房子，門壞了，這是一項成本
05:20
right but it's not actually incurring any cash expenses until you actually pay for someone or repair it yourself and
沒錯，但在你實際支付請人修理或自己購買材料修理之前，並不會產生現金支出
05:26
buy the materials and so that's why it's considered a non cash expense until you actually repair it when you do the
所以在實際修理之前，它被視為非現金支出，當你進行修理時，那筆成本
05:32
repair that cost would be considered a capital expenditure or an investment on your balance sheet same thing with
會被視為資本支出或是在資產負債表上的投資，攤銷也是同樣道理
05:38
amortization so amortization just represents wear and tear of an intangible asset something like software
攤銷代表無形資產的磨損，像是軟體之類的東西
05:44
say if you built some software and it starts to get out of date it'll start losing value but again that's not a
假設你開發了某個軟體，它開始過時，價值就會開始流失，但這同樣不是
05:50
non-cash expense so it's an amortization expense when it gets replaced then it would be also considered an investment
非現金支出，所以當它被取代時，會被視為攤銷費用，而這也會被視為一項投資
05:56
so jumping back into eiton margins what the ebit margin really is telling you then is that represents the cash profits
回到 EBITDA 利率，EBITDA 利率真正告訴你的是
06:04
of the business it's a really useful metric just to get a sense of what is the cash profits that the business is
公司的現金利潤，這是一個非常實用的指標，能讓你了解公司產生的現金利潤是多少
06:09
making from its sales to make sure that we're not being too skewed by removing the depreciation of mization one thing
從其銷售中進行分析，以確保我們不會因移除折舊與攤銷而過度偏頗
06:16
you can do right away when you're looking at margins is to make sure to compare the ebit margins so the earnings
當你觀察利潤率時，可以立即做的一件事是確保比較 EBIT 利潤率，也就是息稅前盈餘
06:22
before interest in tax so you include depreciation and amortization expense as well as eah margins and just compare
在扣除利息和稅項之前，因此你需包含折舊與攤銷費用，以及 EBITDA 利潤率，並直接比較
06:29
them make sure they're not too different right because if they're too different then that means that there's a
它們，確保它們差異不大，對吧？因為如果差異太大，那就意味著存在
06:34
significant depreciation amortization cost and obviously wear and tear is an important cost for any business now next
顯著的折舊與攤銷成本，顯然磨損是任何企業的重要成本。現在，下一個
06:40
tracker over here right away that tells us because they're not that different one thing that tells us right away is
這裡的追蹤指標能立即告訴我們，因為它們差異不大，這立即告訴我們一件事：
06:45
there's not a lot of DNA or depreciation amortization expense so we can use either one both useful indicators of the
公司的折舊與攤銷費用並不高，因此我們可以使用其中任何一個，兩者都是衡量
06:51
business quality and business performance so going back to analysis when I look at margins I basically want
企業品質和企業表現的有用指標。回到分析，當我觀察利潤率時，我基本上希望
06:57
to see positive operating margins either ebit do earnings before interest taxes depreciation mization or ebit earnings
看到正的營業利潤率，無論是 EBITDA（息稅折舊攤銷前盈餘）還是 EBIT（息稅前盈餘），
07:05
before interest in taxes and ideally margins to start trending up so why do we want to see it positive because one
理想情況下，利潤率開始呈現上升趨勢。那麼為什麼我們希望看到它是正的呢？因為第一，
07:10
it means the company is profitable it means it's actually making money on its sales and really that just makes life
這意味著公司是獲利的，意味著它實際上從銷售中賺到了錢，這真的讓你
07:16
easier for you as an investor because if we think about the flip side if a company is not profitable it usually
作為投資者的生活更輕鬆，因為如果我們想想反面，如果一家公司不獲利，通常
07:22
means that there's a limited timeline of cash that they have to burn right because they have to keep funding their
意味著他們必須燃燒現金的時間是有限的，對吧？因為如果他們沒有賺取任何利潤，
07:28
operations with if they're not making any profit and if they don't become profitable within that time period they
他們必須持續為其營運提供資金，如果他們在那段時間內沒有變得獲利，他們
07:34
usually need to raise money and if you raise money it really becomes messy because you have to start to incorporate
通常需要籌集資金，而如果籌集資金，情況就會變得非常混亂，因為你必須開始納入
07:39
the effect of capital raising because when you raise money if you sell shares it increases the shares that are
籌資的影響，因為當你籌資時，如果你出售股票，會增加公司流通在外的股數，
07:45
outstanding of the company which dilutes your share of the profits and you also of course have to make a guess of the
這會稀釋你在利潤中的份額，當然你也必須對
07:51
profitability of the company in the future after that Capital raise so I like to see companies generating
繳足資金後公司未來的獲利能力做出猜測。所以我喜歡看到公司產生
07:58
positive profits so positive margins and really it's because if a company is making money it can start to use its own
正的利潤，也就是正的利潤率，這真的是因為如果一家公司正在賺錢，它就可以開始利用自己的
08:04
earnings to fund its growth and that becomes really important later so I want to see margins going up that indicates
盈餘來為其增長提供資金，這在以後變得非常重要，所以我希望看到利潤率上升，這表示
08:10
that there's efficiencies in the company's operations so when we look at the gross margin Trend say over here
公司的營運存在效率優勢，當我們觀察毛利率趨勢，例如在這裡
08:16
we're seeing it's going up and the ebitda margin Trend when you compare those two you can start to see where the
我們看到它正在上升，而 EBITDA 利潤率趨勢，當你比較這兩者時，你就可以開始看出
08:22
efficiencies of the company are are coming from if it's coming from gross margins you know it's coming from their
公司的效率來自何處。如果它來自毛利率，你知道那是來自他們的
08:29
price or they're just getting more efficient in the cost of production they're getting the benefit of scaling
價格策略，或者他們在生產成本上變得更有效率，他們獲得了規模化的效益
08:36
and just getting more profitable as they grow their volumes it's like having more profit per unit of product which is a
隨著銷量增長而變得更有利可圖，就像是每單位產品的利潤增加，這
08:42
great thing if it's coming from the operating margin side so if you see gross margin stable and operating
是件好事。如果它來自營業利益率這邊，所以如果你看到毛利率持平但營業
08:47
margins increase that means the business is just becoming more efficient in using its operating costs so things like sales
利潤率上升，這意味著該業務在使用營業成本方面變得更有效率，例如銷售、
08:54
marketing or administration of expense really it means that business is becoming more efficient as an operating
行銷或管理費用，這真的意味著該業務作為一個營運
09:00
uh entity and when a business can create efficiencies in the operations we call that operating leverage meaning the
實體正變得更有效率，當一個業務能在營運中創造效率時，我們稱之為營運槓桿，意思是
09:08
sales go up and then the operating margins also go up and that can happen for example if say a company trains its
銷售額上升，然後營業利益率也隨之上升，這可能發生在例如，某家公司培訓其
09:16
Salesforce to get really productive so each salesperson can just make more sales each day what happens is as the
銷售團隊使其變得非常有生產力，讓每個銷售人員每天都能達成更多銷售。發生的情況是，當
09:24
company grows its sales you start to see an expansion in the operating margin the point here is when all this talk about
公司銷售額增長，你開始看到營業利益率的擴張。這裡的重點是，當我們談論
09:31
margins is when we invest in a company we want to get comfortable that the business can both scale so get more
利潤率時，是當我們投資一家公司，我們希望確信該業務既能擴大規模，也就是說隨著銷售更多
09:38
profitable as it sells more volume and also have some kind of operating leverage meaning the business just
量而變得更有利可圖，同時還具備某種營運槓桿，意思是該業務在使用其
09:43
becomes more efficient at using its expenses in sales or marketing or even research expenses because if they can
銷售或行銷甚至研發費用方面變得更有效率，因為如果他們能
09:50
achieve both of those things that just means more profits for you as an investor as the business grows and gross
同時達成這兩件事，那就意味著隨著業務增長，你作為投資人能獲得更多利潤，而毛利率
09:56
margins are particularly important because if you can't generate a profit in your own products and services you're
尤其重要，因為如果你的自家產品和服務無法產生利潤，你
10:03
never going to generate a profit in the overall business no matter how efficient your sales or marketing becomes going
整體業務永遠無法產生利潤，無論你的銷售或行銷變得多么有效率。回到
10:08
back to next tracker I can see that margins have going up in Gross margins which is a great sign so they're getting
下一個追蹤指標，我可以看到毛利率一直在上升，這是個好兆頭，所以他們正在獲得
10:14
more scale and ebit down margins are going up as well so they're also getting more efficient in their business
更多規模，而 EBITDA 利潤率也在上升，所以他們的業務也變得更有效率了。
10:20
operations so that's a really great sign so that's why I think it's an attractive company to look at one thing you do want
營運，所以這是一個非常積極的訊號，這就是為什麼我認為這是一家值得關注的具吸引力公司。有一件事你必須
10:26
to be careful of when you're looking at margins and looking at the trend of margins is that it can be very easy for
小心，當你在觀察利潤率並查看利潤率趨勢時，很容易會發現
10:32
a business to expand its margins during good times it's just easier to be profitable when you're generating a lot
一家企業在景氣好的時期擴大其利潤率，當你創造大量
10:38
of sales what you do want to do is you also want to pay attention to times where the business slows down maybe
銷售額時，要獲利就是比較容易。你真正需要做的，是同時留意企業放緩的時期，也許
10:44
there's a recession or the environment slows down and you want to look at what happens at margins during that point in
遇到經濟衰退或環境放緩，你想看看在那段時間
10:50
time so if we look at next tracker in 2021 we had a pretty significant slowing in growth rate that Year may have been a
利潤率發生了什麼事。如果我們看 Next Tracker 在 2021 年，我們的成長率出現了相當顯著的放緩，那一年可能是
10:58
a particularly difficult year for the business and that's why growth rates slowed all the way down to 2% you can
該企業特別困難的一年，這就是為什麼成長率一路放緩到 2%。你可以
11:03
see that the the change in the gross margin was still positive but not as much as it had been from the prior year
看到毛利率的變動仍然是正向的，但幅度沒有前一年那麼大。
11:09
same thing with the ebit margin it stayed roughly flat so you can see that there is what they call a negative
息稅前利潤率（EBIT margin）也是一樣，大致持平。所以你可以看到，有時會出現所謂的負向
11:16
leverage effect sometimes where margins tend to go down when business growth slows so you want to pay attention to
槓桿效應，當企業成長放緩時，利潤率往往會下降。所以你必須留意
11:22
that because we want to make sure that the business can remain profitable even when Trends slow down that's indicative
這一點，因為我們要確保即使在趨勢放緩時，企業仍能保持獲利。這顯示了
11:28
of a well-run business over here we can see that profit margin still went up even though grow slowed a
這是一家管理良好的企業。在這裡我們可以看到，即使成長稍微
11:33
little bit so that indicates that the management is running the business well and the company's products are
放緩，淨利率仍然上升，這表示管理層將企業經營得很好，而且公司的產品
11:38
profitable on their own okay final thing on the income statement I want to look in the net income so net income is after
本身就很賺錢。好的，關於損益表的最後一點，我想看的是淨利。淨利是在
11:44
taking away the interest and also paying taxes so that represents the actual earnings that the business is generating
扣除利息並支付稅款後的數字，所以它代表了企業實際產生的盈餘，
11:51
that belongs to shareholders for net income what I'm really looking for is a positive net income or getting close to
也就是屬於股東的盈餘。對於淨利，我真正尋找的是正的淨利，或是接近
11:57
positive income because that means the compan is just Prof profitable and generating earnings for its shareholders
正值的盈餘，因為這意味著公司是獲利的，並為其股東創造盈餘。
12:02
I'm not too worried about the margin because one operating margin is a better indicator as well as gross margin of the
我不太擔心利潤率，因為營業利潤率以及毛利率是更好的指標，
12:09
company's overall profits so I'm just making sure that they are profitable and it's improving net income margins can be
能顯示公司的整體獲利狀況。所以我只是確保他們是獲利的，並且正在改善。淨利的利潤率可以
12:16
improved by figuring out ways to reduce your interest expense to reduce your tax expense and those things are all well
透過找出減少利息支出和減少稅務支出的方法來改善，而這些都是很好的。
12:22
within a control of a good business the more important thing that I want to look at when I look at net income is I want
在一家好公司的控制範圍內，當我觀察淨利時，我更想關注的是
12:28
to look at the earning per share that's what EPS is earnings per share is important because I want to adjust the
每股盈餘，也就是 EPS。每股盈餘非常重要，因為我希望根據
12:34
net income for the amount of shares outstanding if a company decides to raise money by selling stock that'll
流通在外股數來調整淨利。如果一家公司決定透過發行股票來籌資，那將
12:41
raise the number of shares so that's going to dilute the earnings per share and so that lowers and dilutes our share
增加股數，因此會稀釋每股盈餘，進而降低並稀釋我們在
12:48
of the overall company's profits so earnings per share is super important because it represents our share of the
公司整體利潤中的份額。所以每股盈餘超級重要，因為它代表了我們作為投資者在
12:55
profits that the company makes as investors so we want to look at the growth of eps because at the end of the
公司所創造利潤中的份額。因此我們希望觀察每股盈餘的成長，因為歸根究底，
13:01
day the growth in earnings for share is what increases the value of our stock because it represents our share of the
每股盈餘的成長才是增加我們股票價值的關鍵，因為它代表了我們在
13:07
profits so as long as earnings per share can go up in the future that means the value of our shares will go up assuming
利潤中的份額。所以只要每股盈餘未來能夠上升，就意味著我們股票的價值將會上升，前提是
13:14
of course the valuation of the stock remains stable but that's another thing to check in the future to recap the
當然，股票的估值保持穩定，但那是未來需要檢查的另一件事。總結一下
13:20
income statement high level want to look for steady growth Trends I want to see signs of positive and expanding margins
損益表的高階分析：我希望尋找穩健的成長趨勢，我希望看到正向且擴張的利潤率跡象，
13:27
and three I want to see positive growth in earnings per share that indicates that this is a business that's growing
以及第三，我希望看到每股盈餘的正向成長，這表明這是一家正在成長、
13:32
and it's profitable and it's making money for investors what I don't want to see ideally is inconsistent or declining
獲利，並為投資者賺錢的企業。理想情況下，我不希望看到不一致或衰退的
13:40
growth means the business is shrinking or negative margins it means the business is having trouble with this
成長，這意味著業務正在萎縮；或負面的利潤率，這意味著業務在成本或
13:45
cost or prices are coming down or a decline in earnings per share means a company is no longer growing its profits
價格下降方面遇到困難；或每股盈餘下滑，這意味著公司不再為投資者
13:52
for investors now that represents a business that's just having trouble growing and is having trouble making a
創造利潤成長。這代表了一家只是難以成長且難以獲利的企業，這兩種情況都會讓
13:58
profit which both things will make it difficult to make money as an investor unless you're playing for a stock
作為投資者賺錢變得困難，除非你是在押注一檔股價將
14:04
that'll significantly change in value but that's a different kind of thing to talk about now let's look into the
發生重大變化的股票，但那是另一種不同的討論。現在讓我們深入
14:10
balance sheet so over here I'm going to jump into the balance sheet now what I'm doing when I look in the balance sheet
資產負債表。這裡我將跳轉到資產負債表。當我查看資產負債表時，我基本上是
14:15
is I want to basically make sure that the business is financially stable so first thing that I always check when I
要確保這家公司在財務上是穩健的。所以當我查看資產負債表時，我總是先檢查
14:20
look in the balance sheet is I want to check the cash balance I want to see does the company have cash and ideally
現金餘額，我想看看公司是否有現金，理想情況下
14:25
is that cash balance going up because that means that the business is hopefully generating that cash and if
現金餘額是否上升，因為這代表企業有望創造現金，而如果
14:32
the cash balance is declining one that indicates that either the company is just not profitable because it's using
現金餘額在下降，這表示要麼公司就是不盈利，因為它正在消耗
14:38
all its cash in its bank account and that the business is burning cash and it might require more Capital the second
銀行帳戶裡所有的現金，且企業正在燒錢，可能需要更多資本。第二件
14:44
thing I always want to check is the debt so that's in the liability section I want to check how much debt it has now
事我總是想檢查的是債務，這是在負債部分，我想檢查它現在有多少債務
14:51
the reason why I check that is because debt represents Financial Risk for stockholders because if a company cannot
我檢查的原因是因為債務對股東來說代表財務風險，因為如果一家公司無法
14:59
pay its interest and pay back its debt that company goes into bankruptcy and in bankruptcy proceedings it's the debt
支付利息並償還債務，該公司就會破產，而在破產程序中，是債務
15:06
holders that take control they can sell off their Assets in order to get their money back and the stockholders or the
持有人掌控一切，他們可以出售資產來拿回他們的錢，而股東或
15:13
equity holders are last in line to get anything and that's why stocks go down to zero when a company goes into
股權持有人是最後一個拿到任何東西的，這就是為什麼當一家公司破產時，股價會跌到零
15:18
bankruptcy when I'm looking at the debt I want to look at it relative to I so I'm going to go over here to solvency so
當我檢視債務時，我想將其與 EBITDA 相對照，所以我會到這裡來看償債能力，所以
15:24
what I want to look at is I want to look at the net debt relative to the ebit dot the reason why that is is one I'm
我想看的是淨債務相對於 EBITDA 的比率。我這樣做的原因是，首先
15:29
looking at net debt so it's a debt minus a cash so just assuming that that cash is used to pay down the debt so it's
我看的是淨債務，也就是債務減去現金，所以假設那筆現金用來償還債務，這只是
15:35
just a uh more accurate number of the debt load and I want to compare it to eitas so remember that's the cash
一個更準確的債務負擔數字，而我想將其與 EBITDA 做比較，請記住，那是企業的現金
15:42
profits of the business what that kind of represents is how many years of cash earnings it'll take for the company to
利潤，這大致代表公司需要多少年的現金盈利才能
15:48
pay off its debt it's a number between one and two or below that's usually fine because what that means is a company can
還清債務。這個數字介於 1 到 2 之間或更低通常是沒問題的，因為這意味著公司可以在
15:55
effectively pay off their debt within one or two years which is not too bad but when you start to get to four or
一兩年內有效還清債務，這還不算太糟，但當你開始達到 4 或
16:01
five or six that's a really risky level because that's a lot of debt for the company to pay off and they have to also
5 或 6 時，這就是一個非常危險的水平，因為對公司來說要償還這筆債務非常困難，而且他們很可能也必須
16:09
most likely spend a lot of their money on interest payments and so what that does is it actually directs a lot of the
將大量資金花在支付利息上，這樣做的結果是，它實際上將公司賺的錢
16:15
money that the company makes to its debt holders so the company can't reinvest it in the company they can't give it back
很大一部分轉移給了債權人，所以公司無法將其再投資於公司內部，他們無法將其作為股利
16:22
to stockholders with dividends or even repurchasing stock so that just fundamentally actually makes it very
回饋給股東，甚至無法回購股票，所以這基本上實際上讓公司的
16:27
hard for the equity value of the company to grow now when I look at uh next tracker I can see that they have a very
股權價值很難增長。現在當我查看 Nextech AR 的追蹤報告時，我可以看到他們有一個非常
16:34
low debt to ebit ratio so I don't have to worry much about the Financial Risk when I'm looking at the balance sheet I
所以當我查看資產負債表時，由於負債對EBIT比率低，我不必太擔心財務風險
16:39
also want to check to make sure I understand where the money is coming from so debt is the money that comes
我還想確認我了解錢的來源，因此負債是來自借貸的錢
16:45
from borrowing so either a bank loan or selling to a debt investor but I can also look in the equity side to see if
所以要麼是銀行貸款，要麼是向債務投資者出售債券，但我也可以查看股權部分，看看是否
16:51
it's uh raised any money from selling stocks so that's the additional paid in capital what that represents is a
有透過發行股票籌集資金，那就是額外實收資本，它代表的是
16:57
company selling its share in order to raid capital and the second thing that I'm looking is retain earnings so that
公司出售其股份以籌集資本，而我查看的第二個項目是保留盈餘，這
17:04
represents the cumulative net income of the uh company meaning all the historical net income is just summed up
代表公司累積的淨利潤，意思是所有歷史淨利潤都加總
17:10
into that one figure here so that represents the earnings that the company has retained for itself so that's
成這一個數字，這代表公司為自己保留的盈餘，所以這是
17:16
another source of cash so you can see that it's negative over here and that it's because the company has most likely
另一個現金來源，所以你可以看到這裡是負數，這是因為公司很可能
17:21
been unprofitable for a good amount of time which makes sense because this is a fairly new company on the market but it
在很長一段時間內都不獲利，這也合理，因為這是一家相對較新的上市公司，但
17:27
is improving right getting less negative so that indicates the company is now generating positive net income because
它正在改善，對吧，負值變小了，這表明公司現在正在產生正的淨利潤，因為
17:33
when that positive net income is added to that retain earnings balance of course that makes it less negative and
當這個正的淨利潤加到保留盈餘餘額時，當然會讓它變得不那麼負，而且
17:40
that grows the retain earnings line right because it's representing the net income that the business is generating
會讓保留盈餘這一行增長，對吧，因為它代表了公司正在產生的
17:46
and they're retaining for themselves and so you can look at retain earnings as kind of a quick check on the company's
淨利潤，並且他們為自己保留了下來，所以你可以把保留盈餘當作對公司
17:52
history in terms of generating profits when we think about where the money is coming from I want to see the money
獲利歷史的一個快速檢查，當我們思考錢的來源時，我希望看到錢
17:58
coming from ideally retain earnings so I want to see improving retain earnings and I don't want to see actually too
理想情況下來自保留盈餘，所以我希望看到保留盈餘改善，而且我不希望看到實際上太多
18:04
many capital raises from the equity side or even on the debt side because I I want to make sure that the company is
來自股權方面的增資，甚至來自負債方面的增資，因為我希望確保公司
18:10
one profitable and two that it it can raise money from its own earnings to fund operations because you usually
一是獲利，二是它能從自己的收益中籌集資金來營運，因為你通常
18:17
don't want to invest in a company that needs a lot of capital because one if a company is selling a lot of shares your
不想投資於需要大量資本的公司，因為如果一家公司發行大量股票，你的
18:25
share of the earnings gets diluted every time they raise capital and the company also of course needs to be able to
每次籌資時，你對收益的份額都會被稀釋，而且公司當然也需要能夠
18:30
generate a return on that capital in order to increase the value of the shares and of course if you raise a lot
從這些資本中產生回報，以增加股票價值，當然如果你籌集大量
18:37
of debt that does also tend to increase the Financial Risk so it's better overall as an investor to invest in
的債務，這確實傾向於增加財務風險，所以總體而言，作為投資者，最好投資於
18:43
businesses that don't actually require that much capital and rather give you back Capital right they make you returns
實際上不需要那麼多資本，反而會還給你資本的企業，也就是說它們會讓你獲利
18:49
by either giving you a dividend or repurchasing stock they're effectively giving you back capital and that boosts
要麼透過發放股息，要麼透過回購股票，它們實際上是在還給你資本，這會提升
18:55
your returns I'm also using the balance sheet to get a sense of the structure of the business and where it's investing in
你的報酬。我也利用資產負債表來了解企業的結構以及它在何處投資
19:01
so usually at this point I'll go read the filings just to get a sense that the business does because that'll add some
所以通常在這個階段，我會去閱讀申報文件，以了解這家企業實際在做什麼，因為這會增加一些
19:06
context on what the balance sheet numbers actually mean but there are a few things that you can infer right away
背景資訊，讓你明白資產負債表上的數字究竟代表什麼意義，但有些事情你可以立刻推斷出來
19:12
by looking at the long-term assets and liabilities so if we look at the long-term assets we can see that one
只要看看長期資產和負債就知道了。所以如果我們看長期資產，我們可以看到第一點
19:17
that there's not a lot of long-term assets to begin with there's not a lot of property equipment so I know that
長期資產本身就不多，廠房設備也不多，所以我知道
19:23
this business doesn't actually own a lot of infrastructure and when I checked in the 10K it's because the next tracker
這家企業實際上並不擁有太多基礎設施，當我查閱 10-K 報告時，原因是 Next Tracker
19:30
business they've designed it to Outsource most of their production and their supply chain that's why they don't
這家企業，他們設計的模式是將大部分的生產和供應鏈外包，這就是為什麼他們
19:35
own a lot of property equipment so looking at the asset line can tell you a little bit about what the business looks
不擁有很多廠房設備，所以觀察資產項目可以讓你稍微了解這家企業的樣貌
19:40
like the second major item from a long-term asset perspective is Goodwill now Goodwill indicates that the company
從長期資產的角度來看，第二個主要項目是商譽。商譽表示這家公司
19:47
has made an acquisition or Acquisitions in the past because Goodwill represents the premium that comes from an
在過去進行過一項或多項收購，因為從會計角度來看，商譽代表的是
19:54
accounting perspective when a company buys another company so Goodwill represents the Acquisitions the
一家公司購買另一家公司時所產生的溢價，所以商譽代表了公司
19:59
companies are making now the company Goodwill has been fairly stable over the past couple years which means the
現在所進行的收購。這家公司的商譽在過去幾年中相當穩定，這意味著
20:05
company hasn't been making any Acquisitions over the years and this represents an acquisition in its history
這家公司近年來沒有進行任何收購，而這代表了它歷史上的某次收購
20:10
so the long-term assets tell us what the business has been investing in and in this case it's really just a small
所以長期資產告訴我們這家企業一直在投資什麼，而在這個案例中，它真的只在
20:16
amount in property and equipment on the liability side we can also do a quick check to see what are the obligations
廠房和設備上投入了少量資金。在負債方面，我們也可以快速檢查一下有哪些義務
20:22
it's really debt for next tracker that represents the debt that the company has raised from its investors and that's
對 Next Tracker 來說，主要是債務，代表公司從投資者那裡籌集的資金，而這
20:28
usually the main source of long-term liabilities it represents what the business owes but we can also look at
通常是長期負債的主要來源，它代表了企業欠的錢，但我們也可以看看
20:33
other non-current liabilities to look for any other obligations that the company has this non-current liability
其他非流動負債 要留意公司還有什麼其他義務 這項非流動負債
20:39
when I check the 10K represents a tax receivable agreement basically all that is is a company has an agreement to pay
當我查看10-K報表時 代表一份稅收應付協議 基本上就是公司有協議要支付
20:47
out tax benefits related to its stock as a result of a special transaction that it did when it was spun off into a
與其股票相關的稅務利益 這是因為在從私有公司分割
20:53
public company not super important from our perspectives I do see a big line over here for uneed Revenue so that's a
成為上市公司時 做了一筆特殊交易的結果 從我們的角度來看不是很重要 我看到這邊有一大筆未實現營收
20:59
deferred revenue deferred revenue happens when you receive upfront cash payments for some kind of contract or
也就是遞延收入 遞延收入發生在你預先收到某種合約或
21:06
service and because you haven't delivered it yet it represents uh a liability until you actually deliver it
服務的現金付款 因為你還沒履行完畢 所以在真正履行完畢前
21:12
and then it gets recorded as Revenue so that's usually a good thing to see a lot of deferred revenues because it just
它代表一項負債 履行完後才會被記錄為收入 所以通常看到大量遞延收入是好事
21:17
means a business is getting a lot of cash up front for its own business and that's great from a cash perspective
這意味著企業預先收到很多現金 對現金流來說很棒
21:24
okay so now what does that tell me from a balance sheet perspective well that tells me one the business is fairly
好 那麼從資產負債表的角度來看 這告訴我什麼呢 這告訴我第一 這門生意相當
21:29
Capital light it doesn't own a ton of assets and that does make it quite efficient from a capital perspective but
資本輕型 它不擁有很多資產 這讓它在資本運用上很有效率 但
21:35
at the same time of course it doesn't own its supply chain so it does have to rely on outside contractors so there's
當然 它不擁有其供應鏈 所以它必須依賴外部承包商 這有
21:40
pluses and minuses to that and then from a current asset and current liabilities basically all those things represent
優點和缺點 然後從流動資產和流動負債的角度來看 基本上所有這些項目
21:47
what we call working capital items if it's say like accounts receivable that's like payments that you expect to collect
都是我們稱為營運資金的項目 比如應收帳款 也就是你預期會從客戶那邊收到的款項
21:53
from customers or accounts payable so that's payments that you expect to pay to suppliers all of those different
或是應付帳款 也就是你預期要支付給供應商的款項 所有這些不同的
22:00
current assets and current liabilities represents money that is expected to come in or come out within a year and
流動資產和流動負債 代表預期在一年內會流入或流出的資金
22:06
they're usually called operating assets and liabilities I usually look at that in the cash L statement because they're
它們通常被稱為營運資產和負債 我通常在現金流量表中查看 因為它們
22:10
all summed up together but what they effectively represent is just cash that is tied up in different operating parts
全部加總在一起 但它們實際上代表的只是在營運的不同部分
22:17
of the business at the end of the day I look at the balance sheet to get a sense of the stability of the business I want
所占用的現金 總而言之 我看資產負債表是為了了解企業的穩定性 我
22:21
to make sure that it's finances look stable I want to understand where the cash is coming from I want to understand
想確保它的財務狀況看起來穩定 我想了解現金從哪裡來 我想了解
22:26
its obligations so again just to to check for Financial Risk if there's too much debt and then I also get a sense of
它的義務 所以再次強調 是為了檢查財務風險 如果債務過多 那麼我也能了解
22:32
what kind of nature is this business what is the nature of its operations so overall the balance sheet is always a
這門生意的性質是什麼 它的營運性質為何 整體而言 資產負債表 always a
22:37
check of the stability of the business for a balance sheet you want to see one ideally a growing cash balance two you
是檢視企業穩定性的指標 對於資產負債表 你希望看到 理想情況下 一、現金餘額持續成長 二、
22:44
want to see modest leverage at most three you want to see limited Capital raises right so that indicates that the
盡可能維持適度的槓桿 三、看到有限的資本募集 對 這表示該
22:51
business is likely to be profitable and generating cash and doesn't require a lot of capital what you don't want to
企業很可能獲利且能產生現金 不需要大量資本 你不希望看到的是
22:56
see is a declining cash balance means cash company's burning money you don't want to see really really high debt
現金餘額下滑 這意味著公司正在燒錢 你不希望看到非常非常高的負債
23:01
levels because it just makes it hard for the company to increase its Equity value and three you don't want to see a ton of
水位 因為這會讓公司難以提升其股東權益價值 三、你不希望看到大量的
23:07
capital raises just means that business is sucking in capital and if you see all those three things it means you got a
資本募集 這只表示該事業正在吸納資本 如果你同時看到這三件事 就意味著你得到的
23:12
business that is burning cash using a lot of capital and it's not generating cash that makes it quite hard to make
是一門正在燒錢、使用大量資本 卻無法產生現金的事業 這讓你很難在這種
23:19
money on that kind of business now let's jump into the cash flow statement when I look at the cash flow statement I
事業上賺錢 現在讓我們跳到現金流量表 當我檢視現金流量表時 我
23:24
immediately Zone in on two things the first is I want to look at the cash from operations because that tells me if the
會立刻聚焦在兩件事上 第一是我想看營業活動的現金流 因為這告訴我
23:30
business operations are producing cash it's a really big warning sign if you see the company is generating profits on
企業營運是否在產生現金 如果你看到公司在損益表上
23:37
its income statement so meaning the net income is positive or even the operating uh profits are positive but the cash
顯示獲利 也就是淨利為正 甚至營業利益也為正 但
23:46
flow from operations is negative that's a really big red flag because that means a company is not generating cash from
營業活動的現金流卻是負的 這就是一個非常大的警訊 因為這意味著公司沒有從
23:51
its operations and if it's somehow able to show that it's profitable from an accounting perspective they might be
其營運中產生現金 而如果他們在會計上 somehow 能顯示獲利 他們可能
23:56
doing sneaky things with their accounting like booking revenues or taking in sales without collecting any
在會計上動了手腳 比如認列收入或接下訂單卻沒有收到
24:01
cash that's a one example of a company that can be doing sneaky things with this accounting so you want to make sure
任何現金 這是公司可能在會計上動手腳的一個例子 所以你要確保
24:07
that the cash from operations is ideally positive and growing in line with the net income the earnings per share as
營業活動的現金流是正的 並且理想情況下能與淨利、每股盈餘
24:15
well as the EIT du and also when I'm looking at cast from operations here's where I can look at the working capital
以及 EBITDA 同步成長 另外 當我在看營業活動現金流時 這裡我可以觀察營運資金
24:20
so this change in net operating assets that represents the working capital so that's the sum total of things like the
所以這個淨營運資產的變動就代表營運資金 也就是應收帳款、
24:27
accounts receivable the accounts payables inventory all the stuff that represents cash coming in or cash coming
應付帳款、存貨等所有代表現金流入或現金流出的總和
24:33
out that is tied up in the business operations and so that some together that gives you a kind of blank number of
被業務營運所佔用，將這些加總後，就能得出一個粗略的數字
24:40
how much capital is required for the business day-to-day over a year and now that becomes useful because when we
顯示一年當中，日常業務需要多少資本，而這變得很有用，因為當我們
24:46
start to think about the future of the company once we get a sense of the cash earnings of the company either with
開始思考公司的未來，一旦我們透過營業收入或損益表掌握公司的現金收益後
24:53
operating income or IA we want to adjust that for the working capital so once we have idea in mind of the working capital
我們希望針對營運資金進行調整，因此一旦我們心中有數公司的營運資金
25:00
of the company we can adjust that in order to understand the cash flow from operations and then once we have the
我們就能加以調整，以了解營業活動的現金流，接著一旦我們掌握了
25:04
cash from operations we can start to calculate something called free cash flow now I want to look at capital
營業現金流，我們就能開始計算所謂的自由現金流。現在，我想談談資本
25:09
expenditure remember capital expenditure represents the reinvestments into the business if you remember when we're
支出，請記住資本支出代表對業務的再投資。如果你記得我們之前
25:14
talking about depreciation amortization so that's like cost of things wearing Down When a business makes an investment
談到折舊與攤銷，那就像東西老舊損耗的成本。當一家企業進行投資
25:20
for example it decides to repair his facilities it might invest in building a new plant for example that's all
舉例來說，決定修繕設施，它可能會投資興建新廠房，例如，這些都
25:25
included in capital expenditure and that's because it's considered an investment when they spend money on that
包含在資本支出中，因為它被視為一項投資，當他們在上面花錢時
25:31
it actually goes onto the balance sheet it goes into that property and Equipment line and it's considered capital
它實際上會列在資產負債表上，進入「不動產與設備」那一行，並被視為資本
25:37
expenditure it's the same way with software Investments so sometimes you might see a line that says investments
支出，軟體投資也是同樣的道理，所以有時你可能會看到一行寫著「軟體
25:43
in software that also becomes invested on the balance sheet it becomes something called like a capitalized
投資」，這也會投資在資產負債表上，變成所謂的「資本化
25:49
software or investments in software that would be a line on its assets on its balance sheet because it represents an
軟體」或「軟體投資」，這會是其資產負債表上資產的一行，因為它代表
25:55
investment that the business is making into its own assets so going to this part of the financial statement what I'm
企業對自身資產的一項投資。所以，針對財務報表的這一部分，我
26:01
doing is I take that cash from operations and then I minus the capital expenditure meaning the investments in
所做的是取營業現金流，然後減去資本支出，意即對業務的
26:06
the business so that tells me the free cash flow so that represents the actual cash the business operations is
投資，這就告訴我自由現金流，它代表扣除必要的再投資後
26:14
generating after minusing the required reinvestments and that's a really super important metric for investors because
業務營運實際產生的現金，而這對投資者來說是個超級重要的指標，因為
26:24
that cash represents cash that the business can use to either give back to investors they can pay investors back or
這筆現金代表企業可以用來回饋給投資者的錢，他們可以償還給投資者，或是
26:30
they can make investments into their own projects and really at the end of the day the fundamental value from a
可以投資於自己的專案，而歸根究底，從一個
26:36
financial standpoint how everything is value is based on the cash that that entity produces so the free cash flow
從財務角度來看，所有事物的價值都是基於該 entity（企業實體）所產生的現金，因此自由現金流
26:42
represents the real value underlying value of that company so I want to look at free cash flow so if we look down
代表了該公司真正的內在價值，所以我想要關注自由現金流。如果我們看下面
26:48
here they calculate free cash flow down here and I also want to of course look at free cast per share because I want to
他們在這裡計算自由現金流，我也當然想看看每股自由現金流，因為我想要
26:55
adjust for any share increases that happen if they've been raising capital from selling shares so I want to make
調整因出售股票籌資而導致的任何股份增加，所以我希望
27:00
sure that free cash flow is both positive and ideally going up because then that's a sign that the business is
確保自由現金流是正數，且理想中是持續上升的，因為這代表該企業正在
27:06
producing cash and also growing cash from its operation that indicates the company is growing in value that's the
產生現金，並且營運產生的現金也在增長，這顯示公司正在增值，這就是
27:13
key thing that I'm looking for in the cash flow statement a couple things that I also like to keep an eye out for in
我在現金流量表中尋找的關鍵點。在現金流量表中，還有幾點我也喜歡留意，
27:17
the cash flow statement is one is share based compensation so that's in the cash from operation I want to check how much
其一是股票薪酬（Share-based compensation），這是在營業現金流中，我想檢查他們
27:23
they're paying in stock it's a positive impact to cash flow because it's considered a non-cash expense when you
支付了多少股票，這對現金流有正面影響，因為它被視為非現金支出；當你
27:29
pay in stock you're not using any cash but it does raise the number of shares so it dilutes your earnings as well as
用股票支付時，你沒有動用任何現金，但它確實增加了股數，因此會稀釋你的盈餘以及
27:37
your cash flow per share so when you see a really high stock-based compensation number relative to the overall cash from
你的每股現金流。所以當你看到股票薪酬數字相對於整體營業現金流
27:44
operations or relative to the overall revenues you want to be mindful to use per share metrics because you want to
或相對於整體營收非常高時，你要謹慎使用每股指標，因為你必須
27:52
account for that dilutive impact of issuing all those shares to pay your employees on the side as well so when I
考量到為了支付員工薪酬而發行所有這些股票所帶來的稀釋影響。此外，當我
27:59
go to the cash from financing thing I also want to see if the compan is also repurchasing stocks so it's the exact
看到籌資活動現金流時，我也想看看公司是否有回購股票，這正好是
28:04
reverse there so sometimes companies will use their cash to buy back their stock and that has the opposite effect
相反的操作。有時公司會利用現金回購自家股票，這會產生相反的
28:10
that'll reduce the number of shares so that increases your share the earnings it increases earnings per share for you
效果，它會減少股數，從而提高你的持股盈餘，它會為你這位投資人提高每股盈餘，
28:16
as an investor and it's usually a great thing right the company is taking that cash and they're really just giving it
這通常是一件好事，對吧？公司拿著那筆現金，實際上就是透過回購股票
28:21
back to you by buying back stock and then they give it back to you by effectively increasing your earnings per
把錢還給你，然後透過有效地提高你的每股盈餘
28:26
share I like to see if there's any signs of the company either buying back stock or they giving stock ideally I prefer
再次回報給你。我喜歡看看是否有任何公司回購股票或發行股票的跡象，理想上作為投資人我偏好
28:33
the buying back stock as an investor and then finally I'll just look through and see if I see anything interesting
回購股票。最後，我會快速瀏覽一遍，看看是否有什麼有趣的發現。
28:39
because this is organized basically with the cash from operations the cash from investing activities cash from financing
因為這基本上是按照營運現金流、投資現金流和籌資現金流來組織的
28:45
activities basically you can see this as a record of what the company is doing with this cash so you can sometimes see
基本上你可以將其視為公司如何運用現金的紀錄，因此有時你可以看到
28:49
some interesting things if they're doing any Acquisitions that would come up with the cash from investing if they've been
一些有趣的現象。如果他們進行任何收購，這會反映在投資現金流中；如果他們
28:54
paying back debt or raising debt or raising stock of course that would be the cashroom financing and also from the
償還債務或舉債或發行股票，這當然會反映在籌資現金流中；另外從
29:00
cash from operations I can just see maybe some years have a lot of use of working capital right so it's a picture
營運現金流，我可以看到某些年份營運資金有大量使用，所以這是一幅
29:05
of what's going on the business from a cash perspective back to the cash flow three things I like to see is I like to
從現金角度看待公司營運狀況的圖像。回到現金流量表，我喜歡看到三件事：我希望看到
29:10
see positive free cash flow ideally growing the growth of free cash flow that is in line with the earnings so I
正的自由現金流，理想情況下是自由現金流的增長與盈餘相符，因此我
29:18
want to make sure that there isn't any weird accounting stuff going on and three I like to see Capital being
希望確保沒有任何奇怪的會計操作；第三，我喜歡看到資本
29:23
returned to investors that's indicating a business that's growing in cash generation and giving it back to
回報給投資者，這表明一門生意在現金創造方面持續成長，並將其返還給
29:29
investors what I don't want to see is negative or declining free cash flow that just means the business is burning
投資者。我不希望看到的是負的或下降的自由現金流，這只意味著這門生意在燒錢；
29:34
cash I don't want to see a Divergence from earnings that just means some funny stuff is going on and it just requires
我不希望看到與盈餘的背離，這只意味著有些不尋常的事情正在發生，需要
29:40
work to figure out what's going on and I don't want to see a ton of capital raises putting that all together that
花功夫去弄清楚到底怎麼回事；我也不希望看到大量的資本募集。把這些加在一起，只意味著
29:44
just means a business is just burning cash and it's requiring a lot more capital from investors so that just
這門生意就是在燒錢，而且需要從投資者那裡獲得更多資本，所以總體而言
29:50
overall makes it a hard type of business to make money on as an investor ideally because we as investors we want to
這對投資者來說是一種很難賺錢的生意類型。理想情況下，因為我們作為投資者，我們希望
29:56
invest in a business and we want that business to start producing cash in the future so that it can benefit us as
投資一門生意，並希望那門生意未來能開始產生現金，這樣它才能以
30:01
owners in the form of dividends or repurchases or just for the company being able to use that cash to keep
股利或回購的形式讓我們作為所有者受益，或者讓公司能夠利用這些現金來持續
30:07
growing and Investing For Itself okay so now let's take a step back for each of these three statements what you want to
成長並為自己投資。好的，那麼現在讓我們退一步看看這三張報表，你想要
30:11
look for income statement you want to get a sense the business is growing and it's profitable two balance sheet want
從損益表中了解這門生意是否在成長且有利可圖；從資產負債表，你想要
30:18
to look at if the business is in a stable Financial State and using really Capital responsibility because it's a
觀察這門生意是否處於穩定的財務狀態，並負責任地使用資本，因為它是
30:24
record of where they're ging cash from and where they're investing it cashal statement you want to see that the
紀錄公司現金來源與投資去處的報表；現金流量表，你希望看到
30:28
business is able to generate cash flow for its investors at a high level the kind of metrics that capture all those
企業能夠為其投資者創造高水平的現金流，能夠捕捉所有這些指標的
30:35
things is earnings per share and free cash flow per share because I indicate the profits the earnings of the company
是每股盈餘（EPS）和每股自由現金流，因為它們顯示了公司的利潤、
30:41
as well as the cash flow of the company that'll give you a sense of the change in value of the business by looking at
盈餘以及公司的現金流，透過觀察每股盈餘和每股自由現金流的
30:47
that growth of earnings per share and free cash flow per share but here's the thing we want to get a sense of the
增長，您可以了解企業價值的變化，但重點是我們想要了解
30:52
returns of the business right we need to compare these earnings figures relative to the capital that the business is
企業的回報，我們需要將這些盈餘數字相對於企業所使用的
30:59
using or the business is investing in because that ultimately represents Returns the profits that the company is
或投資的資本進行比較，因為這最終代表了回報，也就是公司利用
31:05
making on the capital that it's using represents the returns we get as investors from owning this company
其所使用的資本所創造的利潤，代表了我們作為投資者因持有這家公司
31:10
because we're giving Capital to the company so here's the two ratios that I like to look at from a return
所獲得的回報，因為我們是將資本提供給公司，所以這裡有兩個我喜歡從回報
31:16
perspective the first one is return on Equity as so it's Roe and the second one is return on invested Capital so here
角度來看的比率，第一個是股東權益報酬率（ROE），第二個是投資資本回報率（ROIC），
31:23
would be return on total Capital because I both of these indicators will give me a sense of of how efficient is a company
或者這裡我會稱之為總資本回報率，因為這兩個指標都能讓我了解一家公司
31:30
at generating profits using its capital so when we look on return and Equity what that is from an accounting
在利用其資本創造利潤方面的效率，當我們看股東權益報酬率時，從會計
31:36
perspective so remember net income it's just net income as a proportion of total Equity so total Equity usually just
角度來看，請記住，淨利就是淨利占總權益的比例，所以總權益通常只是
31:42
represents a combination of the retained earnings plus any Capital raised from selling shares so you can just think of
保留盈餘加上透過發行股票籌集的任何資本的組合，所以您可以將其視為
31:47
it as all the money that it has raised from its earnings as well as from selling shares net income as a
公司從其盈餘以及發行股票所籌集的所有資金，淨利占
31:54
proportion of that is is a way to calculate the return on equity so that represents the returns that Equity
這部分的比例就是計算股東權益報酬率的一種方式，這代表了股權
32:00
holders are getting now return on invested Capital what that is is that is the operating profit after tax so that's
持有者所獲得的回報。至於投資資本回報率，它是指稅後營業利潤，也就是
32:08
before interest because we're looking at all capital holders but it's after paying tax so it's the profits of the
在支付利息之前，因為我們是在觀察所有資本持有者，但它是在支付稅款之後，所以它是企業在
32:13
business before paying out interest as a percentage of total Capital so both the debt and the equity summ together so
支付利息之前的利潤，占總資本（即債務和股權加總）的百分比，
32:21
that represents the returns of the business is generating for all investors so I tend to like to use return on
這代表了企業為所有投資者創造的回報，所以我傾向於喜歡使用投資資本回報率，
32:27
invested capital I'm going to look at return on total Capital here because that represents returns as a whole for
這裡我將會看總資本回報率，因為它代表了整體的回報，對於
32:33
the business on its capital as a whole and I want to see it one positive and I want to see it showing signs of
整體資本的業務表現，我希望看到它是正向的，並且顯示出
32:40
improvement because that means the company is one generating positive returns for its investors on using
改善的跡象，因為這意味著公司正在為其投資者創造正向回報，運用
32:46
Capital that's number one I'm not actually looking at the absolute number that much because the more the company
資本，這是第一點。我其實不太看絕對數字，因為公司投資越多
32:53
is investing in the more that number will move around for example if the company has just raised the money and
這個數字的波動就會越大。舉例來說，如果公司剛籌到錢，
32:57
it's got a really great project but it's not seeing profits just yet that number will be low because of course sometimes
雖然手上有個很棒的專案，但尚未看到利潤，這個數字就會很低，因為當然有時候
33:03
profits take a while sometimes projects take a while before they start to become profitable so I don't read too much into
利潤需要一段時間，有時候專案也需要一段時間才開始獲利，所以我不会過度解讀
33:08
the absolute level unless it's really negative or really really low because I'm caring about what the business will
絕對水平，除非它真的非常負面或非常非常低，因為我關心的是這家企業未來
33:14
generate in terms of its returns in the future so what I'm really looking for is a positive trend I want to see hopefully
在回報方面會創造出什麼。所以我真正尋找的是正向趨勢，我希望看到
33:20
signs that there is an upward Trend in the return on total Capital because I'm focused on the returns the company will
總資本回報率有上升趨勢的跡象，因為我關注的是公司基於現正使用的資本
33:27
make in the future based on the capital being used today so when it's trending upwards that means that it's starting to
在未來會創造的回報。所以當它呈上升趨勢時，意味著它開始在
33:34
see higher Returns on the new profits right if the returns are getting higher then that would mean that the overall
新的利潤上看到更高的回報，對吧？如果回報越來越高，那就意味著整體
33:41
return on invested capital is starting to Trend upwards and then that is a great sign because if the business is
投入資本回報率開始呈上升趨勢，這是一個很棒的訊號，因為如果一家企業
33:46
starting to invest in things that are having high return ultimately that will raise the stocks valuation and that's
開始投資於高回報的事物，最終將推高股票的估值，而這
33:53
another topic to get into but at the end of the day when a company can generate really high Returns on his Capital One
是另一個可以探討的話題，但歸根結底，當一家公司能為其資本創造非常高的回報時，
33:58
it makes money for you as an investor and it tends to lead to a higher valuation for its company so based on
它能為你這位投資者賺錢，而且往往會導致其公司估值更高。因此，基於
34:04
this check when I look at this company NeXT tracker from the operating side I think the business looks good I will
這個檢查，當我從營運面觀察這家 NeXT tracker 公司時，我認為這家企業看起來不錯，我
34:11
probably want to double check the nature of its growth but overall I like that it's profitable I think it's growing
可能會想再仔細檢查一下其增長的本質，但整體而言，我喜歡它是獲利的，我認為它正在成長，
34:17
from a balance sheet is super healthy they have plenty of cash not a lot of debt looks like they're using Capital
從資產負債表來看非常健康，他們有大量現金，負債不多，看起來他們正在妥善運用資本，
34:23
well cash flow it looks like they're growing their free cash flow per share alongside earnings I might do some
從現金流來看，看起來他們的每股自由現金流與盈餘同步增長，我可能會做一些
34:28
analysis just to check on that and from a return perspective they're growing their Returns on Capital it's increasing
分析來確認這一點，而從回報的角度來看，他們的資本回報率正在增長，而且持續增加。
34:35
you can see of course that there are some jumps and changes which indicates that they're in an investing mode but I
你當然可以看到有些跳躍和變化，這表示他們正處於投資模式，但我
34:42
want to probably look a little bit deeper do some analysis to make sure they're getting high Returns on Capital
想或許要再深入一點，做一些分析，以確保他們能獲得高資本回報
34:47
get a better understanding of that but so far it looks good it looks like they're getting good returns and it
更好地了解這一點，但到目前為止看起來不錯，看起來他們獲得了良好的回報，而且
34:51
looks like it's getting higher so that's great so this to me is a check that this business is worth looking into and
看起來還在提高，這很棒，所以對我來說，這是一個檢查，確認這家公司值得深入研究，並
34:56
actually invested a little a little bit into it because I think it's a promising company and then now gives me a lot of
實際上投資了一點點，因為我認為這是一家很有潛力的公司，然後現在給了我很多
35:02
things and questions to think about as I go and start doing research and understanding this business so for Next
事情和問題去思考，當我開始做研究並了解這門生意時，所以對於下一步
35:09
Step I want you to look at any stock that you've been looking at I want you to go through the financial statements
我希望你看看任何你一直在關注的股票，我希望你像我一樣
35:14
just like I did do the same kind of check check the net income for growth profitability check the balance sheet
瀏覽財務報表，做同樣的檢查，檢查淨利潤的增長和盈利能力，檢查資產負債表
35:19
for financial stability and how it's using his cash and then check the cash flow statement see where his cash is
的財務穩定性以及它如何使用現金，然後檢查現金流量表，看看它的現金流向哪裡
35:24
going and where they're generating cash and then check the return metric once you do all that ask yourself does this
以及他們在哪裡產生現金，然後檢查回報指標，當你做完所有這些後，問問自己，這家
35:30
business look like it's generating good returns for investors in the future if the answer is like clearly no then it
公司未來是否看起來能為投資者創造良好的回報，如果答案是明確的「不」，那麼它
35:37
might not be a great fit for looking further into and if the answer is maybe or probably yes then it's probably worth
可能不適合進一步研究，如果答案是「也許」或「很可能可以」，那麼它可能值得
35:44
looking into so that's how you can use reading financials to do a quick check on the business now there's more
深入研究，這就是你如何利用閱讀財務報表來對公司進行快速檢查，現在描述欄位裡有更多
35:49
resources in the description if you want to start to go deeper and just to help you out on reading financials when
資源，如果你想開始更深入，並幫助你閱讀財務報表，當
35:54
you're looking at businesses to invest in and I also encourage you to go uh check out we have a free Master Class if
你在尋找投資標的時，我也鼓勵你去查看，我們有一個免費的大師班，如果你想更深入了解如何像專業人士一樣選股，感謝觀看，如果你喜歡這個影片，請按讚
35:59
you want to get into deeper on how to pick stocks like professionals thanks for watching if you like this just like
並訂閱，這樣你就能收到更多類似的影片，如果有任何問題請留言，我們下支影片見
36:05
And subscribe so you can get more videos like this and leave a comment if you have any questions and I'll see you in
[音樂] [音樂]
36:10
the next video
下支影片見
36:11
[Music] [Music]
[音樂] [音樂]
