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2021-12-08

Yes agreed on more growth better.

Apple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金耗尽时会发生什么？</blockquote>

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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":602036764,"tweetId":"602036764","gmtCreate":1638937877872,"gmtModify":1638937878177,"author":{"id":4089499026613770,"idStr":"4089499026613770","authorId":4089499026613770,"authorIdStr":"4089499026613770","name":"JeremyChuax","avatar":"https://static.tigerbbs.com/a1f1ede120de2da723e4456d7fdcce55","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":30,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Yes agreed on more growth better.</body></html>","htmlText":"<html><head></head><body>Yes agreed on more growth better.</body></html>","text":"Yes agreed on more growth better.","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/602036764","repostId":1105817084,"repostType":2,"repost":{"id":"1105817084","kind":"news","pubTimestamp":1638933976,"share":"https://www.laohunote.com/m/news/1105817084?lang=zh_CN&edition=full","pubTime":"2021-12-08 11:26","market":"us","language":"en","title":"Apple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金耗尽时会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1105817084","media":"TheStreet","summary":"Apple is about to run out of cash. This statement may sound lucrac is to most Apple stock investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team knows this to be true.Today, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.To be fair, “running out of cash” in this context does not mean that Apple’s checking accounts a","content":"Apple is about to run out of cash. This statement may sound lucrac&nbsp;is to most Apple stock&nbsp;(AAPL)&nbsp;investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team&nbsp;knows&nbsp;this to be true.<blockquote>苹果即将耗尽现金。这种说法可能听起来像是 lucrac 对大多数苹果股票来说（苹果）投资者，因为这家库比蒂诺公司在过去多年里一直是一台现金产生机器。但即使是管理团队也知道这是真的。</blockquote> Today, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.<blockquote>今天，这位苹果专家将谈论这家 iPhone 制造商曾经的巨额现金发生了什么变化，以及余额的减少可能对股东意味着什么。</blockquote> Apple heading to net cash neutral<blockquote>苹果走向净现金中性</blockquote> To be fair, “running out of cash” in this context does not mean that Apple’s checking accounts at the bank will dry out. It simply means that the company’s debt balances will roughly offset its cash position — i.e. Apple will become net cash neutral.<blockquote>平心而论，在这种情况下，“现金耗尽 ”并不意味着苹果在银行的支票账户会枯竭。这仅仅意味着公司的债务余额将大致抵消其现金状况--也就是说，苹果将成为净现金中性。</blockquote> The chart below shows the evolution of Apple’s gross cash (blue bars) and net cash (orange bars) balances since 2011. Ten years ago was when then-CEO Steve Jobs stepped down and turned the control of the company over to then-COO Tim Cook.<blockquote>下图显示了自 2011 年以来苹果现金总额（蓝色条形图）和净现金（橙色条形图）余额的演变情况。十年前，时任首席执行官史蒂夫·乔布斯辞职，将公司控制权移交给时任首席运营官蒂姆·库克。</blockquote> <img src=\"https://static.tigerbbs.com/435c5199979bc64d49899feed29d15fb\" tg-width=\"1200\" tg-height=\"723\" width=\"100%\" height=\"auto\">Figure 2:Apple's cash position, fiscal 2012-2021.data from Seeking Alpha<blockquote>图 2:Apple 2012-2021 财年现金状况。数据来自 Seeking Alpha</blockquote> Starting in 2012, Apple began issuing debt for the first time in its history. By 2017, the company boasted the largest gross and net-of-debt cash balances that it had ever seen in its books. But since then, both numbers have been dwindling. This year’s $72 billion in net cash is less than half the amount of about four years ago.<blockquote>从2012年开始，苹果历史上首次开始发债。到2017年，该公司拥有有史以来最大的总现金余额和债务净额。但从那以后，这两个数字都在减少。今年的净现金为 720 亿美元，还不到四年前的一半。</blockquote> What happens when cash runs out?<blockquote>现金用完后会发生什么？</blockquote> The chart below shows that, prior to Tim Cook as CEO, Apple was very timid at deploying its cash reserves. While capex and dividend payments increased quickly (large M&amp;A has never been a thing for Apple), buybacks skyrocketed. Apple has spent more than three times as much in share repurchases since 2018 than it did in capex and dividends combined.<blockquote>下图显示，在蒂姆·库克担任首席执行官之前，苹果在部署现金储备方面非常胆怯。虽然资本支出和股息支付迅速增加（大型并购对苹果来说从来都不是一件事），但回购却激增。自 2018 年以来，苹果在股票回购上的支出是资本支出和股息总和的三倍多。</blockquote> <img src=\"https://static.tigerbbs.com/e0ecee1dedf8551b616732dc7180c574\" tg-width=\"1200\" tg-height=\"694\" width=\"100%\" height=\"auto\">Figure 3:Apple's cash deployment by major category.data from Seeking Alpha<blockquote>图 3：按主要类别划分的苹果现金部署情况。数据来自 Seeking Alpha</blockquote> As Apple’s cash balance continues to dip, it is reasonable to expect the pace of share retirement to decline as well. This is true not only because of a leaner balance sheet, but because AAPL stock trades at a much richer price today — thus, it costs Apple more to buy back each share of its own equity.<blockquote>随着苹果的现金余额持续下降，有理由预计股票退役的速度也会下降。这不仅是因为资产负债表更精简，还因为 AAPL 股票如今的交易价格要高得多——因此，苹果回购每股股权的成本更高。</blockquote> Why is this relevant for investors? Over the past decade, Apple’s shares outstanding have declined by 10 billion units to 16.7 billion. Share count is the denominator in EPS (earnings per share) and EPS is the denominator in price-to-earnings. Therefore, buybacks alone have probably been responsible for a good chunk of Apple stock’s climb in the past several years.<blockquote>为什么这与投资者相关？在过去十年中，苹果的流通股减少了 100 亿股，降至 167 亿股。股份数量是 EPS（每股收益）的分母，EPS 是市盈率的分母。因此，仅回购一项就可能是苹果股价在过去几年中上涨的主要原因。</blockquote> At the current stock price of $165 apiece, Apple can afford to retire around 435 million more shares with its current net cash balance, or barely 3% of the float. After that point, the Cupertino company might need to scale back on repurchases or borrow in order to keep buying its stock.<blockquote>按照目前每股 165 美元的股价计算，苹果以其目前的净现金余额可以再退役约 4.35 亿股股票，仅占流通股的 3%。此后，这家库比蒂诺公司可能需要减少回购或借款，以继续购买其股票。</blockquote> Should investors worry?<blockquote>投资者应该担心吗？</blockquote> I think that Apple stock could suffer, at least from deteriorated investor sentiment, if or once it begins to slow down the pace of its share buyback efforts. However, I also believe that this is only one aspect of the investment thesis that people should consider.<blockquote>我认为，如果或一旦苹果开始放缓股票回购步伐，它的股票可能会受到影响，至少投资者情绪恶化。然而，我也相信，这只是人们应该考虑的投资论点的一个方面。</blockquote> I remain optimistic about Apple stock from a business fundamentals perspective. The Cupertino company seems to have found the sweet spot in demand for its products and services, which I believe bodes very well for AAPL in the foreseeable future.<blockquote>从商业基本面的角度来看，我仍然看好苹果股票。这家库比蒂诺公司似乎已经找到了对其产品和服务需求的最佳点，我相信这在可预见的未来对 AAPL 来说是一个非常好的兆头。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金耗尽时会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple Stock: What Happens When The Cash Runs Out?<blockquote>苹果股票：现金耗尽时会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nTheStreet2021-12-08 11:26\n\n</h4>\n</header>\n<article>\nApple is about to run out of cash. This statement may sound lucrac&nbsp;is to most Apple stock&nbsp;(AAPL)&nbsp;investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team&nbsp;knows&nbsp;this to be true.<blockquote>苹果即将耗尽现金。这种说法可能听起来像是 lucrac 对大多数苹果股票来说（苹果）投资者，因为这家库比蒂诺公司在过去多年里一直是一台现金产生机器。但即使是管理团队也知道这是真的。</blockquote> Today, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.<blockquote>今天，这位苹果专家将谈论这家 iPhone 制造商曾经的巨额现金发生了什么变化，以及余额的减少可能对股东意味着什么。</blockquote> Apple heading to net cash neutral<blockquote>苹果走向净现金中性</blockquote> To be fair, “running out of cash” in this context does not mean that Apple’s checking accounts at the bank will dry out. It simply means that the company’s debt balances will roughly offset its cash position — i.e. Apple will become net cash neutral.<blockquote>平心而论，在这种情况下，“现金耗尽 ”并不意味着苹果在银行的支票账户会枯竭。这仅仅意味着公司的债务余额将大致抵消其现金状况--也就是说，苹果将成为净现金中性。</blockquote> The chart below shows the evolution of Apple’s gross cash (blue bars) and net cash (orange bars) balances since 2011. Ten years ago was when then-CEO Steve Jobs stepped down and turned the control of the company over to then-COO Tim Cook.<blockquote>下图显示了自 2011 年以来苹果现金总额（蓝色条形图）和净现金（橙色条形图）余额的演变情况。十年前，时任首席执行官史蒂夫·乔布斯辞职，将公司控制权移交给时任首席运营官蒂姆·库克。</blockquote> <img src=\"https://static.tigerbbs.com/435c5199979bc64d49899feed29d15fb\" tg-width=\"1200\" tg-height=\"723\" width=\"100%\" height=\"auto\">Figure 2:Apple's cash position, fiscal 2012-2021.data from Seeking Alpha<blockquote>图 2:Apple 2012-2021 财年现金状况。数据来自 Seeking Alpha</blockquote> Starting in 2012, Apple began issuing debt for the first time in its history. By 2017, the company boasted the largest gross and net-of-debt cash balances that it had ever seen in its books. But since then, both numbers have been dwindling. This year’s $72 billion in net cash is less than half the amount of about four years ago.<blockquote>从2012年开始，苹果历史上首次开始发债。到2017年，该公司拥有有史以来最大的总现金余额和债务净额。但从那以后，这两个数字都在减少。今年的净现金为 720 亿美元，还不到四年前的一半。</blockquote> What happens when cash runs out?<blockquote>现金用完后会发生什么？</blockquote> The chart below shows that, prior to Tim Cook as CEO, Apple was very timid at deploying its cash reserves. While capex and dividend payments increased quickly (large M&amp;A has never been a thing for Apple), buybacks skyrocketed. Apple has spent more than three times as much in share repurchases since 2018 than it did in capex and dividends combined.<blockquote>下图显示，在蒂姆·库克担任首席执行官之前，苹果在部署现金储备方面非常胆怯。虽然资本支出和股息支付迅速增加（大型并购对苹果来说从来都不是一件事），但回购却激增。自 2018 年以来，苹果在股票回购上的支出是资本支出和股息总和的三倍多。</blockquote> <img src=\"https://static.tigerbbs.com/e0ecee1dedf8551b616732dc7180c574\" tg-width=\"1200\" tg-height=\"694\" width=\"100%\" height=\"auto\">Figure 3:Apple's cash deployment by major category.data from Seeking Alpha<blockquote>图 3：按主要类别划分的苹果现金部署情况。数据来自 Seeking Alpha</blockquote> As Apple’s cash balance continues to dip, it is reasonable to expect the pace of share retirement to decline as well. This is true not only because of a leaner balance sheet, but because AAPL stock trades at a much richer price today — thus, it costs Apple more to buy back each share of its own equity.<blockquote>随着苹果的现金余额持续下降，有理由预计股票退役的速度也会下降。这不仅是因为资产负债表更精简，还因为 AAPL 股票如今的交易价格要高得多——因此，苹果回购每股股权的成本更高。</blockquote> Why is this relevant for investors? Over the past decade, Apple’s shares outstanding have declined by 10 billion units to 16.7 billion. Share count is the denominator in EPS (earnings per share) and EPS is the denominator in price-to-earnings. Therefore, buybacks alone have probably been responsible for a good chunk of Apple stock’s climb in the past several years.<blockquote>为什么这与投资者相关？在过去十年中，苹果的流通股减少了 100 亿股，降至 167 亿股。股份数量是 EPS（每股收益）的分母，EPS 是市盈率的分母。因此，仅回购一项就可能是苹果股价在过去几年中上涨的主要原因。</blockquote> At the current stock price of $165 apiece, Apple can afford to retire around 435 million more shares with its current net cash balance, or barely 3% of the float. After that point, the Cupertino company might need to scale back on repurchases or borrow in order to keep buying its stock.<blockquote>按照目前每股 165 美元的股价计算，苹果以其目前的净现金余额可以再退役约 4.35 亿股股票，仅占流通股的 3%。此后，这家库比蒂诺公司可能需要减少回购或借款，以继续购买其股票。</blockquote> Should investors worry?<blockquote>投资者应该担心吗？</blockquote> I think that Apple stock could suffer, at least from deteriorated investor sentiment, if or once it begins to slow down the pace of its share buyback efforts. However, I also believe that this is only one aspect of the investment thesis that people should consider.<blockquote>我认为，如果或一旦苹果开始放缓股票回购步伐，它的股票可能会受到影响，至少投资者情绪恶化。然而，我也相信，这只是人们应该考虑的投资论点的一个方面。</blockquote> I remain optimistic about Apple stock from a business fundamentals perspective. The Cupertino company seems to have found the sweet spot in demand for its products and services, which I believe bodes very well for AAPL in the foreseeable future.<blockquote>从商业基本面的角度来看，我仍然看好苹果股票。这家库比蒂诺公司似乎已经找到了对其产品和服务需求的最佳点，我相信这在可预见的未来对 AAPL 来说是一个非常好的兆头。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.thestreet.com/apple/stock/apple-stock-what-happens-when-the-cash-runs-out\">TheStreet</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.thestreet.com/apple/stock/apple-stock-what-happens-when-the-cash-runs-out","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1105817084","content_text":"Apple is about to run out of cash. This statement may sound lucrac is to most Apple stock (AAPL) investors, since the Cupertino company has been a cash-generating machine in the past many years. But even the management team knows this to be true.\nToday, the Apple Maven talks about what has been happening to the iPhone maker’s once giant pile of cash, and what the declining balances may mean for shareholders.\nApple heading to net cash neutral\nTo be fair, “running out of cash” in this context does not mean that Apple’s checking accounts at the bank will dry out. It simply means that the company’s debt balances will roughly offset its cash position — i.e. Apple will become net cash neutral.\nThe chart below shows the evolution of Apple’s gross cash (blue bars) and net cash (orange bars) balances since 2011. Ten years ago was when then-CEO Steve Jobs stepped down and turned the control of the company over to then-COO Tim Cook.\nFigure 2:Apple's cash position, fiscal 2012-2021.data from Seeking Alpha\nStarting in 2012, Apple began issuing debt for the first time in its history. By 2017, the company boasted the largest gross and net-of-debt cash balances that it had ever seen in its books. But since then, both numbers have been dwindling. This year’s $72 billion in net cash is less than half the amount of about four years ago.\nWhat happens when cash runs out?\nThe chart below shows that, prior to Tim Cook as CEO, Apple was very timid at deploying its cash reserves. While capex and dividend payments increased quickly (large M&A has never been a thing for Apple), buybacks skyrocketed. Apple has spent more than three times as much in share repurchases since 2018 than it did in capex and dividends combined.\nFigure 3:Apple's cash deployment by major category.data from Seeking Alpha\nAs Apple’s cash balance continues to dip, it is reasonable to expect the pace of share retirement to decline as well. This is true not only because of a leaner balance sheet, but because AAPL stock trades at a much richer price today — thus, it costs Apple more to buy back each share of its own equity.\nWhy is this relevant for investors? Over the past decade, Apple’s shares outstanding have declined by 10 billion units to 16.7 billion. Share count is the denominator in EPS (earnings per share) and EPS is the denominator in price-to-earnings. Therefore, buybacks alone have probably been responsible for a good chunk of Apple stock’s climb in the past several years.\nAt the current stock price of $165 apiece, Apple can afford to retire around 435 million more shares with its current net cash balance, or barely 3% of the float. After that point, the Cupertino company might need to scale back on repurchases or borrow in order to keep buying its stock.\nShould investors worry?\nI think that Apple stock could suffer, at least from deteriorated investor sentiment, if or once it begins to slow down the pace of its share buyback efforts. However, I also believe that this is only one aspect of the investment thesis that people should consider.\nI remain optimistic about Apple stock from a business fundamentals perspective. The Cupertino company seems to have found the sweet spot in demand for its products and services, which I believe bodes very well for AAPL in the foreseeable future.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":993,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":28,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/602036764"}