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Does Verra Mobility (NASDAQ:VRRM) Have A Healthy Balance Sheet?
Does Verra Mobility (NASDAQ:VRRM) Have A Healthy Balance Sheet?
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital.' It's only natural to consider a company's balance sheet when you examine how risky it is, since debt is often involved when a business collapses. As with many other companies Verra Mobility Corporation (NASDAQ:VRRM) makes use of debt. But the more important question is: how much risk is that debt creating?
When Is Debt Dangerous?
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. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Of course, the upside of debt is that it often represents cheap capital, especially when it replaces dilution in a company with the ability to reinvest at high rates of return. When we think about a company's use of debt, we first look at cash and debt together.
See our latest analysis for Verra Mobility
What Is Verra Mobility's Debt?
You can click the graphic below for the historical numbers, but it shows that as of June 2022 Verra Mobility had US$1.22b of debt, an increase on US$975.5m, over one year. On the flip side, it has US$92.8m in cash leading to net debt of about US$1.12b.
NasdaqCM:VRRM Debt to Equity History September 1st 2022How Healthy Is Verra Mobility's Balance Sheet?
According to the last reported balance sheet, Verra Mobility had liabilities of US$165.5m due within 12 months, and liabilities of US$1.37b due beyond 12 months. Offsetting this, it had US$92.8m in cash and US$206.6m in receivables that were due within 12 months. So it has liabilities totalling US$1.24b more than its cash and near-term receivables, combined.
This deficit isn't so bad because Verra Mobility is worth US$2.44b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.
We measure a company's debt load relative to its earnings power by looking at its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and by calculating how easily its earnings before interest and tax (EBIT) cover its interest expense (interest cover). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.
Verra Mobility has a debt to EBITDA ratio of 3.8 and its EBIT covered its interest expense 3.2 times. Taken together this implies that, while we wouldn't want to see debt levels rise, we think it can handle its current leverage. The silver lining is that Verra Mobility grew its EBIT by 187% last year, which nourishing like the idealism of youth. If it can keep walking that path it will be in a position to shed its debt with relative ease. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately the future profitability of the business will decide if Verra Mobility can strengthen its balance sheet over time. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, Verra Mobility actually produced more free cash flow than EBIT. That sort of strong cash generation warms our hearts like a puppy in a bumblebee suit.
Our View
Verra Mobility's conversion of EBIT to free cash flow suggests it can handle its debt as easily as Cristiano Ronaldo could score a goal against an under 14's goalkeeper. But, on a more sombre note, we are a little concerned by its interest cover. All these things considered, it appears that Verra Mobility can comfortably handle its current debt levels. On the plus side, this leverage can boost shareholder returns, but the potential downside is more risk of loss, so it's worth monitoring the balance sheet. When analysing debt levels, the balance sheet is the obvious place to start. However, not all investment risk resides within the balance sheet - far from it. For example, we've discovered 1 warning sign for Verra Mobility that you should be aware of before investing here.
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.
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.
传奇基金经理理想汽车·卢曾说,最大的投资风险不是价格的波动,而是你是否会遭受永久性的资本损失。当你考察一家公司的风险有多大时,考虑它的资产负债表是很自然的,因为当一家企业倒闭时,债务往往会涉及到它。与许多其他公司一样Verra移动公司纳斯达克(CDH Investments:VRRM)利用债务。但更重要的问题是:这笔债务造成了多大的风险?
债务在什么时候是危险的?
债务是帮助企业发展的一种工具,但如果一家企业无法偿还贷款人的债务,那么它就只能听从贷款人的摆布。资本主义的一部分是“创造性破坏”的过程,破产的企业被银行家无情地清算。然而,一种更常见(但仍令人痛苦)的情景是,它不得不以低价筹集新的股本,从而永久性地稀释股东。当然,债务的好处是,它往往代表着廉价资本,特别是当它用能够以高回报率进行再投资的能力取代公司的稀释时。当我们考虑一家公司的债务用途时,我们首先会把现金和债务放在一起看。
查看我们对Verra移动性的最新分析
Verra Mobility的债务是什么?
您可以点击下图查看历史数据,但它显示,截至2022年6月,Verra Mobility的债务为12.2亿美元,比一年前增加了9.755亿美元。另一方面,它拥有9280万美元的现金,导致净债务约为11.2亿美元。
纳斯达克CM:VRRM债转股历史2022年9月1日Verra Mobility的资产负债表有多健康?
根据最新报告的资产负债表,Verra Mobility有1.655亿美元的负债在12个月内到期,13.7亿美元的负债在12个月后到期。作为抵消,它有9280万美元的现金和2.066亿美元的应收账款在12个月内到期。因此,它的负债总额比现金和近期应收账款加起来还要多12.4亿美元。
这一赤字并不是那么糟糕,因为Verra Mobility价值24.4亿美元,因此如果需要的话,可能会筹集到足够的资本来支撑其资产负债表。但我们肯定希望密切关注其债务带来太大风险的迹象。
我们通过查看公司的净债务除以利息、税项、折旧和摊销前收益(EBITDA),并计算其息税前收益(EBIT)覆盖利息支出(利息覆盖)的容易程度,来衡量公司的债务负担与其盈利能力的关系。因此,我们考虑债务相对于收益,包括折旧和摊销费用。
Verra Mobility的债务与EBITDA的比率为3.8倍,EBIT覆盖了利息支出的3.2倍。综上所述,这意味着,尽管我们不希望看到债务水平上升,但我们认为它可以处理好目前的杠杆。一线希望是,Verra Mobility去年的息税前利润增长了187%,这就像年轻人的理想主义一样滋养着。如果它能够继续沿着这条路走下去,它将能够相对轻松地摆脱债务。在分析债务水平时,资产负债表显然是一个起点。但最终,该业务未来的盈利能力将决定Verra Mobility能否随着时间的推移加强其资产负债表。因此,如果你想看看专业人士的想法,你可能会发现这份关于分析师利润预测的免费报告很有趣。
最后,一家公司只能用冷硬现金偿还债务,而不是会计利润。因此,有必要检查这笔息税前利润中有多少是由自由现金流支持的。在过去的三年里,Verra Mobility实际上产生了比息税前利润更多的自由现金流。这种强大的摇钱树就像一只穿着大黄蜂西装的小狗一样温暖着我们的心。
我们的观点
Verra Mobility将息税前利润转换为自由现金流,这表明它可以轻松地处理债务,就像克里斯蒂亚诺·罗纳尔多在对阵14岁以下门将的比赛中进球一样。但是,更悲观的是,我们有点担心它的利息覆盖面。考虑到所有这些因素,Verra Mobility似乎可以轻松地处理目前的债务水平。有利的一面是,这种杠杆可以提高股东回报,但潜在的不利因素是更大的亏损风险,因此值得监控资产负债表。在分析债务水平时,资产负债表显然是一个起点。然而,并非所有投资风险都存在于资产负债表中--远非如此。例如,我们发现1个Verra移动性警告标志在这里投资之前你应该意识到这一点。
如果你有兴趣投资于可以在没有债务负担的情况下增长利润的企业,那么看看这个免费资产负债表上有净现金的成长型企业名单。
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本文由Simply Wall St.撰写,具有概括性。我们仅使用不偏不倚的方法提供基于历史数据和分析师预测的评论,我们的文章并不打算作为财务建议。它不构成买卖任何股票的建议,也没有考虑你的目标或你的财务状况。我们的目标是为您带来由基本面数据驱动的长期重点分析。请注意,我们的分析可能不会将最新的对价格敏感的公司公告或定性材料考虑在内。Simply Wall St.对上述任何一只股票都没有持仓。
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moomoo是Moomoo Technologies Inc.公司提供的金融信息和交易应用程序。
在美国,moomoo上的投资产品和服务由Moomoo Financial Inc.提供,一家受美国证券交易委员会(SEC)监管的持牌主体。 Moomoo Financial Inc.是金融业监管局(FINRA)和证券投资者保护公司(SIPC)的成员。
在新加坡,moomoo上的投资产品和服务是通过Moomoo Financial Singapore Pte. Ltd.提供,该公司受新加坡金融管理局(MAS)监管(牌照号码︰CMS101000) ,持有资本市场服务牌照 (CMS) ,持有财务顾问豁免(Exempt Financial Adviser)资质。本内容未经新加坡金融管理局的审查。
在澳大利亚,moomoo上的金融产品和服务是通过Futu Securities (Australia) Ltd提供,该公司是受澳大利亚证券和投资委员会(ASIC)监管的澳大利亚金融服务许可机构(AFSL No. 224663)。请阅读并理解我们的《金融服务指南》、《条款与条件》、《隐私政策》和其他披露文件,这些文件可在我们的网站 https://www.moomoo.com/au中获取。
在加拿大,通过moomoo应用提供的仅限订单执行的券商服务由Moomoo Financial Canada Inc.提供,并受加拿大投资监管机构(CIRO)监管。
在马来西亚,moomoo上的投资产品和服务是通过Moomoo Securities Malaysia Sdn. Bhd. 提供,该公司受马来西亚证券监督委员会(SC)监管(牌照号码︰eCMSL/A0397/2024) ,持有资本市场服务牌照 (CMSL) 。本内容未经马来西亚证券监督委员会的审查。
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