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We Think Alarm.com Holdings (NASDAQ:ALRM) Can Stay On Top Of Its Debt
We Think Alarm.com Holdings (NASDAQ:ALRM) Can Stay On Top Of Its Debt
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of permanent loss is the risk I worry about... and every practical investor I know worries about.' When we think about how risky a company is, we always like to look at its use of debt, since debt overload can lead to ruin. We note that Alarm.com Holdings, Inc. (NASDAQ:ALRM) does have debt on its balance sheet. But is this debt a concern to shareholders?
When Is Debt A Problem?
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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.
View our latest analysis for Alarm.com Holdings
How Much Debt Does Alarm.com Holdings Carry?
The image below, which you can click on for greater detail, shows that at June 2022 Alarm.com Holdings had debt of US$488.8m, up from US$416.9m in one year. However, it does have US$643.4m in cash offsetting this, leading to net cash of US$154.6m.
NasdaqGS:ALRM Debt to Equity History September 5th 2022How Strong Is Alarm.com Holdings' Balance Sheet?
According to the last reported balance sheet, Alarm.com Holdings had liabilities of US$141.4m due within 12 months, and liabilities of US$536.7m due beyond 12 months. Offsetting these obligations, it had cash of US$643.4m as well as receivables valued at US$108.3m due within 12 months. So it actually has US$73.5m more liquid assets than total liabilities.
This surplus suggests that Alarm.com Holdings has a conservative balance sheet, and could probably eliminate its debt without much difficulty. Succinctly put, Alarm.com Holdings boasts net cash, so it's fair to say it does not have a heavy debt load!
The modesty of its debt load may become crucial for Alarm.com Holdings if management cannot prevent a repeat of the 23% cut to EBIT over the last year. When it comes to paying off debt, falling earnings are no more useful than sugary sodas are for your health. The balance sheet is clearly the area to focus on when you are analysing debt. But it is future earnings, more than anything, that will determine Alarm.com Holdings's ability to maintain a healthy balance sheet going forward. So if you're focused on the future you can check out this free report showing analyst profit forecasts.
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. Alarm.com Holdings may have net cash on the balance sheet, but it is still interesting to look at how well the business converts its earnings before interest and tax (EBIT) to free cash flow, because that will influence both its need for, and its capacity to manage debt. During the last three years, Alarm.com Holdings generated free cash flow amounting to a very robust 80% of its EBIT, more than we'd expect. That puts it in a very strong position to pay down debt.
Summing Up
While we empathize with investors who find debt concerning, you should keep in mind that Alarm.com Holdings has net cash of US$154.6m, as well as more liquid assets than liabilities. And it impressed us with free cash flow of US$36m, being 80% of its EBIT. So we don't have any problem with Alarm.com Holdings's use of debt. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately, every company can contain risks that exist outside of the balance sheet. For example - Alarm.com Holdings has 2 warning signs we think you should be aware of.
When all is said and done, sometimes its easier to focus on companies that don't even need debt. Readers can access a list of growth stocks with zero net debt 100% free, right now.
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.
马克斯说得很好,他不是担心股价波动,而是我担心的是永久亏损的可能性……我认识的每个实际投资者都担心。当我们考虑一家公司的风险有多大时,我们总是喜欢看它对债务的使用,因为债务过重可能导致破产。我们注意到Alarm.com控股公司纳斯达克(Alipay:ALRM)的资产负债表上确实有债务。但这笔债务对股东来说是一个担忧吗?
什么时候债务是个问题?
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。话虽如此,最常见的情况是一家公司对债务管理得相当好--并对自己有利。当考虑一家企业使用了多少债务时,首先要做的是把现金和债务放在一起看。
查看我们对Alarm.com Holdings的最新分析
Alarm.com Holdings背负着多少债务?
下图显示,截至2022年6月,Alarm.com Holdings的债务为4.88亿美元,高于一年内的4.169亿美元。然而,它确实有6.434亿美元的现金来抵消这一点,导致净现金为1.546亿美元。
NasdaqGS:ALRM债转股历史2022年9月5日Alarm.com Holdings的资产负债表有多强劲?
根据最新报告的资产负债表,Alarm.com Holdings有1.414亿美元的债务在12个月内到期,5.367亿美元的债务在12个月后到期。为了抵消这些债务,它有6.434亿美元的现金以及价值1.083亿美元的应收账款在12个月内到期。所以它实际上有7350万美元更多流动资产超过总负债。
这一盈余表明,Alarm.com Holdings拥有保守的资产负债表,很可能会毫不费力地消除债务。简而言之,Alarm.com Holdings拥有净现金,因此可以公平地说,它没有沉重的债务负担!
如果管理层不能防止去年息税前利润削减23%的情况重演,其适度的债务负担可能对Alarm.com Holdings至关重要。说到还债,收入下降并不比含糖汽水对你的健康有什么用处。当你分析债务时,资产负债表显然是你关注的领域。但最重要的是,未来的收益将决定Alarm.com Holdings未来保持健康资产负债表的能力。所以,如果你关注未来,你可以看看这个免费显示分析师利润预测的报告。
最后,尽管税务人员可能喜欢会计利润,但贷款人只接受冷硬现金。Alarm.com Holdings的资产负债表上可能有净现金,但看看该公司将息税前收益(EBIT)转换为自由现金流的情况仍很有趣,因为这将影响其对债务的需求和管理债务的能力。在过去三年中,Alarm.com Holdings产生的自由现金流占其息税前利润的80%,非常强劲,超出了我们的预期。这使其在偿还债务方面处于非常有利的地位。
总结
虽然我们同情那些对债务感到担忧的投资者,但你应该记住,Alarm.com Holdings拥有1.546亿美元的净现金,以及比负债更多的流动资产。它给我们留下了深刻的印象,自由现金流为3600万美元,占其息税前利润的80%。因此,我们对Alarm.com Holdings的债务使用没有任何问题。当你分析债务时,资产负债表显然是你关注的领域。但归根结底,每家公司都可能包含存在于资产负债表之外的风险。例如-Alarm.com Holdings拥有2个警告标志我们认为你应该意识到。
总而言之,有时候专注于甚至不需要债务的公司会更容易。读者可以访问净债务为零的成长型股票列表100%免费,现在。
对这篇文章有什么反馈吗?担心内容吗? 保持联系直接与我们联系。或者,也可以给编辑组发电子邮件,地址是implywallst.com。
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。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd., Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc.,和Moomoo Securities Malaysia Sdn. Bhd.是关联公司。
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