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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.
馬克斯説得很好,他不是擔心股價波動,而是我擔心的是永久虧損的可能性……我認識的每個實際投資者都擔心。當我們考慮一家公司的風險有多大時,我們總是喜歡看它對債務的使用,因為債務過重可能導致破產。我們注意到Alarm.com控股公司納斯達克(Alipay:ALRM)的資產負債表上確實有債務。但這筆債務對股東來説是一個擔憂嗎?
什麼時候債務是個問題?
債務是幫助企業發展的一種工具,但如果一家企業無法償還貸款人的債務,那麼它就只能聽從貸款人的擺佈。資本主義的一部分是“創造性破壞”的過程,破產的企業被銀行家無情地清算。然而,一種更常見(但仍令人痛苦)的情景是,它不得不以低價籌集新的股本,從而永久性地稀釋股東。話雖如此,最常見的情況是一家公司對債務管理得相當好--並對自己有利。當考慮一家企業使用了多少債務時,首先要做的是把現金和債務放在一起看。
查看我們對Alarm.com Holdings的最新分析
Alarm.com Holdings揹負着多少債務?
下圖顯示,截至2022年6月,Alarm.com Holdings的債務為4.88億美元,高於一年內的4.169億美元。然而,它確實有6.434億美元的現金來抵消這一點,導致淨現金為1.546億美元。
NasdaqGS:ALRM債轉股歷史2022年9月5日Alarm.com Holdings的資產負債表有多強勁?
根據最新報告的資產負債表,Alarm.com Holdings有1.414億美元的債務在12個月內到期,5.367億美元的債務在12個月後到期。為了抵消這些債務,它有6.434億美元的現金以及價值1.083億美元的應收賬款在12個月內到期。所以它實際上有7350萬美元更多流動資產超過總負債。
這一盈餘表明,Alarm.com Holdings擁有保守的資產負債表,很可能會毫不費力地消除債務。簡而言之,Alarm.com Holdings擁有淨現金,因此可以公平地説,它沒有沉重的債務負擔!
如果管理層不能防止去年息税前利潤削減23%的情況重演,其適度的債務負擔可能對Alarm.com Holdings至關重要。説到還債,收入下降並不比含糖汽水對你的健康有什麼用處。當你分析債務時,資產負債表顯然是你關注的領域。但最重要的是,未來的收益將決定Alarm.com Holdings未來保持健康資產負債表的能力。所以,如果你關注未來,你可以看看這個免費顯示分析師利潤預測的報告。
最後,儘管税務人員可能喜歡會計利潤,但貸款人只接受冷硬現金。Alarm.com Holdings的資產負債表上可能有淨現金,但看看該公司將息税前收益(EBIT)轉換為自由現金流的情況仍很有趣,因為這將影響其對債務的需求和管理債務的能力。在過去三年中,Alarm.com Holdings產生的自由現金流佔其息税前利潤的80%,非常強勁,超出了我們的預期。這使其在償還債務方面處於非常有利的地位。
總結
雖然我們同情那些對債務感到擔憂的投資者,但你應該記住,Alarm.com Holdings擁有1.546億美元的淨現金,以及比負債更多的流動資產。它給我們留下了深刻的印象,自由現金流為3600萬美元,佔其息税前利潤的80%。因此,我們對Alarm.com Holdings的債務使用沒有任何問題。當你分析債務時,資產負債表顯然是你關注的領域。但歸根結底,每家公司都可能包含存在於資產負債表之外的風險。例如-Alarm.com Holdings擁有2個警告標誌我們認為你應該意識到。
總而言之,有時候專注於甚至不需要債務的公司會更容易。讀者可以訪問淨債務為零的成長型股票列表100%免費,現在。
對這篇文章有什麼反饋嗎?擔心內容嗎? 保持聯繫直接與我們聯繫。或者,也可以給編輯組發電子郵件,地址是implywallst.com。
本文由Simply Wall St.撰寫,具有概括性。我們僅使用不偏不倚的方法提供基於歷史數據和分析師預測的評論,我們的文章並不打算作為財務建議。它不構成買賣任何股票的建議,也沒有考慮你的目標或你的財務狀況。我們的目標是為您帶來由基本面數據驅動的長期重點分析。請注意,我們的分析可能不會將最新的對價格敏感的公司公告或定性材料考慮在內。Simply Wall St.對上述任何一隻股票都沒有持倉。
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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., 是關聯公司。
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
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., 是關聯公司。
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