Here's Why LifeStance Health Group (NASDAQ:LFST) Can Afford Some Debt
Here's Why LifeStance Health Group (NASDAQ:LFST) Can Afford Some Debt
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously said that 'Volatility is far from synonymous with risk.' 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 can see that LifeStance Health Group, Inc. (NASDAQ:LFST) does use debt in its business. But should shareholders be worried about its use of debt?
有人说,波动性,而不是债务,是投资者思考风险的最佳方式,但沃伦·巴菲特曾说过一句名言:“波动性远非风险的代名词。”当我们考虑一家公司的风险时,我们总是喜欢考虑其债务的用途,因为债务过载可能导致破产。我们可以看到,LifeStance Health Group, Inc.(纳斯达克股票代码:LFST)确实在其业务中使用了债务。但是,股东是否应该担心其债务的使用?
When Is Debt Dangerous?
债务何时危险?
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. If things get really bad, the lenders can take control of the business. However, a more usual (but still expensive) situation is where a company must dilute shareholders at a cheap share price simply to get debt under control. Of course, plenty of companies use debt to fund growth, without any negative consequences. The first step when considering a company's debt levels is to consider its cash and debt together.
债务是帮助企业发展的工具,但是如果企业无法还清贷款人,那么债务就任其摆布。如果情况变得非常糟糕,贷款人可以控制业务。但是,更常见(但仍然昂贵)的情况是,公司必须以低廉的股价稀释股东才能控制债务。当然,许多公司使用债务为增长提供资金,而不会产生任何负面影响。考虑公司的债务水平的第一步是同时考虑其现金和债务。
How Much Debt Does LifeStance Health Group Carry?
LifeStance Health Group 背负多少债务?
You can click the graphic below for the historical numbers, but it shows that as of September 2023 LifeStance Health Group had US$251.0m of debt, an increase on US$214.2m, over one year. On the flip side, it has US$42.6m in cash leading to net debt of about US$208.4m.
你可以点击下图查看历史数字,但它显示,截至2023年9月,LifeStance Health Group在一年内有2.51亿美元的债务,比2.142亿美元有所增加。另一方面,它拥有4,260万美元的现金,净负债约为2.084亿美元。
A Look At LifeStance Health Group's Liabilities
看看LifeStance Health Group的负债
We can see from the most recent balance sheet that LifeStance Health Group had liabilities of US$240.9m falling due within a year, and liabilities of US$479.1m due beyond that. Offsetting these obligations, it had cash of US$42.6m as well as receivables valued at US$149.7m due within 12 months. So its liabilities total US$527.7m more than the combination of its cash and short-term receivables.
我们可以从最新的资产负债表中看出,LifeStance Health Group在一年内到期的负债为2.409亿美元,在此之后到期的负债为4.791亿美元。除这些债务外,它有4,260万美元的现金以及价值1.497亿美元的应收账款在12个月内到期。因此,其负债总额比其现金和短期应收账款的总和高出5.277亿美元。
LifeStance Health Group has a market capitalization of US$2.50b, so it could very likely raise cash to ameliorate its balance sheet, if the need arose. However, it is still worthwhile taking a close look at its ability to pay off debt. There's no doubt that we learn most about debt from the balance sheet. But it is future earnings, more than anything, that will determine LifeStance Health Group'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.
LifeStance Health Group的市值为25.0亿美元,因此,如果有需要,它很可能会筹集资金以改善其资产负债表。但是,仍然值得仔细研究其偿还债务的能力。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但是,未来的收益将决定LifeStance Health Group未来维持健康资产负债表的能力。因此,如果您专注于未来,可以查看这份显示分析师利润预测的免费报告。
Over 12 months, LifeStance Health Group reported revenue of US$1.0b, which is a gain of 22%, although it did not report any earnings before interest and tax. With any luck the company will be able to grow its way to profitability.
在过去的12个月中,LifeStance Health Group报告的收入为10亿美元,增长了22%,尽管它没有报告任何利息和税前收益。运气好的话,该公司将能够实现盈利。
Caveat Emptor
Caveat Emptor
Even though LifeStance Health Group managed to grow its top line quite deftly, the cold hard truth is that it is losing money on the EBIT line. Indeed, it lost US$145m at the EBIT level. When we look at that and recall the liabilities on its balance sheet, relative to cash, it seems unwise to us for the company to have any debt. Quite frankly we think the balance sheet is far from match-fit, although it could be improved with time. However, it doesn't help that it burned through US$37m of cash over the last year. So to be blunt we think it is risky. There's no doubt that we learn most about debt from the balance sheet. But ultimately, every company can contain risks that exist outside of the balance sheet. Case in point: We've spotted 1 warning sign for LifeStance Health Group you should be aware of.
尽管LifeStance Health Group成功地实现了收入增长,但冷酷的事实是,它在息税前利润方面正在亏损。事实上,它在息税前利润水平上损失了1.45亿美元。当我们审视这一点并回顾其资产负债表上相对于现金的负债时,对我们来说,公司有任何债务似乎是不明智的。坦率地说,我们认为资产负债表远非匹配,尽管可以随着时间的推移而改善。但是,去年它烧掉了3700万美元的现金,这无济于事。因此,坦率地说,我们认为这是有风险的。毫无疑问,我们从资产负债表中学到的关于债务的知识最多。但归根结底,每家公司都可以控制资产负债表之外存在的风险。一个很好的例子:我们发现了你应该注意的LifeStance Health Group的1个警告信号。
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.
如果你有兴趣投资能够在没有债务负担的情况下增加利润的企业,请查看这份资产负债表上有净现金的成长型企业的免费清单。
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Simply Wall St的这篇文章本质上是笼统的。我们仅使用公正的方法根据历史数据和分析师的预测提供评论,我们的文章无意作为财务建议。它不构成买入或卖出任何股票的建议,也没有考虑到您的目标或财务状况。我们的目标是为您提供由基本数据驱动的长期重点分析。请注意,我们的分析可能不考虑最新的价格敏感型公司公告或定性材料。简而言之,华尔街没有持有任何上述股票的头寸。