Here's Why Surgery Partners (NASDAQ:SGRY) Has A Meaningful Debt Burden
Here's Why Surgery Partners (NASDAQ:SGRY) Has A Meaningful Debt Burden
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.' 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. As with many other companies Surgery Partners, Inc. (NASDAQ:SGRY) makes use of debt. But the real question is whether this debt is making the company risky.
传奇基金经理陆正离(Charlie Munger的支持者)曾说:'最大的投资风险不是价格波动,而是你是否会承受永久性的资本损失。'当我们考虑一个公司有多大的风险时,我们总是喜欢看看它的债务使用情况,因为债务过载可能会导致破产。和许多其他公司一样,Surgical Partners公司(纳斯达克:SGRY)也使用了债务,但真正的问题是这些债务是否使公司具有风险。
When Is Debt A Problem?
什么时候负债才是一个问题?
Generally speaking, debt only becomes a real problem when a company can't easily pay it off, either by raising capital or with its own cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we examine debt levels, we first consider both cash and debt levels, together.
一般来说,当一家公司无法轻松偿还债务时,债务才会成为真正的问题,无论是通过筹集资本还是通过自己的现金流。最坏的情况是,如果一个公司不能偿还其债权人,它可能会破产。然而,更常见(但仍然昂贵)的情况是,一家公司必须以廉价的股价稀释股东,只是为了控制债务。话虽如此,最常见的情况是,一家公司可以合理管理债务,从而获得自身的优势。当我们审查债务水平时,我们首先考虑现金和债务水平。
What Is Surgery Partners's Debt?
Surgery Partners的债务情况?
You can click the graphic below for the historical numbers, but it shows that as of March 2024 Surgery Partners had US$2.18b of debt, an increase on US$2.07b, over one year. However, it does have US$185.2m in cash offsetting this, leading to net debt of about US$2.00b.
您可以点击下面的图形以查看历史数字,但它显示:截至2024年3月,Surgery Partners的债务总额为21.8亿美元,较去年增加20.7亿美元。但是,它有1.852亿美元的现金可抵消这一情况,导致净债务约为20亿美元。
![debt-equity-history-analysis](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240614/0-bc67dd31182eae2ef8aefa43372a2f75-0-4a6d424d896568d26dd4a11be3119b33.png/big)
A Look At Surgery Partners' Liabilities
来看看Surgery Partners的负债情况吧。
The latest balance sheet data shows that Surgery Partners had liabilities of US$523.4m due within a year, and liabilities of US$3.09b falling due after that. Offsetting this, it had US$185.2m in cash and US$494.3m in receivables that were due within 12 months. So it has liabilities totalling US$2.93b more than its cash and near-term receivables, combined.
最新的资产负债表数据显示,Surgery Partners有5.234亿美元的负债,即将到期,而3.09亿美元的负债将在此之后到期。与此同时,它有1.852亿美元的现金和4.943亿美元的应收账款,将在12个月内到期。因此,它的负债总额超过现金和短期应收账款总额约为29.3亿美元。相对于其市值320亿美元,这是一座巨大的杠杆山。这表明,如果公司需要迅速修复其资产负债表,则股东可能会被大幅稀释。
This is a mountain of leverage relative to its market capitalization of US$3.20b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
虽然我们不会担心Surgical Partners的净债务对息税折旧和摊销前利润(EBITDA)比率为3.6,但我们认为其超低的息税折旧前利润(EBIT)覆盖率只有2.3倍是高杠杆的迹象。因此,股东应该意识到,利息支出似乎最近真正影响了公司的业务。然而,一个补救因素是,Surgical Partners在过去12个月中EBIT增长了17%,增强了其处理债务的能力。资产负债表显然是分析债务的关键领域。但是,最终业务的未来盈利能力将决定Surgery Partners是否能够随着时间的推移强化其资产负债表。因此,如果您想看看专业人士的想法,您可能会发现分析师利润预测的免费报告有趣。
In order to size up a company's debt relative to its earnings, we calculate its net debt divided by its earnings before interest, tax, depreciation, and amortization (EBITDA) and its earnings before interest and tax (EBIT) divided by its interest expense (its interest cover). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
为了衡量公司债务相对于其收益的大小,我们计算其净债务除以利息、税、折旧和摊销前收益(EBITDA)以及其税前收益与利息支出(其利息覆盖率)的比率。这样,我们既考虑了债务的绝对量,也考虑了所支付的利率。
While we wouldn't worry about Surgery Partners's net debt to EBITDA ratio of 3.6, we think its super-low interest cover of 2.3 times is a sign of high leverage. So shareholders should probably be aware that interest expenses appear to have really impacted the business lately. However, one redeeming factor is that Surgery Partners grew its EBIT at 17% over the last 12 months, boosting its ability to handle its debt. The balance sheet is clearly the area to focus on when you are analysing debt. But ultimately the future profitability of the business will decide if Surgery Partners 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.
最后,尽管税务主管可能很喜欢会计利润,但放贷人只接受冰冷的现金。因此,我们总是核查有多少EBIT被转化为自由现金流。查看最近三年,Surgery Partners记录了其EBIT的26%的自由现金流,这比我们预期的要弱。付债务方面,这并不好。Surgical Partners很难用其EBIT覆盖其利息支出,这让我们对其资产负债表强度产生了怀疑,但我们考虑的其他数据点相对来说还是比较补救的。例如,它的EBIT增长率相对较强。另外值得注意的是,Surgical Partners在医疗保健行业,这常常被认为是相当防御性的。当我们考虑所有讨论过的因素时,我们认为Surgical Partners在使用债务方面存在一些风险。因此,虽然这种杠杆可以提高股东的回报,但我们真的不希望看到它从这里增加。分析债务水平时,资产负债表是显而易见的起点。但是,并非所有的投资风险都存在于资产负债表之内,远非如此。例如,我们已经确定了Surgical Partners存在2个警示信号(其中1个与我们不太合适),您应该了解它们。
Finally, while the tax-man may adore accounting profits, lenders only accept cold hard cash. So we always check how much of that EBIT is translated into free cash flow. Looking at the most recent three years, Surgery Partners recorded free cash flow of 26% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
最后,税务人员可能会崇拜会计利润,而放贷人则仅接受冰冷的现金。因此,我们总是核查多少EBIT转化为自由现金流。查看最近三年,Surgery Partners记录了其EBIT的26%的自由现金流,这比我们预期的要弱。这在还债方面是不好的。
Our View
我们的观点
Surgery Partners's struggle to cover its interest expense with its EBIT had us second guessing its balance sheet strength, but the other data-points we considered were relatively redeeming. For example, its EBIT growth rate is relatively strong. It's also worth noting that Surgery Partners is in the Healthcare industry, which is often considered to be quite defensive. When we consider all the factors discussed, it seems to us that Surgery Partners is taking some risks with its use of debt. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. 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 instance, we've identified 2 warning signs for Surgery Partners (1 doesn't sit too well with us) you should be aware of.
Surgery Partners管理其EBIT相对于息税折旧前利润(EBITDA)的净负债率的困难使我们对其资产负债表强度产生了怀疑,但我们考虑的其他数据点相对来说还是相对补救的。例如,它的EBIT增长率相对较强。值得一提的是,Surgical Partners处于医疗保健行业,这常常被认为具有相当的防御性。当我们考虑所有讨论过的因素时,我们认为Surgical Partners在使用债务方面存在一些风险。因此,虽然这种杠杆可以提高股东的回报,但我们真的不希望看到它从这里增加。分析债务水平时,资产负债表是显而易见的起点。但是,并非所有的投资风险都存在于资产负债表之内,远非如此。例如,我们已经确定了Surgical Partners存在2个警示信号(其中1个与我们不太合适),您应该了解它们。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果您在所有这些工作之后,更感兴趣于拥有坚实资产负债表的快速发展公司,请立即查看我们的净现金成长股列表。
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