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Does ACV Auctions (NASDAQ:ACVA) Have A Healthy Balance Sheet?

Does ACV Auctions (NASDAQ:ACVA) Have A Healthy Balance Sheet?

ACV Auctions (纳斯达克:ACVA) 是否拥有健康的资产负债表?
Simply Wall St ·  08/12 07:30

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.' 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. Importantly, ACV Auctions Inc. (NASDAQ:ACVA) does carry debt. But the more important question is: how much risk is that debt creating?

作为投资者,有人认为波动性而非债务是考虑风险的最佳方式,但沃伦·巴菲特曾说“波动性与风险远非同义词”。当你考虑一个公司有多大的风险时,考虑该公司的资产负债表是很自然的,因为当一个企业崩溃时,通常涉及债务。重要的是,ACV Auctions Inc. (NASDAQ: ACVA) 确实有负债。但更重要的问题是:这些负债产生了多少风险?

Why Does Debt Bring Risk?

为什么债务会带来风险?

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. If things get really bad, the lenders can take control of the business. While that is not too common, we often do see indebted companies permanently diluting shareholders because lenders force them to raise capital at a distressed price. 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. The first thing to do when considering how much debt a business uses is to look at its cash and debt together.

一般来说,当一家公司无法轻松偿还债务时,债务才会真正成为问题,无论是通过筹资还是利用自己的现金流。如果情况变得非常糟糕,放贷人可能会控制业务。尽管这种情况并不常见,我们经常看到债务累累的公司因放贷人强迫他们以低廉的价格筹集资本而永久稀释股东。当然,债务的好处在于它通常代表着廉价资本,特别是当它取代具有高回报率再投资能力的公司的稀释时。当考虑一家企业使用多少债务时,首先要做的就是看它的现金和债务的总和。

What Is ACV Auctions's Debt?

ACV Auctions的债务是什么?

The image below, which you can click on for greater detail, shows that at June 2024 ACV Auctions had debt of US$110.0m, up from US$105.0m in one year. But on the other hand it also has US$272.6m in cash, leading to a US$162.6m net cash position.

下面的图片可以点击以获取更详细信息,显示在2024年6月,ACV Auctions的债务为1.1亿美元,比一年前的1.05亿美元增加了1000万美元。而另一方面,它也有272.6万美元的现金,导致其净现金头寸为1.626亿美元。

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NasdaqGS:ACVA Debt to Equity History August 12th 2024
NasdaqGS:ACVA 股权与负债的历史于2024年8月12日

A Look At ACV Auctions' Liabilities

看看ACV Auctions的负债情况

We can see from the most recent balance sheet that ACV Auctions had liabilities of US$412.1m falling due within a year, and liabilities of US$141.1m due beyond that. On the other hand, it had cash of US$272.6m and US$329.5m worth of receivables due within a year. So it can boast US$48.9m more liquid assets than total liabilities.

我们可以从最近的资产负债表看出,ACV Auctions的负债包括1年内到期的412.1万美元,以及超过1年到期的141.1万美元。另一方面,它有272.6万美元的现金,以及329.5万美元的应收账款。因此,它比总负债拥有489万美元的流动资产。

This state of affairs indicates that ACV Auctions' balance sheet looks quite solid, as its total liabilities are just about equal to its liquid assets. So it's very unlikely that the US$2.96b company is short on cash, but still worth keeping an eye on the balance sheet. Succinctly put, ACV Auctions boasts net cash, so it's fair to say it does not have a heavy debt load! When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine ACV Auctions'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.

这种情况表明ACV Auctions的资产负债表看起来相当稳健,因为其总负债仅与其流动资产相当。因此,这家总市值达296亿美元的公司很不可能缺少现金,但仍有必要关注资产负债表。简而言之,ACV Auctions拥有净现金,所以可以认为它没有沉重的债务负担!分析债务水平时,资产负债表是显而易见的起点。然而,未来的收入才是决定ACV Auctions能否维持健康资产负债表的关键。因此,如果你关注未来,你可以查看这份免费的分析师利润预测报告。

In the last year ACV Auctions wasn't profitable at an EBIT level, but managed to grow its revenue by 22%, to US$544m. With any luck the company will be able to grow its way to profitability.

去年,ACV Auctions的EBIT级别没有盈利,但收入增长了22%,达到了5,4400万美元。如果我们有幸,该公司将能够实现盈利增长。

So How Risky Is ACV Auctions?

那么,ACV Auctions有多大风险?我们毫不怀疑,亏损的公司总体上比盈利的公司更具风险。我们注意到,ACV Auctions在过去一年中的利润与利息(EBIT)出现亏损。确实,在这段时间里,它烧掉了2600万美元的现金,并亏损了7900万美元。但救命稻草是资产负债表上的1.626亿美元。这笔钱意味着该公司可以以当前的速度继续进行增长至少两年。过去一年收入增长非常稳健,ACV Auctions可能正在走上盈利的道路。编前公司通常具有风险性,但它们也可以带来巨大回报。分析债务水平时,资产负债表是显而易见的起点。但最终,每家公司都可能存在超出资产负债表之外的风险。为此,您应该注意我们发现的两个ACV Auctions警示标志。

We have no doubt that loss making companies are, in general, riskier than profitable ones. And we do note that ACV Auctions had an earnings before interest and tax (EBIT) loss, over the last year. Indeed, in that time it burnt through US$26m of cash and made a loss of US$79m. But the saving grace is the US$162.6m on the balance sheet. That kitty means the company can keep spending for growth for at least two years, at current rates. With very solid revenue growth in the last year, ACV Auctions may be on a path to profitability. Pre-profit companies are often risky, but they can also offer great rewards. When analysing debt levels, the balance sheet is the obvious place to start. But ultimately, every company can contain risks that exist outside of the balance sheet. To that end, you should be aware of the 2 warning signs we've spotted with ACV Auctions .

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.

如果您有兴趣投资能够在不负债的情况下增长利润的企业,请查看这份免费列表,其中列出了在资产负债表上拥有净现金的成长型企业。

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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.

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