Is Ameresco (NYSE:AMRC) Using Too Much Debt?
Is Ameresco (NYSE:AMRC) Using Too Much Debt?
We can see from the most recent balance sheet that Ameresco had liabilities of US$1.23b falling due within a year, and liabilities of US$1.75b due beyond that. On the other hand, it had cash of US$150.3m and US$867.6m worth of receivables due within a year. So it has liabilities totalling US$1.96b more than its cash and near-term receivables, combined. David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the permanent loss of capital.' So it might be obvious that you need to consider debt, when you think about how risky any given stock is, because too much debt can sink a company. As with many other companies Ameresco, Inc. (NYSE:AMRC) makes use of debt. But is this debt a concern to shareholders?
戴维·伊本说得很好，“波动性不是我们关心的风险。我们关心的是避免资本的永久损失”。因此，在考虑任何股票的风险时，考虑到债务是显然的，因为过多的债务可能会拖垮一家公司。与许多其他公司一样，阿梅雷斯克（NYSE:AMRC）利用了债务。但是，这种债务是否令股东担心呢？
What Risk Does Debt Bring?
债务带来了什么风险？
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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. 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, debt can be an important tool in businesses, particularly capital heavy businesses. When we examine debt levels, we first consider both cash and debt levels, together.
债务是帮助企业增长的一种工具，但如果企业无法偿还其贷款人的债务，那么它就存在于债权人的掌控之下。 最终，如果公司无法履行偿还债务的法律义务，股东可能会一无所有。 然而，更常见的（但仍然代价高昂）情况是，公司必须以低廉的股价稀释股东，以便控制债务。 当然，债务对于企业来说可以是一种重要的工具，特别是对于资本密集型企业来说。 当我们检查债务水平时，我们首先考虑现金和债务水平。
What Is Ameresco's Net Debt?
阿梅雷斯克的净债务是多少？
The image below, which you can click on for greater detail, shows that at June 2024 Ameresco had debt of US$2.11b, up from US$1.57b in one year. However, it also had US$150.3m in cash, and so its net debt is US$1.96b.
下面的图片可以点击以获得更多详细信息，显示在2024年6月，阿梅雷斯克的债务为21.1亿美元，比一年前的15.7亿美元增加了。然而，它也有1.5亿美元的现金，因此其净债务为1960万美元。
A Look At Ameresco's Liabilities
我们从最近的资产负债表中可以看出，阿梅雷斯克有12.3亿美元的负债到期，一年内到期，和17.5亿美元的负债到期。另一方面，它有1.5亿美元的现金和8,676万美元的应收账款，一年内到期。因此，它的负债总额比其现金和短期应收账款合计多1.96亿美元。
We can see from the most recent balance sheet that Ameresco had liabilities of US$1.23b falling due within a year, and liabilities of US$1.75b due beyond that. On the other hand, it had cash of US$150.3m and US$867.6m worth of receivables due within a year. So it has liabilities totalling US$1.96b more than its cash and near-term receivables, combined.
考虑到这份报告中欠缺的14.6亿美元市值，如果公司被迫以当前股价筹集资本来偿还其负债，则可能需要极高的稀释。它的利息覆盖倍数只有1.6倍，净债务与EBITDA比率高达12.1倍，像一拳击中了我们对阿梅雷斯克的信恳智能。这意味着我们认为它有重债负担。考虑到债务负担，阿梅雷斯克过去12个月的EBIt基本持平。显然，资产负债表是分析债务的领域。但是未来的收益，比任何事情都更能决定阿梅雷斯克维持健康资产负债表的能力。因此，如果您想了解专业人士的看法，您可能会发现此免费分析师盈利预测报告有趣。
When you consider that this deficiency exceeds the company's US$1.46b market capitalization, you might well be inclined to review the balance sheet intently. Hypothetically, extremely heavy dilution would be required if the company were forced to pay down its liabilities by raising capital at the current share price.
最后，公司只能用硬实力的现金来偿还债务，而不是会计利润。因此，我们始终检查多少EBIt转化为自由现金流。在过去的三年中，阿梅雷斯克烧掉了大量现金。虽然投资者无疑期望在适当的时候逆转这种情况，但这显然意味着其使用债务更加冒险。从表面上看，阿梅雷斯克的净债务与EBITDA令我们对其存货持怀疑态度，其EBIt转化为自由现金流也不如一年中最繁忙的夜晚上只有一个空饭店的情况。但至少它的EBIt增长率不那么糟糕。考虑到所有上述因素，看起来阿梅雷斯克的债务过多。尽管一些投资者喜欢这种冒险，但它绝不是我们的菜。从资产负债表中我们可以了解债务的大部分内容。然而，并不是所有的投资风险都存在于资产负债表上——远非如此。例如，阿梅雷斯克有3个警告信号（还有2个不应忽视），我们认为您应该了解这些警告信号。
We use two main ratios to inform us about debt levels relative to earnings. The first is net debt divided by earnings before interest, tax, depreciation, and amortization (EBITDA), while the second is how many times its earnings before interest and tax (EBIT) covers its interest expense (or its interest cover, for short). This way, we consider both the absolute quantum of the debt, as well as the interest rates paid on it.
Service Corporation International的债务是其EBITDA的3.5倍，而其EBIT可覆盖其利息开支的3.7倍。综合考虑，虽然我们不希望看到债务水平上升，但我们认为它可以应对当前的杠杆。好消息是，Service Corporation International在过去12个月中将其EBIT提高了2.9%，从而逐渐降低了其相对于收益的债务水平。毫无疑问，我们从资产负债表中获得了有关债务的大部分内容。但是，相对于资产负债表，更重要的是未来收益，这将决定Service Corporation International维持健康资产负债表的能力。如果您关注未来，您可以查看此免费报告，其中有分析师的利润预测。
Weak interest cover of 1.6 times and a disturbingly high net debt to EBITDA ratio of 12.1 hit our confidence in Ameresco like a one-two punch to the gut. This means we'd consider it to have a heavy debt load. Given the debt load, it's hardly ideal that Ameresco's EBIT was pretty flat over the last twelve months. 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 Ameresco's ability to maintain a healthy balance sheet going forward. So if you want to see what the professionals think, you might find this free report on analyst profit forecasts to be interesting.
阿梅雷斯克的银根利益涵盖倍数仅为1.6倍，而净债务和EBITDA比率高达12.1倍，像一记左右联合拳打击着我们对其股票的信恳智能。这意味着我们认为它负债较重。考虑到债务负担，阿梅雷斯克过去12个月的EBIt增长率基本持平。显然，资产负债表是分析债务的领域。但是未来的收益，比任何事情都更能决定阿梅雷斯克维持健康资产负债表的能力。因此，如果您想了解专业人士的看法，您可能会发现此免费分析师盈利预测报告有趣。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So we always check how much of that EBIT is translated into free cash flow. During the last three years, Ameresco burned a lot of cash. While investors are no doubt expecting a reversal of that situation in due course, it clearly does mean its use of debt is more risky.
最后，公司只能用铁一般的现金来偿还债务，而不是会计利润。因此，我们始终检查多少EBIt转化为自由现金流。在过去的三年中，阿梅雷斯克烧掉了大量现金。虽然投资者无疑期望在适当的时候逆转这种情况，但这显然意味着其使用债务更加冒险。
Our View
我们的观点
On the face of it, Ameresco's net debt to EBITDA left us tentative about the stock, and its conversion of EBIT to free cash flow was no more enticing than the one empty restaurant on the busiest night of the year. But at least its EBIT growth rate is not so bad. Taking into account all the aforementioned factors, it looks like Ameresco has too much debt. While some investors love that sort of risky play, it's certainly not our cup of tea. There's no doubt that we learn most about debt from the balance sheet. However, not all investment risk resides within the balance sheet - far from it. For example Ameresco has 3 warning signs (and 2 which shouldn't be ignored) we think you should know about.
从表面上看，阿梅雷斯克的净债务与EBITDA令我们对该股存疑，而其EBIt转化为自由现金流的能力也不如一年中最繁忙的夜晚上只有一个空饭店。但至少它的EBIt增长率还可以。考虑到所有上述因素，看起来阿梅雷斯克的债务过多。虽然一些投资者喜欢这种风险投资，但这绝对不是我们的菜。从资产负债表中我们可以了解债务的大部分内容。然而，并不是所有的投资风险都存在于资产负债表上——远非如此。例如，阿梅雷斯克有3个警告信号（还有2个不应忽视），我们认为您应该了解这些警告信号。
At the end of the day, it's often better to focus on companies that are free from net debt. You can access our special list of such companies (all with a track record of profit growth). It's free.
归根结底，专注于没有净债务的公司往往更好。您可以访问我们的特别列表，其中包括所有表现出盈利增长轨迹的公司。这是免费的。
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