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These 4 Measures Indicate That AMN Healthcare Services (NYSE:AMN) Is Using Debt Extensively

These 4 Measures Indicate That AMN Healthcare Services (NYSE:AMN) Is Using Debt Extensively

這4項指標表明AMN醫療保健服務(紐約證券交易所代碼:AMN)正在廣泛使用債務
Simply Wall St ·  05/22 11:11

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.' So it seems the smart money knows that debt - which is usually involved in bankruptcies - is a very important factor, when you assess how risky a company is. We can see that AMN Healthcare Services, Inc. (NYSE:AMN) does use debt in its business. But is this debt a concern to shareholders?

傳奇基金經理李露(由查理·芒格支持)曾經說過:“最大的投資風險不是價格的波動,而是你是否會遭受永久的資本損失。”因此,當你評估公司的風險時,看來聰明的貨幣知道債務(通常涉及破產)是一個非常重要的因素。我們可以看到,AMN醫療服務公司(紐約證券交易所代碼:AMN)確實在其業務中使用了債務。但是這筆債務是股東關心的問題嗎?

Why Does Debt Bring Risk?

爲什麼債務會帶來風險?

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. Ultimately, if the company can't fulfill its legal obligations to repay debt, shareholders could walk away with nothing. However, a more frequent (but still costly) occurrence is where a company must issue shares at bargain-basement prices, permanently diluting shareholders, just to shore up its balance sheet. 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.

一般而言,只有當公司無法通過籌集資金或用自己的現金流輕鬆還清債務時,債務才會成爲真正的問題。最終,如果公司無法履行償還債務的法律義務,股東可能會一無所獲。但是,更頻繁(但仍然昂貴)的情況是,公司必須以低廉的價格發行股票,永久稀釋股東,以支撐其資產負債表。當然,許多公司使用債務爲增長提供資金,而不會產生任何負面影響。考慮公司的債務水平的第一步是同時考慮其現金和債務。

How Much Debt Does AMN Healthcare Services Carry?

AMN 醫療保健服務揹負了多少債務?

As you can see below, at the end of March 2024, AMN Healthcare Services had US$1.27b of debt, up from US$983.8m a year ago. Click the image for more detail. However, it does have US$50.6m in cash offsetting this, leading to net debt of about US$1.22b.

如下所示,截至2024年3月底,AMN醫療保健服務的債務爲12.7億美元,高於去年同期的9.838億美元。點擊圖片查看更多細節。但是,它確實有5,060萬美元的現金抵消了這一點,淨負債約爲12.2億美元。

debt-equity-history-analysis
NYSE:AMN Debt to Equity History May 22nd 2024
紐約證券交易所:AMN 債務與股本比率歷史記錄 2024 年 5 月 22 日

A Look At AMN Healthcare Services' Liabilities

看看 AMN 醫療保健服務的負債

According to the last reported balance sheet, AMN Healthcare Services had liabilities of US$623.9m due within 12 months, and liabilities of US$1.40b due beyond 12 months. On the other hand, it had cash of US$50.6m and US$676.2m worth of receivables due within a year. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.29b.

根據上次報告的資產負債表,AMN Healthcare Services的負債爲6.239億美元,12個月後到期的負債爲14.0億美元。另一方面,它有5,060萬美元的現金和價值6.762億美元的應收賬款將在一年內到期。因此,其負債超過其現金和(短期)應收賬款總額12.9億美元。

This deficit isn't so bad because AMN Healthcare Services is worth US$2.27b, and thus could probably raise enough capital to shore up its balance sheet, if the need arose. But we definitely want to keep our eyes open to indications that its debt is bringing too much risk.

這種赤字還不錯,因爲AMN Healthcare Services的價值爲22.7億美元,因此,如果有需要,可能會籌集足夠的資金來支撐其資產負債表。但是,我們絕對希望留意其債務帶來過大風險的跡象。

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). Thus we consider debt relative to earnings both with and without depreciation and amortization expenses.

爲了擴大公司相對於收益的負債規模,我們計算其淨負債除以利息、稅項、折舊和攤銷前的收益(EBITDA),將其利息和稅前收益(EBIT)除以利息支出(利息保障)。因此,我們將債務與收益的關係考慮在內,包括和不包括折舊和攤銷費用。

AMN Healthcare Services's debt is 2.9 times its EBITDA, and its EBIT cover its interest expense 4.2 times over. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. Worse, AMN Healthcare Services's EBIT was down 55% over the last year. If earnings keep going like that over the long term, it has a snowball's chance in hell of paying off that 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 AMN Healthcare Services'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.

AMN Healthcare Services的債務是其息稅折舊攤銷前利潤的2.9倍,其息稅前利潤是其利息支出的4.2倍。這表明,儘管債務水平很高,但我們不會稱其爲有問題。更糟糕的是,AMN醫療服務的息稅前利潤比去年下降了55%。如果收益長期保持這樣的水平,那麼償還債務的可能性很小。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但是,未來的收益將決定AMN Healthcare Services未來維持健康資產負債表的能力。因此,如果您專注於未來,可以查看這份顯示分析師利潤預測的免費報告。

But our final consideration is also important, because a company cannot pay debt with paper profits; it needs cold hard cash. So it's worth checking how much of that EBIT is backed by free cash flow. Over the last three years, AMN Healthcare Services recorded free cash flow worth a fulsome 81% of its EBIT, which is stronger than we'd usually expect. That puts it in a very strong position to pay down debt.

但是我們最終的考慮因素也很重要,因爲公司無法用紙面利潤來償還債務;它需要冷硬現金。因此,值得檢查一下息稅前利潤中有多少是由自由現金流支持的。在過去三年中,AMN Healthcare Services記錄的自由現金流相當於其息稅前利潤的81%,比我們通常預期的要強。這使其在償還債務方面處於非常有利的地位。

Our View

我們的觀點

AMN Healthcare Services's EBIT growth rate and net debt to EBITDA definitely weigh on it, in our esteem. But the good news is it seems to be able to convert EBIT to free cash flow with ease. We should also note that Healthcare industry companies like AMN Healthcare Services commonly do use debt without problems. Looking at all the angles mentioned above, it does seem to us that AMN Healthcare Services is a somewhat risky investment as a result of its debt. Not all risk is bad, as it can boost share price returns if it pays off, but this debt risk is worth keeping in mind. 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. For example, we've discovered 2 warning signs for AMN Healthcare Services that you should be aware of before investing here.

在我們看來,AMN Healthcare Services的息稅前利潤增長率和淨負債佔息稅折舊攤銷前利潤的比率無疑給它帶來但好消息是,它似乎能夠輕鬆地將息稅前利潤轉換爲自由現金流。我們還應該注意,像AMN Healthcare Services這樣的醫療保健行業公司通常會毫無問題地使用債務。從上面提到的所有角度來看,在我們看來,由於其債務,AMN Healthcare Services確實是一項風險較大的投資。並非所有風險都是壞的,因爲如果得到回報,它可以提高股價回報,但是這種債務風險值得牢記。毫無疑問,我們從資產負債表中學到的關於債務的知識最多。但歸根結底,每家公司都可以控制資產負債表之外存在的風險。例如,我們發現了AMN醫療保健服務的兩個警告信號,在投資之前,您應該注意這些信號。

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.

當一切都說完之後,有時更容易將注意力集中在甚至不需要債務的公司上。讀者現在可以100%免費訪問淨負債爲零的成長型股票清單。

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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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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

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