These 4 Measures Indicate That SkyWest (NASDAQ:SKYW) Is Using Debt Extensively
These 4 Measures Indicate That SkyWest (NASDAQ:SKYW) Is Using Debt Extensively
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.' 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. Importantly, SkyWest, Inc. (NASDAQ:SKYW) does carry debt. But is this debt a concern to shareholders?
當David Iben說'波動性不是我們關心的風險。我們關心的是避免資本的永久損失。'時,他說得很好。我們考慮一家公司的風險程度時,總是喜歡看它的債務使用情況,因爲債務超載可能導致滅亡。重要的是,SkyWest, Inc.(納斯達克:SKYW)確實承擔了債務。但是這些債務會引起股東關注嗎?
Why Does Debt Bring Risk?
爲什麼債務會帶來風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. In the worst case scenario, a company can go bankrupt if it cannot pay its creditors. 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. 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.
債務在企業有新資本或自由現金流可供償還時有所助益。在最壞的情況下,如果一個公司不能償還其債權人,那麼它可能會破產。雖然這不太常見,但我們經常看到由於借款人迫使其以降價的價格募集資金,而使負債公司永久性地稀釋股東。話雖如此,最常見的情況是公司合理管理其債務,從而獲得自己的利益。當我們檢查債務水平時,我們首先考慮現金和債務水平的總和。
What Is SkyWest's Debt?
SkyWest的債務?
You can click the graphic below for the historical numbers, but it shows that SkyWest had US$2.78b of debt in June 2024, down from US$3.19b, one year before. However, because it has a cash reserve of US$834.3m, its net debt is less, at about US$1.95b.
您可以點擊下面的圖形查看歷史數字,但它顯示,SkyWest於2024年6月負債27.8億美元,比一年前的31.9億美元下降。但是,由於它有834.3萬美元的現金儲備,因此其淨債務較少,約爲19.5億美元。
![big](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240815/0-6dda67f86fd2225d9a50c938d4362152-0-5c6c250911adad7728fb21a3dfba77bd.png/big)
How Strong Is SkyWest's Balance Sheet?
SkyWest的資產負債表強度?
The latest balance sheet data shows that SkyWest had liabilities of US$1.32b due within a year, and liabilities of US$3.41b falling due after that. Offsetting this, it had US$834.3m in cash and US$103.9m in receivables that were due within 12 months. So it has liabilities totalling US$3.79b more than its cash and near-term receivables, combined.
最新的資產負債表數據顯示,SkyWest有13.2億美元的負債到期,以及34.1億美元的負債到期後,需要清償。與此相抵消的是,它有8343萬美元的現金和1039萬美元的應收款項,這些應收款項在12個月內到期。因此,它的負債總額超過其現金和短期應收款項總額達37.9億美元。
When you consider that this deficiency exceeds the company's US$2.93b market capitalization, you might well be inclined to review the balance sheet intently. In the scenario where the company had to clean up its balance sheet quickly, it seems likely shareholders would suffer extensive dilution.
當您考慮到這種缺陷已經超過了公司的29.3億美元市值時,您可能會傾向於仔細審查資產負債表。在公司必須迅速清理其資產負債表的情況下,股東似乎很可能遭受嚴重的稀釋。
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.
爲了對公司的債務相對於其收益進行規模適應,我們計算其淨債務與利息、稅、折舊和攤銷前收益(EBITDA)之比及其稅前收益(EBIT)與利息支出之比(利息保障倍數)。因此,我們既考慮到不包括折舊和攤銷費用在內的收益,又包括折舊和攤銷費用的收益相對於債務。
SkyWest has a debt to EBITDA ratio of 2.9 and its EBIT covered its interest expense 4.0 times. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. The silver lining is that SkyWest grew its EBIT by 151% last year, which nourishing like the idealism of youth. If that earnings trend continues it will make its debt load much more manageable in the future. When analysing debt levels, the balance sheet is the obvious place to start. But it is future earnings, more than anything, that will determine SkyWest'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.
SkyWest的債務與EBITDA比率爲2.9,其EBIT覆蓋了利息費用的4.0倍。這表明債務水平雖然顯著,但我們認爲它們還沒有引起問題。其中一線希望是SkyWest去年的EBIT增長了151%,這滋養着青春期的理想主義。如果這種盈利趨勢繼續下去,它將使其負載更加可控。在分析債務水平時,資產負債表是顯然的起點。但是,與任何東西相比,未來的盈利才是確定SkyWest能否保持健康的資產負債表的關鍵。因此,如果您關注未來,可以查看這份免費報告,以顯示分析師的利潤預測。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. So the logical step is to look at the proportion of that EBIT that is matched by actual free cash flow. Looking at the most recent three years, SkyWest recorded free cash flow of 44% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
最後,公司只能用冰冷的現金來償還債務,而不是會計利潤。因此,邏輯的下一步是查看與實際自由現金流相匹配的EBIT比例。從最近的三年來看,SkyWest記錄下了相當於其EBIT的44%的自由現金流,這比我們期望的要弱。如果考慮償還債務,那不是很好。
Our View
我們的觀點
SkyWest's level of total liabilities and interest cover definitely weigh on it, in our esteem. But its EBIT growth rate tells a very different story, and suggests some resilience. Taking the abovementioned factors together we do think SkyWest's debt poses some risks to the business. So while that leverage does boost returns on equity, we wouldn't really want to see it increase from here. The balance sheet is clearly the area to focus on when you are analysing debt. 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 SkyWest .
在我們的估計中,SkyWest的總負債和利息覆蓋率確實會對其產生壓力。但是,它的EBIT增長率講述了一個非常不同的故事,並表明一些彈性。考慮到上述因素,我們確實認爲SkyWest的債務對業務構成一些風險。因此,雖然這種槓桿作用提高了股本回報率,但我們不希望看到它從這裏增加。顯然,資產負債表是分析債務的重點。但是,最終,每個公司都可能存在超出資產負債表範圍的風險。爲此,您應該注意我們發現的SkyWest的2個警告信號。
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.
如果您有興趣投資能夠在不負債的情況下增長利潤的企業,請查看這份免費列表,其中列出了在資產負債表上擁有淨現金的成長型企業。
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