Is AMN Healthcare Services (NYSE:AMN) Using Too Much Debt?
Is AMN Healthcare Services (NYSE:AMN) Using Too Much Debt?
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.' 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. We note that AMN Healthcare Services, Inc. (NYSE:AMN) does have debt on its balance sheet. But the real question is whether this debt is making the company risky.
David Iben說得很好,「波動性並不是我們關心的風險,我們關心的是避免永久的資本損失。」當您評估一個公司的風險時,考慮到負債往往涉及到企業破產時,自然要考慮公司的資產負債表。我們注意到AMN Healthcare Services, Inc. (紐交所:AMN) 的資產負債表上確實有負債。但真正的問題是這些負債是否使公司具有風險。
What Risk Does Debt Bring?
債務帶來了什麼風險?
Debt assists a business until the business has trouble paying it off, either with new capital or with free cash flow. Part and parcel of capitalism is the process of 'creative destruction' where failed businesses are mercilessly liquidated by their bankers. 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.
債務在企業面臨新資本或自由現金流難以償還時起到了幫助作用。資本主義的組成部分是「創造性破壞」過程,在這個過程中,銀行家無情地清算破產的企業。雖然這並不太常見,但我們經常看到企業因負債而永久地稀釋股東的權益,因爲債權人強迫它們以困境價格籌集資本。話雖如此,最常見的情況是,企業合理地管理其債務——並利用它們的優勢。當我們審查債務水平時,我們首先考慮現金和債務水平。
What Is AMN Healthcare Services's Debt?
AMN Healthcare Services的債務是什麼?
The image below, which you can click on for greater detail, shows that at June 2024 AMN Healthcare Services had debt of US$1.19b, up from US$1.03b in one year. On the flip side, it has US$48.0m in cash leading to net debt of about US$1.14b.
下圖是2024年6月AMN Healthcare Services的負債情況的詳細信息,點擊可放大查看。數據顯示,AMN Healthcare Services的債務從一年前的1.03億美元增加到了11.9億美元。而同時,公司又有4800萬美元的現金,淨負債約爲11.4億美元。
![1724330510953](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240822/42735455-0-8cbb231f6d4db00c7773eb396c75487a.webp/bigjpg)
How Strong Is AMN Healthcare Services' Balance Sheet?
AMN醫療保健服務的資產負債表有多強?
Zooming in on the latest balance sheet data, we can see that AMN Healthcare Services had liabilities of US$573.9m due within 12 months and liabilities of US$1.32b due beyond that. Offsetting these obligations, it had cash of US$48.0m as well as receivables valued at US$599.2m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$1.25b.
從最新的資產負債表數據來看,AMN醫療保健服務有US$57390萬的短期負債和US$13.2億的長期負債。相比之下,其US$4800萬的現金和US$59920萬的應收賬款在12個月內到期。因此,其負債超過了其現金和(短期)應收賬款的總和,達到了US$12.5億。
This is a mountain of leverage relative to its market capitalization of US$1.93b. This suggests shareholders would be heavily diluted if the company needed to shore up its balance sheet in a hurry.
相對於其US$19.3億的市值來說,這是一座巨大的槓桿山。這意味着如果公司需要迅速鞏固其資產負債表,股東的權益將被大幅稀釋。
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). The advantage of this approach is that we take into account both the absolute quantum of debt (with net debt to EBITDA) and the actual interest expenses associated with that debt (with its interest cover ratio).
爲了衡量公司相對於其收益的債務情況,我們計算其淨負債除以利息、稅項、折舊和攤銷前收益(EBITDA)和其利息支出除以利息前收益(EBIT)的比例(其利息覆蓋率)。這種方法的優點是,我們既考慮了債務的絕對量(淨負債與 EBITDA),又考慮到了與該債務相關的實際利息支出(其利息覆蓋率)。
AMN Healthcare Services has a debt to EBITDA ratio of 3.1 and its EBIT covered its interest expense 3.1 times. This suggests that while the debt levels are significant, we'd stop short of calling them problematic. Even worse, AMN Healthcare Services saw its EBIT tank 58% over the last 12 months. If earnings continue to follow that trajectory, paying off that debt load will be harder than convincing us to run a marathon in the rain. 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 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醫療保健服務的債務與EBITDA比率爲3.1倍,其EBIT覆蓋了利息費用的3.1倍。這表明儘管債務水平相當高,但我們不會把它們稱爲問題。更糟糕的是,過去12個月,AMN醫療保健服務的EBIT下降了58%。如果收益繼續沿着這個軌跡走下去,償還那筆債務將比說服我們在雨中參加一次馬拉松更難。在分析債務時,資產負債表顯然是需要重點關注的領域。但與任何其他因素相比,未來的收益將決定AMN醫療保健服務能否維持一個健康的資產負債表。因此,如果你關注未來,你可以查看這份免費報告,其中包含分析師對利潤的預測。
Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it. So we always check how much of that EBIT is translated into free cash flow. Over the most recent three years, AMN Healthcare Services recorded free cash flow worth 78% of its EBIT, which is around normal, given free cash flow excludes interest and tax. This free cash flow puts the company in a good position to pay down debt, when appropriate.
最後,一家企業需要有自由現金流來償還債務;會計利潤是不夠的。因此,我們始終會檢查有多少EBIT能轉化爲自由現金流。在最近的三年中,AMN醫療保健服務的自由現金流佔其EBIT的比例爲78%,這是正常水平,因爲自由現金流不包括利息和稅收。這種自由現金流使該公司在適當時有能力償還債務。
Our View
我們的觀點
AMN Healthcare Services's EBIT growth rate was a real negative on this analysis, although the other factors we considered cast it in a significantly better light. In particular, its conversion of EBIT to free cash flow was re-invigorating. It's also worth noting that AMN Healthcare Services 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 AMN Healthcare Services 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. But ultimately, every company can contain risks that exist outside of the balance sheet. For instance, we've identified 2 warning signs for AMN Healthcare Services that you should be aware of.
amn醫療保健服務的EBIt增長率在這個分析中確實是一個真正的負面因素,儘管我們考慮的其他因素讓其看起來好得多。特別是,其EBIt轉化爲自由現金流是非常有活力的。值得注意的是,amn醫療保健服務屬於常被認爲非常保守的醫療保健行業。當我們綜合考慮所有討論的因素時,我們覺得amn醫療保健服務正在運用債務冒一些風險。因此,雖然槓桿確實可以提高股東權益的回報,但我們不希望真的看到槓桿從這裏增加。在分析債務水平時,資產負債表顯然是一個明顯的起點。但最終,每家公司都可能存在資產負債表之外的風險。例如,我們已經找到了amn醫療保健服務的2個警示信號,你應該注意。
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.
歸根結底,專注於沒有淨債務的公司往往更好。您可以訪問我們的特別列表,其中包括所有表現出盈利增長軌跡的公司。這是免費的。
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