Here's Why XPEL (NASDAQ:XPEL) Can Manage Its Debt Responsibly
Here's Why XPEL (NASDAQ:XPEL) Can Manage Its Debt Responsibly
Warren Buffett famously said, 'Volatility is far from synonymous with risk.' 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. As with many other companies XPEL, Inc. (NASDAQ:XPEL) makes use of debt. But should shareholders be worried about its use of debt?
沃伦·巴菲特曾经说过,“波动性与风险相去甚远。”所以聪明的投资者知道,债务通常与破产有关,是评估公司风险的非常重要的因素。正如其他许多公司一样,XPEL, Inc.(纳斯达克:XPEL)也使用债务。但股东们应该担心它的债务使用吗?
When Is Debt A Problem?
什么时候负债才是一个问题?
Debt and other liabilities become risky for a business when it cannot easily fulfill those obligations, either with free cash flow or by raising capital at an attractive price. If things get really bad, the lenders can take control of the business. However, a more common (but still painful) scenario is that it has to raise new equity capital at a low price, thus permanently diluting shareholders. Having said that, the most common situation is where a company manages its debt reasonably well - and to its own advantage. When we think about a company's use of debt, we first look at cash and debt together.
当企业无法轻松地通过自由现金流或以有吸引力的价格发行股本来履行这些义务时,债务和其他负债对企业而言便具有风险。如果事态变得非常糟糕,贷方就可以控制企业。但是,一个更常见(但仍然痛苦的)情况是,企业不得不以低价筹集新的股权资本,从而永久稀释股东。话虽如此,最常见的情况是企业合理地管理其债务,从而对自己有利。当我们考虑公司的债务使用情况时,我们首先看现金和债务。
What Is XPEL's Debt?
XPEL的债务是什么?
As you can see below, XPEL had US$11.3m of debt at June 2024, down from US$13.0m a year prior. But it also has US$15.0m in cash to offset that, meaning it has US$3.65m net cash.
如下所示,截至2024年6月,XPEL的债务为1130万美元,较一年前的1300万美元有所减少。但它也有1500万美元的现金来抵消债务,意味着它有365万美元的净现金。
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How Strong Is XPEL's Balance Sheet?
XPEL的资产负债表有多强?
Zooming in on the latest balance sheet data, we can see that XPEL had liabilities of US$31.0m due within 12 months and liabilities of US$28.9m due beyond that. Offsetting these obligations, it had cash of US$15.0m as well as receivables valued at US$30.7m due within 12 months. So its liabilities outweigh the sum of its cash and (near-term) receivables by US$14.2m.
放大最新的资产负债表数据,我们可以看到XPEL在12个月内到期的负债为3100万美元,超过12个月到期的负债为2890万美元。而其现金为1500万美元,应收账款为3070万美元,也在12个月内到期。所以其负债超过其现金和(近期)应收账款的总和1420万美元。
Having regard to XPEL's size, it seems that its liquid assets are well balanced with its total liabilities. So while it's hard to imagine that the US$1.20b company is struggling for cash, we still think it's worth monitoring its balance sheet. Despite its noteworthy liabilities, XPEL boasts net cash, so it's fair to say it does not have a heavy debt load!
考虑到XPEL的规模,其流动资产与总负债相当平衡。所以虽然很难想象这个12亿美元的公司正在为现金问题而苦苦挣扎,我们仍然认为值得关注其资产负债表。尽管它有数额可观的负债,但XPEL具有净现金,所以可以说它没有沉重的债务负担!
But the other side of the story is that XPEL saw its EBIT decline by 4.7% over the last year. If earnings continue to decline at that rate the company may have increasing difficulty managing its 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 XPEL'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.
但故事的另一面是,XPEL在过去一年中的EBIT减少了4.7%。如果收益继续以这个速度下降,公司可能难以应对其债务负担的增加。在分析债务水平时,资产负债表是显而易见的起点。但与任何事情相比,未来的盈利将决定XPEL是否能够保持健康的资产负债表。如果您想了解专业人士的想法,您可能会发现分析师利润预测的免费报告很有趣。
Finally, a company can only pay off debt with cold hard cash, not accounting profits. While XPEL has net cash on its balance sheet, it's still worth taking a look at its ability to convert earnings before interest and tax (EBIT) to free cash flow, to help us understand how quickly it is building (or eroding) that cash balance. Looking at the most recent three years, XPEL recorded free cash flow of 27% of its EBIT, which is weaker than we'd expect. That's not great, when it comes to paying down debt.
最后,一家公司只能用冷硬的现金而不是会计利润偿还债务。虽然XPEL在资产负债表上具有净现金,但仍值得关注其将息税前利润(EBIT)转化为自由现金流的能力,以帮助我们了解其现金余额的增长(或减少)速度。在最近的三年里,XPEL的自由现金流占其EBIT的比例为27%,低于我们的预期。在偿还债务方面不太理想。
Summing Up
总之
We could understand if investors are concerned about XPEL's liabilities, but we can be reassured by the fact it has has net cash of US$3.65m. So we don't have any problem with XPEL's use of debt. 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. Case in point: We've spotted 1 warning sign for XPEL you should be aware of.
投资者对XPEL的负债感到担忧是可以理解的,但我们可以放心,因为它有365万美元的净现金。所以我们对XPEL的债务使用没有任何问题。在分析债务水平时,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资产负债表之外的风险。譬如:我们发现了XPEL有1个警示信号,你应该注意。
If, after all that, you're more interested in a fast growing company with a rock-solid balance sheet, then check out our list of net cash growth stocks without delay.
如果在所有这些之后,您更感兴趣的是具有坚实资产负债表的快速增长公司,那么不要拖延,查看我们的净现金增长股票列表。
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