Latch バランスシートの健全性
財務の健全性 基準チェック /46
Latchの総株主資本は$52.3M 、総負債は$4.3Mで、負債比率は8.3%となります。総資産と総負債はそれぞれ$99.4Mと$47.1Mです。
主要情報
8.27%
負債資本比率
US$4.32m
負債
| インタレスト・カバレッジ・レシオ | n/a |
| 現金 | US$29.48m |
| エクイティ | US$52.26m |
| 負債合計 | US$47.11m |
| 総資産 | US$99.37m |
財務の健全性に関する最新情報
Recent updates
Seeking Alpha • Oct 05
Latch, Inc. Is Worth More Dead Than Alive
Summary The spectacular decline in high-growth stocks have yielded a number of interesting net-net situations, including Latch, Inc. A conservative estimate of Latch's liquidation value is $1.17 a share, or as much as $1.38 in a best-case liquidation scenario. The stock could be worth much more than liquidation value if management gets lucky with controlling costs as sales are extremely strong. The spectacular decline in growth stocks has presented investors with some interesting net-net opportunities, and Latch, Inc. (LTCH) is certainly one of them. Once labelled by Chamath Palihapitiya as the best SaaS company he's ever seen, the stock now sells for less than cash net of all liabilities after falling a spectacular 91.39% over the past 12 months as of the time of writing. The stock represents an interesting opportunity for net-net investors. Made famous by Benjamin Graham in his 1932 Fortune Magazine article, a net-net situation arises when a company's stock sells below liquidation value. Latch along with a handful of other growth companies find themselves in that situation today. A Look at Latch's Q1 Balance Sheet Latch has a high-quality balance sheet (Latch, Inc. 10-Q) The two most important figures here are the cash and cash equivalents plus available for sale securities on one side, and the total liabilities on the other. You can see that the company is worth $262 million based on the cash it has net of all liabilities. With 142 million shares outstanding at the end of the quarter, that would equate to a liquidation value of approximately $1.85, more than double the current price. The Wrinkle in Latch's Balance Sheet Almost half of total liabilities are comprised of deferred revenue. That would have been good news if the company is profitable. In Latch's case, however, it means the company will spend even more to realize that revenue. Obviously, some of what it will spend will be deducted from inventories and prepaid expenses and wouldn't affect the liquidation value. However, for the sake of conservatism, let's assume the company will expense these costs out of the cash it has on hand. Looking at the income statement of Q2, the company lost $50.6 million on $13.7 million in revenue. Of that, $36.4 million were cash expenses. Applying the same margin to deferred revenue of $35.7 million, the increase in total liabilities would be $94.9 million. This lowers the liquidation value to $167.1 million, or $1.17 a share. As I've mentioned there is upside to that number based on how much of the expenses come out from other assets like inventory and prepaid expenses, in addition to any potential improvement from management's cost-cutting initiatives. There is also an upside from collecting receivables. The company has accounts receivable of $29 million, with an additional $2.8 million in doubtful accounts. The quarterly showed that the company recovered $350k during the quarter, so there is potential to recover more in future quarters. But focusing solely on the $29 million in account receivables, the sum would represent a significant boost to the liquidation value if the company can collect them. In this best-case scenario, the liquidation value could jump to $196.1 million or $1.38 a share. This represents an upside of 50% There is an Empty Half of the Glass for Latch's Story The company has already failed to file its second quarter 10-Q which is an ominous sign. This means that the figures discussed in this article might have changed dramatically. Also, the management team has been selling stock according to SEC Filings. I haven't been able to find an open-market purchase by any member of the management team, which hardly inspires confidence. But The Glass is Also Half Full Despite its troubles, Latch is still growing revenue almost triple digits. Its gross margins on the software side are a whopping 89%. The company simply faces the problem many other smaller companies face as a result of disrupted supply chains and inflation. These issues have meant it couldn't improve its gross margin profitability on the hardware side. While I personally wouldn't understand why a management would continue to sell a product it loses on when liquidity is looking like an issue, the fact the product is growing this strongly should count for something. The company cut more than 30% of the workforce. Also, supply chain and inflation-related issues will not last forever. If these issues are resolved in time, there is potential for multi-bagger returns and not just the 25-50% return mentioned in this article This is also a net-net situation after all so no investor should have an assumption that holding the stock will be a breeze. At the end of the day, Latch is a relatively small company with $50 million. Almost every company, regardless of how invincible it may be today, has faced a similar challenge to what Latch is facing today. So just because it seems like the company faces an uphill battle today, doesn't mean it is doomed to fail. Having said that, it is my opinion that no investor should concentrate into net-net stocks. They work best as a portfolio due to the high bankruptcy risk. In my personal experience, most net-nets I've seen work was because they were either liquidated or because they got lucky with their turnaround efforts. However, the absolute majority of net-nets I have come across burned through their cash and the stock ended up languishing lower than when it first became a net-net. That is why it is better to buy net-nets as a portfolio. It's the few winners that will more than make up for the losers. Ben Graham described investing in net-nets better than I ever will: I consider it a foolproof method of systematic investment--once again, not on the basis of individual results but in terms of the expectable group outcome.Seeking Alpha • Sep 13
Latch to provide NYC apartment residents with WeWork membership subscriptions
Latch (NASDAQ:LTCH), which makes an operating system for buildings called LatchOS, on Tuesday said it had entered into a partnership with workspace provider WeWork (NYSE:WE). Under the collaboration, certain residents in New York City that live in Latch-enabled buildings will be provided with WeWork's monthly membership subscription called WeWork All Access, LTCH said in a statement. The program will be available at select apartment buildings in New York City, with plans to expand throughout the metro area and, eventually, nationwide. Latch (LTCH), through its operating system, connects building services and residents and allows apartment dwellers to perform actions such as unlock their spaces, access building amenities, control smart home devices and schedule deliveries. Shares of LTCH initially jumped more than 20% in premarket hours, but pared all the gains and slipped into the red amid a broader market slump after trading started. LTCH stock was last down 1.2% at $1.23 in mid-day trading, while class A shares of WeWork (WE) were -8% at $3.97.Seeking Alpha • Aug 15
Latch receives non-compliance notification from Nasdaq for delay in filing quarterly report
Latch (NASDAQ:LTCH) received a letter from the Listing Qualifications Department of The Nasdaq that it did not comply with the listing rule related to filing of quarterly report on Form 10-Q for the quarter ended June 30, 2022 by the required due date. On Aug.10, the company had notified the SEC of its inability to file the report. The company has been granted time until Oct.10, 2022 to submit a plan for regaining compliance; if plan is approved it will be granted extension of up to 180 calendar days from the due date to regain compliance. The notification has no impact on the listing of shares or warrants.Seeking Alpha • Jul 03
Making Buildings More Secure Is Leaving Latch Poorer
Latch is growing quickly, but at a significant cost. The company's cash burn is quickly consuming existing cash and equivalents. With Latch servicing just one percent of the market for access control and building software, growth should continue to be strong. Proptech firm Latch (LTCH) helps buildings become more secure. The company does this through a smart access system named LatchOS, a combination of hardware and software that manages who gains access to a building. With revenue for the New York-based company rapidly ramping, its bulls argue that Latch is opening up clear market leadership on the back of a strong technology stack. With LatchOS being used in more than 1 in 10 newly built U.S. apartments, this argument likely rings true. The company counts many large real estate development firms as partners, including AvalonBay (AVB), Brookfield (BAM), and Toll Brothers (TOL). The market for access control and building software is growing, with a number of public firms like SmartRent (SMRT) and private startups such as Dwelo and BeHome247 all competing for market share. Latch's management has placed this market at $54 billion in the United States, with an estimated 47 million rental homes. With LatchOS currently serving less than one per cent of this figure, the company's management has guided for significant revenue growth ahead. An ambition to fully capitalize on this market drove the company to go public in June 2021 with a merger with a Tishman Speyer blank check company. The transaction was completed at a $1.56 billion valuation, and Latch raised gross proceeds of $453 million from a long investor list that included Social Capital's Chamath Palihapitiya. Data by YCharts Latch's common share prices have since collapsed by 92% as growth stocks fell alongside a market pullback of historic proportions. Inflation running at multi-decade highs has forced the FED to become extremely hawkish in their roadmap for raising interest rates, bringing an end to an era of cheap liquidity. However, with Latch recording revenue of just $13.7 million for its last reported earnings period, its go-public valuation of $1.56 billion was always a stretch. Bears point to the extreme euphoria and excess of the SPAC market boom of early 2021, when Latch initially announced it would go public, as a critical factor in embedding overly optimistic revenue multiples to technology-related upstarts. The good times were never meant to last, hence Latch's public adventure presented an inherent exit for its private investors and a terrible deal for its early public backers. Cash Burn Rising As Revenue Ramps The company last released earnings for its fiscal 2022 first quarter, which saw total revenue come in at $13.7 million, a 106% increase from the year-ago period but a miss by $350,000 on consensus estimates. Software accounted for 22% of total revenue and grew by 88% year-over-year, as annual recurring revenue grew by 137% to reach $7.9 million. Latch Inc The company sees hardware sales as a loss-leader for higher-margin software sales. Indeed, sales of its physical locks were completed at a -21% gross margin during the quarter, compared to a gross margin of 89% for its software sales. However, and perhaps most alarming, net loss for the period grew to reach $44.2 million, up from $38.1 million in the year-ago quarter. This came as operating expenses grew by 61.5% from its year-ago figure. Negative free cash flow during the quarter was at $44.5 million, up from a cash burn of $14.6 million in the comparable year-ago period. This meant cash and equivalents continued its decline, reaching $264 million at the end of the quarter. With no real debt on its balance sheet, Latch's enterprise value stands at -$100 million, materially lower than its current market cap of $163.73 million. A negative enterprise value is rare and highlights just how much sentiment towards the company's stock has collapsed.Seeking Alpha • Apr 13
A Hard Look At Latch Inc.
Today, we put Latch Inc. in the spotlight for the first time. The company is seeing impressive revenue growth, but recently lowered forward guidance and is seeing considerable cash burn. A full investment analysis follows in the paragraphs below.分析記事 • Mar 01
Time To Worry? Analysts Are Downgrading Their Latch, Inc. (NASDAQ:LTCH) Outlook
Today is shaping up negative for Latch, Inc. ( NASDAQ:LTCH ) shareholders, with the analysts delivering a substantial...分析記事 • Feb 27
Latch, Inc. (NASDAQ:LTCH) Analysts Are Cutting Their Estimates: Here's What You Need To Know
There's been a major selloff in Latch, Inc. ( NASDAQ:LTCH ) shares in the week since it released its yearly report...Seeking Alpha • Jan 20
Latch: An Intelligent Speculation In Real Estate Tech
Latch designs smart building hardware and software for apartments and office buildings. The hardware is a loss leader for the recurring high margin software revenue. Latch has experienced triple-digit revenue growth and has a large amount of bookings, giving the company some visibility on future revenue. The company is led by its four founders and has a variety of experiences and skillsets on the management team. The warrants, which expire in June 2026, seem to be mispriced and could provide huge returns if the company continues on the same trajectory.Seeking Alpha • Oct 20
Latch: Use This Key Piece Of Data Before You Buy
Latch is a young company with a great recurring revenue business model. The company's revenue and earnings figures are negatively impacted by construction delays and supply shortages. Long-term investors should analyze specific survey data before purchasing shares.財務状況分析
短期負債: LTCHの 短期資産 ( $57.7M ) が 短期負債 ( $28.1M ) を超えています。
長期負債: LTCHの短期資産 ( $57.7M ) が 長期負債 ( $19.0M ) を上回っています。
デット・ツー・エクイティの歴史と分析
負債レベル: LTCH総負債よりも多くの現金を保有しています。
負債の削減: LTCHは 5 年前には株主資本がマイナスでしたが、現在はプラスになっており、改善されています。
貸借対照表
キャッシュ・ランウェイ分析
過去に平均して赤字であった企業については、少なくとも1年間のキャッシュ・ランウェイがあるかどうかを評価する。
安定したキャッシュランウェイ: LTCHは、現在の フリーキャッシュフロー に基づくと、キャッシュランウェイ が 1 年未満です。
キャッシュランウェイの予測: フリーキャッシュフローが毎年13.1 % の歴史的率で成長し続ける場合、 LTCHのキャッシュランウェイは 1 年未満になります。
健全な企業の発掘
企業分析と財務データの現状
| データ | 最終更新日（UTC時間） |
|---|---|
| 企業分析 | 2026/06/30 19:20 |
| 終値 | 2026/06/30 00:00 |
| 収益 | 2026/03/31 |
| 年間収益 | 2025/12/31 |
データソース
企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。
| パッケージ | データ | タイムフレーム | 米国ソース例 |
|---|---|---|---|
| 会社財務 | 10年 |
| |
| アナリストのコンセンサス予想 | +プラス3年 |
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| 市場価格 | 30年 |
| |
| 所有権 | 10年 |
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| マネジメント | 10年 |
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| 主な進展 | 10年 |
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* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。
特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。
分析モデルとスノーフレーク
このレポートを生成するために使用した分析モデルの詳細は、当社の Github ページ でご覧いただけます。また、レポートの使い方に関する ガイド や YouTube の チュートリアル もご用意しています。
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業界およびセクターの指標
私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。
アナリスト筋
Latch, Inc. 0 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。11
| アナリスト | 機関 |
|---|---|
| Joseph Vruwink | Baird |
| Mark Schappel | Benchmark Company |
| Justin Ages | Berenberg |