TSX:STB.DB.A - Post by User
Comment by
ffhwatcher3on Nov 11, 2015 8:47pm
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Post# 24283215
RE:RE:RE:ffhwatcher
RE:RE:RE:ffhwatcherNot sure about your numbers. Here are the numbers from Q1 2015 and Q1 2014. Seasonally, Q1 is always weak. I highlighted in Red the numbers that stood out for me. It looks like they are back to using debt to buy buses but they also use leasing. Their AR were $19M higher which is a temporary need for cash (maybe this is what you were referring too?) and they had very low depreciation as they don't depreciate their buses during the 2 months they aren't being used (depreciation is over 10 months, not 12).
Investing activities (Sept 2015 *** Sept 2014)
Purchases of property and equipment (52,160) *** (19,359)
Proceeds on sale of equipment 199 *** 854
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Net cash used in investing activities (51,961) *** (18,705)
Financing activities
Redemption of Class B Series Two and Three common shares (168) *** (250)
Repurchase of common stock (632) - Financing fees - (496) *** 0
Common stock dividends (8,521) *** (8,571)
Borrowings on credit facility 85,270 *** 49,850
Payments on credit facility (8,100) *** (8,200)
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Net cash provided by financing activities 67,849 *** 32,333