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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Allegiant Travel Company, LLC. has a M-score of -3.10 suggests that the company is not a manipulator.
During the past 12 years, the highest Beneish M-Score of Allegiant Travel Company, LLC. was -1.88. The lowest was -3.55. And the median was -2.73.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Allegiant Travel Company, LLC. for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 0.8252||+||0.528 * 0.9023||+||0.404 * 1.3169||+||0.892 * 1.0962||+||0.115 * 1.058|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1401||+||4.679 * -0.1129||-||0.327 * 1.2382|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $16.9 Mil.|
Revenue was 238.471 + 228.874 + 255.846 + 272.959 = $996.2 Mil.
Gross Profit was 112.069 + 102.255 + 118.224 + 126.995 = $459.5 Mil.
Total Current Assets was $429.9 Mil.
Total Assets was $930.2 Mil.
Property, Plant and Equipment(Net PPE) was $451.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $69.3 Mil.
Selling, General & Admin. Expense(SGA) was $235.5 Mil.
Total Current Liabilities was $290.7 Mil.
Long-Term Debt was $214.1 Mil.
Net Income was 17.475 + 17.106 + 25.76 + 31.932 = $92.3 Mil.
Non Operating Income was 0.009 + 0.214 + 0.132 + 0.038 = $0.4 Mil.
Cash Flow from Operations was 46.456 + 9.351 + 33.257 + 107.824 = $196.9 Mil.
|Accounts Receivable was $18.6 Mil.
Revenue was 222.838 + 216.864 + 231.166 + 237.851 = $908.7 Mil.
Gross Profit was 91.516 + 90.024 + 102.284 + 94.446 = $378.3 Mil.
Total Current Assets was $415.3 Mil.
Total Assets was $798.2 Mil.
Property, Plant and Equipment(Net PPE) was $351.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $57.5 Mil.
Selling, General & Admin. Expense(SGA) was $188.5 Mil.
Total Current Liabilities was $210.5 Mil.
Long-Term Debt was $139.2 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(16.857 / 996.15)||/||(18.635 / 908.719)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(102.255 / 908.719)||/||(112.069 / 996.15)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (429.921 + 451.584) / 930.191)||/||(1 - (415.267 + 351.204) / 798.194)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(57.503 / (57.503 + 351.204))||/||(69.264 / (69.264 + 451.584))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(235.542 / 996.15)||/||(188.463 / 908.719)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((214.063 + 290.651) / 930.191)||/||((139.229 + 210.546) / 798.194)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(92.273 - 0.393||-||196.888)||/||930.191|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Allegiant Travel Company, LLC. has a M-score of -3.10 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Allegiant Travel Company, LLC. Annual Data
Allegiant Travel Company, LLC. Quarterly Data