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Impac Mortgage Holdings (Impac Mortgage Holdings) Beneish M-Score

: 0.00 (As of Today)
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The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Impac Mortgage Holdings's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of Impac Mortgage Holdings was 0.00. The lowest was 0.00. And the median was 0.00.


Impac Mortgage Holdings Beneish M-Score Historical Data

The historical data trend for Impac Mortgage Holdings's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Impac Mortgage Holdings Annual Data
Trend Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -4.01 1.02 - - -18.21

Impac Mortgage Holdings Quarterly Data
Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - -1.38 -5.99 -12.17 -18.21

Competitive Comparison

For the Mortgage Finance subindustry, Impac Mortgage Holdings's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Impac Mortgage Holdings Beneish M-Score Distribution

For the Banks industry and Financial Services sector, Impac Mortgage Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Impac Mortgage Holdings's Beneish M-Score falls into.



Impac Mortgage Holdings Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Impac Mortgage Holdings 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 * 1.334+0.528 * -0.0794+0.404 * 24.8457+0.892 * 0.1296+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 6.9002+4.679 * -4.995707-0.327 * 0.7905
=-18.21

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec22) TTM:Last Year (Dec21) TTM:
Total Receivables was $0.99 Mil.
Revenue was 1.071 + -0.161 + 0.495 + 7.19 = $8.60 Mil.
Gross Profit was -3.988 + -5.862 + -7.529 + -4.731 = $-22.11 Mil.
Total Current Assets was $47.19 Mil.
Total Assets was $60.33 Mil.
Property, Plant and Equipment(Net PPE) was $1.47 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $25.42 Mil.
Total Current Liabilities was $3.62 Mil.
Long-Term Debt & Capital Lease Obligation was $42.75 Mil.
Net Income was -11.768 + -13.013 + -13.467 + -1.574 = $-39.82 Mil.
Non Operating Income was -0.43 + -0.435 + 1.98 + 10.89 = $12.01 Mil.
Cash Flow from Operations was -9.457 + 6.147 + 108.149 + 144.73 = $249.57 Mil.
Total Receivables was $5.73 Mil.
Revenue was 14.938 + 19.818 + 10.98 + 20.584 = $66.32 Mil.
Gross Profit was 1.734 + 7.133 + -0.984 + 5.66 = $13.54 Mil.
Total Current Assets was $1,996.18 Mil.
Total Assets was $2,022.77 Mil.
Property, Plant and Equipment(Net PPE) was $10.85 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $28.43 Mil.
Total Current Liabilities was $285.54 Mil.
Long-Term Debt & Capital Lease Obligation was $1,681.40 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(0.991 / 8.595) / (5.732 / 66.32)
=0.1153 / 0.086429
=1.334

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(13.543 / 66.32) / (-22.11 / 8.595)
=0.204207 / -2.572426
=-0.0794

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (47.192 + 1.468) / 60.331) / (1 - (1996.176 + 10.845) / 2022.771)
=0.193449 / 0.007786
=24.8457

4. SGI = Sales Growth Index

Ratio of Revenue 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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=8.595 / 66.32
=0.1296

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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))
=(0 / (0 + 10.845)) / (0 / (0 + 1.468))
=0 / 0
=1

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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)
=(25.421 / 8.595) / (28.427 / 66.32)
=2.95765 / 0.428634
=6.9002

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 in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((42.753 + 3.622) / 60.331) / ((1681.398 + 285.539) / 2022.771)
=0.768676 / 0.972397
=0.7905

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-39.822 - 12.005 - 249.569) / 60.331
=-4.995707

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Impac Mortgage Holdings has a M-score of -18.21 suggests that the company is unlikely to be a manipulator.


Impac Mortgage Holdings Beneish M-Score Related Terms

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Impac Mortgage Holdings (Impac Mortgage Holdings) Business Description

Traded in Other Exchanges
N/A
Address
4000 MacArthur Boulevard, Suite 6000, Newport Beach, CA, USA, 92660
Impac Mortgage Holdings Inc is an independent residential mortgage lender. The company's segments include Mortgage Lending, Real Estate Services, and the Long-Term Mortgage Portfolio. The mortgage lending segment provides mortgage lending products through three lending channels, retail, wholesale, and correspondent, retains mortgage servicing rights, and provides warehouse lending facilities. Its Real estate services segment performs master servicing and provides loss mitigation services for securitized long-term mortgage portfolios, and Long-term mortgage portfolio consists of residual interests in securitization trusts.
Executives
Rhp Trust, Dated May 31, 2011 10 percent owner 1400 NEWPORT CENTER DRIVE, SUITE 230, NEWPORT BEACH CA 92660
Richard H/ Pickup 10 percent owner 1400 NEWPORT CENTER DRIVE, SUITE 230, NEWPORT BEACH CA 92660
George A. Mangiaracina officer: President 19500 JAMBOREE ROAD, IRVINE CA 92612
Tiffany Entsminger officer: Chief Risk Officer,Head of Ops 19500 JAMBOREE ROAD, IRVINE CA 92612
Justin Moisio officer: Chief Administrative Officer 19500 JAMBOREE ROAD, IRVINE CA 92612
Joseph Piscina director 19500 JAMBOREE ROAD, IRVINE CA 92612
Obi Nwokorie director, officer: EVP, CIO and Director 19500 JAMBOREE ROAD, IRVINE CA 92612
Jon Gloeckner other: SVP Treasury 19500 JAMBOREE ROAD, IRVINE CA 92612
Thomas B Akin 10 percent owner 2400 BRIDGEWAY # 200, SUITE 200, SAUSALITO CA 94965
Joseph Joffrion officer: SVP, General Counsel 19500 JAMBOREE ROAD, IRVINE CA 92612
Katherine J. Blair director 228 MANHATTAN BEACH BOULEVARD, MANHATTAN BEACH CA 90266
Nima Vahdat officer: General Counsel 19500 JAMBOREE ROAD, IRVINE CA 92612
Paul Licon other: Principal Accounting Officer 19500 JAMBOREE ROAD, IRVINE CA 92612
Todd M Pickup 10 percent owner 1400 NEWPORT CENTER DRIVE, SUITE 230, NEWPORT BEACH CA 92660
Stewart B. Koenigsberg director 19500 JAMBOREE ROAD, IRVINE CA 92612

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