Team Health Holdings Beneish M-Score Historical Data
The historical data trend for Team Health 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.
Team Health Holdings Beneish M-Score Chart
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Team Health Holdings Annual Data
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Trend |
Dec07 |
Dec08 |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.31 |
-2.35 |
-2.55 |
-2.46 |
-2.04 |
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Team Health Holdings Quarterly Data
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Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
Jun13 |
Sep13 |
Dec13 |
Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
| Beneish M-Score |
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-2.42 |
-2.04 |
-2.14 |
-2.21 |
-2.13 |
Competitive Comparison of Team Health Holdings's Beneish M-Score
For the Staffing & Employment Services subindustry, Team Health 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.
Team Health Holdings's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Team Health Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Team Health Holdings's Beneish M-Score falls into.
Team Health 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 Team Health 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 * 1.1269 | + | 0.528 * 1.0543 | + | 0.404 * 1.1808 | + | 0.892 * 1.2849 | + | 0.115 * 0.9778 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9968 | + | 4.679 * -0.002294 | - | 0.327 * 1.2782 |
| = | -2.11 |
* 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 (Sep16) TTM: | Last Year (Sep15) TTM: |
Total Receivables was $864 Mil.
Revenue was 1141.494 + 1122.576 + 1135.641 + 979.627 = $4,379 Mil.
Gross Profit was 197.87 + 197.98 + 186.074 + 175.895 = $758 Mil.
Total Current Assets was $946 Mil.
Total Assets was $4,471 Mil.
Property, Plant and Equipment(Net PPE) was $84 Mil.
Depreciation, Depletion and Amortization(DDA) was $125 Mil.
Selling, General, & Admin. Expense(SGA) was $390 Mil.
Total Current Liabilities was $1,077 Mil.
Long-Term Debt & Capital Lease Obligation was $2,299 Mil.
Net Income was 10.481 + 18.785 + 0.668 + -9.72 = $20 Mil.
Non Operating Income was -14.499 + -6.296 + -20.663 + -49.378 = $-91 Mil.
Cash Flow from Operations was 53.003 + 25.277 + 29.145 + 13.881 = $121 Mil.
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Total Receivables was $597 Mil.
Revenue was 899.181 + 877.955 + 840.484 + 790.682 = $3,408 Mil.
Gross Profit was 163.836 + 163.136 + 150.401 + 144.414 = $622 Mil.
Total Current Assets was $672 Mil.
Total Assets was $2,144 Mil.
Property, Plant and Equipment(Net PPE) was $75 Mil.
Depreciation, Depletion and Amortization(DDA) was $106 Mil.
Selling, General, & Admin. Expense(SGA) was $304 Mil.
Total Current Liabilities was $712 Mil.
Long-Term Debt & Capital Lease Obligation was $555 Mil.
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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) |
| = | (864.163 / 4379.338) | / | (596.805 / 3408.302) |
| = | 0.197327 | / | 0.175103 |
| | = | 1.1269 |
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) |
| = | (621.787 / 3408.302) | / | (757.819 / 4379.338) |
| = | 0.182433 | / | 0.173044 |
| | = | 1.0543 |
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 - (946.197 + 84.141) / 4470.575) | / | (1 - (671.901 + 74.939) / 2144.179) |
| = | 0.769529 | / | 0.65169 |
| | = | 1.1808 |
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 |
| = | 4379.338 | / | 3408.302 |
| | = | 1.2849 |
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)) |
| = | (105.523 / (105.523 + 74.939)) | / | (125.16 / (125.16 + 84.141)) |
| = | 0.584738 | / | 0.59799 |
| | = | 0.9778 |
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) |
| = | (389.904 / 4379.338) | / | (304.426 / 3408.302) |
| = | 0.089033 | / | 0.089319 |
| | = | 0.9968 |
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) |
| = | ((2298.985 + 1076.82) / 4470.575) | / | ((555 + 711.666) / 2144.179) |
| = | 0.755117 | / | 0.590746 |
| | = | 1.2782 |
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 |
| = | (20.214 - -90.836 | - | 121.306) | / | 4470.575 |
| | = | -0.002294 |
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.
Team Health Holdings has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.
Team Health Holdings (Team Health Holdings) Business Description
Traded in Other Exchanges
N/A
Address
Team Health Holdings Inc was founded in 1979. It is the suppliers of outsourced healthcare professional staffing and administrative services to hospitals and other healthcare providers in the United States, based upon revenues and patient visits. It serves approximately 3,400 civilian and military hospitals, clinics and physician groups in 47 states with a team of more than 18,000 affiliated healthcare professionals, including physicians, physician assistants, nurse practitioners and nurses. It recruits and contracts with healthcare professionals who then provide professional services within third-party healthcare facilities. It is a physician-founded organization with physician leadership throughout its business and since its inception in 1979; it provided outsourced services in hospital emergency departments, or EDs. It also provides comprehensive programs for hospital medicine, anesthesiology, pediatrics and other healthcare services, by providing permanent staffing that enables the management teams of hospitals and other healthcare facilities to outsource certain management, recruiting, hiring, payroll, billing and collection and benefits functions. The range of services that it provides to its clients include: recruiting, scheduling & credential coordination for clinical and non-clinical medical professionals; coding, billing & collection of fees for services provided by medical professionals; provision of experienced medical directors; administrative support services, such as payroll, professional liability insurance coverage, continuing medical education services & management training; risk & claims management services and standardized procedures. Healthcare facilities seek third-party physician staffing and administrative service providers that not only could improve department quality, productivity and patient satisfaction while reducing overall costs, but also offer a breadth of staffing and management services, billing & reimbursement expertise, a reputation for regulatory compliance, financial stability and a demonstrated ability to recruit & retain qualified physicians and technicians & nurses. It competes against local physician groups and self-operated hospital EDs. Its operations and relationships with healthcare providers such as hospitals are subject to increasing regulations by numerous federal, state and local governmental entities.
Executives
| Jana Partners Llc |
director |
767 FIFTH AVENUE, 8TH FLOOR, NEW YORK NY 10153 |
| Scott Ostfeld |
director |
767 FIFTH AVENUE, 8TH FLOOR, NEW YORK NY 10153 |
| Kenneth H Paulus |
director |
5420 FELTL ROAD, MINNETONKA MN 55343 |
| James L Bierman |
director |
9120 LOCKWOOD BOULEVARD, MECHANICSVILLE VA 23116 |
| Glenn A. Davenport |
director |
TEAM HEALTH HOLDINGS, 1900 WINSTON ROAD, SUITE 300, KNOXVILLE TN 37919 |
| Vicky B Gregg |
director |
1 CAMERON HILL CIRCLE, CHATTANOOGA TN 37402 |
| Edwin M Crawford |
director |
3000 GALLERIA TOWER, STE 1000, BIRMINGHAM AL 35244 |
| Michael D Snow |
director, officer: President and CEO |
23 MAYMONT WAY, THE WOODLANDS TX 77382 |
| Joseph L Herring |
director |
210 CARNEGIE CENTER, PRINCETON NJ 08540 |
| Greg Roth |
other: Consultant |
ONE PARK PLAZA, NASHVILLE TN 37203 |
| Steven B Epstein |
director |
|
| Blackstone Holdings Iii Gp Management L.l.c. |
10 percent owner |
C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK NY 10154 |
| Blackstone Holdings Iii Gp L.p. |
10 percent owner |
C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK NY 10154 |
| Blackstone Management Associates Iv Llc |
10 percent owner |
C/O THE BLACKSTONE GROUP, 345 PARK AVE, NEW YORK NY 10154 |
| Blackstone Holdings Iii L.p. |
10 percent owner |
C/O BLACKSTONE INC., 345 PARK AVENUE, NEW YORK NY 10154 |
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