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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 Synacor's Beneish M-Score or its related term are showing as below:
During the past 12 years, the highest Beneish M-Score of Synacor was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Synacor'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.
Synacor Annual Data | |||||||||||||||||||||
Trend | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -3.48 | -2.81 | -3.05 | -3.33 | -3.46 |
Synacor Quarterly Data | ||||||||||||||||||||
Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.33 | -3.66 | -3.71 | -3.37 | -3.46 |
For the Software - Infrastructure subindustry, Synacor'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.
For the Software industry and Technology sector, Synacor's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Synacor's Beneish M-Score falls into.
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 Synacor 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 * 1.2777 | + | 0.528 * 1.0215 | + | 0.404 * 1.1276 | + | 0.892 * 0.6678 | + | 0.115 * 0.8562 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1256 | + | 4.679 * -0.203011 | - | 0.327 * 1.0283 | |||||||
= | -3.46 |
* 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 (Dec20) TTM: | Last Year (Dec19) TTM: |
Total Receivables was $17.52 Mil. Revenue was 24.074 + 18.529 + 18.176 + 20.583 = $81.36 Mil. Gross Profit was 12.006 + 8.126 + 9.14 + 9.854 = $39.13 Mil. Total Current Assets was $26.36 Mil. Total Assets was $63.24 Mil. Property, Plant and Equipment(Net PPE) was $13.96 Mil. Depreciation, Depletion and Amortization(DDA) was $10.29 Mil. Selling, General, & Admin. Expense(SGA) was $29.71 Mil. Total Current Liabilities was $24.53 Mil. Long-Term Debt & Capital Lease Obligation was $2.53 Mil. Net Income was 0.108 + -3.962 + -3.182 + -4.525 = $-11.56 Mil. Non Operating Income was 0.022 + -0.124 + 0.175 + 0.167 = $0.24 Mil. Cash Flow from Operations was 2.041 + -0.157 + -1.058 + 0.212 = $1.04 Mil. |
Total Receivables was $20.53 Mil. Revenue was 26.806 + 31.366 + 31.849 + 31.824 = $121.85 Mil. Gross Profit was 14.108 + 15.732 + 14.697 + 15.318 = $59.86 Mil. Total Current Assets was $34.49 Mil. Total Assets was $79.88 Mil. Property, Plant and Equipment(Net PPE) was $19.71 Mil. Depreciation, Depletion and Amortization(DDA) was $11.25 Mil. Selling, General, & Admin. Expense(SGA) was $39.52 Mil. Total Current Liabilities was $29.66 Mil. Long-Term Debt & Capital Lease Obligation was $3.58 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) |
= | (17.518 / 81.362) | / | (20.532 / 121.845) | |
= | 0.215309 | / | 0.168509 | |
= | 1.2777 |
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) | |
= | (59.855 / 121.845) | / | (39.126 / 81.362) | |
= | 0.491239 | / | 0.480888 | |
= | 1.0215 |
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 - (26.357 + 13.961) / 63.243) | / | (1 - (34.487 + 19.713) / 79.878) | |
= | 0.362491 | / | 0.321465 | |
= | 1.1276 |
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 | |
= | 81.362 | / | 121.845 | |
= | 0.6678 |
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)) |
= | (11.251 / (11.251 + 19.713)) | / | (10.294 / (10.294 + 13.961)) | |
= | 0.363357 | / | 0.424407 | |
= | 0.8562 |
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) |
= | (29.706 / 81.362) | / | (39.524 / 121.845) | |
= | 0.365109 | / | 0.324379 | |
= | 1.1256 |
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) |
= | ((2.531 + 24.531) / 63.243) | / | ((3.575 + 29.664) / 79.878) | |
= | 0.427905 | / | 0.416122 | |
= | 1.0283 |
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 | |
= | (-11.561 - 0.24 | - | 1.038) | / | 63.243 | |
= | -0.203011 |
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.
Synacor has a M-score of -3.46 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Synacor's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Marwan Fawaz | director | 12405 POWERSCOURT DRIVE, SAINT LOUIS MO 63131 |
Elisabeth B Donohue | director | C/O SYNACOR, INC., 40 LA RIVIERE DRIVE, SUITE 300, BUFFALO NY 14202 |
Kevin Rendino | director | 800 SCUDDERS MILL RD, PLAINSBORO NJ 08536 |
Andrew Kau | director | WALDEN INTERNATIONAL ONE CALIFORNIA STREET, 28TH FLOOR SAN FRANCISCO CA 94111 |
Michael J Montgomery | director | 100 WILSHIRE BOULEVARD SUITE 400 SANTA MONICA CA 90401 |
Timothy J Heasley | officer: Chief Financial Officer | 18 SANDPIPER COURT, ORCHARD PARK NY 14127 |
Steven M Davi | officer: EVP Technology | C O SEACHANGE INTERNATIONAL INC., 124 ACTON STREET, MAYNARD MA 01754 |
Himesh Bhise | director, officer: Chief Executive Officer | C/O SYNACOR, INC. 40 LA RIVIERE DRIVE BUFFALO NY 14202 |
Gary L Ginsberg | director | TIME WARNER INC., ONE TIME WARNER CENTER, NEW YORK NY 10019 |
Scott Murphy | director | C/O SYNACOR, INC. 40 LA RIVIERE DRIVE BUFFALO NY 14202 |
Jordan Levy | director | ONE HSBC CENTER SUITE 3850 BUFFALO NY 14203 |
William John Stuart | officer: Chief Financial Officer | AVICI SYSTEMS INC. 101 BILLERICA DRIVE NORTH BILLERICA MA 01862 |
Tz Holdings, Inc. | 10 percent owner | C/O BELL NUNNALLY & MARTIN LLP 3232 MCKINNEY AVENUE, SUITE 1400 DALLAS TX 75204 |
George Chamoun | officer: President, Sales and Marketing | C/O SYNACOR, INC., 40 LA RIVIERE DRIVE, SUITE 300, BUFFALO NY 14202 |
Ronald N Frankel | director, officer: President &CEO | 40 LARIVIERE DRIVE SUITE 300 BUFFALO NY 14202 |
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