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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.
Good Sign:
Beneish M-Score -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Travelzoo's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Travelzoo was -0.34. The lowest was -5.64. And the median was -2.27.
The historical data trend for Travelzoo'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.
For the Advertising Agencies subindustry, Travelzoo'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 Media - Diversified industry and Communication Services sector, Travelzoo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Travelzoo'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 Travelzoo 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 * 0.7711 | + | 0.528 * 0.9859 | + | 0.404 * 0.9281 | + | 0.892 * 1.1966 | + | 0.115 * 0.954 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9158 | + | 4.679 * 0.002546 | - | 0.327 * 0.8896 | |||||||
= | -2.49 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $12.97 Mil. Revenue was 21.149 + 20.599 + 21.128 + 21.601 = $84.48 Mil. Gross Profit was 18.451 + 17.934 + 18.248 + 18.91 = $73.54 Mil. Total Current Assets was $30.77 Mil. Total Assets was $55.38 Mil. Property, Plant and Equipment(Net PPE) was $6.59 Mil. Depreciation, Depletion and Amortization(DDA) was $1.89 Mil. Selling, General, & Admin. Expense(SGA) was $55.86 Mil. Total Current Liabilities was $34.19 Mil. Long-Term Debt & Capital Lease Obligation was $6.72 Mil. Net Income was 3.719 + 2.348 + 2.626 + 3.673 = $12.37 Mil. Non Operating Income was 0.398 + 0.314 + 0.479 + 0.35 = $1.54 Mil. Cash Flow from Operations was 1.391 + 3.643 + 5.115 + 0.535 = $10.68 Mil. |
Total Receivables was $14.05 Mil. Revenue was 18.608 + 15.849 + 17.689 + 18.453 = $70.60 Mil. Gross Profit was 15.924 + 13.525 + 15.526 + 15.621 = $60.60 Mil. Total Current Assets was $35.59 Mil. Total Assets was $67.27 Mil. Property, Plant and Equipment(Net PPE) was $8.10 Mil. Depreciation, Depletion and Amortization(DDA) was $2.19 Mil. Selling, General, & Admin. Expense(SGA) was $50.98 Mil. Total Current Liabilities was $47.53 Mil. Long-Term Debt & Capital Lease Obligation was $8.33 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) |
= | (12.965 / 84.477) | / | (14.052 / 70.599) | |
= | 0.153474 | / | 0.19904 | |
= | 0.7711 |
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) | |
= | (60.596 / 70.599) | / | (73.543 / 84.477) | |
= | 0.858312 | / | 0.870568 | |
= | 0.9859 |
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 - (30.768 + 6.593) / 55.382) | / | (1 - (35.591 + 8.097) / 67.274) | |
= | 0.325395 | / | 0.350596 | |
= | 0.9281 |
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 | |
= | 84.477 | / | 70.599 | |
= | 1.1966 |
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)) |
= | (2.189 / (2.189 + 8.097)) | / | (1.893 / (1.893 + 6.593)) | |
= | 0.212814 | / | 0.223073 | |
= | 0.954 |
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) |
= | (55.858 / 84.477) | / | (50.975 / 70.599) | |
= | 0.661221 | / | 0.722036 | |
= | 0.9158 |
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) |
= | ((6.717 + 34.19) / 55.382) | / | ((8.326 + 47.534) / 67.274) | |
= | 0.738633 | / | 0.830336 | |
= | 0.8896 |
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 | |
= | (12.366 - 1.541 | - | 10.684) | / | 55.382 | |
= | 0.002546 |
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.
Travelzoo has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Travelzoo's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Azzurro Capital Inc | 10 percent owner | C/O MOORE STEPHENS, PO BOX 743, SUITE 5, WATERGARDENS 4 J1 GX11 1AA |
Ralph Bartel | director, 10 percent owner | CASELLA POSTALE 823, 6612 ASCONA V8 6612 |
Lijun Qi | officer: Principal Accounting Officer | 800 W EL CAMINO REAL, MOUNTAIN VIEW CA 94040 |
Holger Bartel | officer: Executive Vice President | |
Ralph Bartel 2005 Trust | 10 percent owner | C/O FEDELTA TRUST LIMITED, 29/31 ATHOL STREET, OMAR HOUSE BLDG, ISLE OF MAN X0 1M11LB |
Lisa Su | officer: Controller | 924 AURA CT, LOS ALTOS CA 94024 |
Christina Sindoni Ciocca | director | 590 MADISON AVENUE, 37TH FLOOR, NEW YORK NY 10022 |
Christian Alexander Smart | other: Travelzoo GM, Germany | PARISER PLATZ 4A, BERLIN 2M 10117 |
Rachel Barnett | director, officer: General Counsel | 69 VALLEY ROAD, KATONAH NY 10536 |
Carrie Liqun Liu | director | 2#1707 NO.6 ZUOJIAZHUANGZHONGJIE, BEIJING F4 100028 |
Michael Stitt | officer: President, North America | 590 MADISON AVENUE, 37TH FLOOR, NEW YORK NY 10022 |
Hong (hong Wei) Vivian | officer: President, Asia Pacific | ROOM 102, BLDG 5, NO.169, MENGZI ROAD, HUANGPU DISTRICT, SHANGHAI F4 200023 |
Caroline J Tsay | director | C/O ROSETTA STONE INC., 1919 NORTH LYNN STREET, 7TH FLOOR, ARLINGTON VA 22209 |
Beatrice Tarka | director | 800 WEST EL CAMINO REAL, SUITE 275, MOUNTAIN VIEW CA 94040 |
Simon Talling-smith | officer: President, Products&Emerg.Biz. | 558 VALLEY STREET, SAN FRANCISCO CA 94131 |
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