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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.
Warning Sign:
Beneish M-Score -1.7 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Abacus Life's Beneish M-Score or its related term are showing as below:
During the past 4 years, the highest Beneish M-Score of Abacus Life was -1.70. The lowest was -1.70. And the median was -1.70.
The historical data trend for Abacus Life'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.
Abacus Life Annual Data | |||||||||
Trend | Dec20 | Dec21 | Dec22 | Dec23 | |||||
Beneish M-Score | - | - | - | -1.70 |
Abacus Life Quarterly Data | |||||||||||
Dec20 | Jun21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial | - | - | - | - | -1.70 |
For the Insurance - Life subindustry, Abacus Life'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 Insurance industry and Financial Services sector, Abacus Life's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Abacus Life'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 Abacus Life 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 * 0.7071 | + | 0.528 * 0.9811 | + | 0.404 * 2.062 | + | 0.892 * 1.4702 | + | 0.115 * 0.0828 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 4.0213 | + | 4.679 * 0.172404 | - | 0.327 * 0.9146 | |||||||
= | -1.70 |
* 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 $3.24 Mil. Revenue was 23.696 + 21.121 + 6.885 + 6.3 = $58.00 Mil. Gross Profit was 22.033 + 17.756 + 1.987 + 6.3 = $48.08 Mil. Total Current Assets was $31.78 Mil. Total Assets was $331.83 Mil. Property, Plant and Equipment(Net PPE) was $2.29 Mil. Depreciation, Depletion and Amortization(DDA) was $3.41 Mil. Selling, General, & Admin. Expense(SGA) was $33.55 Mil. Total Current Liabilities was $23.33 Mil. Long-Term Debt & Capital Lease Obligation was $128.59 Mil. Net Income was -6.222 + 0.903 + -0.318 + -0.657 = $-6.29 Mil. Non Operating Income was -4.574 + 0.859 + 0 + 4.736 = $1.02 Mil. Cash Flow from Operations was -13.347 + -51.152 + 0.75 + -0.774 = $-64.52 Mil. |
Total Receivables was $3.11 Mil. Revenue was 14.93 + 11.508 + 5.692 + 7.323 = $39.45 Mil. Gross Profit was 12.886 + 9.753 + 2.12 + 7.323 = $32.08 Mil. Total Current Assets was $33.28 Mil. Total Assets was $59.10 Mil. Property, Plant and Equipment(Net PPE) was $0.10 Mil. Depreciation, Depletion and Amortization(DDA) was $0.01 Mil. Selling, General, & Admin. Expense(SGA) was $5.68 Mil. Total Current Liabilities was $1.30 Mil. Long-Term Debt & Capital Lease Obligation was $28.28 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) |
= | (3.236 / 58.002) | / | (3.113 / 39.453) | |
= | 0.055791 | / | 0.078904 | |
= | 0.7071 |
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) | |
= | (32.082 / 39.453) | / | (48.076 / 58.002) | |
= | 0.81317 | / | 0.828868 | |
= | 0.9811 |
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 - (31.777 + 2.294) / 331.826) | / | (1 - (33.283 + 0.096) / 59.095) | |
= | 0.897323 | / | 0.435164 | |
= | 2.062 |
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 | |
= | 58.002 | / | 39.453 | |
= | 1.4702 |
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)) |
= | (0.005 / (0.005 + 0.096)) | / | (3.411 / (3.411 + 2.294)) | |
= | 0.049505 | / | 0.597897 | |
= | 0.0828 |
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) |
= | (33.55 / 58.002) | / | (5.675 / 39.453) | |
= | 0.578428 | / | 0.143842 | |
= | 4.0213 |
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) |
= | ((128.588 + 23.326) / 331.826) | / | ((28.279 + 1.302) / 59.095) | |
= | 0.457812 | / | 0.500567 | |
= | 0.9146 |
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 | |
= | (-6.294 - 1.021 | - | -64.523) | / | 331.826 | |
= | 0.172404 |
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.
Abacus Life has a M-score of -1.70 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Abacus Life's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Adam Samuel Gusky | officer: Chief Investment Officer | RAND CAPITAL CORPORATION, 14 LAFAYETTE SQUARE, SUITE 2200, BUFFALO NY 14203 |
Sean Mcnealy | director, 10 percent owner, officer: Co-Founder and President | 2101 PARK CENTER DRIVE, #170, ORLANDO FL 32835 |
Mary Beth Schulte | director | 2101 PARK CENTER DRIVE, #170, ORLANDO FL 32835 |
Van Katwijk Cornelis Michiel | director | 2101 PARK CENTER DRIVE, #170, ORLANDO FL 32835 |
Jay J Jackson | director, officer: Chief Executive Officer | 2101 PARK CENTER DRIVE, #170, ORLANDO FL 32835 |
Mccauley William Hugh Jr | officer: Chief Financial Officer | 2101 PARK CENTER DRIVE, #170, ORLANDO FL 32835 |
East Asset Management, Llc | 10 percent owner | 777 NW BEACON SQUARE BLVD., BOCA RATON FL 33487 |
Corbett Thomas Wingett Jr | director | 2101 PARK CENTER DRIVE, #170, ORLANDO FL 32835 |
Kevin Scott Kirby | 10 percent owner, officer: Co-Founder and President | 2101 PARK CENTER DRIVE, #170, ORLANDO FL 32835 |
Matthew Ganovsky | 10 percent owner, officer: Co-Founder and President | 2101 PARK CENTER DRIVE, #170, ORLANDO FL 32835 |
Karla Radka | director | 2101 PARK CENTER DRIVE, #170, ORLANDO FL 32835 |
East Sponsor, Llc | 10 percent owner | C/O EAST RESOURCES ACQUISITION COMPANY, 7777 NW BEACON SQUARE BOULEVARD, BOCA RATON FL 33487 |
Terrence M. Pegula | 10 percent owner | C/O EAST RESOURCES ACQUISITION COMPANY, 7777 NW BEACON SQUARE BOULEVARD, BOCA RATON FL 33487 |
Alberta Investment Management Corp | 10 percent owner | 1600-10250 101 STREET NW, EDMONTON A0 T5J 3P4 |
Adage Capital Partners Gp, L.l.c. | 10 percent owner | 200 CLARENDON STREET, 52ND FLOOR, BOSTON MA 02116 |
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