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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 Constant Contact's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Constant Contact was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Constant Contact'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.
Constant Contact Annual Data | |||||||||||||||||||||
Trend | Dec05 | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -0.88 | -1.51 | -1.80 | -2.32 | -2.76 |
Constant Contact Quarterly Data | ||||||||||||||||||||
Dec10 | Mar11 | Jun11 | Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.19 | -2.76 | -2.87 | -2.16 | -1.50 |
For the Advertising Agencies subindustry, Constant Contact'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, Constant Contact's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Constant Contact'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 Constant Contact 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 * 2.6051 | + | 0.528 * 0.992 | + | 0.404 * 0.8847 | + | 0.892 * 1.1359 | + | 0.115 * 1.026 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.977 | + | 4.679 * -0.124472 | - | 0.327 * 0.9616 | |||||||
= | -1.50 |
* 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 (Sep15) TTM: | Last Year (Sep14) TTM: |
Total Receivables was $0.4 Mil. Revenue was 91.859 + 91.531 + 90.417 + 88.054 = $361.9 Mil. Gross Profit was 67.259 + 67.069 + 65.986 + 64.041 = $264.4 Mil. Total Current Assets was $193.6 Mil. Total Assets was $348.4 Mil. Property, Plant and Equipment(Net PPE) was $47.3 Mil. Depreciation, Depletion and Amortization(DDA) was $24.6 Mil. Selling, General, & Admin. Expense(SGA) was $180.5 Mil. Total Current Liabilities was $61.3 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. Net Income was 6.396 + 3.826 + 3.55 + 6.248 = $20.0 Mil. Non Operating Income was 0 + 0 + 0 + 0.172 = $0.2 Mil. Cash Flow from Operations was 14.298 + 12.592 + 20.221 + 16.107 = $63.2 Mil. |
Total Receivables was $0.1 Mil. Revenue was 83.494 + 81.256 + 78.874 + 74.931 = $318.6 Mil. Gross Profit was 60.271 + 59.156 + 57.147 + 54.279 = $230.9 Mil. Total Current Assets was $164.8 Mil. Total Assets was $320.7 Mil. Property, Plant and Equipment(Net PPE) was $44.0 Mil. Depreciation, Depletion and Amortization(DDA) was $23.8 Mil. Selling, General, & Admin. Expense(SGA) was $162.6 Mil. Total Current Liabilities was $58.7 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 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) |
= | (0.408 / 361.861) | / | (0.138 / 318.555) | |
= | 0.001128 | / | 0.000433 | |
= | 2.6051 |
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) | |
= | (230.853 / 318.555) | / | (264.355 / 361.861) | |
= | 0.724688 | / | 0.730543 | |
= | 0.992 |
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 - (193.559 + 47.337) / 348.431) | / | (1 - (164.809 + 44.022) / 320.706) | |
= | 0.308626 | / | 0.34884 | |
= | 0.8847 |
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 | |
= | 361.861 | / | 318.555 | |
= | 1.1359 |
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)) |
= | (23.794 / (23.794 + 44.022)) | / | (24.601 / (24.601 + 47.337)) | |
= | 0.350861 | / | 0.341975 | |
= | 1.026 |
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) |
= | (180.46 / 361.861) | / | (162.604 / 318.555) | |
= | 0.4987 | / | 0.510442 | |
= | 0.977 |
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) |
= | ((0 + 61.339) / 348.431) | / | ((0 + 58.715) / 320.706) | |
= | 0.176043 | / | 0.18308 | |
= | 0.9616 |
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 | |
= | (20.02 - 0.172 | - | 63.218) | / | 348.431 | |
= | -0.124472 |
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.
Constant Contact has a M-score of -1.50 signals that the company is likely to be a manipulator.
Thank you for viewing the detailed overview of Constant Contact's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Harpreet Grewal | officer: EVP, Chief Financial Officer | C/O VISTAPRINT USA, INCORPORATED, 100 HAYDEN AVE., LEXINGTON MA 02050 |
Kenneth J Surdan | officer: Senior VP, Product | C/O ENDURANCE INTERNATIONAL GROUP 10 CORPORATE DRIVE, SUITE 300 BURLINGTON MA 01803 |
Robert P Nault | officer: SVP & General Counsel | C/O MIMECAST LIMITED, MIMECAST NA, INC. 191 SPRING STREET LEXINGTON MA 02421 |
Julie Mb Bradley | director | C/O TRIPADVISOR, INC., 141 NEEDHAM STREET, NEWTON MA 02464 |
Robert P Badavas | director | C/O HERCULES CAPITAL, INC., 400 HAMILTON AVENUE, SUITE 310, PALO ALTO IL 94301 |
Sharon T Rowlands | director | 195 BROADWAY, NEW YORK NY 10007 |
Rick W Jensen | officer: SVP, Chief Sales & Mktg. Off. | C/O CONSTANT CONTACT, RESERVOIR PLACE, 1601 TRAPELO RD., SUITE 246, WALTHAM MA 02451 |
Walsh John J Jr | officer: SVP, Engineering & Operations | 1601 TRAPELO ROAD, SUITE 329 C/O CONSTANT CONTACT, INC. WALTHAM MA 02451 |
Stanley Morgan | 10 percent owner | 1585 BROADWAY, NEW YORK NY 10036 |
Greylock Xii Gp Llc | 10 percent owner | 2550 SAND HILL ROAD, SUITE 200, MENLO PARK CA 94025 |
Greylock Xii Limited Partnership | 10 percent owner | 40 GROVE STREET, SUITE 430, WELLESLEY MA 02482 |
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