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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 Dreamworks Animation SKG's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Dreamworks Animation SKG was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Dreamworks Animation SKG'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.
Dreamworks Animation SKG Annual Data | |||||||||||||||||||||
Trend | Dec06 | Dec07 | Dec08 | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -1.39 | -1.64 | -1.60 | 36.70 | -2.66 |
Dreamworks Animation SKG Quarterly Data | ||||||||||||||||||||
Sep11 | Dec11 | Mar12 | Jun12 | Sep12 | Dec12 | Mar13 | Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | |
Beneish M-Score | Get a 7-Day Free Trial | -6.77 | -1.97 | -2.66 | -2.81 | -2.29 |
For the Broadcasting subindustry, Dreamworks Animation SKG'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, Dreamworks Animation SKG's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dreamworks Animation SKG'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 Dreamworks Animation SKG 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 * 0.9777 | + | 0.528 * 0.2952 | + | 0.404 * 0.8967 | + | 0.892 * 1.3157 | + | 0.115 * 0.478 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.6673 | + | 4.679 * 0.044705 | - | 0.327 * 0.8641 | |||||||
= | -2.38 |
* 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 (Jun16) TTM: | Last Year (Jun15) TTM: |
Total Receivables was $504.7 Mil. Revenue was 220.926 + 190.442 + 319.335 + 259.216 = $989.9 Mil. Gross Profit was 99.023 + 75.818 + 150.519 + 107.85 = $433.2 Mil. Total Current Assets was $1,531.5 Mil. Total Assets was $1,974.5 Mil. Property, Plant and Equipment(Net PPE) was $47.8 Mil. Depreciation, Depletion and Amortization(DDA) was $38.4 Mil. Selling, General, & Admin. Expense(SGA) was $347.4 Mil. Total Current Liabilities was $331.6 Mil. Long-Term Debt & Capital Lease Obligation was $403.7 Mil. Net Income was 2.334 + 13.836 + 42.073 + -3.519 = $54.7 Mil. Non Operating Income was -3.097 + 4.434 + -2.146 + -20.945 = $-21.8 Mil. Cash Flow from Operations was -4.067 + -52.893 + 59.023 + -13.855 = $-11.8 Mil. |
Total Receivables was $392.4 Mil. Revenue was 170.782 + 166.53 + 234.244 + 180.861 = $752.4 Mil. Gross Profit was 70.843 + 60.365 + -111.135 + 77.142 = $97.2 Mil. Total Current Assets was $1,413.4 Mil. Total Assets was $2,011.0 Mil. Property, Plant and Equipment(Net PPE) was $148.8 Mil. Depreciation, Depletion and Amortization(DDA) was $40.3 Mil. Selling, General, & Admin. Expense(SGA) was $395.7 Mil. Total Current Liabilities was $268.1 Mil. Long-Term Debt & Capital Lease Obligation was $598.6 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) |
= | (504.708 / 989.919) | / | (392.352 / 752.417) | |
= | 0.509848 | / | 0.521456 | |
= | 0.9777 |
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) | |
= | (97.215 / 752.417) | / | (433.21 / 989.919) | |
= | 0.129204 | / | 0.437622 | |
= | 0.2952 |
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 - (1531.517 + 47.834) / 1974.485) | / | (1 - (1413.416 + 148.768) / 2011.01) | |
= | 0.20012 | / | 0.223184 | |
= | 0.8967 |
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 | |
= | 989.919 | / | 752.417 | |
= | 1.3157 |
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)) |
= | (40.256 / (40.256 + 148.768)) | / | (38.439 / (38.439 + 47.834)) | |
= | 0.212968 | / | 0.445551 | |
= | 0.478 |
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) |
= | (347.424 / 989.919) | / | (395.715 / 752.417) | |
= | 0.350962 | / | 0.525925 | |
= | 0.6673 |
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) |
= | ((403.665 + 331.633) / 1974.485) | / | ((598.601 + 268.072) / 2011.01) | |
= | 0.3724 | / | 0.430964 | |
= | 0.8641 |
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 | |
= | (54.724 - -21.754 | - | -11.792) | / | 1974.485 | |
= | 0.044705 |
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.
Dreamworks Animation SKG has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Dreamworks Animation SKG's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Lucian Grainge | director | C/O ACTIVISION BLIZZARD, INC., 3100 OCEAN PARK BLVD, SANTA MONICA CA 90405 |
Fazal F Merchant | officer: Chief Financial Officer | 2230 E. IMPERIAL HIGHWAY, EL SEGUNDO CA 90245 |
Steven A Adams | officer: Chief Accounting Officer | 2260 E IMPERIAL HIGHWAY, EL SEGUNDO X1 90245 |
Jeffrey Katzenberg | director, 10 percent owner, officer: Chief Executive Officer | C/O DREAMWORKS ANIMATION SKG, INC. 1000 FLOWER STREET GLENDALE CA 91201 |
Michael J Montgomery | director | 100 WILSHIRE BOULEVARD SUITE 400 SANTA MONICA CA 90401 |
Thomas E Freston | director | VIACOM INC., 1515 BROADWAY, NEW YORK NY 10036 |
Jason Kilar | director | 208 S. AKARD ST, DALLAS TX 75202 |
Mary Agnes Wilderotter | director | 115 ALPINE TERRACE, OAKLAND CA 94618 |
Mellody L Hobson | director | C/O TELLABS, 1415 W DIEHL RD, NAPERVILLE IL 60563 |
Michael Francis | officer: Chief Global Brand Officer | 6501 LEGACY DRIVE, PLANO TX 75024 |
Lewis W Coleman | director, officer: Vice Chairman | |
Mark Zoradi | officer: Chief Operating Officer | C/O DREAMWORKS ANIMATION SKG, INC., 1000 FLOWER STREET, GLENDALE CA 91201 |
Roger A Enrico | director | |
Judson C Green | director | C/O NAVTEQ CORPORATION, 222 MERCHANDISE MART #900, CHICAGO IL 60554 |
Von Der Heyden Karl M | director | 25 CENTRAL PARK WEST, #24K, NEW YORK NY 10023 |
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