GURUFOCUS.COM » STOCK LIST » USA » NAS » Liberty Broadband Corp (NAS:LBRDK) » Definitions » Beneish M-Score
Switch to:

Liberty Broadband Beneish M-Score

: -2.45 (As of Today)
View and export this data going back to 2014. Start your Free Trial

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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Liberty Broadband's Beneish M-Score or its related term are showing as below:

LBRDK' s Beneish M-Score Range Over the Past 10 Years
Min: -5.31   Med: -2.47   Max: 81.61
Current: -2.45

During the past 11 years, the highest Beneish M-Score of Liberty Broadband was 81.61. The lowest was -5.31. And the median was -2.47.


Liberty Broadband Beneish M-Score Historical Data

The historical data trend for Liberty Broadband'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.

* Premium members only.

Liberty Broadband Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.15 -1.80 -2.98 81.61 12.96

Liberty Broadband Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 25.83 38.74 12.96 -1.21 -2.45

Competitive Comparison

For the Telecom Services subindustry, Liberty Broadband'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.

   

Liberty Broadband Beneish M-Score Distribution

For the Telecommunication Services industry and Communication Services sector, Liberty Broadband's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Liberty Broadband's Beneish M-Score falls into.



Liberty Broadband Beneish M-Score Calculation

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 Liberty Broadband 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 * 0.4175+0.528 * 1+0.404 * 0.9826+0.892 * 1.8357+0.115 * 0.5869
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8686+4.679 * -0.0215-0.327 * 1.1341
=-2.45

* 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 (Jun22) TTM:Last Year (Jun21) TTM:
Total Receivables was $179.0 Mil.
Revenue was 239 + 238 + 248.962 + 250.22 = $976.2 Mil.
Gross Profit was 239 + 238 + 248.962 + 250.22 = $976.2 Mil.
Total Current Assets was $551.0 Mil.
Total Assets was $15,738.0 Mil.
Property, Plant and Equipment(Net PPE) was $1,013.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $265.0 Mil.
Selling, General, & Admin. Expense(SGA) was $433.1 Mil.
Total Current Liabilities was $448.0 Mil.
Long-Term Debt & Capital Lease Obligation was $3,858.0 Mil.
Net Income was 465 + 299 + 386.655 + 236.869 = $1,387.5 Mil.
Non Operating Income was 603 + 363 + 525.709 + 324.339 = $1,816.0 Mil.
Cash Flow from Operations was -72 + 90 + -132.968 + 24.968 = $-90.0 Mil.
Total Receivables was $233.6 Mil.
Revenue was 242 + 247 + 38.563 + 4.219 = $531.8 Mil.
Gross Profit was 242 + 247 + 38.563 + 4.219 = $531.8 Mil.
Total Current Assets was $519.0 Mil.
Total Assets was $18,775.1 Mil.
Property, Plant and Equipment(Net PPE) was $1,046.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $145.0 Mil.
Selling, General, & Admin. Expense(SGA) was $271.7 Mil.
Total Current Liabilities was $728.9 Mil.
Long-Term Debt & Capital Lease Obligation was $3,800.7 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)
=(179 / 976.182) / (233.571 / 531.782)
=0.18336745 / 0.43922322
=0.4175

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)
=(531.782 / 531.782) / (976.182 / 976.182)
=1 / 1
=1

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 - (551 + 1013) / 15738) / (1 - (519.049 + 1046.634) / 18775.057)
=0.9006227 / 0.91660835
=0.9826

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
=976.182 / 531.782
=1.8357

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))
=(145.015 / (145.015 + 1046.634)) / (265 / (265 + 1013))
=0.12169271 / 0.20735524
=0.5869

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)
=(433.129 / 976.182) / (271.652 / 531.782)
=0.44369697 / 0.51083339
=0.8686

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)
=((3858 + 448) / 15738) / ((3800.72 + 728.873) / 18775.057)
=0.27360529 / 0.24125589
=1.1341

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
=(1387.524 - 1816.048 - -90) / 15738
=-0.0215

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.

Liberty Broadband has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.


Liberty Broadband Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Liberty Broadband's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Liberty Broadband Business Description

Liberty Broadband logo
Address
12300 Liberty Boulevard, Englewood, CO, USA, 80112
Liberty Broadband Corp serves in the telecommunications industry in the United States. It provides cable services to both residential and small to medium businesses through its fiber, hybrid fiber, and coaxial cable infrastructure. The services provided by the company are residential services which include video services, internet services, voice services, and mobile services, commercial services which include small, and medium business and enterprise solutions, advertising services, and other services which include security and home management. The reportable segments of the company are GCI Holdings, Charter. The firm derives the majority of its revenue from GCI Holdings.
Executives
Hamilton Sue Ann director 12405 POWERSCOURT DRIVE ST. LOUIS MO 63131
Engles Gregg L director 1225 SEVENTEENTH STREET SUITE 1000 DENVER CO 80202
Frist Julie D. director 810 JACKSON BLVD. NASHVILLE TN 37205
Wilm Renee L officer: Chief Legal Officer 12300 LIBERTY BOULEVARD ENGLEWOOD CO 80112
Malone John C director, 10 percent owner 12300 LIBERTY BLVD ENGLEWOOD CO 80112
Wendling Brian J officer: SVP/Controller/PFO 12300 LIBERTY BOULEVARD ENGLEWOOD CO 80112
Carleton Mark D officer: Chief Financial Officer 12300 LIBERTY BLVD. ENGLEWOOD CO 80112
Wargo J David director C/O WARGO & CO 712 FIFTH AVENUE 41ST FLOOR NEW YORK NY 10019
Fisher Donne F director 12300 LIBERTY BLVD ENGLEWOOD CO 80112
Welsh John E Iii director AVALON CAPITAL PARTNERS 181 MAIN ST COLD SPRING HARBOR NY 11724
Green Richard R director 12300 LIBERTY BOULEVARD ENGLEWOOD CO 80112
Maffei Gregory B director, officer: President/CEO 12300 LIBERTY BLVD ENGLEWOOD CO 80112
Liberty Media Corp 10 percent owner 12300 LIBERTY BOULEVARD ENGLEWOOD CO 80112
Rosenthaler Albert E officer: Senior Vice President 12300 LIBERTY BLVD ENGLEWOOD CO 80112
Shean Christopher W officer: Senior Vice President/CFO 12300 LIBERTY BLVD. ENGLEWOOD CO 80116

Liberty Broadband Headlines

Other Sources

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)