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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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Lyft's Beneish M-Score or its related term are showing as below:
During the past 8 years, the highest Beneish M-Score of Lyft was -2.61. The lowest was -4.02. And the median was -3.30.
The historical data trend for Lyft'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.
Lyft Annual Data | |||||||||||||||||
Trend | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||
Beneish M-Score | Get a 7-Day Free Trial | -4.02 | -3.28 | -3.32 | -3.47 | -2.61 |
Lyft Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.48 | -3.45 | -3.16 | -2.61 | -2.65 |
For the Software - Application subindustry, Lyft'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 Software industry and Technology sector, Lyft's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Lyft'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 Lyft 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 * 1 | + | 0.528 * 0.9629 | + | 0.404 * 1.0343 | + | 0.892 * 1.109 | + | 0.115 * 1.3725 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.6646 | + | 4.679 * -0.079478 | - | 0.327 * 0.9733 | |||||||
= | -2.65 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $0 Mil. Revenue was 1277.201 + 1224.585 + 1157.55 + 1020.906 = $4,680 Mil. Gross Profit was 521.839 + 480.722 + 513.05 + 414.307 = $1,930 Mil. Total Current Assets was $2,549 Mil. Total Assets was $4,762 Mil. Property, Plant and Equipment(Net PPE) was $640 Mil. Depreciation, Depletion and Amortization(DDA) was $122 Mil. Selling, General, & Admin. Expense(SGA) was $1,361 Mil. Total Current Liabilities was $3,119 Mil. Long-Term Debt & Capital Lease Obligation was $1,067 Mil. Net Income was -31.535 + -26.309 + -12.1 + -114.262 = $-184 Mil. Non Operating Income was 41.057 + 5.135 + -2.47 + 18.606 = $62 Mil. Cash Flow from Operations was 156.177 + 43.508 + 2.261 + -69.973 = $132 Mil. |
Total Receivables was $0 Mil. Revenue was 1000.548 + 1174.992 + 1053.82 + 990.748 = $4,220 Mil. Gross Profit was 451.556 + 400.609 + 483.117 + 340.392 = $1,676 Mil. Total Current Assets was $2,548 Mil. Total Assets was $4,529 Mil. Property, Plant and Equipment(Net PPE) was $534 Mil. Depreciation, Depletion and Amortization(DDA) was $150 Mil. Selling, General, & Admin. Expense(SGA) was $1,847 Mil. Total Current Liabilities was $3,135 Mil. Long-Term Debt & Capital Lease Obligation was $955 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 / 4680.242) | / | (0 / 4220.108) | |
= | 0 | / | 0 | |
= | 1 |
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) | |
= | (1675.674 / 4220.108) | / | (1929.918 / 4680.242) | |
= | 0.397069 | / | 0.412354 | |
= | 0.9629 |
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 - (2548.78 + 639.528) / 4762.425) | / | (1 - (2547.504 + 534.486) / 4529.466) | |
= | 0.330528 | / | 0.319569 | |
= | 1.0343 |
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 | |
= | 4680.242 | / | 4220.108 | |
= | 1.109 |
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)) |
= | (150.24 / (150.24 + 534.486)) | / | (121.691 / (121.691 + 639.528)) | |
= | 0.219416 | / | 0.159863 | |
= | 1.3725 |
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) |
= | (1361.328 / 4680.242) | / | (1846.903 / 4220.108) | |
= | 0.290867 | / | 0.437644 | |
= | 0.6646 |
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) |
= | ((1066.97 + 3119.198) / 4762.425) | / | ((955.222 + 3135.424) / 4529.466) | |
= | 0.878999 | / | 0.903119 | |
= | 0.9733 |
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 | |
= | (-184.206 - 62.328 | - | 131.973) | / | 4762.425 | |
= | -0.079478 |
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.
Lyft has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Lyft's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Kristin Sverchek | officer: General Counsel and Secretary | C/O LYFT, INC., 185 BERRY STREET, SUITE 400, SAN FRANCISCO CA 94107 |
Lisa Blackwood-kapral | officer: Chief Accounting Officer | C/O LYFT, INC., 185 BERRY STREET, SUITE 400, SAN FRANCISCO CA 94107 |
John Patrick Zimmer | director, officer: President | C/O LYFT, INC., 185 BERRY STREET, SUITE 400, SAN FRANCISCO CA 94107 |
Erin Brewer | officer: Chief Financial Officer | MCKESSON CORPORATION, ONE POST STREET, SAN FRANCISCO CA 94104 |
Logan Green | director, officer: Chief Executive Officer | C/O EBAY INC., 2025 HAMILTON AVE., SAN JOSE CA 95125 |
Prashant Aggarwal | director | C/O ARLO TECHNOLOGIES, INC., 350 EAST PLUMERIA DR, SAN JOSE CA 95134 |
Mary Agnes Wilderotter | director | 115 ALPINE TERRACE, OAKLAND CA 94618 |
John David Risher | director | C/O LYFT, INC., 185 BERRY STREET, SUITE 400, SAN FRANCISCO CA 94107 |
Dave Stephenson | director | C/O AIRBNB, INC., 888 BRANNAN STREET, SAN FRANCISCO CA 94103 |
Janey Whiteside | director | C/O LENDINGCLUB CORPORATION, 595 MARKET ST., #200, SAN FRANCISCO CA 94105 |
Elaine Paul | officer: Chief Financial Officer | C/O LYFT, INC., 185 BERRY STREET, SUITE 400, SAN FRANCISCO CA 94107 |
Ashwin Raj | officer: Head of Rideshare | C/O LYFT, INC., 185 BERRY STREET, SUITE 400, SAN FRANCISCO CA 94107 |
David Lawee | director | C/O LYFT, INC., 185 BERRY STREET, SUITE 400, SAN FRANCISCO CA 94107 |
Brian Keith Roberts | officer: Chief Financial Officer | C/O LYFT, INC., 185 BERRY STREET, SUITE 5000, SAN FRANCISCO CA 94107 |
Ariel M. Cohen | director | C/O LYFT, INC., 185 BERRY STREET, SUITE 400, SAN FRANCISCO CA 94107 |
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