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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 -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Leaf Group's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Leaf Group was -2.56. The lowest was -5.38. And the median was -3.49.
The historical data trend for Leaf Group'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.
Leaf Group Annual Data | |||||||||||||||||||||
Trend | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -4.24 | -3.20 | -3.07 | -3.67 | -3.38 |
Leaf Group Quarterly Data | ||||||||||||||||||||
Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | |
Beneish M-Score | Get a 7-Day Free Trial | -4.18 | -4.47 | -3.92 | -3.38 | -2.56 |
For the Internet Content & Information subindustry, Leaf Group'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 Interactive Media industry and Communication Services sector, Leaf Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Leaf Group'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 Leaf Group 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 * 0.9735 | + | 0.528 * 1.2486 | + | 0.404 * 0.6263 | + | 0.892 * 1.5026 | + | 0.115 * 0.9701 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.6891 | + | 4.679 * -0.129322 | - | 0.327 * 0.7784 | |||||||
= | -2.56 |
* 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 (Mar21) TTM: | Last Year (Mar20) TTM: |
Total Receivables was $14.1 Mil. Revenue was 51.877 + 64.973 + 63.255 + 50.968 = $231.1 Mil. Gross Profit was 17.138 + 19.212 + 21.034 + 16.593 = $74.0 Mil. Total Current Assets was $69.8 Mil. Total Assets was $124.7 Mil. Property, Plant and Equipment(Net PPE) was $24.2 Mil. Depreciation, Depletion and Amortization(DDA) was $9.6 Mil. Selling, General, & Admin. Expense(SGA) was $67.0 Mil. Total Current Liabilities was $42.4 Mil. Long-Term Debt & Capital Lease Obligation was $8.2 Mil. Net Income was -6.295 + -2.673 + 3.686 + 0.803 = $-4.5 Mil. Non Operating Income was -0.005 + 0.036 + 5.537 + 3.837 = $9.4 Mil. Cash Flow from Operations was -12.993 + 4.394 + 2.931 + 7.909 = $2.2 Mil. |
Total Receivables was $9.6 Mil. Revenue was 32.865 + 45.099 + 40.03 + 35.789 = $153.8 Mil. Gross Profit was 11.439 + 18.535 + 16.702 + 14.798 = $61.5 Mil. Total Current Assets was $24.3 Mil. Total Assets was $82.8 Mil. Property, Plant and Equipment(Net PPE) was $25.9 Mil. Depreciation, Depletion and Amortization(DDA) was $9.9 Mil. Selling, General, & Admin. Expense(SGA) was $64.7 Mil. Total Current Liabilities was $33.0 Mil. Long-Term Debt & Capital Lease Obligation was $10.1 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) |
= | (14.061 / 231.073) | / | (9.613 / 153.783) | |
= | 0.060851 | / | 0.06251 | |
= | 0.9735 |
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) | |
= | (61.474 / 153.783) | / | (73.977 / 231.073) | |
= | 0.399745 | / | 0.320146 | |
= | 1.2486 |
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 - (69.807 + 24.159) / 124.689) | / | (1 - (24.303 + 25.899) / 82.765) | |
= | 0.246397 | / | 0.393439 | |
= | 0.6263 |
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 | |
= | 231.073 | / | 153.783 | |
= | 1.5026 |
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)) |
= | (9.882 / (9.882 + 25.899)) | / | (9.615 / (9.615 + 24.159)) | |
= | 0.27618 | / | 0.284686 | |
= | 0.9701 |
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) |
= | (67.022 / 231.073) | / | (64.728 / 153.783) | |
= | 0.290047 | / | 0.420905 | |
= | 0.6891 |
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) |
= | ((8.199 + 42.368) / 124.689) | / | ((10.112 + 33.009) / 82.765) | |
= | 0.405545 | / | 0.521005 | |
= | 0.7784 |
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 | |
= | (-4.479 - 9.405 | - | 2.241) | / | 124.689 | |
= | -0.129322 |
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.
Leaf Group has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Leaf Group's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Adam F. Wergeles | officer: EVP, Gen Counsel & Secretary | C/O REACHLOCAL, INC. 21700 OXNARD STREET, SUITE 1600 WOODLAND HILLS CA 91367 |
Sean P Moriarty | director, officer: Chief Executive Officer | C/O LEAF GROUP LTD., 1655 26TH STREET, SANTA MONICA CA 90404 |
Brian Gephart | officer: Chief Financial Officer | 1655 26TH STREET, SANTA MONICA CA 90404 |
Spectrum Equity Investors V L P | 10 percent owner | ONE INTERNATIONAL PLACE 29TH FL BOSTON MA 02110 |
Osmium Capital Ii, Lp | other: May be member of 10% group | 300 DRAKES LANDING ROAD, SUITE 172, GREENBRAE CA 94904 |
John Hartnett Lewis | other: May be member of 10% group | 388 MARKET STREET, SUITE 920, SAN FRANCISCO CA 94111 |
Osmium Spartan L P | other: May be member of 10% group | 300 DRAKES LANDING ROAD, SUITE 172, GREENBRAE CA 94904 |
Osmium Partners, Llc | other: May be member of 10% group | 300 DRAKES LANDING ROAD, SUITE 172, GREENBRAE CA 94904 |
Osmium Capital Lp | other: May be member of 10% group | 300 DRAKES LANDING ROAD, SUITE 172, GREENBRAE CA 94904 |
Sea V Management Llc | 10 percent owner | 333 MIDDLEFIELD ROAD SUITE 200 MENLO PARK CA 94025 |
Spectrum Equity Associates V Lp | 10 percent owner | 333 MIDDLEFIELD ROAD SUITE 200 MENLO PARK CA 94025 |
Spectrum V Investment Managers Fund Lp | 10 percent owner | 333 MIDDLEFIELD ROAD SUITE 200 MENLO PARK CA 94025 |
Osmium Diamond, Lp | other: May be member of 10% group | C/O OSMIUM PARTNERS, LLC, 300 DRAKES LANDING ROAD, SUITE 172, GREENBRAE CA 94904 |
Brian Pike | officer: CTO & COO | C/O LEAF GROUP LTD. 1655 26TH STREET SANTA MONICA CA 90404 |
Boyle Capital Management, L.l.c. | other: May be member of 10% group | 1230 OFFICE PLAZA DRIVE WEST DES MOINES IA 50266-2300 |
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