GlassBridge Enterprises (GlassBridge Enterprises) Beneish M-Score

: -2.44 (As of Today)

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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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

GLAE' s Beneish M-Score Range Over the Past 10 Years
Min: -8.96 Med: -3.15 Max: 347.55
Current: -2.44

During the past 13 years, the highest Beneish M-Score of GlassBridge Enterprises was 347.55. The lowest was -8.96. And the median was -3.15.

GlassBridge Enterprises Beneish M-Score Historical Data

The historical data trend for GlassBridge Enterprises'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.

GlassBridge Enterprises Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

-8.73

-0.73

-2.60

GlassBridge Enterprises Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score																-	-2.60	-2.26	-2.99	-2.44

Competitive Comparison

For the Asset Management subindustry, GlassBridge Enterprises'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.

GlassBridge Enterprises Beneish M-Score Distribution

For the Asset Management industry and Financial Services sector, GlassBridge Enterprises's Beneish M-Score distribution charts can be found below:

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

GlassBridge Enterprises 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 GlassBridge Enterprises for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0

0.528 * 1

0.404 * 0.9479

0.892 * 2

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6452

4.679 * -0.030043

0.327 * 0.4895

-2.44

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was $0.00 Mil.
Revenue was 0 + 0 + 0.1 + 0.1 = $0.20 Mil.
Gross Profit was 0 + 0 + 0.1 + 0.1 = $0.20 Mil.
Total Current Assets was $4.10 Mil.
Total Assets was $23.30 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $4.00 Mil.
Total Current Liabilities was $2.20 Mil.
Long-Term Debt & Capital Lease Obligation was $1.90 Mil.
Net Income was -1.1 + -1.1 + -1.1 + -0.7 = $-4.00 Mil.
Non Operating Income was -0.1 + 0.1 + 0 + 0.1 = $0.10 Mil.
Cash Flow from Operations was -1.7 + -0.4 + -0.6 + -0.7 = $-3.40 Mil.

Total Receivables was $0.10 Mil.
Revenue was 0 + 0 + 0 + 0.1 = $0.10 Mil.
Gross Profit was 0 + 0 + 0 + 0.1 = $0.10 Mil.
Total Current Assets was $2.00 Mil.
Total Assets was $15.30 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $3.10 Mil.
Total Current Liabilities was $1.70 Mil.
Long-Term Debt & Capital Lease Obligation was $3.80 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 / 0.2)	/	(0.1 / 0.1)
	=	0	/	1
	=	0

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)
	=	(0.1 / 0.1)	/	(0.2 / 0.2)
	=	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 - (4.1 + 0) / 23.3)	/	(1 - (2 + 0) / 15.3)
	=	0.824034	/	0.869281
	=	0.9479

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
	=	0.2	/	0.1
	=	2

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))
	=	(0 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=	1

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)
	=	(4 / 0.2)	/	(3.1 / 0.1)
	=	20	/	31
	=	0.6452

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)
	=	((1.9 + 2.2) / 23.3)	/	((3.8 + 1.7) / 15.3)
	=	0.175966	/	0.359477
	=	0.4895

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 - 0.1	-	-3.4)	/	23.3
	=	-0.030043

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.

GlassBridge Enterprises has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.

GlassBridge Enterprises Beneish M-Score Related Terms

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GlassBridge Enterprises (GlassBridge Enterprises) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » GlassBridge Enterprises Inc (OTCPK:GLAE) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

18 East 50th Street, FL7, New York, NY, USA, 10022

Website

https://www.glassbridge.com

GlassBridge Enterprises Inc is a holding company in the United States. It is involved in the asset management business that comprises investment advisory services to third-party investors through managed funds, as well as separately managed accounts. The firm operates in two segments: Asset Management Business, through AAM, and a sports investment platform, through SportBLX-both owned by Adara.

Executives

Tacora Capital Lp	10 percent owner	2505 PECOS STREET, AUSTIN TX 78703
Keri Findley	director, 10 percent owner	214 BRAZILIAN AVENUE, SUITE 200-A, PALM BEACH FL 33480
Claire Councill	director	214 BRAZILIAN AVENUE, SUITE 200-A, PALM BEACH FL 33480
Clinton Group Inc	director, other: See remarks	510 MADISON AVE, 8TH FL, NEW YORK NY 10022
Robert Searing	director	19 DUCHARME LANE, GREENLAWN NY 11740
George E. Hall	director	C/O CLINTON GROUP INC, 510 MADISON AVE., 8TH FLOOR, NEW YORK NY 10022
De Perio Joseph A	director	C/O OVERLAND STORAGE, INC., 9112 SPECTRUM CENTER BLVD, SAN DIEGO CA 92123
Danny Zheng	officer: Chief Financial Officer	1099 HELMO AVE. N., SUITE 250, OAKDALE MN 55128
Daniel Strauss	officer: Chief Operating Officer	C/O CLINTON GROUP, INC, 9 WEST 57TH STREET, NEW YORK NY 10019
Robert G Torricelli	director	1099 HELMO AVE., N., SUITE 250, OAKDALE MN 55128
Tavis J. Morello	officer: General Counsel	1099 HELMO AVE., N., SUITE 250, OAKDALE MN 55128
Clinton Special Opportunities Master Fund Ltd.	director, other: See remarks	C/O CLINTON GROUP INC., 510 MADISON AVE, 8TH FL, NEW YORK NY 10022
Alex Spiro	director	25 TUDOR CITY PLACE APT 1011, NEW YORK NY 10017
Donald H Putnam	director
Tracy B Mckibben	director	100 RIVERSIDE BOULEVARD, #3S, NEW YORK NY 10069