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Shutterstock (Shutterstock) Beneish M-Score : -2.53 (As of Apr. 28, 2024)


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What is Shutterstock Beneish M-Score?

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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SSTK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29   Med: -2.78   Max: -2
Current: -2.53

During the past 13 years, the highest Beneish M-Score of Shutterstock was -2.00. The lowest was -3.29. And the median was -2.78.


Shutterstock Beneish M-Score Historical Data

The historical data trend for Shutterstock'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.

Shutterstock Beneish M-Score Chart

Shutterstock Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.06 -3.19 -2.66 -2.28 -2.53

Shutterstock Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial 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 -2.28 -2.75 -2.73 -2.34 -2.53

Competitive Comparison of Shutterstock's Beneish M-Score

For the Internet Content & Information subindustry, Shutterstock'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.


Shutterstock's Beneish M-Score Distribution in the Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Shutterstock's Beneish M-Score distribution charts can be found below:

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



Shutterstock 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 Shutterstock 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 * 1.2828+0.528 * 1.0394+0.404 * 0.9514+0.892 * 1.0565+0.115 * 0.9737
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0074+4.679 * -0.078752-0.327 * 0.9772
=-2.53

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $91.1 Mil.
Revenue was 217.219 + 233.248 + 208.84 + 215.28 = $874.6 Mil.
Gross Profit was 121.387 + 139.029 + 124.424 + 137.117 = $522.0 Mil.
Total Current Assets was $292.6 Mil.
Total Assets was $1,036.0 Mil.
Property, Plant and Equipment(Net PPE) was $79.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $79.7 Mil.
Selling, General, & Admin. Expense(SGA) was $357.4 Mil.
Total Current Liabilities was $452.4 Mil.
Long-Term Debt & Capital Lease Obligation was $29.4 Mil.
Net Income was -1.006 + 28.419 + 50.013 + 32.843 = $110.3 Mil.
Non Operating Income was -1.551 + 9.089 + 42.491 + 1.276 = $51.3 Mil.
Cash Flow from Operations was 33.949 + 10.014 + 29.814 + 66.775 = $140.6 Mil.
Total Receivables was $67.2 Mil.
Revenue was 217.726 + 204.096 + 206.872 + 199.132 = $827.8 Mil.
Gross Profit was 129.801 + 124.185 + 129.853 + 129.681 = $513.5 Mil.
Total Current Assets was $215.7 Mil.
Total Assets was $881.2 Mil.
Property, Plant and Equipment(Net PPE) was $72.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $68.5 Mil.
Selling, General, & Admin. Expense(SGA) was $335.8 Mil.
Total Current Liabilities was $383.7 Mil.
Long-Term Debt & Capital Lease Obligation was $35.6 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)
=(91.139 / 874.587) / (67.249 / 827.826)
=0.104208 / 0.081236
=1.2828

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)
=(513.52 / 827.826) / (521.957 / 874.587)
=0.620324 / 0.596804
=1.0394

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 - (292.573 + 79.695) / 1036.015) / (1 - (215.671 + 72.141) / 881.184)
=0.640673 / 0.67338
=0.9514

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
=874.587 / 827.826
=1.0565

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))
=(68.47 / (68.47 + 72.141)) / (79.729 / (79.729 + 79.695))
=0.486946 / 0.500107
=0.9737

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)
=(357.395 / 874.587) / (335.798 / 827.826)
=0.408644 / 0.405638
=1.0074

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)
=((29.404 + 452.386) / 1036.015) / ((35.611 + 383.734) / 881.184)
=0.465042 / 0.475888
=0.9772

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
=(110.269 - 51.305 - 140.552) / 1036.015
=-0.078752

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.

Shutterstock has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.


Shutterstock Beneish M-Score Related Terms

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Shutterstock (Shutterstock) Business Description

Traded in Other Exchanges
Address
350 Fifth Avenue, 20th Floor, New York, NY, USA, 10118
Shutterstock Inc is a U.S.-based company that is engaged in the provision of digital content. The content segment, whose offerings include photographs, illustrations, vector art, video clips, and music tracks, generates almost all of the company's revenue. Shutterstock's digital content products are marketed under brands including Shutterstock, Bigstock, Offset, Shutterstock Music, and Shutterstock Editorial. Shutterstock is the company's flagship brand, and the majority of the company's sales are derived from the company's shutterstock.com website. The firm's customers include traditional enterprises, marketing agencies, and media organizations. Geographically, North America and Europe jointly account for the majority of the company's revenue.
Executives
Jonathan Oringer director, 10 percent owner, officer: Chief Executive Officer C/O SHUTTERSTOCK, INC., 350 FIFTH AVENUE, 21ST FLOOR, NEW YORK NY 10118
Steven Ciardiello officer: Chief Accounting Officer 269 HANCE ROAD, FAIR HAVEN NJ 07704
John Caine officer: Global Head of eCommerce 350 FIFTH AVE, 20TH FLOOR, NEW YORK NY 10118
Paul J. Hennessy director C/O SHUTTERSTOCK, INC., 350 FIFTH AVENUE, 21ST FLOOR, NEW YORK NY 10118
Deirdre Mary Bigley director 109 INWOOD AVENUE, MONTCLAIR NJ 07043
Jarrod Yahes officer: Chief Financial Officer 425 W. 53RD STREET, PH1, NEW YORK NY 10119
Peter Silvio officer: Chief Technology Officer C/O SHUTTERSTOCK, INC., 350 FIFTH AVENUE, 21ST FLOOR, NEW YORK NY 10118
Stan Pavlovsky director, officer: Chief Executive Officer 3316 LINCOLN AVE NE, RENTON WA 98056
Thomas R Evans director 11760 US HIGHWAY ONE, SUITE 200, NORTH PALM BEACH FL 33408
Alfonse L Upshaw director 350 FIFTH AVENUE, 21ST FL, NEW YORK NY 10118
Abraham Moshe Muchnick officer: Chief Product Officer C/O SHUTTERSTOCK, INC., 350 FIFTH AVENUE, 21ST FLOOR, NEW YORK NY 10118
Rachna Bhasin director 1855 GRIFFIN ROAD, B454, DANIA BEACH FL 33004
Martin Brodbeck officer: Chief Technology Officer 26 BLAIR ROAD, ARMONK NY 10504
Louis Weiss officer: Chief Marketing Officer C/O VITAMIN SHOPPE, 2101 91ST STREET, NORTH BERGEN NJ 07047
Jeffrey Kane Weiser officer: Chief Marketing Officer 314 S. GLENROY AVENUE, LOS ANGELES CA 90049