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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 -3.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Thryv Holdings's Beneish M-Score or its related term are showing as below:
During the past 11 years, the highest Beneish M-Score of Thryv Holdings was -1.71. The lowest was -4.83. And the median was -2.87.
The historical data trend for Thryv Holdings'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.
Thryv Holdings Annual Data | |||||||||||||||||||||
Trend | Dec12 | Dec13 | Dec14 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -3.45 | -2.86 | -2.73 | -2.52 | -3.67 |
Thryv Holdings 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 | -2.71 | -2.92 | -3.13 | -3.67 | -3.46 |
For the Internet Content & Information subindustry, Thryv Holdings'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, Thryv Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thryv Holdings'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 Thryv Holdings 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 * 0.9448 | + | 0.528 * 1.0147 | + | 0.404 * 0.9472 | + | 0.892 * 0.7942 | + | 0.115 * 1.0962 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.2453 | + | 4.679 * -0.138742 | - | 0.327 * 1.1707 | |||||||
= | -3.46 |
* 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 $211.6 Mil. Revenue was 233.624 + 236.163 + 183.822 + 251.421 = $905.0 Mil. Gross Profit was 153.641 + 159.71 + 103.644 + 160.085 = $577.1 Mil. Total Current Assets was $275.0 Mil. Total Assets was $786.8 Mil. Property, Plant and Equipment(Net PPE) was $37.8 Mil. Depreciation, Depletion and Amortization(DDA) was $62.4 Mil. Selling, General, & Admin. Expense(SGA) was $506.6 Mil. Total Current Liabilities was $239.7 Mil. Long-Term Debt & Capital Lease Obligation was $295.1 Mil. Net Income was 8.424 + -257.541 + -27.046 + 15.978 = $-260.2 Mil. Non Operating Income was -2.373 + -269.122 + -0.876 + 0 = $-272.4 Mil. Cash Flow from Operations was 5.438 + 44.578 + 45.912 + 25.425 = $121.4 Mil. |
Total Receivables was $281.9 Mil. Revenue was 245.555 + 279.368 + 280.65 + 333.995 = $1,139.6 Mil. Gross Profit was 154.808 + 178.905 + 175.639 + 227.982 = $737.3 Mil. Total Current Assets was $388.6 Mil. Total Assets was $1,172.3 Mil. Property, Plant and Equipment(Net PPE) was $38.1 Mil. Depreciation, Depletion and Amortization(DDA) was $81.9 Mil. Selling, General, & Admin. Expense(SGA) was $512.3 Mil. Total Current Liabilities was $296.8 Mil. Long-Term Debt & Capital Lease Obligation was $383.7 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) |
= | (211.552 / 905.03) | / | (281.943 / 1139.568) | |
= | 0.233751 | / | 0.247412 | |
= | 0.9448 |
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) | |
= | (737.334 / 1139.568) | / | (577.08 / 905.03) | |
= | 0.647029 | / | 0.637636 | |
= | 1.0147 |
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 - (275.017 + 37.836) / 786.835) | / | (1 - (388.631 + 38.115) / 1172.267) | |
= | 0.602391 | / | 0.635965 | |
= | 0.9472 |
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 | |
= | 905.03 | / | 1139.568 | |
= | 0.7942 |
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)) |
= | (81.854 / (81.854 + 38.115)) | / | (62.373 / (62.373 + 37.836)) | |
= | 0.682293 | / | 0.622429 | |
= | 1.0962 |
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) |
= | (506.643 / 905.03) | / | (512.291 / 1139.568) | |
= | 0.559808 | / | 0.449548 | |
= | 1.2453 |
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) |
= | ((295.068 + 239.699) / 786.835) | / | ((383.714 + 296.83) / 1172.267) | |
= | 0.679643 | / | 0.580537 | |
= | 1.1707 |
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 | |
= | (-260.185 - -272.371 | - | 121.353) | / | 786.835 | |
= | -0.138742 |
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.
Thryv Holdings has a M-score of -3.46 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Thryv Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Joe Walsh | director, officer: CEO and President | C/O CAMBIUM LEARNING GROUP, INC., 17855 N. DALLAS PARKWAY SUITE 400, DALLAS TX 75287 |
Grant Freeman | officer: President | 2200 WEST AIRFIELD DRIVE PO BOX 619810, DFW AIRPORT TX 75261 |
Mudrick Capital Management, L.p. | 10 percent owner | 527 MADISON AVENUE, 6TH FLOOR, NEW YORK NY 10022 |
Amer Akhtar | director | C/O THRYV HOLDINGS, INC., 2200 WEST AIRFIELD DRIVE P.O. BOX 619810, DALLAS TX 75261 |
Ryan Ohara | director | 6922 HOLLYWOOD BLVD., 12TH FL, LOS ANGELES CA 90028 |
Bonnie Kintzer | director | C/O THRYV HOLDINGS, INC., 2200 WEST AIRFIELD DRIVE P.O. BOX 619810, DALLAS TX 75261 |
Heather Zynczak | director | C/O THRYV HOLDINGS, INC., 2200 WEST AIRFIELD DRIVE P.O. BOX 619810, DALLAS TX 75261 |
Goldentree Asset Management Lp | 10 percent owner | 300 PARK AVENUE, 21ST FLOOR, NEW YORK NY 10022 |
Paulson & Co. Inc. | 10 percent owner | 1133 AVENUE OF THE AMERICAS, 33RD FLOOR, NEW YORK NY 10036 |
Jason Mudrick | director, 10 percent owner | C/O MUDRICK CAPITAL MANAGEMENT, L.P., 527 MADISON AVENUE, 6TH FLOOR, NEW YORK NY 10022 |
Goldentree Asset Management Llc | 10 percent owner | 300 PARK AVENUE, 21ST FLOOR, NEW YORK NY 10022 |
Steven A. Tananbaum | 10 percent owner | 300 PARK AVENUE, 21ST FLOOR, NEW YORK NY 10022 |
Lauren Vaccarello | director | 2200 WEST AIRFIELD DRIVE, P.O. BOX 619810, DALLAS TX 75261 |
Verto Direct Opportunity Ii, Lp | 10 percent owner | C/O MUDRICK CAPITAL MANAGEMENT, L.P., 527 MADISON AVENUE, 6TH FLOOR, NEW YORK NY 10022 |
Mudrick Distressed Opportunity Fund Global, Lp | 10 percent owner | 527 MADISON AVENUE, 6TH FLOOR, NEW YORK NY 10022 |
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