United Online (United Online) Beneish M-Score : 0.00 (As of Apr. 26, 2024)

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What is United Online 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.

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

During the past 13 years, the highest Beneish M-Score of United Online was 0.00. The lowest was 0.00. And the median was 0.00.

United Online Beneish M-Score Historical Data

The historical data trend for United Online'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.

United Online Beneish M-Score Chart

United Online Annual Data

Trend

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Beneish M-Score

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-1.80

-2.98

-4.94

-3.24

-1.83

United Online Quarterly Data
	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16
Beneish M-Score	Get a 7-Day Free Trial															-2.91	-2.54	-2.06	-1.83	-3.64

Competitive Comparison of United Online's Beneish M-Score

For the Internet Content & Information subindustry, United Online'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.

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

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

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

United Online 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 United Online 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 * 0.4442

0.528 * 1.0661

0.404 * 0.3296

0.892 * 0.9018

0.115 * 0.2183

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8831

4.679 * -0.059166

0.327 * 0.6041

-3.53

This Year (Mar16) TTM:

Last Year (Mar15) TTM:

Total Receivables was $5.1 Mil.
Revenue was 18.436 + 40.107 + 36.289 + 50.064 = $144.9 Mil.
Gross Profit was 10.532 + 21.69 + 21.554 + 33.195 = $87.0 Mil.
Total Current Assets was $131.9 Mil.
Total Assets was $156.8 Mil.
Property, Plant and Equipment(Net PPE) was $5.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.8 Mil.
Selling, General, & Admin. Expense(SGA) was $63.7 Mil.
Total Current Liabilities was $37.0 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 Mil.
Net Income was -38.874 + 2.524 + 25.951 + 2.357 = $-8.0 Mil.
Non Operating Income was 0.198 + 0.542 + 0.32 + 0.002 = $1.1 Mil.
Cash Flow from Operations was -0.328 + 4.453 + -0.85 + -3.102 = $0.2 Mil.

Total Receivables was $12.8 Mil.
Revenue was 24.264 + 41.813 + 39.989 + 54.6 = $160.7 Mil.
Gross Profit was 13.392 + 26.561 + 25.374 + 37.48 = $102.8 Mil.
Total Current Assets was $104.9 Mil.
Total Assets was $202.1 Mil.
Property, Plant and Equipment(Net PPE) was $22.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.0 Mil.
Selling, General, & Admin. Expense(SGA) was $80.0 Mil.
Total Current Liabilities was $79.0 Mil.
Long-Term Debt & Capital Lease Obligation was $0.0 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)
	=	(5.139 / 144.896)	/	(12.827 / 160.666)
	=	0.035467	/	0.079836
	=	0.4442

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)
	=	(102.807 / 160.666)	/	(86.971 / 144.896)
	=	0.63988	/	0.600231
	=	1.0661

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 - (131.882 + 5.849) / 156.797)	/	(1 - (104.927 + 22.593) / 202.083)
	=	0.121597	/	0.368972
	=	0.3296

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
	=	144.896	/	160.666
	=	0.9018

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))
	=	(3.009 / (3.009 + 22.593))	/	(6.819 / (6.819 + 5.849))
	=	0.11753	/	0.538285
	=	0.2183

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)
	=	(63.733 / 144.896)	/	(80.021 / 160.666)
	=	0.439853	/	0.498058
	=	0.8831

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)
	=	((0 + 37.013) / 156.797)	/	((0 + 78.959) / 202.083)
	=	0.236057	/	0.390726
	=	0.6041

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
	=	(-8.042 - 1.062	-	0.173)	/	156.797
	=	-0.059166

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.

United Online has a M-score of -3.53 suggests that the company is unlikely to be a manipulator.

United Online Beneish M-Score Related Terms

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United Online (United Online) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Interactive Media » United Online Inc (NAS:UNTD) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

http://www.unitedonline.net

United Online Inc is a Delaware corporation that commenced operations in 2001 following the merger of dial-up Internet access providers NetZero, Inc. (NetZero) and Juno Online Services, Inc. The Company provides consumer services and products over the Internet under a number of brands, including StayFriends, Trombi, MyPoints, NetZero, and Juno. The Company operates in two segments, namely Content & Media and Communications. The Content & Media segment provides social networking services and products under the StayFriends, and Trombi brands. It operates its social networking services as a platform to enable users to locate and interact with acquaintances from their past, with high school affiliations as the primary focus. Its domestic and international social networking services comprise a large and diverse population of users. It also provides advertising opportunities to marketers with both brand and direct response objectives through a full suite of display, search, email, and text-link opportunities across its various properties. Its social networking products primarily consist of yearbook reprints. Its principal Communications pay service is dial-up Internet access, offered under the NetZero and Juno brands. It also offers mobile broadband, DSL, email, Internet security, web hosting services, and other services. Each of its services, including social networking services, loyalty marketing service, and Internet access services operates on a separate and distinct technology platform. The Company has international operations in India and Germany. Its operations in India primarily handle software development and operations, quality assurance and email customer support. Its operations in Germany provide social networking services in Germany, Sweden, France, Austria, and Switzerland. It competes with major social networking platforms such as Facebook, as well as Internet search engines such as Google, other online loyalty marketing programs, such as Ebates, as well as offline loyalty marketing programs that have a significant online presence, such as those operated by credit card, airline and hotel companies, members from online providers of discounted offerings and coupons, such as Groupon and LivingSocial, as well as AT&T, Verizon, Sprint and T-Mobile. The Company is subject to a number of international, federal, state, and local laws and regulations, including, without limitation, those relating to taxation, bulk email or "spam," advertising, user privacy and data protection, consumer protection, antitrust, export, and unclaimed property.

Executives

Andrew Miller	director	111 MCINNIS PARKWAY, SAN RAFAEL CA 94903
Kenneth D Denman	director
B. Riley Financial, Inc.	10 percent owner	11100 SANTA MONICA BLVD, SUITE 800, LOS ANGELES CA 90025
Bryant R Riley	10 percent owner	C/O B. RILEY FINANCIAL, INC., 21255 BURBANK BLVD, SUITE 400, WOODLAND HILLS CA 91367
B. Riley & Co., Llc	10 percent owner	11100 SANTA MONICA BLVD., STE. 800, LOS ANGELES CA 90025
Brc Partners Opportunity Fund, Lp	10 percent owner	11100 SANTA MONICA BLVD. SUITE 800, LOS ANGELES CA 90025
B. Riley Capital Management, Llc	10 percent owner	11100 SANTA MONICA BLVD., SUITE 800, LOS ANGELES CA 90025
Edward K Zinser	officer: EVP & Chief Financial Officer	201 EAST SANDPOINTE, 8TH FLOOR, SANTA ANA CA 92707
Kenneth L Coleman	director	C/O CITY NATIONAL CORPORATION, 555 S. FLOWER STREET, 18TH FLOOR, LOS ANGELES CA 90071
Harold Zeitz	officer: President, Classmates, Inc.	C/O UNITED ONLINE, 21301 BURBANK BOULEVARD, WOODLAND HILLS CA 91367-6677
Charles B. Ammann	officer: EVP, General Counsel, Sec.	200 FLYNN ROAD, CAMARILLO CA 93012