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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Avaya Holdings has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Avaya Holdings's Piotroski F-Score or its related term are showing as below:
The historical data trend for Avaya Holdings's Piotroski F-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.
Avaya Holdings Annual Data | |||||||||||||||||||||
Trend | Sep12 | Sep13 | Sep14 | Sep15 | Sep16 | Sep17 | Sep18 | Sep19 | Sep20 | Sep21 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 3.00 | 6.00 | 5.00 | 6.00 |
Avaya Holdings Quarterly Data | ||||||||||||||||||||
Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | |
Piotroski F-Score | Get a 7-Day Free Trial | 7.00 | 6.00 | 2.00 | 2.00 | 3.00 |
How is the Piotroski F-Score calculated?
* 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 (Jun22) TTM: | Last Year (Jun21) TTM: |
Net Income was 6 + -66 + -1 + -1408 = $-1,469 Mil. Cash Flow from Operations was -5 + -111 + -2 + -85 = $-203 Mil. Revenue was 760 + 713 + 716 + 577 = $2,766 Mil. Gross Profit was 415 + 369 + 371 + 259 = $1,414 Mil. Average Total Assets from the begining of this year (Jun21) to the end of this year (Jun22) was (6034 + 5985 + 5887 + 5824 + 4337) / 5 = $5613.4 Mil. Total Assets at the begining of this year (Jun21) was $6,034 Mil. Long-Term Debt & Capital Lease Obligation was $2,585 Mil. Total Current Assets was $1,440 Mil. Total Current Liabilities was $1,219 Mil. |
Net Income was 37 + -4 + -58 + 43 = $18 Mil. Revenue was 755 + 743 + 738 + 732 = $2,968 Mil. Gross Profit was 418 + 416 + 412 + 407 = $1,653 Mil. Average Total Assets from the begining of last year (Jun20) to the end of last year (Jun21) was (6268 + 6231 + 6230 + 6110 + 6034) / 5 = $6174.6 Mil. Total Assets at the begining of last year (Jun20) was $6,268 Mil. Long-Term Debt & Capital Lease Obligation was $2,920 Mil. Total Current Assets was $1,570 Mil. Total Current Liabilities was $1,099 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Avaya Holdings's current Net Income (TTM) was -1,469.
==> Negative ==> Score 0.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Avaya Holdings's current Cash Flow from Operations (TTM) was -203.
==> Negative ==> Score 0.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Jun21) |
= | -1469 | / | 6034 | |
= | -0.24345376 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun20) |
= | 18 | / | 6268 | |
= | 0.00287173 |
Avaya Holdings's return on assets of this year was -0.24345376. Avaya Holdings's return on assets of last year was 0.00287173.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Avaya Holdings's current Net Income (TTM) was -1,469. Avaya Holdings's current Cash Flow from Operations (TTM) was -203.
==> -203 > -1,469 ==> CFROA > ROA ==> Score 1.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Jun22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun21 to Jun22 |
= | 2585 | / | 5613.4 | |
= | 0.46050522 |
Gearing (Last Year: Jun21) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun20 to Jun21 |
= | 2920 | / | 6174.6 | |
= | 0.47290513 |
Avaya Holdings's gearing of this year was 0.46050522. Avaya Holdings's gearing of last year was 0.47290513.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Current Ratio (This Year: Jun22) | = | Total Current Assets | / | Total Current Liabilities |
= | 1440 | / | 1219 | |
= | 1.18129614 |
Current Ratio (Last Year: Jun21) | = | Total Current Assets | / | Total Current Liabilities |
= | 1570 | / | 1099 | |
= | 1.42857143 |
Avaya Holdings's current ratio of this year was 1.18129614. Avaya Holdings's current ratio of last year was 1.42857143.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Avaya Holdings's number of shares in issue this year was 86.6. Avaya Holdings's number of shares in issue last year was 88.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 1414 | / | 2766 | |
= | 0.51120752 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 1653 | / | 2968 | |
= | 0.5569407 |
Avaya Holdings's gross margin of this year was 0.51120752. Avaya Holdings's gross margin of last year was 0.5569407.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Jun21) |
= | 2766 | / | 6034 | |
= | 0.45840239 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun20) |
= | 2968 | / | 6268 | |
= | 0.47351627 |
Avaya Holdings's asset turnover of this year was 0.45840239. Avaya Holdings's asset turnover of last year was 0.47351627.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 0 | + | 0 | + | 0 | + | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Avaya Holdings has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Avaya Holdings (OTCPK:AVYAQ) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of Avaya Holdings's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Carrie W. Teffner | director | 200 DOMAIN DRIVE, STRATHAM NH 03885 |
King Theodore Walker Cheng-de | 10 percent owner | UNIT 1502, 15TH FLOOR, 99 HENNESSY ROAD, WANCHAI K3 999077 |
Jill Kathleen Frizzley | director | P.O. BOX 1541, ONE BLUE HILL PLAZA, PEARL RIVER NY 10965 |
Anna-marie Crowley | officer: GVP, Human Resources | C/O AVAYA, 350 MT. KEMBLE AVENUE, MORRISTOWN NJ 07960 |
Vito Carnevale | officer: SVP, General Counsel | C/O AVAYA, 350 MT. KEMBLE AVENUE, MORRISTOWN NJ 07960 |
Rebecca A Roof | officer: Interim CFO | C/O LORDSTOWN MOTORS CORP., 2300 HALLOCK YOUNG ROAD, LORDSTOWN OH 44481 |
Alan Masarek | director, officer: President and CEO | C/O VONAGE HOLDINGS CORP., 23 MAIN STREET, HOLMDEL NJ 07733 |
Stephen Spears | officer: EVP and Chief Revenue Officer | C/O AVAYA, 2605 MERIDIAN PKWY, SUITE 200, DURHAM NC 27713 |
James M Chirico | director, officer: President & CEO | 2605 MERIDIAN PARKWAY, DURHAM NC 27713 |
Kevin Speed | officer: VP, Controller & CAO | AVAYA, 350 MT. KEMBLE AVENUE, MORRISTOWN NJ 07960 |
Kieran J Mcgrath | officer: SVP & CFO | 350 MT. KEMBLE AVENUE, MORRISTOWN NJ 07960 |
Shefali A Shah | officer: SVP, CAO and General Counsel | C/O AVAYA, ONE PENN PLAZA, 16TH FLOOR, NEW YORK NY 10119 |
Susan Louise Spradley | director | C/O NORTEL NETWORKS, 8200 DIXIE ROAD STE 100, BRAMPTON ONTARIO A6 L6T 5PT |
Robert I Theis | director | |
Anthony Bartolo | officer: EVP, Chief Product Officer | C/O BANDWIDTH INC., 900 MAIN CAMPUS DRIVE, RALEIGH NC 27606 |
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