Audacy Beneish M-Score Historical Data
The historical data trend for Audacy'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.
Audacy Beneish M-Score Chart
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Audacy Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.46 |
-2.38 |
-2.74 |
-2.53 |
-2.23 |
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Audacy Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.42 |
-2.36 |
-2.34 |
-2.23 |
Competitive Comparison of Audacy's Beneish M-Score
For the Broadcasting subindustry, Audacy'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.
Audacy's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Audacy's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Audacy's Beneish M-Score falls into.
Audacy 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 Audacy 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 * 1.0591 | + | 0.528 * 1.342 | + | 0.404 * 0.7485 | + | 0.892 * 0.9324 | + | 0.115 * 0.8654 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5081 | + | 4.679 * 0.116494 | - | 0.327 * 1.8078 |
| = | -2.23 |
* 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 $258 Mil.
Revenue was 311.625 + 299.166 + 298.513 + 259.635 = $1,169 Mil.
Gross Profit was 53.585 + 43.177 + 32.393 + 25.708 = $155 Mil.
Total Current Assets was $402 Mil.
Total Assets was $1,900 Mil.
Property, Plant and Equipment(Net PPE) was $487 Mil.
Depreciation, Depletion and Amortization(DDA) was $74 Mil.
Selling, General, & Admin. Expense(SGA) was $136 Mil.
Total Current Liabilities was $2,188 Mil.
Long-Term Debt & Capital Lease Obligation was $202 Mil.
Net Income was -740.835 + -234.333 + -125.802 + -35.901 = $-1,137 Mil.
Non Operating Income was -900.085 + -273.904 + -123.99 + 4.933 = $-1,293 Mil.
Cash Flow from Operations was 17.68 + -13.686 + -46.586 + -22.622 = $-65 Mil.
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Total Receivables was $261 Mil.
Revenue was 341.961 + 316.969 + 319.439 + 275.295 = $1,254 Mil.
Gross Profit was 58.41 + 56.938 + 59.296 + 48.25 = $223 Mil.
Total Current Assets was $437 Mil.
Total Assets was $3,285 Mil.
Property, Plant and Equipment(Net PPE) was $511 Mil.
Depreciation, Depletion and Amortization(DDA) was $66 Mil.
Selling, General, & Admin. Expense(SGA) was $96 Mil.
Total Current Liabilities was $208 Mil.
Long-Term Debt & Capital Lease Obligation was $2,077 Mil.
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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) |
| = | (258.088 / 1168.939) | / | (261.357 / 1253.664) |
| = | 0.220788 | / | 0.208475 |
| | = | 1.0591 |
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) |
| = | (222.894 / 1253.664) | / | (154.863 / 1168.939) |
| = | 0.177794 | / | 0.132482 |
| | = | 1.342 |
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 - (401.619 + 486.691) / 1900.44) | / | (1 - (437.051 + 510.614) / 3284.893) |
| = | 0.532577 | / | 0.711508 |
| | = | 0.7485 |
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 |
| = | 1168.939 | / | 1253.664 |
| | = | 0.9324 |
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)) |
| = | (65.786 / (65.786 + 510.614)) | / | (73.943 / (73.943 + 486.691)) |
| = | 0.114133 | / | 0.131892 |
| | = | 0.8654 |
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) |
| = | (135.536 / 1168.939) | / | (96.384 / 1253.664) |
| = | 0.115948 | / | 0.076882 |
| | = | 1.5081 |
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) |
| = | ((201.802 + 2187.946) / 1900.44) | / | ((2077.016 + 207.854) / 3284.893) |
| = | 1.257471 | / | 0.695569 |
| | = | 1.8078 |
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 |
| = | (-1136.871 - -1293.046 | - | -65.214) | / | 1900.44 |
| | = | 0.116494 |
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.
Audacy has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.
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