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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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Expedia Group's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Expedia Group was -1.64. The lowest was -2.88. And the median was -2.65.
The historical data trend for Expedia Group'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.
Expedia Group Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.82 | -2.48 | -2.86 | -2.64 | -2.56 |
Expedia Group 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 | -2.74 | -2.68 | -2.54 | -2.56 | -2.32 |
For the Travel Services subindustry, Expedia Group'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 Travel & Leisure industry and Consumer Cyclical sector, Expedia Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Expedia Group'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 Expedia Group 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 * 1.3666 | + | 0.528 * 0.9722 | + | 0.404 * 0.9571 | + | 0.892 * 1.0811 | + | 0.115 * 0.9873 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0045 | + | 4.679 * -0.041153 | - | 0.327 * 1.055 | |||||||
= | -2.32 |
* 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 $3,806 Mil. Revenue was 2889 + 2887 + 3929 + 3358 = $13,063 Mil. Gross Profit was 2531 + 2547 + 3517 + 2951 = $11,546 Mil. Total Current Assets was $12,348 Mil. Total Assets was $24,761 Mil. Property, Plant and Equipment(Net PPE) was $2,694 Mil. Depreciation, Depletion and Amortization(DDA) was $825 Mil. Selling, General, & Admin. Expense(SGA) was $7,798 Mil. Total Current Liabilities was $15,565 Mil. Long-Term Debt & Capital Lease Obligation was $6,557 Mil. Net Income was -135 + 132 + 425 + 385 = $807 Mil. Non Operating Income was -102 + -33 + -469 + 18 = $-586 Mil. Cash Flow from Operations was 2879 + -238 + -1375 + 1146 = $2,412 Mil. |
Total Receivables was $2,576 Mil. Revenue was 2665 + 2618 + 3619 + 3181 = $12,083 Mil. Gross Profit was 2251 + 2206 + 3164 + 2762 = $10,383 Mil. Total Current Assets was $12,126 Mil. Total Assets was $24,986 Mil. Property, Plant and Equipment(Net PPE) was $2,613 Mil. Depreciation, Depletion and Amortization(DDA) was $787 Mil. Selling, General, & Admin. Expense(SGA) was $7,181 Mil. Total Current Liabilities was $14,612 Mil. Long-Term Debt & Capital Lease Obligation was $6,548 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) |
= | (3806 / 13063) | / | (2576 / 12083) | |
= | 0.291357 | / | 0.213192 | |
= | 1.3666 |
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) | |
= | (10383 / 12083) | / | (11546 / 13063) | |
= | 0.859306 | / | 0.88387 | |
= | 0.9722 |
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 - (12348 + 2694) / 24761) | / | (1 - (12126 + 2613) / 24986) | |
= | 0.392512 | / | 0.41011 | |
= | 0.9571 |
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 | |
= | 13063 | / | 12083 | |
= | 1.0811 |
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)) |
= | (787 / (787 + 2613)) | / | (825 / (825 + 2694)) | |
= | 0.231471 | / | 0.234442 | |
= | 0.9873 |
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) |
= | (7798 / 13063) | / | (7181 / 12083) | |
= | 0.596953 | / | 0.594306 | |
= | 1.0045 |
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) |
= | ((6557 + 15565) / 24761) | / | ((6548 + 14612) / 24986) | |
= | 0.893421 | / | 0.846874 | |
= | 1.055 |
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 | |
= | (807 - -586 | - | 2412) | / | 24761 | |
= | -0.041153 |
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.
Expedia Group has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Expedia Group's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Dara Khosrowshahi | officer: Chief Executive Officer | C/O INTERACTIVE CORP, 152 WEST 57TH ST, NEW YORK NY 10019 |
Lance A Soliday | officer: Chief Accounting Officer | C/O EXPEDIA, INC., 333 108TH AVENUE NE, BELLEVUE WA 98004 |
Robert J Dzielak | officer: EVP, Gen. Counsel & Sec. | C/O EXPEDIA, INC., 333 108TH AVE NE, BELLEVUE WA 98004 |
Alexandr Wang | director | C/O EXPEDIA GROUP, INC., 1111 EXPEDIA GROUP WAY W., SEATTLE WA 98119 |
Madhumita Moina Banerjee | director | C/O JBG SMITH PROPERTIES, 4445 WILLARD AVENUE, SUITE 400, CHEVY CHASE MD 20815 |
Henrique Vasoncelos Dubugras | director | 1000 LAUREL WAY, BEVERLY HILLS CA 90210 |
Jonathan L Dolgen | director | CHARTER COMMUNICATIONS, INC., 12405 POWERSCOURT DRIVE, ST. LOUIS MO 63131 |
Patricia Menendez-cambo | director | C/O EXPEDIA GROUP, INC., 1111 EXPEDIA GROUP WAY W., SEATTLE WA 98119 |
Peter M Kern | director | C/O EXPEDIA, INC., 333 108TH AVENUE NE, BELLEVUE WA 98004 |
Susan C Athey | director | C/O EXPEDIA, INC., 333 108TH AVE NE, BELLEVUE WA 98004 |
Beverly J Anderson | director | 1550 PEACHTREE STREET NW, ATLANTA GA 30309 |
A George Battle | director | 600 TOWNSEND ST, SUITE 500, SAN FRANCISCO CA 94103 |
Slp V Fort Gp I, L.l.c. | director | C/O SILVER LAKE, 2775 SAND HILL ROAD, SUITE 100, MENLO PARK CA 94025 |
Slp V Fort Holdings I, L.p. | director | C/O SILVER LAKE, 2775 SAND HILL ROAD, SUITE 100, MENLO PARK CA 94025 |
Slp Fort Aggregator Ii, L.p | director | C/O SILVER LAKE, 2775 SAND HILL ROAD, SUITE 100, MENLO PARK CA 94025 |
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