IAC Beneish M-Score Historical Data
The historical data trend for IAC'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.
IAC Beneish M-Score Chart
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IAC Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-2.61 |
-1.30 |
-2.59 |
-2.87 |
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IAC 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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-2.59 |
-2.77 |
-3.00 |
-2.94 |
-2.87 |
Competitive Comparison of IAC's Beneish M-Score
For the Internet Content & Information subindustry, IAC'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.
IAC's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, IAC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where IAC's Beneish M-Score falls into.
IAC 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 IAC 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 * 1.0589 | + | 0.528 * 0.911 | + | 0.404 * 1.0505 | + | 0.892 * 0.8338 | + | 0.115 * 0.9088 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9746 | + | 4.679 * -0.060585 | - | 0.327 * 0.9517 |
| = | -2.87 |
* 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 $537 Mil.
Revenue was 1058.034 + 1111.341 + 1111.589 + 1084.271 = $4,365 Mil.
Gross Profit was 753.14 + 768.988 + 758.511 + 742.187 = $3,023 Mil.
Total Current Assets was $2,241 Mil.
Total Assets was $10,371 Mil.
Property, Plant and Equipment(Net PPE) was $455 Mil.
Depreciation, Depletion and Amortization(DDA) was $471 Mil.
Selling, General, & Admin. Expense(SGA) was $2,465 Mil.
Total Current Liabilities was $950 Mil.
Long-Term Debt & Capital Lease Obligation was $1,993 Mil.
Net Income was 327.75 + -390.538 + -89.045 + 417.775 = $266 Mil.
Non Operating Income was 497.86 + -466.051 + -38.717 + 711.659 = $705 Mil.
Cash Flow from Operations was 46.884 + 14.39 + 103.087 + 25.167 = $190 Mil.
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Total Receivables was $608 Mil.
Revenue was 1246.453 + 1300.901 + 1362.581 + 1325.345 = $5,235 Mil.
Gross Profit was 808.103 + 849.656 + 853.011 + 791.741 = $3,303 Mil.
Total Current Assets was $2,561 Mil.
Total Assets was $10,394 Mil.
Property, Plant and Equipment(Net PPE) was $511 Mil.
Depreciation, Depletion and Amortization(DDA) was $439 Mil.
Selling, General, & Admin. Expense(SGA) was $3,033 Mil.
Total Current Liabilities was $1,080 Mil.
Long-Term Debt & Capital Lease Obligation was $2,020 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) |
| = | (536.65 / 4365.235) | / | (607.809 / 5235.28) |
| = | 0.122937 | / | 0.116099 |
| | = | 1.0589 |
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) |
| = | (3302.511 / 5235.28) | / | (3022.826 / 4365.235) |
| = | 0.630818 | / | 0.692477 |
| | = | 0.911 |
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 - (2240.592 + 455.281) / 10371.177) | / | (1 - (2561.135 + 510.614) / 10393.635) |
| = | 0.740061 | / | 0.704459 |
| | = | 1.0505 |
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 |
| = | 4365.235 | / | 5235.28 |
| | = | 0.8338 |
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)) |
| = | (438.704 / (438.704 + 510.614)) | / | (471.066 / (471.066 + 455.281)) |
| = | 0.462125 | / | 0.50852 |
| | = | 0.9088 |
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) |
| = | (2464.816 / 4365.235) | / | (3033.124 / 5235.28) |
| = | 0.564647 | / | 0.579362 |
| | = | 0.9746 |
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) |
| = | ((1993.154 + 950.49) / 10371.177) | / | ((2019.759 + 1079.988) / 10393.635) |
| = | 0.283829 | / | 0.298235 |
| | = | 0.9517 |
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 |
| = | (265.942 - 704.751 | - | 189.528) | / | 10371.177 |
| | = | -0.060585 |
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.
IAC has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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