Vivid Seats Beneish M-Score Historical Data
The historical data trend for Vivid Seats'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.
Vivid Seats Beneish M-Score Chart
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Vivid Seats Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.09 |
-2.11 |
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Vivid Seats Quarterly Data
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Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.09 |
-2.67 |
-2.54 |
-2.20 |
-2.11 |
Competitive Comparison of Vivid Seats's Beneish M-Score
For the Internet Content & Information subindustry, Vivid Seats'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.
Vivid Seats's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Vivid Seats's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Vivid Seats's Beneish M-Score falls into.
Vivid Seats 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 Vivid Seats 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 * 1.348 | + | 0.528 * 1.0289 | + | 0.404 * 1.1899 | + | 0.892 * 1.1876 | + | 0.115 * 0.7412 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.968 | + | 4.679 * -0.049604 | - | 0.327 * 0.8679 |
| = | -2.11 |
* 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 $58.5 Mil.
Revenue was 198.303 + 188.133 + 165.38 + 161.063 = $712.9 Mil.
Gross Profit was 146.957 + 137.671 + 122.764 + 123.303 = $530.7 Mil.
Total Current Assets was $246.0 Mil.
Total Assets was $1,550.1 Mil.
Property, Plant and Equipment(Net PPE) was $20.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.0 Mil.
Selling, General, & Admin. Expense(SGA) was $427.2 Mil.
Total Current Liabilities was $487.8 Mil.
Long-Term Debt & Capital Lease Obligation was $280.8 Mil.
Net Income was 24.965 + 6.677 + 30.712 + 12.182 = $74.5 Mil.
Non Operating Income was 2.744 + 1.018 + 0.052 + 0.293 = $4.1 Mil.
Cash Flow from Operations was 32.934 + 31.716 + 17.559 + 65.111 = $147.3 Mil.
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Total Receivables was $36.5 Mil.
Revenue was 164.99 + 156.818 + 147.694 + 130.772 = $600.3 Mil.
Gross Profit was 126.685 + 119.201 + 115.272 + 98.608 = $459.8 Mil.
Total Current Assets was $331.5 Mil.
Total Assets was $1,151.4 Mil.
Property, Plant and Equipment(Net PPE) was $18.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.9 Mil.
Selling, General, & Admin. Expense(SGA) was $371.6 Mil.
Total Current Liabilities was $378.0 Mil.
Long-Term Debt & Capital Lease Obligation was $279.8 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) |
| = | (58.481 / 712.879) | / | (36.531 / 600.274) |
| = | 0.082035 | / | 0.060857 |
| | = | 1.348 |
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) |
| = | (459.766 / 600.274) | / | (530.695 / 712.879) |
| = | 0.765927 | / | 0.744439 |
| | = | 1.0289 |
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 - (245.994 + 19.982) / 1550.099) | / | (1 - (331.516 + 18.29) / 1151.431) |
| = | 0.828414 | / | 0.696199 |
| | = | 1.1899 |
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 |
| = | 712.879 | / | 600.274 |
| | = | 1.1876 |
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)) |
| = | (9.902 / (9.902 + 18.29)) | / | (17.996 / (17.996 + 19.982)) |
| = | 0.351234 | / | 0.473853 |
| | = | 0.7412 |
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) |
| = | (427.215 / 712.879) | / | (371.614 / 600.274) |
| = | 0.599281 | / | 0.619074 |
| | = | 0.968 |
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) |
| = | ((280.847 + 487.763) / 1550.099) | / | ((279.809 + 378.015) / 1151.431) |
| = | 0.495846 | / | 0.57131 |
| | = | 0.8679 |
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 |
| = | (74.536 - 4.107 | - | 147.32) | / | 1550.099 |
| | = | -0.049604 |
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.
Vivid Seats has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.
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