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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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Spok Holdings's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Spok Holdings was -1.79. The lowest was -3.41. And the median was -2.64.
The historical data trend for Spok Holdings'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.
Spok Holdings Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.76 | -3.37 | -2.85 | -1.81 | -2.78 |
Spok Holdings 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 | -1.86 | -2.10 | -2.08 | -2.78 | -2.65 |
For the Health Information Services subindustry, Spok Holdings'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 Healthcare Providers & Services industry and Healthcare sector, Spok Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Spok Holdings'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 Spok Holdings 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 * 0.9125 | + | 0.528 * 0.9915 | + | 0.404 * 1.0377 | + | 0.892 * 1.0513 | + | 0.115 * 0.765 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9382 | + | 4.679 * -0.033235 | - | 0.327 * 0.9083 | |||||||
= | -2.65 |
* 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 $21.7 Mil. Revenue was 34.909 + 33.953 + 35.428 + 36.463 = $140.8 Mil. Gross Profit was 27.77 + 27.02 + 28.806 + 29.736 = $113.3 Mil. Total Current Assets was $52.9 Mil. Total Assets was $215.0 Mil. Property, Plant and Equipment(Net PPE) was $17.1 Mil. Depreciation, Depletion and Amortization(DDA) was $4.3 Mil. Selling, General, & Admin. Expense(SGA) was $71.7 Mil. Total Current Liabilities was $39.9 Mil. Long-Term Debt & Capital Lease Obligation was $6.6 Mil. Net Income was 4.236 + 3.365 + 4.451 + 4.733 = $16.8 Mil. Non Operating Income was -0.561 + -0.739 + -0.063 + -0.277 = $-1.6 Mil. Cash Flow from Operations was 1.998 + 11.788 + 3.198 + 8.587 = $25.6 Mil. |
Total Receivables was $22.6 Mil. Revenue was 33.18 + 33.255 + 33.744 + 33.71 = $133.9 Mil. Gross Profit was 26.644 + 26.396 + 27.12 + 26.73 = $106.9 Mil. Total Current Assets was $60.0 Mil. Total Assets was $231.8 Mil. Property, Plant and Equipment(Net PPE) was $21.2 Mil. Depreciation, Depletion and Amortization(DDA) was $3.9 Mil. Selling, General, & Admin. Expense(SGA) was $72.7 Mil. Total Current Liabilities was $45.1 Mil. Long-Term Debt & Capital Lease Obligation was $10.1 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) |
= | (21.722 / 140.753) | / | (22.644 / 133.889) | |
= | 0.154327 | / | 0.169125 | |
= | 0.9125 |
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) | |
= | (106.89 / 133.889) | / | (113.332 / 140.753) | |
= | 0.798348 | / | 0.805184 | |
= | 0.9915 |
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 - (52.932 + 17.109) / 215.015) | / | (1 - (59.972 + 21.203) / 231.75) | |
= | 0.674251 | / | 0.64973 | |
= | 1.0377 |
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 | |
= | 140.753 | / | 133.889 | |
= | 1.0513 |
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)) |
= | (3.873 / (3.873 + 21.203)) | / | (4.328 / (4.328 + 17.109)) | |
= | 0.15445 | / | 0.201894 | |
= | 0.765 |
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) |
= | (71.691 / 140.753) | / | (72.687 / 133.889) | |
= | 0.509339 | / | 0.54289 | |
= | 0.9382 |
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) |
= | ((6.63 + 39.889) / 215.015) | / | ((10.064 + 45.138) / 231.75) | |
= | 0.216352 | / | 0.238196 | |
= | 0.9083 |
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 | |
= | (16.785 - -1.64 | - | 25.571) | / | 215.015 | |
= | -0.033235 |
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.
Spok Holdings has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Spok Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Vincent D Kelly | director, officer: President & CEO | C/O RENTON MEDIA INC, 1300 EAST NINTH ST, CLEVELAND OH 44114 |
Sharon Woods-keisling | officer: Corporate Secretary, Treasurer | 6677 RICHMOND HIGHWAY, ALEXANDRIA VA 22306 |
Michael W Wallace | officer: Chief Financial Officer | SAWGRASS CORPORATE INDUSTRIAL PARK, 14000 NW 4TH ST, SUNRISE FL 33325 |
Calvin Rice | officer: Controller | C/O SPOK HOLDINGS, INC., 6850 VERSAR CTR STE 420, SPRINGFIELD VA 22151 |
Todd J Stein | director | C/O SPOK HOLDINGS, INC., 6850 VERSAR CTR STE 420, SPRINGFIELD VA 22151 |
Barbara Peterson Byrne | director | C/O SPOK HOLDINGS, INC., 6850 VERSAR CTR STE 420, SPRINGFIELD VA 22315 |
Randy Hyun | director | C/O SPOK HOLDINGS, INC., 5911 KINGSTOWNE VILLAGE PARKWAY 6TH FLR, ALEXANDRIA VA 22315 |
Matthew Oristano | director | C/O ARCH WIRELESS INC, 1800 WEST PARK DR. #250, WESTBOROUGH MA 01581 |
Brian Oreilly | director | C/O METROCALL, 6677 RICHMOND HWY, ALEXANDRIA VA 22306 |
Christine Cournoyer | director | 150 SHAW ROAD, CHESTNUT MA 02467 |
Brett A Shockley | director | 7125 NORTHLAND TERRACE, MINNEAPOLIS MN 55428 |
Royce Yudkoff | director | C/O METROCALL, 6677 RICHMOND HWY, ALEXANDRIA VA 22306 |
Stacia Hylton | director | 6850 VERSAR CENTER STE 420, SPRINGFIELD VA 22151 |
Tom Saine | officer: Chief Technology Officer | 6677 RICHMOND HIGHWAY, ALEXANDIRA VA 22306 |
Ted Peterman | officer: Controller | C/O SPōK HOLDINGS, INC., 6850 VERSAR CTR STE 420, SPRINGFIELD VA 22151 |
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