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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
During the past 13 years, the highest Beneish M-Score of Autodesk Inc was -1.60. The lowest was -3.71. And the median was -2.91.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 Autodesk Inc 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 * 0.8555||+||0.528 * 1.0183||+||0.404 * 1.1066||+||0.892 * 0.9102||+||0.115 * 1.0661|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0767||+||4.679 * -0.1487||-||0.327 * 1.1524|
|This Year (Jul16) TTM:||Last Year (Jul15) TTM:|
|Accounts Receivable was $307 Mil.|
Revenue was 550.7 + 511.9 + 648.3 + 599.8 = $2,311 Mil.
Gross Profit was 465.6 + 419.4 + 553.4 + 508.8 = $1,947 Mil.
Total Current Assets was $2,487 Mil.
Total Assets was $5,047 Mil.
Property, Plant and Equipment(Net PPE) was $173 Mil.
Depreciation, Depletion and Amortization(DDA) was $142 Mil.
Selling, General & Admin. Expense(SGA) was $1,299 Mil.
Total Current Liabilities was $1,560 Mil.
Long-Term Debt was $1,489 Mil.
Net Income was -98.2 + -173 + -37.2 + -43.8 = $-352 Mil.
Non Operating Income was -3.9 + 0 + 2.1 + 3.3 = $2 Mil.
Cash Flow from Operations was -18 + 164.4 + 169.9 + 80.4 = $397 Mil.
|Accounts Receivable was $394 Mil.
Revenue was 609.5 + 646.5 + 664.6 + 618 = $2,539 Mil.
Gross Profit was 516.5 + 554.7 + 575.1 + 532 = $2,178 Mil.
Total Current Assets was $2,900 Mil.
Total Assets was $5,342 Mil.
Property, Plant and Equipment(Net PPE) was $158 Mil.
Depreciation, Depletion and Amortization(DDA) was $147 Mil.
Selling, General & Admin. Expense(SGA) was $1,325 Mil.
Total Current Liabilities was $1,314 Mil.
Long-Term Debt was $1,486 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(306.9 / 2310.7)||/||(394.1 / 2538.6)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(2178.3 / 2538.6)||/||(1947.2 / 2310.7)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (2486.5 + 173) / 5047.4)||/||(1 - (2899.8 + 158.2) / 5341.8)|
4. SGI = Sales Growth Index
Ratio of sales 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.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation 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))|
|=||(146.6 / (146.6 + 158.2))||/||(142.2 / (142.2 + 173))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses 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)|
|=||(1298.6 / 2310.7)||/||(1325 / 2538.6)|
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$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((1489.2 + 1559.6) / 5047.4)||/||((1486.2 + 1313.8) / 5341.8)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(-352.2 - 1.5||-||396.7)||/||5047.4|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Autodesk Inc has a M-score of -3.39 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Autodesk Inc Annual Data
Autodesk Inc Quarterly Data