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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 -2.16. The lowest was -3.51. And the median was -2.95.
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 * 0.9803||+||0.528 * 1.018||+||0.404 * 1.1954||+||0.892 * 1.1048||+||0.115 * 1.0399|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0885||+||4.679 * -0.1282||-||0.327 * 1.1046|
|This Year (Jan15) TTM:||Last Year (Jan14) TTM:|
|Accounts Receivable was $459 Mil.|
Revenue was 664.6 + 618 + 637.1 + 592.5 = $2,512 Mil.
Gross Profit was 575.1 + 532 + 549.2 + 513.8 = $2,170 Mil.
Total Current Assets was $2,671 Mil.
Total Assets was $4,914 Mil.
Property, Plant and Equipment(Net PPE) was $159 Mil.
Depreciation, Depletion and Amortization(DDA) was $146 Mil.
Selling, General & Admin. Expense(SGA) was $1,292 Mil.
Total Current Liabilities was $1,400 Mil.
Long-Term Debt was $747 Mil.
Net Income was 11.5 + 10.7 + 31.3 + 28.3 = $82 Mil.
Non Operating Income was 8.1 + -0.2 + 0 + -4.2 = $4 Mil.
Cash Flow from Operations was 257.2 + 136 + 96.2 + 218.7 = $708 Mil.
|Accounts Receivable was $424 Mil.
Revenue was 586.6 + 555.2 + 561.7 + 570.4 = $2,274 Mil.
Gross Profit was 514.7 + 488.1 + 493.9 + 502.9 = $2,000 Mil.
Total Current Assets was $2,835 Mil.
Total Assets was $4,595 Mil.
Property, Plant and Equipment(Net PPE) was $130 Mil.
Depreciation, Depletion and Amortization(DDA) was $129 Mil.
Selling, General & Admin. Expense(SGA) was $1,075 Mil.
Total Current Liabilities was $1,072 Mil.
Long-Term Debt was $746 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)|
|=||(458.9 / 2512.2)||/||(423.7 / 2273.9)|
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)|
|=||(532 / 2273.9)||/||(575.1 / 2512.2)|
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 - (2671.3 + 159.2) / 4913.8)||/||(1 - (2835 + 130.3) / 4595)|
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))|
|=||(128.9 / (128.9 + 130.3))||/||(145.9 / (145.9 + 159.2))|
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)|
|=||(1292.2 / 2512.2)||/||(1074.5 / 2273.9)|
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)|
|=||((747.2 + 1400.1) / 4913.8)||/||((746.4 + 1071.5) / 4595)|
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|
|=||(81.8 - 3.7||-||708.1)||/||4913.8|
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 -2.96 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