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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 Ansys Inc was -0.68. The lowest was -3.12. And the median was -2.58.
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 Ansys 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 * 0.9604||+||0.528 * 0.9937||+||0.404 * 0.9534||+||0.892 * 1.0847||+||0.115 * 1.2264|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9975||+||4.679 * -0.0416||-||0.327 * 0.9602|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $83.3 Mil.|
Revenue was 234 + 232.375 + 215.271 + 236.02 = $917.7 Mil.
Gross Profit was 196.806 + 193.697 + 177.526 + 197.411 = $765.4 Mil.
Total Current Assets was $1,075.0 Mil.
Total Assets was $2,789.0 Mil.
Property, Plant and Equipment(Net PPE) was $97.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $80.7 Mil.
Selling, General & Admin. Expense(SGA) was $236.3 Mil.
Total Current Liabilities was $407.3 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 65.479 + 63.036 + 56.542 + 75.929 = $261.0 Mil.
Non Operating Income was -0.395 + -0.179 + -0.198 + -0.195 = $-1.0 Mil.
Cash Flow from Operations was 81.562 + 79.833 + 131.639 + 84.961 = $378.0 Mil.
|Accounts Receivable was $79.9 Mil.
Revenue was 212.658 + 214.85 + 197.732 + 220.748 = $846.0 Mil.
Gross Profit was 177.489 + 178.17 + 161.498 + 184.067 = $701.2 Mil.
Total Current Assets was $960.0 Mil.
Total Assets was $2,618.3 Mil.
Property, Plant and Equipment(Net PPE) was $66.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $83.0 Mil.
Selling, General & Admin. Expense(SGA) was $218.4 Mil.
Total Current Liabilities was $387.0 Mil.
Long-Term Debt was $11.2 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)|
|=||(83.253 / 917.666)||/||(79.912 / 845.988)|
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)|
|=||(193.697 / 845.988)||/||(196.806 / 917.666)|
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 - (1075.02 + 97.108) / 2789.038)||/||(1 - (959.956 + 66.174) / 2618.279)|
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))|
|=||(83.016 / (83.016 + 66.174))||/||(80.661 / (80.661 + 97.108))|
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)|
|=||(236.289 / 917.666)||/||(218.374 / 845.988)|
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)|
|=||((0 + 407.28) / 2789.038)||/||((11.222 + 386.956) / 2618.279)|
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|
|=||(260.986 - -0.967||-||377.995)||/||2789.038|
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.
Ansys Inc has a M-score of -2.62 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
Ansys Inc Annual Data
Ansys Inc Quarterly Data