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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.
Ansys, Inc. has a M-score of -2.65 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Ansys, Inc. was -0.62. The lowest was -3.05. And the median was -2.43.
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 * 0.8843||+||0.528 * 0.9946||+||0.404 * 0.9194||+||0.892 * 1.0792||+||0.115 * 1.2253|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9886||+||4.679 * -0.0318||-||0.327 * 0.92|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $298.6 Mil.|
Revenue was 236.02 + 212.658 + 214.85 + 197.732 = $861.3 Mil.
Gross Profit was 197.411 + 177.489 + 178.17 + 161.498 = $714.6 Mil.
Total Current Assets was $1,067.6 Mil.
Total Assets was $2,722.4 Mil.
Property, Plant and Equipment(Net PPE) was $78.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $80.7 Mil.
Selling, General & Admin. Expense(SGA) was $218.9 Mil.
Total Current Liabilities was $440.4 Mil.
Long-Term Debt was $18.1 Mil.
Net Income was 75.929 + 62.43 + 55.945 + 51.023 = $245.3 Mil.
Non Operating Income was -0.195 + -0.357 + -0.173 + -0.321 = $-1.0 Mil.
Cash Flow from Operations was 84.961 + 65.44 + 87.148 + 95.434 = $333.0 Mil.
|Accounts Receivable was $312.9 Mil.
Revenue was 220.748 + 196.909 + 195.016 + 185.345 = $798.0 Mil.
Gross Profit was 184.067 + 163.153 + 160.279 + 151.003 = $658.5 Mil.
Total Current Assets was $913.4 Mil.
Total Assets was $2,607.4 Mil.
Property, Plant and Equipment(Net PPE) was $52.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $85.4 Mil.
Selling, General & Admin. Expense(SGA) was $205.2 Mil.
Total Current Liabilities was $477.4 Mil.
Long-Term Debt was $0.0 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)|
|=||(298.579 / 861.26)||/||(312.866 / 798.018)|
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)|
|=||(177.489 / 798.018)||/||(197.411 / 861.26)|
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 - (1067.596 + 78.674) / 2722.382)||/||(1 - (913.359 + 52.253) / 2607.417)|
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))|
|=||(85.422 / (85.422 + 52.253))||/||(80.701 / (80.701 + 78.674))|
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)|
|=||(218.907 / 861.26)||/||(205.178 / 798.018)|
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)|
|=||((18.136 + 440.431) / 2722.382)||/||((0 + 477.387) / 2607.417)|
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|
|=||(245.327 - -1.046||-||332.983)||/||2722.382|
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 -2.65 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