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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 * 0.9456||+||0.528 * 0.9909||+||0.404 * 0.9775||+||0.892 * 1.0506||+||0.115 * 0.808|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0405||+||4.679 * -0.0366||-||0.327 * 0.9812|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $88.0 Mil.|
Revenue was 235.485 + 217.781 + 254.375 + 234 = $941.6 Mil.
Gross Profit was 197.7 + 181.893 + 214.606 + 196.806 = $791.0 Mil.
Total Current Assets was $1,110.4 Mil.
Total Assets was $2,746.0 Mil.
Property, Plant and Equipment(Net PPE) was $60.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $81.2 Mil.
Selling, General & Admin. Expense(SGA) was $250.8 Mil.
Total Current Liabilities was $430.3 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 62.335 + 56.132 + 69.633 + 65.479 = $253.6 Mil.
Non Operating Income was 0.091 + 0.767 + -0.762 + -0.395 = $-0.3 Mil.
Cash Flow from Operations was 66.412 + 114.12 + 92.273 + 81.562 = $354.4 Mil.
|Accounts Receivable was $88.5 Mil.
Revenue was 232.375 + 215.271 + 236.02 + 212.658 = $896.3 Mil.
Gross Profit was 193.697 + 177.526 + 197.411 + 177.489 = $746.1 Mil.
Total Current Assets was $1,064.7 Mil.
Total Assets was $2,799.2 Mil.
Property, Plant and Equipment(Net PPE) was $92.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $79.2 Mil.
Selling, General & Admin. Expense(SGA) was $229.5 Mil.
Total Current Liabilities was $447.0 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)|
|=||(87.96 / 941.641)||/||(88.544 / 896.324)|
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)|
|=||(181.893 / 896.324)||/||(197.7 / 941.641)|
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 - (1110.355 + 60.664) / 2746.03)||/||(1 - (1064.657 + 92.05) / 2799.196)|
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))|
|=||(79.188 / (79.188 + 92.05))||/||(81.187 / (81.187 + 60.664))|
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)|
|=||(250.819 / 941.641)||/||(229.462 / 896.324)|
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 + 430.31) / 2746.03)||/||((0.012 + 447.037) / 2799.196)|
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|
|=||(253.579 - -0.299||-||354.367)||/||2746.03|
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 -2.69 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