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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.
American Public Education, Inc. has a M-score of -1.65 signals that the company is a manipulator.
During the past 11 years, the highest Beneish M-Score of American Public Education, Inc. was 0.56. The lowest was -3.28. And the median was -2.83.
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 American Public Education, 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 * 0.7879||+||0.528 * 0.9861||+||0.404 * 4.1108||+||0.892 * 1.0509||+||0.115 * 0.9152|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.047||+||4.679 * -0.064||-||0.327 * 0.8618|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $12.7 Mil.|
Revenue was 82.937 + 81.777 + 80.925 + 83.84 = $329.5 Mil.
Gross Profit was 53.904 + 53.638 + 53.718 + 55.435 = $216.7 Mil.
Total Current Assets was $116.6 Mil.
Total Assets was $271.7 Mil.
Property, Plant and Equipment(Net PPE) was $90.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.5 Mil.
Selling, General & Admin. Expense(SGA) was $135.8 Mil.
Total Current Liabilities was $54.3 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 8.997 + 10.911 + 10.75 + 11.376 = $42.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 5.215 + 19.559 + 14.037 + 20.603 = $59.4 Mil.
|Accounts Receivable was $15.4 Mil.
Revenue was 86 + 77.122 + 74.572 + 75.822 = $313.5 Mil.
Gross Profit was 56.346 + 50.686 + 48.323 + 47.969 = $203.3 Mil.
Total Current Assets was $141.1 Mil.
Total Assets was $237.6 Mil.
Property, Plant and Equipment(Net PPE) was $82.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.1 Mil.
Selling, General & Admin. Expense(SGA) was $123.4 Mil.
Total Current Liabilities was $55.1 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)|
|=||(12.735 / 329.479)||/||(15.381 / 313.516)|
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)|
|=||(53.638 / 313.516)||/||(53.904 / 329.479)|
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 - (116.585 + 90.733) / 271.655)||/||(1 - (141.074 + 82.84) / 237.603)|
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))|
|=||(11.146 / (11.146 + 82.84))||/||(13.508 / (13.508 + 90.733))|
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)|
|=||(135.75 / 329.479)||/||(123.376 / 313.516)|
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 + 54.258) / 271.655)||/||((0 + 55.07) / 237.603)|
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|
|=||(42.034 - 0||-||59.414)||/||271.655|
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.
American Public Education, Inc. has a M-score of -1.65 signals that the company is likely to 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
American Public Education, Inc. Annual Data
American Public Education, Inc. Quarterly Data