ARRIS International Beneish M-Score Historical Data
The historical data trend for ARRIS International's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ARRIS International Beneish M-Score Chart
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ARRIS International Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-2.46 |
-2.60 |
-1.58 |
-2.73 |
-2.95 |
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ARRIS International Quarterly Data
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Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
| Beneish M-Score |
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-2.73 |
-2.63 |
-2.36 |
-2.59 |
-2.95 |
Competitive Comparison of ARRIS International's Beneish M-Score
For the Communication Equipment subindustry, ARRIS International's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
ARRIS International's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, ARRIS International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ARRIS International's Beneish M-Score falls into.
ARRIS International Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 ARRIS International 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 * 1.0326 | + | 0.528 * 0.8852 | + | 0.404 * 0.942 | + | 0.892 * 1.0194 | + | 0.115 * 0.8964 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3765 | + | 4.679 * -0.065605 | - | 0.327 * 1.0278 |
| = | -2.91 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Dec18) TTM: | Last Year (Dec17) TTM: |
Total Receivables was $1,448 Mil.
Revenue was 1787.142 + 1651.248 + 1726.54 + 1577.71 = $6,743 Mil.
Gross Profit was 479.232 + 465.189 + 498.755 + 475.683 = $1,919 Mil.
Total Current Assets was $3,113 Mil.
Total Assets was $7,328 Mil.
Property, Plant and Equipment(Net PPE) was $288 Mil.
Depreciation, Depletion and Amortization(DDA) was $475 Mil.
Selling, General, & Admin. Expense(SGA) was $667 Mil.
Total Current Liabilities was $1,968 Mil.
Long-Term Debt & Capital Lease Obligation was $2,032 Mil.
Net Income was 44.507 + 47.079 + 35.754 + -13.6 = $114 Mil.
Non Operating Income was -5.283 + -5.706 + -21.007 + -22.524 = $-55 Mil.
Cash Flow from Operations was 228.762 + 220.99 + 103.337 + 95.913 = $649 Mil.
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Total Receivables was $1,376 Mil.
Revenue was 1738.593 + 1728.524 + 1664.17 + 1483.105 = $6,614 Mil.
Gross Profit was 494.469 + 431.155 + 403.357 + 337.257 = $1,666 Mil.
Total Current Assets was $2,914 Mil.
Total Assets was $7,624 Mil.
Property, Plant and Equipment(Net PPE) was $372 Mil.
Depreciation, Depletion and Amortization(DDA) was $471 Mil.
Selling, General, & Admin. Expense(SGA) was $475 Mil.
Total Current Liabilities was $1,933 Mil.
Long-Term Debt & Capital Lease Obligation was $2,116 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (1448.343 / 6742.64) | / | (1375.934 / 6614.392) |
| = | 0.214804 | / | 0.208021 |
| | = | 1.0326 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (1666.238 / 6614.392) | / | (1918.859 / 6742.64) |
| = | 0.251911 | / | 0.284586 |
| | = | 0.8852 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (3112.639 + 287.671) / 7327.869) | / | (1 - (2913.54 + 372.467) / 7624.257) |
| = | 0.535976 | / | 0.569006 |
| | = | 0.942 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 6742.64 | / | 6614.392 |
| | = | 1.0194 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (470.611 / (470.611 + 372.467)) | / | (474.76 / (474.76 + 287.671)) |
| = | 0.558206 | / | 0.622692 |
| | = | 0.8964 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (667.054 / 6742.64) | / | (475.369 / 6614.392) |
| = | 0.098931 | / | 0.071869 |
| | = | 1.3765 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((2032.382 + 1967.767) / 7327.869) | / | ((2116.244 + 1933.269) / 7624.257) |
| = | 0.545882 | / | 0.531135 |
| | = | 1.0278 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (113.74 - -54.52 | - | 649.002) | / | 7327.869 |
| | = | -0.065605 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
ARRIS International has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.
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