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Concur Technologies Inc (NAS:CNQR)
Beneish M-Score
-2.70 (As of Today)

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.

Concur Technologies Inc has a M-score of -2.70 suggests that the company is not a manipulator.

CNQR' s 10-Year Beneish M-Score Range
Min: -5.11   Max: 6.2
Current: -2.7

-5.11
6.2

During the past 13 years, the highest Beneish M-Score of Concur Technologies Inc was 6.20. The lowest was -5.11. And the median was -2.60.


Definition

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 Concur Technologies 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 * 1.0078+0.528 * 1.0914+0.404 * 1.0295+0.892 * 1.2873+0.115 * 0.9952
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9976+4.679 * -0.1111-0.327 * 1.0673
=-2.70

* 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 $138.3 Mil.
Revenue was 191.623 + 178.365 + 169.522 + 163.078 = $702.6 Mil.
Gross Profit was 127.116 + 118.377 + 108.541 + 104.555 = $458.6 Mil.
Total Current Assets was $1,107.4 Mil.
Total Assets was $1,896.1 Mil.
Property, Plant and Equipment(Net PPE) was $105.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $62.3 Mil.
Selling, General & Admin. Expense(SGA) was $402.0 Mil.
Total Current Liabilities was $604.2 Mil.
Long-Term Debt was $402.4 Mil.
Net Income was -38.062 + -0.032 + -55.981 + -24.22 = $-118.3 Mil.
Non Operating Income was 0.049 + 13.099 + -1.368 + -1.712 = $10.1 Mil.
Cash Flow from Operations was 21.943 + 25.471 + 22.789 + 12.099 = $82.3 Mil.
Accounts Receivable was $106.6 Mil.
Revenue was 156.922 + 138.71 + 127.37 + 122.798 = $545.8 Mil.
Gross Profit was 108.027 + 102.165 + 90.806 + 87.802 = $388.8 Mil.
Total Current Assets was $1,038.7 Mil.
Total Assets was $1,724.9 Mil.
Property, Plant and Equipment(Net PPE) was $82.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $48.3 Mil.
Selling, General & Admin. Expense(SGA) was $313.0 Mil.
Total Current Liabilities was $476.1 Mil.
Long-Term Debt was $381.8 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in 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)
=(138.28 / 702.588) / (106.587 / 545.8)
=0.1968152 / 0.19528582
=1.0078

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)
=(118.377 / 545.8) / (127.116 / 702.588)
=0.71234885 / 0.65271397
=1.0914

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 plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (1107.373 + 105.386) / 1896.14) / (1 - (1038.676 + 82.414) / 1724.934)
=0.3604064 / 0.35006789
=1.0295

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=702.588 / 545.8
=1.2873

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))
=(48.338 / (48.338 + 82.414)) / (62.29 / (62.29 + 105.386))
=0.36969224 / 0.37149026
=0.9952

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)
=(401.96 / 702.588) / (313.016 / 545.8)
=0.57211339 / 0.57349945
=0.9976

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)
=((402.39 + 604.152) / 1896.14) / ((381.807 + 476.143) / 1724.934)
=0.53083739 / 0.49738135
=1.0673

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
=(-118.295 - 10.068 - 82.302) / 1896.14
=-0.1111

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.

Concur Technologies Inc has a M-score of -2.70 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Concur Technologies Inc Annual Data

Sep05Sep06Sep07Sep08Sep09Sep10Sep11Sep12Sep13Sep14
DSRI 0.94791.35851.04120.73281.05490.94861.07241.02750.99191.0078
GMI 0.97460.98940.92290.96890.96770.97851.0031.00011.0091.0914
AQI 1.01513.08060.5081.33421.00290.6321.44961.05980.86021.0295
SGI 1.27021.35241.3291.66911.1491.18311.19311.25851.24091.2873
DEPI 1.780.77150.82490.83850.99071.00481.01780.93441.13450.9952
SGAI 1.01220.99371.06551.03360.98931.1061.19061.00891.03010.9976
LVGI 0.96660.90.480.9791.36041.95360.94061.08361.33961.0673
TATA -0.08040.1253-0.07-0.072-0.0592-0.0566-0.0744-0.0791-0.0574-0.1111
M-score -2.57-0.41-2.58-2.36-2.71-3.12-2.42-2.61-2.69-2.70

Concur Technologies Inc Quarterly Data

Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14
DSRI 1.04211.02750.95350.9361.00390.99191.03390.95660.931.0078
GMI 1.00751.00010.99480.99770.99151.0091.03961.06471.09831.0914
AQI 1.19181.05980.99661.02550.70620.86020.78630.84411.16141.0295
SGI 1.2571.25851.25051.22321.2151.24091.26791.30551.3181.2873
DEPI 0.89430.89831.01691.0431.18851.18011.09691.10390.990.9952
SGAI 1.0181.00891.01371.07231.05261.03011.00560.97340.97330.9976
LVGI 1.00081.08361.10141.09731.46141.33961.38451.39711.04171.0673
TATA -0.0834-0.0795-0.0881-0.0834-0.0657-0.0574-0.0673-0.0992-0.1051-0.1111
M-score -2.54-2.61-2.75-2.76-2.85-2.69-2.71-2.85-2.65-2.70
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