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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.
Concur Technologies, Inc. has a M-score of -2.71 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Concur Technologies, Inc. was 16.45. The lowest was -5.11. And the median was -2.57.
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 * 1.0339||+||0.528 * 1.0396||+||0.404 * 0.7863||+||0.892 * 1.2679||+||0.115 * 1.0969|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0056||+||4.679 * -0.0677||-||0.327 * 1.3845|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $110.8 Mil.|
Revenue was 163.078 + 156.922 + 138.71 + 127.37 = $586.1 Mil.
Gross Profit was 104.555 + 108.027 + 102.165 + 90.806 = $405.6 Mil.
Total Current Assets was $1,058.5 Mil.
Total Assets was $1,740.8 Mil.
Property, Plant and Equipment(Net PPE) was $84.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $51.6 Mil.
Selling, General & Admin. Expense(SGA) was $336.5 Mil.
Total Current Liabilities was $487.7 Mil.
Long-Term Debt was $386.9 Mil.
Net Income was -24.22 + -7.532 + 2.815 + -7.645 = $-36.6 Mil.
Non Operating Income was -1.712 + -0.927 + -0.611 + -0.473 = $-3.7 Mil.
Cash Flow from Operations was 12.099 + 26.252 + 28.014 + 18.699 = $85.1 Mil.
|Accounts Receivable was $84.5 Mil.
Revenue was 122.798 + 117.881 + 113.167 + 108.394 = $462.2 Mil.
Gross Profit was 87.802 + 85.473 + 81.134 + 78.109 = $332.5 Mil.
Total Current Assets was $625.2 Mil.
Total Assets was $1,217.7 Mil.
Property, Plant and Equipment(Net PPE) was $61.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $43.3 Mil.
Selling, General & Admin. Expense(SGA) was $263.9 Mil.
Total Current Liabilities was $187.1 Mil.
Long-Term Debt was $254.8 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)|
|=||(110.803 / 586.08)||/||(84.525 / 462.24)|
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)|
|=||(108.027 / 462.24)||/||(104.555 / 586.08)|
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 - (1058.501 + 84.804) / 1740.774)||/||(1 - (625.167 + 60.97) / 1217.651)|
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))|
|=||(43.282 / (43.282 + 60.97))||/||(51.646 / (51.646 + 84.804))|
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)|
|=||(336.508 / 586.08)||/||(263.934 / 462.24)|
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)|
|=||((386.853 + 487.73) / 1740.774)||/||((254.779 + 187.095) / 1217.651)|
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|
|=||(-36.582 - -3.723||-||85.064)||/||1740.774|
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 -2.71 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
Concur Technologies, Inc. Annual Data
Concur Technologies, Inc. Quarterly Data