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Concur Technologies Inc (NAS:CNQR)
Beneish M-Score
-2.71 (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 -2.71 suggests that the company is not a manipulator.

CNQR' s 10-Year Beneish M-Score Range
Min: -5.11   Max: 16.45
Current: -2.71

-5.11
16.45

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.


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 * 1.0339+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
=-2.71

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

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

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)
=(110.803 / 586.08) / (84.525 / 462.24)
=0.18905781 / 0.18285955
=1.0339

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)
=(108.027 / 462.24) / (104.555 / 586.08)
=0.71936224 / 0.6919755
=1.0396

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 - (1058.501 + 84.804) / 1740.774) / (1 - (625.167 + 60.97) / 1217.651)
=0.34322031 / 0.43650767
=0.7863

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
=586.08 / 462.24
=1.2679

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))
=0.4151671 / 0.37849762
=1.0969

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)
=0.57416735 / 0.5709891
=1.0056

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)
=0.50241042 / 0.36289052
=1.3845

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
=(-36.582 - -3.723 - 85.064) / 1740.774
=-0.0677

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.


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

Sep04Sep05Sep06Sep07Sep08Sep09Sep10Sep11Sep12Sep13
DSRI 1.31150.94791.35851.04120.73281.05490.94861.07241.02750.9919
GMI 1.00380.97460.98940.92290.96890.96770.97851.0031.00011.009
AQI 0.89111.01513.08060.5081.33421.00290.6321.44961.05980.8602
SGI 0.99671.27021.35241.3291.66911.1491.18311.19311.25851.2409
DEPI 1.98611.780.77150.82490.83850.99071.00481.01780.93441.1345
SGAI 1.02051.01220.99371.06551.03360.98931.1061.19061.00891.0301
LVGI 0.93870.96660.90.480.9791.36041.95360.94061.08361.3396
TATA -0.0732-0.08040.1253-0.07-0.072-0.0592-0.0566-0.0744-0.0791-0.0574
M-score -2.45-2.57-0.41-2.58-2.36-2.71-3.12-2.42-2.61-2.69

Concur Technologies Inc Quarterly Data

Sep11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13
DSRI 1.07240.85591.08581.04211.02750.95350.9361.00390.99191.0339
GMI 1.0031.011.01131.00751.00010.99480.99770.99151.0091.0396
AQI 1.44961.60611.15661.19181.05980.99661.02550.70620.86020.7863
SGI 1.19311.20991.23971.2571.25851.25051.22321.2151.24091.2679
DEPI 1.01780.94560.94070.89430.89831.01691.0431.18851.18011.0969
SGAI 1.19061.17521.03951.0181.00891.01371.07231.05261.03011.0056
LVGI 0.94060.97391.00081.00081.08361.10141.09731.46141.33961.3845
TATA -0.0744-0.0742-0.0829-0.0834-0.0795-0.0881-0.084-0.0661-0.0578-0.0677
M-score -2.42-2.55-2.52-2.54-2.61-2.75-2.76-2.86-2.69-2.71
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