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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.
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.
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|
|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
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)|
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)|
|=||(118.377 / 545.8)||/||(127.116 / 702.588)|
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 - (1107.373 + 105.386) / 1896.14)||/||(1 - (1038.676 + 82.414) / 1724.934)|
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))|
|=||(48.338 / (48.338 + 82.414))||/||(62.29 / (62.29 + 105.386))|
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)|
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)|
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|
|=||(-118.295 - 10.068||-||82.302)||/||1896.14|
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.
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