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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 -2.85 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 -2.58.
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 * 0.9566||+||0.528 * 1.0647||+||0.404 * 0.8441||+||0.892 * 1.3055||+||0.115 * 1.1039|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9734||+||4.679 * -0.0992||-||0.327 * 1.3971|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $117.5 Mil.|
Revenue was 169.522 + 163.078 + 156.922 + 138.71 = $628.2 Mil.
Gross Profit was 108.541 + 104.555 + 108.027 + 102.165 = $423.3 Mil.
Total Current Assets was $989.2 Mil.
Total Assets was $1,708.1 Mil.
Property, Plant and Equipment(Net PPE) was $94.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $54.9 Mil.
Selling, General & Admin. Expense(SGA) was $357.5 Mil.
Total Current Liabilities was $507.8 Mil.
Long-Term Debt was $392.0 Mil.
Net Income was -55.981 + -24.22 + -7.532 + 2.815 = $-84.9 Mil.
Non Operating Income was -1.368 + -1.712 + -0.927 + -0.611 = $-4.6 Mil.
Cash Flow from Operations was 22.789 + 12.099 + 26.252 + 28.014 = $89.2 Mil.
|Accounts Receivable was $94.1 Mil.
Revenue was 127.37 + 122.798 + 117.881 + 113.167 = $481.2 Mil.
Gross Profit was 90.806 + 87.802 + 85.473 + 81.134 = $345.2 Mil.
Total Current Assets was $631.5 Mil.
Total Assets was $1,228.9 Mil.
Property, Plant and Equipment(Net PPE) was $65.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $44.5 Mil.
Selling, General & Admin. Expense(SGA) was $281.3 Mil.
Total Current Liabilities was $463.4 Mil.
Long-Term Debt was $0.0 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)|
|=||(117.484 / 628.232)||/||(94.074 / 481.216)|
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)|
|=||(104.555 / 481.216)||/||(108.541 / 628.232)|
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 - (989.159 + 94.723) / 1708.134)||/||(1 - (631.467 + 65.423) / 1228.933)|
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))|
|=||(44.526 / (44.526 + 65.423))||/||(54.88 / (54.88 + 94.723))|
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)|
|=||(357.457 / 628.232)||/||(281.277 / 481.216)|
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)|
|=||((391.966 + 507.833) / 1708.134)||/||((0 + 463.364) / 1228.933)|
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|
|=||(-84.918 - -4.618||-||89.154)||/||1708.134|
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 -2.85 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