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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 Carrizo Oil & Gas Inc was 1.52. The lowest was -4.97. And the median was -2.73.
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 Carrizo Oil & Gas 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 * 0.6468||+||0.528 * 1.0917||+||0.404 * 1.5324||+||0.892 * 0.9333||+||0.115 * 1.0604|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.7733||+||4.679 * -0.1512||-||0.327 * 0.9285|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $81.2 Mil.|
Revenue was 123.494 + 100.05 + 163.275 + 196.225 = $583.0 Mil.
Gross Profit was 93.365 + 71.283 + 130.361 + 164.578 = $459.6 Mil.
Total Current Assets was $201.5 Mil.
Total Assets was $3,077.8 Mil.
Property, Plant and Equipment(Net PPE) was $2,824.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $325.2 Mil.
Selling, General & Admin. Expense(SGA) was $71.8 Mil.
Total Current Liabilities was $341.1 Mil.
Long-Term Debt was $1,372.8 Mil.
Net Income was -46.132 + -21.21 + 134.259 + 83.789 = $150.7 Mil.
Non Operating Income was -12.876 + 19.447 + 209.374 + -71.234 = $144.7 Mil.
Cash Flow from Operations was 91.166 + 73.266 + 114.094 + 192.782 = $471.3 Mil.
|Accounts Receivable was $134.5 Mil.
Revenue was 193.475 + 157.212 + 129.728 + 144.329 = $624.7 Mil.
Gross Profit was 166.009 + 137.088 + 110.849 + 123.68 = $537.6 Mil.
Total Current Assets was $162.7 Mil.
Total Assets was $2,330.4 Mil.
Property, Plant and Equipment(Net PPE) was $2,142.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $263.4 Mil.
Selling, General & Admin. Expense(SGA) was $99.4 Mil.
Total Current Liabilities was $376.1 Mil.
Long-Term Debt was $1,021.6 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)|
|=||(81.182 / 583.044)||/||(134.492 / 624.744)|
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)|
|=||(71.283 / 624.744)||/||(93.365 / 583.044)|
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 - (201.464 + 2824.445) / 3077.75)||/||(1 - (162.712 + 2142.101) / 2330.428)|
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))|
|=||(263.406 / (263.406 + 2142.101))||/||(325.245 / (325.245 + 2824.445))|
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)|
|=||(71.758 / 583.044)||/||(99.428 / 624.744)|
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)|
|=||((1372.785 + 341.066) / 3077.75)||/||((1021.606 + 376.064) / 2330.428)|
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|
|=||(150.706 - 144.711||-||471.308)||/||3077.75|
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.
Carrizo Oil & Gas Inc has a M-score of -3.24 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
Carrizo Oil & Gas Inc Annual Data
Carrizo Oil & Gas Inc Quarterly Data