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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 -0.19. The lowest was -3.72. And the median was -2.89.
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 * 1.1353||+||0.528 * 1.0075||+||0.404 * 0.1607||+||0.892 * 1.0335||+||0.115 * 1.2235|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0791||+||4.679 * -0.1939||-||0.327 * 1.2471|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $64.2 Mil.|
Revenue was 143.831 + 111.177 + 107.324 + 81.262 = $443.6 Mil.
Gross Profit was 108.47 + 80.583 + 79.133 + 52.086 = $320.3 Mil.
Total Current Assets was $73.0 Mil.
Total Assets was $1,626.3 Mil.
Property, Plant and Equipment(Net PPE) was $1,545.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $214.0 Mil.
Selling, General & Admin. Expense(SGA) was $75.0 Mil.
Total Current Liabilities was $212.0 Mil.
Long-Term Debt was $1,325.4 Mil.
Net Income was -0.779 + -101.174 + -262.126 + -311.395 = $-675.5 Mil.
Non Operating Income was -24.928 + -93.812 + -250.467 + -263.767 = $-633.0 Mil.
Cash Flow from Operations was 74.921 + 71.808 + 72.171 + 53.868 = $272.8 Mil.
|Accounts Receivable was $54.7 Mil.
Revenue was 99.422 + 106.237 + 123.494 + 100.05 = $429.2 Mil.
Gross Profit was 70.061 + 77.504 + 93.365 + 71.283 = $312.2 Mil.
Total Current Assets was $232.2 Mil.
Total Assets was $2,007.2 Mil.
Property, Plant and Equipment(Net PPE) was $1,716.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $300.0 Mil.
Selling, General & Admin. Expense(SGA) was $67.2 Mil.
Total Current Liabilities was $285.5 Mil.
Long-Term Debt was $1,236.0 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)|
|=||(64.208 / 443.594)||/||(54.721 / 429.203)|
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)|
|=||(312.213 / 429.203)||/||(320.272 / 443.594)|
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 - (72.988 + 1545.76) / 1626.327)||/||(1 - (232.182 + 1716.861) / 2007.246)|
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))|
|=||(300.035 / (300.035 + 1716.861))||/||(213.962 / (213.962 + 1545.76))|
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)|
|=||(74.972 / 443.594)||/||(67.224 / 429.203)|
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)|
|=||((1325.418 + 211.959) / 1626.327)||/||((1236.017 + 285.484) / 2007.246)|
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|
|=||(-675.474 - -632.974||-||272.768)||/||1626.327|
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 -3.64 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