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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 Citrix Systems Inc was -1.08. The lowest was -3.47. And the median was -2.71.
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 Citrix Systems 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 * 0.8151||+||0.528 * 1.0272||+||0.404 * 0.9714||+||0.892 * 1.0522||+||0.115 * 0.9614|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.01||+||4.679 * -0.1127||-||0.327 * 1.9559|
|This Year (Mar15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $438 Mil.|
Revenue was 760.802 + 851.483 + 758.994 + 781.56 = $3,153 Mil.
Gross Profit was 628.196 + 676.831 + 623.009 + 606.304 = $2,534 Mil.
Total Current Assets was $1,669 Mil.
Total Assets was $5,455 Mil.
Property, Plant and Equipment(Net PPE) was $373 Mil.
Depreciation, Depletion and Amortization(DDA) was $325 Mil.
Selling, General & Admin. Expense(SGA) was $1,600 Mil.
Total Current Liabilities was $1,634 Mil.
Long-Term Debt was $1,301 Mil.
Net Income was 28.887 + 95.228 + 47.532 + 53.024 = $225 Mil.
Non Operating Income was -7.849 + -1.692 + -2.235 + 1.452 = $-10 Mil.
Cash Flow from Operations was 291.871 + 190.431 + 164.134 + 203.54 = $850 Mil.
|Accounts Receivable was $511 Mil.
Revenue was 750.819 + 802.42 + 712.731 + 730.384 = $2,996 Mil.
Gross Profit was 616.493 + 665.712 + 588.798 + 603.144 = $2,474 Mil.
Total Current Assets was $1,539 Mil.
Total Assets was $5,269 Mil.
Property, Plant and Equipment(Net PPE) was $337 Mil.
Depreciation, Depletion and Amortization(DDA) was $273 Mil.
Selling, General & Admin. Expense(SGA) was $1,505 Mil.
Total Current Liabilities was $1,450 Mil.
Long-Term Debt was $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)|
|=||(438.177 / 3152.839)||/||(510.862 / 2996.354)|
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)|
|=||(676.831 / 2996.354)||/||(628.196 / 3152.839)|
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 - (1668.656 + 373.384) / 5454.636)||/||(1 - (1538.901 + 336.74) / 5269.473)|
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))|
|=||(272.995 / (272.995 + 336.74))||/||(325.418 / (325.418 + 373.384))|
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)|
|=||(1599.734 / 3152.839)||/||(1505.333 / 2996.354)|
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)|
|=||((1300.872 + 1633.938) / 5454.636)||/||((0 + 1449.536) / 5269.473)|
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|
|=||(224.671 - -10.324||-||849.976)||/||5454.636|
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.
Citrix Systems Inc has a M-score of -3.45 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
Citrix Systems Inc Annual Data
Citrix Systems Inc Quarterly Data