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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 CommVault Systems Inc was 19.10. The lowest was -3.32. And the median was -2.90.
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 CommVault 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 * 1.0497||+||0.528 * 1.0108||+||0.404 * 1.6613||+||0.892 * 0.9555||+||0.115 * 0.7212|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1116||+||4.679 * -0.1171||-||0.327 * 0.9738|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $114.6 Mil.|
Revenue was 155.696 + 140.742 + 139.123 + 150.735 = $586.3 Mil.
Gross Profit was 135.267 + 119.803 + 118.576 + 129.821 = $503.5 Mil.
Total Current Assets was $532.7 Mil.
Total Assets was $730.6 Mil.
Property, Plant and Equipment(Net PPE) was $137.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.3 Mil.
Selling, General & Admin. Expense(SGA) was $428.5 Mil.
Total Current Liabilities was $255.2 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 4.878 + -9.236 + -1.3 + 3.352 = $-2.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 15.765 + 9.572 + 21.897 + 35.982 = $83.2 Mil.
|Accounts Receivable was $114.2 Mil.
Revenue was 153.021 + 151.144 + 152.643 + 156.819 = $613.6 Mil.
Gross Profit was 133.08 + 130.858 + 131.716 + 136.95 = $532.6 Mil.
Total Current Assets was $514.4 Mil.
Total Assets was $683.4 Mil.
Property, Plant and Equipment(Net PPE) was $134.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $7.8 Mil.
Selling, General & Admin. Expense(SGA) was $403.4 Mil.
Total Current Liabilities was $245.1 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)|
|=||(114.591 / 586.296)||/||(114.249 / 613.627)|
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)|
|=||(119.803 / 613.627)||/||(135.267 / 586.296)|
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 - (532.749 + 137.21) / 730.563)||/||(1 - (514.435 + 134.847) / 683.408)|
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))|
|=||(7.845 / (7.845 + 134.847))||/||(11.323 / (11.323 + 137.21))|
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)|
|=||(428.494 / 586.296)||/||(403.431 / 613.627)|
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)|
|=||((0 + 255.181) / 730.563)||/||((0 + 245.131) / 683.408)|
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|
|=||(-2.306 - 0||-||83.216)||/||730.563|
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.
CommVault Systems Inc has a M-score of -2.79 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
CommVault Systems Inc Annual Data
CommVault Systems Inc Quarterly Data