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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 -3.29. 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 * 0.9954||+||0.528 * 1.0054||+||0.404 * 1.2258||+||0.892 * 1.0807||+||0.115 * 1.4452|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0983||+||4.679 * -0.1314||-||0.327 * 1.1833|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|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.
Net Income was 3.073 + 6.496 + 12.729 + 15.657 = $38.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 20.239 + 32.182 + 35.444 + 39.919 = $127.8 Mil.
|Accounts Receivable was $106.2 Mil.
Revenue was 153.25 + 141.863 + 134.408 + 138.274 = $567.8 Mil.
Gross Profit was 134.752 + 123.707 + 116.63 + 120.418 = $495.5 Mil.
Total Current Assets was $636.5 Mil.
Total Assets was $735.1 Mil.
Property, Plant and Equipment(Net PPE) was $68.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $5.9 Mil.
Selling, General & Admin. Expense(SGA) was $339.9 Mil.
Total Current Liabilities was $222.8 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)|
|=||(114.249 / 613.627)||/||(106.208 / 567.795)|
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)|
|=||(130.858 / 567.795)||/||(133.08 / 613.627)|
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 - (514.435 + 134.847) / 683.408)||/||(1 - (636.513 + 68.682) / 735.141)|
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))|
|=||(5.928 / (5.928 + 68.682))||/||(7.845 / (7.845 + 134.847))|
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)|
|=||(403.431 / 613.627)||/||(339.875 / 567.795)|
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 + 245.131) / 683.408)||/||((0 + 222.847) / 735.141)|
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|
|=||(37.955 - 0||-||127.784)||/||683.408|
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 -2.96 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