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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 * 1.1389||+||0.528 * 0.9916||+||0.404 * 1.7627||+||0.892 * 1.0743||+||0.115 * 1.0387|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9806||+||4.679 * -0.1159||-||0.327 * 0.9877|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $105.7 Mil.|
Revenue was 159.333 + 152.413 + 159.565 + 155.696 = $627.0 Mil.
Gross Profit was 137.676 + 131.418 + 138.768 + 135.267 = $543.1 Mil.
Total Current Assets was $566.0 Mil.
Total Assets was $766.5 Mil.
Property, Plant and Equipment(Net PPE) was $133.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.5 Mil.
Selling, General & Admin. Expense(SGA) was $448.9 Mil.
Total Current Liabilities was $264.9 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -0.562 + -2.044 + 5.794 + 4.878 = $8.1 Mil.
Non Operating Income was -0.158 + -0.086 + -0.083 + 0 = $-0.3 Mil.
Cash Flow from Operations was 20.239 + 24.047 + 37.179 + 15.765 = $97.2 Mil.
|Accounts Receivable was $86.4 Mil.
Revenue was 140.742 + 139.123 + 150.735 + 153.021 = $583.6 Mil.
Gross Profit was 119.803 + 118.576 + 129.821 + 133.08 = $501.3 Mil.
Total Current Assets was $524.0 Mil.
Total Assets was $696.9 Mil.
Property, Plant and Equipment(Net PPE) was $138.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.3 Mil.
Selling, General & Admin. Expense(SGA) was $426.1 Mil.
Total Current Liabilities was $243.8 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)|
|=||(105.676 / 627.007)||/||(86.367 / 583.621)|
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)|
|=||(501.28 / 583.621)||/||(543.129 / 627.007)|
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 - (565.974 + 133.051) / 766.475)||/||(1 - (524.01 + 138.064) / 696.864)|
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))|
|=||(11.316 / (11.316 + 138.064))||/||(10.467 / (10.467 + 133.051))|
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)|
|=||(448.909 / 627.007)||/||(426.127 / 583.621)|
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 + 264.867) / 766.475)||/||((0 + 243.8) / 696.864)|
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|
|=||(8.066 - -0.327||-||97.23)||/||766.475|
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 -2.51 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