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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 * 0.8987||+||0.528 * 1.0133||+||0.404 * 0.9611||+||0.892 * 0.9507||+||0.115 * 0.6853|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1603||+||4.679 * -0.1317||-||0.327 * 1.0387|
|This Year (Sep15) TTM:||Last Year (Sep14) TTM:|
|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.
Net Income was -9.236 + -1.3 + 3.352 + 3.073 = $-4.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 9.572 + 21.897 + 35.982 + 20.239 = $87.7 Mil.
|Accounts Receivable was $101.1 Mil.
Revenue was 151.144 + 152.643 + 156.819 + 153.25 = $613.9 Mil.
Gross Profit was 130.858 + 131.716 + 136.95 + 134.752 = $534.3 Mil.
Total Current Assets was $550.4 Mil.
Total Assets was $708.4 Mil.
Property, Plant and Equipment(Net PPE) was $121.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.6 Mil.
Selling, General & Admin. Expense(SGA) was $386.3 Mil.
Total Current Liabilities was $238.6 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)|
|=||(86.367 / 583.621)||/||(101.081 / 613.856)|
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)|
|=||(118.576 / 613.856)||/||(119.803 / 583.621)|
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 - (524.01 + 138.064) / 696.864)||/||(1 - (550.399 + 121.186) / 708.381)|
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))|
|=||(6.636 / (6.636 + 121.186))||/||(11.316 / (11.316 + 138.064))|
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)|
|=||(426.127 / 583.621)||/||(386.291 / 613.856)|
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 + 243.8) / 696.864)||/||((0 + 238.593) / 708.381)|
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|
|=||(-4.111 - 0||-||87.69)||/||696.864|
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 -3.32 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