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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.
ExamWorks Group, Inc. has a M-score of -2.62 suggests that the company is not a manipulator.
During the past 6 years, the highest Beneish M-Score of ExamWorks Group, Inc. was -2.62. The lowest was -2.68. And the median was -2.65.
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 ExamWorks Group, 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 * 0.9936||+||0.528 * 0.9939||+||0.404 * 0.9418||+||0.892 * 1.1818||+||0.115 * 0.9983|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9979||+||4.679 * -0.0634||-||0.327 * 0.9288|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $169.9 Mil.|
Revenue was 158.811 + 152.354 + 156.148 + 148.703 = $616.0 Mil.
Gross Profit was 53.815 + 51.523 + 54.03 + 51.319 = $210.7 Mil.
Total Current Assets was $190.3 Mil.
Total Assets was $732.5 Mil.
Property, Plant and Equipment(Net PPE) was $11.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $62.7 Mil.
Selling, General & Admin. Expense(SGA) was $133.9 Mil.
Total Current Liabilities was $116.1 Mil.
Long-Term Debt was $333.0 Mil.
Net Income was -1.59 + -2.251 + -2.783 + -3.592 = $-10.2 Mil.
Non Operating Income was -0.003 + 0.004 + -0.159 + 0.048 = $-0.1 Mil.
Cash Flow from Operations was 13.637 + 5.104 + 18.724 + -1.11 = $36.4 Mil.
|Accounts Receivable was $144.7 Mil.
Revenue was 139.637 + 130.085 + 127.777 + 123.738 = $521.2 Mil.
Gross Profit was 47.062 + 44.005 + 43.554 + 42.565 = $177.2 Mil.
Total Current Assets was $159.9 Mil.
Total Assets was $740.5 Mil.
Property, Plant and Equipment(Net PPE) was $10.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $58.6 Mil.
Selling, General & Admin. Expense(SGA) was $113.5 Mil.
Total Current Liabilities was $110.1 Mil.
Long-Term Debt was $378.7 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)|
|=||(169.905 / 616.016)||/||(144.697 / 521.237)|
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)|
|=||(51.523 / 521.237)||/||(53.815 / 616.016)|
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 - (190.25 + 10.95) / 732.513)||/||(1 - (159.889 + 10.333) / 740.501)|
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))|
|=||(58.551 / (58.551 + 10.333))||/||(62.748 / (62.748 + 10.95))|
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)|
|=||(133.87 / 616.016)||/||(113.51 / 521.237)|
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)|
|=||((332.97 + 116.134) / 732.513)||/||((378.702 + 110.126) / 740.501)|
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|
|=||(-10.216 - -0.11||-||36.355)||/||732.513|
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.
ExamWorks Group, Inc. has a M-score of -2.62 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
ExamWorks Group, Inc. Annual Data
ExamWorks Group, Inc. Quarterly Data