EXLS has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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.
ExlService Holdings, Inc. has a M-score of -2.78 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of ExlService Holdings, Inc. was -2.17. The lowest was -2.83. And the median was -2.42.
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 ExlService Holdings, 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 * 0.9728||+||0.528 * 0.9854||+||0.404 * 0.8706||+||0.892 * 1.0802||+||0.115 * 0.9413|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0024||+||4.679 * -0.0641||-||0.327 * 0.9457|
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $76.1 Mil.|
Revenue was 124.123 + 122.315 + 116.008 + 116.006 = $478.5 Mil.
Gross Profit was 52.073 + 50.266 + 42.078 + 43.093 = $187.5 Mil.
Total Current Assets was $252.6 Mil.
Total Assets was $463.4 Mil.
Property, Plant and Equipment(Net PPE) was $34.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $24.9 Mil.
Selling, General & Admin. Expense(SGA) was $95.5 Mil.
Total Current Liabilities was $76.1 Mil.
Long-Term Debt was $1.4 Mil.
Net Income was 15.859 + 13.24 + 9.236 + 9.762 = $48.1 Mil.
Non Operating Income was -1.864 + -2.508 + -0.569 + -0.049 = $-5.0 Mil.
Cash Flow from Operations was 38.562 + 18.829 + 18.779 + 6.622 = $82.8 Mil.
|Accounts Receivable was $72.4 Mil.
Revenue was 117.653 + 112.639 + 108.03 + 104.608 = $442.9 Mil.
Gross Profit was 47.144 + 43.989 + 41.985 + 37.936 = $171.1 Mil.
Total Current Assets was $206.1 Mil.
Total Assets was $435.9 Mil.
Property, Plant and Equipment(Net PPE) was $39.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $25.6 Mil.
Selling, General & Admin. Expense(SGA) was $88.2 Mil.
Total Current Liabilities was $74.3 Mil.
Long-Term Debt was $2.7 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)|
|=||(76.121 / 478.452)||/||(72.443 / 442.93)|
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)|
|=||(50.266 / 442.93)||/||(52.073 / 478.452)|
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 - (252.627 + 34.564) / 463.432)||/||(1 - (206.104 + 39.356) / 435.854)|
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))|
|=||(25.623 / (25.623 + 39.356))||/||(24.917 / (24.917 + 34.564))|
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)|
|=||(95.497 / 478.452)||/||(88.199 / 442.93)|
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)|
|=||((1.371 + 76.075) / 463.432)||/||((2.679 + 74.341) / 435.854)|
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|
|=||(48.097 - -4.99||-||82.792)||/||463.432|
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.
ExlService Holdings, Inc. has a M-score of -2.78 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
ExlService Holdings, Inc. Annual Data
ExlService Holdings, Inc. Quarterly Data