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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -3.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Inpixon's Beneish M-Score or its related term are showing as below:
During the past 12 years, the highest Beneish M-Score of Inpixon was 17.58. The lowest was -9.97. And the median was -3.13.
The historical data trend for Inpixon's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Inpixon Annual Data | |||||||||||||||||||||
Trend | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | 17.58 | -7.00 | -2.33 | -2.38 | -3.28 |
Inpixon Quarterly Data | ||||||||||||||||||||
Dec18 | Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | |
Beneish M-Score | Get a 7-Day Free Trial | -4.10 | -3.28 | -7.74 | -5.95 | -3.60 |
For the Software - Application subindustry, Inpixon's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Software industry and Technology sector, Inpixon's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Inpixon's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 Inpixon 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 * 0.8048 | + | 0.528 * 0.9342 | + | 0.404 * 0.4309 | + | 0.892 * 1.4795 | + | 0.115 * 0.9859 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.6788 | + | 4.679 * -0.065866 | - | 0.327 * 3.5976 | |||||||
= | -3.60 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $3.77 Mil. Revenue was 2.016 + 2.057 + 3.104 + 11.758 = $18.94 Mil. Gross Profit was 1.565 + 1.667 + 2.313 + 8.678 = $14.22 Mil. Total Current Assets was $22.56 Mil. Total Assets was $27.65 Mil. Property, Plant and Equipment(Net PPE) was $1.39 Mil. Depreciation, Depletion and Amortization(DDA) was $4.58 Mil. Selling, General, & Admin. Expense(SGA) was $36.37 Mil. Total Current Liabilities was $19.58 Mil. Long-Term Debt & Capital Lease Obligation was $0.19 Mil. Net Income was -10.384 + -6.966 + -16.873 + -14.72 = $-48.94 Mil. Non Operating Income was -2.601 + 0.568 + -0.101 + -12.878 = $-15.01 Mil. Cash Flow from Operations was -9.285 + -6.302 + -9.503 + -7.02 = $-32.11 Mil. |
Total Receivables was $3.17 Mil. Revenue was 2.435 + 2.576 + 2.649 + 5.138 = $12.80 Mil. Gross Profit was 1.679 + 1.72 + 1.852 + 3.73 = $8.98 Mil. Total Current Assets was $72.28 Mil. Total Assets was $108.60 Mil. Property, Plant and Equipment(Net PPE) was $2.63 Mil. Depreciation, Depletion and Amortization(DDA) was $8.16 Mil. Selling, General, & Admin. Expense(SGA) was $36.21 Mil. Total Current Liabilities was $20.73 Mil. Long-Term Debt & Capital Lease Obligation was $0.85 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (3.77 / 18.935) | / | (3.166 / 12.798) | |
= | 0.199102 | / | 0.247382 | |
= | 0.8048 |
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.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (8.981 / 12.798) | / | (14.223 / 18.935) | |
= | 0.70175 | / | 0.751149 | |
= | 0.9342 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (22.563 + 1.389) / 27.647) | / | (1 - (72.279 + 2.63) / 108.595) | |
= | 0.133649 | / | 0.310198 | |
= | 0.4309 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 18.935 | / | 12.798 | |
= | 1.4795 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
= | (8.163 / (8.163 + 2.63)) | / | (4.575 / (4.575 + 1.389)) | |
= | 0.756324 | / | 0.767103 | |
= | 0.9859 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
= | (36.368 / 18.935) | / | (36.21 / 12.798) | |
= | 1.920676 | / | 2.829348 | |
= | 0.6788 |
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 in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((0.188 + 19.577) / 27.647) | / | ((0.852 + 20.728) / 108.595) | |
= | 0.714906 | / | 0.19872 | |
= | 3.5976 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (-48.943 - -15.012 | - | -32.11) | / | 27.647 | |
= | -0.065866 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Inpixon has a M-score of -3.60 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Inpixon's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Tyler Hoffman | officer: Chief Revenue Officer | 2479 E BAYSHORE ROAD, SUITE 195, PALO ALTO CA 94303 |
Soumya Das | officer: Chief Marketing Officer | 2479 E. BAYSHORE RD., SUITE 195, PALO ALTO CA 94303 |
Geoffrey Lilien | director | C/O SYSOREX GLOBAL HOLDINGS CORP., 2479 E. BAYSHORE ROAD, SUITE 195, PALO ALTO CA 94303 |
Aulton S Osterfeld | officer: Chief Marketing Officer | 2479 E. BAYSHORE ROAD, SUITE 195, PALO ALTO CA 94303 |
Kevin Roy Harris | officer: Chief Financial Officer | 345 N MAPLE DRIVE, SUITE 120, BEVERLY HILLS CA 90210 |
Craig Allen Harper | officer: Chief Technology Officer | 475 BOYNTON AVE., BERKELEY CA 94707 |
Bret Osborn | officer: Chief Sales Officer | 3375 SCOTT BOULEVARD, SUITE 440, SANTA CLARA CA 95054 |
Nadir Ali | director, officer: Chief Executive Officer | C/O SYSOREX GLOBAL HOLDINGS CORP., 2479 E. BAYSHORE ROAD, SUITE 195, PALO ALTO CA 94303 |
Abdus Salam Qureishi | director | C/O SYSOREX GLOBAL HOLDINGS CORP., 2479 E. BAYSHORE ROAD, SUITE 195, PALO ALTO CA 94303 |
Tanveer Khader | director, 10 percent owner | 1735 TECHNOLOGY DRIVE, #430, SAN JOSE CA 95110 |
Leonard A Oppenheim | director | C/O SYSOREX GLOBAL HOLDINGS CORP., 2479 E. BAYSHORE ROAD, SUITE 195, PALO ALTO CA 94303 |
William W Frederick | officer: Chief Financial Officer | C/O SIMULATIONS PLUS, INC., 42505 10TH STREET WEST, LANCASTER CA 93534 |
Kareem M Irfan | director | C/O SYSOREX GLOBAL HOLDINGS CORP., 2479 E. BAYSHORE ROAD, SUITE 195, PALO ALTO CA 94303 |
Thomas Lyne Steding | director | C/O SYSOREX GLOBAL HOLDINGS CORP., 2479 E. BAYSHORE ROAD, SUITE 195, PALO ALTO CA 94303 |
Wendy Loundermon | officer: Chief Financial Officer | C/O SYSOREX GLOBAL HOLDINGS CORP., 2479 E. BAYSHORE ROAD, SUITE 195, PALO ALTO CA 94303 |
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