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Mobile Mini Inc (NAS:MINI)
Beneish M-Score
-2.31 (As of Today)

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.

Mobile Mini Inc has a M-score of -2.31 suggests that the company is not a manipulator.

MINI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16   Max: 4.65
Current: -2.31

-3.16
4.65

During the past 13 years, the highest Beneish M-Score of Mobile Mini Inc was 4.65. The lowest was -3.16. And the median was -2.47.


Definition

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 Mobile Mini 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 * 1.0923+0.528 * 0.9902+0.404 * 0.4457+0.892 * 1.0356+0.115 * 5.5906
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9776+4.679 * -0.0477-0.327 * 1.0684
=-2.31

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Jun16) TTM:Last Year (Jun15) TTM:
Accounts Receivable was $88.5 Mil.
Revenue was 124.849 + 124.533 + 134.517 + 133.343 = $517.2 Mil.
Gross Profit was 121.171 + 119.922 + 129.745 + 128.977 = $499.8 Mil.
Total Current Assets was $111.2 Mil.
Total Assets was $2,003.7 Mil.
Property, Plant and Equipment(Net PPE) was $1,099.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $61.7 Mil.
Selling, General & Admin. Expense(SGA) was $314.4 Mil.
Total Current Liabilities was $742.2 Mil.
Long-Term Debt was $294.8 Mil.
Net Income was 4.072 + 10.998 + 9.505 + 13.979 = $38.6 Mil.
Non Operating Income was -11.467 + 0 + -0.931 + 0 = $-12.4 Mil.
Cash Flow from Operations was 29.429 + 35.281 + 39.093 + 42.82 = $146.6 Mil.
Accounts Receivable was $78.3 Mil.
Revenue was 130.288 + 132.629 + 123.215 + 113.322 = $499.5 Mil.
Gross Profit was 124.888 + 127.496 + 117.402 + 108.123 = $477.9 Mil.
Total Current Assets was $99.5 Mil.
Total Assets was $1,967.2 Mil.
Property, Plant and Equipment(Net PPE) was $120.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $51.0 Mil.
Selling, General & Admin. Expense(SGA) was $310.6 Mil.
Total Current Liabilities was $723.4 Mil.
Long-Term Debt was $229.5 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in 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)
=(88.534 / 517.242) / (78.265 / 499.454)
=0.17116553 / 0.15670112
=1.0923

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)
=(477.909 / 499.454) / (499.815 / 517.242)
=0.95686289 / 0.96630784
=0.9902

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 plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (111.177 + 1099.258) / 2003.661) / (1 - (99.456 + 120.524) / 1967.192)
=0.39588833 / 0.88817563
=0.4457

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=517.242 / 499.454
=1.0356

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))
=(50.961 / (50.961 + 120.524)) / (61.713 / (61.713 + 1099.258))
=0.29717468 / 0.05315637
=5.5906

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)
=(314.441 / 517.242) / (310.593 / 499.454)
=0.60791854 / 0.62186508
=0.9776

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)
=((294.805 + 742.186) / 2003.661) / ((229.539 + 723.398) / 1967.192)
=0.51754813 / 0.48441484
=1.0684

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
=(38.554 - -12.398 - 146.623) / 2003.661
=-0.0477

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.

Mobile Mini Inc has a M-score of -2.31 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Mobile Mini Inc Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 1.07950.91451.26450.73811.18391.01531.00920.98691.39230.8306
GMI 1.01121.00550.99951.00150.99751.00670.98741.00160.98610.9873
AQI 1.19390.91959.24131.01671.00070.99571.00030.99290.42081.0591
SGI 1.31951.16441.30510.90140.88211.08711.0581.071.09591.1915
DEPI 0.98440.92250.09430.82791.05080.99310.99481.0529.29560.6012
SGAI 0.97051.02510.97431.00761.05311.03331.02721.01521.07910.9746
LVGI 0.78081.08581.29710.91280.94390.9330.91880.8761.32491.0386
TATA -0.0308-0.035-0.0386-0.0336-0.021-0.0311-0.0301-0.055-0.0362-0.0739
M-score -2.11-2.650.99-2.95-2.50-2.52-2.55-2.65-1.61-2.85

Mobile Mini Inc Quarterly Data

Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16Jun16
DSRI 1.00671.02291.03721.39231.31531.19251.13620.83060.89021.0923
GMI 0.98770.98960.9880.98610.99020.98960.98910.98730.99110.9902
AQI 0.9940.99070.98730.42080.98680.98390.44771.05910.45010.4457
SGI 1.05851.07181.07641.09591.15641.1871.21071.19151.09881.0356
DEPI 1.05061.09641.12789.29561.04340.96855.70660.60125.42245.5906
SGAI 1.09661.11991.10411.07911.01030.99140.99520.97460.98360.9776
LVGI 0.87670.8790.94631.32491.42441.38131.38851.03861.00241.0684
TATA -0.0579-0.0416-0.0442-0.0362-0.0604-0.0673-0.0687-0.0739-0.0527-0.0477
M-score -2.67-2.57-2.58-1.61-2.48-2.59-2.30-2.85-2.46-2.31
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