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Mobile Mini Inc (NAS:MINI)
Beneish M-Score
-2.64 (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 -2.65 suggests that the company is not a manipulator.

MINI' s 10-Year Beneish M-Score Range
Min: -3.15   Max: 0.99
Current: -2.64

-3.15
0.99

During the past 13 years, the highest Beneish M-Score of Mobile Mini Inc was 0.99. The lowest was -3.15. And the median was -2.30.


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 * 0.9869+0.528 * 1.0016+0.404 * 0.9929+0.892 * 1.07+0.115 * 1.052
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0152+4.679 * -0.055-0.327 * 0.876
=-2.65

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

This Year (Dec13) TTM:Last Year (Dec12) TTM:
Accounts Receivable was $53.1 Mil.
Revenue was 105.536 + 105.487 + 97.522 + 97.941 = $406.5 Mil.
Gross Profit was 100.566 + 99.396 + 91.854 + 89.257 = $381.1 Mil.
Total Current Assets was $73.1 Mil.
Total Assets was $1,677.4 Mil.
Property, Plant and Equipment(Net PPE) was $85.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.6 Mil.
Selling, General & Admin. Expense(SGA) was $237.6 Mil.
Total Current Liabilities was $403.5 Mil.
Long-Term Debt was $208.8 Mil.
Net Income was 11.958 + 14.303 + -14.381 + 12.042 = $23.9 Mil.
Non Operating Income was -0.001 + 0 + 0 + -0.001 = $-0.0 Mil.
Cash Flow from Operations was 30.637 + 33.46 + 25.417 + 26.597 = $116.1 Mil.
Accounts Receivable was $50.3 Mil.
Revenue was 98.924 + 99.002 + 93.22 + 88.75 = $379.9 Mil.
Gross Profit was 94.25 + 92.976 + 86.64 + 82.852 = $356.7 Mil.
Total Current Assets was $71.4 Mil.
Total Assets was $1,727.6 Mil.
Property, Plant and Equipment(Net PPE) was $80.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $36.2 Mil.
Selling, General & Admin. Expense(SGA) was $218.7 Mil.
Total Current Liabilities was $519.2 Mil.
Long-Term Debt was $200.6 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)
=(53.104 / 406.486) / (50.291 / 379.896)
=0.13064165 / 0.13238097
=0.9869

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)
=(99.396 / 379.896) / (100.566 / 406.486)
=0.93898857 / 0.93748124
=1.0016

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 - (73.104 + 85.153) / 1677.374) / (1 - (71.446 + 80.43) / 1727.56)
=0.90565193 / 0.91208641
=0.9929

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
=406.486 / 379.896
=1.07

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))
=(36.187 / (36.187 + 80.43)) / (35.626 / (35.626 + 85.153))
=0.31030639 / 0.2949685
=1.052

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)
=(237.567 / 406.486) / (218.709 / 379.896)
=0.58444079 / 0.57570756
=1.0152

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)
=((208.781 + 403.484) / 1677.374) / ((200.642 + 519.172) / 1727.56)
=0.365014 / 0.41666512
=0.876

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
=(23.922 - -0.002 - 116.111) / 1677.374
=-0.055

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 -2.65 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

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
DSRI 1.05191.03751.07950.91451.26450.73811.18391.0091.01550.9869
GMI 0.98830.98411.01121.00550.99951.00150.99751.0090.98521.0016
AQI 1.02360.10091.19390.91959.24131.01671.00070.99571.00030.9929
SGI 1.14861.23071.31951.16441.30510.90140.88211.09391.05141.07
DEPI 0.963511.48930.98440.92250.09430.82791.05080.99310.99481.052
SGAI 0.99870.97890.97051.02510.97431.00761.05311.03391.02661.0152
LVGI 1.00330.80840.78081.08581.29710.91280.94390.9330.91880.876
TATA 0.0013-0.0545-0.0308-0.035-0.0386-0.0336-0.021-0.0311-0.0301-0.055
M-score -2.30-1.59-2.11-2.650.99-2.95-2.50-2.52-2.55-2.65

Mobile Mini Inc Quarterly Data

Sep11Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13
DSRI 1.03711.0090.98760.95961.06081.01551.03191.01340.93670.9869
GMI 1.01381.0091.00240.99830.98840.98520.99290.99160.99611.0016
AQI 0.99650.99570.9980.99770.99511.00030.99811.0011.00010.9929
SGI 1.07521.09391.09191.07231.05141.05141.05961.06351.06991.07
DEPI 1.02880.99310.97680.99151.00680.99480.99690.95740.96541.052
SGAI 1.02321.03391.04431.06161.05411.02660.9850.96430.97761.0152
LVGI 0.93590.9330.92620.93270.92980.91880.91330.9160.89730.876
TATA -0.028-0.0311-0.0294-0.0311-0.0249-0.0301-0.0315-0.0516-0.0564-0.055
M-score -2.48-2.52-2.53-2.59-2.49-2.55-2.52-2.63-2.71-2.65
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