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Mobile Mini Inc (NAS:MINI)
Beneish M-Score
-2.67 (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 -2.67 suggests that the company is not a manipulator.

MINI' s 10-Year Beneish M-Score Range
Min: -3.15   Max: 4.92
Current: -2.67

-3.15
4.92

During the past 13 years, the highest Beneish M-Score of Mobile Mini Inc was 4.92. The lowest was -3.15. And the median was -2.33.


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 * 1.0077+0.528 * 0.9872+0.404 * 0.994+0.892 * 1.0574+0.115 * 1.0506
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0967+4.679 * -0.0579-0.327 * 0.8767
=-2.67

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

This Year (Mar14) TTM:Last Year (Mar13) TTM:
Accounts Receivable was $51.9 Mil.
Revenue was 102.404 + 105.536 + 105.487 + 97.522 = $410.9 Mil.
Gross Profit was 96.851 + 100.566 + 99.396 + 91.854 = $388.7 Mil.
Total Current Assets was $71.1 Mil.
Total Assets was $1,675.9 Mil.
Property, Plant and Equipment(Net PPE) was $86.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $36.0 Mil.
Selling, General & Admin. Expense(SGA) was $252.8 Mil.
Total Current Liabilities was $382.1 Mil.
Long-Term Debt was $210.4 Mil.
Net Income was 7.44 + 11.958 + 14.303 + -14.381 = $19.3 Mil.
Non Operating Income was -0.001 + -0.001 + 0 + 0 = $-0.0 Mil.
Cash Flow from Operations was 26.812 + 30.637 + 33.46 + 25.417 = $116.3 Mil.
Accounts Receivable was $48.8 Mil.
Revenue was 97.512 + 98.924 + 99.002 + 93.22 = $388.7 Mil.
Gross Profit was 89.025 + 94.25 + 92.976 + 86.64 = $362.9 Mil.
Total Current Assets was $70.5 Mil.
Total Assets was $1,706.4 Mil.
Property, Plant and Equipment(Net PPE) was $80.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $36.0 Mil.
Selling, General & Admin. Expense(SGA) was $218.0 Mil.
Total Current Liabilities was $487.6 Mil.
Long-Term Debt was $200.5 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)
=(51.944 / 410.949) / (48.75 / 388.658)
=0.12640011 / 0.12543161
=1.0077

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)
=(100.566 / 388.658) / (96.851 / 410.949)
=0.93370264 / 0.94577916
=0.9872

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 - (71.061 + 86.486) / 1675.88) / (1 - (70.464 + 80.64) / 1706.423)
=0.90599148 / 0.91144986
=0.994

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
=410.949 / 388.658
=1.0574

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))
=(35.984 / (35.984 + 80.64)) / (35.96 / (35.96 + 86.486))
=0.30854713 / 0.29368048
=1.0506

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)
=(252.79 / 410.949) / (218 / 388.658)
=0.61513716 / 0.56090445
=1.0967

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)
=((210.397 + 382.067) / 1675.88) / ((200.547 + 487.564) / 1706.423)
=0.35352412 / 0.40324761
=0.8767

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
=(19.32 - -0.002 - 116.326) / 1675.88
=-0.0579

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 -2.67 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

Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14
DSRI 1.0090.98760.95961.06081.01551.0331.01460.93770.98791.0077
GMI 1.0091.00240.99830.98840.98520.99240.99120.99571.00120.9872
AQI 0.99570.9980.99770.99511.00030.99811.0011.00010.99290.994
SGI 1.09391.09191.07231.05141.05141.05841.06231.06871.06891.0574
DEPI 0.99310.97680.99151.00680.99480.99690.95740.96541.0521.0506
SGAI 1.03391.04431.06161.05411.02660.98490.96420.97751.01521.0967
LVGI 0.9330.92620.93270.92980.91880.91330.9160.89730.8760.8767
TATA -0.0311-0.0294-0.0311-0.0249-0.0301-0.0315-0.0516-0.0564-0.055-0.0579
M-score -2.52-2.53-2.59-2.49-2.55-2.52-2.63-2.71-2.65-2.67
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