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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.
During the past 13 years, the highest Beneish M-Score of Move Inc was -1.51. The lowest was -16.37. And the median was -3.02.
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 Move 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 * 0.8689||+||0.528 * 1.0022||+||0.404 * 1.0257||+||0.892 * 1.0735||+||0.115 * 0.9884|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1299||+||4.679 * -0.1933||-||0.327 * 3.3607|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $11.7 Mil.|
Revenue was 63.884 + 61.319 + 58.013 + 56.48 = $239.7 Mil.
Gross Profit was 50.073 + 48.587 + 45.901 + 45.015 = $189.6 Mil.
Total Current Assets was $136.5 Mil.
Total Assets was $242.6 Mil.
Property, Plant and Equipment(Net PPE) was $28.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $18.0 Mil.
Selling, General & Admin. Expense(SGA) was $160.5 Mil.
Total Current Liabilities was $46.8 Mil.
Long-Term Debt was $84.9 Mil.
Net Income was -8.63 + -6.293 + -5.182 + 0.07 = $-20.0 Mil.
Non Operating Income was 0.973 + 0.844 + 0.819 + 0.902 = $3.5 Mil.
Cash Flow from Operations was 5.638 + 2.607 + 3.169 + 11.897 = $23.3 Mil.
|Accounts Receivable was $12.5 Mil.
Revenue was 58.825 + 57.49 + 54.238 + 52.737 = $223.3 Mil.
Gross Profit was 47.075 + 45.7 + 43.375 + 40.833 = $177.0 Mil.
Total Current Assets was $134.5 Mil.
Total Assets was $228.7 Mil.
Property, Plant and Equipment(Net PPE) was $23.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.2 Mil.
Selling, General & Admin. Expense(SGA) was $132.3 Mil.
Total Current Liabilities was $37.0 Mil.
Long-Term Debt was $0.0 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)|
|=||(11.654 / 239.696)||/||(12.494 / 223.29)|
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)|
|=||(48.587 / 223.29)||/||(50.073 / 239.696)|
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 - (136.501 + 28.862) / 242.556)||/||(1 - (134.542 + 23.198) / 228.697)|
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))|
|=||(14.189 / (14.189 + 23.198))||/||(17.991 / (17.991 + 28.862))|
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)|
|=||(160.459 / 239.696)||/||(132.289 / 223.29)|
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)|
|=||((84.915 + 46.827) / 242.556)||/||((0 + 36.961) / 228.697)|
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|
|=||(-20.035 - 3.538||-||23.311)||/||242.556|
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.
Move Inc has a M-score of -4.22 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
Move Inc Annual Data
Move Inc Quarterly Data