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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.
Move Inc has a M-score of -3.85 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Move Inc was -1.49. The lowest was -16.37. And the median was -2.98.
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 * 0.8609||+||0.528 * 0.9996||+||0.404 * 0.6461||+||0.892 * 1.1219||+||0.115 * 0.9484|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0588||+||4.679 * -0.1676||-||0.327 * 2.2383|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $12.0 Mil.|
Revenue was 58.013 + 56.48 + 58.825 + 57.49 = $230.8 Mil.
Gross Profit was 45.901 + 50.875 + 45.059 + 45.7 = $187.5 Mil.
Total Current Assets was $136.5 Mil.
Total Assets was $235.9 Mil.
Property, Plant and Equipment(Net PPE) was $26.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.9 Mil.
Selling, General & Admin. Expense(SGA) was $145.3 Mil.
Total Current Liabilities was $40.6 Mil.
Long-Term Debt was $83.3 Mil.
Net Income was -5.182 + 0.07 + 0.138 + 0.466 = $-4.5 Mil.
Non Operating Income was 0.819 + 0.902 + 0.539 + 0.455 = $2.7 Mil.
Cash Flow from Operations was 3.169 + 11.897 + 10.514 + 6.738 = $32.3 Mil.
|Accounts Receivable was $12.4 Mil.
Revenue was 54.238 + 52.737 + 49.446 + 49.309 = $205.7 Mil.
Gross Profit was 43.375 + 44.825 + 39.21 + 39.681 = $167.1 Mil.
Total Current Assets was $51.1 Mil.
Total Assets was $140.7 Mil.
Property, Plant and Equipment(Net PPE) was $22.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.3 Mil.
Selling, General & Admin. Expense(SGA) was $122.4 Mil.
Total Current Liabilities was $33.0 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)|
|=||(12.002 / 230.808)||/||(12.427 / 205.73)|
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)|
|=||(50.875 / 205.73)||/||(45.901 / 230.808)|
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 - (136.483 + 26.6) / 235.881)||/||(1 - (51.087 + 22.413) / 140.708)|
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))|
|=||(12.303 / (12.303 + 22.413))||/||(15.869 / (15.869 + 26.6))|
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)|
|=||(145.337 / 230.808)||/||(122.355 / 205.73)|
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)|
|=||((83.271 + 40.585) / 235.881)||/||((0 + 33.008) / 140.708)|
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|
|=||(-4.508 - 2.715||-||32.318)||/||235.881|
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 -3.85 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