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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 New York Times Co was -2.16. The lowest was -4.07. And the median was -2.72.
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 New York Times Co 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 * 0.9775||+||0.528 * 0.9867||+||0.404 * 0.9923||+||0.892 * 0.9922||+||0.115 * 1.0798|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9265||+||4.679 * -0.0204||-||0.327 * 1.0598|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $150 Mil.|
Revenue was 372.63 + 379.515 + 444.686 + 367.404 = $1,564 Mil.
Gross Profit was 219.913 + 221.653 + 288.314 + 215.373 = $945 Mil.
Total Current Assets was $939 Mil.
Total Assets was $2,329 Mil.
Property, Plant and Equipment(Net PPE) was $611 Mil.
Depreciation, Depletion and Amortization(DDA) was $62 Mil.
Selling, General & Admin. Expense(SGA) was $725 Mil.
Total Current Liabilities was $526 Mil.
Long-Term Debt was $245 Mil.
Net Income was -0.211 + -8.271 + 51.693 + 9.415 = $53 Mil.
Non Operating Income was -1.603 + -41.896 + 3.515 + -1.01 = $-41 Mil.
Cash Flow from Operations was 52.188 + -20.684 + 67.292 + 42.354 = $141 Mil.
|Accounts Receivable was $155 Mil.
Revenue was 382.886 + 384.239 + 444.683 + 364.718 = $1,577 Mil.
Gross Profit was 230.113 + 227.603 + 278.792 + 203.541 = $940 Mil.
Total Current Assets was $923 Mil.
Total Assets was $2,366 Mil.
Property, Plant and Equipment(Net PPE) was $646 Mil.
Depreciation, Depletion and Amortization(DDA) was $71 Mil.
Selling, General & Admin. Expense(SGA) was $789 Mil.
Total Current Liabilities was $310 Mil.
Long-Term Debt was $429 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)|
|=||(149.957 / 1564.235)||/||(154.609 / 1576.526)|
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)|
|=||(940.049 / 1576.526)||/||(945.253 / 1564.235)|
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 - (939.142 + 611.135) / 2329.241)||/||(1 - (922.663 + 646.101) / 2366.215)|
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))|
|=||(70.848 / (70.848 + 646.101))||/||(61.562 / (61.562 + 611.135))|
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)|
|=||(725.162 / 1564.235)||/||(788.822 / 1576.526)|
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)|
|=||((244.898 + 526.217) / 2329.241)||/||((428.821 + 310.357) / 2366.215)|
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|
|=||(52.626 - -40.994||-||141.15)||/||2329.241|
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.
New York Times Co has a M-score of -2.61 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
New York Times Co Annual Data
New York Times Co Quarterly Data