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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 Pixelworks Inc was -2.43. The lowest was -8.37. And the median was -3.27.
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 Pixelworks 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 * 1.3187||+||0.528 * 1.0599||+||0.404 * 0.4565||+||0.892 * 0.9769||+||0.115 * 1.0482|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.938||+||4.679 * -0.1533||-||0.327 * 0.7685|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $5.99 Mil.|
Revenue was 13.477 + 16.57 + 15.078 + 14.392 = $59.52 Mil.
Gross Profit was 6.814 + 8.278 + 7.234 + 6.967 = $29.29 Mil.
Total Current Assets was $36.49 Mil.
Total Assets was $43.84 Mil.
Property, Plant and Equipment(Net PPE) was $6.54 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.26 Mil.
Selling, General & Admin. Expense(SGA) was $16.38 Mil.
Total Current Liabilities was $14.69 Mil.
Long-Term Debt was $0.00 Mil.
Net Income was -3.167 + -1.243 + -2.796 + -3.364 = $-10.57 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was -1.825 + -0.172 + 0.084 + -1.934 = $-3.85 Mil.
|Accounts Receivable was $4.65 Mil.
Revenue was 15.105 + 17.111 + 15.166 + 13.541 = $60.92 Mil.
Gross Profit was 7.559 + 8.566 + 7.661 + 7.995 = $31.78 Mil.
Total Current Assets was $26.36 Mil.
Total Assets was $34.14 Mil.
Property, Plant and Equipment(Net PPE) was $6.40 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.51 Mil.
Selling, General & Admin. Expense(SGA) was $17.88 Mil.
Total Current Liabilities was $14.89 Mil.
Long-Term Debt was $0.00 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)|
|=||(5.988 / 59.517)||/||(4.648 / 60.923)|
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)|
|=||(8.278 / 60.923)||/||(6.814 / 59.517)|
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 - (36.489 + 6.543) / 43.842)||/||(1 - (26.36 + 6.402) / 34.144)|
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))|
|=||(4.514 / (4.514 + 6.402))||/||(4.263 / (4.263 + 6.543))|
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)|
|=||(16.38 / 59.517)||/||(17.875 / 60.923)|
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)|
|=||((0 + 14.693) / 43.842)||/||((0 + 14.89) / 34.144)|
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|
|=||(-10.57 - 0||-||-3.847)||/||43.842|
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.
Pixelworks Inc has a M-score of -3.02 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
Pixelworks Inc Annual Data
Pixelworks Inc Quarterly Data