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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 -3.41.
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 * 0.5805||+||0.528 * 1.0482||+||0.404 * 1.377||+||0.892 * 0.8971||+||0.115 * 0.8262|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0621||+||4.679 * -0.3102||-||0.327 * 0.9086|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $3.12 Mil.|
Revenue was 15.987 + 13.656 + 12.58 + 11.167 = $53.39 Mil.
Gross Profit was 8.504 + 6.557 + 6.415 + 3.592 = $25.07 Mil.
Total Current Assets was $26.28 Mil.
Total Assets was $30.86 Mil.
Property, Plant and Equipment(Net PPE) was $3.79 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.47 Mil.
Selling, General & Admin. Expense(SGA) was $13.77 Mil.
Total Current Liabilities was $9.73 Mil.
Long-Term Debt was $0.19 Mil.
Net Income was 0.337 + -1.242 + -1.56 + -8.642 = $-11.11 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.00 Mil.
Cash Flow from Operations was 3.027 + 0.45 + -1.535 + -3.477 = $-1.54 Mil.
|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 $14.45 Mil.
Total Current Liabilities was $14.69 Mil.
Long-Term Debt was $0.83 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)|
|=||(3.118 / 53.39)||/||(5.988 / 59.517)|
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)|
|=||(29.293 / 59.517)||/||(25.068 / 53.39)|
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 - (26.279 + 3.793) / 30.857)||/||(1 - (36.489 + 6.543) / 43.842)|
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))|
|=||(4.263 / (4.263 + 6.543))||/||(3.466 / (3.466 + 3.793))|
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)|
|=||(13.77 / 53.39)||/||(14.453 / 59.517)|
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)|
|=||((0.194 + 9.734) / 30.857)||/||((0.831 + 14.693) / 43.842)|
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|
|=||(-11.107 - 0||-||-1.535)||/||30.857|
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 -4.23 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