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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 11 years, the highest Beneish M-Score of Radiant Logistics Inc was 434.63. The lowest was -5.91. And the median was -2.03.
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 Radiant Logistics 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 * 1.3594||+||0.528 * 1.1548||+||0.404 * 1.2884||+||0.892 * 1.4397||+||0.115 * 2.4018|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8921||+||4.679 * 0.0147||-||0.327 * 1.1955|
|This Year (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $127.3 Mil.|
Revenue was 196.234 + 102.252 + 105.948 + 98.231 = $502.7 Mil.
Gross Profit was 42.701 + 27.105 + 27.592 + 26.325 = $123.7 Mil.
Total Current Assets was $146.5 Mil.
Total Assets was $308.7 Mil.
Property, Plant and Equipment(Net PPE) was $13.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.4 Mil.
Selling, General & Admin. Expense(SGA) was $110.7 Mil.
Total Current Liabilities was $112.9 Mil.
Long-Term Debt was $85.9 Mil.
Net Income was 2.179 + 1.336 + 0.839 + 1.521 = $5.9 Mil.
Non Operating Income was -0.854 + -0.056 + 0.061 + 0.127 = $-0.7 Mil.
Cash Flow from Operations was -4.326 + 2.244 + 2.517 + 1.616 = $2.1 Mil.
|Accounts Receivable was $65.1 Mil.
Revenue was 102.255 + 86.033 + 84.144 + 76.702 = $349.1 Mil.
Gross Profit was 27.777 + 23.931 + 24.307 + 23.221 = $99.2 Mil.
Total Current Assets was $72.0 Mil.
Total Assets was $117.2 Mil.
Property, Plant and Equipment(Net PPE) was $1.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.5 Mil.
Selling, General & Admin. Expense(SGA) was $86.2 Mil.
Total Current Liabilities was $55.9 Mil.
Long-Term Debt was $7.2 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)|
|=||(127.349 / 502.665)||/||(65.067 / 349.134)|
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)|
|=||(27.105 / 349.134)||/||(42.701 / 502.665)|
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 - (146.479 + 13.176) / 308.706)||/||(1 - (72.031 + 1.265) / 117.224)|
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))|
|=||(4.533 / (4.533 + 1.265))||/||(6.359 / (6.359 + 13.176))|
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)|
|=||(110.735 / 502.665)||/||(86.22 / 349.134)|
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)|
|=||((85.893 + 112.886) / 308.706)||/||((7.243 + 55.894) / 117.224)|
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|
|=||(5.875 - -0.722||-||2.051)||/||308.706|
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.
Radiant Logistics Inc has a M-score of -1.37 signals that the company is likely to 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
Radiant Logistics Inc Annual Data
Radiant Logistics Inc Quarterly Data