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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 -7.60. And the median was -2.23.
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 * 0.9229||+||0.528 * 1.1592||+||0.404 * 1.2399||+||0.892 * 1.845||+||0.115 * 1.5285|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8831||+||4.679 * -0.0388||-||0.327 * 0.9269|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $108.0 Mil.|
Revenue was 206.951 + 218.653 + 196.234 + 102.252 = $724.1 Mil.
Gross Profit was 47.596 + 50.713 + 42.701 + 27.105 = $168.1 Mil.
Total Current Assets was $140.4 Mil.
Total Assets was $295.1 Mil.
Property, Plant and Equipment(Net PPE) was $13.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $10.2 Mil.
Selling, General & Admin. Expense(SGA) was $151.9 Mil.
Total Current Liabilities was $103.1 Mil.
Long-Term Debt was $48.7 Mil.
Net Income was -2.016 + 0.339 + 2.179 + 1.336 = $1.8 Mil.
Non Operating Income was 0.242 + 0.345 + -0.854 + -0.056 = $-0.3 Mil.
Cash Flow from Operations was 11.044 + 4.64 + -4.326 + 2.244 = $13.6 Mil.
|Accounts Receivable was $63.4 Mil.
Revenue was 105.948 + 98.231 + 102.255 + 86.033 = $392.5 Mil.
Gross Profit was 27.592 + 26.325 + 27.777 + 23.931 = $105.6 Mil.
Total Current Assets was $71.9 Mil.
Total Assets was $121.2 Mil.
Property, Plant and Equipment(Net PPE) was $2.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.8 Mil.
Selling, General & Admin. Expense(SGA) was $93.2 Mil.
Total Current Liabilities was $58.4 Mil.
Long-Term Debt was $8.8 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)|
|=||(107.978 / 724.09)||/||(63.416 / 392.467)|
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)|
|=||(50.713 / 392.467)||/||(47.596 / 724.09)|
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 - (140.356 + 13.313) / 295.1)||/||(1 - (71.897 + 2.458) / 121.208)|
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))|
|=||(4.84 / (4.84 + 2.458))||/||(10.204 / (10.204 + 13.313))|
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)|
|=||(151.914 / 724.09)||/||(93.238 / 392.467)|
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)|
|=||((48.708 + 103.076) / 295.1)||/||((8.819 + 58.442) / 121.208)|
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|
|=||(1.838 - -0.323||-||13.602)||/||295.1|
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 -1.69 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