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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.
RPX Corp has a M-score of -3.51 suggests that the company is not a manipulator.
During the past 5 years, the highest Beneish M-Score of RPX Corp was 0.52. The lowest was -4.09. And the median was -2.95.
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 RPX Corp 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 * 0.8962||+||0.528 * 1.152||+||0.404 * 1.0553||+||0.892 * 1.1077||+||0.115 * 1.003|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0751||+||4.679 * -0.2404||-||0.327 * 0.9843|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $13.1 Mil.|
Revenue was 61.888 + 60.275 + 58.554 + 57.481 = $238.2 Mil.
Gross Profit was 32.968 + 27.634 + 28.788 + 32.787 = $122.2 Mil.
Total Current Assets was $329.5 Mil.
Total Assets was $601.9 Mil.
Property, Plant and Equipment(Net PPE) was $4.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $113.7 Mil.
Selling, General & Admin. Expense(SGA) was $65.3 Mil.
Total Current Liabilities was $146.7 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 9.86 + 6.994 + 8.397 + 10.697 = $35.9 Mil.
Non Operating Income was 0.099 + 0.043 + 0.056 + 0.063 = $0.3 Mil.
Cash Flow from Operations was 68.127 + 55.947 + 33.147 + 23.182 = $180.4 Mil.
|Accounts Receivable was $13.2 Mil.
Revenue was 61.194 + 51.557 + 47.044 + 55.238 = $215.0 Mil.
Gross Profit was 37.524 + 29.742 + 25.064 + 34.727 = $127.1 Mil.
Total Current Assets was $306.6 Mil.
Total Assets was $535.8 Mil.
Property, Plant and Equipment(Net PPE) was $3.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $88.3 Mil.
Selling, General & Admin. Expense(SGA) was $54.8 Mil.
Total Current Liabilities was $132.7 Mil.
Long-Term Debt was $0.0 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)|
|=||(13.071 / 238.198)||/||(13.166 / 215.033)|
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)|
|=||(27.634 / 215.033)||/||(32.968 / 238.198)|
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 - (329.522 + 4.506) / 601.924)||/||(1 - (306.631 + 3.23) / 535.839)|
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))|
|=||(88.337 / (88.337 + 3.23))||/||(113.722 / (113.722 + 4.506))|
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)|
|=||(65.307 / 238.198)||/||(54.84 / 215.033)|
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 + 146.694) / 601.924)||/||((0 + 132.678) / 535.839)|
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|
|=||(35.948 - 0.261||-||180.403)||/||601.924|
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.
RPX Corp has a M-score of -3.51 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
RPX Corp Annual Data
RPX Corp Quarterly Data