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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 Synaptics Inc was -0.90. The lowest was -3.28. And the median was -2.39.
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 Synaptics 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 * 1.6355||+||0.528 * 1.2853||+||0.404 * 1.6182||+||0.892 * 1.5399||+||0.115 * 0.4685|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8244||+||4.679 * -0.0328||-||0.327 * 2.3086|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $335.0 Mil.|
Revenue was 463.705 + 282.741 + 314.898 + 204.271 = $1,265.6 Mil.
Gross Profit was 126.831 + 120.189 + 139.826 + 92.43 = $479.3 Mil.
Total Current Assets was $843.0 Mil.
Total Assets was $1,503.6 Mil.
Property, Plant and Equipment(Net PPE) was $115.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $72.7 Mil.
Selling, General & Admin. Expense(SGA) was $108.8 Mil.
Total Current Liabilities was $394.3 Mil.
Long-Term Debt was $238.1 Mil.
Net Income was 19.972 + 26.586 + 34.472 + -40.056 = $41.0 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was -16.017 + 60.42 + 40.493 + 5.329 = $90.2 Mil.
|Accounts Receivable was $133.0 Mil.
Revenue was 205.763 + 222.607 + 230.183 + 163.324 = $821.9 Mil.
Gross Profit was 94.545 + 109.279 + 115.121 + 81.083 = $400.0 Mil.
Total Current Assets was $573.1 Mil.
Total Assets was $822.0 Mil.
Property, Plant and Equipment(Net PPE) was $64.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.3 Mil.
Selling, General & Admin. Expense(SGA) was $85.7 Mil.
Total Current Liabilities was $149.8 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)|
|=||(335.023 / 1265.615)||/||(133.022 / 821.877)|
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)|
|=||(120.189 / 821.877)||/||(126.831 / 1265.615)|
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 - (842.98 + 115.145) / 1503.574)||/||(1 - (573.077 + 64.666) / 822.026)|
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))|
|=||(14.316 / (14.316 + 64.666))||/||(72.671 / (72.671 + 115.145))|
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)|
|=||(108.765 / 1265.615)||/||(85.673 / 821.877)|
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)|
|=||((238.099 + 394.321) / 1503.574)||/||((0 + 149.767) / 822.026)|
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|
|=||(40.974 - 0||-||90.225)||/||1503.574|
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.
Synaptics Inc has a M-score of -1.63 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
Synaptics Inc Annual Data
Synaptics Inc Quarterly Data