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Taser International Inc (NAS:TASR)
Beneish M-Score
-3.13 (As of Today)

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.

Taser International Inc has a M-score of -3.13 suggests that the company is not a manipulator.

TASR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.85   Max: 5.77
Current: -3.13

-3.85
5.77

During the past 13 years, the highest Beneish M-Score of Taser International Inc was 5.77. The lowest was -3.85. And the median was -2.65.


Definition

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 Taser International 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 * 0.9706+0.528 * 0.9915+0.404 * 1.1464+0.892 * 1.2084+0.115 * 1.0875
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.29+4.679 * -0.1402-0.327 * 1.5273
=-3.13

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Jun16) TTM:Last Year (Jun15) TTM:
Accounts Receivable was $30.5 Mil.
Revenue was 58.756 + 55.53 + 56.041 + 50.376 = $220.7 Mil.
Gross Profit was 37.299 + 36.902 + 36.988 + 31.068 = $142.3 Mil.
Total Current Assets was $153.8 Mil.
Total Assets was $228.7 Mil.
Property, Plant and Equipment(Net PPE) was $22.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.8 Mil.
Selling, General & Admin. Expense(SGA) was $89.1 Mil.
Total Current Liabilities was $52.2 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 3.65 + 3.463 + 5.104 + 1.521 = $13.7 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 3.243 + 7.093 + 16.131 + 19.345 = $45.8 Mil.
Accounts Receivable was $26.0 Mil.
Revenue was 46.713 + 44.762 + 46.816 + 44.349 = $182.6 Mil.
Gross Profit was 30.723 + 29.868 + 27.413 + 28.713 = $116.7 Mil.
Total Current Assets was $151.3 Mil.
Total Assets was $212.2 Mil.
Property, Plant and Equipment(Net PPE) was $18.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.4 Mil.
Selling, General & Admin. Expense(SGA) was $57.2 Mil.
Total Current Liabilities was $31.7 Mil.
Long-Term Debt was $0.0 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(30.499 / 220.703) / (26.003 / 182.64)
=0.13819024 / 0.14237297
=0.9706

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(116.717 / 182.64) / (142.257 / 220.703)
=0.63905497 / 0.64456306
=0.9915

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (153.775 + 22.249) / 228.695) / (1 - (151.3 + 18.231) / 212.153)
=0.23031111 / 0.20090218
=1.1464

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=220.703 / 182.64
=1.2084

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))
=(3.412 / (3.412 + 18.231)) / (3.772 / (3.772 + 22.249))
=0.15764912 / 0.14495984
=1.0875

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)
=(89.103 / 220.703) / (57.16 / 182.64)
=0.40372356 / 0.3129654
=1.29

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 + 52.193) / 228.695) / ((0.009 + 31.693) / 212.153)
=0.22822099 / 0.14942989
=1.5273

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(13.738 - 0 - 45.812) / 228.695
=-0.1402

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.

Taser International Inc has a M-score of -3.13 suggests that the company will not be a manipulator.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

Taser International Inc Annual Data

Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14Dec15
DSRI 1.30780.78071.55830.81591.05570.83991.20551.03431.1450.7493
GMI 0.97331.11490.93151.00961.16531.05510.83820.94751.00910.9494
AQI 0.82080.35980.67441.15381.3161.18410.83941.63920.83391.1323
SGI 1.41981.48740.92171.12290.83381.03561.27461.20111.19371.2028
DEPI 0.82280.94721.0891.03180.50910.7281.0121.07881.07381.5099
SGAI 0.78940.74331.28480.99641.07630.94030.81030.98760.97451.0699
LVGI 2.24090.59240.92971.18180.8811.72531.03510.99771.10440.9631
TATA -0.09650.008-0.0345-0.0731-0.0376-0.2316-0.1013-0.0956-0.0837-0.1153
M-score -2.75-2.24-2.38-2.87-2.57-3.83-2.65-2.47-2.65-2.98

Taser International Inc Quarterly Data

Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16Jun16
DSRI 1.01561.13521.11091.1450.85050.91710.75060.74931.17640.9706
GMI 0.95070.95870.96771.00910.98910.98021.00140.94940.97020.9915
AQI 1.54261.28190.9670.83390.89581.03591.44721.13231.17751.1464
SGI 1.20111.20311.21411.19371.20561.22921.19611.20281.20541.2084
DEPI 1.091.17131.09731.07381.16521.25971.41871.50991.29481.0875
SGAI 0.99020.98780.91090.97320.92190.89341.00851.06971.21021.29
LVGI 1.03380.77150.89621.10441.03631.09641.06880.96311.3281.5273
TATA -0.0842-0.0562-0.0717-0.0837-0.1042-0.0683-0.1086-0.1153-0.1026-0.1402
M-score -2.49-2.25-2.49-2.65-2.95-2.65-2.84-2.98-2.67-3.13
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