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Taser International Inc (NAS:TASR)
Beneish M-Score
-2.98 (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 -2.98 suggests that the company is not a manipulator.

TASR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.83   Max: 1.68
Current: -2.98

-3.83
1.68

During the past 13 years, the highest Beneish M-Score of Taser International Inc was 1.68. The lowest was -3.83. 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 * 0.7493+0.528 * 0.9494+0.404 * 1.1323+0.892 * 1.2028+0.115 * 1.5099
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0499+4.679 * -0.1153-0.327 * 0.9631
=-2.98

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

This Year (Dec15) TTM:Last Year (Dec14) TTM:
Accounts Receivable was $27.7 Mil.
Revenue was 56.041 + 50.376 + 46.713 + 44.762 = $197.9 Mil.
Gross Profit was 36.988 + 31.068 + 30.723 + 29.868 = $128.6 Mil.
Total Current Assets was $161.4 Mil.
Total Assets was $229.9 Mil.
Property, Plant and Equipment(Net PPE) was $21.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.3 Mil.
Selling, General & Admin. Expense(SGA) was $69.2 Mil.
Total Current Liabilities was $38.1 Mil.
Long-Term Debt was $0.1 Mil.
Net Income was 5.104 + 1.521 + 6.103 + 7.205 = $19.9 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 16.131 + 19.345 + -2.039 + 13.008 = $46.4 Mil.
Accounts Receivable was $30.7 Mil.
Revenue was 46.816 + 44.349 + 37.175 + 36.185 = $164.5 Mil.
Gross Profit was 27.413 + 28.713 + 23.214 + 22.208 = $101.5 Mil.
Total Current Assets was $134.6 Mil.
Total Assets was $185.4 Mil.
Property, Plant and Equipment(Net PPE) was $17.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $4.3 Mil.
Selling, General & Admin. Expense(SGA) was $54.8 Mil.
Total Current Liabilities was $32.0 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)
=(27.701 / 197.892) / (30.735 / 164.525)
=0.13998039 / 0.18681052
=0.7493

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)
=(31.068 / 164.525) / (36.988 / 197.892)
=0.61721927 / 0.65008692
=0.9494

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 - (161.409 + 21.848) / 229.881) / (1 - (134.642 + 17.523) / 185.368)
=0.20281798 / 0.17911937
=1.1323

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
=197.892 / 164.525
=1.2028

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))
=(4.317 / (4.317 + 17.523)) / (3.291 / (3.291 + 21.848))
=0.19766484 / 0.13091213
=1.5099

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)
=(69.167 / 197.892) / (54.77 / 164.525)
=0.34951893 / 0.33289774
=1.0499

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)
=((0.081 + 38.14) / 229.881) / ((0.029 + 31.973) / 185.368)
=0.16626428 / 0.17264037
=0.9631

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
=(19.933 - 0 - 46.445) / 229.881
=-0.1153

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 -2.98 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 0.78940.74331.28480.99641.07831.02010.74240.99230.9741.0699
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 -2.75-2.24-2.38-2.87-2.57-3.85-2.64-2.47-2.65-2.98

Taser International Inc Quarterly Data

Sep13Dec13Mar14Jun14Sep14Dec14Mar15Jun15Sep15Dec15
DSRI 1.1051.03431.01561.13521.11091.1450.85050.91710.75060.7493
GMI 0.87320.94750.95070.95870.96771.00910.98910.98021.00140.9494
AQI 0.90691.63921.54261.28190.9670.83390.89581.03591.44721.1323
SGI 1.24971.20111.20111.20311.21411.19371.20561.22921.19611.2028
DEPI 1.08711.07891.091.17131.09731.07381.16521.25971.41871.5099
SGAI 1.01320.99440.99020.99370.91640.97880.93260.89311.00771.0499
LVGI 0.95360.99771.03380.77150.89621.10441.03631.09641.06880.9631
TATA -0.0752-0.0956-0.0842-0.0562-0.0717-0.0837-0.1042-0.0683-0.1086-0.1153
M-score -2.59-2.48-2.49-2.25-2.49-2.65-2.95-2.65-2.84-2.98
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