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Taser International Inc (NAS:TASR)
Beneish M-Score
-2.81 (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 -2.81 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: -2.81

-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 * 1.0521+0.528 * 0.969+0.404 * 1.1835+0.892 * 1.2838+0.115 * 1.0107
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2227+4.679 * -0.0874-0.327 * 1.7329
=-2.81

* All numbers are in millions except for per share data and ratio. All numbers are in their local exchange's currency.

This Year (Sep16) TTM:Last Year (Sep15) TTM:
Accounts Receivable was $32.9 Mil.
Revenue was 71.882 + 58.756 + 55.53 + 56.041 = $242.2 Mil.
Gross Profit was 46.565 + 37.299 + 36.902 + 36.988 = $157.8 Mil.
Total Current Assets was $168.4 Mil.
Total Assets was $252.2 Mil.
Property, Plant and Equipment(Net PPE) was $23.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.7 Mil.
Selling, General & Admin. Expense(SGA) was $98.7 Mil.
Total Current Liabilities was $67.8 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 3.843 + 3.65 + 3.463 + 5.104 = $16.1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 11.623 + 3.243 + 7.093 + 16.131 = $38.1 Mil.
Accounts Receivable was $24.3 Mil.
Revenue was 50.376 + 46.713 + 44.762 + 46.816 = $188.7 Mil.
Gross Profit was 31.068 + 30.723 + 29.868 + 27.413 = $119.1 Mil.
Total Current Assets was $150.2 Mil.
Total Assets was $213.5 Mil.
Property, Plant and Equipment(Net PPE) was $19.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.3 Mil.
Selling, General & Admin. Expense(SGA) was $62.9 Mil.
Total Current Liabilities was $33.0 Mil.
Long-Term Debt was $0.1 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)
=(32.858 / 242.209) / (24.328 / 188.667)
=0.1356597 / 0.12894677
=1.0521

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)
=(119.072 / 188.667) / (157.754 / 242.209)
=0.63112256 / 0.65131354
=0.969

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 - (168.448 + 22.976) / 252.2) / (1 - (150.155 + 19.855) / 213.477)
=0.24098335 / 0.20361444
=1.1835

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
=242.209 / 188.667
=1.2838

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))
=(3.259 / (3.259 + 19.855)) / (3.725 / (3.725 + 22.976))
=0.1409968 / 0.13950788
=1.0107

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)
=(98.696 / 242.209) / (62.878 / 188.667)
=0.40748279 / 0.33327503
=1.2227

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 + 67.77) / 252.2) / ((0.098 + 33.006) / 213.477)
=0.26871531 / 0.15507057
=1.7329

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
=(16.06 - 0 - 38.09) / 252.2
=-0.0874

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 -2.81 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 local exchange's 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

Jun14Sep14Dec14Mar15Jun15Sep15Dec15Mar16Jun16Sep16
DSRI 1.13521.11091.1450.85050.90830.75060.74931.17640.981.0521
GMI 0.95870.96771.00910.98910.98021.00140.94940.97020.99150.969
AQI 1.28190.9670.83390.89581.03591.44721.13231.17751.14641.1835
SGI 1.20311.21411.19371.20561.22921.19611.20281.20541.20841.2838
DEPI 1.17131.09731.07381.16521.25971.41871.50991.29481.08751.0107
SGAI 0.98780.91090.97320.92190.89341.01711.05911.19981.27991.2227
LVGI 0.77150.89621.10441.03631.09641.06880.96311.3281.52731.7329
TATA -0.0562-0.0717-0.0837-0.1042-0.0683-0.1086-0.1153-0.1026-0.1402-0.0874
M-score -2.25-2.49-2.65-2.95-2.66-2.84-2.98-2.67-3.12-2.81
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