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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 TIBCO Software Inc was -1.13. The lowest was -3.97. And the median was -2.66.
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 TIBCO Software 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 * 1.0393||+||0.528 * 1.0151||+||0.404 * 1.1845||+||0.892 * 1.024||+||0.115 * 0.9927|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0558||+||4.679 * -0.0309||-||0.327 * 0.9902|
|This Year (Aug14) TTM:||Last Year (Aug13) TTM:|
|Accounts Receivable was $195 Mil.|
Revenue was 255.602 + 252.299 + 252.879 + 315.455 = $1,076 Mil.
Gross Profit was 174.668 + 172.842 + 175.347 + 233.591 = $756 Mil.
Total Current Assets was $825 Mil.
Total Assets was $1,957 Mil.
Property, Plant and Equipment(Net PPE) was $110 Mil.
Depreciation, Depletion and Amortization(DDA) was $59 Mil.
Selling, General & Admin. Expense(SGA) was $436 Mil.
Total Current Liabilities was $393 Mil.
Long-Term Debt was $552 Mil.
Net Income was 2.632 + 1.552 + 12.15 + 44.549 = $61 Mil.
Non Operating Income was 0.128 + -0.684 + -0.323 + 0.841 = $-0 Mil.
Cash Flow from Operations was -9.214 + 18.049 + 52.869 + 59.617 = $121 Mil.
|Accounts Receivable was $183 Mil.
Revenue was 270.859 + 245.846 + 237.79 + 296.527 = $1,051 Mil.
Gross Profit was 192.886 + 171.875 + 164.153 + 220.938 = $750 Mil.
Total Current Assets was $974 Mil.
Total Assets was $1,914 Mil.
Property, Plant and Equipment(Net PPE) was $96 Mil.
Depreciation, Depletion and Amortization(DDA) was $51 Mil.
Selling, General & Admin. Expense(SGA) was $403 Mil.
Total Current Liabilities was $398 Mil.
Long-Term Debt was $536 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)|
|=||(194.896 / 1076.235)||/||(183.131 / 1051.022)|
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)|
|=||(172.842 / 1051.022)||/||(174.668 / 1076.235)|
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 - (824.9 + 109.683) / 1957.243)||/||(1 - (973.778 + 95.792) / 1913.812)|
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))|
|=||(51.354 / (51.354 + 95.792))||/||(59.471 / (59.471 + 109.683))|
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)|
|=||(436.196 / 1076.235)||/||(403.458 / 1051.022)|
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)|
|=||((552.266 + 393.16) / 1957.243)||/||((536.062 + 397.565) / 1913.812)|
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|
|=||(60.883 - -0.038||-||121.321)||/||1957.243|
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.
TIBCO Software Inc has a M-score of -2.49 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
TIBCO Software Inc Annual Data
TIBCO Software Inc Quarterly Data