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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.
Tyler Technologies Inc has a M-score of -2.63 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Tyler Technologies Inc was 48.00. The lowest was -116.51. And the median was -2.69.
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 Tyler Technologies 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 * 0.9868||+||0.528 * 0.9933||+||0.404 * 0.6866||+||0.892 * 1.1517||+||0.115 * 1.2098|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9965||+||4.679 * -0.0517||-||0.327 * 0.7823|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $86.6 Mil.|
Revenue was 112.626 + 110.735 + 107.021 + 103.088 = $433.5 Mil.
Gross Profit was 52.53 + 52.767 + 49.549 + 47.042 = $201.9 Mil.
Total Current Assets was $207.6 Mil.
Total Assets was $434.2 Mil.
Property, Plant and Equipment(Net PPE) was $66.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.1 Mil.
Selling, General & Admin. Expense(SGA) was $101.0 Mil.
Total Current Liabilities was $161.4 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 11.883 + 10.512 + 11.049 + 9.047 = $42.5 Mil.
Non Operating Income was -0.259 + -0.39 + -0.285 + 0.296 = $-0.6 Mil.
Cash Flow from Operations was 16.56 + 7.389 + 42.115 + -0.498 = $65.6 Mil.
|Accounts Receivable was $76.2 Mil.
Revenue was 95.799 + 95.368 + 93.845 + 91.368 = $376.4 Mil.
Gross Profit was 43.845 + 44.64 + 44.944 + 40.699 = $174.1 Mil.
Total Current Assets was $97.5 Mil.
Total Assets was $315.4 Mil.
Property, Plant and Equipment(Net PPE) was $48.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.0 Mil.
Selling, General & Admin. Expense(SGA) was $88.0 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)|
|=||(86.624 / 433.47)||/||(76.22 / 376.38)|
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)|
|=||(52.767 / 376.38)||/||(52.53 / 433.47)|
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 - (207.619 + 66.222) / 434.241)||/||(1 - (97.549 + 48.17) / 315.374)|
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))|
|=||(13.007 / (13.007 + 48.17))||/||(14.12 / (14.12 + 66.222))|
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)|
|=||(101.01 / 433.47)||/||(88.017 / 376.38)|
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 + 161.382) / 434.241)||/||((0 + 149.813) / 315.374)|
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|
|=||(42.491 - -0.638||-||65.566)||/||434.241|
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.
Tyler Technologies Inc has a M-score of -2.63 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
Tyler Technologies Inc Annual Data
Tyler Technologies Inc Quarterly Data