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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 -2.64 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Tyler Technologies Inc was 8.14. The lowest was -4.79. And the median was -2.65.
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 * 1.0413||+||0.528 * 0.9909||+||0.404 * 0.7198||+||0.892 * 1.1717||+||0.115 * 1.0814|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9672||+||4.679 * -0.0596||-||0.327 * 0.8922|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $147.9 Mil.|
Revenue was 124.371 + 112.626 + 110.735 + 107.021 = $454.8 Mil.
Gross Profit was 58.558 + 52.53 + 52.767 + 49.549 = $213.4 Mil.
Total Current Assets was $261.0 Mil.
Total Assets was $486.8 Mil.
Property, Plant and Equipment(Net PPE) was $67.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.4 Mil.
Selling, General & Admin. Expense(SGA) was $103.5 Mil.
Total Current Liabilities was $215.8 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was 14.74 + 11.883 + 10.512 + 11.049 = $48.2 Mil.
Non Operating Income was -0.216 + -0.259 + -0.39 + -0.285 = $-1.2 Mil.
Cash Flow from Operations was 12.268 + 16.56 + 7.389 + 42.115 = $78.3 Mil.
|Accounts Receivable was $121.3 Mil.
Revenue was 103.088 + 95.799 + 95.368 + 93.845 = $388.1 Mil.
Gross Profit was 47.042 + 43.845 + 44.64 + 44.944 = $180.5 Mil.
Total Current Assets was $146.6 Mil.
Total Assets was $368.9 Mil.
Property, Plant and Equipment(Net PPE) was $55.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.1 Mil.
Selling, General & Admin. Expense(SGA) was $91.3 Mil.
Total Current Liabilities was $183.3 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)|
|=||(147.945 / 454.753)||/||(121.256 / 388.1)|
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)|
|=||(52.53 / 388.1)||/||(58.558 / 454.753)|
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 - (261.032 + 67.16) / 486.817)||/||(1 - (146.552 + 55.378) / 368.928)|
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))|
|=||(13.056 / (13.056 + 55.378))||/||(14.386 / (14.386 + 67.16))|
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)|
|=||(103.458 / 454.753)||/||(91.289 / 388.1)|
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 + 215.764) / 486.817)||/||((0 + 183.262) / 368.928)|
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|
|=||(48.184 - -1.15||-||78.332)||/||486.817|
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 -2.64 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