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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 Tyler Technologies Inc was 48.00. The lowest was -4.79. And the median was -2.67.
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 * 1.091||+||0.528 * 1.022||+||0.404 * 2.4367||+||0.892 * 1.2618||+||0.115 * 0.7406|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0901||+||4.679 * -0.0442||-||0.327 * 0.9266|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $209.5 Mil.|
Revenue was 188.972 + 179.293 + 158.916 + 150.845 = $678.0 Mil.
Gross Profit was 86.936 + 82.118 + 73.222 + 71.833 = $314.1 Mil.
Total Current Assets was $324.0 Mil.
Total Assets was $1,413.1 Mil.
Property, Plant and Equipment(Net PPE) was $115.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $36.9 Mil.
Selling, General & Admin. Expense(SGA) was $157.4 Mil.
Total Current Liabilities was $352.9 Mil.
Long-Term Debt was $135.0 Mil.
Net Income was 18.872 + 17.079 + 8.618 + 20.142 = $64.7 Mil.
Non Operating Income was -0.72 + -0.467 + -0.24 + 0.255 = $-1.2 Mil.
Cash Flow from Operations was 13.877 + 40.27 + 19.1 + 55.1 = $128.3 Mil.
|Accounts Receivable was $152.2 Mil.
Revenue was 146.295 + 134.966 + 127.44 + 128.664 = $537.4 Mil.
Gross Profit was 68.253 + 63.879 + 60.491 + 61.792 = $254.4 Mil.
Total Current Assets was $395.5 Mil.
Total Assets was $646.0 Mil.
Property, Plant and Equipment(Net PPE) was $67.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $14.8 Mil.
Selling, General & Admin. Expense(SGA) was $114.4 Mil.
Total Current Liabilities was $240.7 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)|
|=||(209.483 / 678.026)||/||(152.178 / 537.365)|
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)|
|=||(254.415 / 537.365)||/||(314.109 / 678.026)|
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 - (323.951 + 115.886) / 1413.052)||/||(1 - (395.524 + 67.908) / 646.034)|
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))|
|=||(14.808 / (14.808 + 67.908))||/||(36.94 / (36.94 + 115.886))|
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)|
|=||(157.367 / 678.026)||/||(114.415 / 537.365)|
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)|
|=||((135 + 352.93) / 1413.052)||/||((0 + 240.744) / 646.034)|
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|
|=||(64.711 - -1.172||-||128.347)||/||1413.052|
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 -1.80 signals that the company is likely to 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