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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 * 1.1305||+||0.528 * 1.0159||+||0.404 * 2.4079||+||0.892 * 1.2898||+||0.115 * 0.6695|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0919||+||4.679 * -0.0529||-||0.327 * 0.7911|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $188.4 Mil.|
Revenue was 194.497 + 188.972 + 179.293 + 158.916 = $721.7 Mil.
Gross Profit was 93.48 + 86.936 + 82.118 + 73.222 = $335.8 Mil.
Total Current Assets was $277.3 Mil.
Total Assets was $1,352.8 Mil.
Property, Plant and Equipment(Net PPE) was $121.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $45.5 Mil.
Selling, General & Admin. Expense(SGA) was $167.5 Mil.
Total Current Liabilities was $348.5 Mil.
Long-Term Debt was $34.0 Mil.
Net Income was 22.264 + 18.872 + 17.079 + 8.618 = $66.8 Mil.
Non Operating Income was -0.526 + -0.72 + -0.467 + -0.24 = $-2.0 Mil.
Cash Flow from Operations was 67.091 + 13.877 + 40.27 + 19.1 = $140.3 Mil.
|Accounts Receivable was $129.2 Mil.
Revenue was 150.845 + 146.295 + 134.966 + 127.44 = $559.5 Mil.
Gross Profit was 71.833 + 68.253 + 63.879 + 60.491 = $264.5 Mil.
Total Current Assets was $411.5 Mil.
Total Assets was $678.4 Mil.
Property, Plant and Equipment(Net PPE) was $68.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.3 Mil.
Selling, General & Admin. Expense(SGA) was $118.9 Mil.
Total Current Liabilities was $242.5 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)|
|=||(188.429 / 721.678)||/||(129.228 / 559.546)|
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)|
|=||(264.456 / 559.546)||/||(335.756 / 721.678)|
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 - (277.327 + 120.963) / 1352.766)||/||(1 - (411.505 + 68.092) / 678.382)|
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))|
|=||(15.255 / (15.255 + 68.092))||/||(45.509 / (45.509 + 120.963))|
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)|
|=||(167.505 / 721.678)||/||(118.94 / 559.546)|
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)|
|=||((34 + 348.492) / 1352.766)||/||((0 + 242.474) / 678.382)|
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|
|=||(66.833 - -1.953||-||140.338)||/||1352.766|
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 -1.76 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