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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 7 years, the highest Beneish M-Score of Vocera Communications Inc was -2.41. The lowest was -3.42. And the median was -2.83.
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 Vocera Communications 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 * 0.9606||+||0.528 * 0.9912||+||0.404 * 0.8906||+||0.892 * 1.1966||+||0.115 * 1.3506|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.8891||+||4.679 * -0.1094||-||0.327 * 1.1006|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $17.8 Mil.|
Revenue was 33.755 + 31.152 + 26.777 + 28.365 = $120.0 Mil.
Gross Profit was 21.46 + 19.074 + 16.678 + 17.991 = $75.2 Mil.
Total Current Assets was $147.1 Mil.
Total Assets was $166.1 Mil.
Property, Plant and Equipment(Net PPE) was $6.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.1 Mil.
Selling, General & Admin. Expense(SGA) was $69.2 Mil.
Total Current Liabilities was $48.6 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -1.197 + -2.706 + -3.584 + -2.984 = $-10.5 Mil.
Non Operating Income was -0.075 + -0.137 + -0.014 + -0.033 = $-0.3 Mil.
Cash Flow from Operations was 3.469 + 0.617 + 3.563 + 0.31 = $8.0 Mil.
|Accounts Receivable was $15.5 Mil.
Revenue was 26.454 + 25.449 + 23.818 + 24.602 = $100.3 Mil.
Gross Profit was 16.238 + 15.812 + 14.535 + 15.708 = $62.3 Mil.
Total Current Assets was $136.8 Mil.
Total Assets was $154.3 Mil.
Property, Plant and Equipment(Net PPE) was $4.0 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.3 Mil.
Selling, General & Admin. Expense(SGA) was $65.0 Mil.
Total Current Liabilities was $41.0 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)|
|=||(17.772 / 120.049)||/||(15.461 / 100.323)|
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)|
|=||(62.293 / 100.323)||/||(75.203 / 120.049)|
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 - (147.089 + 6.109) / 166.122)||/||(1 - (136.834 + 3.987) / 154.3)|
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))|
|=||(3.268 / (3.268 + 3.987))||/||(3.057 / (3.057 + 6.109))|
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)|
|=||(69.15 / 120.049)||/||(64.992 / 100.323)|
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 + 48.603) / 166.122)||/||((0 + 41.019) / 154.3)|
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|
|=||(-10.471 - -0.259||-||7.959)||/||166.122|
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.
Vocera Communications Inc has a M-score of -2.88 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
Vocera Communications Inc Annual Data
Vocera Communications Inc Quarterly Data