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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.
Vocera Communications Inc has a M-score of -3.03 suggests that the company is not a manipulator.
During the past 5 years, the highest Beneish M-Score of Vocera Communications Inc was -2.41. The lowest was -3.03. And the median was -2.80.
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 * 0.7976||+||0.528 * 1.0292||+||0.404 * 1.8482||+||0.892 * 0.9878||+||0.115 * 0.8374|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1759||+||4.679 * -0.1322||-||0.327 * 1.136|
|This Year (Sep14) TTM:||Last Year (Sep13) TTM:|
|Accounts Receivable was $16.0 Mil.|
Revenue was 23.124 + 23.019 + 24.676 + 28.722 = $99.5 Mil.
Gross Profit was 13.535 + 14.07 + 14.872 + 18.403 = $60.9 Mil.
Total Current Assets was $140.6 Mil.
Total Assets was $160.0 Mil.
Property, Plant and Equipment(Net PPE) was $5.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.0 Mil.
Selling, General & Admin. Expense(SGA) was $66.2 Mil.
Total Current Liabilities was $38.6 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -7.891 + -7.008 + -6.389 + -1.842 = $-23.1 Mil.
Non Operating Income was -0.132 + 0.019 + -0.065 + 0.002 = $-0.2 Mil.
Cash Flow from Operations was 0.227 + -1.422 + -2.671 + 2.061 = $-1.8 Mil.
|Accounts Receivable was $20.3 Mil.
Revenue was 26.067 + 25.296 + 22.413 + 26.992 = $100.8 Mil.
Gross Profit was 16.277 + 15.79 + 13.719 + 17.643 = $63.4 Mil.
Total Current Assets was $153.8 Mil.
Total Assets was $167.5 Mil.
Property, Plant and Equipment(Net PPE) was $5.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $2.5 Mil.
Selling, General & Admin. Expense(SGA) was $57.0 Mil.
Total Current Liabilities was $35.6 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)|
|=||(15.962 / 99.541)||/||(20.26 / 100.768)|
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)|
|=||(14.07 / 100.768)||/||(13.535 / 99.541)|
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 - (140.565 + 5.191) / 160.029)||/||(1 - (153.761 + 5.651) / 167.495)|
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))|
|=||(2.481 / (2.481 + 5.651))||/||(2.975 / (2.975 + 5.191))|
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)|
|=||(66.221 / 99.541)||/||(57.011 / 100.768)|
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 + 38.597) / 160.029)||/||((0 + 35.561) / 167.495)|
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|
|=||(-23.13 - -0.176||-||-1.805)||/||160.029|
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 -3.03 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