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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 * 0.9041||+||0.528 * 0.9815||+||0.404 * 0.9487||+||0.892 * 1.132||+||0.115 * 0.9696|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9022||+||4.679 * -0.1261||-||0.327 * 1.1546|
|This Year (Mar16) TTM:||Last Year (Mar15) TTM:|
|Accounts Receivable was $14.4 Mil.|
Revenue was 26.777 + 28.365 + 26.454 + 25.449 = $107.0 Mil.
Gross Profit was 16.678 + 17.991 + 16.238 + 15.812 = $66.7 Mil.
Total Current Assets was $141.6 Mil.
Total Assets was $159.6 Mil.
Property, Plant and Equipment(Net PPE) was $4.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.2 Mil.
Selling, General & Admin. Expense(SGA) was $66.3 Mil.
Total Current Liabilities was $46.0 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -3.584 + -2.984 + -4.464 + -5.171 = $-16.2 Mil.
Non Operating Income was -0.014 + -0.033 + -0.149 + -0.033 = $-0.2 Mil.
Cash Flow from Operations was 3.563 + 0.31 + -0.237 + 0.513 = $4.1 Mil.
|Accounts Receivable was $14.1 Mil.
Revenue was 23.818 + 24.602 + 23.124 + 23.019 = $94.6 Mil.
Gross Profit was 14.535 + 15.708 + 13.535 + 14.07 = $57.8 Mil.
Total Current Assets was $136.3 Mil.
Total Assets was $154.8 Mil.
Property, Plant and Equipment(Net PPE) was $4.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.1 Mil.
Selling, General & Admin. Expense(SGA) was $64.9 Mil.
Total Current Liabilities was $38.6 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)|
|=||(14.433 / 107.045)||/||(14.103 / 94.563)|
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)|
|=||(57.848 / 94.563)||/||(66.719 / 107.045)|
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 - (141.629 + 4.523) / 159.617)||/||(1 - (136.326 + 4.723) / 154.815)|
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))|
|=||(3.125 / (3.125 + 4.723))||/||(3.152 / (3.152 + 4.523))|
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)|
|=||(66.329 / 107.045)||/||(64.947 / 94.563)|
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 + 45.974) / 159.617)||/||((0 + 38.619) / 154.815)|
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|
|=||(-16.203 - -0.229||-||4.149)||/||159.617|
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 -3.11 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