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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 8 years, the highest Beneish M-Score of Vocera Communications Inc was -1.69. The lowest was -3.11. And the median was -2.68.
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 * 0.8705||+||0.528 * 1.0077||+||0.404 * 4.5869||+||0.892 * 1.2268||+||0.115 * 1.2168|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9788||+||4.679 * -0.1541||-||0.327 * 1.1749|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $24.1 Mil.|
Revenue was 36.012 + 33.755 + 31.152 + 26.777 = $127.7 Mil.
Gross Profit was 21.409 + 21.46 + 19.074 + 16.678 = $78.6 Mil.
Total Current Assets was $107.3 Mil.
Total Assets was $182.1 Mil.
Property, Plant and Equipment(Net PPE) was $5.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.8 Mil.
Selling, General & Admin. Expense(SGA) was $77.3 Mil.
Total Current Liabilities was $63.0 Mil.
Long-Term Debt was $0.0 Mil.
Net Income was -9.78 + -1.197 + -2.706 + -3.584 = $-17.3 Mil.
Non Operating Income was -0.241 + -0.075 + -0.137 + -0.014 = $-0.5 Mil.
Cash Flow from Operations was 3.617 + 3.469 + 0.617 + 3.563 = $11.3 Mil.
|Accounts Receivable was $22.6 Mil.
Revenue was 28.365 + 26.454 + 25.449 + 23.818 = $104.1 Mil.
Gross Profit was 17.991 + 16.238 + 15.812 + 14.535 = $64.6 Mil.
Total Current Assets was $145.3 Mil.
Total Assets was $162.3 Mil.
Property, Plant and Equipment(Net PPE) was $3.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $3.3 Mil.
Selling, General & Admin. Expense(SGA) was $64.4 Mil.
Total Current Liabilities was $47.8 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)|
|=||(24.142 / 127.696)||/||(22.605 / 104.086)|
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)|
|=||(64.576 / 104.086)||/||(78.621 / 127.696)|
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 - (107.339 + 5.894) / 182.073)||/||(1 - (145.266 + 3.62) / 162.261)|
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))|
|=||(3.271 / (3.271 + 3.62))||/||(3.77 / (3.77 + 5.894))|
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)|
|=||(77.31 / 127.696)||/||(64.381 / 104.086)|
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 + 62.972) / 182.073)||/||((0 + 47.766) / 162.261)|
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|
|=||(-17.267 - -0.467||-||11.266)||/||182.073|
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 -1.69 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
Vocera Communications Inc Annual Data
Vocera Communications Inc Quarterly Data