Market Cap : 77.32 M | Enterprise Value : 52.04 M | PE Ratio : 157.50 | PB Ratio : 2.02 |
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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -4.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for BM Technologies's Beneish M-Score or its related term are showing as below:
During the past 3 years, the highest Beneish M-Score of BM Technologies was -4.19. The lowest was -4.19. And the median was -4.19.
The historical data trend for BM Technologies's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Software - Application subindustry, BM Technologies's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Software industry and Technology sector, BM Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BM Technologies's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 BM Technologies 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 * 0.6386 | + | 0.528 * 0.8022 | + | 0.404 * 0.6761 | + | 0.892 * 1.4298 | + | 0.115 * 0.997 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9317 | + | 4.679 * -0.3619 | - | 0.327 * 0.5337 | |||||||
= | -4.19 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Dec21) TTM: | Last Year (Dec20) TTM: |
Total Receivables was $9.16 Mil. Revenue was 25.737 + 21.974 + 22.893 + 24.383 = $94.99 Mil. Gross Profit was 18.4 + 16.361 + 13.783 + 15.256 = $63.80 Mil. Total Current Assets was $36.64 Mil. Total Assets was $76.43 Mil. Property, Plant and Equipment(Net PPE) was $0.35 Mil. Depreciation, Depletion and Amortization(DDA) was $12.78 Mil. Selling, General, & Admin. Expense(SGA) was $50.28 Mil. Total Current Liabilities was $24.64 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 Mil. Net Income was -8.804 + 8.794 + -1.836 + 18.889 = $17.04 Mil. Non Operating Income was -0.829 + 6.042 + -3.056 + 15.003 = $17.16 Mil. Cash Flow from Operations was 5.461 + 1.176 + 11.387 + 9.519 = $27.54 Mil. |
Total Receivables was $10.03 Mil. Revenue was 16.909 + 18.338 + 15.431 + 15.758 = $66.44 Mil. Gross Profit was 7.572 + 11.506 + 7.089 + 9.629 = $35.80 Mil. Total Current Assets was $15.37 Mil. Total Assets was $66.61 Mil. Property, Plant and Equipment(Net PPE) was $0.40 Mil. Depreciation, Depletion and Amortization(DDA) was $13.27 Mil. Selling, General, & Admin. Expense(SGA) was $37.75 Mil. Total Current Liabilities was $39.81 Mil. Long-Term Debt & Capital Lease Obligation was $0.43 Mil. |
1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
= | (9.161 / 94.987) | / | (10.033 / 66.436) | |
= | 0.09644478 | / | 0.15101752 | |
= | 0.6386 |
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.
GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
= | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) | |
= | (35.796 / 66.436) | / | (63.8 / 94.987) | |
= | 0.53880426 | / | 0.67167086 | |
= | 0.8022 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
= | (1 - (36.644 + 0.346) / 76.428) | / | (1 - (15.37 + 0.401) / 66.61) | |
= | 0.51601507 | / | 0.76323375 | |
= | 0.6761 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
SGI | = | Sales_t | / | Sales_t-1 |
= | Revenue_t | / | Revenue_t-1 | |
= | 94.987 | / | 66.436 | |
= | 1.4298 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
= | (13.274 / (13.274 + 0.401)) | / | (12.778 / (12.778 + 0.346)) | |
= | 0.97067642 | / | 0.97363609 | |
= | 0.997 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
= | (50.282 / 94.987) | / | (37.748 / 66.436) | |
= | 0.52935665 | / | 0.56818592 | |
= | 0.9317 |
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 in leverage
LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
= | ((0 + 24.643) / 76.428) | / | ((0.43 + 39.81) / 66.61) | |
= | 0.32243419 | / | 0.6041135 | |
= | 0.5337 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
= | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t | |
= | (17.043 - 17.16 | - | 27.543) | / | 76.428 | |
= | -0.3619 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
BM Technologies has a M-score of -4.19 suggests that the company is unlikely to be a manipulator.
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Dolan John J | director | 4655 SALISBURY ROAD SUITE 110 JACKSONVILLE FL 32256 |
Dullinger James Francis | officer: Chief Accounting Officer | C/O IOTA COMMUNICATIONS, INC. 645 HAMILTON STREET, SUITE 400 ALLENTOWN PA 18101 |
Schechter Private Capital, Llc | 10 percent owner | 251 PIERCE STREET BIRMINGHAM MI 48009 |
Dinodia Pankaj | director | 201 KING OF PRUSSIA ROAD SUITE 350 WAYNE PA 19087 |
Ramsey Robert H | officer: Chief Financial Officer | 201 KING OF PRUSSIA ROAD SUITE 350 WAYNE PA 19087 |
Schwab Marcy | director | 201 KING OF PRUSSIA ROAD SUITE 350 WAYNE PA 19087 |
Hurley Brent | director | 201 KING OF PRUSSIA ROAD SUITE 350 WAYNE PA 19087 |
Diegel Robert | officer: Chief Operating Officer | 201 KING OF PRUSSIA ROAD SUITE 350 WAYNE PA 19087 |
Gill Mike | director | 201 KING OF PRUSSIA ROAD SUITE 350 WAYNE PA 19087 |
Hodari Aaron | director | 201 KING OF PRUSSIA ROAD SUITE 350 WAYNE PA 19087 |
Sidhu Luvleen | director, officer: Chief Executive Officer | 201 KING OF PRUSSIA ROAD SUITE 350 WAYNE PA 19087 |
Millennium Management Llc | other: May be deemed a group member. | 399 PARK AVENUE NEW YORK NY 10022 |
Millennium Group Management Llc | other: May be deemed a group member. | C/O MILLENNIUM MANAGEMENT LLC 399 PARK AVENUE NEW YORK NY 10022 |
Integrated Core Strategies (us) Llc | 10 percent owner | C/O MILLENNIUM MANAGEMENT LLC 399 PARK AVENUE NEW YORK NY 10022 |
Englander Israel A | other: May be deemed a group member. | C/O MILLENNIUM MANAGEMENT LLC 399 PARK AVENUE NEW YORK NY 10022 |
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