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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 -3.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Appgate's Beneish M-Score or its related term are showing as below:
During the past 3 years, the highest Beneish M-Score of Appgate was -3.28. The lowest was -3.91. And the median was -3.81.
The historical data trend for Appgate'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.
Appgate Annual Data | |||||||
Trend | Dec20 | Dec21 | Dec22 | ||||
Beneish M-Score | - | - | -3.85 |
Appgate Quarterly Data | ||||||||||||
Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | |
Beneish M-Score | Get a 7-Day Free Trial | - | -3.85 | -3.91 | -3.76 | -3.28 |
For the Software - Infrastructure subindustry, Appgate'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, Appgate's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Appgate'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 Appgate 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 * 1.2588 | + | 0.528 * 0.8757 | + | 0.404 * 1.0411 | + | 0.892 * 0.9711 | + | 0.115 * 0.9258 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.5615 | + | 4.679 * -0.207142 | - | 0.327 * 1.1958 | |||||||
= | -3.28 |
* 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 (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was $11.47 Mil. Revenue was 12.584 + 10.224 + 11.273 + 9.855 = $43.94 Mil. Gross Profit was 8.175 + 5.766 + 6.557 + 4.908 = $25.41 Mil. Total Current Assets was $18.49 Mil. Total Assets was $123.52 Mil. Property, Plant and Equipment(Net PPE) was $2.46 Mil. Depreciation, Depletion and Amortization(DDA) was $8.75 Mil. Selling, General, & Admin. Expense(SGA) was $44.51 Mil. Total Current Liabilities was $18.12 Mil. Long-Term Debt & Capital Lease Obligation was $121.21 Mil. Net Income was 64.371 + -85.098 + 7.695 + -25.242 = $-38.27 Mil. Non Operating Income was 75.442 + -73.776 + 19.568 + -9.314 = $11.92 Mil. Cash Flow from Operations was -6.398 + -5.137 + -6.048 + -7.025 = $-24.61 Mil. |
Total Receivables was $9.39 Mil. Revenue was 10.602 + 11.129 + 11.078 + 12.436 = $45.25 Mil. Gross Profit was 5.356 + 4.881 + 5.626 + 7.047 = $22.91 Mil. Total Current Assets was $24.85 Mil. Total Assets was $141.09 Mil. Property, Plant and Equipment(Net PPE) was $3.70 Mil. Depreciation, Depletion and Amortization(DDA) was $9.64 Mil. Selling, General, & Admin. Expense(SGA) was $81.63 Mil. Total Current Liabilities was $58.02 Mil. Long-Term Debt & Capital Lease Obligation was $75.07 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) |
= | (11.473 / 43.936) | / | (9.386 / 45.245) | |
= | 0.26113 | / | 0.207448 | |
= | 1.2588 |
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) | |
= | (22.91 / 45.245) | / | (25.406 / 43.936) | |
= | 0.506354 | / | 0.57825 | |
= | 0.8757 |
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 - (18.487 + 2.461) / 123.519) | / | (1 - (24.85 + 3.701) / 141.09) | |
= | 0.830407 | / | 0.79764 | |
= | 1.0411 |
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 | |
= | 43.936 | / | 45.245 | |
= | 0.9711 |
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)) |
= | (9.635 / (9.635 + 3.701)) | / | (8.747 / (8.747 + 2.461)) | |
= | 0.722481 | / | 0.780425 | |
= | 0.9258 |
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) |
= | (44.508 / 43.936) | / | (81.628 / 45.245) | |
= | 1.013019 | / | 1.804133 | |
= | 0.5615 |
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) |
= | ((121.211 + 18.115) / 123.519) | / | ((75.067 + 58.018) / 141.09) | |
= | 1.127972 | / | 0.943263 | |
= | 1.1958 |
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 | |
= | (-38.274 - 11.92 | - | -24.608) | / | 123.519 | |
= | -0.207142 |
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.
Appgate has a M-score of -3.28 suggests that the company is unlikely to be a manipulator.
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Leo Taddeo | director, officer: CEO and President | C/O CYXTERA TECHNOLOGIES, INC., 2333 PONCE DE LEON, SUITE 900, CORAL CABLES FL 33134 |
Benjamin Phillips | director | 2 ALHAMBRA PLAZA, SUITE PH-1-B, CORAL GABLES FL 33134 |
Lisa Marie Sibenac | director | C/O CHEWY, INC., 1855 GRIFFIN ROAD, DANIA BEACH FL 33004 |
Vikram Somaya | director | 132 E. PUTNAM AVENUE, FLOOR 2W, COS COB CT 06807 |
Jawahar Sivasankaran | officer: President and COO | 2333 PONCE DE LEON BLVD., SUITE 900, CORAL GABLES FL 33134 |
Medina Capital Fund Ii - Sis Holdco, Lp | 10 percent owner | C/O CYXTERA TECHNOLOGIES, INC., 2333 PONCE DE LEON, SUITE 900, CORAL GABLES FL 33134 |
Sis Holdings Gp Llc | 10 percent owner | C/O CYXTERA TECHNOLOGIES, INC., 2333 PONCE DE LEON, SUITE 900, CORAL CABLES FL 33134 |
Sis Holdings Lp | 10 percent owner | C/O CYXTERA TECHNOLOGIES, INC., 2333 PONCE DE LEON, SUITE 900, CORAL CABLES FL 33134 |
Bcec Management X Ltd | 10 percent owner | ARNOLD HOUSE PO BOX 273, ST JULIAN'S AVENUE, ST PETER PORT Y7 GY1 3RD |
Rene A. Rodriguez | officer: Chief Financial Officer | 2333 PONCE DE LEON BLVD., SUITE 900, CORAL GABLES FL 33134 |
Barry Field | director, officer: Chief Executive Officer | 2333 PONCE DE LEON BLVD., SUITE 900, CORAL GABLES FL 33134 |
Jeremy M. Dale | officer: General Counsel and Secretary | 2333 PONCE DE LEON BLVD., SUITE 900, CORAL GABLES FL 33134 |
Bc Partners Group Holdings Ltd | 10 percent owner | C/O BC PARTNERS, WEST WING, FLOOR 2, TRAFALGAR COURT, LES BANQUES, ST PETER PORT Y7 GY1 4LY |
Raymond Svider | director | 650 MADISON AVENUE, 23RD FLOOR, NEW YORK NY 10022 |
Manuel D Medina | director, 10 percent owner, officer: Executive Chairman | 2 SOUTH BISCAYNE BLVD., SUITE 2900, MIAMI FL 33131 |
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