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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.
Warning Sign:
Beneish M-Score 23.29 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Applied Digital's Beneish M-Score or its related term are showing as below:
During the past 12 years, the highest Beneish M-Score of Applied Digital was 35.98. The lowest was -1.78. And the median was 3.00.
The historical data trend for Applied Digital'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.
Applied Digital Annual Data | |||||||||||||||||||||
Trend | May04 | May05 | May06 | May07 | May08 | May20 | May21 | May22 | May23 | May24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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4.67 | - | - | -1.78 | 12.71 |
Applied Digital Quarterly Data | ||||||||||||||||||||
Feb09 | May20 | Aug20 | Nov20 | Feb21 | May21 | Aug21 | Nov21 | Feb22 | May22 | Aug22 | Nov22 | Feb23 | May23 | Aug23 | Nov23 | Feb24 | May24 | Aug24 | Nov24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-0.32 | -0.11 | 12.71 | 35.98 | 23.29 |
For the Information Technology Services subindustry, Applied Digital'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, Applied Digital's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Applied Digital'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 Applied Digital 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 * 21.727 | + | 0.528 * 12.6372 | + | 0.404 * 0.7294 | + | 0.892 * 1.8457 | + | 0.115 * 0.629 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.9676 | + | 4.679 * -0.00963 | - | 0.327 * 1.009 | |||||||
= | 23.29 |
* 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 (Nov24) TTM: | Last Year (Nov23) TTM: |
Total Receivables was $12.3 Mil. Revenue was 63.868 + 60.704 + 43.699 + 43.348 = $211.6 Mil. Gross Profit was 11.507 + -0.356 + -2.59 + -3.713 = $4.8 Mil. Total Current Assets was $328.4 Mil. Total Assets was $1,543.2 Mil. Property, Plant and Equipment(Net PPE) was $1,174.7 Mil. Depreciation, Depletion and Amortization(DDA) was $118.8 Mil. Selling, General, & Admin. Expense(SGA) was $105.8 Mil. Total Current Liabilities was $424.4 Mil. Long-Term Debt & Capital Lease Obligation was $628.5 Mil. Net Income was -138.726 + -4.247 + -64.45 + -62.838 = $-270.3 Mil. Non Operating Income was -112.961 + 17.758 + -12.449 + -24.335 = $-132.0 Mil. Cash Flow from Operations was -52.264 + -75.89 + -34.102 + 38.842 = $-123.4 Mil. |
Total Receivables was $0.3 Mil. Revenue was 42.203 + 36.323 + 22.038 + 14.09 = $114.7 Mil. Gross Profit was 12.434 + 11.102 + 6.1 + 3.557 = $33.2 Mil. Total Current Assets was $36.5 Mil. Total Assets was $480.7 Mil. Property, Plant and Equipment(Net PPE) was $427.1 Mil. Depreciation, Depletion and Amortization(DDA) was $26.2 Mil. Selling, General, & Admin. Expense(SGA) was $59.3 Mil. Total Current Liabilities was $202.4 Mil. Long-Term Debt & Capital Lease Obligation was $122.6 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) |
= | (12.313 / 211.619) | / | (0.307 / 114.654) | |
= | 0.058185 | / | 0.002678 | |
= | 21.727 |
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) | |
= | (33.193 / 114.654) | / | (4.848 / 211.619) | |
= | 0.289506 | / | 0.022909 | |
= | 12.6372 |
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 - (328.388 + 1174.699) / 1543.169) | / | (1 - (36.457 + 427.08) / 480.654) | |
= | 0.025974 | / | 0.035612 | |
= | 0.7294 |
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 | |
= | 211.619 | / | 114.654 | |
= | 1.8457 |
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)) |
= | (26.194 / (26.194 + 427.08)) | / | (118.837 / (118.837 + 1174.699)) | |
= | 0.057788 | / | 0.09187 | |
= | 0.629 |
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) |
= | (105.835 / 211.619) | / | (59.262 / 114.654) | |
= | 0.50012 | / | 0.516877 | |
= | 0.9676 |
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) |
= | ((628.462 + 424.353) / 1543.169) | / | ((122.573 + 202.423) / 480.654) | |
= | 0.682242 | / | 0.676154 | |
= | 1.009 |
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 | |
= | (-270.261 - -131.987 | - | -123.414) | / | 1543.169 | |
= | -0.00963 |
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.
Applied Digital has a M-score of 23.29 signals that the company is likely to be a manipulator.
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Richard N Nottenburg | director | 1303 EAST ALGONQUIN ROAD, SCHAUMBURG IL 60196 |
Wes Cummins | director, 10 percent owner, officer: CEO & Chairman | 4505 LORRAINE AVE, DALLAS TX 75205 |
Douglas S Miller | director | C/O TELENAV, INC., 4655 GREAT AMERICA PK, SUITE 300, SANTA CLARA CA 95054 |
Virginia Moore | director | 3811 TURTLE CREEK BOULEVARD, SUITE 2100, C/O APPLIED BLOCKCHAIN,INC., DALLAS TX 75219 |
Michael Maniscalco | officer: Chief Technology Officer | 3811 TURTLE CREEK BOULEVARD, SUITE 2100, DALLAS TX 75219 |
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Kelli Mcdonald | director | 3811 TURTLE CREEK BOULEVARD, SUITE 2100, C/O APPLIED BLOCKCHAIN, INC., DALLAS TX 75219 |
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