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CSG Systems International Beneish M-Score

: -2.92 (As of Today)
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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 -2.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CSG Systems International's Beneish M-Score or its related term are showing as below:

NAS:CSGS' s Beneish M-Score Range Over the Past 10 Years
Min: -6.29   Med: -2.71   Max: -1.24
Current: -2.92

-6.29
-1.24

During the past 13 years, the highest Beneish M-Score of CSG Systems International was -1.24. The lowest was -6.29. And the median was -2.71.


CSG Systems International Beneish M-Score Historical Data

The historical data trend for CSG Systems International'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.

* Premium members only.

CSG Systems International Annual Data
Trend Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.49 -2.66 -2.63 -2.65 -2.90

CSG Systems International Quarterly Data
Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.88 -2.82 -2.90 -2.94 -2.92

Competitive Comparison

For the Software - Infrastructure subindustry, CSG Systems International'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.

   

CSG Systems International Beneish M-Score Distribution

For the Software industry and Technology sector, CSG Systems International's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CSG Systems International's Beneish M-Score falls into.



CSG Systems International Beneish M-Score Calculation

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 CSG Systems International 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 * 0.8946+0.528 * 0.9756+0.404 * 0.9989+0.892 * 1.0209+0.115 * 0.8972
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0702+4.679 * -0.0708-0.327 * 0.9795
=-2.92

* 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 (Jun21) TTM:Last Year (Jun20) TTM:
Accounts Receivable was $223 Mil.
Revenue was 255.134 + 253.119 + 260.487 + 244.108 = $1,013 Mil.
Gross Profit was 122.196 + 119.577 + 125.322 + 113.035 = $480 Mil.
Total Current Assets was $678 Mil.
Total Assets was $1,292 Mil.
Property, Plant and Equipment(Net PPE) was $182 Mil.
Depreciation, Depletion and Amortization(DDA) was $68 Mil.
Selling, General, & Admin. Expense(SGA) was $207 Mil.
Total Current Liabilities was $623 Mil.
Long-Term Debt & Capital Lease Obligation was $190 Mil.
Net Income was 19.321 + 19.631 + 13.265 + 13.566 = $66 Mil.
Non Operating Income was -1.86 + -1.615 + -0.828 + -2.881 = $-7 Mil.
Cash Flow from Operations was 45.038 + -2.809 + 57.335 + 64.825 = $164 Mil.
Accounts Receivable was $244 Mil.
Revenue was 240.321 + 245.617 + 254.747 + 251.414 = $992 Mil.
Gross Profit was 102.168 + 114.411 + 122.876 + 119.36 = $459 Mil.
Total Current Assets was $643 Mil.
Total Assets was $1,269 Mil.
Property, Plant and Equipment(Net PPE) was $202 Mil.
Depreciation, Depletion and Amortization(DDA) was $65 Mil.
Selling, General, & Admin. Expense(SGA) was $189 Mil.
Total Current Liabilities was $371 Mil.
Long-Term Debt & Capital Lease Obligation was $445 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(223.228 / 1012.848) / (244.413 / 992.099)
=0.22039635 / 0.24635949
=0.8946

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)
=(458.815 / 992.099) / (480.13 / 1012.848)
=0.46246897 / 0.47403954
=0.9756

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 - (677.944 + 182.142) / 1291.684) / (1 - (642.768 + 201.993) / 1269.382)
=0.3341359 / 0.33451002
=0.9989

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
=1012.848 / 992.099
=1.0209

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))
=(65.185 / (65.185 + 201.993)) / (68.028 / (68.028 + 182.142))
=0.24397593 / 0.27192709
=0.8972

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)
=(206.961 / 1012.848) / (189.422 / 992.099)
=0.20433569 / 0.19093054
=1.0702

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)
=((189.719 + 623.239) / 1291.684) / ((444.883 + 370.767) / 1269.382)
=0.62937839 / 0.64255677
=0.9795

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
=(65.783 - -7.184 - 164.389) / 1291.684
=-0.0708

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.

CSG Systems International has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.


CSG Systems International Beneish M-Score Related Terms

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CSG Systems International Business Description

CSG Systems International logo
Industry
Technology » Software NAICS : 541511 SIC : 7374
Traded in Other Exchanges
Address
6175 S. Willow Drive, 10th Floor, Greenwood Village, CO, USA, 80111
CSG Systems International Inc. is a provider of business support solutions for the communications industry. Its solutions include cable and satellite care and billing, content management and monetization, convergent rating and billing, mediation and data management, and wholesale settlement and routing. They help companies with transaction-centric models to manage operations by capturing and managing revenue associated with large transaction volumes. The company derives revenue from software license agreements and professional services. A large majority of the firm's revenue is generated in the United States.
Executives
Fawaz Marwan director 12405 POWERSCOURT DRIVE SAINT LOUIS MO 63131
Song Haiyan director 333 UPLANDS DR HILLSBOROUGH CA 94010
Tavares Silvio director 20 TIPTOE LANE BURLINGAME CA 94010
Kennedy Kenneth M officer: EVP & Pres, Technlgy & Product 33 W MONROE ST, SUITE 900 CHICAGO IL 60603
Barnes David G director 6175 S WILLOW DR 10TH FLOOR GREENWOOD VILLAGE CO 80111
Shepherd Brian A. officer: EVP & Group President 9197 SOUTH PEORIA STREET ENGLEWOOD CO 80112
Cooper Ronald director 1700 EAST TUFTS AVE. ENGLEWOOD CO 80113
Sica Frank V director CSG SYSTEMS INTERNATIONAL INC 7887 E BELLEVIEW AVE STE 1000 ENGEWOOD CO 801111
Reed Donald director 45 FREEMONT ST SAN FRANCISCO CA 94105
Obuchowski Janice I director 21700 ATLANTIC BLVD ORBITAL SCIENCES CORP DULLES VA 20166
Naik Rajan director 500 WEST MONROE STREET CHICAGO IL 60661
Unruh James A director C/O PRUDENTIAL FINANCIAL INC 751 BROAD ST. 4TH FL. NEWARK NJ 01702
Johns Rolland B officer: EVP & CFO 9555 MAROON CIRCLE ENGLEWOOD CO 80112
Schaaf David Neil officer: SVP, Chief Accounting Officer 6175 SOUTH WILLOW DRIVE GREENWOOD VILLAGE CO 80111
Griess Bret C officer: CEO and President 9555 MAROON CIRCLE ENGLEWOOD CO 80112

CSG Systems International Headlines

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