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.
CSG Systems International Beneish M-Score Chart
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CSG Systems International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.91 |
-2.62 |
-2.32 |
-2.60 |
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CSG Systems International Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.32 |
-2.37 |
-2.42 |
-2.45 |
-2.60 |
Competitive Comparison of CSG Systems International's Beneish M-Score
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's Beneish M-Score Distribution in the Software Industry
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 * 0.997 | + | 0.528 * 1.0156 | + | 0.404 * 0.9748 | + | 0.892 * 1.073 | + | 0.115 * 0.9311 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9696 | + | 4.679 * -0.030926 | - | 0.327 * 1.1049 |
| = | -2.60 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was $351 Mil.
Revenue was 297.324 + 286.868 + 286.327 + 298.739 = $1,169 Mil.
Gross Profit was 141.179 + 134.134 + 135.185 + 143.718 = $554 Mil.
Total Current Assets was $862 Mil.
Total Assets was $1,443 Mil.
Property, Plant and Equipment(Net PPE) was $100 Mil.
Depreciation, Depletion and Amortization(DDA) was $71 Mil.
Selling, General, & Admin. Expense(SGA) was $248 Mil.
Total Current Liabilities was $561 Mil.
Long-Term Debt & Capital Lease Obligation was $569 Mil.
Net Income was 12.67 + 18.694 + 13.954 + 20.928 = $66 Mil.
Non Operating Income was -9.554 + -0.339 + -3.503 + -7.626 = $-21 Mil.
Cash Flow from Operations was 79.531 + 24.582 + 12.386 + 15.397 = $132 Mil.
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Total Receivables was $328 Mil.
Revenue was 289.876 + 273.308 + 262.168 + 264.4 = $1,090 Mil.
Gross Profit was 139.722 + 134.846 + 124.034 + 125.982 = $525 Mil.
Total Current Assets was $766 Mil.
Total Assets was $1,349 Mil.
Property, Plant and Equipment(Net PPE) was $121 Mil.
Depreciation, Depletion and Amortization(DDA) was $77 Mil.
Selling, General, & Admin. Expense(SGA) was $238 Mil.
Total Current Liabilities was $527 Mil.
Long-Term Debt & Capital Lease Obligation was $429 Mil.
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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) |
| = | (351.188 / 1169.258) | / | (328.289 / 1089.752) |
| = | 0.300351 | / | 0.301251 |
| | = | 0.997 |
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) |
| = | (524.584 / 1089.752) | / | (554.216 / 1169.258) |
| = | 0.481379 | / | 0.473989 |
| | = | 1.0156 |
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 - (862.226 + 99.828) / 1443.046) | / | (1 - (765.955 + 121.474) / 1348.553) |
| = | 0.333317 | / | 0.34194 |
| | = | 0.9748 |
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 |
| = | 1169.258 | / | 1089.752 |
| | = | 1.073 |
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)) |
| = | (76.951 / (76.951 + 121.474)) | / | (71.252 / (71.252 + 99.828)) |
| = | 0.387809 | / | 0.416484 |
| | = | 0.9311 |
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) |
| = | (247.613 / 1169.258) | / | (238.018 / 1089.752) |
| = | 0.211769 | / | 0.218415 |
| | = | 0.9696 |
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) |
| = | ((569.357 + 560.836) / 1443.046) | / | ((428.676 + 527.209) / 1348.553) |
| = | 0.7832 | / | 0.708823 |
| | = | 1.1049 |
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 |
| = | (66.246 - -21.022 | - | 131.896) | / | 1443.046 |
| | = | -0.030926 |
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 -2.60 suggests that the company is unlikely to be a manipulator.
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