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CPI Card Group Beneish M-Score

: -2.45 (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 -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CPI Card Group's Beneish M-Score or its related term are showing as below:

NAS:PMTS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.81   Med: -2.92   Max: -2.22
Current: -2.45

-3.81
-2.22

During the past 9 years, the highest Beneish M-Score of CPI Card Group was -2.22. The lowest was -3.81. And the median was -2.92.


CPI Card Group Beneish M-Score Historical Data

The historical data trend for CPI Card Group'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.

CPI Card Group Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.81 -2.60 -3.33 -2.71 -2.54

CPI Card Group 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 -2.73 -2.48 -2.54 -2.22 -2.45

Competitive Comparison

For the Credit Services subindustry, CPI Card Group'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.

   

CPI Card Group Beneish M-Score Distribution

For the Credit Services industry and Financial Services sector, CPI Card Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CPI Card Group's Beneish M-Score falls into.



CPI Card Group 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 CPI Card Group 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 * 1.0029+0.528 * 0.8614+0.404 * 0.9527+0.892 * 1.2054+0.115 * 1.0663
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8577+4.679 * -0.0242-0.327 * 0.9322
=-2.45

* 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 $46.8 Mil.
Revenue was 93.219 + 89.092 + 84.14 + 82.702 = $349.2 Mil.
Gross Profit was 37.088 + 35.721 + 30.963 + 30.607 = $134.4 Mil.
Total Current Assets was $135.5 Mil.
Total Assets was $248.4 Mil.
Property, Plant and Equipment(Net PPE) was $39.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $16.4 Mil.
Selling, General, & Admin. Expense(SGA) was $68.4 Mil.
Total Current Liabilities was $53.7 Mil.
Long-Term Debt & Capital Lease Obligation was $302.9 Mil.
Net Income was 6.232 + 2.41 + 7.285 + 5.809 = $21.7 Mil.
Non Operating Income was 0.004 + -5.023 + -0.009 + 0.027 = $-5.0 Mil.
Cash Flow from Operations was 22.602 + 0.144 + 11.836 + -1.838 = $32.7 Mil.
Accounts Receivable was $38.7 Mil.
Revenue was 71.378 + 73.969 + 72.625 + 71.681 = $289.7 Mil.
Gross Profit was 23.09 + 25.648 + 21.936 + 25.357 = $96.0 Mil.
Total Current Assets was $132.2 Mil.
Total Assets was $246.5 Mil.
Property, Plant and Equipment(Net PPE) was $37.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $17.2 Mil.
Selling, General, & Admin. Expense(SGA) was $66.2 Mil.
Total Current Liabilities was $44.9 Mil.
Long-Term Debt & Capital Lease Obligation was $334.8 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)
=(46.802 / 349.153) / (38.716 / 289.653)
=0.13404439 / 0.13366338
=1.0029

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)
=(96.031 / 289.653) / (134.379 / 349.153)
=0.33153808 / 0.38487139
=0.8614

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 - (135.477 + 39.257) / 248.368) / (1 - (132.233 + 37.558) / 246.504)
=0.29647137 / 0.31120387
=0.9527

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
=349.153 / 289.653
=1.2054

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))
=(17.217 / (17.217 + 37.558)) / (16.409 / (16.409 + 39.257))
=0.31432223 / 0.29477599
=1.0663

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)
=(68.409 / 349.153) / (66.167 / 289.653)
=0.19592843 / 0.2284354
=0.8577

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)
=((302.877 + 53.744) / 248.368) / ((334.819 + 44.857) / 246.504)
=1.43585728 / 1.54024275
=0.9322

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
=(21.736 - -5.001 - 32.744) / 248.368
=-0.0242

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.

CPI Card Group has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.


CPI Card Group Beneish M-Score Related Terms

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CPI Card Group Business Description

CPI Card Group logo
Industry
Financial Services » Credit Services NAICS : 522220 SIC : 6153
Traded in Other Exchanges
Address
10368 West Centennial Road, Littleton, CO, USA, 80127
CPI Card Group Inc is a payment technology company engaged in providing financial payment card solutions and services. It offers credit, debit and prepaid cards. The business segments of the group are Debit and Credit, which produces Financial Payment Cards and provides integrated card services to card-issuing banks primarily in the United States, and Prepaid Debit, which provides integrated card services to Prepaid Debit Card program managers primarily in the United States. It derives key revenue from the Debit and Credit segment.
Executives
Scheirman Scott director, officer: President & CEO THE WESTERN UNION COMPANY 12500 EAST BELFORD AVENUE ENGLEWOOD CO 80112
Dubin Lane officer: SVP & GM of Pers., Ppd. & Iss. C/O CPI CARD GROUP INC. 10368 WEST CENTENNIAL RD. LITTLETON IL 80127
Kilgore Sarah officer: Chief Legal & Compliance Off. C/O CPI CARD GROUP, INC. 10026 WEST SAN JUAN WAY LITTLETON CO 80127
Lowe John Daniel officer: CFO C/O CPI CARD GROUP 10026 W. SAN JUAN WAY, SUITE 200 LITTLETON CO 80127
Dimaggio Guy officer: SVP and GM of Secure Card C/O CPI CARD GROUP INC. 10026 WEST SAN JUAN WAY LITTLETON CO 80127
Frasier Loretta G officer: Chief Human Resources Officer C/O CPI CARD GROUP INC. 10026 W. SAN JUAN WAY LITTLETON CO 80127
Williams Sarah Elizabeth officer: Chief Technology Officer C/O CPI CARD GROUP INC. 10026 W. SAN JUAN WAY LITTLETON CO 80127
Sheinbaum Marc director 24 DEERFIELD ROAD CHAPPAQUA NY 10514
Peters Nicholas A director 10368 WEST CENTENNIAL RD. LITTLETON CO 80127
Pearce Robert director 10368 WEST CENTENNIAL RD. LITTLETON CO 80127
Pearce Douglas director C/O CPI CARD GROUP INC. 10026 WEST SAN JUAN WAY LITTLETON CO 80127
Soranno Keating Valerie director C/O CPI CARD GROUP INC. 10026 WEST SAN JUAN WAY LITTLETON CO 80127
Jacoba Lisa officer: Chief Human Resources Officer 10368 WEST CENTENNIAL RD. LITTLETON CO 80127
Bohrer Jason officer: GM & SVP Secure Card C/O CPI CARD GROUP INC. 10368 WEST CENTENNIAL ROAD LITTLETON CO 80127
Tavares Silvio director 20 TIPTOE LANE BURLINGAME CA 94010

CPI Card Group Headlines

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