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VOXX International Beneish M-Score

: -2.54 (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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

VOXX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.61   Med: -2.45   Max: -0.5
Current: -2.54

During the past 13 years, the highest Beneish M-Score of VOXX International was -0.50. The lowest was -3.61. And the median was -2.45.


VOXX International Beneish M-Score Historical Data

The historical data trend for VOXX 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.

VOXX International Annual Data
Trend Feb13 Feb14 Feb15 Feb16 Feb17 Feb18 Feb19 Feb20 Feb21 Feb22
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.82 -2.84 -2.63 -2.38 -2.40

VOXX International Quarterly Data
Aug17 Nov17 Feb18 May18 Aug18 Nov18 Feb19 May19 Aug19 Nov19 Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22
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 -1.64 -2.36 -2.61 -2.40 -2.54

Competitive Comparison

For the Consumer Electronics subindustry, VOXX 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.

   

VOXX International Beneish M-Score Distribution

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

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



VOXX 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 VOXX 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 * 0.8698+0.528 * 1.0539+0.404 * 1.1123+0.892 * 0.9983+0.115 * 0.8792
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0637+4.679 * 0.0288-0.327 * 1.3845
=-2.54

* 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 (May22) TTM:Last Year (May21) TTM:
Total Receivables was $83.6 Mil.
Revenue was 128.732 + 163.88 + 191.871 + 143.109 = $627.6 Mil.
Gross Profit was 33.239 + 43.893 + 51.704 + 37.186 = $166.0 Mil.
Total Current Assets was $290.1 Mil.
Total Assets was $541.1 Mil.
Property, Plant and Equipment(Net PPE) was $54.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.7 Mil.
Selling, General, & Admin. Expense(SGA) was $127.7 Mil.
Total Current Liabilities was $168.2 Mil.
Long-Term Debt & Capital Lease Obligation was $18.0 Mil.
Net Income was -6.527 + 2.761 + -28.121 + 0.311 = $-31.6 Mil.
Non Operating Income was -1.649 + 0.296 + -37.723 + 0.09 = $-39.0 Mil.
Cash Flow from Operations was -22.267 + 7.048 + -4.479 + 11.514 = $-8.2 Mil.
Total Receivables was $96.3 Mil.
Revenue was 137.06 + 162.521 + 201.065 + 128.032 = $628.7 Mil.
Gross Profit was 36.695 + 42.368 + 58.128 + 38.076 = $175.3 Mil.
Total Current Assets was $297.6 Mil.
Total Assets was $525.8 Mil.
Property, Plant and Equipment(Net PPE) was $56.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.3 Mil.
Selling, General, & Admin. Expense(SGA) was $120.3 Mil.
Total Current Liabilities was $121.6 Mil.
Long-Term Debt & Capital Lease Obligation was $9.0 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)
=(83.611 / 627.592) / (96.295 / 628.678)
=0.13322509 / 0.15317062
=0.8698

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)
=(175.267 / 628.678) / (166.022 / 627.592)
=0.2787866 / 0.26453811
=1.0539

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 - (290.133 + 54.068) / 541.097) / (1 - (297.592 + 56.218) / 525.838)
=0.363883 / 0.32715019
=1.1123

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
=627.592 / 628.678
=0.9983

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))
=(11.297 / (11.297 + 56.218)) / (12.708 / (12.708 + 54.068))
=0.16732578 / 0.1903079
=0.8792

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)
=(127.734 / 627.592) / (120.29 / 628.678)
=0.20353032 / 0.19133801
=1.0637

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)
=((17.964 + 168.157) / 541.097) / ((9.029 + 121.615) / 525.838)
=0.34396975 / 0.24844914
=1.3845

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
=(-31.576 - -38.986 - -8.184) / 541.097
=0.0288

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.

VOXX International has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.


VOXX International Beneish M-Score Related Terms

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VOXX International Business Description

VOXX International logo
Traded in Other Exchanges
Address
2351 J. Lawson Boulevard, Orlando, FL, USA, 32824
VOXX International Corp is a manufacturer and supplier of consumer electronic products in the automotive, premium audio, and accessory industries. The company markets its products under the Audiovox brand name and other brand names and licensed brands. The company operates in three segments: Automotive Electronics, Consumer Electronics, and Biometrics. The company's product portfolio comprises rear-seat entertainment devices, satellite radio products, automotive security, digital TV tuners, mobile antennas, location-based services, high-end loudspeakers, digital living network alliance compatible devices, wireless and Bluetooth speakers, 360 Fly Action Cameras, reception and digital consumer products.
Executives
Kahli Beat 10 percent owner AVALON GROUP INTERNATIONAL, LLC 3801 AVALON PARK EAST BLVD., STE 400 ORLANDO FL 32828
Kahli Holding Ag 10 percent owner RIESBACHSTRASSE 57 ZURICH V8 8008
Mas Edward David officer: President Voxx Automotive Corp C/O VOXX INTERNATIONAL CORPORATION 180 MARCUS BOULEVARD HAUPPAUGE NY 11788
Adamovich John Jr director 180 MARCUS BLVD C/O VOXX INTERNATIONAL CORPORATION HAUPPAUGE NY 11788
Bernardo Oscar Leonard officer: COO Klipsch Group Inc. C/O VOXX INTERNATIONAL CORPORATION 180 MARCUS BLVD HAUPPAUGE NY 11788
Geise Ian Sebastian officer: President Voxx Accessories C/O VOXX INTERNATIONAL CORPORATION 180 MARCUS BLVD HAUPPAUGE NY 11788
Gibson Denise W. director 140 SCHOOL STREET LIBERTYVILLE IL 60048
Geis Ludwig officer: CEO VOXX Hirschmann Corp STUTTGARTER STRASSE 45 - 51 NECKARTENZLINGEN 2M 72654
Glasgow Stan director C/O VOXX INTERNATIONAL CORPORATION 180 MARCUS BLVD. HAUPPAUGE NY 11788
Kelley David P officer: Pres of Global Com for Klipsch 180 MARCUS BOULEVARD C/O AUDIOVOX CORPORATION HAUPPAUGE X1 11788
Farrar Frederick L officer: EVP/CFO for KGI C/O WINDROSE MEDICAL PROPERTIES TRUST 3502 WOODVIEW TRACE #210 INDIANAPOLIS IN 46268
Klipsch Michael F officer: Pres. Global Operations of KGI 180 MARCUS BOULEVARD C/O AUDIOVOX CORPORATION HAUPPAUGE X1 11788
Jacobs Paul officer: President & CEO of KGI 180 MARCUS BOULEVARD C/O AUDIOVOX CORPORATION HAUPPAUGE X1 11788
Shalam Ari director C/O AUDIOVOX CORP 150 MARCUS BLVD HAUPPAUGE NY 11788
Klipsch Fred S director

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