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World Acceptance Beneish M-Score

: -3.07 (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 -3.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NAS:WRLD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.7   Med: -3.05   Max: 0.58
Current: -3.07

-3.7
0.58

During the past 13 years, the highest Beneish M-Score of World Acceptance was 0.58. The lowest was -3.70. And the median was -3.05.


World Acceptance Beneish M-Score Historical Data

The historical data trend for World Acceptance'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.

World Acceptance Annual Data
Trend Mar12 Mar13 Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.40 -3.32 -3.53 -3.53 -3.13

World Acceptance 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 -3.70 -3.40 -3.27 -3.13 -3.07

Competitive Comparison

For the Credit Services subindustry, World Acceptance'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.

   

World Acceptance Beneish M-Score Distribution

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

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



World Acceptance 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 World Acceptance 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+0.528 * 1+0.404 * 1.0308+0.892 * 0.9221+0.115 * 0.9112
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0235+4.679 * -0.1062-0.327 * 1.0659
=-3.07

* 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 $0.0 Mil.
Revenue was 124.158 + 139.34 + 123.641 + 118.548 = $505.7 Mil.
Gross Profit was 124.158 + 139.34 + 123.641 + 118.548 = $505.7 Mil.
Total Current Assets was $8.4 Mil.
Total Assets was $1,023.7 Mil.
Property, Plant and Equipment(Net PPE) was $114.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $13.0 Mil.
Selling, General, & Admin. Expense(SGA) was $204.6 Mil.
Total Current Liabilities was $60.6 Mil.
Long-Term Debt & Capital Lease Obligation was $557.6 Mil.
Net Income was 15.771 + 44.884 + 14.491 + 13.399 = $88.5 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0.0 Mil.
Cash Flow from Operations was 49.527 + 68.592 + 51.053 + 28.075 = $197.2 Mil.
Accounts Receivable was $0.0 Mil.
Revenue was 118.305 + 154.983 + 139.866 + 135.245 = $548.4 Mil.
Gross Profit was 118.305 + 154.983 + 139.866 + 135.245 = $548.4 Mil.
Total Current Assets was $10.0 Mil.
Total Assets was $902.6 Mil.
Property, Plant and Equipment(Net PPE) was $121.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $12.5 Mil.
Selling, General, & Admin. Expense(SGA) was $216.7 Mil.
Total Current Liabilities was $61.6 Mil.
Long-Term Debt & Capital Lease Obligation was $449.8 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)
=(0 / 505.687) / (0 / 548.399)
=0 / 0
=1

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)
=(548.399 / 548.399) / (505.687 / 505.687)
=1 / 1
=1

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 - (8.387 + 114.255) / 1023.677) / (1 - (9.96 + 121.948) / 902.645)
=0.88019463 / 0.85386503
=1.0308

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
=505.687 / 548.399
=0.9221

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))
=(12.504 / (12.504 + 121.948)) / (12.986 / (12.986 + 114.255))
=0.09299973 / 0.1020583
=0.9112

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)
=(204.569 / 505.687) / (216.744 / 548.399)
=0.4045368 / 0.39523048
=1.0235

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)
=((557.571 + 60.634) / 1023.677) / ((449.821 + 61.581) / 902.645)
=0.60390631 / 0.56655939
=1.0659

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
=(88.545 - 0 - 197.247) / 1023.677
=-0.1062

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.

World Acceptance has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.


World Acceptance Beneish M-Score Related Terms

Thank you for viewing the detailed overview of World Acceptance's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


World Acceptance Business Description

World Acceptance logo
Industry
Financial Services » Credit Services NAICS : 522291 SIC : 6141
Traded in Other Exchanges
Address
104 S. Main Street, Greenville, SC, USA, 29601
World Acceptance Corp operates a small-loan consumer finance business. The company offers short-term small installment loans, medium-term larger installment loans, related credit insurance and ancillary products and services to individuals. It also offers income tax return preparation services to its loan customers and other individuals.
Executives
Caulder Alice Lindsay officer: SVP, Human Resources 108 FREDERICK STREET GREENVILLE SC 29607
Mcintyre Scott officer: SVP, Accounting 108 FREDERICK STREET GREENVILLE SC 29607
Childers Jason E. officer: SVP, IT Strategic Solutions 108 FREDERICK STREET GREENVILLE SC 29607
Umstetter Luke J. officer: SVP, General Counsel 108 FREDERICK STREET GREENVILLE SC 29607
Prashad R Chad director, officer: President and CEO 108 FREDERICK STREET GREENVILLE SC 29607
Calmes John L Jr officer: See remarks C/O WORLD ACCEPTANCE CORPORATION 108 FREDERICK STREET GREENVILLE SC 29607
Whitaker Darrell E director 14 BATSON ORCHARD CT. TAYLORS SC 29687
Dyer Daniel Clinton officer: Chief Branch Operation Officer 230 4TH AVENUE NORTH SUITE 500 NASHVILLE TN 37219
Bramlett Ken R Jr director 2709 WATER RIDGE PARKWAY 2ND FLOOR CHARLOTTE NC 28217
Way Charles D director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: WAY CHARLES D a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Tinney Jeff L officer: SVP, Western Division 550 HIGHWAY 377 NORTH STE A WHITESBORO TX 76273
Brown Erik T. officer: SVP Central Division P.O. BOX 548 JACKSON MO 63755
Willyard Jackie C officer: SVP, Southeastern Division 108 FREDERICK STREET GREENVILLE SC 29607
Labruyere Alison N officer: SVP and General Counsel 108 FREDERICK STREET GREENVILLE SC 29607
Wanserski James H officer: Interim President & CEO C/O 22 CANTEY PLACE, NW ATLANTA 2Q 30327

World Acceptance Headlines

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