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Civeo Beneish M-Score

: -2.76 (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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CVEO' s Beneish M-Score Range Over the Past 10 Years
Min: -4.7   Med: -3.14   Max: -0.34
Current: -2.76

During the past 10 years, the highest Beneish M-Score of Civeo was -0.34. The lowest was -4.70. And the median was -3.14.


Civeo Beneish M-Score Historical Data

The historical data trend for Civeo'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.

Civeo Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -3.10 -0.34 -2.72 -3.45 -2.82

Civeo Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
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 -2.81 -3.02 -2.82 -2.56 -2.76

Competitive Comparison

For the Specialty Business Services subindustry, Civeo'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.

   

Civeo Beneish M-Score Distribution

For the Business Services industry and Industrials sector, Civeo's Beneish M-Score distribution charts can be found below:

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



Civeo 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 Civeo 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 * 0.9863+0.528 * 1.0083+0.404 * 1.0456+0.892 * 1.1973+0.115 * 0.8835
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9449+4.679 * -0.1101-0.327 * 0.851
=-2.76

* 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 (Jun22) TTM:Last Year (Jun21) TTM:
Total Receivables was $134.8 Mil.
Revenue was 184.954 + 165.678 + 159.794 + 155.063 = $665.5 Mil.
Gross Profit was 54.901 + 39.835 + 42.574 + 43.633 = $180.9 Mil.
Total Current Assets was $169.7 Mil.
Total Assets was $637.4 Mil.
Property, Plant and Equipment(Net PPE) was $365.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $83.7 Mil.
Selling, General, & Admin. Expense(SGA) was $64.6 Mil.
Total Current Liabilities was $119.4 Mil.
Long-Term Debt & Capital Lease Obligation was $136.5 Mil.
Net Income was 9.568 + 1.41 + 10.277 + 0.544 = $21.8 Mil.
Non Operating Income was 0.415 + 1.696 + 7.133 + -0.052 = $9.2 Mil.
Cash Flow from Operations was 21.678 + 1.953 + 25.293 + 33.891 = $82.8 Mil.
Total Receivables was $114.2 Mil.
Revenue was 154.176 + 125.43 + 133.378 + 142.857 = $555.8 Mil.
Gross Profit was 46.174 + 25.62 + 35.17 + 45.423 = $152.4 Mil.
Total Current Assets was $143.3 Mil.
Total Assets was $717.7 Mil.
Property, Plant and Equipment(Net PPE) was $464.3 Mil.
Depreciation, Depletion and Amortization(DDA) was $91.5 Mil.
Selling, General, & Admin. Expense(SGA) was $57.1 Mil.
Total Current Liabilities was $131.2 Mil.
Long-Term Debt & Capital Lease Obligation was $207.2 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)
=(134.845 / 665.489) / (114.187 / 555.841)
=0.20262544 / 0.20543105
=0.9863

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)
=(152.387 / 555.841) / (180.943 / 665.489)
=0.27415574 / 0.2718948
=1.0083

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 - (169.724 + 365.389) / 637.397) / (1 - (143.277 + 464.264) / 717.687)
=0.16047142 / 0.15347359
=1.0456

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
=665.489 / 555.841
=1.1973

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))
=(91.486 / (91.486 + 464.264)) / (83.665 / (83.665 + 365.389))
=0.16461718 / 0.1863139
=0.8835

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)
=(64.611 / 665.489) / (57.113 / 555.841)
=0.09708801 / 0.10275061
=0.9449

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)
=((136.456 + 119.353) / 637.397) / ((207.225 + 131.24) / 717.687)
=0.40133386 / 0.47160531
=0.851

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
=(21.799 - 9.192 - 82.815) / 637.397
=-0.1101

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.

Civeo has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.


Civeo Business Description

Civeo logo
Traded in Other Exchanges
Address
333 Clay Street, Three Allen Center, Suite 4980, Houston, TX, USA, 77002
Civeo Corp provides long-term and temporary remote site accommodations, logistics, and facility management services, especially to the natural resource industry. It also provides catering and food services, housekeeping, laundry, facility management, water and wastewater treatment, power generation, communications, and personnel logistics at the sites where it provides accommodation. It organizes its business under segments based on the nature of its geographical spread, which includes Canada, where it generates most of its revenues; followed by Australia and the United States.
Executives
Grewal Jagdish director 333 CLAY STREET SUITE 4980 HOUSTON TX 77065
Montelongo Michael director 203 EAST MAIN STREET SPARTANBURG SC 29319
Brewer Barclay officer: Vice President and Controller 333 CLAY STREET SUITE 4980 HOUSTON TX 77002
Gilbertson Ronald director 333 CLAY STREET HOUSTON TX 77002
Torgerson Tammy 10 percent owner 596 MCCLURE ROAD KELOWNA A1 V1W 1H3
Torgerson Family Trust 10 percent owner 596 MCCLURE ROAD KELOWNA A1 V1W 1H3
Torgerson Lance 10 percent owner 596 MCCLURE ROAD KELOWNA A1 V1W 1H3
Wall Timothy O director 333 CLAY STREET SUITE 4980 HOUSTON TX 77002
Ridley Mike officer: See Remarks 333 CLAY STREET, SUITE 4980 HOUSTON TX 77002
Schoening Allan officer: See Remarks 333 CLAY STREET, #4980 HOUSTON TX 77002
Greene Alexander David director 3200 INDUSTRIAL PARK ROAD VAN BUREN AR 72956
Weisman Marc director 160 RARITAN CENTER PARKWAY EDISON NJ 08837
Ashner Michael L director C/O WINTHROP FINANCIAL ASSOCIATES TWO JERICHO PLAZA WING A JERICHO NY 11753
Blankenship C Ronald director 5004 GREEN TREE HOUSTON TX 77056
Szalkowski Charles director 333 CLAY STREET, SUITE 4980 HOUSTON TX 77002

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