Paylocity Holding Beneish M-Score Historical Data
The historical data trend for Paylocity Holding'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.
Paylocity Holding Beneish M-Score Chart
|
Paylocity Holding Annual Data
|
|
Trend |
Jun14 |
Jun15 |
Jun16 |
Jun17 |
Jun18 |
Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.16 |
-2.29 |
-2.31 |
-1.54 |
-1.96 |
|
Paylocity Holding Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-1.61 |
-2.02 |
-1.96 |
-2.40 |
-2.38 |
Competitive Comparison of Paylocity Holding's Beneish M-Score
For the Software - Application subindustry, Paylocity Holding'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.
Paylocity Holding's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Paylocity Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Paylocity Holding's Beneish M-Score falls into.
Paylocity Holding 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 Paylocity Holding 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 * 1.0253 | + | 0.528 * 0.9759 | + | 0.404 * 0.9818 | + | 0.892 * 1.2907 | + | 0.115 * 0.8613 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.862 | + | 4.679 * -0.041057 | - | 0.327 * 0.9356 |
| = | -2.38 |
* 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 $32 Mil.
Revenue was 326.361 + 317.586 + 308.453 + 339.857 = $1,292 Mil.
Gross Profit was 218.962 + 216.119 + 211.747 + 244.143 = $891 Mil.
Total Current Assets was $3,807 Mil.
Total Assets was $4,493 Mil.
Property, Plant and Equipment(Net PPE) was $101 Mil.
Depreciation, Depletion and Amortization(DDA) was $67 Mil.
Selling, General, & Admin. Expense(SGA) was $497 Mil.
Total Current Liabilities was $3,423 Mil.
Long-Term Debt & Capital Lease Obligation was $51 Mil.
Net Income was 38.116 + 34.517 + 37.254 + 57.616 = $168 Mil.
Non Operating Income was 3.8 + 3.225 + 2.617 + 1.139 = $11 Mil.
Cash Flow from Operations was 75.07 + 62.142 + 76.616 + 127.35 = $341 Mil.
|
Total Receivables was $25 Mil.
Revenue was 273.008 + 253.28 + 228.947 + 245.97 = $1,001 Mil.
Gross Profit was 182.932 + 168.737 + 151.553 + 170.432 = $674 Mil.
Total Current Assets was $3,309 Mil.
Total Assets was $3,938 Mil.
Property, Plant and Equipment(Net PPE) was $106 Mil.
Depreciation, Depletion and Amortization(DDA) was $56 Mil.
Selling, General, & Admin. Expense(SGA) was $446 Mil.
Total Current Liabilities was $3,189 Mil.
Long-Term Debt & Capital Lease Obligation was $65 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) |
| = | (32.476 / 1292.257) | / | (24.54 / 1001.205) |
| = | 0.025131 | / | 0.02451 |
| | = | 1.0253 |
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) |
| = | (673.654 / 1001.205) | / | (890.971 / 1292.257) |
| = | 0.672843 | / | 0.689469 |
| | = | 0.9759 |
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 - (3806.698 + 100.591) / 4492.72) | / | (1 - (3309.022 + 106.11) / 3937.773) |
| = | 0.130307 | / | 0.132725 |
| | = | 0.9818 |
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 |
| = | 1292.257 | / | 1001.205 |
| | = | 1.2907 |
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)) |
| = | (55.929 / (55.929 + 106.11)) | / | (67.273 / (67.273 + 100.591)) |
| = | 0.345158 | / | 0.400759 |
| | = | 0.8613 |
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) |
| = | (496.731 / 1292.257) | / | (446.477 / 1001.205) |
| = | 0.38439 | / | 0.44594 |
| | = | 0.862 |
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) |
| = | ((50.963 + 3422.865) / 4492.72) | / | ((65.353 + 3189.103) / 3937.773) |
| = | 0.773213 | / | 0.826471 |
| | = | 0.9356 |
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 |
| = | (167.503 - 10.781 | - | 341.178) | / | 4492.72 |
| | = | -0.041057 |
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.
Paylocity Holding has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
PCTY has been successfully added to your