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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.
The historical rank and industry rank for RPX's Beneish M-Score or its related term are showing as below:
During the past 9 years, the highest Beneish M-Score of RPX was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for RPX'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.
RPX Annual Data | |||||||||||||||||||
Trend | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | ||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -3.42 | -3.83 | -3.68 | -0.57 | -4.02 |
RPX Quarterly Data | ||||||||||||||||||||
Jun13 | Sep13 | Dec13 | Mar14 | Jun14 | Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | |
Beneish M-Score | Get a 7-Day Free Trial | -3.75 | -3.66 | -3.53 | -4.02 | -2.48 |
For the Specialty Business Services subindustry, RPX'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.
For the Business Services industry and Industrials sector, RPX's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where RPX's Beneish M-Score falls into.
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 RPX 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 * 2.1692 | + | 0.528 * 1.0747 | + | 0.404 * 0.8203 | + | 0.892 * 0.9583 | + | 0.115 * 0.9906 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0255 | + | 4.679 * -0.242744 | - | 0.327 * 0.5873 | |||||||
= | -2.48 |
* 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 (Mar18) TTM: | Last Year (Mar17) TTM: |
Total Receivables was $77.5 Mil. Revenue was 67.121 + 81.809 + 85.702 + 80.434 = $315.1 Mil. Gross Profit was 24.891 + 32.822 + 33.42 + 29.292 = $120.4 Mil. Total Current Assets was $272.2 Mil. Total Assets was $564.2 Mil. Property, Plant and Equipment(Net PPE) was $5.0 Mil. Depreciation, Depletion and Amortization(DDA) was $165.0 Mil. Selling, General, & Admin. Expense(SGA) was $93.6 Mil. Total Current Liabilities was $106.0 Mil. Long-Term Debt & Capital Lease Obligation was $0.0 Mil. Net Income was 0.08 + -95.694 + 6.366 + 4.192 = $-85.1 Mil. Non Operating Income was 0.546 + -93.888 + 0.73 + 1.119 = $-91.5 Mil. Cash Flow from Operations was 33.167 + 38.165 + 40.415 + 31.654 = $143.4 Mil. |
Total Receivables was $37.3 Mil. Revenue was 75.415 + 81.802 + 88.461 + 83.109 = $328.8 Mil. Gross Profit was 31.285 + 32.106 + 37.631 + 34.039 = $135.1 Mil. Total Current Assets was $273.6 Mil. Total Assets was $737.5 Mil. Property, Plant and Equipment(Net PPE) was $6.6 Mil. Depreciation, Depletion and Amortization(DDA) was $162.8 Mil. Selling, General, & Admin. Expense(SGA) was $95.3 Mil. Total Current Liabilities was $149.5 Mil. Long-Term Debt & Capital Lease Obligation was $86.3 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) |
= | (77.485 / 315.066) | / | (37.276 / 328.787) | |
= | 0.245933 | / | 0.113374 | |
= | 2.1692 |
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) | |
= | (135.061 / 328.787) | / | (120.425 / 315.066) | |
= | 0.410786 | / | 0.382222 | |
= | 1.0747 |
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 - (272.152 + 5.025) / 564.233) | / | (1 - (273.555 + 6.554) / 737.517) | |
= | 0.508754 | / | 0.6202 | |
= | 0.8203 |
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 | |
= | 315.066 | / | 328.787 | |
= | 0.9583 |
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)) |
= | (162.799 / (162.799 + 6.554)) | / | (165.005 / (165.005 + 5.025)) | |
= | 0.9613 | / | 0.970446 | |
= | 0.9906 |
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) |
= | (93.638 / 315.066) | / | (95.29 / 328.787) | |
= | 0.297201 | / | 0.289823 | |
= | 1.0255 |
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) |
= | ((0 + 105.982) / 564.233) | / | ((86.335 + 149.535) / 737.517) | |
= | 0.187834 | / | 0.319816 | |
= | 0.5873 |
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 | |
= | (-85.056 - -91.493 | - | 143.401) | / | 564.233 | |
= | -0.242744 |
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.
RPX has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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