ExlService Holdings Beneish M-Score Historical Data
The historical data trend for ExlService Holdings'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.
ExlService Holdings Beneish M-Score Chart
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ExlService Holdings Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.08 |
-2.51 |
-2.24 |
-2.39 |
-2.67 |
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ExlService Holdings Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.39 |
-2.40 |
-2.51 |
-2.59 |
-2.67 |
Competitive Comparison of ExlService Holdings's Beneish M-Score
For the Information Technology Services subindustry, ExlService Holdings'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.
ExlService Holdings's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, ExlService Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ExlService Holdings's Beneish M-Score falls into.
ExlService Holdings 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 ExlService Holdings 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 * 1.0103 | + | 0.528 * 0.9915 | + | 0.404 * 0.9738 | + | 0.892 * 1.1259 | + | 0.115 * 0.9937 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0364 | + | 4.679 * -0.046733 | - | 0.327 * 1.0865 |
| = | -2.63 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was €344 Mil.
Revenue was 459.762 + 425.338 + 416.532 + 401.586 = €1,703 Mil.
Gross Profit was 175.15 + 160.619 + 154.456 + 150.036 = €640 Mil.
Total Current Assets was €759 Mil.
Total Assets was €1,546 Mil.
Property, Plant and Equipment(Net PPE) was €163 Mil.
Depreciation, Depletion and Amortization(DDA) was €71 Mil.
Selling, General, & Admin. Expense(SGA) was €345 Mil.
Total Current Liabilities was €277 Mil.
Long-Term Debt & Capital Lease Obligation was €328 Mil.
Net Income was 48.392 + 47.786 + 42.571 + 44.862 = €184 Mil.
Non Operating Income was 1.642 + 1.897 + 1.125 + 1.865 = €7 Mil.
Cash Flow from Operations was 100.605 + 99.238 + 69.591 + -20.123 = €249 Mil.
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Total Receivables was €302 Mil.
Revenue was 379.691 + 385.08 + 373.811 + 374.201 = €1,513 Mil.
Gross Profit was 139.244 + 145.206 + 140.089 + 139.329 = €564 Mil.
Total Current Assets was €623 Mil.
Total Assets was €1,322 Mil.
Property, Plant and Equipment(Net PPE) was €152 Mil.
Depreciation, Depletion and Amortization(DDA) was €66 Mil.
Selling, General, & Admin. Expense(SGA) was €295 Mil.
Total Current Liabilities was €299 Mil.
Long-Term Debt & Capital Lease Obligation was €177 Mil.
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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) |
| = | (343.61 / 1703.218) | / | (302.095 / 1512.783) |
| = | 0.201742 | / | 0.199695 |
| | = | 1.0103 |
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) |
| = | (563.868 / 1512.783) | / | (640.261 / 1703.218) |
| = | 0.372736 | / | 0.375913 |
| | = | 0.9915 |
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 - (759.405 + 162.943) / 1545.575) | / | (1 - (623.26 + 151.515) / 1322.288) |
| = | 0.403233 | / | 0.414065 |
| | = | 0.9738 |
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 |
| = | 1703.218 | / | 1512.783 |
| | = | 1.1259 |
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)) |
| = | (65.514 / (65.514 + 151.515)) | / | (71.093 / (71.093 + 162.943)) |
| = | 0.301867 | / | 0.30377 |
| | = | 0.9937 |
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) |
| = | (344.781 / 1703.218) | / | (295.486 / 1512.783) |
| = | 0.202429 | / | 0.195326 |
| | = | 1.0364 |
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) |
| = | ((327.994 + 277.061) / 1545.575) | / | ((177.141 + 299.312) / 1322.288) |
| = | 0.391476 | / | 0.360325 |
| | = | 1.0865 |
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 |
| = | (183.611 - 6.529 | - | 249.311) | / | 1545.575 |
| | = | -0.046733 |
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.
ExlService Holdings has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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