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XELA (Exela Technologies) Beneish M-Score : -4.12 (As of Mar. 17, 2025)


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What is Exela Technologies Beneish M-Score?

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 -4.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XELA' s Beneish M-Score Range Over the Past 10 Years
Min: -1049.45   Med: -3.2   Max: -1.67
Current: -4.12

During the past 10 years, the highest Beneish M-Score of Exela Technologies was -1.67. The lowest was -1049.45. And the median was -3.20.


Exela Technologies Beneish M-Score Historical Data

The historical data trend for Exela Technologies'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.

Exela Technologies Beneish M-Score Chart

Exela Technologies Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.91 -3.43 -2.81 -3.82 -3.87

Exela Technologies Quarterly Data
Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24
Beneish M-Score Get a 7-Day Free Trial 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 -2.76 -3.62 -3.87 -3.91 -4.12

Competitive Comparison of Exela Technologies's Beneish M-Score

For the Software - Application subindustry, Exela Technologies'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.


Exela Technologies's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, Exela Technologies's Beneish M-Score distribution charts can be found below:

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



Exela Technologies 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 Exela Technologies 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 * 0.6057+0.528 * 0.8865+0.404 * 1.0292+0.892 * 0.9485+0.115 * 1.0258
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0358+4.679 * -0.241812-0.327 * 1.1536
=-4.12

* 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 (Jun24) TTM:Last Year (Jun23) TTM:
Total Receivables was $62 Mil.
Revenue was 245.653 + 258.811 + 264.441 + 253.125 = $1,022 Mil.
Gross Profit was 57.689 + 56.823 + 57.995 + 54.675 = $227 Mil.
Total Current Assets was $157 Mil.
Total Assets was $588 Mil.
Property, Plant and Equipment(Net PPE) was $90 Mil.
Depreciation, Depletion and Amortization(DDA) was $58 Mil.
Selling, General, & Admin. Expense(SGA) was $157 Mil.
Total Current Liabilities was $411 Mil.
Long-Term Debt & Capital Lease Obligation was $1,048 Mil.
Net Income was -25.677 + -24.879 + -25.726 + -23.108 = $-99 Mil.
Non Operating Income was 0.627 + -1.43 + 0.874 + 1.342 = $1 Mil.
Cash Flow from Operations was 12.154 + -29.08 + 32.776 + 25.521 = $41 Mil.
Total Receivables was $108 Mil.
Revenue was 272.938 + 273.62 + 266.951 + 264.038 = $1,078 Mil.
Gross Profit was 60.879 + 57.153 + 48.1 + 46.196 = $212 Mil.
Total Current Assets was $194 Mil.
Total Assets was $675 Mil.
Property, Plant and Equipment(Net PPE) was $100 Mil.
Depreciation, Depletion and Amortization(DDA) was $67 Mil.
Selling, General, & Admin. Expense(SGA) was $160 Mil.
Total Current Liabilities was $456 Mil.
Long-Term Debt & Capital Lease Obligation was $997 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)
=(61.95 / 1022.03) / (107.833 / 1077.547)
=0.060615 / 0.100073
=0.6057

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)
=(212.328 / 1077.547) / (227.182 / 1022.03)
=0.197048 / 0.222285
=0.8865

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 - (156.601 + 89.869) / 587.953) / (1 - (193.861 + 100.372) / 675.343)
=0.5808 / 0.564321
=1.0292

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
=1022.03 / 1077.547
=0.9485

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))
=(67.076 / (67.076 + 100.372)) / (57.575 / (57.575 + 89.869))
=0.400578 / 0.390487
=1.0258

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)
=(156.897 / 1022.03) / (159.696 / 1077.547)
=0.153515 / 0.148203
=1.0358

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)
=((1048.131 + 411.029) / 587.953) / ((996.704 + 456.192) / 675.343)
=2.481763 / 2.151345
=1.1536

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
=(-99.39 - 1.413 - 41.371) / 587.953
=-0.241812

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.

Exela Technologies has a M-score of -4.12 suggests that the company is unlikely to be a manipulator.


Exela Technologies Beneish M-Score Related Terms

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Exela Technologies Business Description

Traded in Other Exchanges
N/A
Address
2701 East Grauwyler Road, Irving, TX, USA, 75061
Exela Technologies Inc is a business process automation (BPA) leader combining industry-specific and multi-industry enterprise software and solutions. The company's BPA suite of solutions is deployed in banking, healthcare, insurance, and other industries. The company's segment includes Information and Transaction Processing Solutions (ITPS), Healthcare Solutions (HS), and Legal and Loss Prevention Services (LLPS). It generates maximum revenue from the ITPS segment.
Executives
Par Chadha director, 10 percent owner
Matt Brown officer: Interim CFO 2701 E. GRAUWYLER RD., IRVING TX 75061
Shrikant Sortur officer: Senior VP, Global Finance 42579 BEECHWOOD DR, STERLING HEIGHTS MI 48314
Srinivasan Murali officer: President, Americas and APAC C/O EXELA TECHNOLOGIES, INC., 2701 E. GRAUWLER RD., IRVING TX 75038
Vitalie Robu officer: President, EMEA C/O EXELA TECHNOLOGIES, INC., 2701 E. GRAUWYLER RD., IRVING TX 75038
Mark D. Fairchild officer: President, Europe 2701 E. GRAUWYLER ROAD, IRVING TX 75061
William L Transier director 3505 W SAM HOUSTON PKWY NORTH, SUITE 400, HOUSTON TX 77043
Marc A Beilinson director 10100 SANTA MONICA BLVD STE. 1100, LOS ANGELES CA 90067
Sharon Chadha director, 10 percent owner 3003 PENNSYLVANIA AVENUE, SANTA MONICA CA 90404
Apollo Management Holdings Gp, Llc 10 percent owner 9 W. 57TH STREET, 43RD FLOOR, NEW YORK NY 10019
Delos Capital Management, Lp 10 percent owner 120 FIFTH AVENUE, THIRD FLOOR, NEW YORK NY 10011
Delos Investment Fund, Lp 10 percent owner 120 FIFTH AVENUE, 3RD FLOOR, NEW YORK NY 10011
Matthew Constantino 10 percent owner 120 FIFTH AVENUE, 3RD FLOOR, NEW YORK NY 10011
Clark Coley director 4055 VALLEY VIEW LANE, SUITE 1000, DALLAS TX 75244
Martin P. Akins director ONE EXPRESS WAY, ST. LOUIS MO 63121