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
|
ExlService Holdings Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.93 |
-3.08 |
-2.51 |
-2.24 |
-2.39 |
|
ExlService Holdings 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
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.24 |
-2.38 |
-2.24 |
-2.34 |
-2.39 |
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 * 1.0341 | + | 0.528 * 0.9794 | + | 0.404 * 0.9365 | + | 0.892 * 1.1548 | + | 0.115 * 1.205 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.033 | + | 4.679 * -0.021484 | - | 0.327 * 0.8882 |
| = | -2.39 |
* 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 $329 Mil.
Revenue was 414.058 + 410.971 + 404.996 + 400.643 = $1,631 Mil.
Gross Profit was 151.847 + 154.969 + 151.776 + 149.174 = $608 Mil.
Total Current Assets was $680 Mil.
Total Assets was $1,442 Mil.
Property, Plant and Equipment(Net PPE) was $165 Mil.
Depreciation, Depletion and Amortization(DDA) was $71 Mil.
Selling, General, & Admin. Expense(SGA) was $319 Mil.
Total Current Liabilities was $326 Mil.
Long-Term Debt & Capital Lease Obligation was $193 Mil.
Net Income was 40.283 + 43.876 + 49.068 + 51.331 = $185 Mil.
Non Operating Income was 2.387 + -0.919 + 1.332 + 1.539 = $4 Mil.
Cash Flow from Operations was 79.038 + 68.601 + 47.534 + 16.025 = $211 Mil.
|
Total Receivables was $276 Mil.
Revenue was 374.703 + 361.351 + 346.782 + 329.208 = $1,412 Mil.
Gross Profit was 137.293 + 130.889 + 125.575 + 121.692 = $515 Mil.
Total Current Assets was $613 Mil.
Total Assets was $1,346 Mil.
Property, Plant and Equipment(Net PPE) was $138 Mil.
Depreciation, Depletion and Amortization(DDA) was $78 Mil.
Selling, General, & Admin. Expense(SGA) was $267 Mil.
Total Current Liabilities was $278 Mil.
Long-Term Debt & Capital Lease Obligation was $268 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) |
| = | (329.438 / 1630.668) | / | (275.85 / 1412.044) |
| = | 0.202026 | / | 0.195355 |
| | = | 1.0341 |
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) |
| = | (515.449 / 1412.044) | / | (607.766 / 1630.668) |
| = | 0.365037 | / | 0.37271 |
| | = | 0.9794 |
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 - (679.673 + 165.229) / 1441.972) | / | (1 - (612.794 + 138.175) / 1346.119) |
| = | 0.414065 | / | 0.442123 |
| | = | 0.9365 |
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 |
| = | 1630.668 | / | 1412.044 |
| | = | 1.1548 |
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)) |
| = | (78.065 / (78.065 + 138.175)) | / | (70.678 / (70.678 + 165.229)) |
| = | 0.361011 | / | 0.299601 |
| | = | 1.205 |
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) |
| = | (318.521 / 1630.668) | / | (267.005 / 1412.044) |
| = | 0.195332 | / | 0.189091 |
| | = | 1.033 |
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) |
| = | ((193.175 + 326.403) / 1441.972) | / | ((268.155 + 277.946) / 1346.119) |
| = | 0.360325 | / | 0.405686 |
| | = | 0.8882 |
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 |
| = | (184.558 - 4.339 | - | 211.198) | / | 1441.972 |
| | = | -0.021484 |
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 -2.39 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
EXLS has been successfully added to your