ACI Worldwide Beneish M-Score Historical Data
The historical data trend for ACI Worldwide'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.
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ACI Worldwide Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-2.90 |
-2.62 |
-2.33 |
-2.45 |
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ACI Worldwide Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.33 |
-2.49 |
-2.50 |
-2.28 |
-2.45 |
Competitive Comparison
For the Software - Infrastructure subindustry, ACI Worldwide'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.
ACI Worldwide Beneish M-Score Distribution
For the Software industry and Technology sector, ACI Worldwide's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ACI Worldwide's Beneish M-Score falls into.
ACI Worldwide 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 ACI Worldwide 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 * 1.0966 | + | 0.528 * 1.0111 | + | 0.404 * 0.9148 | + | 0.892 * 1.0216 | + | 0.115 * 0.9221 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9821 | + | 4.679 * -0.011176 | - | 0.327 * 0.9867 |
| = | -2.45 |
* 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 $452 Mil.
Revenue was 476.563 + 363.015 + 323.325 + 289.676 = $1,453 Mil.
Gross Profit was 294.874 + 185.39 + 141.982 + 111.122 = $733 Mil.
Total Current Assets was $1,407 Mil.
Total Assets was $3,445 Mil.
Property, Plant and Equipment(Net PPE) was $72 Mil.
Depreciation, Depletion and Amortization(DDA) was $134 Mil.
Selling, General, & Admin. Expense(SGA) was $250 Mil.
Total Current Liabilities was $1,037 Mil.
Long-Term Debt & Capital Lease Obligation was $993 Mil.
Net Income was 122.616 + 37.911 + -6.71 + -32.308 = $122 Mil.
Non Operating Income was -2.107 + 1.084 + -4.092 + -3.395 = $-9 Mil.
Cash Flow from Operations was 85.743 + 25.266 + 17.44 + 40.068 = $169 Mil.
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Total Receivables was $404 Mil.
Revenue was 451.805 + 306.591 + 340.425 + 323.08 = $1,422 Mil.
Gross Profit was 273.106 + 134.838 + 161.092 + 156.794 = $726 Mil.
Total Current Assets was $1,115 Mil.
Total Assets was $3,210 Mil.
Property, Plant and Equipment(Net PPE) was $93 Mil.
Depreciation, Depletion and Amortization(DDA) was $138 Mil.
Selling, General, & Admin. Expense(SGA) was $249 Mil.
Total Current Liabilities was $859 Mil.
Long-Term Debt & Capital Lease Obligation was $1,058 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) |
| = | (452.337 / 1452.579) | / | (403.781 / 1421.901) |
| = | 0.311403 | / | 0.283973 |
| | = | 1.0966 |
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) |
| = | (725.83 / 1421.901) | / | (733.368 / 1452.579) |
| = | 0.510465 | / | 0.504873 |
| | = | 1.0111 |
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 - (1406.645 + 72.194) / 3444.739) | / | (1 - (1114.805 + 92.53) / 3209.895) |
| = | 0.570696 | / | 0.623871 |
| | = | 0.9148 |
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 |
| = | 1452.579 | / | 1421.901 |
| | = | 1.0216 |
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)) |
| = | (138.364 / (138.364 + 92.53)) | / | (133.993 / (133.993 + 72.194)) |
| = | 0.599253 | / | 0.649862 |
| | = | 0.9221 |
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) |
| = | (249.829 / 1452.579) | / | (249.006 / 1421.901) |
| = | 0.17199 | / | 0.175122 |
| | = | 0.9821 |
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) |
| = | ((992.673 + 1037.249) / 3444.739) | / | ((1058.261 + 858.842) / 3209.895) |
| = | 0.589282 | / | 0.597248 |
| | = | 0.9867 |
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 |
| = | (121.509 - -8.51 | - | 168.517) | / | 3444.739 |
| | = | -0.011176 |
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.
ACI Worldwide has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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