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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 Monotype Imaging Holdings's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Monotype Imaging Holdings was 0.00. The lowest was 0.00. And the median was 0.00.
The historical data trend for Monotype Imaging 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.
Monotype Imaging Holdings Annual Data | |||||||||||||||||||||
Trend | Dec09 | Dec10 | Dec11 | Dec12 | Dec13 | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.73 | -2.23 | -2.87 | -2.37 | -1.90 |
Monotype Imaging Holdings Quarterly Data | ||||||||||||||||||||
Sep14 | Dec14 | Mar15 | Jun15 | Sep15 | Dec15 | Mar16 | Jun16 | Sep16 | Dec16 | Mar17 | Jun17 | Sep17 | Dec17 | Mar18 | Jun18 | Sep18 | Dec18 | Mar19 | Jun19 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.12 | -2.20 | -1.90 | -2.03 | -2.22 |
For the Software - Application subindustry, Monotype Imaging 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.
For the Software industry and Technology sector, Monotype Imaging Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Monotype Imaging Holdings'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 Monotype Imaging 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 * 1.402 | + | 0.528 * 0.9862 | + | 0.404 * 0.9932 | + | 0.892 * 1.0044 | + | 0.115 * 1.3794 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.892 | + | 4.679 * -0.014139 | - | 0.327 * 0.9766 | |||||||
= | -2.11 |
* 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 (Jun19) TTM: | Last Year (Jun18) TTM: |
Total Receivables was $54.0 Mil. Revenue was 63.236 + 51.356 + 71.398 + 57.969 = $244.0 Mil. Gross Profit was 51.403 + 40.896 + 60.782 + 47.715 = $200.8 Mil. Total Current Assets was $115.4 Mil. Total Assets was $503.9 Mil. Property, Plant and Equipment(Net PPE) was $26.2 Mil. Depreciation, Depletion and Amortization(DDA) was $12.6 Mil. Selling, General, & Admin. Expense(SGA) was $122.2 Mil. Total Current Liabilities was $50.3 Mil. Long-Term Debt & Capital Lease Obligation was $77.1 Mil. Net Income was 10.307 + 2.66 + 9.456 + 3.321 = $25.7 Mil. Non Operating Income was -0.271 + -0.182 + -2.655 + -0.605 = $-3.7 Mil. Cash Flow from Operations was 13.006 + 4.095 + 11.389 + 8.092 = $36.6 Mil. |
Total Receivables was $38.3 Mil. Revenue was 60.687 + 56.683 + 65.016 + 60.507 = $242.9 Mil. Gross Profit was 49.871 + 43.383 + 54.008 + 49.903 = $197.2 Mil. Total Current Assets was $124.6 Mil. Total Assets was $508.0 Mil. Property, Plant and Equipment(Net PPE) was $15.5 Mil. Depreciation, Depletion and Amortization(DDA) was $12.7 Mil. Selling, General, & Admin. Expense(SGA) was $136.4 Mil. Total Current Liabilities was $46.4 Mil. Long-Term Debt & Capital Lease Obligation was $85.0 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) |
= | (53.98 / 243.959) | / | (38.335 / 242.893) | |
= | 0.221267 | / | 0.157827 | |
= | 1.402 |
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) | |
= | (197.165 / 242.893) | / | (200.796 / 243.959) | |
= | 0.811736 | / | 0.823073 | |
= | 0.9862 |
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 - (115.377 + 26.17) / 503.942) | / | (1 - (124.645 + 15.543) / 507.957) | |
= | 0.71912 | / | 0.724016 | |
= | 0.9932 |
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 | |
= | 243.959 | / | 242.893 | |
= | 1.0044 |
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)) |
= | (12.671 / (12.671 + 15.543)) | / | (12.633 / (12.633 + 26.17)) | |
= | 0.449103 | / | 0.325568 | |
= | 1.3794 |
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) |
= | (122.239 / 243.959) | / | (136.435 / 242.893) | |
= | 0.501064 | / | 0.561708 | |
= | 0.892 |
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) |
= | ((77.053 + 50.27) / 503.942) | / | ((85 + 46.418) / 507.957) | |
= | 0.252654 | / | 0.258719 | |
= | 0.9766 |
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 | |
= | (25.744 - -3.713 | - | 36.582) | / | 503.942 | |
= | -0.014139 |
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.
Monotype Imaging Holdings has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.
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Denise Warren | director | 209 REDWOOD SHORES PKWY, REDWOOD CITY CA 94065 |
Heinen Roger J Jr | director | 14 OAK PARK, BEDFORD MA 01730 |
Eileen Campbell | director | 110 E 59TH STREET, SUITE 2100, NEW YORK NY 10022 |
Peter J Simone | director | 17075 THORNMINT COURT, SANDIGO CA 92127 |
Brett Scott Zucker | officer: EVP, Chief Marketing Officer | 11 CHARLOTTES WAY, DANBURY CT 06811 |
Scott E Landers | director, officer: President and CEO | C/O MONOTYPE IMAGING INC., 500 UNICORN PARK DRIVE, WOBURN MA 01801 |
Pamela F Lenehan | director | C/O AVID TECHNOLOGY, INC., ONE PARK WEST, TEWKSBURY MA 01876 |
Joseph D Hill | officer: CFO | C/O METABOLIX, INC., 21 ERIE STREET, CAMBRIDGE MA 02139 |
Ta Associates, L.p. | director, other: See General Remarks | 200 CLARENDON STREET, 56TH FLOOR, BOSTON MA 02116 |
Ta Associates Sdf Llc | other: See General Remarks | 125 HIGH STREET, SUITE 2500, BOSTON MA 02110 |
Ta Subordinated Debt Fund Lp | other: See General Remarks | |
Ta Investors Ii L.p. | other: See General Remarks | 125 HIGH STREET, SUITE 2500, BOSTON MA 02110 |
Ta Associates Ap Iv Lp | other: See General Remarks | 125 HIGH STREET, SUITE 2500, BOSTON MA 02110 |
Ta Associates Ix Llc | other: See General Remarks | 125 HIGH STREET, SUITE 2500, BOSTON MA 02110 |
Ta / Atlantic & Pacific Iv Lp | other: See General Remarks | 125 HIGH STREET, SUITE 2500, BOSTON MA 02110 |
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