Remitly Global Beneish M-Score Historical Data
The historical data trend for Remitly Global'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.
Remitly Global Beneish M-Score Chart
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Remitly Global Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.15 |
0.76 |
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Remitly Global Quarterly Data
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Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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5.58 |
6.31 |
3.78 |
0.76 |
-1.06 |
Competitive Comparison of Remitly Global's Beneish M-Score
For the Software - Infrastructure subindustry, Remitly Global'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.
Remitly Global's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Remitly Global's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Remitly Global's Beneish M-Score falls into.
Remitly Global 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 Remitly Global 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 * 2.6443 | + | 0.528 * 0.8913 | + | 0.404 * 0.6218 | + | 0.892 * 1.3994 | + | 0.115 * 0.7674 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9721 | + | 4.679 * 0.000379 | - | 0.327 * 1.682 |
| = | -1.06 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was $456 Mil.
Revenue was 269.118 + 264.758 + 241.629 + 234.033 = $1,010 Mil.
Gross Profit was 159.118 + 155.723 + 134.697 + 132.363 = $582 Mil.
Total Current Assets was $972 Mil.
Total Assets was $1,079 Mil.
Property, Plant and Equipment(Net PPE) was $30 Mil.
Depreciation, Depletion and Amortization(DDA) was $14 Mil.
Selling, General, & Admin. Expense(SGA) was $440 Mil.
Total Current Liabilities was $368 Mil.
Long-Term Debt & Capital Lease Obligation was $155 Mil.
Net Income was -21.08 + -35.021 + -35.655 + -18.85 = $-111 Mil.
Non Operating Income was -1.586 + -0.064 + 0.283 + -1.546 = $-3 Mil.
Cash Flow from Operations was -56.808 + -34.468 + 32.345 + -49.171 = $-108 Mil.
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Total Receivables was $123 Mil.
Revenue was 203.865 + 191.032 + 169.259 + 157.255 = $721 Mil.
Gross Profit was 109.868 + 99.927 + 81.245 + 79.574 = $371 Mil.
Total Current Assets was $607 Mil.
Total Assets was $715 Mil.
Property, Plant and Equipment(Net PPE) was $26 Mil.
Depreciation, Depletion and Amortization(DDA) was $8 Mil.
Selling, General, & Admin. Expense(SGA) was $324 Mil.
Total Current Liabilities was $197 Mil.
Long-Term Debt & Capital Lease Obligation was $9 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) |
| = | (455.856 / 1009.538) | / | (123.19 / 721.411) |
| = | 0.451549 | / | 0.170763 |
| | = | 2.6443 |
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) |
| = | (370.614 / 721.411) | / | (581.901 / 1009.538) |
| = | 0.513735 | / | 0.576403 |
| | = | 0.8913 |
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 - (972.011 + 29.65) / 1079.201) | / | (1 - (606.938 + 25.612) / 715.185) |
| = | 0.071849 | / | 0.115544 |
| | = | 0.6218 |
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 |
| = | 1009.538 | / | 721.411 |
| | = | 1.3994 |
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)) |
| = | (8.236 / (8.236 + 25.612)) | / | (13.767 / (13.767 + 29.65)) |
| = | 0.243323 | / | 0.317088 |
| | = | 0.7674 |
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) |
| = | (440.445 / 1009.538) | / | (323.788 / 721.411) |
| = | 0.436284 | / | 0.448826 |
| | = | 0.9721 |
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) |
| = | ((155.345 + 367.845) / 1079.201) | / | ((8.665 + 197.467) / 715.185) |
| = | 0.484794 | / | 0.288222 |
| | = | 1.682 |
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 |
| = | (-110.606 - -2.913 | - | -108.102) | / | 1079.201 |
| | = | 0.000379 |
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.
Remitly Global has a M-score of -1.06 signals that the company is likely to be a manipulator.
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