Total System Services Beneish M-Score Historical Data
The historical data trend for Total System Services'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.
Total System Services Beneish M-Score Chart
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Total System Services Annual Data
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Trend |
Dec09 |
Dec10 |
Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
| Beneish M-Score |
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-2.63 |
-2.70 |
-2.39 |
-2.65 |
-2.83 |
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Total System Services Quarterly Data
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Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
Jun16 |
Sep16 |
Dec16 |
Mar17 |
Jun17 |
Sep17 |
Dec17 |
Mar18 |
Jun18 |
Sep18 |
Dec18 |
Mar19 |
Jun19 |
| Beneish M-Score |
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-2.76 |
-2.60 |
-2.83 |
-2.72 |
-2.63 |
Competitive Comparison of Total System Services's Beneish M-Score
For the Software - Infrastructure subindustry, Total System Services'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.
Total System Services's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Total System Services's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Total System Services's Beneish M-Score falls into.
Total System Services 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 Total System Services 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 * 1.3097 | + | 0.528 * 0.8326 | + | 0.404 * 0.9572 | + | 0.892 * 0.9087 | + | 0.115 * 1.231 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.157 | + | 4.679 * -0.045684 | - | 0.327 * 1.0146 |
| = | -2.60 |
* 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 $628 Mil.
Revenue was 1035.485 + 1034.531 + 1018.09 + 1015.371 = $4,103 Mil.
Gross Profit was 404.665 + 402.319 + 381.154 + 391.008 = $1,579 Mil.
Total Current Assets was $1,240 Mil.
Total Assets was $7,707 Mil.
Property, Plant and Equipment(Net PPE) was $572 Mil.
Depreciation, Depletion and Amortization(DDA) was $434 Mil.
Selling, General, & Admin. Expense(SGA) was $711 Mil.
Total Current Liabilities was $501 Mil.
Long-Term Debt & Capital Lease Obligation was $4,210 Mil.
Net Income was 162.76 + 161.607 + 136.42 + 155.96 = $617 Mil.
Non Operating Income was 5.598 + -0.222 + -2.852 + -0.201 = $2 Mil.
Cash Flow from Operations was 167.841 + 227.589 + 289.159 + 281.915 = $967 Mil.
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Total Receivables was $527 Mil.
Revenue was 1007.58 + 987.17 + 1273.289 + 1247.576 = $4,516 Mil.
Gross Profit was 389.762 + 373.805 + 334.183 + 349.105 = $1,447 Mil.
Total Current Assets was $1,137 Mil.
Total Assets was $7,466 Mil.
Property, Plant and Equipment(Net PPE) was $363 Mil.
Depreciation, Depletion and Amortization(DDA) was $411 Mil.
Selling, General, & Admin. Expense(SGA) was $676 Mil.
Total Current Liabilities was $446 Mil.
Long-Term Debt & Capital Lease Obligation was $4,053 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) |
| = | (627.725 / 4103.477) | / | (527.434 / 4515.615) |
| = | 0.152974 | / | 0.116802 |
| | = | 1.3097 |
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) |
| = | (1446.855 / 4515.615) | / | (1579.146 / 4103.477) |
| = | 0.320412 | / | 0.384831 |
| | = | 0.8326 |
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 - (1239.827 + 572.407) / 7706.806) | / | (1 - (1137.022 + 363.336) / 7466.49) |
| = | 0.764853 | / | 0.799054 |
| | = | 0.9572 |
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 |
| = | 4103.477 | / | 4515.615 |
| | = | 0.9087 |
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)) |
| = | (411.048 / (411.048 + 363.336)) | / | (433.932 / (433.932 + 572.407)) |
| = | 0.530806 | / | 0.431199 |
| | = | 1.231 |
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) |
| = | (711.02 / 4103.477) | / | (676.273 / 4515.615) |
| = | 0.173273 | / | 0.149763 |
| | = | 1.157 |
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) |
| = | ((4209.84 + 501.327) / 7706.806) | / | ((4053.187 + 445.573) / 7466.49) |
| = | 0.6113 | / | 0.602527 |
| | = | 1.0146 |
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 |
| = | (616.747 - 2.323 | - | 966.504) | / | 7706.806 |
| | = | -0.045684 |
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.
Total System Services has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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