Nuance Communications Beneish M-Score Historical Data
The historical data trend for Nuance Communications'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.
Nuance Communications Beneish M-Score Chart
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Nuance Communications Annual Data
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| Beneish M-Score |
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-2.76 |
-2.92 |
-2.90 |
-3.01 |
-2.75 |
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Nuance Communications Quarterly Data
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Mar17 |
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Dec21 |
| Beneish M-Score |
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-2.95 |
-2.89 |
-2.88 |
-2.75 |
-2.84 |
Competitive Comparison of Nuance Communications's Beneish M-Score
For the Software - Application subindustry, Nuance Communications'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.
Nuance Communications's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Nuance Communications's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nuance Communications's Beneish M-Score falls into.
Nuance Communications 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 Nuance Communications 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 * 0.7888 | + | 0.528 * 1.0078 | + | 0.404 * 1.089 | + | 0.892 * 1.0552 | + | 0.115 * 0.9704 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.96 | + | 4.679 * -0.074744 | - | 0.327 * 0.7283 |
| = | -2.84 |
* 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 (Dec21) TTM: | Last Year (Dec20) TTM: |
Total Receivables was $180 Mil.
Revenue was 321.435 + 333.067 + 336.582 + 346.977 = $1,338 Mil.
Gross Profit was 181.558 + 192.421 + 206.654 + 220.338 = $801 Mil.
Total Current Assets was $476 Mil.
Total Assets was $3,237 Mil.
Property, Plant and Equipment(Net PPE) was $226 Mil.
Depreciation, Depletion and Amortization(DDA) was $93 Mil.
Selling, General, & Admin. Expense(SGA) was $435 Mil.
Total Current Liabilities was $841 Mil.
Long-Term Debt & Capital Lease Obligation was $576 Mil.
Net Income was -57.559 + -11.72 + -26.267 + -3.634 = $-99 Mil.
Non Operating Income was -8.489 + -10.596 + -34.919 + -3.565 = $-58 Mil.
Cash Flow from Operations was 13.85 + 50.178 + 47.841 + 88.432 = $200 Mil.
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Total Receivables was $216 Mil.
Revenue was 345.753 + 307.739 + 298.62 + 315.924 = $1,268 Mil.
Gross Profit was 213.975 + 180.798 + 178.32 + 191.867 = $765 Mil.
Total Current Assets was $784 Mil.
Total Assets was $3,648 Mil.
Property, Plant and Equipment(Net PPE) was $240 Mil.
Depreciation, Depletion and Amortization(DDA) was $95 Mil.
Selling, General, & Admin. Expense(SGA) was $429 Mil.
Total Current Liabilities was $1,596 Mil.
Long-Term Debt & Capital Lease Obligation was $596 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) |
| = | (180.171 / 1338.061) | / | (216.447 / 1268.036) |
| = | 0.134651 | / | 0.170695 |
| | = | 0.7888 |
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) |
| = | (764.96 / 1268.036) | / | (800.971 / 1338.061) |
| = | 0.603264 | / | 0.598606 |
| | = | 1.0078 |
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 - (475.804 + 225.609) / 3236.557) | / | (1 - (784.202 + 239.811) / 3647.685) |
| = | 0.783284 | / | 0.71927 |
| | = | 1.089 |
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 |
| = | 1338.061 | / | 1268.036 |
| | = | 1.0552 |
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)) |
| = | (95.014 / (95.014 + 239.811)) | / | (93.242 / (93.242 + 225.609)) |
| = | 0.283772 | / | 0.292431 |
| | = | 0.9704 |
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) |
| = | (434.825 / 1338.061) | / | (429.255 / 1268.036) |
| = | 0.324967 | / | 0.33852 |
| | = | 0.96 |
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) |
| = | ((575.629 + 841.163) / 3236.557) | / | ((596.316 + 1596.08) / 3647.685) |
| = | 0.437747 | / | 0.601038 |
| | = | 0.7283 |
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 |
| = | (-99.18 - -57.569 | - | 200.301) | / | 3236.557 |
| | = | -0.074744 |
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.
Nuance Communications has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.
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