Quotient Technology Inc.
QUOT Communication Services Advertising Agencies
Quotient Technology Inc.’s revenue for fiscal 2022 (year ended December 2022) was $288.8 million.
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Quotient Technology Inc. (QUOT) Beneish M-score
Quotient Technology Inc.'s Beneish M-score for fiscal 2022 is −3.74; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2022 | −3.74 | (0.90) |
| FY2021 | −2.84 | 0.29 |
| FY2020 | −3.13 | (0.25) |
| FY2019 | −2.88 | (0.66) |
| FY2018 | −2.22 | 1.25 |
| FY2017 | −3.47 | (0.74) |
| FY2016 | −2.73 | (0.07) |
| FY2015 | −2.66 | — |
How fiscal 2022’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.00 | — | 0.92 | |
| Gross margin index | 0.78 | — | 0.41 | |
| Asset quality index | 1.56 | — | 0.63 | |
| Sales growth index | 0.55 | — | 0.49 | |
| Depreciation index | 1.58 | — | 0.18 | |
| SG&A index | 1.91 | — | −0.33 | |
| Total accruals to total assets | (0.21) | — | −0.98 | |
| Leverage index | 0.71 | — | −0.23 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.74 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SDM Smart Digital Group Limited compare | −14.7× |
| QUOT Quotient Technology Inc. | −3.7× |
| EVC Entravision Communications Corporation compare | −3.1× |
| NEXN Nexxen International Ltd. Sponsored ADR compare | −3.1× |
| ADV Advantage Solutions Inc. compare | −3.0× |
| CRTO Criteo S.A. compare | −3.0× |
| NCMI National CineMedia, Inc. compare | −2.5× |
| QNST QuinStreet, Inc. compare | −2.5× |
| TJGC TJGC Group Limited compare | −1.6× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI