Invesco (Invesco) Operating Income

: $-393 Mil (TTM As of Dec. 2023)

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Invesco's Operating Income for the three months ended in Dec. 2023 was $-1,076 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was $-393 Mil.

Warning Sign:

Invesco Ltd has recorded a loss in operating income at least once over the past 3 years.

Operating Margin % is calculated as Operating Income divided by its Revenue. Invesco's Operating Income for the three months ended in Dec. 2023 was $-1,076 Mil. Invesco's Revenue for the three months ended in Dec. 2023 was $1,413 Mil. Therefore, Invesco's Operating Margin % for the quarter that ended in Dec. 2023 was -76.11%.

Invesco's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Invesco's annualized ROC % for the quarter that ended in Dec. 2023 was -11.60%. Invesco's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was -618.50%.

Invesco Operating Income Historical Data

The historical data trend for Invesco's Operating Income 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.

* Premium members only.

Invesco Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

1,428.50

1,251.20

1,722.30

1,338.90

-393.20

Invesco Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Operating Income																231.50	251.10	203.80	227.70	-1,075.80

Invesco Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $-393 Mil.

Invesco (NYSE:IVZ) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Invesco's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	-4303.2 * ( 1 - 28.54% )	/	( (26973.1	+	26050.6)	/ 2 )
=	-3075.06672	/	26511.85
=	-11.60 %

where

	Invested Capital		(Q: Sep. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	29431.5	-	1700	-	( 1555.1	-	max(0, 1700	-	2458.4	+	1555.1	))
=	26973.1

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	28933.8	-	1254.6	-	( 1931.6	-	max(0, 1254.6	-	2883.2	+	1931.6	))
=	26050.6

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

Invesco's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-3666.8	/	( ( (586.2 + max(-796.7, 0))	+	(599.5 + max(-303, 0)) )	/	2 )
=	-3666.8	/	( ( 586.2	+	599.5 )	/	2 )
=	-3666.8	/	592.85
=	-618.50 %

where Working Capital is:

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(903.3	+	0	+	4.5474735088646E-13)	-	(1700	+	0	+	0)
=	-796.7

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(951.6	+	0	+	0)	-	(1254.6	+	0	+	0)
=	-303

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Invesco's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	-1075.8	/	1413.4
	=	-76.11 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Invesco Operating Income Related Terms

Thank you for viewing the detailed overview of Invesco's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

Invesco (Invesco) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Invesco Ltd (NYSE:IVZ) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

3IW:Germany 3IW:Germany

Address

1555 Peachtree Street, N.E., Suite 1800, Two Peachtree Pointe, Atlanta, GA, USA, 30309

Website

https://www.invesco.com

Invesco provides investment-management services to retail (63% of managed assets) and institutional (37%) clients. At the end of October 2023, the firm had $1.451 trillion in assets under management spread among its equity (49% of AUM), balanced (4%), fixed-income (21%), alternative investment (12%), and money market (14%) operations. Passive products account for 35% of Invesco's total AUM, including 62% of the company's equity operations and 15% of its fixed-income platform. Invesco's U.S. retail business is one of the 10 largest nonproprietary fund complexes in the country. The firm also has a meaningful presence outside of North America, with 28% of its AUM sourced from Europe, Africa, and the Middle East (13%) and Asia (15%).

Executives

Thomas P Gibbons	director	THE BANK OF NEW YORK MELLON CORPORATION, 225 LIBERTY STREET, NEW YORK NY 10286
Martin L Flanagan	director, officer: President & CEO	1555 PEACHTREE STREET, SUITE 100, ATLANTA GA 30309
Elizabeth S. Johnson	director	CITIZENS FINANCIAL GROUP, INC., 600 WASHINGTON BLVD., STAMFORD CT 06901
Stephanie Butcher	officer: Senior Managing Director	1555 PEACHTREE ST. NE, ATLANTA GA 30309
Tony Wong	officer: Senior Managing Director	1331 SPRING STREET NW, SUITE 2500, ATLANTA GA 30309
Trian Fund Management, L.p.	director	280 PARK AVENUE, 41ST FLOOR, NEW YORK NY 10017
Jeffrey H Kupor	officer: Senior Managing Director	1331 SPRING STREET NW, SUITE 2500, ATLANTA GA 30309
Mm Asset Management Holding Llc	10 percent owner	1295 STATE STREET, SPRINGFIELD MA 01111
Terry Vacheron	officer: Chief Accounting Officer	1555 PEACHTREE ST. NE, SUITE 1800, ATLANTA GA 30309
Massmutual Holding Llc	10 percent owner	1295 STATE STREET, SPRINGFIELD MA 01111
Massachusetts Mutual Life Insurance Co	10 percent owner	1295 STATE STREET, SPRINGFIELD MA 01111
Gregory Mcgreevey	officer: Senior Managing Director	1555 PEACHTREE ST. NE, SUITE 1800, ATLANTA GA 30309
Jennifer Krevitt	officer: SMD & Chief HR Officer	1555 PEACHTREE ST. NE, SUITE 1800, ATLANTA GA 30309
Meadows Colin	officer: Senior Managing Director	1360 PEACHTREE STREET, ATLANTA GA 30309
Christopher C Womack	director