EXCO Resources (EXCO Resources) Operating Income : $135.2 Mil (TTM As of Dec. 2018)

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What is EXCO Resources Operating Income?

EXCO Resources's Operating Income for the three months ended in Dec. 2018 was $46.2 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2018 was $135.2 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. EXCO Resources's Operating Income for the three months ended in Dec. 2018 was $46.2 Mil. EXCO Resources's Revenue for the three months ended in Dec. 2018 was $106.9 Mil. Therefore, EXCO Resources's Operating Margin % for the quarter that ended in Dec. 2018 was 43.26%.

EXCO Resources'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. EXCO Resources's annualized ROC % for the quarter that ended in Dec. 2018 was 13.90%. EXCO Resources's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2018 was 14.13%.

EXCO Resources Operating Income Historical Data

The historical data trend for EXCO Resources'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.

EXCO Resources Operating Income Chart

EXCO Resources Annual Data

Trend

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Operating Income

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126.88

-124.51

-60.14

-40.56

135.24

EXCO Resources Quarterly Data
	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18
Operating Income	Get a 7-Day Free Trial															-64.22	27.26	30.40	31.36	46.22

EXCO Resources 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. 2018 adds up the quarterly data reported by the company within the most recent 12 months, which was $135.2 Mil.

EXCO Resources (OTCPK:EXCE) Operating Income Explanation

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

EXCO Resources's annualized ROC % for the quarter that ended in Dec. 2018 is calculated as:

	ROC % (Q: Dec. 2018 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2018 )	+	Invested Capital (Q: Dec. 2018 ))	/ count )
=	184.896 * ( 1 - 0% )	/	( (1324.038	+	1336.514)	/ 2 )
=	184.896	/	1330.276
=	13.90 %

where

	Invested Capital		(Q: Sep. 2018 )
=	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	))
=	1044.57	-	98.291	-	( 66.963	-	max(0, 572.255	-	194.496	+	66.963	))
=	1324.038

	Invested Capital		(Q: Dec. 2018 )
=	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	))
=	1032.693	-	117.329	-	( 46.541	-	max(0, 591.293	-	170.143	+	46.541	))
=	1336.514

Note: The Operating Income data used here is four times the quarterly (Dec. 2018) data.

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

EXCO Resources's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2018 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2018 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2018		Q: Dec. 2018
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	99.44	/	( ( (682.183 + max(26.628, 0))	+	(694.663 + max(3.623, 0)) )	/	2 )
=	99.44	/	( ( 708.811	+	698.286 )	/	2 )
=	99.44	/	703.5485
=	14.13 %

where Working Capital is:

	Working Capital		(Q: Sep. 2018 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(98.861	+	0	+	26.658)	-	(98.291	+	0	+	0.60000000000002)
=	26.628

	Working Capital		(Q: Dec. 2018 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(94.036	+	0	+	27.516)	-	(117.329	+	0	+	0.60000000000002)
=	3.623

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2018) EBIT data.

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

EXCO Resources's Operating Margin % for the quarter that ended in Dec. 2018 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2018 )	/	Revenue (Q: Dec. 2018 )
	=	46.224	/	106.861
	=	43.26 %

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.

EXCO Resources Operating Income Related Terms

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EXCO Resources (EXCO Resources) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » EXCO Resources Inc (OTCPK:EXCE) » Definitions » Operating Income

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Traded in Other Exchanges

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Address

12377 Merit Drive, Suite 1700, Dallas, TX, USA, 75251

Website

http://www.excoresources.com

EXCO Resources Inc is an oil and gas exploration and production company. Its operations include the exploration, acquisition, development, and production of oil and gas reserves. These activities take place in the company's onshore oilfields within the United States, and focus on shale resource plays. Its fields are located in key oil and gas areas, including Texas, Louisiana, and the Appalachian region. The Louisiana and Texas operations are the most productive fields. The majority of the company's revenue is generated from natural gas, with a smaller portion coming from oil.

Executives

Wl Ross & Co Llc	10 percent owner	2001 ROSS AVENUE, SUITE 3400, DALLAS TX 75201
Wlr Master Co-investment Gp Llc	10 percent owner	1166 AVENUE OF THE AMERICAS, NEW YORK NY 10036
Wlr Recovery Associates Iv Llc	10 percent owner	1166 AVENUE OF THE AMERICAS, NEW YORK NY 10036
Invesco Wlr Iv Associates Llc	10 percent owner	1166 AVENUE OF THE AMERICAS, NEW YORK NY 10036
Wlr Iv Parallel Esc Lp	10 percent owner	1166 AVENUE OF THE AMERICAS, 27TH FLOOR, NEW YORK NY 10036
Invesco Private Capital, Inc.	10 percent owner	1166 AVENUE OF THE AMERICAS, NEW YORK NY 10036
810679 Ontario Ltd	10 percent owner	95 WELLINGTON STREET WEST SUITE 800, TORONTO ONTARIO CANADA A6 00000
Second 1109 Holdco Ltd.	10 percent owner	95 WELLINGTON ST W STE 800, TORONTO A6 M5J 2N7
Ffhl Group Ltd	10 percent owner	FAIRFAX FINANCIAL HOLDINGS, 4405 CINNERCE CIYRT WEST, TORONTO ONTARIO A6 00000
Sixty Two Investment Co Ltd	10 percent owner	1600 CATHEDRAL PLACE, 925 W GEORGIA ST, VANCOUVER BC CANADA A1 V6C3L3
Fairfax Financial Holdings Ltd/ Can	10 percent owner	FAIRFAX FINANCIAL HOLDINGS LTD, 95 WELLINGTON ST WEST STE 800, TORONTO A6 M5J 2N7
Watsa V Prem Et Al	10 percent owner	95 WELLINGTON STREET WEST, SUITE 800, TORONTO A6 M5J 2N7
Wilder John C Jr	director	300 CRESCENT COURT, SUITE 1860, DALLAS TX 75201
Oaktree Value Opportunities Fund Holdings, L.p.	director, 10 percent owner	333 SOUTH GRAND AVENUE, 28TH FLOOR, LOS ANGELES CA 90071
Ocm Principal Opportunities Fund Iii Gp, L.p.	director, 10 percent owner	333 S. GRAND AVE., 28TH FLOOR, LOS ANGELES CA 90071