Student Transportation (Student Transportation) Operating Income : $37.6 Mil (TTM As of Dec. 2017)

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What is Student Transportation Operating Income?

Student Transportation's Operating Income for the three months ended in Dec. 2017 was $18.9 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2017 was $37.6 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Student Transportation's Operating Income for the three months ended in Dec. 2017 was $18.9 Mil. Student Transportation's Revenue for the three months ended in Dec. 2017 was $193.9 Mil. Therefore, Student Transportation's Operating Margin % for the quarter that ended in Dec. 2017 was 9.77%.

Student Transportation'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. Student Transportation's annualized ROC % for the quarter that ended in Dec. 2017 was 21.93%. Student Transportation's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2017 was 24.94%.

Student Transportation Operating Income Historical Data

The historical data trend for Student Transportation'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.

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Student Transportation Operating Income Chart

Student Transportation Annual Data

Trend

Jun08

Jun09

Jun10

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Jun12

Jun13

Jun14

Jun15

Jun16

Jun17

Operating Income

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16.93

15.81

17.17

25.43

27.99

Student Transportation Quarterly Data
	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17
Operating Income	Get a 7-Day Free Trial															13.10	15.99	11.95	-9.28	18.95

Student Transportation 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. 2017 adds up the quarterly data reported by the company within the most recent 12 months, which was $37.6 Mil.

Student Transportation (NAS:STB) Operating Income Explanation

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

Student Transportation's annualized ROC % for the quarter that ended in Dec. 2017 is calculated as:

	ROC % (Q: Dec. 2017 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2017 )	+	Invested Capital (Q: Dec. 2017 ))	/ count )
=	75.78 * ( 1 - -62.6% )	/	( (557.542	+	566.277)	/ 2 )
=	123.21828	/	561.9095
=	21.93 %

where

	Invested Capital		(Q: Sep. 2017 )
=	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	))
=	596.973	-	34.398	-	( 5.033	-	max(0, 62.857	-	119.838	+	5.033	))
=	557.542

	Invested Capital		(Q: Dec. 2017 )
=	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	))
=	598.408	-	27.251	-	( 4.88	-	max(0, 57.27	-	125.275	+	4.88	))
=	566.277

Note: The Operating Income data used here is four times the quarterly (Dec. 2017) data.

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

Student Transportation's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2017 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2017 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2017		Q: Dec. 2017
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	75.892	/	( ( (251.644 + max(50.94, 0))	+	(244.1 + max(61.995, 0)) )	/	2 )
=	75.892	/	( ( 302.584	+	306.095 )	/	2 )
=	75.892	/	304.3395
=	24.94 %

where Working Capital is:

	Working Capital		(Q: Sep. 2017 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(87.522	+	4.684	+	21.591)	-	(34.398	+	4.462	+	23.997)
=	50.94

	Working Capital		(Q: Dec. 2017 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(93.095	+	4.916	+	21.254)	-	(27.251	+	2.612	+	27.407)
=	61.995

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2017) EBIT data.

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

Student Transportation's Operating Margin % for the quarter that ended in Dec. 2017 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2017 )	/	Revenue (Q: Dec. 2017 )
	=	18.945	/	193.856
	=	9.77 %

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.

Student Transportation Operating Income Related Terms

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Student Transportation (Student Transportation) Business Description

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http://www.ridesta.com

Student Transportation Inc is a Canadian company which provides school transportation and management services to public and private schools in both the United States and Canada. Services provided by the company are managed transportation which covers driver recruiting and training, safety, vehicle maintenance, insurance and routing/scheduling, special needs transportation with specially equipped buses and bus routes to specialized schools, charter services for special events and extracurricular activities, Direct-To-Parent school bus service. The company operates its business in two segments namely transportation segment and an oil and gas segment in US and Canada. The majority of the company's revenue comes from transportation business in the US.