Shanda Games (Shanda Games) EBIT : $213.0 Mil (TTM As of Dec. 2014)

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What is Shanda Games EBIT?

Shanda Games's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2014 was $213.0 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2014 was $213.0 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Shanda Games's annualized ROC % for the quarter that ended in Dec. 2014 was 28.36%. Shanda Games's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2014 was 786.68%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Shanda Games's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2014 was 19.89%.

Shanda Games EBIT Historical Data

The historical data trend for Shanda Games's EBIT 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.

Shanda Games EBIT Chart

Shanda Games Annual Data

Trend

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Dec13

Dec14

EBIT

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243.94

285.83

400.73

329.72

213.04

Shanda Games Semi-Annual Data
	Dec07	Dec08	Dec09	Dec10	Dec11	Dec12	Dec13	Dec14
EBIT	Get a 7-Day Free Trial			243.94	285.83	400.73	329.72	213.04

Competitive Comparison of Shanda Games's EBIT

For the Electronic Gaming & Multimedia subindustry, Shanda Games's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT 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.

Shanda Games's EV-to-EBIT Distribution in the Interactive Media Industry

For the Interactive Media industry and Communication Services sector, Shanda Games's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Shanda Games's EV-to-EBIT falls into.

Shanda Games EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

For stock reported annually, GuruFocus uses latest annual data as the TTM data. EBIT for the trailing twelve months (TTM) ended in Dec. 2014 was $213.0 Mil.

Shanda Games (NAS:GAME) EBIT Explanation

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

Shanda Games's annualized ROC % for the quarter that ended in Dec. 2014 is calculated as:

	ROC % (Q: Dec. 2014 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2013 )	+	Invested Capital (Q: Dec. 2014 ))	/ count )
=	191.318 * ( 1 - 19.49% )	/	( (813.665	+	272.47)	/ 2 )
=	154.0301218	/	543.0675
=	28.36 %

where

	Invested Capital		(Q: Dec. 2013 )
=	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	))
=	844.189	-	141.489	-	( 395.667	-	max(0, 614.666	-	503.701	+	395.667	))
=	813.665

	Invested Capital		(Q: Dec. 2014 )
=	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	))
=	589.384	-	110.056	-	( 281.136	-	max(0, 170.871	-	377.729	+	281.136	))
=	272.47

Note: The Operating Income data used here is one times the annual (Dec. 2014) data.

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

Shanda Games's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2014 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2014 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2013		Q: Dec. 2014
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	213.044	/	( ( (31.444 + max(-266.494, 0))	+	(22.719 + max(-74.278, 0)) )	/	2 )
=	213.044	/	( ( 31.444	+	22.719 )	/	2 )
=	213.044	/	27.0815
=	786.68 %

where Working Capital is:

	Working Capital		(Q: Dec. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(31.827	+	0	+	58.206)	-	(141.489	+	214.638	+	0.39999999999998)
=	-266.494

	Working Capital		(Q: Dec. 2014 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(37.423	+	0	+	59.17)	-	(110.056	+	60.815	+	2.8421709430404E-14)
=	-74.278

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (Dec. 2014) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Shanda Games's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Dec. 2014 )
	=	213.044	/	1070.863
	=	19.89 %

Shanda Games EBIT Related Terms

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Shanda Games (Shanda Games) Business Description

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Address

Website

http://www.shandagames.com

Shanda Games Ltd was incorporated in the Cayman Islands on June 12, 2008. The Company is an online game company in China in terms of the size, diversity of its game portfolio, game revenues and game player base. It completed its initial public offering on September 30, 2009. It develop and source a broad array of game content through multiple channels, including in-house development, licensing, investment, acquisition, joint development and joint operation. As of March 31, 2015, it operated 35 MMO games and 29 mobile games in China and certain overseas markets. The games operated by the Company are: Mir II, BNB, Woool, Legend of Immortals, Age of Wushu, among others. It competes with other online game developers and operators in China, including Tencent Holdings Limited, NetEase, Inc., Changyou.com Limited, Perfect World Co., Ltd., Giant Interactive, Kingsoft, KongZhong Corporation, NetDragon Websoft, Inc. and The9 Limited.