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# EBIT

: \$ Mil (TTM As of . 20)
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's earnings before interest and taxes (EBIT) for the six months ended in . 20 was \$0.00 Mil.

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

EBIT is also linked to Joel Greenblatt's definition of earnings yield.

## EBIT Historical Data

* 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.

Annual Data
Trend
EBIT

 Semi-Annual Data EBIT

## 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 semi-annually, GuruFocus uses latest annual data as the TTM data. EBIT for the trailing twelve months (TTM) ended in . 20 was \$ Mil.

* 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.

(:) EBIT Explanation

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

's annualized ROC % for the quarter that ended in . 20 is calculated as:

 ROC % (Q: . 20 ) = NOPAT / Average Invested Capital = Operating Income * ( 1 - Tax Rate % ) / ( (Invested Capital (Q: . 20 ) + Invested Capital (Q: . 20 )) / count ) = * ( 1 - % ) / ( ( + ) / ) = / = %

where

 Invested Capital (Q: . 20 ) = 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 )) = - - ( - max(0, - + )) =

 Invested Capital (Q: . 20 ) = 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 )) = - - ( - max(0, - + )) =

Note: The Operating Income data used here is one times the annual (. 20) data.

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

's annualized ROC (Joel Greenblatt) % for the quarter that ended in . 20 is calculated as:

 ROC (Joel Greenblatt) % (Q: . 20 ) = EBIT / Average of (Net fixed Assets + Net Working Capital) = EBIT / Average of (Property, Plant and Equipment + Net Working Capital) Q: . 20 Q: . 20 = EBIT / ( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) ) / count ) = / ( ( ( + max(, 0)) + ( + max(, 0)) ) / ) = / ( ( + ) / ) = / = %

where Working Capital is:

 Working Capital (Q: . 20 ) = (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities) = ( + + ) - ( + + ) =

 Working Capital (Q: . 20 ) = (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities) = ( + + ) - ( + + ) =

When net working capital is negative, 0 is used.

Note: The EBIT data used here is one times the annual (. 20) EBIT data.

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

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

 Earnings Yield (Joel Greenblatt) % = EBIT (TTM) / Enterprise Value (Q: . 20 ) = / = %

* 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.