National World (LSE:NWOR) Operating Income : £8.00 Mil (TTM As of Dec. 2023)

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What is National World Operating Income?

National World's Operating Income for the six months ended in Dec. 2023 was £5.40 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was £8.00 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. National World's Operating Income for the six months ended in Dec. 2023 was £5.40 Mil. National World's Revenue for the six months ended in Dec. 2023 was £46.80 Mil. Therefore, National World's Operating Margin % for the quarter that ended in Dec. 2023 was 11.54%.

National World'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. National World's annualized ROC % for the quarter that ended in Dec. 2023 was 39.56%. National World's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 171.43%.

National World Operating Income Historical Data

The historical data trend for National World'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.

National World Operating Income Chart

National World Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

-0.30

9.00

8.90

8.00

National World Semi-Annual Data
	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Operating Income	Get a 7-Day Free Trial			5.00	5.40	3.50	2.60	5.40

National World 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 semi-annually data reported by the company within the most recent 12 months, which was £8.00 Mil.

National World (LSE:NWOR) Operating Income Explanation

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

National World'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: Jun. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	10.8 * ( 1 - 0% )	/	( (22.4	+	32.2)	/ 2 )
=	10.8	/	27.3
=	39.56 %

where

	Invested Capital		(Q: Jun. 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	))
=	55.5	-	18.8	-	( 22.1	-	max(0, 20.9	-	35.2	+	22.1	))
=	22.4

	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	))
=	57.4	-	19.9	-	( 10.7	-	max(0, 21.7	-	27	+	10.7	))
=	32.2

Note: The Operating Income data used here is two times the semi-annual (Dec. 2023) data.

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

National World'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: Jun. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	3	/	( ( (1.6 + max(-6.2, 0))	+	(1.9 + max(-4.6, 0)) )	/	2 )
=	3	/	( ( 1.6	+	1.9 )	/	2 )
=	3	/	1.75
=	171.43 %

where Working Capital is:

	Working Capital		(Q: Jun. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(13	+	0.1	+	0)	-	(18.8	+	0	+	0.5)
=	-6.2

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(15.3	+	0	+	1)	-	(19.9	+	0	+	1)
=	-4.6

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2023) EBIT data.

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

National World'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 )
	=	5.4	/	46.8
	=	11.54 %

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.

National World Operating Income Related Terms

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National World (LSE:NWOR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Interactive Media » National World PLC (LSE:NWOR) » Definitions » Operating Income

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Address

26 Whitehall Road, No. 1 Leeds, 4th Floor, Leeds, GBR, LS12 1BE

Website

https://www.nationalworldplc.com

National World PLC is a company involved in news publishing, the digital media sector, and associated complementary technologies.

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