Silver Bay Realty Trust (Silver Bay Realty Trust) Operating Income : $-11.1 Mil (TTM As of Dec. 2016)

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What is Silver Bay Realty Trust Operating Income?

Silver Bay Realty Trust's Operating Income for the three months ended in Dec. 2016 was $-2.2 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2016 was $-11.1 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Silver Bay Realty Trust's Operating Income for the three months ended in Dec. 2016 was $-2.2 Mil. Silver Bay Realty Trust's Revenue for the three months ended in Dec. 2016 was $32.5 Mil. Therefore, Silver Bay Realty Trust's Operating Margin % for the quarter that ended in Dec. 2016 was -6.65%.

Silver Bay Realty Trust'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. Silver Bay Realty Trust's annualized ROC % for the quarter that ended in Dec. 2016 was -0.78%. Silver Bay Realty Trust's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2016 was 3.05%.

Silver Bay Realty Trust Operating Income Historical Data

The historical data trend for Silver Bay Realty Trust'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.

Silver Bay Realty Trust Operating Income Chart

Silver Bay Realty Trust Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Operating Income

-5.52

-23.27

-56.21

-14.42

-11.14

Silver Bay Realty Trust Quarterly Data
	Jun12	Sep12	Dec12	Mar13	Jun13	Sep13	Dec13	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16
Operating Income	Get a 7-Day Free Trial														-3.15	-4.08	-2.01	-2.89	-2.16

Silver Bay Realty Trust 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. 2016 adds up the quarterly data reported by the company within the most recent 12 months, which was $-11.1 Mil.

Silver Bay Realty Trust (NYSE:SBY) Operating Income Explanation

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

Silver Bay Realty Trust's annualized ROC % for the quarter that ended in Dec. 2016 is calculated as:

	ROC % (Q: Dec. 2016 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2016 )	+	Invested Capital (Q: Dec. 2016 ))	/ count )
=	-8.636 * ( 1 - -4.87% )	/	( (1170.916	+	1148.42)	/ 2 )
=	-9.0565732	/	1159.668
=	-0.78 %

where

	Invested Capital		(Q: Sep. 2016 )
=	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	))
=	1232.923	-	24.687	-	( 37.32	-	max(0, 39.248	-	121.383	+	37.32	))
=	1170.916

	Invested Capital		(Q: Dec. 2016 )
=	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	))
=	1218.561	-	17.862	-	( 52.279	-	max(0, 33.099	-	85.68	+	52.279	))
=	1148.42

Note: The Operating Income data used here is four times the quarterly (Dec. 2016) data.

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

Silver Bay Realty Trust's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2016 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2016 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2016		Q: Dec. 2016
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	34.128	/	( ( (1090.559 + max(44.815, 0))	+	(1103.36 + max(0.302, 0)) )	/	2 )
=	34.128	/	( ( 1135.374	+	1103.662 )	/	2 )
=	34.128	/	1119.518
=	3.05 %

where Working Capital is:

	Working Capital		(Q: Sep. 2016 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	84.063)	-	(24.687	+	14.561	+	-7.105427357601E-15)
=	44.815

	Working Capital		(Q: Dec. 2016 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	33.401)	-	(17.862	+	15.237	+	0)
=	0.302

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2016) EBIT data.

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

Silver Bay Realty Trust's Operating Margin % for the quarter that ended in Dec. 2016 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2016 )	/	Revenue (Q: Dec. 2016 )
	=	-2.159	/	32.45
	=	-6.65 %

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.

Silver Bay Realty Trust Operating Income Related Terms

Thank you for viewing the detailed overview of Silver Bay Realty Trust's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

Silver Bay Realty Trust (Silver Bay Realty Trust) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Silver Bay Realty Trust Corp (NYSE:SBY) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

N/A

Address

Website

http://www.silverbayrealtytrustcorp.com

Silver Bay Realty Trust Corp was incorporated in Maryland in June 2012. The Company is engaged in acquisition, renovation, leasing, and management of single-family properties in select markets in the United States. As of December 31, 2013, the company owned 5,642 single-family properties in Arizona, California, Florida, Georgia, Nevada, North Carolina, Ohio, and Texas, excluding properties held for sale. The Company conducts its business and owns all of its properties through Silver Bay Operating Partnership L.P., or the Operating Partnership, a Delaware limited partnership. acquire single-family properties through a variety of acquisition channels, including brokers, multiple listing services, short sales, foreclosure auctions, online auctions, and bulk purchases from institutions or investor groups. The Company face competition from individual investors, private pools of capital and other institutional buyers which may increase the prices for properties that they would like to purchase and reduce its ability to achieve its desired portfolio size or expected yields. They also compete for desirable residents against the same entities as well as multifamily lessors. The Company's properties are subject to various covenants, laws, and ordinances, and certain of its properties are also subject to the rules of the various homeowners' associations where such properties are located.

Executives

Tanuja M Dehne	director	C/O SILVER BAY REALTY TRUST CORP., 601 CARLSON PARKWAY, SUITE 250, MINNETONKA MN 55305
William Reid Sanders	director	C/O TWO HARBORS INVESTMENT CORP., 1601 UTICA AVENUE SOUTH, SUITE 900, ST. LOUIS PARK MN 55416
Thomas W Brock	director, officer: Chief Executive Officer	1290 BROADWAY, SUITE 1100, DENVER CO 80203
Stephen G Kasnet	director	1601 UTICA AVENUE SOUTH, SUITE 900, ST. LOUIS PARK MN 55416
Thomas Siering	director	TWO HARBORS INVESTMENT CORP., 601 CARLSON PARKWAY, SUITE 1400, MINNETONKA MN 55305
Daryl J Carter	director	CAPRI CAPITAL LP, 18301 VON KARMAN AVE STE 750, IRVIN CA 92612
Christine Battist	officer: Chief Financial Officer	601 CARLSON PARKWAY, SUITE 250, MINNETONKA MN 55305
Brian Taylor	director	C/O PINE RIVER CAPITAL MANAGEMENT, 601 CARLSON PARKWAY, 7TH FLOOR, MINNETONKA MN 55305
Obrien Timothy W J	officer: Secretary	TWO HARBORS INVESTMENT CORP., 601 CARLSON PARKWAY, SUITE 330, MINNETONKA MN 55305
William W Johnson	director	TWO HARBORS INVESTMENT CORP., 601 CARLSON PARKWAY, SUITE 1400, MINNETONKA MN 55305
Two Harbors Investment Corp.	10 percent owner	1601 UTICA AVENUE SOUTH, SUITE 900, ST. LOUIS PARK MN 55416
Two Harbors Operating Co Llc	10 percent owner	601 CARLSON PARKWAY, SUITE 1400, MINNETONKA MN 55305
Pine River Capital Management Llc	10 percent owner	601 CARLSON PARKWAY, 7TH FLOOR, MINNETONKA MN 55305

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