Artio Global Investors, (FRA:A1I) EBIT : €-28.81 Mil (TTM As of Mar. 2013)

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What is Artio Global Investors, EBIT?

Artio Global Investors,'s earnings before interest and taxes (EBIT) for the three months ended in Mar. 2013 was €-8.97 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Mar. 2013 was €-28.81 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Artio Global Investors,'s annualized ROC % for the quarter that ended in Mar. 2013 was -77.43%. Artio Global Investors,'s annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2013 was %.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Artio Global Investors,'s Earnings Yield (Joel Greenblatt) % for the quarter that ended in Mar. 2013 was -22.75%.

Artio Global Investors, EBIT Historical Data

The historical data trend for Artio Global Investors,'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.

Artio Global Investors, EBIT Chart

Artio Global Investors, Annual Data

Trend

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

EBIT

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83.42

-156.77

130.95

85.66

-13.32

Artio Global Investors, Quarterly Data
	Dec08	Jun09	Sep09	Dec09	Mar10	Jun10	Sep10	Dec10	Mar11	Jun11	Sep11	Dec11	Mar12	Jun12	Sep12	Dec12	Mar13
EBIT	Get a 7-Day Free Trial												6.23	2.00	-18.71	-3.13	-8.97

Competitive Comparison of Artio Global Investors,'s EBIT

For the Asset Management subindustry, Artio Global Investors,'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.

Artio Global Investors,'s EV-to-EBIT Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, Artio Global Investors,'s EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Artio Global Investors,'s EV-to-EBIT falls into.

Artio Global Investors, 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.

EBIT for the trailing twelve months (TTM) ended in Mar. 2013 adds up the quarterly data reported by the company within the most recent 12 months, which was €-28.81 Mil.

Artio Global Investors, (FRA:A1I) EBIT Explanation

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

Artio Global Investors,'s annualized ROC % for the quarter that ended in Mar. 2013 is calculated as:

	ROC % (Q: Mar. 2013 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2012 )	+	Invested Capital (Q: Mar. 2013 ))	/ count )
=	-35.864 * ( 1 - -2.71% )	/	( (68.721	+	26.421)	/ 2 )
=	-36.8359144	/	47.571
=	-77.43 %

where

	Invested Capital		(Q: Dec. 2012 )
=	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	))
=	165.049	-	30.322	-	( 69.914	-	max(0, 43.261	-	109.267	+	69.914	))
=	68.721

	Invested Capital		(Q: Mar. 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	))
=	144.082	-	18.405	-	( 99.256	-	max(0, 31.568	-	144.082	+	99.256	))
=	26.421

Note: The Operating Income data used here is four times the quarterly (Mar. 2013) data.

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

Artio Global Investors,'s annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2013 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2013 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2012		Q: Mar. 2013
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-35.864	/	( ( (0 + max(-30.962, 0))	+	(0 + max(-16.058, 0)) )	/	2 )
=	-35.864	/	( ( 0	+	0 )	/	2 )
=	-35.864	/	0
=	%

where Working Capital is:

	Working Capital		(Q: Dec. 2012 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	12.299)	-	(30.322	+	0	+	12.939)
=	-30.962

	Working Capital		(Q: Mar. 2013 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	15.51)	-	(18.405	+	0	+	13.163)
=	-16.058

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2013) EBIT data.

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

Artio Global Investors,'s Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Mar. 2013 )
	=	-28.809	/	126.606
	=	-22.75 %

Artio Global Investors, EBIT Related Terms

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Artio Global Investors, (FRA:A1I) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » Artio Global Investors, Inc. (FRA:A1I) » Definitions » EBIT

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Address

Website

Artio Global Investors Inc. was incorporated in Delaware. The Company is an asset management Company that provides investment management services to institutional and mutual fund clients. In addition to International Equity, it offers a select group of other equity and fixed income strategies, including Global Equity, a series of U.S. Equity strategies, High Grade Fixed Income, High Yield and Local Emerging Markets Debt. Currently, it manage and advise the following investment vehicles through which clients can access its investment capabilities: proprietary funds; commingled institutional investment vehicles; institutional separate accounts; sub-advisory accounts; and a hedge fund. Its operations and clients are based principally in the U.S.; however, a substantial portion of its AuM is invested outside of the U.S. Its revenues are mainly billed in U.S. dollars, driven by investment management fees earned from managing clients' assets, and are calculated on the U.S. dollar value of the investment assets it manage for clients. Its distribution efforts target institutions and organizations that demonstrate institutional buying behavior and longer-term investment horizons, such as pension fund consultants, broker dealers, registered investment advisors ('RIAs'), mutual fund platforms and sub-advisory relationships, enabling it to achieve significant leverage from its focused sales force and client service infrastructure. It also manage assets for more than 700,000 retail mutual fund shareholders through SEC-registered funds and other retail investors through 10 funds that it sub-advise for others. It competes in all aspects of its business with other investment management companies. The Company's business is subject to extensive regulation in the U.S. at both the federal and state level, as well as by self-regulatory organizations and outside the U.S.

Artio Global Investors, (FRA:A1I) Headlines

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