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

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What is Artio Global Investors, Operating Income?

Artio Global Investors,'s Operating Income for the three months ended in Mar. 2013 was €-8.97 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2013 was €-28.81 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Artio Global Investors,'s Operating Income for the three months ended in Mar. 2013 was €-8.97 Mil. Artio Global Investors,'s Revenue for the three months ended in Mar. 2013 was €12.04 Mil. Therefore, Artio Global Investors,'s Operating Margin % for the quarter that ended in Mar. 2013 was -74.47%.

Artio Global Investors,'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. 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 %.

Artio Global Investors, Operating Income Historical Data

The historical data trend for Artio Global Investors,'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.

Artio Global Investors, Operating Income Chart

Artio Global Investors, Annual Data

Trend

Dec07

Dec08

Dec09

Dec10

Dec11

Dec12

Operating Income

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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
Operating Income	Get a 7-Day Free Trial												6.23	2.00	-18.71	-3.13	-8.97

Artio Global Investors, 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 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) Operating Income Explanation

1. Operating Income or EBIT 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. Operating Income is also linked to Operating Margin %:

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

Operating Margin %	=	Operating Income (Q: Mar. 2013 )	/	Revenue (Q: Mar. 2013 )
	=	-8.966	/	12.04
	=	-74.47 %

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.

Artio Global Investors, Operating Income Related Terms

Thank you for viewing the detailed overview of Artio Global Investors,'s Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

Artio Global Investors, (FRA:A1I) Business Description

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

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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.

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