SSP Group (SSP Group) Operating Income : $246 Mil (TTM As of Sep. 2023)

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What is SSP Group Operating Income?

SSP Group's Operating Income for the six months ended in Sep. 2023 was $185 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2023 was $246 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. SSP Group's Operating Income for the six months ended in Sep. 2023 was $185 Mil. SSP Group's Revenue for the six months ended in Sep. 2023 was $2,093 Mil. Therefore, SSP Group's Operating Margin % for the quarter that ended in Sep. 2023 was 8.85%.

SSP Group'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. SSP Group's annualized ROC % for the quarter that ended in Sep. 2023 was 6.67%. SSP Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2023 was 18.81%.

SSP Group Operating Income Historical Data

The historical data trend for SSP Group'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.

SSP Group Operating Income Chart

SSP Group Annual Data

Trend

Sep14

Sep15

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Operating Income

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271.29

-419.43

-461.54

17.10

247.03

SSP Group Semi-Annual Data
	Mar14	Sep14	Mar15	Sep15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Operating Income	Get a 7-Day Free Trial															-134.89	-72.60	79.50	60.68	185.15

SSP Group 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 Sep. 2023 adds up the semi-annually data reported by the company within the most recent 12 months, which was $246 Mil.

SSP Group (OTCPK:SSPPF) Operating Income Explanation

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

SSP Group's annualized ROC % for the quarter that ended in Sep. 2023 is calculated as:

	ROC % (Q: Sep. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Mar. 2023 )	+	Invested Capital (Q: Sep. 2023 ))	/ count )
=	370.298 * ( 1 - 38.59% )	/	( (2850.607	+	3964.975)	/ 2 )
=	227.4000018	/	3407.791
=	6.67 %

where

	Invested Capital		(Q: Mar. 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	))
=	3171.359	-	831.068	-	( 442.476	-	max(0, 1159.345	-	649.029	+	442.476	))
=	2850.607

	Invested Capital		(Q: Sep. 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	))
=	3586.881	-	295.545	-	( 375.371	-	max(0, 1305.198	-	631.559	+	375.371	))
=	3964.975

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

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

SSP Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Mar. 2023		Q: Sep. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	313.862	/	( ( (1458.374 + max(-650.972, 0))	+	(1879.208 + max(-820.297, 0)) )	/	2 )
=	313.862	/	( ( 1458.374	+	1879.208 )	/	2 )
=	313.862	/	1668.791
=	18.81 %

where Working Capital is:

	Working Capital		(Q: Mar. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(156.311	+	47.451	+	2.7909999999999)	-	(831.068	+	0	+	26.457)
=	-650.972

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(55.693	+	52.475	+	48.886)	-	(295.545	+	0	+	681.806)
=	-820.297

When net working capital is negative, 0 is used.

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

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

SSP Group's Operating Margin % for the quarter that ended in Sep. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Sep. 2023 )	/	Revenue (Q: Sep. 2023 )
	=	185.149	/	2093.193
	=	8.85 %

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.

SSP Group Operating Income Related Terms

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SSP Group (SSP Group) Business Description

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GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Restaurants » SSP Group PLC (OTCPK:SSPPF) » Definitions » Operating Income

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SSPGl:UK SSPG:UK

Address

32 Jamestown Road, London, GBR, NW1 7HW

Website

https://www.foodtravelexperts.com

SSP Group PLC operates food and beverage units in travel locations such as airports and railway stations. Units range from coffee shops and sandwich bars to casual and fine-dining restaurants. Its units operate under more than 300 different brand names, including both proprietary brands and franchised brands, such as Starbucks and Burger King. Its segments include the UK, Continental Europe, North America and the APAC and EEME.