Washington Prime Group (Washington Prime Group) Operating Income : $21.98 Mil (TTM As of Jun. 2021)

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What is Washington Prime Group Operating Income?

Washington Prime Group's Operating Income for the three months ended in Jun. 2021 was $12.98 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2021 was $21.98 Mil.

Warning Sign:

Washington Prime Group Inc has recorded a loss in operating income at least once over the past 3 years.

Operating Margin % is calculated as Operating Income divided by its Revenue. Washington Prime Group's Operating Income for the three months ended in Jun. 2021 was $12.98 Mil. Washington Prime Group's Revenue for the three months ended in Jun. 2021 was $138.40 Mil. Therefore, Washington Prime Group's Operating Margin % for the quarter that ended in Jun. 2021 was 9.38%.

Warning Sign:

Washington Prime Group Inc operating margin has been in 5-year decline. The average rate of decline per year is -26.1%.

Washington Prime Group's 5-Year average Growth Rate for Operating Margin % was -26.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Washington Prime Group's annualized ROC % for the quarter that ended in Jun. 2021 was 1.25%. Washington Prime Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2021 was %.

Washington Prime Group Operating Income Historical Data

The historical data trend for Washington Prime 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.

Washington Prime Group Operating Income Chart

Washington Prime Group Annual Data

Trend

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Operating Income

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236.48

211.73

175.64

92.16

22.97

Washington Prime Group Quarterly Data
	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21
Operating Income	Get a 7-Day Free Trial															-16.02	-3.22	21.03	-8.82	12.98

Washington Prime 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 Jun. 2021 adds up the quarterly data reported by the company within the most recent 12 months, which was $21.98 Mil.

Washington Prime Group (OTCPK:WPGIQ.PFD) Operating Income Explanation

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

Washington Prime Group's annualized ROC % for the quarter that ended in Jun. 2021 is calculated as:

	ROC % (Q: Jun. 2021 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Mar. 2021 )	+	Invested Capital (Q: Jun. 2021 ))	/ count )
=	51.924 * ( 1 - -0.53% )	/	( (4510.023	+	3842.745)	/ 2 )
=	52.1991972	/	4176.384
=	1.25 %

where

	Invested Capital		(Q: Mar. 2021 )
=	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	))
=	4028.916	-	249.068	-	( 57.074	-	max(0, 889.81	-	159.635	+	57.074	))
=	4510.023

	Invested Capital		(Q: Jun. 2021 )
=	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	))
=	4031.493	-	145.875	-	( 91.318	-	max(0, 145.875	-	188.748	+	91.318	))
=	3842.745

Note: The Operating Income data used here is four times the quarterly (Jun. 2021) data.

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

Washington Prime Group's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2021 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Jun. 2021 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Mar. 2021		Q: Jun. 2021
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-201.436	/	( ( (0 + max(-146.507, 0))	+	(0 + max(-48.445, 0)) )	/	2 )
=	-201.436	/	( ( 0	+	0 )	/	2 )
=	-201.436	/	0
=	%

where Working Capital is:

	Working Capital		(Q: Mar. 2021 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(102.561	+	0	+	0)	-	(249.068	+	0	+	0)
=	-146.507

	Working Capital		(Q: Jun. 2021 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(97.43	+	0	+	0)	-	(145.875	+	0	+	0)
=	-48.445

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2021) EBIT data.

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

Washington Prime Group's Operating Margin % for the quarter that ended in Jun. 2021 is calculated as:

Operating Margin %	=	Operating Income (Q: Jun. 2021 )	/	Revenue (Q: Jun. 2021 )
	=	12.981	/	138.397
	=	9.38 %

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.

Washington Prime Group Operating Income Related Terms

Thank you for viewing the detailed overview of Washington Prime Group's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

Washington Prime Group (Washington Prime Group) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Washington Prime Group Inc (OTCPK:WPGIQ.PFD) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

N/A

Address

180 East Broad Street, Columbus, OH, USA, 43215

Website

http://www.washingtonprime.com

Washington Prime Group Inc is a self-managed real estate investment trust that invests in, manages, and develops retail properties. The company's portfolio consists of community shopping centres and malls across the United States, with most properties located in Texas, Ohio, Indiana, Illinois, and Florida. It generates the majority of revenue from leasing properties to tenants, which include department stores, restaurants, homeware and furniture stores, entertainment venues, general retailers, and cosmetic stores.

Executives

Stephan Gerber	officer: Senior VP, Property Mgmt.	C/O WASHINGTON PRIME GROUP INC., 180 EAST BROAD STREET, COLUMBUS OH 43215
Joshua Lindimore	officer: Senior VP, Head of Leasing	C/O WASHINGTON PRIME GROUP, 180 EAST BROAD STREET, COLUMBUS OH 43215
Armand Mastropietro	officer: Exec VP, Property Management	C/O GLIMCHER REALTY TRUST, 180 EAST BROAD STREET, COLUMBUS OH 43215
Paul S Ajdaharian	officer: Exec VP, Head of Open Air Ctrs	C/O WASHINGTON PRIME GROUP INC., 180 EAST BROAD STREET, COLUMBUS OH 43215
Gregory E Zimmerman	officer: Exec VP, Development	909 WALNUT, SUITE 200, KANSAS CITY MO 64106
J. Taggart Birge	director	C/O WASHINGTON PRIME GROUP INC., 180 EAST BROAD STREET, COLUMBUS OH 43215
Von Blucher Sheryl G.	director	C/O WASHINGTON PRIME GROUP INC., 180 EAST BROAD STREET, COLUMBUS OH 43215
John F Levy	director	C/O WASHINGTON PRIME GROUP INC., 180 EAST BROAD STREET, COLUMBUS OH 43215
John J Dillon	director	C/O WASHINGTON PRIME GROUP INC., 180 EAST BROAD STREET, COLUMBUS OH 43215
Gregory A Gorospe	officer: EVP, General Counsel,Secretary	180 EAST BROAD STREET, COLUMBUS OH 43215
Farinaz S Tehrani	officer: EVP, Legal & Compliance	180 EAST BROAD STREET, COLUMBUS OH 43215
Michael P Glimcher	director, officer: Vice Chairman and CEO	C/O GLIMCHER REALTY TRUST, 180 EAST BROAD STREET, COLUMBUS OH 43215
Mark Edward Yale	officer: EVP, CFO	C/O WASHINGTON PRIME GROUP INC., 180 EAST BROAD STREET, COLUMBUS OH 43215
Melissa A. Indest	officer: CAO and SVP,Finance	C/O WASHINGTON PRIME GROUP INC., 180 EAST BROAD STREET, COLUMBUS OH 43215
Niles C Overly	director	180 EAST BROAD STREET, COLUMBUS OH 43215