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Seritage Growth Properties (Seritage Growth Properties) Operating Income : $-67.09 Mil (TTM As of Dec. 2023)


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What is Seritage Growth Properties Operating Income?

Seritage Growth Properties's Operating Income for the three months ended in Dec. 2023 was $-13.87 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was $-67.09 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Seritage Growth Properties's Operating Income for the three months ended in Dec. 2023 was $-13.87 Mil. Seritage Growth Properties's Revenue for the three months ended in Dec. 2023 was $9.17 Mil. Therefore, Seritage Growth Properties's Operating Margin % for the quarter that ended in Dec. 2023 was -151.28%.

Warning Sign:

Seritage Growth Properties operating margin has been in a 5-year decline. The average rate of decline per year is -30.4%.

Seritage Growth Properties's 5-Year average Growth Rate for Operating Margin % was -30.40% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Seritage Growth Properties's annualized ROC % for the quarter that ended in Dec. 2023 was -6.72%. Seritage Growth Properties's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 79.89%.


Seritage Growth Properties Operating Income Historical Data

The historical data trend for Seritage Growth Properties'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.

Seritage Growth Properties Operating Income Chart

Seritage Growth Properties Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Operating Income
Get a 7-Day Free Trial Premium Member Only -55.82 -86.28 -56.73 -47.41 -67.09

Seritage Growth Properties Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -16.16 -25.83 -15.73 -11.66 -13.87

Seritage Growth Properties 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. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $-67.09 Mil.

* 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.


Seritage Growth Properties  (NYSE:SRG) Operating Income Explanation

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

Seritage Growth Properties's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

ROC % (Q: Dec. 2023 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Sep. 2023 ) + Invested Capital (Q: Dec. 2023 ))/ count )
=-55.476 * ( 1 - 0% )/( (861.376 + 789.163)/ 2 )
=-55.476/825.2695
=-6.72 %

where

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

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

Seritage Growth Properties's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2023 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Sep. 2023  Q: Dec. 2023
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=43.048/( ( (0 + max(91.188, 0)) + (0 + max(16.577, 0)) )/ 2 )
=43.048/( ( 91.188 + 16.577 )/ 2 )
=43.048/53.8825
=79.89 %

where Working Capital is:

Working Capital(Q: Sep. 2023 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(20.638 + 0 + 126.578) - (56.028 + 0 + 0)
=91.188

Working Capital(Q: Dec. 2023 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(12.246 + 0 + 55.031) - (50.7 + 0 + 0)
=16.577

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

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

Seritage Growth Properties's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %=Operating Income (Q: Dec. 2023 )/Revenue (Q: Dec. 2023 )
=-13.869/9.168
=-151.28 %

* 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.

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.


Seritage Growth Properties Operating Income Related Terms

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Seritage Growth Properties (Seritage Growth Properties) Business Description

Traded in Other Exchanges
Address
500 Fifth Avenue, Suite 1530, New York, NY, USA, 10110
Seritage Growth Properties is engaged in the real property business through its investment in its operating partnership, Seritage Growth Properties, L.P. Seritage is principally engaged in the acquisition, ownership, development, redevelopment, management and leasing of diversified retail real estate throughout the United States. The company's primary objective is to create value for its shareholders through the re-leasing and redevelopment of the majority of its Wholly Owned Properties and JV Properties. It generates a majority of its revenue from tenants.
Executives
Edward S Lampert other: Trustee 1170 KANE CONCOURSE, SUITE 200, BAY HARBOUR FL 33154
Mark Wilsmann director SERITAGE GROWTH PROPERTIES, 500 FIFTH AVENUE, STE. 1530, NEW YORK NY 10110
Mitchell A Sabshon director 2901 BUTTERFIELD ROAD, OAK BROOK IL 60523
Talya Nevo-hacohen director C/O SABRA HEALTH CARE REIT, INC., 18500 VON KARMAN, SUITE 550, IRVINE CA 92612
Adam S Metz director 110 NORTH WACKER DRIVE, CHICAGO IL 60606
Eric Dinenberg officer: Chief Operating Officer SERITAGE GROWTH PROPERTIES, 500 FIFTH AVENUE, STE. 1530, NEW YORK NY 10110
Allison Thrush director 500 FIFTH AVENUE, SUITE 1530, NEW YORK NY 10110
Andrea Olshan director, officer: CEO and President 500 FIFTH AVENUE, SUITE 1530, NEW YORK NY 10110
Andrew Galvin officer: EVP of Investments SERITAGE GROWTH PROPERTIES, 500 FIFTH AVENUE, SUITE 1530, NEW YORK NY 10110
Amanda Lombard officer: CFO and EVP 500 FIFTH AVENUE, SUITE 1530, NEW YORK NY 10110
Brian Robert Dickman officer: CFO and EVP 411 S. OLD WOODWARD, APT. 918, BIRMINGHAM MI 48009
Kenneth T Lombard officer: EVP, Chief Operating Officer 550 SOUTH HOPE STREET, SUITE 2850, LOS ANGELES CA 90071
Benjamin Schall director, officer: CEO, President 261 BROADWAY, NO.11B, NEW YORK NY 10007
Matthew E Fernand officer: General Counsel and EVP 3333 BEVERLY ROAD, C/O SERITAGE GROWTH PROPERTIES, HOFFMAN ESTATES IL 60179
James Edwin Bry officer: See Remarks 3333 BEVERLY ROAD, C/O SERITAGE GROWTH PROPERTIES, HOFFMAN ESTATES IL 60179

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