Pershing Square Tontine Holdings (Pershing Square Tontine Holdings) Operating Income : $-1.47 Mil (TTM As of Mar. 2022)

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What is Pershing Square Tontine Holdings Operating Income?

Pershing Square Tontine Holdings's Operating Income for the three months ended in Mar. 2022 was $-1.06 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Mar. 2022 was $-1.47 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Pershing Square Tontine Holdings's Operating Income for the three months ended in Mar. 2022 was $-1.06 Mil. Pershing Square Tontine Holdings's Revenue for the three months ended in Mar. 2022 was $0.00 Mil. Therefore, Pershing Square Tontine Holdings's Operating Margin % for the quarter that ended in Mar. 2022 was %.

Pershing Square Tontine Holdings'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. Pershing Square Tontine Holdings's annualized ROC % for the quarter that ended in Mar. 2022 was -0.11%. Pershing Square Tontine Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2022 was %.

Pershing Square Tontine Holdings Operating Income Historical Data

The historical data trend for Pershing Square Tontine Holdings'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.

Pershing Square Tontine Holdings Operating Income Chart

Pershing Square Tontine Holdings Annual Data

Trend

Dec20

Dec21

Operating Income

-5.74

Pershing Square Tontine Holdings Quarterly Data
	Apr20	Sep20	Mar21	Jun21	Sep21	Dec21	Mar22
Operating Income	Get a 7-Day Free Trial			-0.62	-13.55	16.95	-3.81	-1.06

Pershing Square Tontine Holdings 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. 2022 adds up the quarterly data reported by the company within the most recent 12 months, which was $-1.47 Mil.

Pershing Square Tontine Holdings (NYSE:PSTH) Operating Income Explanation

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

Pershing Square Tontine Holdings's annualized ROC % for the quarter that ended in Mar. 2022 is calculated as:

	ROC % (Q: Mar. 2022 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2021 )	+	Invested Capital (Q: Mar. 2022 ))	/ count )
=	-4.236 * ( 1 - -0.9% )	/	( (4007.833	+	4004.211)	/ 2 )
=	-4.274124	/	4006.022
=	-0.11 %

where

	Invested Capital		(Q: Dec. 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	))
=	4031.929	-	1.827	-	( 23.157	-	max(0, 1.827	-	24.096	+	23.157	))
=	4007.833

	Invested Capital		(Q: Mar. 2022 )
=	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	))
=	4027.123	-	1.866	-	( 22.33	-	max(0, 1.866	-	22.912	+	22.33	))
=	4004.211

Note: The Operating Income data used here is four times the quarterly (Mar. 2022) data.

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

Pershing Square Tontine Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2022 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2022 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2021		Q: Mar. 2022
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-4.236	/	( ( (0 + max(-0.888, 0))	+	(0 + max(-1.285, 0)) )	/	2 )
=	-4.236	/	( ( 0	+	0 )	/	2 )
=	-4.236	/	0
=	%

where Working Capital is:

	Working Capital		(Q: Dec. 2021 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	0.939)	-	(1.827	+	0	+	0)
=	-0.888

	Working Capital		(Q: Mar. 2022 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(0	+	0	+	0.581)	-	(1.866	+	0	+	0)
=	-1.285

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2022) EBIT data.

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

Pershing Square Tontine Holdings's Operating Margin % for the quarter that ended in Mar. 2022 is calculated as:

Operating Margin %	=	Operating Income (Q: Mar. 2022 )	/	Revenue (Q: Mar. 2022 )
	=	-1.059	/	0
	=	%

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.

Pershing Square Tontine Holdings Operating Income Related Terms

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Pershing Square Tontine Holdings (Pershing Square Tontine Holdings) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Diversified Financial Services » Pershing Square Tontine Holdings Ltd (NYSE:PSTH) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

N/A

Address

787 Eleventh Avenue, 9th Floor, New York, NY, USA, 10019

Website

Pershing Square Tontine Holdings Ltd is a blank check company.

Executives

Michael Gonnella	officer: Chief Financial Officer	787 ELEVENTH AVENUE, 9TH FLOOR, NEW YORK NY 10019
Lisa Gersh	director	C/O HASBRO, INC., 1011 NEWPORT AVENUE, PAWTUCKET RI 02861
William A Ackman	director, 10 percent owner, officer: Chief Executive Officer	787 - 11TH AVENUE, 9TH FLOOR, NEW YORK NY 10019
Ps Management Gp, Llc	10 percent owner	787 - 11TH AVENUE, 9TH FLOOR, NEW YORK NY 10019
Pershing Square Capital Management, L.p.	10 percent owner	787 11TH AVENUE, 9TH FLOOR, NEW YORK NY 10019
Joseph S Steinberg	director	C/O LEUCADIA NATIONAL CORP, 315 PARK AVENUE SOUTH, NEW YORK NY 10010
Jacqueline D Reses	director	C/O SQUARE, INC., 1455 MARKET STREET #600, SAN FRANCISCO CA 94103
Michael S Ovitz	director	355 SOUTH GRAND, #1710, LOS ANGELES CA 90071
Steve Milankov	officer: Corporate Secretary	101 WEST 24TH STREET, APT. 30D, NEW YORK NY 10010
Ben Hakim	officer: Chief Financial Officer	170 E. 77TH STREET, APT. 5A, NEW YORK NY 10075