Ladenburg Thalmann Financial Services (Ladenburg Thalmann Financial Services) Operating Income : $160 Mil (TTM As of Dec. 2019)

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What is Ladenburg Thalmann Financial Services Operating Income?

Ladenburg Thalmann Financial Services's Operating Income for the three months ended in Dec. 2019 was $46 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2019 was $160 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Ladenburg Thalmann Financial Services's Operating Income for the three months ended in Dec. 2019 was $46 Mil. Ladenburg Thalmann Financial Services's Revenue for the three months ended in Dec. 2019 was $396 Mil. Therefore, Ladenburg Thalmann Financial Services's Operating Margin % for the quarter that ended in Dec. 2019 was 11.60%.

Ladenburg Thalmann Financial Services'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. Ladenburg Thalmann Financial Services's annualized ROC % for the quarter that ended in Dec. 2019 was 59.81%. Ladenburg Thalmann Financial Services's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2019 was 41.48%.

Ladenburg Thalmann Financial Services Operating Income Historical Data

The historical data trend for Ladenburg Thalmann Financial Services'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.

Ladenburg Thalmann Financial Services Operating Income Chart

Ladenburg Thalmann Financial Services Annual Data

Trend

Dec10

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Operating Income

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63.97

63.20

86.94

142.58

160.47

Ladenburg Thalmann Financial Services Quarterly Data
	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19
Operating Income	Get a 7-Day Free Trial															38.84	34.06	37.70	42.80	45.90

Ladenburg Thalmann Financial Services 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. 2019 adds up the quarterly data reported by the company within the most recent 12 months, which was $160 Mil.

Ladenburg Thalmann Financial Services (AMEX:LTS) Operating Income Explanation

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

Ladenburg Thalmann Financial Services's annualized ROC % for the quarter that ended in Dec. 2019 is calculated as:

	ROC % (Q: Dec. 2019 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2019 )	+	Invested Capital (Q: Dec. 2019 ))	/ count )
=	183.616 * ( 1 - -37.67% )	/	( (423.89	+	421.407)	/ 2 )
=	252.7841472	/	422.6485
=	59.81 %

where

	Invested Capital		(Q: Sep. 2019 )
=	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	))
=	818.124	-	143.201	-	( 251.033	-	max(0, 143.201	-	427.404	+	251.033	))
=	423.89

	Invested Capital		(Q: Dec. 2019 )
=	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	))
=	829.936	-	159.757	-	( 248.772	-	max(0, 159.757	-	431.052	+	248.772	))
=	421.407

Note: The Operating Income data used here is four times the quarterly (Dec. 2019) data.

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

Ladenburg Thalmann Financial Services's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2019 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2019 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2019		Q: Dec. 2019
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	26.592	/	( ( (63.883 + max(-41.708, 0))	+	(64.321 + max(-58.068, 0)) )	/	2 )
=	26.592	/	( ( 63.883	+	64.321 )	/	2 )
=	26.592	/	64.102
=	41.48 %

where Working Capital is:

	Working Capital		(Q: Sep. 2019 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(100.722	+	0	+	0.77100000000002)	-	(143.201	+	0	+	0)
=	-41.708

	Working Capital		(Q: Dec. 2019 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(100.919	+	0	+	0.77000000000004)	-	(159.757	+	0	+	0)
=	-58.068

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2019) EBIT data.

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

Ladenburg Thalmann Financial Services's Operating Margin % for the quarter that ended in Dec. 2019 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2019 )	/	Revenue (Q: Dec. 2019 )
	=	45.904	/	395.735
	=	11.60 %

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.

Ladenburg Thalmann Financial Services Operating Income Related Terms

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Ladenburg Thalmann Financial Services (Ladenburg Thalmann Financial Services) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » Ladenburg Thalmann Financial Services Inc (AMEX:LTS) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

LTSA.PFD:USA

Address

4400 Biscayne Boulevard, 12th Floor, Miami, FL, USA, 33137

Website

https://www.ladenburg.com

Ladenburg Thalmann Financial Services Inc is a United States-based company that provides diversified financial services. The company conducts operations through a number of subsidiaries, with three operating segments. The independent brokerage and advisory services segment consists of broker-dealer and investment advisory services, along with wealth-management services. The Ladenburg segment comprises investment banking, sales and trading and asset management services, and investment activities. The insurance brokerage segment comprises wholesale insurance brokerage activities. The company generates the majority of revenue from the independent brokerage and advisory services segment. Its business is concentrated in the United States.

Executives

Howard M Lorber	other: Former Director	4400 BISCAYNE BLVD, 10TH FLOOR, MIAMI FL 33137
Henry C Beinstein	other: Former Director	8 DOGWOOD LANE, LARCHMONT NY 10538-3418
Richard M Krasno	other: Former Director	C/O OPKO HEALTH, INC., 4400 BISCAYNE BLVD., MIAMI FL 31337
Brett Kaufman	officer: Senior Vice President and CFO	4400 BISCAYNE BLVD., 12TH FLOOR, MIAMI FL 33137
Glenn C Davis	other: Former Director	4400 BISCAYNE BOULEVARD, 12TH FLOOR, MIAMI FL 33137
Michael Liebowitz	other: Former Director	4400 BISCAYNE BLVD, 10TH FLOOR, MIAMI FL 33137
Richard Lampen	other: Former Director and Officer	4400 BISCAYNE BLVD.; 10TH FLOOR, MIAMI FL 33137
Mark Zeitchick	other: Former Director and Officer	GBI CAPITAL MANAGEMENT CORP, 1055 STEWART AVE, BETHPAGE NY 11714
Brian S Genson	other: Former Director
Jacqueline M Simkin	other: Former Director	801 BRICKELL AVENUE, SUITE 2350, MIAMI FL 33131
Adam Scott Malamed	other: Former Director and Officer	4400 BISCAYNE BLVD., 12TH FLOOR, MIAMI FL 33137
Joseph Giovanniello	other: Former Officer	520 MADISON AVENUE, 9TH FLOOR, NEW YORK NY 10022
Frost Phillip Md Et Al	other: Former 10% Owner	4400 BISCAYNE BLVD, MIAMI FL 33137-3227
Frost Nevada Investments Trust	other: Former 10% Owner	4400 BISCAYNE BOULEVARD, 15TH FLOOR, MIAMI FL 33137
Vector Group Ltd	10 percent owner	4400 BISCAYNE BOULEVARD, 10TH FLOOR, MIAMI FL 33137