MGM Resorts International (MGM) FY2017 results: revenue $10.8 billion, up 13.9% on the year
MGM Resorts International (MGM) reported revenue of $10.8 billion for fiscal 2017, the year ended 31 December 2017, up 13.9% on the year before. Net income was $2.0 billion, up 77.2%, and diluted earnings per share $3.34. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$10.8 billion
+13.9% on the year
FY2010FY2017
Operating margin
15.9%
21.9% a year earlier
FY2010FY2017
Net income
$2.0 billion
+77.2% on the year
FY2010FY2017
Diluted EPS
$3.34
+74.0% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
10,797
9,478
9,190
+13.9%
Selling, general and administrative
1,560
1,379
1,309
+13.2%
Operating income
1,715
2,080
-153
-17.5%
Operating margin
15.9%
21.9%
-1.7%
Interest expense
669
695
798
-3.7%
Pre-tax income
961
1,259
-1,043
-23.7%
Income tax
-1,127
21.7
-5.4
Effective tax rate
-117.3%
1.7%
n/a
Net income
1,952
1,101
-446
+77.2%
Net margin
18.1%
11.6%
-4.8%
Diluted EPS
$3.34
$1.92
-$0.82
+74.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
2,206
1,534
1,005
+43.8%
Capital expenditure
1,864
2,262
1,467
-17.6%
Free cash flow
342
-729
-462
Free cash flow margin
3.2%
-7.7%
-5.0%
Cash from investing
-1,581
-2,276
-795
Cash from financing
-569
519
-258
Depreciation and amortisation
993
850
820
+16.9%
Share-based compensation
62.5
55.5
42.9
+12.6%
Buybacks
328
0.0
0.0
Dividends paid
252
0.0
0.0
Dividend per share
$0.44
$0.00
$0.00
Diluted shares, weighted
579m
573m
543m
+1.0%
Shares outstanding at period end
566m
574m
565m
-1.4%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
7,577
6,193
5,120
+22.4%
Non-controlling interest
4,034
3,749
2,644
+7.6%
Redeemable equity
79.8
54.1
6.2
+47.4%
Debt
12,909
12,988
12,697
-0.6%
Other liabilities
4,559
5,190
4,748
-12.1%
Total liabilities and equity
29,159
28,173
25,215
+3.5%
Fixed assets
19,635
18,425
15,372
+6.6%
Goodwill
1,807
1,817
1,431
-0.6%
Intangible assets
3,878
4,088
4,165
-5.1%
Cash and equivalents
1,500
1,447
1,670
+3.7%
Receivables
542
545
481
-0.5%
Inventory
102
97.7
104
+4.7%
Other assets
1,695
1,754
1,993
-3.4%
Total assets
29,159
28,173
25,215
+3.5%
10-K for the year ended 31 December 2017, filed 27 February 2019: the filing.