MGM Resorts International (MGM) FY2018 results: revenue $11.8 billion, up 8.9% on the year
MGM Resorts International (MGM) reported revenue of $11.8 billion for fiscal 2018, the year ended 31 December 2018, up 8.9% on the year before. Net income was $467 million, down 76.1%, and diluted earnings per share $0.81. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2019.
Revenue
$11.8 billion
+8.9% on the year
FY2011FY2018
Operating margin
12.5%
15.9% a year earlier
FY2011FY2018
Net income
$467 million
-76.1% on the year
FY2011FY2018
Diluted EPS
$0.81
-75.7% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
11,763
10,797
9,478
+8.9%
Selling, general and administrative
1,765
1,560
1,379
+13.1%
Operating income
1,469
1,715
2,080
-14.3%
Operating margin
12.5%
15.9%
21.9%
Interest expense
770
669
695
+15.1%
Pre-tax income
634
961
1,259
-34.0%
Income tax
50.1
-1,127
21.7
Effective tax rate
7.9%
-117.3%
1.7%
Net income
467
1,952
1,101
-76.1%
Net margin
4.0%
18.1%
11.6%
Diluted EPS
$0.81
$3.34
$1.92
-75.7%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
1,723
2,206
1,534
-21.9%
Capital expenditure
1,487
1,864
2,262
-20.2%
Free cash flow
236
342
-729
-31.1%
Free cash flow margin
2.0%
3.2%
-7.7%
Cash from investing
-2,083
-1,581
-2,276
Cash from financing
389
-569
519
Depreciation and amortisation
1,178
993
850
+18.6%
Share-based compensation
70.2
62.5
55.5
+12.3%
Buybacks
1,283
328
0.0
+291.9%
Dividends paid
261
252
0.0
+3.4%
Dividend per share
$0.48
$0.44
$0.00
+9.1%
Diluted shares, weighted
550m
579m
573m
-5.1%
Shares outstanding at period end
527m
566m
574m
-6.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
6,512
7,577
6,193
-14.1%
Non-controlling interest
3,958
4,034
3,749
-1.9%
Redeemable equity
102
79.8
54.1
+28.2%
Debt
15,391
12,909
12,988
+19.2%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
4,248
4,559
5,190
-6.8%
Total liabilities and equity
30,211
29,159
28,173
+3.6%
Fixed assets
20,730
19,635
18,425
+5.6%
Goodwill
1,821
1,807
1,817
+0.8%
Intangible assets
3,944
3,878
4,088
+1.7%
Cash and equivalents
1,527
1,500
1,447
+1.8%
Receivables
657
542
545
+21.2%
Inventory
111
102
97.7
+8.3%
Other assets
1,420
1,695
1,754
-16.2%
Total assets
30,211
29,159
28,173
+3.6%
10-K for the year ended 31 December 2018, filed 27 February 2019: the filing.