MGM Resorts International (MGM) FY2019 results: revenue $12.9 billion, up 9.7% on the year
MGM Resorts International (MGM) reported revenue of $12.9 billion for fiscal 2019, the year ended 31 December 2019, up 9.7% on the year before. Net income was $2.0 billion, up 339.0%, and diluted earnings per share $3.88. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$12.9 billion
+9.7% on the year
FY2012FY2019
Operating margin
30.5%
12.5% a year earlier
FY2012FY2019
Net income
$2.0 billion
+339.0% on the year
FY2012FY2019
Diluted EPS
$3.88
+379.0% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
12,900
11,763
10,797
+9.7%
Selling, general and administrative
2,101
1,765
1,560
+19.1%
Operating income
3,940
1,469
1,715
+168.1%
Operating margin
30.5%
12.5%
15.9%
Interest expense
848
770
669
+10.2%
Pre-tax income
2,847
634
961
+349.0%
Income tax
632
50.1
-1,127
+1,161.9%
Effective tax rate
22.2%
7.9%
-117.3%
Net income
2,049
467
1,952
+339.0%
Net margin
15.9%
4.0%
18.1%
Diluted EPS
$3.88
$0.81
$3.34
+379.0%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,810
1,723
2,206
+5.1%
Capital expenditure
739
1,487
1,864
-50.3%
Free cash flow
1,071
236
342
+354.6%
Free cash flow margin
8.3%
2.0%
3.2%
Cash from investing
3,519
-2,083
-1,581
Cash from financing
-4,530
389
-569
Depreciation and amortisation
1,305
1,178
993
+10.7%
Share-based compensation
88.8
70.2
62.5
+26.6%
Buybacks
1,032
1,283
328
-19.6%
Dividends paid
271
261
252
+4.1%
Dividend per share
$0.52
$0.48
$0.44
+8.3%
Diluted shares, weighted
528m
550m
579m
-4.0%
Shares outstanding at period end
503m
527m
566m
-4.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
7,727
6,512
7,577
+18.7%
Non-controlling interest
4,936
3,958
4,034
+24.7%
Redeemable equity
105
102
79.8
+2.7%
Debt
11,532
15,391
12,909
-25.1%
Operating lease liabilities
4,278
0.0
n/a
Finance lease liabilities
67.2
n/a
n/a
Other liabilities
5,231
4,248
4,559
+23.1%
Total liabilities and equity
33,876
30,211
29,159
+12.1%
Fixed assets
18,286
20,730
19,635
-11.8%
Goodwill
2,085
1,821
1,807
+14.4%
Intangible assets
3,827
3,944
3,878
-3.0%
Cash and equivalents
2,330
1,527
1,500
+52.6%
Receivables
613
657
542
-6.8%
Inventory
103
111
102
-7.2%
Other assets
6,634
1,420
1,695
+367.1%
Total assets
33,876
30,211
29,159
+12.1%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.