MGM Resorts International (MGM) FY2020 results: revenue $5.2 billion, down 60.0% on the year
MGM Resorts International (MGM) reported revenue of $5.2 billion for fiscal 2020, the year ended 31 December 2020, down 60.0% on the year before. Net income was -$1.0 billion, and diluted earnings per share $-2.02. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$5.2 billion
-60.0% on the year
FY2013FY2020
Operating margin
-12.4%
30.5% a year earlier
FY2013FY2020
Net income
-$1.0 billion
FY2013FY2020
Diluted EPS
-$2.02
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
5,162
12,900
11,763
-60.0%
Selling, general and administrative
2,122
2,101
1,765
+1.0%
Operating income
-642
3,940
1,469
Operating margin
-12.4%
30.5%
12.5%
Interest expense
676
848
770
-20.2%
Pre-tax income
-1,511
2,847
634
Income tax
-192
632
50.1
Effective tax rate
n/a
22.2%
7.9%
Net income
-1,033
2,049
467
Net margin
-20.0%
15.9%
4.0%
Diluted EPS
-$2.02
$3.88
$0.81
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
-1,493
1,810
1,723
Capital expenditure
271
739
1,487
-63.4%
Free cash flow
-1,764
1,071
236
Free cash flow margin
-34.2%
8.3%
2.0%
Cash from investing
2,159
3,519
-2,083
-38.6%
Cash from financing
2,103
-4,530
389
Depreciation and amortisation
1,211
1,305
1,178
-7.2%
Share-based compensation
107
88.8
70.2
+20.4%
Buybacks
354
1,032
1,283
-65.7%
Dividends paid
77.6
271
261
-71.4%
Dividend per share
$0.16
$0.52
$0.48
-69.7%
Diluted shares, weighted
494m
528m
550m
-6.3%
Shares outstanding at period end
494m
503m
527m
-1.8%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
6,505
7,727
6,512
-15.8%
Non-controlling interest
4,675
4,936
3,958
-5.3%
Redeemable equity
66.5
105
102
-36.7%
Debt
12,849
11,532
15,391
+11.4%
Operating lease liabilities
8,390
4,278
0.0
+96.1%
Finance lease liabilities
134
67.2
n/a
+99.9%
Other liabilities
3,875
5,231
4,248
-25.9%
Total liabilities and equity
36,495
33,876
30,211
+7.7%
Fixed assets
14,632
18,286
20,730
-20.0%
Goodwill
2,091
2,085
1,821
+0.3%
Intangible assets
3,644
3,827
3,944
-4.8%
Cash and equivalents
5,102
2,330
1,527
+119.0%
Receivables
317
613
657
-48.3%
Inventory
88.3
103
111
-14.2%
Other assets
10,621
6,634
1,420
+60.1%
Total assets
36,495
33,876
30,211
+7.7%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.