Penn Entertainment (PENN) FY2018 results: revenue $3.6 billion, up 14.0% on the year
Penn Entertainment, Inc. (PENN) reported revenue of $3.6 billion for fiscal 2018, the year ended 31 December 2018, up 14.0% on the year before. Net income was $94 million, down 80.2%, and diluted earnings per share $0.93. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2019.
Revenue
$3.6 billion
+14.0% on the year
FY2011FY2018
Operating margin
17.7%
14.2% a year earlier
FY2011FY2018
Net income
$94 million
-80.2% on the year
FY2011FY2018
Diluted EPS
$0.93
-81.7% 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
3,588
3,148
3,034
+14.0%
Operating income
634
446
543
+42.3%
Operating margin
17.7%
14.2%
17.9%
Interest expense
539
467
459
+15.6%
Pre-tax income
89.9
-25.1
121
Income tax
-3.6
-499
11.3
Effective tax rate
-4.0%
n/a
9.4%
Net income
93.5
473
109
-80.2%
Net margin
2.6%
15.0%
3.6%
Diluted EPS
$0.93
$5.07
$1.19
-81.7%
$ 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
353
478
408
-26.2%
Capital expenditure
92.6
99.3
97.2
-6.8%
Free cash flow
260
378
311
-31.2%
Free cash flow margin
7.3%
12.0%
10.2%
Cash from investing
-1,423
-222
-79.3
Cash from financing
1,272
-207
-340
Depreciation and amortisation
269
267
271
+0.7%
Share-based compensation
12.0
7.8
6.9
+53.8%
Buybacks
50.0
24.8
0.0
+101.8%
Diluted shares, weighted
100m
93m
91m
+7.5%
Shares outstanding at period end
117m
91m
91m
+27.9%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
731
-73.1
-543
Non-controlling interest
0.0
0.0
n/a
Debt
2,412
1,250
1,416
+92.9%
Operating lease liabilities
0.0
n/a
n/a
Finance lease liabilities
0.0
n/a
n/a
Other liabilities
7,818
4,058
4,102
+92.7%
Total liabilities and equity
10,961
5,235
4,974
+109.4%
Fixed assets
6,869
2,757
2,820
+149.2%
Goodwill
1,228
1,008
990
+21.9%
Intangible assets
1,857
423
435
+339.4%
Cash and equivalents
480
278
230
+72.5%
Receivables
107
62.8
61.9
+70.1%
Other assets
421
707
438
-40.5%
Total assets
10,961
5,235
4,974
+109.4%
10-K for the year ended 31 December 2018, filed 28 February 2019: the filing.