Penn Entertainment (PENN) FY2019 results: revenue $5.3 billion, up 47.8% on the year
Penn Entertainment, Inc. (PENN) reported revenue of $5.3 billion for fiscal 2019, the year ended 31 December 2019, up 47.8% on the year before. Net income was $44 million, down 53.1%, and diluted earnings per share $0.37. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$5.3 billion
+47.8% on the year
FY2012FY2019
Operating margin
10.8%
17.7% a year earlier
FY2012FY2019
Net income
$44 million
-53.1% on the year
FY2012FY2019
Diluted EPS
$0.37
-60.2% 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
5,301
3,588
3,148
+47.8%
Operating income
572
634
446
-9.8%
Operating margin
10.8%
17.7%
14.2%
Interest expense
536
539
467
-0.7%
Pre-tax income
86.1
89.9
-25.1
-4.2%
Income tax
43.0
-3.6
-499
Effective tax rate
49.9%
-4.0%
n/a
Net income
43.9
93.5
473
-53.1%
Net margin
0.8%
2.6%
15.0%
Diluted EPS
$0.37
$0.93
$5.07
-60.2%
$ 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
704
353
478
+99.5%
Capital expenditure
191
92.6
99.3
+105.9%
Free cash flow
513
260
378
+97.2%
Free cash flow margin
9.7%
7.3%
12.0%
Cash from investing
-608
-1,423
-222
Cash from financing
-122
1,272
-207
Depreciation and amortisation
414
269
267
+54.0%
Share-based compensation
14.9
12.0
7.8
+24.2%
Buybacks
24.9
50.0
24.8
-50.2%
Diluted shares, weighted
118m
100m
93m
+17.4%
Shares outstanding at period end
116m
117m
91m
-0.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,853
731
-73.1
+153.4%
Non-controlling interest
-0.8
0.0
0.0
Debt
2,419
2,412
1,250
+0.3%
Operating lease liabilities
4,451
0.0
n/a
Finance lease liabilities
219
0.0
n/a
Other liabilities
5,254
7,818
4,058
-32.8%
Total liabilities and equity
14,194
10,961
5,235
+29.5%
Fixed assets
5,120
6,869
2,757
-25.5%
Goodwill
1,271
1,228
1,008
+3.4%
Intangible assets
2,026
1,857
423
+9.1%
Cash and equivalents
437
480
278
-8.8%
Receivables
88.7
107
62.8
-17.0%
Other assets
5,251
421
707
+1,148.7%
Total assets
14,194
10,961
5,235
+29.5%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.