Penn Entertainment (PENN) FY2020 results: revenue $3.6 billion, down 32.5% on the year
Penn Entertainment, Inc. (PENN) reported revenue of $3.6 billion for fiscal 2020, the year ended 31 December 2020, down 32.5% on the year before. Net income was -$670 million, and diluted earnings per share $-5.00. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2021.
Revenue
$3.6 billion
-32.5% on the year
FY2013FY2020
Operating margin
-11.5%
10.8% a year earlier
FY2013FY2020
Net income
-$670 million
FY2013FY2020
Diluted EPS
-$5.00
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
3,579
5,301
3,588
-32.5%
Operating income
-410
572
634
Operating margin
-11.5%
10.8%
17.7%
Interest expense
546
536
539
+1.9%
Pre-tax income
-834
86.1
89.9
Income tax
-165
43.0
-3.6
Effective tax rate
n/a
49.9%
-4.0%
Net income
-670
43.9
93.5
Net margin
-18.7%
0.8%
2.6%
Diluted EPS
-$5.00
$0.37
$0.93
$ 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
339
704
353
-51.9%
Capital expenditure
137
191
92.6
-28.1%
Free cash flow
202
513
260
-60.7%
Free cash flow margin
5.6%
9.7%
7.3%
Cash from investing
-234
-608
-1,423
Cash from financing
1,310
-122
1,272
Depreciation and amortisation
367
414
269
-11.5%
Share-based compensation
14.5
14.9
12.0
-2.7%
Buybacks
0.0
24.9
50.0
Diluted shares, weighted
134m
118m
100m
+13.8%
Shares outstanding at period end
156m
116m
117m
+34.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
2,656
1,853
731
+43.4%
Non-controlling interest
-0.4
-0.8
0.0
Debt
2,432
2,419
2,412
+0.5%
Operating lease liabilities
4,366
4,451
0.0
-1.9%
Finance lease liabilities
212
219
0.0
-3.1%
Other liabilities
5,002
5,254
7,818
-4.8%
Total liabilities and equity
14,667
14,194
10,961
+3.3%
Fixed assets
4,529
5,120
6,869
-11.5%
Goodwill
1,157
1,271
1,228
-8.9%
Intangible assets
1,514
2,026
1,857
-25.3%
Cash and equivalents
1,854
437
480
+323.8%
Receivables
96.4
88.7
107
+8.7%
Other assets
5,517
5,251
421
+5.1%
Total assets
14,667
14,194
10,961
+3.3%
10-K for the year ended 31 December 2020, filed 26 February 2021: the filing.