Red Rock Resorts (RRR) Q4 FY2021 earnings: revenue $422 million, up 23.0% on the year

Red Rock Resorts, Inc. (RRR) reported revenue of $422 million for Q4 FY2021, the quarter ended 31 December 2021, up 23.0% on the same quarter a year earlier. Net income was $149 million, up 400.4% on the year, and diluted earnings per share $1.71. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$422 million

+23.0% on the year · +1.8% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

38.2%

22.9% a year earlier

Q1 FY2020Q4 FY2021

Net income

$149 million

+400.4% on the year · +108.7% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$1.71

+242.0% on the year · +83.9% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	422	415	343	+1.8%	+23.0%
Selling, general and administrative	91.5	n/a	n/a
Operating income	161	143	78.6	+12.9%	+105.1%
Operating margin	38.2%	34.5%	22.9%
Interest expense	25.0	n/a	n/a
Pre-tax income	130	n/a	n/a
Income tax	-70.4	n/a	n/a
Effective tax rate	-54.3%	n/a	n/a
Net income	149	71.2	29.7	+108.7%	+400.4%
Net margin	35.2%	n/a	n/a
Diluted EPS	$1.71	$0.93	$0.50	+83.9%	+242.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	133	n/a	n/a
Capital expenditure	26.4	n/a	n/a
Free cash flow	107	n/a	n/a
Free cash flow margin	25.3%	n/a	n/a
Cash from investing	644	n/a	n/a
Cash from financing	-565	n/a	n/a
Depreciation and amortisation	33.4	34.0	57.6	-2.0%	-42.1%
Share-based compensation	3.3	n/a	n/a
Buybacks	377	n/a	n/a
Dividends paid	204	n/a	n/a
Diluted shares, weighted	116m	116m	71m	+0.0%	+65.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	59.5	347	353	-82.8%	-83.1%
Non-controlling interest	-9.5	n/a	n/a
Debt	2,854	2,643	2,902	+8.0%	-1.7%
Operating lease liabilities	21.9	n/a	n/a
Other liabilities	215	n/a	n/a
Total liabilities and equity	3,140	n/a	n/a
Fixed assets	2,010	n/a	n/a
Goodwill	196	n/a	n/a
Intangible assets	87.2	n/a	n/a
Cash and equivalents	275	89.9	121	+206.1%	+127.2%
Receivables	36.7	n/a	n/a
Inventory	11.7	n/a	n/a
Other assets	524	n/a	n/a
Total assets	3,140	n/a	n/a

Questions

What was Red Rock Resorts' revenue in Q4 FY2021?

Red Rock Resorts (RRR) reported revenue of $422 million for Q4 FY2021, the quarter ended 31 December 2021, up 23.0% on the same quarter a year earlier.

How much did Red Rock Resorts earn in Q4 FY2021?

Net income for Q4 FY2021 was $149 million, up 400.4% on the year, and diluted earnings per share $1.71.

When did Red Rock Resorts report Q4 FY2021 results?

Red Rock Resorts filed its 10-K for the year that ended with the quarter on 25 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	422	402	422	414	425	434	416	412	463	489	486	468	496	498	526	476	512	507	510	489
SG&A	91.5	86.3	90.2	91.6	85.0	92.5	93.5	91.8	96.7	105	111	109	107	105	112	113	112	114	118	146
Operating income	161	131	68.2	141	222	137	127	123	172	156	140	131	142	154	168	131	144	144	136	26.7
Operating margin	38%	33%	16%	34%	52%	32%	30%	30%	37%	32%	29%	28%	29%	31%	32%	28%	28%	28%	27%	5%
Interest expense	25.0	26.7	28.7	34.3	40.2	42.5	44.3	45.5	48.7	57.2	57.4	58.0	56.2	51.1	50.6	50.5	49.6	49.5	49.6	50.9
Pre-tax income	130	105	40.5	107	182	95.7	83.3	77.7	124	84.6	81.6	63.4	98.5	98.8	124	83.5	95.9	95.8	90.1	-19.0
Tax rate	-54%	12%	20%	11%	7%	11%	10%	12%	12%	7%	14%	13%	11%	13%	13%	8%	12%	14%	15%	n/a
Net income	149	48.3	15.7	49.6	91.8	44.7	39.5	35.5	56.3	42.8	35.7	29.0	46.6	44.7	56.4	42.3	44.7	42.9	39.1	-9.9
Net margin	35%	12%	4%	12%	22%	10%	9%	9%	12%	9%	7%	6%	9%	9%	11%	9%	9%	8%	8%	-2%
Diluted EPS	$1.71	$0.77	$0.26	$0.83	$1.49	$0.75	$0.65	$0.60	$0.95	$0.68	$0.59	$0.48	$0.76	$0.75	$0.95	$0.68	$0.75	$0.73	$0.67	-$0.17
Operating cash flow	133	157	120	140	125	141	94.7	100	159	126	143	131	148	126	158	168	157	140	158	131
Capital expenditure	26.4	38.9	62.4	97.2	130	175	202	135	187	98.1	78.6	80.3	26.9	68.2	78.2	93.7	78.9	117	140	199
Free cash flow	107	119	57.8	42.6	-5.2	-35.0	-107	-35.2	-28.1	28.4	64.0	50.7	121	58.0	80.3	74.6	77.7	22.6	18.2	-67.7
Buybacks	377	8.8	112	19.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	0.0	n/a	0.0	30.9	0.0	48.2	38.3	0.0	26.7
Dividends paid	204	15.8	14.5	14.4	72.0	15.0	14.5	14.5	14.6	74.1	14.8	14.8	14.8	15.9	74.5	14.9	15.4	75.3	15.3	15.2
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	106m	106m	105m	106m	105m	104m	105m	106m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 25 February 2022: the filing.