$3.5 B

PENN Mkt cap, 18-Oct-2018

$1.6 B

Penn National Gaming Revenue Q2, 2018
Penn National Gaming Net income (Q2, 2018)99.4 M
Penn National Gaming EBIT (Q2, 2018)353.9 M
Penn National Gaming Cash, 30-Jun-2018200.2 M
Penn National Gaming EV3.4 B

Penn National Gaming Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

2.9b2.6b2.8b3.0b3.3b

Revenue growth, %

(11%)10%7%

General and administrative expense

463.0m514.8m

Operating expense total

463.0m2.7b

Depreciation and amortization

267.1m

EBIT

(772.0m)(240.4m)467.8m543.0m445.7m

EBIT margin, %

(26%)(9%)16%18%13%

Interest expense

97.1m46.0m443.1m459.2m466.8m

Interest income

1.4m3.7m11.5m24.2m3.6m

Pre tax profit

56.6m(25.0m)

Income tax expense

(121.5m)(38.6m)55.9m11.3m(498.5m)

Net Income

(794.3m)(233.2m)686.0k109.3m473.5m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Revenue

758.1m678.0m689.8m683.7m702.0m739.2m778.9m797.0m813.5m811.2m818.1m842.4m816.1m1.6b

General and administrative expense

131.1m107.7m107.9m116.5m116.1m118.6m107.6m116.5m110.0m114.4m125.8m130.1m121.3m253.9m

Operating expense total

621.2m623.0m628.8m623.1m640.7m666.3m597.1m615.9m620.1m626.3m635.9m661.5m644.0m1.3b

Depreciation and amortization

60.4m118.9m

EBIT

93.3m18.1m23.4m22.8m23.5m34.7m142.2m140.5m149.3m139.3m140.3m135.0m172.1m353.9m

EBIT margin, %

12%3%3%3%3%5%18%18%18%17%17%16%21%22%

Interest expense

25.1m11.3m10.9m11.2m12.2m12.3m111.4m116.5m114.7m114.3m115.0m116.8m115.7m231.6m

Interest income

369.0k467.0k790.0k1.0m1.9m2.4m3.1m5.2m6.6m8.2m2.6m235.0k249.0k490.0k

Pre tax profit

61.1m130.4m

Income tax expense

6.8m8.8m8.0m9.3m11.2m35.4m7.7m10.8m(9.5m)2.2m6.2m15.7m30.9m

Net Income

41.3m4.5m4.2m11.0m16.9m4.9m23.7m34.0m46.5m5.1m17.1m45.4m99.4m

Penn National Gaming Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

293.0m208.7m237.0m229.5m278.0m

Accounts Receivable

631.0m

Inventories

Current Assets

508.9m386.0m372.5m399.3m401.0m

PP&E

497.5m769.1m3.0b2.8b2.8b

Goodwill

492.4m277.6m911.9m989.7m1.0b

Total Assets

2.2b2.2b5.1b5.0b5.2b

Accounts Payable

22.6m43.1m72.8m35.1m26.0m

Short-term debt

35.6m

Current Liabilities

361.5m435.5m557.8m536.3m530.0m

Long-term debt

Non-Current Liabilities

1.1b1.2b5.3b5.0b4.8b

Total Debt

35.6m

Total Liabilities

1.4b1.7b5.8b5.5b

Common Stock

775.0k786.0k830.0k932.0k933.0k

Preferred Stock

Additional Paid-in Capital

887.6m918.4m988.7m1.0b1.0b

Retained Earnings

(363.4m)(1.6b)(1.5b)(1.1b)

Total Equity

758.4m554.5m(678.0m)

Financial Leverage

2.9 x4 x-7.6 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018Q2, 2018

Cash

267.9m287.7m251.3m230.7m237.7m233.1m223.5m214.2m221.4m201.8m259.5m224.4m218.0m200.2m

Current Assets

401.2m507.6m497.1m404.1m417.2m406.6m373.7m340.4m342.7m353.0m417.1m373.6m334.7m308.5m

PP&E

2.6b550.4m557.0m745.4m802.5m835.5m3.0b2.9b2.9b2.8b2.8b2.8b2.7b2.7b

Goodwill

1.3b493.9m492.5m491.0m276.2m274.8m911.9m911.9m911.9m993.6m989.9m1.0b1.0b1.0b

Total Assets

5.4b2.3b2.3b2.5b2.3b2.3b5.1b5.1b5.1b5.3b4.9b5.0b5.2b5.1b

Accounts Payable

28.3m24.9m60.8m41.7m66.6m73.4m68.2m68.1m68.9m60.8m29.3m29.0m18.8m24.1m

Short-term debt

35.5m37.1m

Current Liabilities

478.2m394.8m395.7m440.3m454.9m491.5m534.9m530.3m540.6m552.9m467.1m500.6m475.3m489.3m

Non-Current Liabilities

2.5b1.1b1.1b1.2b1.3b1.2b5.3b5.2b5.2b5.3b5.0b5.0b4.7b4.6b

Total Debt

35.5m37.1m

Common Stock

785.0k780.0k781.0k781.0k791.0k795.0k826.0k834.0k849.0k855.0k931.0k934.0k937.0k943.0k

Additional Paid-in Capital

1.5b903.5m908.3m911.6m929.6m936.4m980.9m992.6m1.0b1.0b1.0b1.0b1.0b1.0b

Retained Earnings

889.6m(125.8m)(121.6m)(113.6m)(352.4m)(335.5m)(1.6b)(1.6b)(1.6b)(1.5b)(1.5b)(1.5b)(1.0b)(962.0m)

Total Equity

2.4b778.1m787.8m798.2m575.0m599.2m(676.2m)(649.1m)27.8m

Financial Leverage

2.3 x2.9 x2.9 x3.1 x4 x3.9 x-7.6 x-7.9 x183.4 x

Penn National Gaming Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(794.3m)(233.2m)686.0k109.3m473.5m

Depreciation and Amortization

298.3m179.0m259.5m271.2m267.1m

Accounts Receivable

5.0m10.0m710.0k(5.9m)(9.2m)

Inventories

912.0k(13.0m)10.3m(485.0k)

Accounts Payable

(2.2m)2.0m2.1m(7.5m)(342.0k)

Cash From Operating Activities

440.8m220.0m399.0m404.8m459.1m

Cash From Investing Activities

(415.0m)(375.5m)(781.0m)(79.3m)(221.6m)

Long-term Borrowings

(4.1b)(49.5m)(115.2m)(407.7m)(1.6b)

Cash From Financing Activities

6.7m71.2m410.4m(333.0m)(189.0m)

Income Taxes Paid

69.8m23.2m5.1m19.1m20.4m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018Q2, 2018

Net Income

41.3m4.5m4.2m8.5m11.0m16.9m4.9m23.7m34.0m46.5m5.1m45.4m99.4m

Depreciation and Amortization

80.0m47.4m47.2m40.3m42.9m41.8m66.1m66.0m66.2m67.9m70.2m60.4m118.9m

Accounts Receivable

4.0m5.8m

Accounts Payable

60.8m41.7m66.6m73.4m68.2m68.1m68.9m60.8m29.3m(4.1m)(2.0m)

Cash From Operating Activities

66.9m207.1m

Cash From Investing Activities

(62.5m)(79.1m)

Cash From Financing Activities

(64.4m)(205.8m)

Income Taxes Paid

6.1m14.1m

Penn National Gaming Ratios

USDY, 2018

EV/EBIT

9.5 x

EV/CFO

16.3 x

Financial Leverage

183.4 x
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