$3.3 B

PENN Mkt cap, 11-Jul-2018

$816.1 M

Penn National Gaming Revenue Q1, 2018
Penn National Gaming Net income (Q1, 2018)45.4 M
Penn National Gaming EBIT (Q1, 2018)172.1 M
Penn National Gaming Cash, 31-Mar-2018218 M
Penn National Gaming EV3.1 B

Penn National Gaming Income Statement

Annual

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

Revenue

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

Revenue growth, %

(11%)10%7%

General and administrative expense

463 m514.8 m

Operating expense total

463 m2.7 b

Depreciation and amortization

267.1 m

EBIT

(772 m)(240.4 m)467.8 m543 m445.7 m

EBIT margin, %

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

Interest expense

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

Interest income

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

Pre tax profit

56.6 m(25 m)

Income tax expense

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

Net Income

(794.3 m)(233.2 m)686 k109.3 m473.5 m

Quarterly

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

Revenue

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

General and administrative expense

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

Operating expense total

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

Depreciation and amortization

60.4 m

EBIT

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

EBIT margin, %

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

Interest expense

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

Interest income

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

Pre tax profit

61.1 m

Income tax expense

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

Net Income

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

Penn National Gaming Balance Sheet

Annual

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

Cash

293 m208.7 m237 m229.5 m278 m

Accounts Receivable

631 m

Inventories

Current Assets

508.9 m386 m372.5 m399.3 m401 m

PP&E

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

Goodwill

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

Total Assets

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

Accounts Payable

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

Short-term debt

35.6 m

Current Liabilities

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

Long-term debt

Non-Current Liabilities

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

Total Debt

35.6 m

Total Liabilities

1.4 b1.7 b5.8 b5.5 b

Common Stock

775 k786 k830 k932 k933 k

Preferred Stock

Additional Paid-in Capital

887.6 m918.4 m988.7 m1 b1 b

Retained Earnings

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

Total Equity

758.4 m554.5 m(678 m)

Financial Leverage

2.9 x4 x-7.6 x

Quarterly

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

Cash

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

Current Assets

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

PP&E

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

Goodwill

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

Total Assets

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

Accounts Payable

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

Short-term debt

35.5 m

Current Liabilities

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

Non-Current Liabilities

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

Total Debt

35.5 m

Common Stock

785 k780 k781 k781 k791 k795 k826 k834 k849 k855 k931 k934 k937 k

Additional Paid-in Capital

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

Retained Earnings

889.6 m(125.8 m)(121.6 m)(113.6 m)(352.4 m)(335.5 m)(1.6 b)(1.6 b)(1.6 b)(1.5 b)(1.5 b)(1.5 b)(1 b)

Total Equity

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

Financial Leverage

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

Penn National Gaming Cash Flow

Annual

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

Net Income

(794.3 m)(233.2 m)686 k109.3 m473.5 m

Depreciation and Amortization

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

Accounts Receivable

5 m10 m710 k(5.9 m)(9.2 m)

Inventories

912 k(13 m)10.3 m(485 k)

Accounts Payable

(2.2 m)2 m2.1 m(7.5 m)(342 k)

Cash From Operating Activities

440.8 m220 m399 m404.8 m459.1 m

Cash From Investing Activities

(415 m)(375.5 m)(781 m)(79.3 m)(221.6 m)

Long-term Borrowings

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

Cash From Financing Activities

6.7 m71.2 m410.4 m(333 m)(189 m)

Income Taxes Paid

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

Quarterly

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

Net Income

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

Depreciation and Amortization

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

Accounts Receivable

4 m

Accounts Payable

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

Cash From Operating Activities

66.9 m

Cash From Investing Activities

(62.5 m)

Cash From Financing Activities

(64.4 m)

Income Taxes Paid

6.1 m

Penn National Gaming Ratios

USDY, 2018

EV/EBIT

18.1 x

EV/CFO

46.6 x
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