← PENN Entertainment, Inc.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flows from operating activities: | |||||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Net Income (Loss) Attributable to Parent | $109.3m | $473.5m | $93.5m | $43.9m | ($669.5m) | $420.8m | $222.1m | ($490.0m) | ($311.5m) | ($843.1m) | |
| Net Income (Loss) Available to Common Stockholders, Basic | $100.6m | $473.5m | $93.5m | $43.9m | ($669.5m) | $418.7m | $221.2m | ($490.0m) | ($311.5m) | ($843.1m) | |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | — | $473.5m | $93.5m | $43.1m | ($669.1m) | $420.5m | $221.7m | ($491.4m) | ($313.3m) | ($845.3m) | |
| Net Income (Loss) Attributable to Noncontrolling Interest | — | — | ($5k) | ($800k) | $400k | ($300k) | ($400k) | ($1.4m) | ($1.8m) | ($2.2m) | |
| Depreciation and amortization | $271.2m | $267.1m | $269.0m | $414.2m | $366.7m | $344.5m | $567.5m | $435.1m | $433.6m | $446.9m | |
| Amortization of Debt Issuance Costs | — | — | — | — | $500k | $900k | — | — | — | — | |
| Amortization of Debt Issuance Costs and Discounts | $7.2m | $7.0m | $6.4m | $7.7m | $16.3m | $22.8m | $9.0m | $8.1m | $8.7m | $8.3m | |
| Depreciation, Depletion and Amortization, Nonproduction | $271.2m | $267.1m | $269.0m | $414.2m | $366.7m | $344.5m | $567.5m | $435.1m | $433.6m | $446.9m | |
| Amortization of Intangible Assets | $9.3m | $18.9m | $17.1m | $24.7m | $21.7m | $19.6m | $56.7m | $58.8m | $49.9m | $39.6m | |
| Depreciation | $261.9m | $248.2m | $251.9m | $381.6m | $336.9m | $314.3m | $329.1m | $288.7m | $293.9m | $316.3m | |
| Amortization of debt discount and debt issuance costs | $7.2m | $7.0m | $6.4m | $7.7m | $16.3m | $22.8m | $9.0m | $8.1m | $8.7m | $8.3m | |
| Deferred Income Tax Expense (Benefit) | $8.7m | ($517.9m) | ($26.7m) | $21.1m | ($118.3m) | ($4.5m) | ($150.7m) | ($33.9m) | ($58.1m) | $26.3m | |
| Deferred income taxes | $8.7m | ($517.9m) | ($26.7m) | $21.1m | ($118.3m) | ($4.5m) | ($150.7m) | ($32.7m) | ($58.1m) | $26.9m | |
| Share-based Payment Arrangement, Noncash Expense | $6.9m | $7.8m | $12.0m | $14.9m | $14.5m | $35.1m | $58.1m | $85.9m | $52.9m | $60.9m | |
| Share-based Payment Arrangement, Expense | $6.9m | $7.8m | $12.0m | $14.9m | $14.5m | $35.1m | $58.1m | $85.9m | $52.9m | $60.9m | |
| Goodwill and Intangible Asset Impairment | — | — | — | — | — | $0 | — | — | — | — | |
| Goodwill, Impairment Loss | — | $18.0m | $18.0m | $88.0m | $113.0m | $0 | $37.4m | $30.0m | $12.3m | $832.0m | |
| Impairment of Intangible Assets (Excluding Goodwill) | — | $0 | $0 | — | — | — | — | — | — | — | |
| Impairment losses | — | $18.0m | $34.9m | $173.1m | $623.4m | $0 | $118.2m | $130.6m | $89.1m | $945.3m | |
| Gain (Loss) on Extinguishment of Debt | — | ($24.0m) | ($21.0m) | $0 | ($1.2m) | $0 | ($10.4m) | $0 | ($300k) | ($11.8m) | |
| Gain (Loss) on Disposition of Assets | — | ($172k) | — | — | — | — | — | — | — | — | |
| Income (Loss) from Equity Method Investments | $14.3m | $18.7m | $22.3m | $28.4m | $13.8m | $38.7m | $23.7m | $25.3m | $28.1m | $37.7m | |
| Gain (Loss) on Disposition of Business | — | — | — | — | — | — | — | ($923.2m) | — | — | |
| Gain (Loss) on Disposition of Property Plant Equipment | $2.5m | ($172k) | ($3.2m) | ($5.5m) | $29.2m | ($1.1m) | ($7.9m) | ($100k) | ($10.0m) | ($400k) | |
| Income Tax Expense (Benefit) | $11.3m | ($498.5m) | ($3.6m) | $43.0m | ($165.1m) | $118.6m | ($46.4m) | ($8.2m) | ($28.0m) | $24.6m | |
| Interest Expense Nonoperating | — | — | — | — | — | — | — | — | — | $447.6m | |
| Other Nonoperating Income (Expense) | ($1.7m) | ($2.3m) | ($7.1m) | $20.0m | $106.6m | $2.5m | ($72.1m) | $5.5m | $5.3m | $4.7m | |
| Noncash interest expense | — | — | — | $0 | $0 | $17.9m | $27.6m | $36.1m | $47.1m | $14.3m | |
| Loss on early extinguishment of debt | $0 | $24.0m | $21.0m | $0 | $1.2m | $0 | $10.4m | $0 | $300k | $11.8m | |
| Operating lease liabilities | — | $0 | $0 | ($139.1m) | ($94.8m) | ($136.5m) | ($83.0m) | ($305.8m) | ($298.2m) | ($356.6m) | |
| Changes in operating assets and liabilities: | |||||||||||
| Additional Financial Items | |||||||||||
| Increase (Decrease) in Accounts Receivable | $5.9m | $9.2m | $1.7m | ($27.0m) | $16.5m | $82.3m | $81.2m | $74.8m | ($58.9m) | ($1.6m) | |
| Increase (Decrease) in Accounts Payable | ($7.5m) | ($342k) | ($6.1m) | $4.4m | ($6.6m) | ($30.4m) | ($13.4m) | ($8.6m) | $14.2m | ($2.4m) | |
| Increase (Decrease) in Other Operating Assets | $4.9m | ($1.7m) | ($1.5m) | $2.3m | $12.8m | $21.7m | $2.2m | $18.2m | $35.7m | $12.1m | |
| Increase (Decrease) in Other Operating Liabilities | ($7.0m) | $46.3m | ($6.8m) | $47.6m | $16.3m | $65.2m | ($2.2m) | $107.4m | ($48.4m) | ($23.9m) | |
| Proceeds from Stock Options Exercised | $11.6m | $10.4m | $7.4m | $1.9m | $62.7m | $10.8m | $6.9m | $5.3m | $1.5m | — | |
| Payments of Financing Costs | — | — | $27.3m | $0 | $6.9m | $7.5m | $18.2m | $0 | $3.4m | — | |
| Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | — | — | — | — | — | — | — | ($923.2m) | $0 | $0 | |
| Equity Securities, FV-NI, Unrealized Gain (Loss) | — | — | — | $19.9m | $106.7m | ($24.9m) | ($69.9m) | ($6.4m) | ($100k) | — | |
| General and Administrative Expense | $463.0m | $514.8m | $619.0m | $1.2b | $1.1b | $1.4b | $1.1b | $1.6b | $1.6b | $1.6b | |
| Goodwill | $989.7m | $1.0b | $1.2b | $1.3b | $1.2b | $2.8b | $2.7b | $2.7b | $2.6b | $1.8b | |
| Investment Income, Interest | $24.2m | $3.6m | $1.0m | $1.4m | $900k | $1.1m | $18.3m | $40.3m | $23.6m | $9.7m | |
| Marketable Securities, Unrealized Gain (Loss) | — | — | — | — | — | — | — | — | $7.3m | ($5.1m) | |
| Operating Expenses | $2.5b | $2.7b | — | — | — | — | — | — | — | — | |
| Revenue from Contract with Customer, Including Assessed Tax | — | — | — | — | — | — | — | — | $6.6b | $7.0b | |
| Net loss | $109.3m | $473.5m | $93.5m | $43.1m | ($669.1m) | $420.5m | $221.7m | ($491.4m) | ($313.3m) | ($845.3m) | |
| Gain on Barstool Acquisition, net | — | — | — | — | — | $0 | $0 | ($83.4m) | $0 | $0 | |
| Gain on REIT transactions, net | — | — | — | — | — | $0 | $0 | ($500.8m) | $0 | ($3.3m) | |
| Loss on disposal of Barstool | — | — | — | — | — | $0 | $0 | $923.2m | $0 | $0 | |
| Income from unconsolidated affiliates | ($14.3m) | ($18.7m) | ($22.3m) | ($28.4m) | ($13.8m) | ($38.7m) | ($23.7m) | ($25.3m) | ($28.1m) | ($37.7m) | |
| Return on investment from unconsolidated affiliates | $26.3m | $26.4m | $26.9m | $29.0m | $21.8m | $31.8m | $33.8m | $33.3m | $33.4m | $37.4m | |
| Stock-based compensation | $6.9m | $7.8m | $12.0m | $14.9m | $14.5m | $35.1m | $58.1m | $85.9m | $52.9m | $60.9m | |
| Investment Agreement warrant expense | — | — | — | — | — | $0 | $0 | $12.5m | $67.9m | $57.1m | |
| Gain on financing arrangement | — | — | — | — | — | — | — | $0 | $0 | ($215.1m) | |
| Accounts receivable | ($5.9m) | ($9.2m) | ($1.7m) | $27.0m | ($16.5m) | ($82.3m) | ($81.2m) | ($74.8m) | $58.9m | $1.6m | |
| Prepaid expenses and other current assets | ($485k) | ($7.2m) | $13.3m | $9.7m | $13.5m | ($32.3m) | ($24.1m) | ($66.3m) | $26.7m | ($19.0m) | |
| Other assets | ($4.9m) | $1.7m | $1.5m | ($2.3m) | ($12.8m) | ($21.7m) | ($2.2m) | ($18.2m) | ($35.7m) | ($12.1m) | |
| Accounts payable | ($7.5m) | ($342k) | ($6.1m) | $4.4m | ($6.6m) | ($30.4m) | ($13.4m) | ($8.6m) | $14.2m | ($2.4m) | |
| Accrued expenses | $1.5m | $23.8m | ($29.4m) | ($3.9m) | ($40.9m) | $138.4m | $17.4m | $25.9m | ($67.7m) | $18.0m | |
| Income taxes | $19.1m | $20.4m | ($3.3m) | ($7.2m) | ($32.5m) | $10.2m | $27.3m | ($50.2m) | $33.4m | ($3.8m) | |
| Other current and long-term liabilities | ($7.0m) | $46.3m | ($6.8m) | $47.6m | $16.3m | $65.2m | ($2.2m) | $107.4m | ($48.4m) | ($23.9m) | |
| Other | $0 | $577k | $0 | ($400k) | ($7.0m) | ($9.9m) | ($11.6m) | ($10.0m) | ($9.3m) | ($18.0m) | |
| Proceeds from sale-and-leaseback transactions in conjunction with development projects | — | — | — | — | — | — | — | $0 | $0 | $280.0m | |
| Sale of Barstool Sports, net of cash | — | — | — | — | — | — | $0 | ($50.9m) | $0 | $0 | |
| Consideration paid for gaming licenses and other intangible assets | ($2.7m) | ($1.7m) | ($81.6m) | ($11.7m) | ($4.8m) | ($24.2m) | ($9.0m) | ($21.9m) | ($57.9m) | ($37.7m) | |
| Proceeds from revolving credit facility | $123.0m | $256.4m | $201.0m | $412.0m | $540.0m | $0 | $0 | $0 | $0 | $877.5m | |
| Repayments on revolving credit facility | ($354.0m) | ($447.4m) | ($89.0m) | ($384.0m) | ($680.0m) | $0 | $0 | $0 | $0 | ($307.5m) | |
| Payments of other long-term obligations | ($13.8m) | ($35.5m) | ($15.7m) | ($15.4m) | ($16.2m) | ($17.0m) | ($17.8m) | ($18.7m) | ($10.1m) | ($700k) | |
| Principal payments on financing obligations | ($50.5m) | ($57.9m) | ($67.4m) | ($51.6m) | ($26.7m) | ($36.0m) | ($63.2m) | ($39.2m) | ($40.8m) | ($43.5m) | |
| Principal payments on finance leases | — | $0 | $0 | ($6.2m) | ($3.9m) | ($8.5m) | ($110.5m) | ($47.1m) | ($50.3m) | ($53.4m) | |
| Proceeds from insurance financing | $13.1m | $11.9m | $13.1m | $16.1m | $20.2m | $26.6m | $0 | $34.4m | $29.3m | $26.8m | |
| Payments on insurance financing | ($13.6m) | ($12.2m) | ($10.9m) | ($19.4m) | ($21.4m) | ($26.7m) | $0 | $0 | ($35.4m) | ($31.1m) | |
| Indemnification payments | — | — | — | — | — | — | $0 | $0 | ($30.5m) | $0 | |
| Restricted cash included in Other assets | $744k | $1.5m | $1.6m | $2.3m | $1.3m | $1.2m | $1.2m | $1.2m | $1.2m | $1.2m | |
| Accrued capital expenditures | $6.7m | $1.9m | $7.7m | $12.6m | $17.2m | $27.6m | $21.1m | $23.5m | $53.8m | $51.1m | |
| Net Cash Provided by (Used in) Operating Activities | $404.8m | $459.1m | $352.8m | $703.9m | $338.8m | $896.1m | $878.2m | $455.9m | $359.3m | $508.2m | |
| Cash flows from investing activities: | |||||||||||
| Payments to Acquire Property, Plant, and Equipment | $18.7m | $25.0m | $92.6m | $190.6m | $137.0m | $244.1m | $263.4m | ($360.0m) | ($482.7m) | ($647.7m) | |
| Payments to Acquire Businesses, Net of Cash Acquired | $86.9m | $129.3m | $1.9b | $1.4b | $3.0m | $877.6m | $0 | $314.6m | $0 | $0 | |
| Consideration paid for acquisitions of businesses, net of cash acquired | ($86.9m) | ($129.3m) | ($1.9b) | ($1.4b) | ($3.0m) | ($877.6m) | $0 | ($314.6m) | $0 | $0 | |
| Payments to Acquire Investments | — | — | — | $5.1m | $0 | $26.0m | — | — | — | — | |
| Payments for (Proceeds from) Other Investing Activities | — | — | $0 | $1.4m | ($2.7m) | $8.0m | $1.5m | $12.7m | $8.1m | ($54.3m) | |
| Net Cash Provided by (Used in) Investing Activities | ($79.3m) | ($221.6m) | ($1.4b) | ($607.5m) | ($233.7m) | ($1.2b) | ($258.6m) | ($742.6m) | ($541.2m) | ($351.1m) | |
| Cash flows from financing activities: | |||||||||||
| Proceeds from Issuance of Long-term Debt | $122.7m | $1.4b | $1.6b | $0 | $322.2m | — | — | — | — | — | |
| Repayments of Long-term Debt | $407.7m | $1.6b | $482.5m | — | — | — | — | — | — | — | |
| Repurchases of convertible debt | — | — | — | — | — | — | — | $0 | $0 | ($223.8m) | |
| Principal payments on long-term debt | ($407.7m) | ($1.6b) | ($482.5m) | ($46.6m) | ($161.7m) | ($64.4m) | ($39.3m) | ($37.5m) | ($37.5m) | ($37.5m) | |
| Proceeds from Issuance of Common Stock | — | — | — | — | $1.3b | $0 | $0 | — | — | — | |
| Payments for Repurchase of Common Stock | — | $24.8m | $50.0m | $24.9m | $0 | $0 | $601.1m | $149.8m | $0 | $354.4m | |
| Repurchases of common stock | $0 | ($24.8m) | ($50.0m) | ($24.9m) | $0 | $0 | ($601.1m) | ($149.8m) | $0 | ($354.4m) | |
| Proceeds from (Payments for) Other Financing Activities | — | — | — | ($400k) | ($7.0m) | ($9.9m) | ($11.6m) | ($10.0m) | ($9.3m) | ($18.0m) | |
| Net Cash Provided by (Used in) Financing Activities | ($339.9m) | ($189.0m) | $1.3b | ($122.4m) | $1.3b | $339.9m | ($853.0m) | ($262.6m) | ($186.5m) | ($165.6m) | |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | — | — | — | — | ($2.5m) | ($400k) | ($2.3m) | ($500k) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | — | — | — | ($26.0m) | $1.4b | $9.7m | ($235.9m) | ($549.7m) | ($370.7m) | ($9.0m) | |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | — | — | $481.2m | $455.2m | $1.9b | $1.9b | $1.6b | $1.1b | $723.8m | $714.8m | |
| Effect of currency rate changes on cash, cash equivalents, and restricted cash | — | — | — | $0 | $0 | ($4.5m) | ($2.5m) | ($400k) | ($2.3m) | ($500k) | |
| Change in cash, cash equivalents, and restricted cash | ($11.3m) | $49.2m | $201.8m | ($26.0m) | $1.4b | $9.7m | ($235.9m) | ($549.7m) | ($370.7m) | ($9.0m) | |
| Cash, cash equivalents, and restricted cash at the beginning of the year | $230.3m | $279.4m | $481.2m | $455.2m | $1.9b | $1.9b | $1.6b | $1.1b | $723.8m | $714.8m | |
| Cash and cash equivalents | $229.5m | $278.0m | $479.6m | $437.4m | $1.9b | $1.9b | $1.6b | $1.1b | $706.6m | $686.6m | |
| Restricted cash included in Other current assets | — | $0 | $0 | $15.5m | $15.3m | $15.0m | $19.0m | $21.5m | $16.0m | $27.0m | |
| Supplemental disclosure of cash flow information: | |||||||||||
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $452.8m | $452.8m | $530.4m | $528.1m | $355.0m | $514.6m | $721.7m | $420.1m | $415.5m | $383.0m | |
| Income Taxes Paid, Net | ($11.4m) | ($43.1m) | $24.4m | $21.8m | ($15.2m) | $108.3m | $72.8m | $73.9m | ($3.8m) | $4.7m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.