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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission file number: 0-24206
PENN Entertainment, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania23-2234473
(State or other jurisdiction of incorporation or organization)(I.R.S. employer identification no.)
825 Berkshire Blvd., Suite 200Wyomissing,Pennsylvania19610
(Address of principal executive offices)
(Zip code)
(610) 373-2400
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per sharePENNThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No
As of October 28, 2022, the number of shares of the registrant’s common stock outstanding was 155,117,678 (including 620,282 shares of a subsidiary of registrant which are exchangeable into registrant’s common stock).



PENN ENTERTAINMENT, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
Page


PART I.    FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS
PENN ENTERTAINMENT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in millions, except share and per share data)September 30,
2022
December 31,
2021
Assets  
Current assets  
Cash and cash equivalents$1,728.4 $1,863.9 
Accounts receivable, net155.8 195.0 
Prepaid expenses111.8 132.3 
Other current assets62.5 32.4 
Total current assets2,058.5 2,223.6 
Property and equipment, net4,517.2 4,582.2 
Investment in and advances to unconsolidated affiliates246.3 255.1 
Goodwill2,661.8 2,822.5 
Other intangible assets, net1,754.6 1,872.6 
Lease right-of-use assets6,108.9 4,853.0 
Other assets187.8 263.1 
Total assets$17,535.1 $16,872.1 
Liabilities  
Current liabilities  
Accounts payable$40.9 $53.3 
Current maturities of long-term debt55.8 99.5 
Current portion of financing obligations65.0 39.0 
Current portion of lease liabilities188.7 142.9 
Accrued expenses and other current liabilities797.9 798.5 
Total current liabilities1,148.3 1,133.2 
Long-term debt, net of current maturities, debt discount and debt issuance costs2,730.2 2,637.3 
Long-term portion of financing obligations3,984.7 4,057.8 
Long-term portion of lease liabilities5,892.4 4,628.6 
Deferred income taxes37.8 189.1 
Other long-term liabilities125.7 129.0 
Total liabilities13,919.1 12,775.0 
Stockholders’ equity 
Series B Preferred stock ($0.01 par value, 1,000,000 shares authorized, no shares issued and outstanding)
  
Series C Preferred stock ($0.01 par value, 18,500 shares authorized, no shares issued and outstanding)
  
Series D Preferred stock ($0.01 par value, 5,000 shares authorized, 969 shares issued in both periods, and 581 and 775 shares outstanding)
19.4 25.8 
Common stock ($0.01 par value, 400,000,000 shares authorized in both periods, 172,305,996 and 171,729,276 shares issued, and 155,448,209 and 169,561,883 shares outstanding)
1.7 1.7 
Exchangeable shares ($0.01 par value, 697,539 shares authorized and issued in both periods, 620,353 and 653,059 shares outstanding)
  
Treasury stock, at cost, (16,857,787 and 2,167,393 shares)
(538.5)(28.4)
Additional paid-in capital4,201.9 4,239.6 
Retained earnings (accumulated deficit)133.7 (86.5)
Accumulated other comprehensive loss(201.1)(54.4)
Total PENN Entertainment stockholders’ equity3,617.1 4,097.8 
Non-controlling interest(1.1)(0.7)
Total stockholders’ equity3,616.0 4,097.1 
Total liabilities and stockholders’ equity$17,535.1 $16,872.1 
See accompanying notes to the unaudited Consolidated Financial Statements.
1

PENN ENTERTAINMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 For the three months ended September 30,For the nine months ended September 30,
(in millions, except per share data)2022202120222021
Revenues  
Gaming$1,317.5 $1,256.2 $3,934.3 $3,643.7 
Food, beverage, hotel and other307.5 255.6 881.8 688.8 
Total revenues1,625.0 1,511.8 4,816.1 4,332.5 
Operating expenses    
Gaming757.9 652.4 2,158.1 1,801.1 
Food, beverage, hotel and other199.2 160.1 557.9 431.8 
General and administrative277.9 376.5 847.2 1,019.2 
Depreciation and amortization148.7 83.7 417.2 246.9 
Impairment losses104.6  104.6  
Total operating expenses1,488.3 1,272.7 4,085.0 3,499.0 
Operating income136.7 239.1 731.1 833.5 
Other income (expenses)
Interest expense, net(193.3)(144.9)(547.7)(418.6)
Income from unconsolidated affiliates6.6 9.1 17.1 27.8 
Other(8.8)19.2 (77.7)43.1 
Total other expenses(195.5)(116.6)(608.3)(347.7)
Income (loss) before income taxes(58.8)122.5 122.8 485.8 
Income tax benefit (expense)182.0 (36.4)78.1 (110.1)
Net income123.2 86.1 200.9 375.7 
Less: Net loss attributable to non-controlling interest0.3  0.4 0.1 
Net income attributable to PENN Entertainment$123.5 $86.1 $201.3 $375.8 
Earnings per share:    
Basic earnings per share$0.78 $0.55 $1.23 $2.40 
Diluted earnings per share$0.72 $0.52 $1.15 $2.24 
Weighted-average common shares outstanding—basic157.6 156.1 163.5 155.9 
Weighted-average common shares outstanding—diluted173.0 172.7 179.0 172.7 
See accompanying notes to the unaudited Consolidated Financial Statements.

2

PENN ENTERTAINMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 For the three months ended September 30,For the nine months ended September 30,
(in millions)2022202120222021
Net income$123.2 $86.1 $200.9 $375.7 
Other comprehensive loss:
Foreign currency translation adjustment during the period(119.8) (146.7) 
Other comprehensive loss(119.8) (146.7) 
Total comprehensive income3.4 86.1 54.2 375.7 
Less: Comprehensive loss attributable to non-controlling interest0.3  0.4 0.1 
Comprehensive income attributable to PENN Entertainment$3.7 $86.1 $54.6 $375.8 
See accompanying notes to the unaudited Consolidated Financial Statements.
3

PENN ENTERTAINMENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Three Months Ended September 30, 2022 and 2021
Preferred StockCommon StockTreasury StockAdditional
Paid-In
Capital
Retained Earnings (Accumulated Deficit)Accumulated Other Comprehensive LossTotal PENN Stockholders’ EquityNon-Controlling InterestTotal Stockholders’ Equity
(in millions, except share data)SharesAmountPENN Entertainment SharesAmountExchangeable SharesAmount
Balance as of July 1, 2022581 $19.4 160,725,723 $1.7 624,658 $ $(370.5)$4,187.3 $10.2 $(81.3)$3,766.8 $(0.8)$3,766.0 
Share-based compensation arrangements— — 62,935 — — — — 13.6 — — 13.6 — 13.6 
Share repurchases (Note 13)— — (5,348,809)— — — (168.0)— — — (168.0)— (168.0)
Common stock issuance (Note 13)— — 4,055 — — — — 0.2 — — 0.2 — 0.2 
Exchangeable shares conversions (Note 13)— — 4,305 — (4,305)— — — — — — — — 
Currency translation adjustment— — — — — — — — — (119.8)(119.8)— (119.8)
Net income (loss)— — — — — — — — 123.5 — 123.5 (0.3)123.2 
Other— — — — — — — 0.8 — — 0.8 — 0.8 
Balance as of September 30, 2022581 $19.4 155,448,209 $1.7 620,353 $ $(538.5)$4,201.9 $133.7 $(201.1)$3,617.1 $(1.1)$3,616.0 
Balance as of July 1, 2021775 $24.2 156,786,873 $1.6  $ $(28.4)$3,178.5 $(217.6)$ $2,958.3 $(0.5)$2,957.8 
Share-based compensation arrangements— — 17,318 — — — — 8.5 — — 8.5 — 8.5 
Share issuance (Note 13)43 3.0 198,103 — — — — 15.8 — — 18.8 — 18.8 
Conversion of Preferred Stock (Note 13)(43)(1.4)43,000 — — — — 1.4 — — — —  
Net income — — — — — — — — 86.1 — 86.1 — 86.1 
Other— — — — — — — 0.2 — — 0.2 — 0.2 
Balance as of September 30, 2021775 $25.8 157,045,294 $1.6  $ $(28.4)$3,204.4 $(131.5)$ $3,071.9 $(0.5)$3,071.4 
See accompanying notes to the unaudited Consolidated Financial Statements.
4

Nine Months Ended September 30, 2022 and 2021
Preferred StockCommon StockTreasury StockAdditional
Paid-In
Capital
Retained Earnings (Accumulated Deficit)Accumulated Other Comprehensive LossTotal PENN Stockholders’ EquityNon-Controlling InterestTotal Stockholders’ Equity
(in millions, except share data)SharesAmountPENN Entertainment SharesAmountExchangeable SharesAmount
Balance as of January 1, 2022775 $25.8 169,561,883 $1.7 653,059 $ $(28.4)$4,239.6 $(86.5)$(54.4)$4,097.8 $(0.7)$4,097.1 
Share-based compensation arrangements— — 281,759 — — — — 45.1 — — 45.1 — 45.1 
Share repurchases (Note 13)— — (14,690,394)— — — (510.1)— — — (510.1)— (510.1)
Preferred stock conversions (Note 13)(194)(6.4)194,200 — — — — 6.4 — — — — — 
Common stock issuance (Note 13)— — 68,055 — — — — 2.2 — — 2.2 — 2.2 
Exchangeable shares conversions (Note 13)— — 32,706 — (32,706)— — — — — — — — 
Currency translation adjustment— — — — — — — — — (146.7)(146.7)— (146.7)
Cumulative-effect adjustment upon adoption of ASU 2020-06— — — — — — — (88.2)18.9 — (69.3)— (69.3)
Net income (loss)— — — — — — — — 201.3 — 201.3 (0.4)200.9 
Other— — — — — — — (3.2)— — (3.2)— (3.2)
Balance as of September 30, 2022581 $19.4 155,448,209 $1.7 620,353 $ $(538.5)$4,201.9 $133.7 $(201.1)$3,617.1 $(1.1)$3,616.0 
Balance as of January 1, 2021883 $23.1 155,700,834 $1.6  $ $(28.4)$3,167.2 $(507.3)$ $2,656.2 $(0.4)$2,655.8 
Share-based compensation arrangements— — 908,473 — — — — 21.9 — — 21.9 — 21.9 
Share issuance (Note 13)86 8.1 241,787 — — — — 19.3 — — 27.4 — 27.4 
Preferred stock conversion (Note 13)(194)(5.4)194,200 — — — — 5.4 — —  —  
Net income (loss)— — — — — — — — 375.8 — 375.8 (0.1)375.7 
Other— — — — — — — (9.4)— — (9.4)— (9.4)
Balance as of September 30, 2021775