Company Quick10K Filing
Penn National Gaming
Price19.13 EPS1
Shares118 P/E24
MCap2,252 P/FCF4
Net Debt2,066 EBIT549
TEV4,318 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-06
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-22
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-03
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-08
10-Q 2011-03-31 Filed 2011-05-04
10-K 2010-12-31 Filed 2011-02-25
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10-K 2009-12-31 Filed 2010-02-26
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-06-10
8-K 2020-05-19
8-K 2020-05-11
8-K 2020-05-07
8-K 2020-04-14
8-K 2020-03-27
8-K 2020-03-16
8-K 2020-03-13
8-K 2020-02-27
8-K 2020-02-19
8-K 2020-02-06
8-K 2020-01-28
8-K 2020-01-22
8-K 2019-10-31
8-K 2019-09-24
8-K 2019-08-01
8-K 2019-07-30
8-K 2019-06-12
8-K 2019-05-28
8-K 2019-05-23
8-K 2019-05-02
8-K 2019-02-14
8-K 2019-02-07
8-K 2019-01-29
8-K 2019-01-09
8-K 2019-01-02
8-K 2018-12-10
8-K 2018-11-13
8-K 2018-11-01
8-K 2018-10-15
8-K 2018-08-28
8-K 2018-07-26
8-K 2018-06-18
8-K 2018-06-13
8-K 2018-05-25
8-K 2018-04-26
8-K 2018-03-29
8-K 2018-03-21
8-K 2018-03-21
8-K 2018-03-19
8-K 2018-03-12
8-K 2018-02-28
8-K 2018-02-27
8-K 2018-02-23
8-K 2018-02-08

PENN 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Organization and Basis of Presentation
Note 2 - Significant Accounting Policies
Note 3 - New Accounting Pronouncements
Note 4 - Revenue Disaggregation
Note 5 - Acquisitions and Dispositions
Note 6 - Property and Equipment
Note 7 - Goodwill and Other Intangible Assets
Note 8 - Accrued Expenses and Other Current Liabilities
Note 9 - Long - Term Debt
Note 10 - Leases
Note 11 - Investments in and Advances To Unconsolidated Affiliates
Note 12 - Income Taxes
Note 13 - Commitments and Contingencies
Note 14 - Stockholders' Equity and Stock - Based Compensation
Note 15 - Earnings (Loss) per Share
Note 16 - Fair Value Measurements
Note 17 - Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A.Risk Factors
Item 6. Exhibits
EX-31.1 pennex311063020.htm
EX-31.2 pennex312063020.htm
EX-32.1 pennex321063020.htm
EX-32.2 pennex322063020.htm

Penn National Gaming Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
151185202012201420172020
Assets, Equity
1.40.90.50.0-0.4-0.92012201420172020
Rev, G Profit, Net Income
0.60.30.1-0.2-0.4-0.72012201420172020
Ops, Inv, Fin

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Table of Contents
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 June 30, 2020
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 NATIONAL GAMING, 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 July 31, 2020, the number of shares of the registrant’s common stock outstanding was 137,629,433.



PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
TABLE OF CONTENTS
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Table of Contents
PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in millions, except share and per share data)June 30,
2020
December 31,
2019
Assets  
Current assets  
Cash and cash equivalents$1,244.3  $437.4  
Receivables, net of allowance for doubtful accounts of $11.0 and $7.7
71.1  88.7  
Prepaid expenses57.1  54.6  
Income tax receivable64.2  22.1  
Other current assets209.9  40.0  
Total current assets1,646.6  642.8  
Property and equipment, net4,677.0  5,120.2  
Investment in and advances to unconsolidated affiliates264.0  128.3  
Goodwill and other intangible assets, net2,677.4  3,297.2  
Lease right-of-use assets4,862.3  4,837.3  
Other assets194.2  168.7  
Total assets$14,321.5  $14,194.5  
Liabilities  
Current liabilities  
Accounts payable$30.6  $40.3  
Current maturities of long-term debt72.1  62.9  
Current portion of financing obligations34.6  40.5  
Current portion of lease liabilities130.1  130.6  
Accrued expenses and other current liabilities560.4  631.3  
Total current liabilities827.8  905.6  
Long-term debt, net of current maturities, debt discount and debt issuance costs3,044.8  2,322.2  
Long-term portion of financing obligations4,084.6  4,102.2  
Long-term portion of lease liabilities4,623.8  4,670.0  
Deferred income taxes130.5  244.6  
Other long-term liabilities105.1  98.0  
Total liabilities12,816.6  12,342.6  
Commitments and contingencies (Note 13)
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, 883 shares issued and outstanding)
23.1    
Common stock ($0.01 par value, 200,000,000 shares authorized, 139,602,483 and 118,125,652 shares issued, and 137,435,090 and 115,958,259 shares outstanding)
1.4  1.2  
Treasury stock, at cost, (2,167,393 shares held in both periods)
(28.4) (28.4) 
Additional paid-in capital2,170.4  1,718.3  
Retained earnings (accumulated deficit)(660.3) 161.6  
Total Penn National stockholders’ equity1,506.2  1,852.7  
Non-controlling interest(1.3) (0.8) 
Total stockholders’ equity1,504.9  1,851.9  
Total liabilities and stockholders’ equity$14,321.5  $14,194.5  
See accompanying notes to the Condensed Consolidated Financial Statements.
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PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)
 For the three months ended June 30,For the six months ended June 30,
(in millions, except per share data)2020201920202019
Revenues  
Gaming$259.2  $1,062.1  $1,162.1  $2,096.7  
Food, beverage, hotel and other46.3  261.0  259.5  509.0  
Total revenues305.5  1,323.1  1,421.6  2,605.7  
Operating expenses    
Gaming142.0  564.1  642.9  1,111.6  
Food, beverage, hotel and other32.9  167.6  189.9  329.3  
General and administrative204.1  287.0  511.1  573.9  
Depreciation and amortization91.9  106.0  187.6  210.1  
Impairment losses    616.1    
Total operating expenses470.9  1,124.7  2,147.6  2,224.9  
Operating income (loss)(165.4) 198.4  (726.0) 380.8  
Other income (expenses)
Interest expense, net(135.0) (134.7) (264.8) (267.0) 
Income (loss) from unconsolidated affiliates(1.7) 6.2  2.4  11.9  
Other29.3    7.5    
Total other expenses(107.4) (128.5) (254.9) (255.1) 
Income (loss) before income taxes(272.8) 69.9  (980.9) 125.7  
Income tax benefit (expense)58.4  (18.5) 157.9  (33.4) 
Net income (loss)(214.4) 51.4  (823.0) 92.3  
Less: Net loss attributable to non-controlling interest0.5  0.2  0.5  0.2  
Net income (loss) attributable to Penn National$(213.9) $51.6  $(822.5) $92.5  
Comprehensive income (loss)$(214.4) $51.4  $(823.0) $92.3  
Less: Comprehensive loss attributable to non-controlling interest0.5  0.2  0.5  0.2  
Comprehensive income (loss) attributable to Penn National$(213.9) $51.6  $(822.5) $92.5  
Earnings (loss) per share:    
Basic earnings (loss) per share$(1.69) $0.44  $(6.78) $0.80  
Diluted earnings (loss) per share$(1.69) $0.44  $(6.78) $0.78  
Weighted-average common shares outstanding - basic126.8  116.0  121.3  116.1  
Weighted-average common shares outstanding - diluted126.8  117.7  121.3  118.2  
See accompanying notes to the Condensed Consolidated Financial Statements.

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PENN NATIONAL GAMING, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(UNAUDITED)
Three Months Ended June 30, 2020 and 2019
Preferred StockCommon StockTreasury
Stock
Addi-
tional
Paid-In
Capital
Retained Earnings (Accum-
ulated Deficit)
Total Penn National Stock-
holders’
Equity
Non-Control-
ling Interest
Total
Stock-
holders’ Equity
(in millions, except share data)SharesAmountSharesAmount
Balance as of April 1, 2020883  $23.1  116,793,722  $1.2  $(28.4) $1,728.9  $(446.4) $1,278.4  $(0.8) $1,277.6  
Share-based compensation arrangements—  —  1,474,701  —  —  22.1  —  22.1  —  22.1  
Common stock offering (Note 14)—  —  19,166,667  0.2  —  331.0  —  331.2  —  331.2  
Convertible debt offering (Note 9)—  —  —  —  —  88.2  —  88.2  —  88.2  
Net loss—  —  —  —  —  —  (213.9) (213.9) (0.5) (214.4) 
Other—  —  —  —  —  0.2  —  0.2  —  0.2  
Balance as of June 30, 2020883  $23.1  137,435,090  $1.4  $(28.4) $2,170.4  $(660.3) $1,506.2  $(1.3) $1,504.9  
Balance as of April 1, 2019  $  117,140,551  $1.2  $(28.4) $1,730.3  $158.6  $1,861.7  $  $1,861.7  
Share-based compensation arrangements—  —  1,041  —  —  3.5  —  3.5  —  3.5  
Share repurchases—  —  (1,271,823) —  —  (24.9) —  (24.9) —  (24.9) 
Net income (loss)—  —  —  —  —  —  51.6  51.6  (0.2) 51.4  
Balance as of June 30, 2019  $  115,869,769  $1.2  $(28.4) $1,708.9  $210.2  $1,891.9  $(0.2) $1,891.7  
Six Months Ended June 30, 2020 and 2019
Preferred StockCommon StockTreasury
Stock
Addi-
tional
Paid-In
Capital
Retained Earnings (Accum-
ulated Deficit)
Total Penn National Stock-
holders’
Equity
Non-Control-
ling Interest
Total
Stock-
holders’ Equity
(in millions, except share data)SharesAmountSharesAmount
Balance as of January 1, 2020  $  115,958,259  $1.2  $(28.4) $1,718.3  $161.6  $1,852.7  $(0.8) $1,851.9  
Share-based compensation arrangements—  —  2,310,164  —  —  32.7  —  32.7  —  32.7  
Common stock offering (Note 14)—  —  19,166,667