PENN Entertainment Reports Fourth Quarter Results
PENN Entertainment reported its 2022 fourth quarter results with revenues of $1.6 billion, up 0.8% year-over-year. However, net income decreased to $20.8 million from $44.8 million, yielding a net income margin of 1.3%. Adjusted EBITDAR was $468.3 million, down 2.5% year-over-year, though Adjusted EBITDA improved by 18.8% to $438.3 million. The company initiated guidance for 2023 with projected revenues between $6.15 billion and $6.58 billion. PENN also repurchased $91 million of stock and has $2.6 billion in total liquidity, alongside total traditional net debt of $1.1 billion.
- 2023 revenue guidance of $6.15 billion to $6.58 billion.
- Repurchased $91.0 million of common stock.
- Adjusted EBITDA increased by 18.8% year-over-year.
- Net income decreased from $44.8 million to $20.8 million.
- Adjusted EBITDAR declined by 2.5% year-over-year.
- Net income margin dropped from 2.8% to 1.3%.
2022 Fourth Quarter Highlights:
-
Revenues of
$1.6 billion 0.8% year-over-year; -
Net income of
$20.8 million 1.3% , as compared to net income of$44.8 million 2.8% in the prior year; -
Adjusted EBITDAR of
$468.3 million 2.5% year-over-year; -
Adjusted EBITDA of
$438.3 million 18.8% year-over-year; and -
Adjusted EBITDAR margins of
29.5% , a decline of 110bps year-over-year. - Omni-Channel, Tech-Forward Engagement Delivering Tangible Benefits
- Strong Conclusion to Fourth Quarter Retail Operations; Momentum Continues Into January
-
Interactive Segment Achieves Profitable Quarter -
Repurchased
$91.0 million $31.69 February 2022 Share Repurchase Authorization -
Initiates 2023 Guidance –
Full Year Revenue Range of$6.15 billion $6.58 billion Adjusted EBITDAR Range of$1.87 5 billion$2.0 billion
For further information, the Company has posted a presentation to its website regarding the fourth quarter highlights and accomplishments, which can be found here.
Omni-Channel, Tech-Forward Engagement Delivering Tangible Benefits
Property level highlights2:
-
Revenues of
$1.4 billion -
Adjusted EBITDAR of
$487.1 million -
Adjusted EBITDAR margins of
35.2% .
“Our focused marketing strategy, diverse product offerings and technology enhancements generated approximately 1.3 million new rated customers last year in our mychoice database. Approximately 300,000 of these guests signed up in the fourth quarter, representing a
Interactive Segment highlights:
-
Revenues of
$208.0 million $82.9 million -
Adjusted EBITDA of
$5.2 million
“Our Interactive segment generated positive Adjusted EBITDA for the quarter inclusive of expenses related to online sports betting launches in
Compelling Media Content With New Verticals
“Despite well-known headwinds in the digital media space, theScore’s media business and
ESG – Caring for our People, our Communities and our Planet
“During the fourth quarter, we finalized our Scope 1 and 2 greenhouse gas emissions assessment, which along with our inaugural
Share Repurchase Authorization Update
On
During the three months ended
Subsequent to the year ended
Liquidity Remains Strong
Total liquidity as of
Additional information on PENN’s reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. The Company does not provide a reconciliation of projected Adjusted EBITDA and Adjusted EBITDAR because it is unable to predict with reasonable accuracy the value of certain adjustments that may significantly impact the Company’s results, including realized and unrealized gains and losses on equity securities, re-measurement of cash-settled stock-based awards, contingent purchase payments associated with prior acquisitions, and income tax (benefit) expense, which are dependent on future events that are out of the Company’s control or that may not be reasonably predicted.
Summary of Fourth Quarter Results
|
For the three months ended |
||||
(in millions, except per share data, unaudited) |
|
2022 |
|
|
2021 |
Revenues |
$ |
1,585.6 |
|
$ |
1,572.5 |
Net income |
$ |
20.8 |
|
$ |
44.8 |
|
|
|
|
||
Adjusted EBITDA (1) |
$ |
438.3 |
|
$ |
369.0 |
Rent expense associated with triple net operating leases (2) |
|
30.0 |
|
|
111.5 |
Adjusted EBITDAR (1) |
$ |
468.3 |
|
$ |
480.5 |
Payments to our REIT Landlords under Triple Net Leases (3) |
$ |
231.9 |
|
$ |
228.8 |
|
|
|
|
||
Diluted earnings per common share |
$ |
0.13 |
|
$ |
0.26 |
(1) |
See the “Non-GAAP Financial Measures” section below for more information as well as the definitions of Adjusted EBITDA and Adjusted EBITDAR. Additionally, see below for reconciliations of these Non-GAAP financial measures to their GAAP equivalent financial measure. |
|
(2) |
Consists of the operating lease components contained within our triple net master lease dated |
|
On |
||
(3) |
Consists of payments made to GLPI and VICI (referred to collectively as our “REIT Landlords”) under the Master Leases, the Perryville Lease, the Meadows Lease, the Margaritaville Lease, the Greektown Lease and the Morgantown Lease. Although we collectively refer to the Master Leases, the Perryville Lease, the Meadows Lease, the Margaritaville Lease, the Greektown Lease, the Morgantown Lease and the Tropicana Lease as our “Triple Net Leases,” the rent under the Tropicana Lease was nominal prior to lease termination. |
Segment Information |
|||||||||||||||
The Company aggregates its operations into five reportable segments: Northeast, South, West, Midwest, and Interactive. |
|||||||||||||||
|
For the three months ended |
|
For the year ended |
||||||||||||
(in millions, unaudited) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues: |
|
|
|
|
|
|
|
||||||||
Northeast segment (1) |
$ |
667.1 |
|
|
$ |
656.6 |
|
|
$ |
2,695.9 |
|
|
$ |
2,552.4 |
|
South segment (2) |
|
304.4 |
|
|
|
339.9 |
|
|
|
1,314.2 |
|
|
|
1,322.2 |
|
West segment (3) |
|
130.7 |
|
|
|
138.7 |
|
|
|
581.9 |
|
|
|
521.4 |
|
Midwest segment (4) |
|
282.0 |
|
|
|
287.5 |
|
|
|
1,159.6 |
|
|
|
1,102.7 |
|
Interactive (5) |
|
208.0 |
|
|
|
157.6 |
|
|
|
663.1 |
|
|
|
432.9 |
|
Other (6) |
|
3.9 |
|
|
|
3.8 |
|
|
|
21.3 |
|
|
|
10.6 |
|
Intersegment eliminations (7) |
|
(10.5 |
) |
|
|
(11.6 |
) |
|
|
(34.3 |
) |
|
|
(37.2 |
) |
Total revenues |
$ |
1,585.6 |
|
|
$ |
1,572.5 |
|
|
$ |
6,401.7 |
|
|
$ |
5,905.0 |
|
|
|
|
|
|
|
|
|
||||||||
Adjusted EBITDAR: |
|
|
|
|
|
|
|
||||||||
Northeast segment (1) |
$ |
205.0 |
|
|
$ |
202.5 |
|
|
$ |
842.5 |
|
|
$ |
848.4 |
|
South segment (2) |
|
118.4 |
|
|
|
139.0 |
|
|
|
548.1 |
|
|
|
587.0 |
|
West segment (3) |
|
48.7 |
|
|
|
43.9 |
|
|
|
220.1 |
|
|
|
195.0 |
|
Midwest segment (4) |
|
115.0 |
|
|
|
126.1 |
|
|
|
501.2 |
|
|
|
500.1 |
|
Interactive (5) |
|
5.2 |
|
|
|
(5.9 |
) |
|
|
(74.9 |
) |
|
|
(35.4 |
) |
Other (6) |
|
(24.0 |
) |
|
|
(25.1 |
) |
|
|
(97.6 |
) |
|
|
(100.7 |
) |
Total Adjusted EBITDAR (8) |
$ |
468.3 |
|
|
$ |
480.5 |
|
|
$ |
1,939.4 |
|
|
$ |
1,994.4 |
|
(1) |
|
The Northeast segment consists of the following properties: |
(2) |
|
The South segment consists of the following properties: 1st |
(3) |
|
The West segment consists of the following properties: Ameristar Black Hawk, Cactus Petes and Horseshu, |
(4) |
|
The Midwest segment consists of the following properties: Ameristar Council Bluffs, |
(5) |
|
The Interactive segment includes all of our iCasino and online sports betting operations, management of retail sports betting, media, and our proportionate share of earnings attributable to our equity method investment in |
(6) |
|
The Other category, included in the tables to reconcile the segment information to the consolidated information, consists of the Company’s stand-alone racing operations, namely |
(7) |
|
Primarily represents the elimination of intersegment revenues associated with our internally-branded retail sportsbooks, which are operated by PENN Interactive. |
(8) |
|
As noted within the “Non-GAAP Financial Measures” section below, Adjusted EBITDAR is presented on a consolidated basis outside the financial statements solely as a valuation metric or for reconciliation purposes. |
Reconciliation of Comparable GAAP Financial Measure to Adjusted EBITDA, Adjusted EBITDAR, and Adjusted EBITDAR Margin |
|||||||||||||||
|
For the three months ended |
|
For the year ended |
||||||||||||
(in millions, unaudited) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net income |
$ |
20.8 |
|
|
$ |
44.8 |
|
|
$ |
221.7 |
|
|
$ |
420.5 |
|
Income tax (benefit) expense |
|
31.7 |
|
|
|
8.5 |
|
|
|
(46.4 |
) |
|
|
118.6 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
10.4 |
|
|
|
— |
|
Income from unconsolidated affiliates |
|
(6.6 |
) |
|
|
(10.9 |
) |
|
|
(23.7 |
) |
|
|
(38.7 |
) |
Interest expense, net |
|
203.5 |
|
|
|
143.5 |
|
|
|
758.2 |
|
|
|
562.8 |
|
Interest income |
|
(11.3 |
) |
|
|
(0.4 |
) |
|
|
(18.3 |
) |
|
|
(1.1 |
) |
Other (income) expenses |
|
4.8 |
|
|
|
40.6 |
|
|
|
72.1 |
|
|
|
(2.5 |
) |
Operating income |
|
242.9 |
|
|
|
226.1 |
|
|
|
974.0 |
|
|
|
1,059.6 |
|
Stock-based compensation |
|
13.0 |
|
|
|
13.2 |
|
|
|
58.1 |
|
|
|
35.1 |
|
Cash-settled stock-based awards variance (1) |
|
0.7 |
|
|
|
(13.1 |
) |
|
|
(15.5 |
) |
|
|
1.2 |
|
Loss on disposal of assets |
|
0.9 |
|
|
|
1.0 |
|
|
|
7.9 |
|
|
|
1.1 |
|
Contingent purchase price |
|
0.3 |
|
|
|
— |
|
|
|
(0.6 |
) |
|
|
1.9 |
|
Pre-opening expenses (2) |
|
— |
|
|
|
2.6 |
|
|
|
4.1 |
|
|
|
5.4 |
|
Depreciation and amortization |
|
150.3 |
|
|
|
97.6 |
|
|
|
567.5 |
|
|
|
344.5 |
|
Impairment losses (3) |
|
13.6 |
|
|
|
— |
|
|
|
118.2 |
|
|
|
— |
|
Insurance recoveries, net of deductible charges |
|
— |
|
|
|
— |
|
|
|
(10.7 |
) |
|
|
— |
|
Income from unconsolidated affiliates |
|
6.6 |
|
|
|
10.9 |
|
|
|
23.7 |
|
|
|
38.7 |
|
Non-operating items of equity method investments (4) |
|
3.2 |
|
|
|
1.7 |
|
|
|
7.9 |
|
|
|
7.7 |
|
Other expenses (2)(5) |
|
6.8 |
|
|
|
29.0 |
|
|
|
55.2 |
|
|
|
44.8 |
|
Adjusted EBITDA |
|
438.3 |
|
|
|
369.0 |
|
|
|
1,789.8 |
|
|
|
1,540.0 |
|
Rent expense associated with triple net operating leases |
|
30.0 |
|
|
|
111.5 |
|
|
|
149.6 |
|
|
|
454.4 |
|
Adjusted EBITDAR |
$ |
468.3 |
|
|
$ |
480.5 |
|
|
$ |
1,939.4 |
|
|
$ |
1,994.4 |
|
Net income margin |
|
1.3 |
% |
|
|
2.8 |
% |
|
|
3.5 |
% |
|
|
7.1 |
% |
Adjusted EBITDAR margin |
|
29.5 |
% |
|
|
30.6 |
% |
|
|
30.3 |
% |
|
|
33.8 |
% |
(1) |
Our cash-settled stock-based awards are adjusted to fair value each reporting period based primarily on the price of the Company’s common stock. As such, significant fluctuations in the price of the Company’s common stock during any reporting period could cause significant variances to budget on cash-settled stock-based awards. |
|
(2) |
During the first quarter of 2021, acquisition costs were included within pre-opening and acquisition costs. Beginning with the quarter ended |
|
(3) |
Amount primarily relates to |
|
(4) |
Consists principally of interest expense, net, income taxes, depreciation and amortization, and stock-based compensation expense associated with Barstool and our |
|
(5) |
Consists of non-recurring acquisition and transaction costs, and finance transformation costs associated with the implementation of our new Enterprise Resource Management system. |
Consolidated Statements of Operations |
|||||||||||||||
|
For the three months ended |
|
For the year ended |
||||||||||||
(in millions, except per share data, unaudited) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenues |
|
|
|
|
|
|
|
||||||||
Gaming |
$ |
1,267.4 |
|
|
$ |
1,301.6 |
|
|
$ |
5,201.7 |
|
|
$ |
4,945.3 |
|
Food, beverage, hotel and other |
|
318.2 |
|
|
|
270.9 |
|
|
|
1,200.0 |
|
|
|
959.7 |
|
Total revenues |
|
1,585.6 |
|
|
|
1,572.5 |
|
|
|
6,401.7 |
|
|
|
5,905.0 |
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
Gaming |
|
706.3 |
|
|
|
739.6 |
|
|
|
2,864.4 |
|
|
|
2,540.7 |
|
Food, beverage, hotel and other |
|
209.3 |
|
|
|
175.5 |
|
|
|
767.2 |
|
|
|
607.3 |
|
General and administrative |
|
263.2 |
|
|
|
333.7 |
|
|
|
1,110.4 |
|
|
|
1,352.9 |
|
Depreciation and amortization |
|
150.3 |
|
|
|
97.6 |
|
|
|
567.5 |
|
|
|
344.5 |
|
Impairment losses |
|
13.6 |
|
|
|
— |
|
|
|
118.2 |
|
|
|
— |
|
Total operating expenses |
|
1,342.7 |
|
|
|
1,346.4 |
|
|
|
5,427.7 |
|
|
|
4,845.4 |
|
Operating income |
|
242.9 |
|
|
|
226.1 |
|
|
|
974.0 |
|
|
|
1,059.6 |
|
Other income (expenses) |
|
|
|
|
|
|
|
||||||||
Interest expense, net |
|
(203.5 |
) |
|
|
(143.5 |
) |
|
|
(758.2 |
) |
|
|
(562.8 |
) |
Interest income |
|
11.3 |
|
|
|
0.4 |
|
|
|
18.3 |
|
|
|
1.1 |
|
Income from unconsolidated affiliates |
|
6.6 |
|
|
|
10.9 |
|
|
|
23.7 |
|
|
|
38.7 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
(10.4 |
) |
|
|
— |
|
Other |
|
(4.8 |
) |
|
|
(40.6 |
) |
|
|
(72.1 |
) |
|
|
2.5 |
|
Total other expenses |
|
(190.4 |
) |
|
|
(172.8 |
) |
|
|
(798.7 |
) |
|
|
(520.5 |
) |
Income before income taxes |
|
52.5 |
|
|
|
53.3 |
|
|
|
175.3 |
|
|
|
539.1 |
|
Income tax benefit (expense) |
|
(31.7 |
) |
|
|
(8.5 |
) |
|
|
46.4 |
|
|
|
(118.6 |
) |
Net income |
|
20.8 |
|
|
|
44.8 |
|
|
|
221.7 |
|
|
|
420.5 |
|
Less: Net loss attributable to non-controlling interest |
|
— |
|
|
|
0.2 |
|
|
|
0.4 |
|
|
|
0.3 |
|
Net income attributable to |
$ |
20.8 |
|
|
$ |
45.0 |
|
|
$ |
222.1 |
|
|
$ |
420.8 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
0.13 |
|
|
$ |
0.27 |
|
|
$ |
1.37 |
|
|
$ |
2.64 |
|
Diluted earnings per share |
$ |
0.13 |
|
|
$ |
0.26 |
|
|
$ |
1.29 |
|
|
$ |
2.48 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding—basic |
|
154.2 |
|
|
|
166.9 |
|
|
|
161.2 |
|
|
|
158.7 |
|
Weighted-average common shares outstanding—diluted |
|
169.7 |
|
|
|
169.2 |
|
|
|
176.6 |
|
|
|
175.5 |
|
Selected Financial Information
Balance Sheet Data
(in millions, unaudited) |
|
|
|
||||
Cash and cash equivalents |
$ |
1,624.0 |
|
|
$ |
1,863.9 |
|
|
|
|
|
||||
Bank debt |
$ |
1,531.2 |
|
|
$ |
1,563.7 |
|
Notes (1) |
|
1,130.5 |
|
|
|
1,130.5 |
|
Other long-term obligations (2) |
|
38.1 |
|
|
|
55.9 |
|
Total traditional debt |
|
2,699.8 |
|
|
|
2,750.1 |
|
Financing obligation (3) |
|
118.0 |
|
|
|
90.4 |
|
Less: Debt discounts and debt issuance costs (4) |
|
(40.3 |
) |
|
|
(103.7 |
) |
|
$ |
2,777.5 |
|
|
$ |
2,736.8 |
|
|
|
|
|
||||
Total traditional debt |
$ |
2,699.8 |
|
|
$ |
2,750.1 |
|
Less: Cash and cash equivalents |
|
(1,624.0 |
) |
|
|
(1,863.9 |
) |
Traditional net debt (5) |
$ |
1,075.8 |
|
|
$ |
886.2 |
|
(1) |
|
Inclusive of our |
(2) |
|
Other long-term obligations as of |
(3) |
|
Represents cash proceeds received and non-cash interest on certain claims of which the principal repayment is contingent and classified as a financing obligation under Accounting Standards Codification Topic 470, “Debt.” |
(4) |
|
On |
(5) |
|
Traditional net debt in the table above is calculated as “Total traditional debt,” which is the principal amount of debt outstanding (excludes the financing obligation associated with cash proceeds received and non-cash interest on certain claims of which the principal repayment is contingent) less “Cash and cash equivalents.” Management believes that Traditional net debt is an important measure to monitor leverage and evaluate the balance sheet. With respect to Traditional net debt, cash and cash equivalents are subtracted from the GAAP measure because they could be used to reduce the Company’s debt obligations. A limitation associated with using traditional net debt is that it subtracts cash and cash equivalents and therefore may imply that there is less Company debt than the most comparable GAAP measure indicates. Management believes that investors may find it useful to monitor leverage and evaluate the balance sheet. |
Cash Flow Data
The table below summarizes certain cash expenditures incurred by the Company.
|
For the three months ended |
|
For the year ended |
||||||||
(in millions, unaudited) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Cash payments to our REIT Landlords under Triple Net Leases |
$ |
231.9 |
|
$ |
228.8 |
|
$ |
925.0 |
|
$ |
912.4 |
Cash payments related to income taxes, net |
$ |
26.5 |
|
$ |
32.7 |
|
$ |
72.8 |
|
$ |
108.3 |
Cash paid for interest on traditional debt |
$ |
29.1 |
|
$ |
14.8 |
|
$ |
115.9 |
|
$ |
79.8 |
Capital expenditures |
$ |
73.8 |
|
$ |
55.3 |
|
$ |
263.4 |
|
$ |
146.6 |
Non-GAAP Financial Measures
The Non-GAAP Financial Measures used in this press release include Adjusted EBITDA, Adjusted EBITDAR, and Adjusted EBITDAR margin. These non-GAAP financial measures should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP.
We define Adjusted EBITDA as earnings before interest expense, net; interest income; income taxes; depreciation and amortization; stock-based compensation; debt extinguishment charges; impairment losses; insurance recoveries, net of deductible charges; changes in the estimated fair value of our contingent purchase price obligations; gain or loss on disposal of assets; the difference between budget and actual expense for cash-settled stock-based awards; pre-opening expenses; and other. Adjusted EBITDA is inclusive of income or loss from unconsolidated affiliates, with our share of non-operating items (such as interest expense, net; income taxes; depreciation and amortization; and stock-based compensation expense) added back for
Adjusted EBITDA has economic substance because it is used by management as a performance measure to analyze the performance of our business, and is especially relevant in evaluating large, long-lived casino-hotel projects because it provides a perspective on the current effects of operating decisions separated from the substantial non-operational depreciation charges and financing costs of such projects. We present Adjusted EBITDA because it is used by some investors and creditors as an indicator of the strength and performance of ongoing business operations, including our ability to service debt, and to fund capital expenditures, acquisitions and operations. These calculations are commonly used as a basis for investors, analysts and credit rating agencies to evaluate and compare operating performance and value companies within our industry. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their Adjusted EBITDA calculations of certain corporate expenses that do not relate to the management of specific casino properties. However, Adjusted EBITDA is not a measure of performance or liquidity calculated in accordance with GAAP. Adjusted EBITDA information is presented as a supplemental disclosure, as management believes that it is a commonly used measure of performance in the gaming industry and that it is considered by many to be a key indicator of the Company’s operating results.
We define Adjusted EBITDAR as Adjusted EBITDA (as defined above) plus rent expense associated with triple net operating leases (which is a normal, recurring cash operating expense necessary to operate our business). Adjusted EBITDAR is presented on a consolidated basis outside the financial statements solely as a valuation metric. Management believes that Adjusted EBITDAR is an additional metric traditionally used by analysts in valuing gaming companies subject to triple net leases since it eliminates the effects of variability in leasing methods and capital structures. This metric is included as a supplemental disclosure because (i) we believe Adjusted EBITDAR is traditionally used by gaming operator analysts and investors to determine the equity value of gaming operators and (ii) Adjusted EBITDAR is one of the metrics used by other financial analysts in valuing our business. We believe Adjusted EBITDAR is useful for equity valuation purposes because (i) its calculation isolates the effects of financing real estate; and (ii) using a multiple of Adjusted EBITDAR to calculate enterprise value allows for an adjustment to the balance sheet to recognize estimated liabilities arising from operating leases related to real estate. However, Adjusted EBITDAR when presented on a consolidated basis is not a financial measure in accordance with GAAP, and should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net income because it excludes the rent expense associated with our triple net operating leases and is provided for the limited purposes referenced herein. Adjusted EBITDAR margin is defined as Adjusted EBITDAR on a consolidated basis (as defined above) divided by revenues on a consolidated basis. Adjusted EBITDAR margin is presented on a consolidated basis outside the financial statements solely as a valuation metric.
Each of these non-GAAP financial measures is not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure of comparing performance among different companies. See the table above, which presents reconciliations of these measures to the GAAP equivalent financial measures.
Management Presentation, Conference Call, Webcast and Replay Details
PENN is hosting a conference call and simultaneous webcast at
The conference call number is 212-231-2922; please call five minutes in advance to ensure that you are connected prior to the presentation. Interested parties may also access the live call at www.pennentertainment.com; allow 15 minutes to register and download and install any necessary software. Questions and answers will be reserved for call-in analysts and investors. A replay of the call can be accessed for thirty days at www.pennentertainment.com.
This press release, which includes financial information to be discussed by management during the conference call and disclosure and reconciliation of non-GAAP financial measures, is available on the Company’s web site, www.pennentertainment.com, in the “Investors” section (select link for “Press Releases”).
About
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the use of forward-looking terminology such as “expects,” “believes,” “estimates,” “projects,” “intends,” “plans,” “goal,” “seeks,” “may,” “will,” “should,” or “anticipates” or the negative or other variations of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Specifically, forward-looking statements include, but are not limited to, statements regarding: future revenue and Adjusted EBITDAR; the Company’s anticipated share repurchases; the Company’s expectations of future results of operations and financial condition, including the scale and timing of the Company’s product and technology investments; the Company’s expectations regarding results, and the impact of competition, in retail/mobile/online sportsbooks, iGaming and retail operations; the Company’s development and launch of its Interactive segment’s products in new jurisdictions and enhancements to existing Interactive segment products, including the content for the Barstool and theScore Bet iCasino apps and the migration of the Barstool Sportsbook into both our proprietary player account management system and risk and trading platforms; the Company’s expectations regarding its acquisition of
Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company’s future financial results and business. Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include: the effects of economic and market conditions in the markets in which the Company operates; competition with other entertainment, sports content, and casino gaming experiences; the timing, cost and expected impact of product and technology investments; risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions; and additional risks and uncertainties described in the Company’s Annual Report on Form 10-K for the year ended
1 2023 revenue and Adjusted EBITDAR guidance does not include the acquisition of the remainder of
2 Property level consists of retail operating segments which are composed of our Northeast, South, West, and Midwest reportable segments.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230202005342/en/
Chief Financial Officer
610-373-2400
JCIR
212-835-8500 or penn@jcir.com
Source:
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