Penn national gaming, inc. (PENN)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
Operating activities
Net income (loss)

43,100

93,500

473,400

109,310

686

-183,822

-581,252

210,497

242,351

-61,660

-267,413

-153,323

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation, Depletion and Amortization, Nonproduction

414,200

269,000

267,100

271,214

259,461

266,742

315,297

247,497

211,476

212,387

194,436

173,545

Amortization of items charged to interest expense

7,700

6,400

7,000

7,200

6,599

6,040

8,112

6,898

9,601

12,581

10,733

11,713

Noncash operating lease expense

100,400

0

0

-

-

-

-

-

-

-

-

-

Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability

7,000

500

-6,800

1,277

-5,374

689

-

-

-

-

-

-

Holding loss on equity securities

19,900

0

0

-

-

-

-

-

-

-

-

-

Accretion of settlement values on long term obligations and change in contingent purchase price liability

-

-

-

-

-

-

-5,024

-

-

-

-

-

Transaction cost for Carlino exchange

-

-

-

-

-

-

10,695

-

-

-

-

-

Gain (Loss) on Disposition of Property Plant Equipment

-5,500

-3,200

-200

2,471

-1,286

-738

-3,652

1,690

-340

-3,104

-332

-1,610

Income (Loss) from Equity Method Investments

28,400

22,300

18,700

14,337

14,488

7,949

9,657

3,804

7,364

-25,974

-1,121

-1,526

Return on investment from unconsolidated affiliates

29,000

27,000

26,500

26,300

28,150

23,000

21,500

9,400

-

-

-

-

Gain on accelerated payment of other long-term obligations

-

-

-

-

-

-

-

-

-

-

1,305

-

Gain on litigation settlement

-

-

-

-

-

-

-

-

-

9,619

-

-

Impairment loss on corporate debt securities

-

-

-

-

-

-

-

-

-

265

-

-

Deferred income taxes

21,100

-26,700

-517,900

8,736

57,236

2,908

-137,396

44,389

21,560

-2,204

-146,408

-91,098

Share-based Payment Arrangement, Noncash Expense

14,900

12,000

7,800

6,871

8,223

10,666

22,809

28,609

24,330

25,954

28,360

26,857

Impairment losses, provision for loan loss and unfunded loan commitments to the Jamul Tribe

-

-

-

-

40,042

-

-

-

-

-

-

-

Impairment losses and write downs

173,100

34,900

18,000

-

-

163,184

798,305

-

-

224,709

532,377

-

Provision For (Recoveries On) Loan Losses And Unfunded Loan Commitments

0

-17,000

89,800

-

-

-

-

-

-

-

-

-

Asset Impairment Charges And Provision For Loan And Lease Losses

-

-

-

0

-

-

-

-

-

-

-

-

Reclassification of accumulated other comprehensive loss to earnings upon termination of management contract

0

-1,500

0

0

-

-

-

-

-

-6,624

-

-

Hollywood Casino Joliet fire

-

-

-

-

-

-

-

-

-

-

-5,186

-

Gain (Loss) on Extinguishment of Debt

0

-21,000

-24,000

0

-

-

-26,782

-

-12,212

-519

-4,793

-

Gain on investment in corporate debt securities

-

-

-

-

-

-

1,516

-

-

-

6,598

-

Gain on sale of Bullwhackers

-

-

-

-

-

-

444

-

-

-

-

-

Impairment losses

-

-

-

-

-

-

-

-

-

-

-

481,333

Changes in operating assets and liabilities, net of businesses acquired
Accounts receivable

-27,000

1,800

9,200

5,911

-710

-10,046

-5,034

-1,887

6,064

1,338

16,091

-12,853

Insurance receivable

-

-

-

-

-

-

-

-1,072

1,073

-28,673

-

-

Prepaid expenses and other current assets

-9,700

-13,300

7,300

485

-10,345

13,305

-786

-14,445

4,648

-3,585

13,160

27,722

Other assets

2,300

-1,500

-2,400

8,638

-4,363

-141

36,956

12,331

2,556

-10,160

8,138

-25,747

Accounts payable

4,400

-6,100

-400

-7,500

2,113

2,028

-2,175

1,334

397

477

-5,292

-350

Accrued expenses

-3,900

-47,000

55,200

1,519

7,243

-19,512

-25,551

12,770

8,382

505

4,837

-12,045

Accrued interest

-

-

-

-746

1,910

136

-15,030

3,925

-4,038

648

4,332

-12,729

Accrued salaries and wages

-

-

-

-6,721

8,454

-2,530

-2,317

10,285

8,961

7,824

10,228

1,231

Gaming, pari-mutuel, property and other taxes

-

-

-

3,379

3,933

-44

-1,592

6,051

2,047

7,506

-5,560

882

Income taxes

-7,200

-3,300

20,400

26,008

1,443

5,193

35,713

-70,802

49,285

-

-

-6,794

Operating lease liabilities

-139,100

0

0

-

-

-

-

-

-

-

-

-

Other current and long-term liabilities

47,600

-6,800

46,300

-7,045

-8,527

-2,126

10,950

12,903

2,849

6,827

11,401

1,014

Other noncurrent tax liabilities

-

-

-

-

-

-

2,994

-16,146

-683

-10,323

75

-13,787

Net cash provided by (used in) operating activities

703,900

352,800

477,800

407,960

413,808

262,223

453,767

507,189

567,365

493,178

338,246

420,463

Investing activities
Project capital expenditures

25,100

2,900

25,100

18,740

-

-

-

-

-

-

-

-

Project capital expenditures

-

-

-

-

136,548

144,707

119,051

386,344

216,049

362,955

289,551

344,894

Capital expenditures

165,500

89,700

74,200

78,505

62,692

83,438

80,862

86,641

77,032

-

-

-

Consideration paid for acquisitions of businesses, net of cash acquired

1,359,400

1,945,200

127,700

84,192

450,113

118,678

-1,530

-

-

230,500

-

-

Proceeds from sale-and-leaseback transactions in conjunction with acquisitions

961,100

0

0

-

-

-

-

-

-

-

-

-

Cash received for the sale of the Divested Properties and Belterra Park

0

661,700

0

0

-

-

-

-

-

-

-

-

Proceeds from sale of Bullwhackers, net of cash on hand

-

-

-

-

-

-

4,996

-

-

-

-

-

Additional contributions to joint ventures

-

-

-

-

2,555

1,285

675

36,000

100,398

63,632

12,895

-

Increase in cash in escrow

-

-

-

-

-

-18,000

-8,000

-24,625

-28,975

30,224

25,036

-

Consideration paid for gaming licenses and other intangible assets

11,700

81,600

1,600

2,667

-

-

1,603

-

-

-

-

-

Acquisition of equity securities

5,100

0

0

-

-

-

-

-

-

-

-

-

Proceeds from sale of property and equipment

-

-

-

18,210

561

1,665

3,837

5,323

12,966

1,627

2,628

1,066

Additional contributions from (to) joint ventures

-400

18,900

-500

0

-

-

-

-

-

-

-

-

Proceeds from sale of loan

0

15,200

0

0

-

-

-

-

-

-

-

-

Loans to the JIVDC

-

-

-

184,193

24,000

-

-

-

-

-

-

-

Receipts applied against nonaccrual loan

0

500

8,200

30,000

-

-

-

-

-

-

-

-

Reimbursement of advances with the JIVDC

-

-

-

341,864

-

-

-

-

-

-

-

-

Purchase of corporate debt securities

-

-

-

-

-

-

-

-

-

-

-

47,286

Proceeds from investment in corporate debt securities

-

-

-

-

-

-

6,870

-

-

-

50,602

-

Insurance remediation proceeds

-

-

-

-

-

-

2,203

-

3,862

4,821

20,593

-

Funds advanced to the JIVDC in connection with their refinancing

-

-

-

98,000

105,658

47,093

5,602

-

-

-

-

-

Land purchased adjacent to Hollywood Casino Jamul - San Diego

-

-

-

3,065

-

-

-

-

-

-

-

-

Other

1,400

0

700

0

-

-

-

-

-

-

-

-

Acquisition of businesses and gaming and other licenses, net of cash acquired

-

-

-

-

-

-

-

709,450

-8,874

55,895

9,000

384

Net cash used in investing activities

-607,500

-1,423,100

-221,600

-79,288

-781,005

-375,536

-180,357

-1,188,487

-338,802

-736,758

-262,659

-391,498

Financing activities
Proceeds from revolving credit facility

412,000

201,000

256,400

123,000

-

-

-

-

-

-

-

-

Repayments on revolving credit facility

384,000

89,000

447,400

354,000

-

-

-

-

-

-

-

-

Proceeds from issuance of long-term debt

0

1,558,900

1,200,000

0

562,076

104,935

4,745,790

1,162,709

1,773,232

212,732

762,068

447,833

Principal payments on long-term debt

46,600

482,500

1,127,500

53,662

115,195

49,541

4,135,059

494,891

1,928,571

383,476

879,193

993,966

Prepayment penalties and modification payments incurred with debt refinancing

0

11,300

18,000

0

-

-

-

-

-

-

-

-

Debt issuance costs and debt discount

0

27,300

25,600

253

-

-

-

-

-

-

-

-

Payments of other long-term obligations

15,400

15,700

35,400

13,772

3,307

15,000

-16,000

-

-

-

-

-

Principal payments on financing obligations

51,600

67,400

57,800

50,548

46,885

42,222

7,363

-

-

-

-

-

Principal payments on finance leases

6,200

0

0

-

-

-

-

-

-

-

-

-

Repurchase of preferred stock

-

-

-

-

-

-

649,518

-

-

11,200

-

-

Cash contributed to GLPI in connection with Spin-Off

-

-

-

-

-

-

240,202

-

-

-

-

-

Proceeds from the sale of real estate assets in conjunction with acquisitions

-

250,000

82,600

0

-

-

-

-

-

-

-

-

Proceeds from exercise of options

1,900

7,400

10,400

11,601

9,399

9,799

51,535

31,933

16,719

11,488

5,431

2,397

Repurchase of common stock

24,900

50,000

24,800

0

-

-

-

-

105,206

35,858

-

152,361

Payments of contingent purchase price

3,900

4,100

19,600

1,807

-

-

-

-

-

-

-

-

Proceeds from issuance of preferred stock, net of related expenses

-

-

-

-

-

-

-

-

-

-

-

1,246,400

Proceeds from insurance financing

16,100

13,100

11,900

13,119

4,720

28,888

19,233

4,746

17,406

18,271

15,454

22,255

Payments on insurance financing

19,400

11,000

12,200

13,608

15,275

18,228

20,069

17,253

12,645

13,421

16,795

30,677

Proceeds from other long-term obligations

-

-

-

-

-

-

-

10,000

-

-

-

-

Other

-400

0

0

-

-

-

-

-

-

-

-

-

Repurchase of noncontrolling interest

-

-

-

-

-

-

-

-

-

25,000

-

-

(Repurchase of)/contributions from noncontrolling interest

-

-

-

-

-

-

-

-

-

-

1,900

-

Tax benefit from stock options exercised

-

-

-

-

-

10,360

10,771

6,081

2,557

3,311

2,388

1,060

Net cash provided by (used in) financing activities

-122,400

1,272,100

-207,000

-339,930

395,533

28,991

-240,882

703,325

-236,508

-223,153

-108,747

542,941

Change in cash, cash equivalents, and restricted cash

-26,000

201,800

49,200

-11,258

28,336

-84,322

32,528

22,027

-7,945

-466,733

-33,160

571,906

Supplemental disclosure:
Cash paid for interest, net of amounts capitalized

528,100

530,400

452,800

452,842

434,175

418,544

167,157

70,923

93,140

116,307

124,992

183,264

Cash payments related to income taxes, net

21,800

24,400

-43,100

-11,412

5,116

23,185

69,758

187,515

90,702

72,091

109,200

190,287

Non-cash investing and financing activities:
Commencement of operating leases

713,500

0

0

-

-

-

-

-

-

-

-

-

Commencement of finance leases

4,600

0

0

-

-

-

-

-

-

-

-

-

Accrued capital expenditures

12,600

7,700

1,900

6,749

5,890

19,741

-

-

-

-

-

-

Acquisition of equity securities

16,100

0

0

-

-

-

-

-

-

-

-

-

Accrued advances to Jamul Tribe

0

0

2,500

6,962

39,625

7,978

-

-

-

-

-

-