PENN Entertainment (PENN Entertainment) EBIT : $-35 Mil (TTM As of Dec. 2023)

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What is PENN Entertainment EBIT?

PENN Entertainment's earnings before interest and taxes (EBIT) for the three months ended in Dec. 2023 was $-289 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2023 was $-35 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. PENN Entertainment's annualized ROC % for the quarter that ended in Dec. 2023 was -4.17%. PENN Entertainment's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was -11.84%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. PENN Entertainment's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was -0.27%.

PENN Entertainment EBIT Historical Data

The historical data trend for PENN Entertainment's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

PENN Entertainment EBIT Chart

PENN Entertainment Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

EBIT

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621.70

-290.10

1,101.90

933.50

-34.90

PENN Entertainment Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
EBIT	Get a 7-Day Free Trial															256.00	795.30	228.40	-769.30	-289.30

Competitive Comparison of PENN Entertainment's EBIT

For the Resorts & Casinos subindustry, PENN Entertainment's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

PENN Entertainment's EV-to-EBIT Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, PENN Entertainment's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where PENN Entertainment's EV-to-EBIT falls into.

PENN Entertainment EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $-35 Mil.

PENN Entertainment (NAS:PENN) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

PENN Entertainment's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	-711.2 * ( 1 - 12.04% )	/	( (14806.4	+	15218.9)	/ 2 )
=	-625.57152	/	15012.65
=	-4.17 %

where

	Invested Capital		(Q: Sep. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	16168.6	-	834.3	-	( 1317.9	-	max(0, 1252.8	-	1780.7	+	1317.9	))
=	14806.4

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	16064.2	-	676.3	-	( 1071.8	-	max(0, 1490	-	1659	+	1071.8	))
=	15218.9

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

PENN Entertainment's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	-1157.2	/	( ( (9723.1 + max(-371.5, 0))	+	(9819.7 + max(-658.8, 0)) )	/	2 )
=	-1157.2	/	( ( 9723.1	+	9819.7 )	/	2 )
=	-1157.2	/	9771.4
=	-11.84 %

where Working Capital is:

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(252.8	+	11.4	+	198.6)	-	(834.3	+	0	+	0)
=	-371.5

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(131.5	+	0	+	268.2)	-	(676.3	+	0	+	382.2)
=	-658.8

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

PENN Entertainment's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Dec. 2023 )
	=	-34.9	/	13091.697
	=	-0.27 %

PENN Entertainment EBIT Related Terms

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PENN Entertainment (PENN Entertainment) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » PENN Entertainment Inc (NAS:PENN) » Definitions » EBIT

Comparable Companies

Traded in Other Exchanges

PN1:Germany PN1:Germany

Address

825 Berkshire Boulevard, Suite 200, Wyomissing, PA, USA, 19610

Website

https://www.pngaming.com

Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands (such as Hollywood Casino and Ameristar), with land-based casinos representing 90% of total sales in 2022 (10% was from the interactive segment, which includes sports, iGaming, and media revenue). The retail portfolio generates high-30% EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media assets, theScore and ESPN (starting with its partnership launch Nov. 14, 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.

Executives

Christopher Byron Rogers	officer: EVP and Chief Strategy Officer	825 BERKSHIRE BLVD., WYOMISSING PA 19610
Jay A Snowden	officer: EVP-Chief Operating Officer	825 BERKSHIRE BOULEVARD, SUITE 200, WYOMISSING PA 19610
Jane Scaccetti	director	3111 W ALLEGHENY AVE, PHILADELPHIA PA 19132
Felicia Hendrix	officer: EVP and CFO	825 BERKSHIRE BLVD., WYOMISSING PA 19610
David A Handler	director	845 BERKSHIRE BLVD, SUITE 200, WYOMISSING PA 19610
Kohn Barbara Shattuck	director	PENN NATIONAL GAMING, INC, 825 BERKSHIRE BLVE, SUITE 200, WYOMISSING PA 19610
Christine Labombard	officer: SVP and CAO	825 BERKSHIRE BOULEVARD, WYOMISSING PA 19610
Saul Reibstein	officer: EVP-Finance, CFO & Treasurer	C/O VISHAY PRECISION GROUP, INC., 3 GREAT VALLEY PARKWAY, SUITE 150, MALVERN PA 19355
Gupta Vimla Black	director	825 BERKSHIRE BLVD., WYOMISSING PA 19610
Todd George	officer: EVP, Operations	825 BERKSHIRE BLVD., WYOMISSING PA 19610
Marla Kaplowitz	director	825 BERKSHIRE BLVD., WYOMISSING PA 19610
Ronald J Naples	director	96 S. GEORGE STREET, SUITE 500, YORK PA 17401
Peter M Carlino	director, 10 percent owner, officer: Chairman	845 BERKSHIRE BLVD, SUITE 200, WYOMISSING PA 19610
Harper H. Ko	officer: EVP, CLO and Sec.	7250 S. TENAYA WAY, SUITE 100, LAS VEGAS NV 89113
Carl Sottosanti	officer: SVP,Gen Counsel & Secretary	825 BERKSHIRE BOULEVARD, SUITE 200, WYOMISSING PA 19610