PENN Q1 revenue up 7% to $1.67B; net income surges to $514.4M; adjusted EBITDAR down 3.3%

PENN Entertainment, Inc.

2023-Q1 EPS reported $3.05 revenue$1,673,300,000

Revenue $1.67B (+7% YoY); net income $514.4M vs $51.6M; diluted EPS $3.05 vs $0.29.
Adjusted EBITDAR $478.2M (-3.3%); adjusted EBITDA $332.2M (-23.6%); margin 28.6% (-300 bps).
Interactive segment rev $233.5M (incl. tax gross-up $92.3M); adj. EBITDA loss $5.7M on launches and low hold.
Repurchased $50M of stock in Q1 at avg $30.36; subsequent $18.9M; remaining authorization $830.4M.
Completed acquisition of remaining Barstool Sports on Feb 17; raised 2023 rev guidance to $6.37-$6.81B; reiterated adj. EBITDAR guidance.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

PENN Entertainment, Inc. reported three months ended March 31, 2023 results: revenue $1.67 billion, net income $514.4 million. Guidance reaffirmed.

Period: three months ended March 31, 2023
Revenue: $1.67 billion
Net income: $514.4 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Inc. (“PENN” or the “Company”) (Nasdaq: PENN) today reported financial results for the three months ended March 31, 2023. 2023 First Quarter Highlights: • Revenues of $1.67 billion, an increase of 7.0% year-over-year; • Net income of $514.4 million and net income margin of 30.7%, as compared to net income of $51.6 million and net income margin of 3.3% in

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Source: SEC EDGAR

accession 0000921738-23-000014

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