2017 Q1 Form 10-Q Financial Statement

#000157596517000022 Filed on May 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $242.7M $148.8M
YoY Change 63.09% 0.08%
Cost Of Revenue $46.10M $33.20M
YoY Change 38.86% -5.14%
Gross Profit $196.6M $115.6M
YoY Change 70.07% 1.58%
Gross Profit Margin 81.0% 77.68%
Selling, General & Admin $16.10M $20.90M
YoY Change -22.97% -2.79%
% of Gross Profit 8.19% 18.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $30.57M $27.08M
YoY Change 12.87% -1.2%
% of Gross Profit 15.55% 23.43%
Operating Expenses $92.71M $81.18M
YoY Change 14.2% -3.24%
Operating Profit $150.0M $67.64M
YoY Change 121.78% 4.38%
Interest Expense $53.95M $33.40M
YoY Change 61.52% 12.99%
% of Operating Profit 35.96% 49.38%
Other Income/Expense, Net -$53.49M -$32.88M
YoY Change 62.65% 13.52%
Pretax Income $96.52M $34.75M
YoY Change 177.73% -3.01%
Income Tax $2.530M $2.004M
% Of Pretax Income 2.62% 5.77%
Net Earnings $93.99M $32.75M
YoY Change 187.0% -1.15%
Net Earnings / Revenue 38.73% 22.01%
Basic Earnings Per Share $0.45 $0.28
Diluted Earnings Per Share $0.45 $0.27
COMMON SHARES
Basic Shares Outstanding 207.9M shares 116.7M shares
Diluted Shares Outstanding 209.5M shares 118.8M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.40M $61.60M
YoY Change -62.01% 35.68%
Cash & Equivalents $23.36M $61.56M
Short-Term Investments
Other Short-Term Assets $58.38M
YoY Change 22.53%
Inventory
Prepaid Expenses $7.362M
Receivables
Other Receivables
Total Short-Term Assets $23.40M $61.60M
YoY Change -62.01% 35.68%
LONG-TERM ASSETS
Property, Plant & Equipment $116.4M $126.8M
YoY Change -8.13% -7.16%
Goodwill $75.52M $75.52M
YoY Change 0.0% 0.0%
Intangibles $9.577M $9.577M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $601.2M $9.900M
YoY Change 5972.73% -78.94%
Total Long-Term Assets $7.291B $2.375B
YoY Change 207.04% -5.28%
TOTAL ASSETS
Total Short-Term Assets $23.40M $61.60M
Total Long-Term Assets $7.291B $2.375B
Total Assets $7.314B $2.436B
YoY Change 200.23% -4.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.000M $500.0K
YoY Change 100.0% -84.85%
Accrued Expenses $85.10M $60.30M
YoY Change 41.13% 10.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $104.0K
YoY Change 5.05%
Total Short-Term Liabilities $89.00M $60.90M
YoY Change 46.14% 2.18%
LONG-TERM LIABILITIES
Long-Term Debt $4.573B $2.469B
YoY Change 85.23% -4.17%
Other Long-Term Liabilities $244.6M $165.1M
YoY Change 48.15% 54.44%
Total Long-Term Liabilities $4.818B $2.469B
YoY Change 95.14% -4.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $89.00M $60.90M
Total Long-Term Liabilities $4.818B $2.469B
Total Liabilities $4.907B $2.695B
YoY Change 82.08% 0.64%
SHAREHOLDERS EQUITY
Retained Earnings -$1.364B -$1.223B
YoY Change 11.57% 18.69%
Common Stock $3.772B $964.0M
YoY Change 291.24% 6.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.407B -$258.8M
YoY Change
Total Liabilities & Shareholders Equity $7.314B $2.436B
YoY Change 200.23% -4.55%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $93.99M $32.75M
YoY Change 187.0% -1.15%
Depreciation, Depletion And Amortization $30.57M $27.08M
YoY Change 12.87% -1.2%
Cash From Operating Activities $184.7M $103.9M
YoY Change 77.77% 3.08%
INVESTING ACTIVITIES
Capital Expenditures $8.000K $265.0K
YoY Change -96.98% -95.3%
Acquisitions
YoY Change
Other Investing Activities $30.80M $0.00
YoY Change -100.0%
Cash From Investing Activities $22.10M $1.100M
YoY Change 1909.09% -118.03%
FINANCING ACTIVITIES
Cash Dividend Paid $129.3M $65.67M
YoY Change 96.9% 4.82%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $95.03M $42.03M
YoY Change 126.12% 27.26%
Cash From Financing Activities -220.0M -85.30M
YoY Change 157.91% 0.0%
NET CHANGE
Cash From Operating Activities 184.7M 103.9M
Cash From Investing Activities 22.10M 1.100M
Cash From Financing Activities -220.0M -85.30M
Net Change In Cash -13.20M 19.70M
YoY Change -167.01% 109.57%
FREE CASH FLOW
Cash From Operating Activities $184.7M $103.9M
Capital Expenditures $8.000K $265.0K
Free Cash Flow $184.7M $103.6M
YoY Change 78.21% 8.91%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Business and Operations</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Gaming and Leisure Properties, Inc. ("GLPI") is a self-administered and self-managed Pennsylvania real estate investment trust ("REIT"). GLPI (together with its subsidiaries, the "Company") was incorporated on February&#160;13, 2013, as a wholly-owned subsidiary of Penn National Gaming, Inc. ("Penn"). On November&#160;1, 2013, Penn contributed to GLPI, through a series of internal corporate restructurings, substantially all of the assets and liabilities associated with Penn&#8217;s real property interests and real estate development business, as well as the assets and liabilities of Hollywood Casino Baton Rouge and Hollywood Casino Perryville, which are referred to as the "TRS Properties," and then spun-off GLPI to holders of Penn's common and preferred stock in a tax-free distribution (the "Spin-Off"). The Company elected on its United States ("U.S.") federal income tax return for its taxable year beginning on January&#160;1, 2014 to be treated as a REIT and the Company, together with its indirect wholly-owned subsidiary of the Company, GLP Holdings,&#160;Inc., jointly elected to treat each of GLP Holdings,&#160;Inc., Louisiana Casino Cruises,&#160;Inc. (d/b/a Hollywood Casino Baton Rouge) and Penn Cecil Maryland,&#160;Inc. (d/b/a Hollywood Casino Perryville) as a "taxable REIT subsidiary" ("TRS") effective on the first day of the first taxable year of GLPI as a REIT. </font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a result of the Spin-Off, GLPI owns substantially all of Penn&#8217;s former real property assets and leases back most of those assets to Penn for use by its subsidiaries, under a master lease, a triple-net operating lease with an initial term of </font><font style="font-family:inherit;font-size:10pt;">15 years</font><font style="font-family:inherit;font-size:10pt;"> (expiring October 31, 2028) with no purchase option, followed by </font><font style="font-family:inherit;font-size:10pt;">four</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">5</font><font style="font-family:inherit;font-size:10pt;">-year renewal options (exercisable by Penn) on the same terms and conditions (the "Penn Master Lease"), and GLPI also owns and operates the TRS Properties through an indirect wholly-owned subsidiary, GLP Holdings,&#160;Inc. In April 2016, the Company acquired substantially all of the real estate assets of Pinnacle Entertainment, Inc. ("Pinnacle") for approximately </font><font style="font-family:inherit;font-size:10pt;">$4.8 billion</font><font style="font-family:inherit;font-size:10pt;">. GLPI leases these assets back to Pinnacle, under a triple-net lease with an initial term of </font><font style="font-family:inherit;font-size:10pt;">10 years</font><font style="font-family:inherit;font-size:10pt;"> (expiring April 30, 2026) with no purchase option, followed by </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">5</font><font style="font-family:inherit;font-size:10pt;">-year renewal options (exercisable by Pinnacle) on the same terms and conditions (the "Pinnacle Master Lease" and together with the Penn Master Lease, the "Master Leases"). </font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">GLPI&#8217;s primary business consists of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, GLPI&#8217;s portfolio consisted of </font><font style="font-family:inherit;font-size:10pt;">36</font><font style="font-family:inherit;font-size:10pt;"> gaming and related facilities, including the TRS Properties, the real property associated with </font><font style="font-family:inherit;font-size:10pt;">18</font><font style="font-family:inherit;font-size:10pt;"> gaming and related facilities operated by Penn, the real property associated with </font><font style="font-family:inherit;font-size:10pt;">15</font><font style="font-family:inherit;font-size:10pt;"> gaming and related facilities operated by Pinnacle and the real property associated with the Casino Queen in East St. Louis,&#160;Illinois.&#160; These facilities are geographically diversified across </font><font style="font-family:inherit;font-size:10pt;">14</font><font style="font-family:inherit;font-size:10pt;"> states and were </font><font style="font-family:inherit;font-size:10pt;">100%</font><font style="font-family:inherit;font-size:10pt;"> occupied at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators under prudent terms. For example, on March 27, 2017 the Company entered into an agreement to purchase the real property assets of Bally's Casino Tunica and Resorts Casino Tunica (the "Tunica properties") for </font><font style="font-family:inherit;font-size:10pt;">$82.6 million</font><font style="font-family:inherit;font-size:10pt;">. Penn purchased the operating assets of the Tunica properties directly from the seller, operates both properties and leases the real property assets from the Company under the Penn Master Lease. The initial annual rent of </font><font style="font-family:inherit;font-size:10pt;">$9.0 million</font><font style="font-family:inherit;font-size:10pt;"> for the Tunica properties will be subject to rent escalators and adjustments consistent with the other properties under the Penn Master Lease. The transaction closed on May 1, 2017.</font></div></div>

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