Monarch Casino & Resort, Inc. (MCRI) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	134	142	141	170	189	188	202	217	231	240	249	184	395	478	501
+ Sales & Services Revenue	134	142	141	170	189	188	202	217	231	240	249	184	395	478	501
- Cost of Revenue	63	66	67	80	89	93	99	105	112	117	122	85	178	218	232
+ Cost of Goods & Services	63	66	67	80	89	93	99	105	112	117	122	85	178	218	232
Gross Profit	71	76	74	90	100	95	103	112	119	123	127	100	218	260	269
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	62	62	64	72	69	73	71	73	78	80	87	84	128	148	159
+ Selling, General & Admin	48	48	51	55	52	53	55	58	63	66	69	60	84	98	106
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	14	13	13	17	17	20	16	15	15	15	18	24	43	51	53
Operating Income (Loss)	9	14	10	18	30	23	33	39	41	43	40	15	90	111	110
- Non-Operating (Income) Loss	2	1	1	4	2	1	1	1	1	- -	- -	- -	5	2	2
+ Interest Expense, Net	2	1	1	2	2	1	1	1	1	- -	- -	- -	5	2	2
+ Interest Expense	2	1	1	2	2	1	1	1	1	- -	- -	- -	5	2	2
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	- -	- -	- -	2	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -
Pretax Income	7	13	9	14	29	21	32	38	40	43	40	15	85	109	109
- Income Tax Expense (Benefit)	2	4	3	5	11	7	11	13	14	9	8	-9	17	22	26
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	5	8	6	9	18	14	21	25	26	34	32	24	68	87	82
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	5	8	6	9	18	14	21	25	26	34	32	24	68	87	82
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	5	8	6	9	18	14	21	25	26	34	32	24	68	87	82
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	5	8	6	9	18	14	21	25	26	34	32	24	68	87	82
Basic Weighted Avg Shares	16	16	16	16	16	17	17	17	18	18	18	18	19	19	19
Basic EPS, GAAP	0.3	0.51	0.35	0.55	1.1	0.85	1.22	1.42	1.45	1.91	1.77	1.3	3.68	4.61	4.28
Basic EPS from Cont Ops	0.3	0.51	0.35	0.55	1.1	0.85	1.22	1.42	1.45	1.91	1.77	1.3	3.68	4.61	4.28
Diluted Weighted Avg Shares	16	16	16	16	17	17	17	18	18	19	19	19	19	20	20
Diluted EPS, GAAP	0.3	0.51	0.35	0.55	1.06	0.83	1.19	1.39	1.39	1.84	1.7	1.25	3.53	4.47	4.2
Diluted EPS from Cont Ops	0.3	0.51	0.35	0.55	1.06	0.83	1.19	1.39	1.39	1.84	1.7	1.25	3.53	4.47	4.2
EBITDA	22	27	23	35	47	40	48	54	56	57	54	33	128	155	157
EBITDA Margin (%)	16.18	19.23	16.46	20.42	24.95	21.51	23.98	24.91	24.19	23.91	21.85	17.68	32.45	32.41	31.4
EBITA	9	14	10	18	30	23	33	39	41	43	40	15	90	111	110
EBIT	9	14	10	18	30	23	33	39	41	43	40	15	90	111	110
Gross Margin (%)	53	53.23	52.46	52.84	52.73	50.72	51.06	51.51	51.37	51.29	50.92	54.06	55.05	54.32	53.68
Operating Margin (%)	6.84	9.88	6.95	10.65	16.14	12.02	16.1	18.07	17.63	17.83	15.88	8.28	22.73	23.32	21.97
Profit Margin (%)	3.62	5.8	4.04	5.23	9.52	7.55	10.21	11.32	11.07	14.19	12.77	12.84	17.32	18.31	16.44
Sales per Employee	75,555	78,253	78,129	81,122	89,881	89,413	96,307	103,349	104,875	109,234	108,333	80,180	149,199	176,989	172,923
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5.86
Depreciation Expense	13	13	13	17	17	18	16	15	15	15	15	17	38	43	47

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	22	23	25	32	34	34	32	39	46	47	79	73	84	89	75
+ Cash, Cash Equivalents & STI	14	14	14	19	19	22	21	26	29	30	61	28	34	39	43
+ Cash & Cash Equivalents	14	14	14	19	19	22	21	26	29	30	61	28	34	39	43
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	2	3	2	2	3	4	4	5	9	7	6	29	36	35	13
+ Accounts Receivable, Net	2	3	2	2	3	3	4	5	7	7	5	4	9	10	12
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	1	1	1	- -	2	- -	- -	25	27	25	1
+ Inventories	2	2	2	2	3	3	3	3	3	4	7	8	7	8	8
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	2	2	2	2	3	3	3	3	3	4	7	8	7	8	8
+ Other ST Assets	4	4	7	8	9	6	3	4	5	6	6	8	8	9	11
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	164	157	155	216	211	218	243	256	286	408	532	599	606	604	606
+ Property, Plant & Equip, Net	163	156	153	178	176	180	203	215	251	374	501	573	581	578	580
+ Property, Plant & Equip	277	282	291	331	343	348	384	399	448	581	722	802	834	870	904
- Accumulated Depreciation	114	125	138	153	167	167	181	185	198	207	220	230	254	292	324
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1	- -	2	38	35	38	40	41	35	34	30	26	26	25	25
+ Total Intangible Assets	- -	- -	- -	35	34	32	31	30	29	28	27	26	26	25	25
+ Goodwill	- -	- -	- -	25	25	25	25	25	25	25	25	25	25	25	25
+ Other Intangible Assets	- -	- -	- -	10	9	7	6	5	4	3	2	1	- -	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	1	- -	2	2	1	5	9	11	6	6	4	- -	- -	- -	- -
Total Assets	186	180	180	248	245	252	275	295	332	455	611	672	690	693	681
+ Payables & Accruals	20	24	19	26	27	29	30	35	39	59	59	96	120	110	122
+ Accounts Payable	9	10	9	8	9	8	7	9	8	11	17	12	19	14	23
+ Accrued Taxes	- -	- -	1	2	2	2	2	3	3	3	3	3	5	6	7
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	11	14	9	16	16	19	21	24	29	45	39	82	97	90	92
+ ST Debt	1	- -	- -	- -	- -	- -	41	- -	- -	- -	21	13	21	7	1
+ ST Borrowings	1	- -	- -	- -	- -	- -	41	- -	- -	- -	20	12	20	7	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1	1	1	1	1
+ Other ST Liabilities	- -	- -	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	21	24	23	26	27	29	71	35	39	59	79	109	141	118	123
+ LT Debt	48	29	25	81	54	46	- -	26	26	94	190	181	82	13	20
+ LT Borrowings	48	29	25	81	54	46	- -	26	26	94	175	167	68	- -	6
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	15	14	13	13	14
+ Other LT Liabilities	5	4	1	- -	- -	- -	- -	- -	- -	- -	- -	13	20	23	25
+ Accrued Liabilities	5	3	1	- -	- -	- -	- -	- -	- -	- -	- -	13	20	23	23
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2
Total Noncurrent Liabilities	52	33	26	81	54	46	- -	26	26	94	190	194	101	36	44
Total Liabilities	73	57	49	107	81	75	71	61	66	154	270	304	242	154	168
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	30	32	33	35	31	23	23	24	27	30	35	35	42	41	49
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	30	32	33	34	31	23	23	24	27	30	35	34	41	41	49
- Treasury Stock	49	49	49	48	40	33	26	22	18	16	13	9	4	- -	4
+ Retained Earnings	131	139	146	155	173	187	207	232	258	287	319	342	411	498	468
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Equity Before Minority Interest	113	123	131	141	164	177	204	234	266	301	341	368	448	539	513
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	113	123	131	141	164	177	204	234	266	301	341	368	448	539	513
Total Liabilities & Equity	186	180	180	248	245	252	275	295	332	455	611	672	690	693	681
Shares Outstanding	16	16	16	16	16	17	17	17	18	18	18	18	19	19	19
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	16	15	14	14	15
Net Debt	34	15	11	62	34	25	20	- -	-3	64	135	151	55	-32	-38
Net Debt to Equity	30.29	12.07	8.5	44.06	21.03	13.97	9.68	-0.08	-1.11	21.26	39.53	41.12	12.19	-5.95	-7.38
Tangible Common Equity Ratio	60.56	68.2	72.67	49.59	61.76	65.72	70.88	76.86	78.35	63.97	53.84	52.96	63.54	76.93	74.41
Current Ratio	1.05	0.95	1.07	1.22	1.27	1.18	0.45	1.12	1.17	0.79	1	0.67	0.6	0.76	0.61
Cash Conversion Cycle	-38.42	-35.6	-33.13	-22.53	-18.84	-16.27	-10.39	-9.03	-7.51	-8.77	-16.59	-20.57	-9.95	-8.19	-9.7
Number of Employees	1,770	1,815	1,800	2,100	2,100	2,100	2,100	2,100	2,200	2,200	2,300	2,300	2,650	2,700	2,900

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	5	8	6	9	18	14	21	25	26	34	32	24	68	87	82
+ Depreciation & Amortization	13	13	13	17	17	18	16	15	15	15	15	17	38	43	47
+ Non-Cash Items	5	2	3	1	2	1	1	3	12	6	10	21	12	10	8
+ Stock-Based Compensation	2	2	2	1	1	1	2	2	7	5	8	4	4	5	7
+ Deferred Income Taxes	2	-1	-2	- -	1	- -	- -	1	4	- -	1	16	7	3	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	1	1	4	- -	- -	- -	- -	- -	1	1	1	1	1	2	1
+ Chg in Non-Cash Work Cap	3	2	- -	-1	- -	-2	1	1	-3	4	6	-30	9	-1	35
+ (Inc) Dec in Accts Receiv	- -	-2	1	- -	- -	- -	- -	-1	-4	- -	1	2	-7	1	21
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-3	-1	1	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	-1	- -	-1	- -	-1	-1	-1	1	-1	-2
+ Inc (Dec) in Accts Payable	1	4	-1	-1	1	- -	1	4	1	4	9	-5	15	-1	16
+ Inc (Dec) in Other	3	- -	1	- -	-1	-1	- -	- -	- -	2	- -	-25	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	26	26	23	26	36	31	38	44	49	59	63	31	128	140	173
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-16	-7	-14	-10	-12	-22	-38	-26	-50	-137	-125	-89	-47	-39	-49
+ Acq of Fixed Prod Assets	-16	-7	-14	-10	-12	-22	-38	-26	-50	-137	-125	-89	-47	-39	-49
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	- -	- -	-4	-67	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	-4	-67	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-5	- -	- -	- -	- -	2	- -	1	3	11	-10	42	9	-8	-2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-21	-7	-17	-77	-12	-20	-38	-25	-47	-126	-135	-46	-38	-48	-51
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-113
+ Net Cash From Debt	-2	-20	-4	56	-27	-8	-5	-15	- -	- -	102	-14	-92	-83	-2
+ Cash From Debt	12	1	15	78	- -	- -	- -	- -	- -	- -	106	11	- -	6	72
+ Repayments of Debt	-14	-21	-19	-21	-27	-8	-5	-15	- -	- -	-4	-25	-92	-89	-73
+ Cash (Repurchase) of Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-6	-5
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-6	-5
+ Other Financing Activities	- -	- -	-1	- -	4	-2	5	1	- -	68	- -	-4	7	3	2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-2	-20	-5	56	-23	-9	-1	-14	- -	68	102	-17	-85	-87	-117
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	3	-1	- -	5	- -	2	- -	5	3	1	30	-32	5	5	5
EBITDA	22	27	23	35	47	40	48	54	56	57	54	33	128	155	157
EBITDA Margin (%)	16.18	19.23	16.46	20.42	24.95	21.51	23.98	24.91	24.19	23.91	21.85	17.68	32.45	32.41	31.4
Net Cash Paid for Acquisitions	- -	- -	4	67	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow	10	19	9	16	24	10	1	18	-1	-78	-62	-57	81	100	124
Free Cash Flow to Firm	12	20	10	17	25	10	1	18	- -	-78	-62	- -	85	102	125
Free Cash Flow to Equity	8	-1	5	72	-4	2	-5	3	-1	-78	40	-71	-11	17	123
Free Cash Flow per Basic Share	0.63	1.19	0.56	0.97	1.45	0.57	0.03	1.02	-0.03	-4.39	-3.45	-3.14	4.36	5.28	6.45
Price/Free Cash Flow	3.15	6.38	4.61	4.75	7.14	5.36	5.28	6.45	8.4	3.56	4.8	9.48	8.2	8.34	6.17
Cash Flow to Net Income	5.39	3.15	3.98	2.92	2.01	2.2	1.85	1.78	1.94	1.72	1.99	1.33	1.87	1.6	2.1

Monarch Casino & Resort, Inc.

MCRI US

67.47