PENN Entertainment, Inc. logo PENN - PENN Entertainment, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 28
HOLD 17
SELL 2
STRONG
SELL
0
| PRICE TARGET: $20.29 DETAILS
HIGH: $24.00
LOW: $17.00
MEDIAN: $21.00
CONSENSUS: $20.29
UPSIDE: 20.20%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Revenue
Revenue 6,961 6,578.1 6,362.9 6,401.7 5,905 3,578.7 5,301.4 3,587.9 3,148.0 3,034.4 2,838.4 2,590.5 2,918.8 2,899.5 2,742.3 2,459.1 2,369.3 2,423.1 2,436.8 2,351.5 1,412.5 1,140.7 1,163.0 657.5 519.4 294.1 171.5 154.1 111.5 62.8 57.7 46 42.2
Cost of Revenue 5,055.5 4,414.5 4,000.8 3,631.6 3,148 1,868 2,954.5 2,048.0 1,812.9 1,757.8 1,621.6 1,468.8 1,663.9 1,686.5 1,620.7 1,464.9 1,427.9 1,427.5 1,402.6 1,306.8 855.1 681.5 708.3 405.0 314.6 189.9 91.7 85.7 67.7 38.2 35.9 29.8 28.2
Gross Profit 1,905.5 2,163.6 2,362.1 2,770.1 2,757 1,710.7 2,346.9 1,540.0 1,335.1 1,276.5 1,216.8 1,121.8 1,254.9 1,212.9 1,121.5 994.2 941.4 995.6 1,034.2 1,044.7 557.3 459.2 454.7 252.5 204.8 104.2 79.8 68.4 43.8 24.6 21.8 16.2 14
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 1,633.8 1,568.4 1,563.4 1,110.4 1,352.9 1,130.8 1,187.7 619.0 514.8 463.0 449.4 867.8 596.0 532.2 410.5 403.9 409.2 427.1 388.4 436.6 191.9 179.7 204.0 114.0 95.0 44.7 19.5 19.1 16.2 14 12.7 10.8 7.6
Other Expenses (0.4) 522.7 1,488.9 685.7 344.5 990.1 587.3 (7.1) (2.3) (1.7) 5.9 2.9 3.8 (1.4) 211.5 197.3 194.4 173.5 147.9 30.2 121.9 65.8 67.5 36.5 32.1 13.6 39.1 29.7 15.4 1.4 0.9 0.7 4
Operating Expenses 1,633.4 2,091.1 3,052.3 1,796.1 1,697.4 2,120.9 1,775 905.9 781.8 734.2 708.9 1,046.8 894.3 777.6 621.9 616.3 603.6 1,082.0 536.3 466.9 313.8 245.5 271.5 150.4 127.1 58.3 58.6 48.8 31.6 15.4 13.6 11.5 11.6
Operating Income
Operating Income 272.1 72.5 (690.2) 974 1,059.6 (410.2) 571.9 634.1 475.1 543.0 467.8 (240.4) (772.0) 442.6 499.6 153.2 (194.6) (86.4) 497.8 577.8 243.5 213.8 183.2 102.1 77.7 45.9 21.2 19.6 12.2 9.2 8.2 4.7 2.4
Interest Expense 405.8 470.5 464.7 758.2 561.7 543.2 534.2 539.4 466.8 459.2 443.1 425.1 159.9 81.4 99.6 130.2 135.0 169.8 0 0 0 0 42.1 42.1 0 0 0 0 0 0 0 0 0
Interest Income 9.7 23.6 40.3 18.3 0 0 0 1.0 3.6 24.2 11.5 3.7 1.4 0.9 0.4 1.6 6.5 8.4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 32 562.8 400.2 1,501 1,446.4 76.6 1,035.9 898.3 708.8 851.1 759.2 538.6 (163.1) 640.6 692.1 322.6 (28.5) 295.8 638.2 713.2 321.8 279.1 249.8 138.0 112.2 58.7 26.3 25.4 16.2 10.6 9.1 5.4 3
EBIT (414.9) 129.2 (34.9) 933.5 1,101.9 (290.1) 621.7 629.3 441.7 579.9 499.7 271.8 (466.5) 407.2 488.8 134.7 (222.9) 122.2 490.3 577.8 243.5 213.3 176.5 98.2 77.7 45.1 17.7 19.7 12.2 9.2 8.2 4.7 2.4
Income Before Tax (820.7) (341.3) (499.6) 175.3 539.1 (834.2) 86.1 89.9 4.3 120.6 56.6 (271.8) (915.9) 364.5 389.2 4.5 (327.9) (47.6) 292.2 369.9 141.8 137.6 83.2 57.7 36.4 28.7 10.5 12 6.1 9.3 8.5 4.1 2.4
Income Tax Expense 24.6 (28) (8.2) (46.4) 118.6 (165.1) 43 (3.6) (498.5) 11.3 55.9 (38.6) (121.5) 152.6 146.9 66.2 (60.5) 105.7 132.2 156.9 54.6 50.3 31.7 21.7 12.6 10.1 3.8 4.5 2.3 3.8 3.5 1.4 1.1
Net Income (843.1) (311.5) (490) 222.1 420.8 (669.5) 43.9 93.5 502.9 109.3 0.7 (233.2) (794.3) 212.0 242.4 (59.5) (264.9) (153.3) 160.1 327.1 120.9 71.5 51.5 30.9 23.8 12.0 6.7 7.5 2.3 5.5 5 2.8 1.3
Per Share Data
EPS (Basic) -5.83 -2.05 -3.22 1.37 2.65 -4.99 0.38 0.96 5.53 1.21 0.01 -2.97 -10.17 2.24 2.52 -0.76 -3.39 -1.81 1.87 3.88 1.46 0.89 0.65 0.41 0.39 0.20 0.12 0.13 0.04 0.10 0.10 0.06 0.04
EPS (Diluted) -5.83 -2.05 -3.22 1.29 2.48 -4.99 0.37 0.93 5.39 1.19 0.01 -2.97 -10.17 2.04 2.26 -0.76 -3.39 -1.81 1.81 3.78 1.41 0.86 0.63 0.39 0.37 0.19 0.11 0.12 0.01 0.10 0.10 0.06 0.04
Shares Outstanding 144.6 152.1 152.1 161.2 158.7 134 115.7 97.1 90.9 82.9 80.0 78.4 78.1 76.3 78.0 78.1 78.1 84.5 85.6 84.3 82.8 80.3 79.2 75.3 61.3 60.0 58.5 60.1 61.3 56.1 51.3 50.9 36.4
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Current Assets
Cash & Cash Equivalents 686.6 706.6 1,071.8 1,624 1,863.9 1,853.8 437.4 479.6 278.0 229.5 713.1 746.3 87.6 107.0 55.1 38.4 23.3 9.4 6.8 21.9 5.6 7.5 5.5 1
Short-Term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Receivables 254.2 256.8 319 246.4 195 96.4 88.7 106.8 62.8 61.9 80.2 43.6 40.8 25.7 19.4 19.4 10.3 4.8 3.8 2.3 4.3 1.6 1.3 0.9
Inventory 0 0 0 106.1 132.3 0 76.7 63.0 43.8 59.7 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 225.3 38.7 42.6 (69.2) (99.9) 31.3 (36.7) 28.3 16.5 48.2 64.6 116.5 18.3 17.3 4.4 4.6 1.9 3.8 3.5 4.8 1.7 0.7 0.4 0.6
Total Current Assets 1,166.1 1,154.4 1,659 2,013.4 2,223.6 2,085 642.8 677.7 401.0 399.3 938.4 906.3 174.2 189.7 94.4 70.1 40.8 18 14.1 29 11.6 9.8 7.2 2.5
Non-Current Assets
Property, Plant & Equipment 9,607.7 9,696.1 9,819.7 10,618.8 9,435.2 9,347 9,957.5 6,868.8 2,756.7 2,820.4 1,837.5 1,812.1 597.4 740.5 450.9 389.9 288.3 126.9 120.8 103.2 58.7 15.7 12.6 10.1
Goodwill 1,786.6 2,563.1 2,695.1 2,689.5 2,822.5 1,157.1 1,270.7 1,228.4 1,008.1 989.7 1,380.0 1,598.6 588.1 603.5 160.5 160.2 0 0 0 0 0 0 0 0
Intangible Assets 1,404.8 1,529.9 1,618.2 1,738.9 1,872.6 1,513.5 2,026.5 1,856.9 422.6 435.5 377.0 693.8 0 0 0 0 87.7 21.6 22.4 23.1 21.9 1.9 2 2
Long-Term Investments 79.4 86.2 84.9 248.6 255.1 266.8 128.3 128.5 148.9 156.2 26.3 14.4 0 (17.3) (4.4) 14.2 0 0 0 0 0 0 0 0
Other Non-Current Assets 223.9 232 187.3 159 74 171.6 (75.9) 120.2 106.6 46.6 129.8 143.4 283.7 75.9 59.6 40.3 23.0 24.1 3.5 3.6 4.5 0.1 0.1 3.8
Total Non-Current Assets 13,102.4 14,107.3 14,405.2 15,488.7 14,648.5 12,582.3 13,551.7 10,283.4 4,833.8 4,575.2 3,774.2 4,283.4 1,469.2 1,419.9 671.0 609.3 399.1 172.6 146.7 129.9 85.1 17.7 14.7 15.9
Total Assets 14,268.5 15,261.7 16,064.2 17,502.1 16,872.1 14,667.3 14,194.5 10,961.0 5,234.8 4,974.5 4,712.6 5,189.7 1,643.4 1,609.6 765.5 679.4 439.9 190.6 160.8 158.9 96.7 27.5 21.9 18.4
Current Liabilities
Account Payables 54.2 50.8 36.6 40.1 53.3 33.2 40.3 30.5 26.0 35.1 19.9 35.5 13.6 10.8 19.4 19.0 18.4 10.2 6.2 7.4 5.1 1.4 1.4 1.6
Short-Term Debt 469.9 38.2 47.6 56.2 99.5 81.4 62.9 62.1 35.6 85.6 86.1 105.3 4.5 125.0 0.0 15.1 11.4 5.2 0.2 0.2 1.6 0.3 0.3 2.6
Deferred Revenue 0 181.1 0 165.1 189.1 126.3 484.2 465.4 320.1 260.9 276.4 242.3 97.5 112.6 57.4 47.4 0 0 0 0 0 0 0 0
Other Current Liabilities 951.4 (36.7) 382.2 (32.2) 11.9 11.1 (75.1) 374.8 236.1 266.8 258.7 274.3 132.3 66.1 16.1 10.6 19.5 10.0 5.8 6.2 5.4 4 3.5 2.8
Total Current Liabilities 1,475.5 1,415.1 1,490 1,158.7 1,133.2 860 905.6 738.4 530.0 536.3 430.3 470.5 178.1 287.0 93.0 92.1 49.3 25.4 12.2 13.8 12.1 5.7 5.2 7
Non-Current Liabilities
Long-Term Debt 7,907.6 2,732.5 2,718 2,721.3 2,637.3 2,231.2 2,322.2 2,350.1 4,697.2 4,787.4 2,248.7 2,324.9 854.4 984.5 375 443.8 297.9 86.1 78.1 80.1 46 0.1 0.3 7.8
Deferred Tax Liabilities 87.8 61 117.6 33.9 189.1 126.3 244.6 1,934.6 542.8 126.9 173.8 334.2 31.8 27.8 50.5 40.2 13.5 12.9 11.5 11.1 10.8 0.9 0.8 0.1
Other Non-Current Liabilities 2,970.1 135 85.7 71.7 129 119.4 98 60.7 (3,401.8) (3,263.4) 54.5 71.4 181.0 0.4 0 0 0 0.8 0 0 (0.1) 0 0 0.1
Total Non-Current Liabilities 10,965.5 10,988.2 11,374.6 12,746.8 11,641.8 11,151.5 11,437 9,491.4 4,777.9 4,981.5 2,430.3 2,661.9 1,067.2 1,012.7 425.5 484.0 311.4 98.9 89.6 91.2 56.7 1 1.1 8
Total Liabilities 12,441 12,403.3 12,864.6 13,905.5 12,775 12,011.5 12,342.6 10,229.8 5,308.0 5,517.8 2,860.5 3,132.4 1,245.3 1,299.7 518.5 576.1 360.7 124.3 101.8 105 68.8 6.7 6.3 15
Stockholders' Equity
Common Stock 1.8 1.8 1.8 1.7 1.7 1.6 1.2 1.2 0.9 0.9 0.8 0.8 0.8 0.4 0.4 0.2 0.2 0.2 0 0 0 0 0 0
Retained Earnings (1,490.1) (647) (335.5) 154.5 (86.5) (507.3) 161.6 (967.9) (1,051.8) (1,525.3) 397.4 662.4 219.5 148.1 96.6 65.7 42.0 30 23.2 15.7 13.4 7.9 2.9 3.4
Accumulated Other Comprehensive Income (193.3) (255) (121.3) (168.6) (54.4) 0 0 (2,378.4) (1.5) (4.7) (26.0) (48.7) (0.5) 1.4 (1.7) (3.8) (31.6) (20.8) (15.7) (11) (8) (6.7) (5.9) (5.3)
Total Stockholders' Equity 1,834 2,862.7 3,202.1 3,597.7 4,097.8 2,656.2 1,852.7 731.2 (73.1) (543.3) 1,852.6 2,057.3 398.1 309.9 247 103.3 79.2 66.3 59 53.9 27.9 20.8 15.6 3.4
Total Liabilities & Equity 14,268.5 15,261.7 16,064.2 17,502.1 16,872.1 14,667.3 14,194.5 10,961.0 5,234.8 4,974.5 4,712.6 5,189.7 1,643.4 1,609.6 765.5 679.4 439.9 190.6 160.8 158.9 96.7 27.5 21.9 18.4
Debt Metrics
Total Debt 8,377.5 11,249.2 11,542.2 12,908.9 11,605.1 11,157.5 11,328.4 9,560.6 4,789.1 4,929.6 2,334.8 2,430.2 858.9 1,109.5 375.0 458.9 309.3 91.3 78.3 80.3 47.6 0.4 0.6 10.4
Net Debt 7,690.9 10,542.6 10,470.4 11,284.9 9,741.2 9,303.7 10,891 9,081.0 4,511.1 4,700.1 1,621.7 1,683.9 771.3 1,002.5 319.9 420.5 286.0 81.9 71.5 58.4 42 (7.1) (4.9) 9.4
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Operating Activities
Net Income (843.1) (313.3) (491.4) 221.7 420.5 (669.1) 43.1 93.5 473.5 109.3 120.9 71.5 51.5 30.9 23.8 18.6 6.7 7.5 3.8 5.5 5 2.7 1.3
Depreciation & Amortization 446.9 433.6 435.1 567.5 344.5 366.7 414.2 269.0 267.1 271.2 78.2 71.3 73.3 39.7 34.5 13.6 8.7 5.7 4 1.4 0.9 0.7 0.6
Stock-Based Compensation 60.9 52.9 85.9 58.1 35.1 14.5 14.9 12.0 7.8 6.9 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital (372.1) (316.8) (390.6) (161.4) (89.4) (174.3) (63.8) (50.1) 106.8 (9.3) (7.4) 6.3 (9.4) 5.3 21.1 5.6 7.2 (2.2) 2 0.7 2.1 0.1 0.4
Other Non-Cash Items 1,193.2 561 849.6 343 189.9 919.3 274.4 55.0 121.8 18.0 (12.6) 28.2 7.9 14.5 (0.5) 9.5 (1.1) 0.1 2.5 0.1 (2.1) 0.1 0.2
Operating Cash Flow 508.2 359.3 455.9 878.2 896.1 338.8 703.9 352.8 459.1 404.8 150.5 195.5 154.9 100.9 85.8 42.1 22.5 11.9 10.7 7.9 5.9 4.1 2.6
Investing Activities
Capital Expenditure (647.7) (482.7) (381.9) (272.4) (268.3) (141.8) (202.3) (174.2) (100.8) (100.3) (121.1) (69.0) (57.5) (88.9) (41.5) (27.3) (13.2) (22.3) (47.4) (54.3) (4) (2.9) (0.4)
Acquisitions 0 0 (357.5) (15) (921) (8.4) (398.7) (1,264.7) (129.8) (86.9) (2,251.4) (1.0) (264.1) (7.1) (182.7) (203.0) 0 0 0 0 0 0 0
Purchases of Investments 0 0 0 (15) (26) (135) (5.1) 0 (0.5) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales/Maturities of Investments 0 0 8 15 268.3 141.8 0 18.9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Investing Activities 334.3 (58.5) (11.2) 28.8 (274.8) (90.3) (203.7) 15.8 9.0 107.9 393.7 4.5 0.6 (6.4) 7.8 0.0 (16.6) 0 (0.2) (1.5) 0 3.7 (0.2)
Investing Cash Flow (351.1) (541.2) (742.6) (258.6) (1,221.8) (233.7) (607.5) (1,423.1) (221.6) (79.3) (1,978.8) (65.4) (321.0) (102.4) (216.3) (230.3) (29.8) (22.3) (47.6) (55.8) (4) 0.8 (0.6)
Financing Activities
Net Debt Issuance 211.1 (138.7) (142.5) (247.2) 346.6 (26.3) (91.8) 1,094 (237.4) (349.2) 1,927.1 (131.2) 238.4 (85.1) 149.6 211.5 13.0 (2.1) 32.9 46.9 (0.1) (10.1) (1.3)
Stock Repurchased (354.4) 0 (149.8) (601.1) 0 0 (24.9) (50) (24.8) 0 0 0 0 0 0 0 0 (2.4) 0 0 0 0 0
Dividends Paid 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (22.3) (49.3) 29.7 (4.7) (17.5) 47.6 (5.7) 228.1 73.2 16.2 (64.8) (0.8) (23.3) (3.3) (7.0) (10.4) (3.6) (0.2) (3.4) (2.5) 0 (3.3) (0.6)
Financing Cash Flow (165.6) (186.5) (262.6) (853) 339.9 1,310.1 (122.4) 1,272.1 (189.0) (333.0) 1,873.2 (124.2) 217.5 18.3 145.6 202.1 9.9 (4.6) 53.2 46 0.1 (0.4) (1.9)
Cash Position
Net Change in Cash (9) (370.7) (549.7) (235.9) 9.7 1,415.2 (26) 201.8 48.4 (7.5) 45 6.1 51.8 16.7 15.1 13.9 2.6 (15) 16.3 (1.9) 2 4.5 0.1
Cash at Beginning 722.6 1,094.5 1,644.2 1,880.1 1,870.4 455.2 481.2 279.4 229.5 237.0 87.6 81.6 55.1 38.4 23.3 9.4 6.8 21.9 5.6 7.5 5.5 1 0.9
Cash at End 713.6 723.8 1,094.5 1,644.2 1,880.1 1,870.4 455.2 481.2 278.0 229.5 132.6 87.6 107.0 55.1 38.4 23.3 9.4 6.9 21.9 5.6 7.5 5.5 1
Free Cash Flow (139.5) (123.4) 74 605.8 627.8 197 501.6 178.6 358.3 304.5 29.3 126.5 97.5 12.0 44.3 14.8 9.3 (10.4) (36.7) (46.4) 1.9 1.2 2.2
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Income Statement
Revenue 6,961 6,578.1 6,362.9 6,401.7 5,905 3,578.7 5,301.4 3,587.9 3,148.0 3,034.4 2,838.4 2,590.5 2,918.8 2,899.5 2,742.3 2,459.1 2,369.3 2,423.1 2,436.8 2,351.5 1,412.5 1,140.7 1,163.0 657.5 519.4 294.1 171.5 154.1 111.5 62.8 57.7 46 42.2
Gross Profit 1,905.5 2,163.6 2,362.1 2,770.1 2,757 1,710.7 2,346.9 1,540.0 1,335.1 1,276.5 1,216.8 1,121.8 1,254.9 1,212.9 1,121.5 994.2 941.4 995.6 1,034.2 1,044.7 557.3 459.2 454.7 252.5 204.8 104.2 79.8 68.4 43.8 24.6 21.8 16.2 14
Operating Income 272.1 72.5 (690.2) 974 1,059.6 (410.2) 571.9 634.1 475.1 543.0 467.8 (240.4) (772.0) 442.6 499.6 153.2 (194.6) (86.4) 497.8 577.8 243.5 213.8 183.2 102.1 77.7 45.9 21.2 19.6 12.2 9.2 8.2 4.7 2.4
Net Income (843.1) (311.5) (490) 222.1 420.8 (669.5) 43.9 93.5 502.9 109.3 0.7 (233.2) (794.3) 212.0 242.4 (59.5) (264.9) (153.3) 160.1 327.1 120.9 71.5 51.5 30.9 23.8 12.0 6.7 7.5 2.3 5.5 5 2.8 1.3
EPS (Diluted) -5.83 -2.05 -3.22 1.29 2.48 -4.99 0.37 0.93 5.39 1.19 0.01 -2.97 -10.17 2.04 2.26 -0.76 -3.39 -1.81 1.81 3.78 1.41 0.86 0.63 0.39 0.37 0.19 0.11 0.12 0.01 0.10 0.10 0.06 0.04
Balance Sheet
Cash & Equivalents 686.6 706.6 1,071.8 1,624 1,863.9 1,853.8 437.4 479.6 278.0 229.5 713.1 746.3 87.6 107.0 55.1 38.4 23.3 9.4 6.8 21.9 5.6 7.5 5.5 1
Total Assets 14,268.5 15,261.7 16,064.2 17,502.1 16,872.1 14,667.3 14,194.5 10,961.0 5,234.8 4,974.5 4,712.6 5,189.7 1,643.4 1,609.6 765.5 679.4 439.9 190.6 160.8 158.9 96.7 27.5 21.9 18.4
Total Debt 8,377.5 11,249.2 11,542.2 12,908.9 11,605.1 11,157.5 11,328.4 9,560.6 4,789.1 4,929.6 2,334.8 2,430.2 858.9 1,109.5 375.0 458.9 309.3 91.3 78.3 80.3 47.6 0.4 0.6 10.4
Stockholders' Equity 1,834 2,862.7 3,202.1 3,597.7 4,097.8 2,656.2 1,852.7 731.2 (73.1) (543.3) 1,852.6 2,057.3 398.1 309.9 247 103.3 79.2 66.3 59 53.9 27.9 20.8 15.6 3.4
Cash Flow
Operating Cash Flow 508.2 359.3 455.9 878.2 896.1 338.8 703.9 352.8 459.1 404.8 150.5 195.5 154.9 100.9 85.8 42.1 22.5 11.9 10.7 7.9 5.9 4.1 2.6
Capital Expenditure (647.7) (482.7) (381.9) (272.4) (268.3) (141.8) (202.3) (174.2) (100.8) (100.3) (121.1) (69.0) (57.5) (88.9) (41.5) (27.3) (13.2) (22.3) (47.4) (54.3) (4) (2.9) (0.4)
Free Cash Flow (139.5) (123.4) 74 605.8 627.8 197 501.6 178.6 358.3 304.5 29.3 126.5 97.5 12.0 44.3 14.8 9.3 (10.4) (36.7) (46.4) 1.9 1.2 2.2