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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 55,130 $ 71,438 $ 62,247
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation of property and equipment 26,459 16,861 16,621
Amortization of intangible assets 5,933 5,471 5,583
Amortization of operating lease right of use assets 1,215 0 0
Share-based compensation - liability awards 0 (3,166) 16,133
Share-based compensation - equity awards 3,826 1,692 1,658
Amortization of debt financial costs and discounts on debt 2,684 3,267 3,287
Loss on extinguishment and modification of debt 1,703 0 0
Bad debt expense 239 202 29
Net pension and other post-retirement benefit income (39) 0 0
Deferred income taxes 8,995 5,880 (5,126)
Newport Grand disposal loss 0 6,514 0
Loss on disposal of property and equipment 98 11 24
Changes in operating assets and liabilities:      
Accounts receivable 5,211 (4,857) (870)
Inventory (89) 842 (461)
Prepaid expenses and other assets (14,172) (1,778) 4,547
Accounts payable (3,860) (4,078) 1,155
Accrued liabilities 767 10,945 3,005
Net cash provided by operating activities 94,100 109,244 107,832
Cash flows from investing activities:      
Deposit paid 0 (981) 0
Repayment of loans from officers and directors 0 5,360 362
Acquisition of Dover Downs Gaming & Entertainment, Inc., net of cash acquired (9,606) 0 0
Proceeds from sale of land and building for Newport Grand disposal 0 7,108 0
Proceeds from sale of property and equipment 10 11 6
Capital expenditures, excluding Tiverton Casino Hotel and new hotel at Twin River Casino (22,582) (11,874) (8,574)
Capital expenditures - Tiverton Casino Hotel (1,855) (94,581) (34,355)
Capital expenditures - new hotel at Twin River Casino (3,800) (22,435) (4,924)
Payments associated with licenses (1,092) (208) 0
Net cash used in investing activities (38,925) (117,600) (47,485)
Cash flows from financing activities:      
Revolver borrowings 25,000 41,000 10,000
Revolver repayments (80,000) (6,000) (25,000)
Term loan proceeds, net of fees of $10,655 289,345 0 0
Term loan repayments (343,939) (34,527) (11,564)
Senior note proceeds, net of fees of $6,130 393,870 0 0
Payment of financing fees (4,340) (221) (373)
Share repurchases (including tender offer) (223,075) (7,958) (2,275)
Stock options exercised via repayment of non-recourse notes 0 4,277 280
Stock options exercised 0 0 237
Stock options put 0 0 (238)
Payment of shareholder dividends (7,539) 0 0
Share redemption for tax withholdings - restricted stock (426) 0 0
Net cash provided by (used in) financing activities 48,896 (3,429) (28,933)
Net change in cash and cash equivalents and restricted cash 104,071 (11,785) 31,414
Cash and cash equivalents and restricted cash, beginning of period 81,431 93,216 61,802
Cash and cash equivalents and restricted cash, end of period 185,502 81,431 93,216
Supplemental disclosure of cash flow information:      
Cash paid for interest 35,040 23,178 20,067
Cash paid for income taxes 16,519 22,217 41,029
Non-cash investing and financing activities:      
Unpaid property and equipment 419 7,073 24,858
Deposit applied to fixed asset purchases 981 0 0
Deemed dividends related to changes in fair value of common stock subject to possible redemption 0 (640) 2,344
Intrinsic value of stock options exercised via repayment of non-recourse note 0 40,480 1,995
Intrinsic value of stock options exercised with cash 0 0 1,151
Termination of operating leases via purchase of underlying assets 1,665 0 0
Common stock no longer subject to possible redemption due to extinguishment of Puts 0 9,098 0
Fair value of vested stock options converted from liability to equity awards 0 2,875 0
Stock issued for acquisition of Dover Downs Gaming & Entertainment, Inc. $ 86,780 $ 0 $ 0