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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net income (loss) $ (823.0) $ 92.3
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 187.6 210.1
Amortization of debt discount and debt issuance costs 5.6 3.8
Noncash operating lease expense 52.5 61.0
Change in fair value of contingent purchase price (1.4) 5.8
Holding gain on equity securities (7.7) 0.0
Loss (gain) on sale or disposal of property and equipment (27.9) 0.9
Noncash rent and interest expense related to the utilization of rent credits 110.7 0.0
Income from unconsolidated affiliates (2.4) (11.9)
Return on investment from unconsolidated affiliates 10.5 13.5
Deferred income taxes (114.2) 15.4
Stock-based compensation 8.9 6.7
Impairment losses 616.1 0.0
Changes in operating assets and liabilities, net of businesses acquired    
Accounts receivable 18.3 7.6
Prepaid expenses and other current assets 4.3 (0.3)
Other assets 0.3 (1.5)
Accounts payable (12.0) 0.1
Accrued expenses (39.9) (20.0)
Income taxes (44.0) 7.6
Operating lease liabilities (49.9) (78.3)
Other current and long-term liabilities (23.3) 2.4
Net cash provided by (used in) operating activities (130.9) 315.2
Investing activities    
Capital expenditures (73.7) (95.0)
Consideration paid for Barstool Sports investment (135.0) 0.0
Consideration paid for acquisitions of businesses, net of cash acquired (3.0) (1,359.4)
Proceeds from sale-and-leaseback transactions in conjunction with acquisitions 0.0 961.1
Additional contributions to joint ventures (3.6) (0.3)
Other (3.2) (1.0)
Net cash used in investing activities (218.5) (494.6)
Financing activities    
Proceeds from revolving credit facility 540.0 340.0
Repayments on revolving credit facility (10.0) (172.0)
Proceeds from issuance of long-term debt, net of discounts 322.2 0.0
Principal payments on long-term debt (23.3) (23.4)
Debt and equity issuance costs (6.1) 0.0
Payments of other long-term obligations (8.4) (7.9)
Principal payments on financing obligations (18.0) (25.3)
Principal payments on finance leases (2.1) (2.9)
Proceeds from common stock offering, net of discounts and fees 331.2 0.0
Proceeds from exercise of options 27.5 0.7
Repurchase of common stock 0.0 (24.9)
Proceeds from insurance financing 19.3 13.8
Payments on insurance financing (13.4) (10.5)
Other (3.8) (0.7)
Net cash provided by financing activities 1,155.1 86.9
Change in cash, cash equivalents, and restricted cash 805.7 (92.5)
Cash, cash equivalents and restricted cash at the beginning of the year 455.2 481.2
Cash, cash equivalents and restricted cash at the end of the period 1,260.9 388.7
Reconciliation of cash, cash equivalents and restricted cash:    
Total cash, cash equivalents and restricted cash 1,260.9 388.7
Supplemental disclosure:    
Cash paid for interest, net of amounts capitalized 188.8 265.6
Cash payments (refunds) related to income taxes, net (1.2) 4.5
Non-cash investing and financing activities:    
Rent credits received upon sale of Tropicana land and buildings 307.5 0.0
Commencement of operating leases 63.5 712.8
Commencement of finance leases 0.0 4.3
Accrued capital expenditures $ (8.6) $ 3.6