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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Operating activities        
Net income $ 78.1 $ 26.1 $ 592.5 $ 77.7
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 110.6 150.3 218.1 268.5
Amortization of debt discount and debt issuance costs     4.1 4.9
Non-cash interest expense     16.8 12.9
Non-cash operating lease expense     154.8 47.2
Gain on Barstool Acquisition, net 0.0 0.0 (83.4) 0.0
Gain on REIT transactions, net 0.0 0.0 (500.8) 0.0
Holding (gain) loss on equity securities     (3.1) 55.6
Loss on sale or disposal of property and equipment 0.0 7.3 0.0 7.2
Gain on Hurricane Laura     (13.6) (8.8)
Income from unconsolidated affiliates (7.2) (1.8) (9.8) (10.5)
Return on investment from unconsolidated affiliates     16.8 17.0
Deferred income taxes     111.6 39.6
Stock-based compensation 19.7 14.5 36.2 31.5
Loss on early extinguishment of debt 0.0 10.4 0.0 10.4
Changes in operating assets and liabilities, net of businesses acquired        
Accounts receivable     7.2 7.7
Inventory     0.2 (0.8)
Prepaid expenses and other current assets     (21.9) (30.7)
Other assets     (9.9) 7.6
Accounts payable     (4.1) (14.4)
Accrued expenses     (50.8) (23.0)
Income taxes     21.0 15.4
Operating lease liabilities     (157.1) (43.2)
Other current and long-term liabilities     (7.8) (36.6)
Other     6.7 1.2
Net cash provided by operating activities     323.7 436.4
Investing activities        
Capital expenditures     (132.8) (125.6)
Consideration paid for Barstool, net of cash acquired     (314.6) 0.0
Proceeds from sale of property and equipment     0.1 4.6
Hurricane Laura insurance proceeds     8.8 24.2
Consideration paid for gaming licenses and other intangible assets     (11.7) (1.9)
Other     (12.7) (15.0)
Net cash used in investing activities     (462.9) (113.7)
Financing activities        
Proceeds from issuance of long-term debt, net of discounts     0.0 1,545.0
Repayments on credit facilities     0.0 (1,543.2)
Principal payments on long-term debt     (18.8) (20.5)
Debt issuance costs     0.0 (18.2)
Payments of other long-term obligations     (0.7) (9.1)
Principal payments on financing obligations     (19.4) (31.9)
Principal payments on finance leases     (23.3) (53.5)
Proceeds from exercise of options     1.1 2.8
Repurchase of common stock     (149.8) (342.1)
Other     (3.2) (6.6)
Net cash used in financing activities     (214.1) (477.3)
Effect of currency rate changes on cash, cash equivalents, and restricted cash     1.0 (0.6)
Change in cash, cash equivalents, and restricted cash     (352.3) (155.2)
Cash, cash equivalents, and restricted cash at the beginning of the year     1,644.2 1,880.1
Cash, cash equivalents, and restricted cash at the end of the period 1,291.9 1,724.9 1,291.9 1,724.9
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 1,271.6 1,708.3 1,271.6 1,708.3
Restricted cash included in Other current assets 19.1 15.4 19.1 15.4
Restricted cash included in Other assets 1.2 1.2 1.2 1.2
Total cash, cash equivalents, and restricted cash $ 1,291.9 $ 1,724.9 1,291.9 1,724.9
Supplemental disclosure:        
Cash paid for interest, net of amounts capitalized     207.4 338.5
Cash payments related to income taxes, net     66.0 45.5
Non-cash activities:        
Accrued capital expenditures     $ 15.0 $ 25.5