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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Operating activities        
Net income (loss) $ (27.1) $ 78.1 $ (142.0) $ 592.5
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation and amortization 109.1 110.6 217.8 218.1
Amortization of debt discount and debt issuance costs     4.3 4.1
Non-cash interest expense     22.0 16.8
Non-cash operating lease expense     156.2 154.8
Gain on Barstool Acquisition, net 0.0 0.0 0.0 (83.4)
Gain on REIT transactions, net 0.0 0.0 0.0 (500.8)
Holding loss (gain) on equity securities 3.9 (6.3) 5.4 (3.1)
Loss on sale or disposal of property and equipment 9.1 0.0 8.9 0.0
Gain on Hurricane Laura     (2.7) (13.6)
Income from unconsolidated affiliates (7.8) (7.2) (15.0) (9.8)
Return on investment from unconsolidated affiliates     16.0 16.8
Deferred income taxes     (44.2) 111.6
Stock-based compensation 14.2 19.7 26.1 36.2
Investment Agreement warrant expense     37.5 0.0
Changes in operating assets and liabilities, net of businesses acquired        
Accounts receivable     64.2 7.2
Prepaid expenses and other current assets     29.0 (21.7)
Other assets     (23.2) (9.9)
Accounts payable     9.3 (4.1)
Accrued expenses     (89.0) (50.8)
Income taxes     26.5 21.0
Operating lease liabilities     (145.5) (157.1)
Other current and long-term liabilities     (90.3) (7.8)
Other     10.4 6.7
Net cash provided by operating activities     81.7 323.7
Investing activities        
Capital expenditures     (129.6) (132.8)
Consideration paid for Barstool, net of cash acquired     0.0 (314.6)
Proceeds from sale of property and equipment     3.5 0.1
Hurricane Laura insurance proceeds     1.7 8.8
Consideration paid for gaming licenses and other intangible assets     (17.2) (11.7)
Other     (4.5) (12.7)
Net cash used in investing activities     (146.1) (462.9)
Financing activities        
Principal payments on long-term debt     (18.8) (18.8)
Debt issuance costs     (2.6) 0.0
Payments of other long-term obligations     (10.1) (0.7)
Principal payments on financing obligations     (20.2) (19.4)
Principal payments on finance leases     (24.8) (23.3)
Proceeds from exercise of options     1.2 1.1
Repurchase of common stock     0.0 (149.8)
Payments on insurance financing     (17.5) 0.0
Indemnification payments     (30.5) 0.0
Other     (5.3) (3.2)
Net cash used in financing activities     (128.6) (214.1)
Effect of currency rate changes on cash, cash equivalents, and restricted cash     (0.9) 1.0
Change in cash, cash equivalents, and restricted cash     (193.9) (352.3)
Cash, cash equivalents, and restricted cash at the beginning of the year     1,094.4 1,644.2
Cash, cash equivalents, and restricted cash at the end of the period 900.5 1,291.9 900.5 1,291.9
Reconciliation of cash, cash equivalents, and restricted cash:        
Cash and cash equivalents 877.6 1,271.6 877.6 1,271.6
Restricted cash included in Other current assets 21.7 19.1 21.7 19.1
Restricted cash included in Other assets 1.2 1.2 1.2 1.2
Total cash, cash equivalents, and restricted cash $ 900.5 $ 1,291.9 900.5 1,291.9
Supplemental disclosure:        
Cash paid for interest, net of amounts capitalized     212.4 207.4
Cash payments related to income taxes, net     0.9 66.0
Non-cash activities:        
Accrued capital expenditures     $ 33.5 $ 15.0