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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating activities        
Net loss $ (37.5) $ (725.1) $ (179.5) $ (132.6)
Adjustments to reconcile net loss to net cash provided by operating activities:        
Depreciation and amortization 108.7 105.8 326.5 323.9
Amortization of debt discount and debt issuance costs     6.6 6.2
Non-cash interest expense     34.1 26.1
Non-cash operating lease expense     236.5 224.9
Loss on disposal of Barstool 0.0 923.2 0.0 923.2
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 on equity securities (3.0) 11.6 2.4 8.5
Loss on sale or disposal of property and equipment (0.1) 0.0 8.8 0.0
Gain on Hurricane Laura     (2.7) (13.9)
Income from unconsolidated affiliates (7.1) (7.2) (22.1) (17.0)
Return on investment from unconsolidated affiliates     24.6 27.8
Deferred income taxes     (34.9) 4.9
Stock-based compensation 12.9 35.2 39.0 71.4
Investment Agreement warrant expense     53.4 0.0
Changes in operating assets and liabilities, net of businesses acquired        
Accounts receivable     76.3 (9.7)
Prepaid expenses and other current assets     33.6 (20.0)
Other assets     (38.4) (23.5)
Accounts payable     29.8 (0.8)
Accrued expenses     (84.7) (36.1)
Income taxes     22.0 (39.2)
Operating lease liabilities     (222.3) (230.8)
Other current and long-term liabilities     (67.9) 20.1
Other     15.3 11.5
Net cash provided by operating activities     256.4 540.7
Investing activities        
Capital expenditures     (261.7) (207.8)
Proceeds from sale of property and equipment     3.8 0.2
Hurricane Laura insurance proceeds     1.7 9.0
Consideration paid for Barstool, net of cash acquired     0.0 (314.6)
Sale of Barstool, net of cash disposed     0.0 (50.9)
Proceeds received for a cost method investment     0.5 8.0
Consideration paid for gaming licenses and other intangible assets     (49.4) (17.1)
Other     (7.6) (12.8)
Net cash used in investing activities     (312.7) (586.0)
Financing activities        
Principal payments on long-term debt     (28.2) (28.1)
Debt issuance costs     (2.6) 0.0
Payments of other long-term obligations     (10.1) (9.6)
Principal payments on financing obligations     (30.5) (29.3)
Principal payments on finance leases     (37.5) (35.1)
Proceeds from exercise of options     1.3 1.7
Repurchase of common stock     0.0 (149.8)
Payments on insurance financing     (28.6) 0.0
Indemnification payments     (30.5) 0.0
Other     (8.3) (7.7)
Net cash used in financing activities     (175.0) (257.9)
Effect of currency rate changes on cash, cash equivalents, and restricted cash     (0.9) 1.0
Change in cash, cash equivalents, and restricted cash     (232.2) (302.2)
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 862.2 1,342.0 862.2 1,342.0
Reconciliation of cash, cash equivalents, and restricted cash:        
Cash and cash equivalents 834.0 1,317.9 834.0 1,317.9
Restricted cash included in Other current assets 27.0 22.9 27.0 22.9
Restricted cash included in Other assets 1.2 1.2 1.2 1.2
Total cash, cash equivalents, and restricted cash $ 862.2 $ 1,342.0 862.2 1,342.0
Supplemental disclosure:        
Cash paid for interest, net of amounts capitalized     324.6 321.1
Cash payments (refunds) related to income taxes, net     (1.1) 73.9
Non-cash activities:        
Accrued capital expenditures     $ 54.1 $ 30.1