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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating activities        
Net income (loss) $ (18.3) $ (27.1) $ 93.2 $ (142.0)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation and amortization 110.5 109.1 218.5 217.8
Non-cash interest expense     14.1 22.0
Non-cash operating lease expense     168.1 156.2
Income from unconsolidated affiliates (13.3) (7.8) (20.9) (15.0)
Return on investment from unconsolidated affiliates     18.0 16.0
Deferred income taxes     20.5 (44.2)
Stock-based compensation 16.1 14.2 31.7 26.1
Investment Agreement warrant expense     28.5 37.5
Impairment loss 15.0 0.0 15.0 0.0
Gain on financing arrangement 0.0 0.0 (215.1) 0.0
Loss on early extinguishment of debt 11.8 0.0 11.8 0.0
Changes in operating assets and liabilities        
Accounts receivable     3.8 64.2
Prepaid expenses and other current assets     4.3 29.0
Other assets     (15.4) (23.2)
Accounts payable     1.9 9.3
Accrued expenses     (9.3) (89.0)
Income taxes     27.3 26.5
Operating lease liabilities     (158.6) (145.5)
Other current and long-term liabilities     (34.6) (90.3)
Other     17.3 26.3
Net cash provided by operating activities     220.1 81.7
Investing activities        
Capital expenditures     (284.6) (129.6)
Proceeds from sale of investments     17.8 0.0
Consideration paid for gaming licenses and other intangible assets     (20.1) (17.2)
Other     14.4 0.7
Net cash used in investing activities     (272.5) (146.1)
Financing activities        
Proceeds from revolving credit facility     567.5 0.0
Repayments of revolving credit facility     (100.0) 0.0
Repayments of Convertible Debt     (223.8) 0.0
Principal payments on long-term debt     (18.8) (18.8)
Principal payments on financing obligations     (21.5) (20.2)
Principal payments on finance leases     (26.7) (24.8)
Repurchases of common stock     (115.3) 0.0
Payments on insurance financing     (16.8) (17.5)
Indemnification payments     0.0 (30.5)
Other     (16.3) (16.8)
Net cash provided by (used in) financing activities     28.3 (128.6)
Effect of currency rate changes on cash, cash equivalents, and restricted cash     0.8 (0.9)
Change in cash, cash equivalents, and restricted cash     (23.3) (193.9)
Cash, cash equivalents, and restricted cash at the beginning of the year     723.8 1,094.4
Cash, cash equivalents, and restricted cash at the end of the period 700.5 900.5 700.5 900.5
Reconciliation of cash, cash equivalents, and restricted cash:        
Cash and cash equivalents 671.6 877.6 671.6 877.6
Restricted cash included in Other current assets 27.7 21.7 27.7 21.7
Restricted cash included in Other assets 1.2 1.2 1.2 1.2
Total cash, cash equivalents, and restricted cash $ 700.5 $ 900.5 700.5 900.5
Supplemental disclosure:        
Cash paid for interest, net of amounts capitalized     188.0 212.4
Cash payments related to income taxes, net     6.0 0.9
Non-cash activities:        
Accrued capital expenditures     $ 63.2 $ 33.5