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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net income (loss) $ (681.8) $ 136.0
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 275.3 316.4
Amortization of debt discount and debt issuance costs 11.0 5.7
Noncash operating lease expense 84.0 79.0
Change in fair value of contingent purchase price (1.4) 7.0
Holding gain on equity securities (75.6) (7.1)
Loss (gain) on sale or disposal of property and equipment (33.9) 8.3
Noncash rent and interest expense related to the utilization of rent credits 232.3 0.0
Income from unconsolidated affiliates (7.4) (21.7)
Return on investment from unconsolidated affiliates 17.3 22.0
Deferred income taxes (124.0) 28.8
Stock-based compensation 11.7 10.4
Impairment losses 616.1 0.0
Changes in operating assets and liabilities, net of businesses acquired    
Accounts receivable (27.5) 23.6
Prepaid expenses and other current assets 14.4 12.5
Other assets (3.4) (1.5)
Accounts payable 22.3 8.1
Accrued expenses 3.6 (20.3)
Income taxes (43.9) (4.5)
Operating lease liabilities (69.8) (107.6)
Other current and long-term liabilities 1.5 24.1
Net cash provided by operating activities 220.8 519.2
Investing activities    
Capital expenditures (97.6) (136.7)
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
Acquisition of equity securities 0.0 (5.1)
Additional contributions to joint ventures (3.9) 0.0
Other 3.6 (2.0)
Net cash used in investing activities (235.9) (542.1)
Financing activities    
Proceeds from revolving credit facility 540.0 395.0
Repayments on revolving credit facility (680.0) (307.0)
Proceeds from issuance of long-term debt, net of discounts 322.2 0.0
Principal payments on long-term debt (35.0) (35.0)
Debt and equity issuance costs (6.9) 0.0
Payments of other long-term obligations (8.4) (15.4)
Principal payments on financing obligations (20.9) (38.4)
Principal payments on finance leases (2.7) (4.6)
Proceeds from common stock offerings, net of discounts and fees 1,288.8 0.0
Proceeds from exercise of options 55.5 1.0
Repurchase of common stock 0.0 (24.9)
Proceeds from insurance financing 19.5 14.3
Payments on insurance financing (19.6) (14.8)
Other (7.0) (4.1)
Net cash provided by (used in) financing activities 1,445.5 (33.9)
Change in cash, cash equivalents, and restricted cash 1,430.4 (56.8)
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 1,885.6 424.4
Reconciliation of cash, cash equivalents and restricted cash:    
Total cash, cash equivalents and restricted cash 1,885.6 424.4
Supplemental disclosure:    
Cash paid for interest, net of amounts capitalized 256.6 404.4
Cash payments (refunds) related to income taxes, net (6.0) 20.9
Non-cash investing and financing activities:    
Rent credits received upon sale of Tropicana land and buildings 307.5 0.0
Commencement of operating leases 67.4 713.3
Commencement of finance leases 0.0 4.3
Accrued capital expenditures (13.1) 8.3
Acquisition of equity securities $ 0.0 $ 16.1