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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Operating activities      
Net income $ 514.4 $ 51.6  
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 107.5 118.2  
Amortization of debt discount and debt issuance costs 2.0 2.7  
Noncash interest expense 8.1 6.2  
Noncash operating lease expense 86.5 25.2  
Gain on Barstool Acquisition, net (83.4) 0.0  
Gain on REIT transactions, net (500.8) 0.0  
Holding loss on equity securities 3.2 38.7  
Gain on Hurricane Laura 0.0 (8.8)  
Income from unconsolidated affiliates (2.6) (8.7)  
Return on investment from unconsolidated affiliates 8.5 8.0  
Deferred income taxes 80.6 22.9  
Stock-based compensation 16.5 17.0  
Changes in operating assets and liabilities, net of businesses acquired      
Accounts receivable 31.1 54.2  
Inventory 1.6 (0.5)  
Prepaid expenses and other current assets (27.4) (39.3)  
Other assets (5.6) 6.7  
Accounts payable (10.3) (7.8)  
Accrued expenses (78.5) (44.4)  
Income taxes 83.2 22.9  
Operating lease liabilities (87.7) (23.6)  
Other current and long-term liabilities 0.0 (16.6)  
Other 0.8 0.3  
Net cash provided by operating activities 147.7 224.9  
Investing activities      
Capital expenditures (63.2) (65.6)  
Consideration paid for Barstool, net of cash acquired (314.6) 0.0  
Proceeds from sale of property and equipment 0.0 3.8  
Hurricane Laura insurance proceeds 0.0 24.2  
Other (0.4) (2.0)  
Net cash used in investing activities (378.2) (39.6)  
Financing activities      
Principal payments on long-term debt (9.4) (20.5)  
Payments of other long-term obligations (0.7) (0.6)  
Principal payments on financing obligations (9.6) (15.5)  
Principal payments on finance leases (11.5) (25.4)  
Proceeds from exercise of options 1.1 2.3  
Repurchase of common stock (50.0) (175.1)  
Other (2.9) (4.4)  
Net cash used in financing activities (83.0) (239.2)  
Effect of currency rate changes on cash, cash equivalents, and restricted cash 1.5 (0.9)  
Change in cash, cash equivalents, and restricted cash (312.0) (54.8)  
Cash, cash equivalents, and restricted cash at the beginning of the year 1,644.2 1,880.1 $ 1,880.1
Cash, cash equivalents, and restricted cash at the end of the period 1,332.2 1,825.3 1,644.2
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 1,311.3 1,805.5 1,624.0
Restricted cash included in Other current assets 19.7 18.6  
Restricted cash included in Other assets 1.2 1.2  
Total cash, cash equivalents, and restricted cash 1,332.2 1,825.3 $ 1,644.2
Supplemental disclosure:      
Cash paid for interest, net of amounts capitalized 110.5 159.9  
Cash payments related to income taxes, net 1.1 1.0  
Non-cash activities:      
Accrued capital expenditures $ 17.4 $ 28.9