Churchill downs inc (CHDN)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Cash flows from operating activities:
Net (loss) income

137,200

352,800

140,500

108,100

65,200

46,400

54,900

58,276

64,355

16,353

16,828

Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization

96,400

63,600

97,100

108,600

109,700

68,300

61,750

55,600

55,170

46,524

30,256

Distributions from unconsolidated affiliates

38,100

19,800

18,000

15,600

15,200

0

0

-

-

-

-

Deferred tax provision (benefit)

-

-

-

-

-

14,800

5,284

9,659

14,097

8,634

-168

Asset impairment loss

-

-

-

-

-

-

-

25

-

-

-

Loss (gain) on sale of assets

-

-

-

23,600

-300

400

366

128

271

4,175

-

Acquisition-related charges

-

-

-

-

-

-

0

-

-

-

-

Gain (Loss) on Sale of Equity Investments

-

-

-

0

5,800

0

0

-

-

-

-

Equity in loss (income) of unconsolidated affiliates

50,600

29,600

25,500

17,400

11,200

6,300

-4,142

-1,701

-1,113

-571

-960

Unrealized gain on derivative instruments

-

-

-

-

-

-

-

-

3,096

817

817

Stock-based compensation

23,800

21,100

27,100

18,900

13,800

11,900

21,500

7,613

5,531

4,802

2,838

Loss on impairment of assets

0

0

21,700

0

0

-

-

-

511

1,598

-

Loss on extinguishment of debt

0

0

-20,700

0

0

-

-

-

-

-

-

Gain on Ocean Downs/Saratoga transaction

0

54,900

0

0

-

-

-

-

-

-

-

Game technology and rights amortization

-

-

-

-

-

-

0

-

-

-

-

Acquisition expenses, net

-

-

-

-

34,700

7,100

-

0

-

-

-

Gain on sale of Big Fish Games

0

219,500

0

-

-

-

-

-

-

-

-

Big Fish Games earnout payment

-

-

-

-

0

0

-

-

-

-

-

Big Fish Games earnout and deferred payments

-

-

-

21,700

0

0

-

-

-

-

-

Game software development amortization

0

400

17,500

17,200

9,700

0

-

-

-

-

-

Deferred income taxes

31,500

36,500

-65,000

35,400

-3,400

-

-

0

-

-

-

Amortization of operating lease assets

4,600

-

-

-

-

-

-

-

-

-

-

Loss on asset disposals

-

-

-

-

-

-

-

-

-52

-371

-120

Other

-2,800

1,600

600

-2,000

-4,600

-600

-689

-910

-2,489

-1,473

-612

Changes in operating assets and liabilities, net of business acquisitions and dispositions:
Restricted cash

-

-

-

-

-

-

-

-9,178

-18,342

20,338

21,091

Accounts receivable

-

-

-

-

-

-

-

5,396

407

-290

-1,721

Other current assets and liabilities

-

-

-

-

15,300

3,300

-1,372

3,075

-3,235

-112

955

Game software development

0

300

22,100

22,100

19,800

0

-

-

-

-

-

Software development

-

-

-

-

-

-

0

-

-

-

-

Income taxes

2,500

13,800

-27,400

-6,600

28,500

200

-11,023

764

7,995

-12,729

18,892

Accounts payable

-

-

-

-

-

-

-

3,459

14,447

1,834

-5,741

Purses payable

-

-

-

-

-

-

-

-10,148

7,301

-92

556

Accrued expenses

-

-

-

-

-

-

-

9,923

2,441

4,963

2,971

Deferred revenue

-9,300

-10,300

17,200

17,900

38,300

600

6,029

8,804

3,633

11,379

30,924

Deferred riverboat subsidy

-

-

-

-

-

-

-

-

40,492

0

-

Other assets and liabilities

-12,600

-6,000

4,100

900

0

-1,700

-656

3,067

-16,549

896

6,859

Net cash provided by operating activities

289,600

197,800

215,100

231,400

264,500

141,600

144,915

144,098

172,995

59,857

71,047

Cash flows from investing activities:
Capital maintenance expenditures

48,300

29,600

33,300

30,900

31,100

22,700

48,771

41,298

22,667

61,952

-

Capital project expenditures

82,900

119,800

83,600

23,800

12,400

31,800

-

-

-

-

-

Additions to property and equipment

-

-

-

-

-

-

-

-

-

-

-81,940

Acquisition of businesses, net of cash acquired

206,600

-13,100

24,200

0

900

366,000

154,872

142,915

0

169,665

-

Investments in and advances to unconsolidated affiliates

410,100

0

24,000

8,000

25,000

18,500

70,500

19,850

0

0

-

Acquisition of other intangible assets

32,100

0

0

-

-

-

-

-

-

-

-

Acquisition of gaming licenses

-

-

-

-

-

2,300

2,650

2,250

2,250

2,750

3,250

Proceeds from Equity Method Investment, Distribution, Return of Capital

-

-

-

-

-

0

-

-

-

-

-

Proceeds from sale of Big Fish Games

0

970,700

0

0

-

-

-

-

-

-

-

Proceeds from sale of equity investment

-

-

-

-

-

0

0

-

-

-

-

Purchases of minority investments

-

-

-

-

-

-

-902

-2,153

-1,189

-450

-2,201

Contingency payment for acquisition of business

-

-

-

-

-

-

-

-

-

-

3,500

Proceeds from sale of assets

-

-

-

25,600

200

1,000

15

833

55

57

8

Receivable from escrow

0

0

-13,600

13,600

0

0

-

-

-

-

-

Other

1,200

10,300

2,100

0

-3,700

-

-

-

-

-

-

Proceeds from insurance recoveries

-

-

-

-

-

-

-

-10,505

-183

0

-

Change in deposit wagering asset

-

-

-

-

-

-

-

-

1,010

181

295

Net cash used in investing activities

-781,200

824,100

-153,600

-50,700

-65,500

-440,300

-277,680

-197,128

-26,878

-234,941

-91,178

Cash flows from financing activities:
Common stock issued

-

-

-

2,200

1,200

7,400

1,135

6,377

725

564

455

Proceeds from borrowings under long-term debt obligations

-

-

-

-

-

805,000

740,131

554,248

320,181

442,758

313,452

Proceeds from borrowings under long-term debt obligations

1,236,300

135,000

2,050,400

727,100

1,004,200

0

300,000

0

0

-

-

Repayments of borrowings under long-term debt obligations

640,300

381,000

1,835,800

588,400

985,800

403,800

880,667

472,083

457,736

248,773

285,460

Change in bank overdraft

-

-

-

-

-

-

-

555

-188

1,922

1,697

Payment of dividends

22,200

23,700

21,500

19,100

17,400

15,200

0

22,461

8,165

6,777

6,767

Repurchase of common stock

-

-

-

-

-

-

-

0

-

-

-

Loan origination fees

-

-

-

-

-

-

-

-

-

-

-2,721

Repurchase of common stock

95,000

531,400

180,900

39,000

147,600

76,600

10,723

5,094

1,308

944

235

Taxes paid related to net share settlement of stock awards

11,500

15,600

10,000

-

-

-

-

-

-

-

-

Repayment of Ocean Downs debt

0

54,700

0

0

-

-

-

-

-

-

-

Big Fish Games earnout and deferred payments

0

58,200

31,800

288,300

0

0

-

-

-

-

-

Call premium on 2021 Senior Notes

0

0

16,100

0

0

-

-

-

-

-

-

Debt issuance costs

8,900

800

14,400

1,400

4,600

-

-

0

0

-

-

Big Fish Games deferred payment

-

-

-

-

-28,500

0

0

-

-

-

-

Tax refund payments to Big Fish Games equity holders

-

-

-

-

17,700

0

0

-

-

-

-

Common stock issued

-

-

-

-

-

7,700

2,981

1,407

151

-126

4

Loan origination fees and debit issuance costs

-

-

-

-

-

2,100

-7,508

-67

-155

-421

-

Other

2,400

-2,900

600

5,000

5,600

-400

-5,053

-

-

-

-

Change in deposit wagering liability

-

-

-

-

-

-

-

-

802

139

691

Net cash provided by financing activities

460,800

-933,300

-59,500

-201,900

-190,600

322,000

140,296

62,882

-145,693

188,342

21,116

Net increase in cash, cash equivalents and restricted cash

-30,800

88,600

2,000

-21,200

8,400

23,300

7,531

9,852

424

13,258

985

Effect of exchange rate changes on cash

0

-800

500

0

-1,800

-100

0

0

-

-

-

Supplemental disclosures of cash flow information:
Property and equipment reductions included in accounts receivable

-

-

-

-

-

-

-

-

9,870

0

-

Note payable issued to acquire land

-

-

-

-

-

-

-

-

-

-

24,043

Accounts receivable, net

-

-

-

-

-

-

-

486

0

2,925

-

Income taxes receivable

-

-

-

-

-

-

-

0

-

941

-

Other current assets

-

-

-

-

-

-

-

688

0

2,813

-

Other non-current assets

-

-

-

-

-

-

-

282

0

20,233

-

Property and equipment, net

-

-

-

-

-

-

-

64,935

0

56,183

-

Goodwill

-

-

-

-

-

-

-

36,702

0

99,179

-

Other intangible assets

-

-

-

-

-

-

-

46,004

0

86,305

-

Accounts payable

-

-

-

-

-

-

-

-780

0

-11,605

-

Accrued expenses

-

-

-

-

-

-

-

-5,234

0

-7,713

-

Deferred revenue

-

-

-

-

-

-

-

-168

0

-299

-

Other liabilities

-

-

-

-

-

-

-

0

-

-62

-

Interest

61,700

31,100

47,500

40,000

25,200

17,500

4,032

2,856

5,521

3,746

478

State tax credits

-

-

-

-

-

-

1,298

-

-

-

-

Income taxes

23,500

48,600

75,900

32,400

41,500

17,000

31,324

24,462

24,785

11,778

8,043

Schedule of non-cash investing and financing activities:
Issuance of common stock for acquisition of Big Fish Games

-

-

-

-

-

15,800

-

-

-

-

-

Earnout liability for acquisition of Big Fish Games

-

-

-

-

-

324,700

0

0

-

-

-

Deferred payment for acquisition of Big Fish Games

-

-

-

-

-

97,100

0

0

-

-

-

Issuance of common stock in connection with the Company's restricted stock plans

-

-

-

-

-

3,000

30,678

5,459

5,058

2,525

-

Deferred tax liability assumed from equity investment

103,200

0

0

-

-

-

-

-

-

-

-

Dividends payable

-

-

-

-

-

-

-

0

0

-

-

Dividends accrued on restricted stock plans

-

-

-

-

-

-

-

170

125

-

-

Accrued debt issuance costs

-

-

-

-

-

-

-

0

0

-

-

Property and equipment additions included in accounts payable and accrued expenses

12,400

6,600

9,600

4,200

1,500

1,300

3,769

5,254

787

47

5,126

Repurchase of common stock in payment of income taxes on stock-based compensation included in accrued expense and other current liabilities

3,900

2,500

1,300

6,400

3,600

0

0

-

-

-

-

Repurchase of common stock included in accrued expense and other current liabilities

500

2,500

0

0

-

-

-

-

-

-

-

Acquisition of Ocean Downs, net of cash acquired

0

115,200

0

0

-

-

-

-

-

-

-