Churchill Downs Inc CHDN Cash Flow

Churchill downs inc (CHDN)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11
Cash flows from operating activities:
Net (loss) income
-23,500	3,700	14,800	107,100	11,600	11,400	56,300	103,100	182,000	38,200	16,700	78,300	7,300	26,800	8,700	69,800	2,800	7,500	4,200	55,100	-1,600	-13,764	3,531	57,333	-700	-5,705	9,249	50,298	1,058	2,374	5,973	48,576	1,353	7,613	19,780	40,147	-3,185
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization
22,000	32,100	22,000	21,500	20,800	17,800	16,700	15,300	13,800	23,800	24,000	24,800	24,500	27,200	27,500	26,900	27,000	27,600	27,400	27,300	27,400	19,976	17,280	15,760	15,284	15,928	15,796	14,991	15,035	14,785	13,370	13,638	13,807	13,851	13,443	13,890	13,986
Distributions from unconsolidated affiliates
1,300	13,400	13,200	5,500	6,000	5,400	4,500	5,400	4,500	6,300	3,000	4,400	4,300	3,300	4,100	4,200	4,000	4,200	3,500	4,000	3,500	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition-related charges
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,200	6,400	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain (Loss) on Sale of Equity Investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	5,800	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Equity in loss (income) of unconsolidated affiliates
-3,300	22,900	14,100	9,500	4,100	5,200	9,100	8,800	6,500	2,800	8,900	7,700	6,100	3,900	4,900	4,800	3,800	3,000	2,300	2,900	3,000	447	1,057	2,506	2,290	-2,460	-887	-631	-164	-446	-471	-564	-220	-690	-467	460	-416
Unrealized gain on derivative instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	2,892	204
Stock-based compensation
4,300	6,200	5,500	7,400	4,700	4,600	3,900	6,400	6,200	9,600	5,800	6,800	4,900	4,600	4,900	5,300	4,100	3,200	4,500	3,400	2,700	1,333	2,213	3,113	5,241	5,933	5,990	6,214	3,363	1,530	1,669	2,490	1,924	1,199	1,366	1,435	1,531
Loss on impairment of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	212	142	97	60
Game technology and rights amortization
-	-	-	-	-	-	-	-	-	-	4,800	4,300	4,400	-	4,200	3,800	3,700	-	2,700	2,400	700	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition expenses, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,100	1,100	2,700	-	-	-	-	7,100	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of Big Fish Games
-	-	-	-	-	0	0	0	219,500	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Big Fish Games earnout payment
-	-	-	-	-	-	-	-	-	-	0	0	2,500	-	0	0	19,700	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Big Fish Games earnout and deferred payments
-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income taxes
1,900	53,500	-9,900	-5,700	-6,400	61,200	-17,800	-4,800	-2,100	-78,000	13,000	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of intangible assets
17,500	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of operating lease assets
1,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on asset disposals
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-400	-	471	-65	-1	-	494	0	1	-	-12	6	21	-	-	-	-
Other
-900	-800	-900	-700	-400	-200	-500	-900	3,200	1,600	700	-1,200	-500	-400	-500	-400	-700	-3,000	-100	-1,000	-500	-142	-156	-153	-149	-134	-134	-177	-244	-202	-253	-227	-228	-350	-103	-1,765	-271
Changes in operating assets and liabilities, net of business acquisitions and dispositions:
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-6,140	4,162	-6,547	-	-4,235	8,937	-6,758	-6,240	-529	1,918	-4,327	-6,806	-16,143	11,154	-6,547
Accounts receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-12,373	13,675	153	-	-8,682	21,577	-4,413	-7,104	-7,657	28,686	-8,529	2,232	-9,635	18,261	-10,451
Other current assets and liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,500	-19,900	-300	12,600	14,300	-20,900	9,300	-46	-1,635	-3,902	8,883	-2,165	-3,537	-4,640	8,970	1,180	5,908	-11,293	7,280	-7,100	-1,271	7	5,129
Game software development
-	-	-	-	-	-	-	-	-	5,000	5,800	6,000	5,300	5,800	6,200	5,900	4,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Software development
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,000	-6,400	-4,800	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Income taxes
-10,700	-13,000	-16,400	31,600	300	-17,400	-24,100	2,900	52,400	-51,900	-25,500	43,400	6,600	-34,700	-7,700	41,500	-5,700	-9,600	-24,000	46,100	16,000	-20,282	-18,485	32,937	6,030	-20,328	-19,458	29,223	-460	-11,385	-18,844	30,883	110	-19,565	-3,537	25,934	5,163
Accounts payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-25,561	18,914	9,519	-	-10,593	16,608	-203	3,064	-6,093	8,887	-2,399	14,218	-8,701	11,279	-2,349
Purses payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-8,372	7,481	-5,445	-	-6,240	6,274	-3,318	-6,651	-6,441	2,735	209	-3,750	5,023	9,217	-3,189
Accrued expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,482	5,204	-6,979	-	2,803	8,379	-8,980	4,191	1,934	9,260	-5,462	-658	-3,148	9,021	-2,774
Deferred revenue
53,400	26,700	900	-83,100	46,200	33,300	100	-79,500	35,800	44,600	7,500	-77,300	42,400	25,400	-3,300	-58,100	53,900	25,000	12,900	-55,500	55,900	25,397	1,046	-58,942	33,099	23,129	-830	-53,648	37,378	16,493	-628	-45,843	38,782	1,512	-1,185	-34,468	37,774
Other assets and liabilities
24,300	31,700	-9,200	-57,100	22,000	-400	38,600	-55,900	11,700	8,500	10,800	-30,900	15,700	-900	-1,300	3,900	-800	5,600	-3,600	-1,300	-700	638	-247	-1,580	-511	265	-411	-276	-234	4,795	739	-1,685	-782	-51	-14,718	-674	-1,106
Net cash provided by operating activities
43,500	29,400	45,900	144,000	70,300	62,400	-26,900	106,400	55,900	47,900	-1,200	103,100	65,300	42,400	22,200	100,200	66,600	41,300	29,000	104,500	89,700	27,355	-4,843	67,157	51,931	30,542	14,109	53,549	46,715	41,989	6,059	40,941	55,109	41,546	26,640	44,334	60,475
Cash flows from investing activities:
Capital maintenance expenditures
9,000	10,600	11,500	12,300	13,900	9,700	6,200	6,200	7,500	6,600	8,800	7,700	10,200	6,700	7,900	8,400	7,900	300	8,100	12,900	9,800	-26,154	10,379	18,306	20,169	18,913	6,086	10,078	13,694	15,842	8,983	7,353	9,120	-	-	-	-
Capital project expenditures
39,300	29,600	20,700	18,400	14,200	14,200	46,900	32,200	26,500	21,200	16,300	18,800	27,300	3,900	1,700	9,700	8,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Additions to property and equipment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,517
Acquisition of businesses, net of cash acquired
0	34,500	0	800	171,300	0	-13,100	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	136,187	0	98	6,630	-	-	-	-
Investments in and advances to unconsolidated affiliates
0	0	0	300	409,800	0	0	0	0	0	0	0	24,000	8,000	0	0	0	-	-	-	-	9,125	2,875	0	6,500	43,500	14,500	9,000	3,500	13,325	1,125	1,125	4,275	-	-	-	-
Deferred payments to Big Fish Games former equity holders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	1,000	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of Big Fish Games
-	-	-	-	-	0	0	0	970,700	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of equity investment
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,400	-	0	0	6,000	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of minority investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-273	-277	-260	0	-365	-61	-492	-118	-1,482	-	-	-	-
Assumption of note receivable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,100	-	-	-	-
Proceeds from sale of assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	75	837	2	86	11	2	2	0	745	0	23	65	5	4	0	46
Receivable from escrow
-	-	-	-	-	-	-	-	-	0	0	-3,500	-10,100	13,600	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
0	100	2,200	-11,000	9,900	900	3,500	5,900	0	-	-	-	-	-	-	-	-	-4,000	0	0	300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from insurance recoveries
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-92	-543	-8,501	-1,369	-	-	-	-
Change in deposit wagering asset
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	202	1,395	2,244	-	-3,287	4,976	1,675	893	-756	1,261	-388
Net cash used in investing activities
-48,300	-90,600	-36,700	-34,800	-619,100	-24,800	-43,500	-44,300	936,700	-29,000	-27,300	-45,900	-51,400	-4,500	-10,600	-20,600	-15,000	-37,100	-10,400	-12,900	-5,100	-380,473	-14,667	-18,304	-26,856	-56,738	-178,418	-22,721	-19,803	-161,214	-7,920	-5,146	-22,848	-7,784	-5,150	-8,861	-5,083
Cash flows from financing activities:
Common stock issued
-	-	-	-	-	-	-	-	-	-	-	-	100	-	-	-	-	-	-	-	-	-75	2,950	4,457	68	0	891	191	53	217	1,744	4,025	391	-	-	-	-
Proceeds from borrowings under long-term debt obligations
719,800	-	700	3,400	1,231,900	-	12,500	16,300	100,900	-	225,500	304,500	239,100	-	122,600	150,000	292,100	-	192,500	114,300	75,600	487,621	106,525	117,787	93,067	98,466	290,709	247,569	103,387	262,674	109,029	103,410	79,135	89,870	72,908	84,967	72,436
Repayments of borrowings under long-term debt obligations
32,400	1,300	1,700	4,400	632,900	6,300	13,400	17,400	343,900	1,268,100	173,500	201,500	192,700	161,200	128,400	211,800	87,000	420,200	219,100	200,300	146,200	100,621	91,932	114,738	96,509	354,056	119,412	281,403	125,796	122,944	101,996	148,207	98,936	118,578	101,598	122,877	114,683
Change in bank overdraft
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3,924	3,659	1,845	-	-2,423	4,953	-3,633	3,589	-4,314	4,521	-3,241	-4,806	3,459	5,223	-4,064
Payment of dividends
23,400	0	0	0	22,200	200	0	-200	23,700	-300	0	0	21,800	0	0	0	19,100	0	0	0	17,400	14	0	0	15,186	0	0	0	0	12,351	0	0	10,110	0	0	0	8,165
Repurchase of common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-54,159	-7,402	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of common stock
28,400	28,200	21,300	19,000	26,500	29,600	0	-12,600	514,400	-200	100	172,400	8,600	19,000	2,400	16,800	800	140,400	1,300	1,000	4,900	-	-	-	-	4,783	1,894	3,039	1,007	2,248	813	1,765	268	576	287	294	151
Cash settlement of stock awards
12,700	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Taxes paid related to net share settlement of stock awards
15,100	-	-	-	7,600	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Big Fish Games earnout and deferred payments
-	-	-	-	-	26,400	0	0	31,800	100	0	0	31,700	26,400	0	0	261,900	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt issuance costs
900	0	300	1,100	7,500	800	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	1,029	-	0	0	0	-	-	-	-	-	-	-	-
Big Fish Games deferred payment
-	-	-	-	-	-	0	0	-26,400	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tax refund payments to Big Fish Games equity holders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,900	0	0	11,800	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Common stock issued
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	1,100	300	2,800	796	2,439	1,835	2,630	787	1,072	1,122	0	588	179	197	443	-	-	-	-
Loan origination fees and debit issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,400	-	0	0	0	1,930	0	67	103	-9,546	2	1,987	49	-67	0	0	0	-	-	-	-
Other
-100	2,900	1,800	0	-2,300	100	1,400	100	-4,500	-900	-2,300	5,200	-1,400	2,300	-1,700	1,400	3,000	500	-200	4,500	800	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in deposit wagering liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	202	1,395	2,244	-	-3,756	4,929	1,882	684	-755	1,191	-318
Net cash provided by financing activities
606,800	-30,100	-20,900	-21,100	532,900	-34,200	-54,200	-1,100	-843,800	-27,800	49,600	-64,300	-17,000	-41,900	-9,100	-75,800	-75,100	19,700	-27,000	-82,200	-101,100	379,085	14,881	-49,347	-22,619	27,153	169,143	-31,199	-24,801	126,403	73	-32,890	-30,704	-33,320	-25,638	-31,790	-54,945
Net increase in cash, cash equivalents and restricted cash
602,000	-91,300	-11,700	88,100	-15,900	3,400	-124,600	61,000	148,800	-	-	-7,100	-3,100	-4,000	2,500	3,800	-23,500	23,900	-8,400	9,400	-16,500	25,967	-4,629	-494	2,456	957	4,834	-371	2,111	7,178	-1,788	2,905	1,557	442	-4,148	3,683	447
Effect of exchange rate changes on cash
-	-	-	-	-	-200	0	-500	-100	-700	600	600	0	400	-700	200	100	-500	300	300	-1,900	-100	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Interest
16,600	21,400	16,700	4,800	18,800	5,000	17,600	3,900	4,600	22,100	4,000	18,800	2,600	18,200	2,200	18,500	1,100	9,800	1,800	10,400	3,200	8,422	389	8,308	381	1,185	997	846	1,004	1,067	562	463	764	816	1,156	1,571	1,978
State tax credits
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	1,298	-	0	0	0	-	-	-	-
Income taxes
500	7,400	14,800	800	500	600	24,300	23,500	200	27,900	39,000	8,700	300	10,800	19,400	0	2,200	12,000	29,000	400	100	44	16,844	64	48	10,376	20,312	610	26	2,621	21,248	296	297	10,261	13,242	79	1,203
Schedule of non-cash investing and financing activities:
Issuance of common stock in connection with the Company's restricted stock plans
-	-	-	-	-	-	-	-	-	-	-	-	-	-	300	1,900	16,600	-	6,500	700	15,500	9	48	2,943	0	-1,782	6,036	250	26,174	124	225	0	5,110	-	-	-	-
Deferred tax liability assumed from equity investment
0	-	-	-	103,200	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property and equipment additions included in accounts payable and accrued expenses
36,500	2,200	3,400	3,100	3,700	-4,800	-10,500	15,600	6,300	4,000	5,600	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of common stock in payment of income taxes on stock-based compensation included in accrued expense and other current liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition of Ocean Downs, net of cash acquired
-	-	-	-	-	0	115,200	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Fair Value of Assets Acquired
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	98	9,356	-	-	-	-
Liabilities Assumed
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-395	-	-	-	-
Fair value of earn-out liability and accrued purchase price
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-2,331	-	-	-	-