MGM Resorts International MGM Cash Flow

Mgm resorts international (MGM)

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	Dec'10	Sep'10	Jun'10	Mar'10
Cash flows from operating activities
Net income
674,519	2,065,950	6,104	76,169	66,157	5,760	171,410	140,423	266,301	1,418,993	175,744	240,873	252,574	68,890	561,260	514,498	91,198	-1,471,292	94,735	126,467	212,646	-287,472	50,382	178,168	186,100	22,407	26,967	-30,578	22,578	-1,188,497	-154,674	-70,434	-203,307	-19,301	-106,575	3,450,691	-89,871	-139,189	-317,991	-883,476	-96,741
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization
318,290	331,438	322,009	334,788	316,414	312,542	300,472	296,208	268,822	249,357	249,600	244,754	249,769	233,052	209,737	206,899	199,839	200,164	204,742	208,565	206,412	202,654	202,386	203,070	207,655	207,474	211,682	218,151	211,918	226,831	228,414	235,643	236,809	237,762	249,520	177,467	152,397	146,666	158,857	164,766	163,134
Amortization of debt discounts, premiums and issuance costs
7,935	9,433	9,804	10,362	9,373	10,389	10,757	10,322	9,634	7,065	8,214	8,873	8,844	8,832	9,275	9,941	12,445	11,451	15,315	9,732	9,782	9,543	9,379	9,326	9,402	9,254	9,151	8,510	8,366	17,303	16,698	16,534	22,854	23,488	23,130	23,624	23,558	23,806	24,446	24,234	15,497
Loss on early retirement of debt
-126,743	-142,068	-2,721	-53,211	0	-1,426	443	-1,617	-1,019	-14,351	-30,547	-798	0	-29	-16,783	-49,460	-661	-	-	-	-	-	-	-	-	-2	-8	-3,767	-24	-504,552	0	0	-58,740	-	-	-	-	-8,516	0	-1,113	141,755
Provision for doubtful accounts
21,980	8,814	13,128	8,950	8,378	7,111	15,327	8,183	9,141	6,839	3,403	-2,506	12,867	7,879	3,786	-5,811	5,009	7,720	11,343	17,673	17,955	14,144	8,260	14,460	9,834	-1,960	233	3,092	13,604	10,075	15,318	12,133	19,542	19,797	6,757	4,133	8,406	7,110	3,587	17,829	1,306
Stock-based compensation
36,898	24,320	15,320	17,062	32,136	19,167	17,099	17,801	16,110	16,188	15,341	15,005	15,960	16,610	13,954	12,875	12,048	12,248	9,688	10,260	10,676	10,713	9,951	8,405	8,195	8,398	7,379	7,932	8,623	9,428	9,336	10,192	10,604	11,046	10,055	9,396	9,210	8,832	8,599	8,002	9,555
Property transactions, net
54,975	11,378	249,858	5,790	8,776	28,679	-42,400	16,970	5,898	27,629	7,711	13,243	1,696	12,361	-1,268	854	5,131	23,286	7,123	3,953	1,589	480	6,794	33,170	558	2,012	26,127	88,131	8,491	599,619	5,803	90,467	917	95,770	81,837	900	91	-2,178	326,681	1,126,282	689
Gain on REIT transactions, net
1,491,945	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Noncash lease expense
51,096	-	-	-	14,990	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income from unconsolidated affiliates
3,127	9,569	21,545	5,527	20,584	16,323	23,912	36,872	19,435	19,578	28,965	30,083	32,845	24,789	21,365	431,618	-5,792	22,944	33,412	24,364	97,697	-21,680	176	-3,752	381	-77,451	-24,616	-32,182	-6,111	-34,308	-58,968	-14,850	-40,175	-30,844	-24,153	4,025	23,053	653	-25,783	-57,767	-107,762
Distributions from unconsolidated affiliates
13,886	299	0	0	0	0	1,913	5,100	4,550	2,600	3,350	2,850	4,250	2,889	3,303	3,802	6,911	18,133	3,386	3,775	4,039	4,467	3,841	3,557	3,703	4,140	4,713	3,678	4,397	6,074	4,788	5,216	5,199	6,365	6,222	10,185	38,029	64,796	8,001	8,000	11,909
Deferred income taxes
277,221	542,261	-15,828	786	67,827	105,482	12,224	18,760	-89,746	-1,354,036	82,165	21,720	-9,255	8,475	-52,114	-45,197	7,653	103,797	-25,535	-12,040	-68,648	325,454	7,981	5,180	-6,782	381	-21,054	6,018	63,125	-66,285	-7,235	-1,821	-41,862	-171,806	-76,500	-80,713	-65,418	-46,910	-237,995	-440,283	91,106
Change in operating assets and liabilities:
Accounts receivable
-136,225	70,824	735,866	-31,119	-48,961	117,763	57,948	1,231	-27,388	31,923	49,520	-27,122	-36,349	56,606	12,647	-14,640	-22,747	16,523	15,134	23,767	6,350	54,113	-31,642	-4,222	14,186	75,172	-29,033	-32,227	45,930	31,267	-50,922	13,152	5,243	47,910	100,125	2,522	4,486	4,798	-2,738	36,503	-21,187
Inventories
3,322	1,212	-2,621	-4,690	-423	6,403	-5,471	1,814	5,114	1,058	-1,871	2,673	2,796	329	-4,751	218	-6,602	3,704	-3,952	3,628	-731	5,341	-3,117	958	-6,349	9,574	-2,782	-3,947	-2,509	-202	-5,549	2,629	-2,061	8,433	-1,035	1,935	-1,294	2,912	-3,326	438	-5,442
Income taxes receivable and payable, net
-17,295	-3,296	-2,881	-2,461	9,897	-8,877	3,569	18,528	900	-48,565	13,375	-84,710	66,696	11,312	-2,522	-2,184	6,779	-7,402	-2,382	-3,041	6,879	-17,066	-30,424	12,269	5,736	14,115	-6,067	2,602	2,818	1,143	113	-61,891	54,657	362,303	-370	-175,678	-2,606	393,817	-12,620	-335,313	152,102
Prepaid expenses and other
40,111	-30,672	44,787	-62,132	40,450	-32,876	50,387	-33,845	24,990	4,486	43,737	-34,383	40,899	-35,811	14,014	-38,776	40,381	-14,890	18,546	-27,348	37,386	-15,044	-9,705	-27,131	29,736	-31,058	39,202	4,774	25,872	-17,749	27,190	-39,249	34,416	-8,284	14,215	-32,884	11,685	-13,175	25,960	-29,042	14,610
Prepaid Cotai land concession premium
-	-	-	-	-	-	-	-	-	-	-1,724	-1,731	12,947	-1,737	12,946	-1,737	12,904	-1,740	12,954	-1,740	12,953	-1,739	12,956	-1,739	12,945	-1,740	12,946	-1,720	-1,569	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable and accrued liabilities
-577,936	-13,670	598,477	-9,273	-109,932	-29,042	-65,510	2,343	113,717	416,371	106,535	39,804	-140,452	185,114	160,919	21,415	-93,704	-34,936	48,289	-78,863	-77,428	-119,235	-91,206	9,420	-87,934	-73,524	91,917	164,706	-66,476	-93,127	170,493	-44,326	130,230	10,424	66,469	-31,208	-12,761	57,862	42,037	-5,024	-83,667
Other
-8,969	-7,708	-10,860	-4,757	-12,584	-17,951	4,673	-14,696	-6,531	-14,737	-4,575	2,507	-4,376	-25,960	-1,755	-819	-11,230	-37,320	-99	5,887	5,401	-14,835	10,514	-82	5,227	-3,511	10,356	-5,905	-21,199	30,353	-2,297	-9,469	-5,266	-7,239	12,701	4,395	-4,339	-12,662	-4,175	20,887	-16,379
Net cash provided by (used in) operating activities
-422,937	454,293	388,275	568,051	399,782	327,073	302,315	515,487	577,664	694,502	572,783	533,691	405,435	484,967	435,359	389,050	224,596	267,299	290,511	271,621	175,648	107,856	219,190	512,829	290,795	214,691	365,695	535,406	194,656	22,089	375,006	220,562	291,694	194,086	184,117	272,945	23,978	123,616	30,554	394,753	-44,909
Cash flows from investing activities
Capital expenditures, net of construction payable
73,110	256,220	161,168	138,366	183,252	262,919	362,163	443,137	418,624	464,804	526,668	416,535	456,075	672,165	619,737	543,072	427,499	466,241	406,537	301,712	292,329	254,582	247,211	177,497	192,751	182,551	136,695	145,463	97,415	106,006	100,527	102,473	113,757	124,920	91,146	50,719	34,459	78,952	49,444	25,153	53,942
Dispositions of property and equipment
175	642	1,363	232	341	25,037	135	215	225	347	78	113	180	654	1,631	1,432	227	7,689	84	95	164	7,114	125	277	135	17,484	223	88	235	190	140	76	20	-	-	-	-	-	-	-	-
Proceeds from Mandalay Bay and MGM Grand Las Vegas transaction
2,455,839	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investments in unconsolidated affiliates
20,649	606	602	71,111	9,558	53,792	0	0	2,503	10,806	1,148	1,273	3,500	2,078	0	0	1,555	1,538	17,845	16,600	160,079	32,594	16,696	21,575	32,175	5,100	9,453	8,000	6,400	17,300	12,000	12,400	12,600	21,200	5,000	26,000	76,648	145,000	106,000	40,000	262,000
Distributions from unconsolidated affiliates
426	1,039	9,661	58,150	31,850	2,344	120,287	200,000	0	-	-	-	-	-939	-401	541,808	1,629	-1,238	714	201,025	1,111	-867	209	293	497	-	-	-	103	376	-738	284	1,801	-865	278	1,814	985	-	-	-	-
Investments in treasury securities - maturities longer than 90 days
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	29,996	39,073	54,064	45,100	54,114	60,194	60,138	90,156	60,134	90,077	45,102	90,074	90,109	90,095	60,035	-	-	-	-
Proceeds from treasury securities - maturities longer than 90 days
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	99,062	48,175	63,063	48,198	69,126	75,156	60,112	90,137	75,119	90,074	60,108	90,060	90,071	90,005	59,994	-	-	-	-
Proceeds from cash deposits original maturities longer than 90 days
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	200,205	0	570,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
0	0	942	-341	30,511	-5,001	6,600	4,134	11,475	-20,074	6,098	9,134	6,554	3,439	3,061	2,370	2,826	4,087	1,795	-3,924	2,070	-2,832	-5,614	-1,309	-1,226	226	226	-1,919	113	251	314	496	411	538	-637	368	374	437	16,043	-15,102	292
Net cash provided by (used in) investing activities
2,362,681	4,548,687	-151,688	-150,754	-726,811	-284,329	-1,119,259	-247,056	-432,377	-453,978	-533,836	-126,829	-465,949	-686,435	-1,157,543	-2,202	-430,024	-393,005	-225,174	-293,676	116,797	-933,097	-188,893	-188,091	-214,069	-188,785	-131,139	-136,597	-103,616	-123,010	-98,454	-115,012	-109,941	-147,189	-95,269	331,683	-110,537	-165,157	-54,736	-49,952	-316,234
Cash flows from financing activities
Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less
1,289,434	-1,923,042	268,949	-1,690,189	-289,767	464,158	1,138,975	-740,909	380,035	-603,733	413,882	97,372	107,480	192,584	2,015,134	-1,959,686	243,000	1,694,875	328,908	272,118	-1,318,626	1,712,375	-2,625	-2,625	-1,735,125	-87,000	73,000	2,676,000	-2,690,000	1,985,188	-463,826	450,000	-192,100	133,000	839,226	-1,493,778	215,672	1,016,728	210,000	-1,837,630	-1,275,177
Borrowings under bank credit facilities – maturities longer than 90 days
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,701,875	1,706,250	1,710,625	0	1,719,375	1,723,750	1,728,125	0	0	0	2,793,000	450,000	450,000	0	450,000	1,784,127	2,284,129	2,284,128	1,206,728	1,183,617	3,180,041	3,180,041	1,942,524
Repayments under bank credit facilities – maturities longer than 90 days
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	900,000	0	450,000	2,284,128	1,784,127	2,284,129	1,206,728	1,077,400	3,286,259	3,180,041	1,942,523	2,399,037
Issuance of long-term debt
0	0	0	2,500,000	750,000	0	0	1,000,000	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of senior notes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,250,000	1,000,000	0	1,850,000	-	-	-	-	494,485	0	1,150,000	845,000
Retirement of senior notes and senior debentures
846,724	2,004,189	52	909,926	850,000	0	0	0	2,265	-	-	-	-	0	759,205	1,496,187	2,661	-	-	-	-	0	0	0	508,900	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	296,956
Debt issuance costs
9,339	0	17,845	35,435	10,111	11,711	31	60,233	4,544	217	4,357	498	4,905	1,130	15,193	90,684	32,577	-	-	-	-	-	-	-	-	-	-	-	-	105,786	14,012	2,509	37,938	-	-	-	-	8,300	0	27,877	70,654
Proceeds from issuance of bridge loan facility
1,304,625	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of MGM Growth Properties Class A shares, net
524,616	550,644	86,063	64,908	548,391	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance of MGM Growth Properties common stock in public offering
-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
MGM Growth Properties Class A share issuance costs
-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends paid to common shareholders
73,904	66,125	66,948	68,416	69,799	63,297	63,961	65,335	67,999	62,288	63,297	63,247	63,182	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions to noncontrolling interest owners
72,653	51,064	69,821	55,879	46,539	35,406	48,119	54,027	47,380	30,732	49,798	65,029	24,843	24,677	45,892	30,531	2,267	2,665	40,108	61,830	202,624	987	71,275	67,307	247,140	0	59,332	4,357	254,659	0	2,732	6,226	197,848	-	-	-	-	-	-	-	-
Excess tax benefit from exercise of stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	306	66	142	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of common stock
353,720	392,719	356,982	281,833	0	149,999	176,070	594,864	362,400	0	327,500	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Retirement of debentures
-	-	-	-	-	-	-	-	-	-	502,669	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	128,680	31,230	8,436	325,470	-	-	-	-
Other
-17,582	-23,213	-5,471	-5,860	-7,324	-21,908	-5,246	-5,733	-12,497	-29,828	-12,844	-12,009	-4,084	-12,392	-803	927	-4,533	-10,939	-1,070	-200	-294	-6,597	-1,284	-525	-1,648	-4,311	-1,524	-824	-863	-4,192	-368	-457	-908	1,793	-3,186	-704	-660	-979	-430	-1,029	-177
Net cash provided by financing activities
1,744,753	-3,909,708	-162,107	-482,630	24,851	181,837	845,548	-521,101	-117,050	-726,798	190,965	-43,411	10,466	201,710	-334,932	451,682	200,962	-19,868	-591,870	164,636	189,223	1,227,156	-79,559	-74,832	-764,688	402,174	-137,884	-601,476	-152,522	-799,257	434,412	-9,192	-412,922	2,345	804,810	-114,103	18,870	-12,252	-436,269	227,820	-1,254,477
Effect of exchange rate on cash
2,316	2,763	-1,502	2,520	-1,180	-496	1,201	140	-2,830	-419	-286	-1,833	-1,089	181	19	-180	-941	-52	131	10	704	688	-1,101	495	-971	186	58	703	-1,390	528	274	671	148	-	-	-	-	-	-	-	-
Cash and cash equivalents
Net increase (decrease) for the period
3,686,813	1,096,035	72,978	-62,813	-303,358	224,085	29,805	-252,530	25,407	-486,693	229,626	361,618	-51,137	423	-1,057,097	838,350	-5,407	-145,626	-526,402	142,591	482,372	402,603	-50,363	250,401	-688,933	428,266	96,730	-201,964	-62,872	-899,650	711,238	97,029	-231,021	50,788	893,572	490,278	-67,689	-53,793	-460,451	572,621	-1,615,620
Change in cash related to assets held for sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,143	-8,143	4,214	-552	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Supplemental cash flow disclosures
Interest paid, net of amounts capitalized
162,002	229,185	182,589	205,849	209,347	206,741	192,089	156,375	168,404	135,786	180,861	129,843	212,147	109,821	203,241	153,076	195,028	152,287	225,462	185,361	213,430	180,997	203,805	191,750	200,226	194,643	209,490	217,534	218,613	305,559	260,770	261,491	211,835	288,022	208,144	285,721	220,095	260,483	259,034	248,674	251,849
Federal, state and foreign income taxes paid (received), net of refunds
2,439	10,271	11,153	13,498	-6,429	-1,880	2,447	-13,602	2,935	23,114	17,932	138,045	2,560	4,914	7,914	50,807	4,601	-19,639	9,477	17,216	4,747	2,010	31,754	4,644	3,864	29	-576	-2,354	3,736	443	293	4,416	1,830	-986	1,145	-174,090	1,913	1,000	30,315	-362,273	740
Non-cash investing and financing activities
Empire City Transaction assets acquired
0	-	-	-	625,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment in MGP BREIT Venture
802,000	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
MGP BREIT Venture assumption of bridge loan facility
1,304,625	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Increase (decrease) in investment in and advances to CityCenter related to change in completion guarantee liability
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-8,198	9,411	30,773	30,616	12,306	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Empire City [Member]
Acquisition, net of cash acquired
0	0	0	0	535,681	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-