| Dec'19 | Dec'18 | Dec'17 | ||||
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net (loss) income | ||||||
55,130 | 71,438 | 62,247 | ||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||
Depreciation of property and equipment | ||||||
26,459 | 16,861 | 16,621 | ||||
Amortization of intangible assets | ||||||
5,900 | 5,500 | 5,600 | ||||
Amortization of operating lease right of use assets | ||||||
1,215 | 0 | 0 | ||||
Share-based compensation - liability awards | ||||||
0 | -3,166 | 16,133 | ||||
Share-based compensation - equity awards | ||||||
3,826 | 1,692 | 1,658 | ||||
Amortization of debt financial costs and discounts on debt | ||||||
2,700 | 3,300 | 3,300 | ||||
Gain (Loss) on Extinguishment of Debt | ||||||
-1,703 | 0 | 0 | ||||
Bad debt expense | ||||||
239 | 202 | 29 | ||||
Net pension and other post-retirement benefit income | ||||||
-39 | 0 | 0 | ||||
Deferred income taxes | ||||||
9,000 | 5,900 | -5,126 | ||||
Gain (Loss) on Disposition of Business | ||||||
0 | -6,514 | 0 | ||||
Gain on disposal of property and equipment | ||||||
-98 | -11 | -24 | ||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | ||||||
-5,211 | 4,857 | 870 | ||||
Inventory | ||||||
89 | -842 | 461 | ||||
Prepaid expenses and other assets | ||||||
14,172 | 1,778 | -4,547 | ||||
Accounts payable | ||||||
-3,860 | -4,078 | 1,155 | ||||
Accrued liabilities | ||||||
767 | 10,945 | 3,005 | ||||
Net cash provided by operating activities | ||||||
94,100 | 109,244 | 107,832 | ||||
Cash flows from investing activities: | ||||||
Deposit paid | ||||||
0 | 981 | 0 | ||||
Repayment of loans from officers and directors | ||||||
0 | 5,360 | 362 | ||||
Acquisition of Dover Downs Gaming & Entertainment, Inc., net of cash acquired | ||||||
9,606 | 0 | 0 | ||||
Proceeds from sale of land and building for Newport Grand disposal | ||||||
0 | 7,108 | 0 | ||||
Proceeds from sale of property and equipment | ||||||
10 | 11 | 6 | ||||
Capital expenditures, excluding Tiverton Casino Hotel and new hotel at Twin River Casino | ||||||
22,582 | 11,874 | 8,574 | ||||
Capital expenditures - Tiverton Casino Hotel | ||||||
1,855 | 94,581 | 34,355 | ||||
Capital expenditures - new hotel at Twin River Casino | ||||||
3,800 | 22,435 | 4,924 | ||||
Payments associated with licenses | ||||||
1,092 | 208 | 0 | ||||
Net cash used in investing activities | ||||||
-38,925 | -117,600 | -47,485 | ||||
Cash flows from financing activities: | ||||||
Revolver borrowings | ||||||
25,000 | 41,000 | 10,000 | ||||
Revolver repayments | ||||||
80,000 | 6,000 | 25,000 | ||||
Term loan proceeds, net of fees of $10,655 | ||||||
289,345 | 0 | 0 | ||||
Term loan repayments | ||||||
343,939 | 34,527 | 11,564 | ||||
Senior note proceeds, net of fees of $6,130 | ||||||
393,870 | 0 | 0 | ||||
Payment of financing fees | ||||||
4,340 | 221 | 373 | ||||
Share repurchases | ||||||
223,075 | 7,958 | 2,275 | ||||
Stock options exercised via repayment of non-recourse notes | ||||||
0 | 4,277 | 280 | ||||
Stock options exercised | ||||||
0 | 0 | -237 | ||||
Stock options put | ||||||
0 | 0 | 238 | ||||
Payment of shareholder dividends | ||||||
7,539 | 0 | 0 | ||||
Net cash provided by financing activities | ||||||
48,896 | -3,429 | -28,933 | ||||
Net change in cash and cash equivalents and restricted cash | ||||||
104,071 | -11,785 | 31,414 | ||||
Supplemental disclosure of cash flow information: | ||||||
Cash paid for interest | ||||||
35,040 | 23,178 | 20,067 | ||||
Income Taxes Paid | ||||||
16,500 | 22,200 | 41,029 | ||||
Non-cash investing and financing activities: | ||||||
Unpaid property and equipment | ||||||
419 | 7,073 | 24,858 | ||||
Deposit applied to fixed asset purchases | ||||||
981 | 0 | 0 | ||||
Temporary Equity, Dividends, Adjustment | ||||||
0 | -640 | 2,344 | ||||
Intrinsic value of stock options exercised via repayment of non-recourse note | ||||||
0 | 40,480 | 1,995 | ||||
Intrinsic value of stock options exercised with cash | ||||||
0 | 0 | 1,151 | ||||
Termination of operating leases via purchase of underlying assets | ||||||
1,665 | 0 | 0 | ||||
Common stock no longer subject to possible redemption due to extinguishment of Puts | ||||||
0 | 9,098 | 0 | ||||
Fair value of vested stock options converted from liability to equity awards | ||||||
0 | 2,875 | 0 | ||||
Stock issued for acquisition of Dover Downs Gaming & Entertainment, Inc. | ||||||
86,780 | 0 | 0 | ||||
Payment, Tax Withholding, Share-based Payment Arrangement | ||||||
426 | 0 | 0 | ||||