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As Of Filer Filing For·On·As Docs:Size 8/12/19 Twin River Worldwide Holdings Inc 8-K:2,9 8/12/19 2:1.2M |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 19K 2: EX-99.1 Miscellaneous Exhibit HTML 252K
Exhibit |
• | Revenue increased 29.2% to $143.2 million |
• | Gross gaming revenue increased 26.5% to $228.0
million(1) |
• | Net income decreased 15.4% to $17.2 million |
• | Adjusted EBITDA increased 7.1% to $47.5 million |
• | Dover
Downs contributed solid performance with $25.8 million of revenue |
Three Months Ended June 30, | ||||||||||
(in thousands, except per share amounts
and percentages) | 2019 | 2018 | Change | |||||||
Revenue | $ | 143,218 | $ | 110,815 | 29.2 | % | ||||
Income
from operations | $ | 33,846 | $ | 31,424 | 7.7 | % | ||||
Income from operations margin | 23.63 | % | 28.36 | % | ||||||
Net
income | $ | 17,180 | $ | 20,300 | (15.4 | )% | ||||
Net income margin | 12.00 | % | 18.32 | % | ||||||
Adjusted
EBITDA(1) | $ | 47,457 | $ | 44,298 | 7.1 | % | ||||
Adjusted EBITDA Margin(1) | 33.14 | % | 39.97 | % | ||||||
Earnings
per diluted share (“EPS”) | $ | 0.42 | $ | 0.49 | (14.3 | )% | ||||
Adjusted EPS(1) | $ | 0.51 | $ | 0.56 | (8.9 | )% | ||||
(1)
Refer to tables in this press release for a reconciliation of these non-GAAP financial measures to the most directly comparable measure calculated in accordance with GAAP. |
• | increased corporate overhead costs of $1.1 million, reflecting the Company’s corporate investment in preparation of future growth and additional costs incurred by the Company to meet reporting requirements associated with being a publicly traded company; |
• | increased
depreciation and amortization expense of $3.1 million driven by capital projects for Tiverton and the Hotel at Lincoln, which were completed in the second half of 2018, and the addition of Dover Downs; |
• | decreased share-based compensation expense of $4.4 million resulting from the timing of grants and settlement of awards which created expense volatility in 2018; |
• | approximately $1.7 million
of professional and advisory fees incurred in the quarter associated with the Company’s capital return program; and |
• | increased acquisition and integration costs of $0.9 million driven by the pending acquisition of three Black Hawk, Colorado properties from Affinity Gaming and the recently announced pending acquisitions of the Isle of Capri Kansas City and Lady Luck Vicksburg casinos from Eldorado Resorts Inc. |
Assets | |||||||
Cash
and cash equivalents | $ | 383,431 | $ | 77,580 | |||
Restricted cash | 7,455 | 3,851 | |||||
Accounts
receivable, net | 27,874 | 22,966 | |||||
Inventory | 7,689 | 6,418 | |||||
Prepaid expenses and other assets | 17,690 | 11,647 | |||||
Total
current assets | 444,139 | 122,462 | |||||
Property and equipment, net | 515,525 | 416,148 | |||||
Right of use assets, net | 17,717 | — | |||||
Goodwill | 132,746 | 132,035 | |||||
Intangible
assets, net | 113,268 | 110,104 | |||||
Other assets | 6,069 | 1,603 | |||||
Total assets | $ | 1,229,464 | $ | 782,352 | |||
Liabilities
and Shareholders’ Equity | |||||||
Current portion of long-term debt | $ | 3,000 | $ | 3,595 | |||
Current portion of lease obligations | 1,000 | — | |||||
Accounts
payable | 18,827 | 14,215 | |||||
Accrued liabilities | 76,696 | 57,778 | |||||
Total current liabilities | 99,523 | 75,588 | |||||
Lease
obligations, net of current portion | 16,719 | — | |||||
Pension benefit obligations | 6,407 | — | |||||
Deferred tax liability | 5,647 | 17,526 | |||||
Long-term
debt, net of current portion | 681,576 | 390,578 | |||||
Other long-term liabilities | 2,149 | — | |||||
Total liabilities | 812,021 | 483,692 | |||||
Commitments
and contingencies | |||||||
Shareholders’ equity: | |||||||
Common stock, par value $0.01; 100,000,000 shares authorized; 41,163,937 and 39,421,356 shares issued as of June 30, 2019 and December
31, 2018, respectively; 41,147,597 and 37,989,376 shares outstanding as of June 30, 2019 and December 31, 2018, respectively, net of treasury stock. | 411 | 380 | |||||
Additional paid in capital | 183,925 | 125,629 | |||||
Treasury
stock, at cost, 16,340 and 1,431,980 shares as of June 30, 2019 and December 31, 2018, respectively. | (409 | ) | (30,233 | ) | |||
Retained earnings | 233,516 | 202,884 | |||||
Total
shareholders’ equity | 417,443 | 298,660 | |||||
Total liabilities and shareholders’ equity | $ | 1,229,464 | $ | 782,352 |
Three Months Ended June 30, | Six Months Ended June
30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue: | |||||||||||||||
Gaming | $ | 100,234 | $ | 82,266 | $ | 191,102 | $ | 161,848 | |||||||
Racing | 3,783 | 3,870 | 6,723 | 7,154 | |||||||||||
Hotel | 11,390 | 5,486 | 17,695 | 9,940 | |||||||||||
Food
and beverage | 18,801 | 12,298 | 32,312 | 23,786 | |||||||||||
Other | 9,010 | 6,895 | 16,017 | 12,893 | |||||||||||
Total
Revenue | 143,218 | 110,815 | 263,849 | 215,621 | |||||||||||
Operating
costs and expenses: | |||||||||||||||
Gaming | 26,078 | 17,027 | 47,154 | 33,754 | |||||||||||
Racing | 2,833 | 2,545 | 5,024 | 4,724 | |||||||||||
Hotel | 4,183 | 2,056 | 6,897 | 3,816 | |||||||||||
Food
and beverage | 15,634 | 9,696 | 26,741 | 18,668 | |||||||||||
Retail, entertainment and other | 2,125 | 1,454 | 3,451 | 2,584 | |||||||||||
Advertising,
general and administrative | 48,047 | 40,363 | 86,310 | 78,393 | |||||||||||
Expansion and pre-opening | — | 451 | — | 485 | |||||||||||
Acquisition,
integration and restructuring expense | 2,239 | 664 | 9,117 | 664 | |||||||||||
Newport Grand disposal loss | — | — | — | 5,885 | |||||||||||
Depreciation
and amortization | 8,233 | 5,135 | 15,002 | 10,347 | |||||||||||
Total operating costs and expenses | 109,372 | 79,391 | 199,696 | 159,320 | |||||||||||
Income
from operations | 33,846 | 31,424 | 64,153 | 56,301 | |||||||||||
Other
income (expense): | |||||||||||||||
Interest income | 754 | 38 | 767 | 78 | |||||||||||
Interest
expense, net of amounts capitalized | (9,966 | ) | (5,106 | ) | (17,017 | ) | (10,845 | ) | |||||||
Loss on extinguishment and modification of debt | (1,491 | ) | — | (1,491 | ) | — | |||||||||
Other,
net | 182 | — | 182 | — | |||||||||||
Total other expense, net | (10,521 | ) | (5,068 | ) | (17,559 | ) | (10,767 | ) | |||||||
Income
before provision for income taxes | 23,325 | 26,356 | 46,594 | 45,534 | |||||||||||
Provision
for income taxes | 6,145 | 6,056 | 11,818 | 12,600 | |||||||||||
Net income | $ | 17,180 | $ | 20,300 | $ | 34,776 | $ | 32,934 | |||||||
Deemed
dividends related to changes in fair value of common stock subject to possible redemption | — | (1,305 | ) | — | (2,610 | ) | |||||||||
Net income applicable to common stockholders | $ | 17,180 | $ | 18,995 | $ | 34,776 | $ | 30,324 | |||||||
Net
income per share, basic | $ | 0.42 | $ | 0.51 | $ | 0.88 | $ | 0.82 | |||||||
Weighted
average common shares outstanding, basic | 41,137 | 36,925 | 39,701 | 36,874 | |||||||||||
Net
income per share, diluted | $ | 0.42 | $ | 0.49 | $ | 0.87 | $ | 0.79 | |||||||
Weighted
average common shares outstanding, diluted | 41,261 | 38,541 | 39,822 | 38,572 |
Six Months Ended June 30, | |||||||
2019 | 2018 | ||||||
Cash
flows from operating activities: | |||||||
Net income | $ | 34,776 | $ | 32,934 | |||
Adjustments
to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation of property and equipment | 12,113 | 7,609 | |||||
Amortization of intangible assets | 2,889 | 2,738 | |||||
Amortization
of operating lease right of use assets | 722 | — | |||||
Share-based compensation - liability awards | — | 10,038 | |||||
Share-based compensation - equity awards | 1,779 | 1,010 | |||||
Amortization
of deferred financing costs and discounts on debt | 1,428 | 1,847 | |||||
Loss on debt extinguishment and modification of debt | 1,491 | — | |||||
Bad debt expense | 58 | 116 | |||||
Net
pension and other postretirement benefit income | (39 | ) | — | ||||
Newport Grand disposal loss | — | 5,885 | |||||
Gain on disposal of property and equipment | (8 | ) | — | ||||
Changes
in operating assets and liabilities: | |||||||
Accounts receivable | 708 | (3,233 | ) | ||||
Inventory | 122 | 807 | |||||
Prepaid
expenses and other assets | (944 | ) | 1,158 | ||||
Accounts payable | (300 | ) | (6,399 | ) | |||
Accrued liabilities | 1,871 | 925 | |||||
Net
cash provided by operating activities | 56,666 | 55,435 | |||||
Cash flows from investing activities: | |||||||
Repayment of loans from officers and directors | — | 1,073 | |||||
Acquisition
of Dover Downs Gaming & Entertainment, Inc., net of cash acquired | (9,606 | ) | — | ||||
Proceeds from sale of land and building for Newport Grand disposal | — | 7,108 | |||||
Proceeds
from sale of property and equipment | 7 | 5 | |||||
Capital expenditures, excluding Tiverton Casino Hotel and new hotel at Twin River Casino | (13,114 | ) | (5,607 | ) | |||
Capital
expenditures - Tiverton Casino Hotel | (1,824 | ) | (58,740 | ) | |||
Capital expenditures - new hotel at Twin River Casino | (3,741 | ) | (14,101 | ) | |||
Payments associated
with gaming license | (942 | ) | (155 | ) | |||
Net cash used in investing activities | (29,220 | ) | (70,417 | ) | |||
Cash flows from financing activities: | |||||||
Revolver
borrowings | 25,000 | 26,000 | |||||
Revolver repayments | (80,000 | ) | — | ||||
Term loan proceeds, net of fees of $10,655 | 289,345 | — | |||||
Term
loan repayments | (342,439 | ) | (32,127 | ) | |||
Senior note proceeds, net of fees of $6,130 | 393,870 | — | |||||
Payment of financing fees | (3,358 | ) | — | ||||
Stock
repurchases | (409 | ) | — | ||||
Stock options exercised via repayment of non-recourse notes | — | 890 | |||||
Net cash provided by (used in) financing activities | 282,009 | (5,237 | ) | ||||
Net
change in cash and cash equivalents and restricted cash | 309,455 | (20,219 | ) | ||||
Cash and cash equivalents and restricted cash, beginning of period | 81,431 | 93,216 | |||||
Cash
and cash equivalents and restricted cash, end of period | $ | 390,886 | $ | 72,997 | |||
Supplemental disclosure of cash flow information: | |||||||
Cash
paid for interest | $ | 10,960 | $ | 11,046 | |||
Cash paid for income taxes | $ | 8,794 | $ | 10,226 | |||
Non-cash
investing and financing activities: | |||||||
Unpaid property and equipment | $ | 614 | $ | 18,161 | |||
Deposit applied to fixed asset purchases | $ | 981 | $ | — | |||
Deemed
dividends related to changes in fair value of common stock subject to possible redemption | $ | — | $ | 2,610 | |||
Intrinsic value of stock options exercised via repayment of non-recourse notes | $ | — | $ | 8,131 | |||
Termination
of operating leases via purchase of underlying assets | $ | 1,665 | $ | — | |||
Stock issued for acquisition of Dover Downs Gaming & Entertainment, Inc. | $ | 86,780 | $ | — |
Three Months Ended June 30, | Six
Months Ended June 30, | ||||||||||||||
(in thousands, except percentages) | 2019 | 2018 | 2019 | 2018 | |||||||||||
Revenue | $ | 143,218 | $ | 110,815 | $ | 263,849 | $ | 215,621 | |||||||
Net
income | $ | 17,180 | $ | 20,300 | $ | 34,776 | $ | 32,934 | |||||||
Interest
expense, net of interest income | 9,212 | 5,068 | 16,250 | 10,767 | |||||||||||
Provision for income taxes | 6,145 | 6,056 | 11,818 | 12,600 | |||||||||||
Depreciation
and amortization | 8,233 | 5,135 | 15,002 | 10,347 | |||||||||||
Non-operating income | (182 | ) | — | (182 | ) | — | |||||||||
Loss
on extinguishment and modification of debt (1) | 1,491 | — | 1,491 | — | |||||||||||
Merger and going public expenses (2) | 759 | 664 | 7,199 | 664 | |||||||||||
Restructuring
costs (3) | 716 | — | 716 | — | |||||||||||
Newport Grand disposal loss (4) | — | — | — | 5,885 | |||||||||||
Share-based
compensation | 1,628 | 6,029 | 1,780 | 11,047 | |||||||||||
Non-recurring litigation expenses, net of insurance proceeds (5) | 524 | 375 | (33 | ) | 1,233 | ||||||||||
Pension
audit payment (6) | (519 | ) | — | (519 | ) | — | |||||||||
Legal and financial expenses for strategic review (7) | — | 132 | — | 682 | |||||||||||
Acquisition
costs (8) | 764 | — | 1,202 | — | |||||||||||
Credit Agreement amendment (income) expenses (9) | (197 | ) | 15 | 138 | 401 | ||||||||||
Storm
related repair expense, net of insurance recoveries (10) | — | 73 | — | 213 | |||||||||||
Expansion and pre-opening expenses (11) | — | 451 | — | 485 | |||||||||||
Professional
and advisory fees associated with capital return program (12) | 1,703 | — | 1,703 | — | |||||||||||
Adjusted EBITDA | $ | 47,457 | $ | 44,298 | $ | 91,341 | $ | 87,258 | |||||||
Net
income margin | 12.00 | % | 18.32 | % | 13.18 | % | 15.27 | % | |||||||
Adjusted EBITDA margin | 33.14 | % | 39.97 | % | 34.62 | % | 40.47 | % |
(1) | Loss
on debt extinguishment and modification of debt related to the Company’s debt refinancing. |
(2) | Merger and going public expenses primarily include legal and financial advisory costs related to the merger with Dover Downs and costs of becoming a public company. |
(3) | Restructuring costs reflect severance charges related to Dover Downs integration. |
(4) | Newport
Grand disposal loss represents the loss on the sale of the land and building in the first quarter of 2018. |
(5) | Non-recurring litigation expense represents legal expenses incurred by TRWH in connection with certain litigation matters (net of insurance reimbursements). |
(6) | Pension audit payment represents an adjustment to a charge for out-of-period unpaid contributions, inclusive of estimated interest and penalties, to one of the Company’s
multi-employer pension plans. |
(7) | Legal and financial expenses for the strategic review include expenses associated with TRWH’s review of strategic alternatives that began in April 2017. |
(8) | Acquisition costs represent costs incurred during the year associated with the Company’s announced pending acquisitions of three casinos in Black Hawk, Colorado from Affinity Gaming, as well as the Isle of Capri Casino Kansas City in Kansas City, Missouri and
the Lady Luck Casino Vicksburg in Vicksburg, Mississippi from Eldorado Resorts, Inc. |
(9) | Credit Agreement amendment (income) expenses include costs associated with amendments made to TRWH’s Credit Agreement. |
(10) | Storm-related repair expenses include costs, net of insurance recoveries, associated with damage from Hurricane Nate at Hard Rock Biloxi. |
(11) | Expansion
and pre-opening expenses represent costs incurred for Tiverton Casino Hotel prior to its opening on September 1, 2018. |
(12) | Professional and advisory fees incurred related to the Company’s capital return program. |
Three months ended June 30, 2019 | Rhode Island | Delaware | Biloxi | Other | Total | ||||||||||||||
Revenue | $ | 82,856 | $ | 25,751 | $ | 32,118 | $ | 2,493 | $ | 143,218 | |||||||||
Net
income | $ | 21,549 | $ | 1,332 | $ | 4,470 | $ | (10,171 | ) | $ | 17,180 | ||||||||
Interest
expense, net of interest income | 955 | 59 | (8 | ) | 8,206 | 9,212 | |||||||||||||
Provision
for income taxes | 8,009 | 512 | 1,192 | (3,568 | ) | 6,145 | |||||||||||||
Depreciation
and amortization | 4,546 | 1,284 | 2,359 | 44 | 8,233 | ||||||||||||||
Non-operating
income | — | (38 | ) | — | (144 | ) | (182 | ) | |||||||||||
Loss
on extinguishment and modification of debt | 1,038 | — | — | 453 | 1,491 | ||||||||||||||
Merger
and going public expenses | — | 206 | — | 553 | 759 | ||||||||||||||
Restructuring
costs | 716 | — | — | 716 | |||||||||||||||
Share-based
compensation | — | — | — | 1,628 | 1,628 | ||||||||||||||
Non-recurring
litigation expenses, net of insurance proceeds | — | — | 275 | 249 | 524 | ||||||||||||||
Pension
audit payment | (519 | ) | — | — | — | (519 | ) | ||||||||||||
Acquisition
costs | — | — | — | 764 | 764 | ||||||||||||||
Credit
Agreement amendment income | — | — | — | (197 | ) | (197 | ) | ||||||||||||
Professional
and advisory fees associated with capital return program | — | — | — | 1,703 | 1,703 | ||||||||||||||
Allocation
of corporate costs | 2,570 | 1,112 | 1,005 | (4,687 | ) | — | |||||||||||||
Adjusted
EBITDA | $ | 38,148 | $ | 5,183 | $ | 9,293 | $ | (5,167 | ) | $ | 47,457 |
Three
months ended June 30, 2018 | Rhode Island | Biloxi | Other | Total | ||||||||||||
Revenue | $ | 75,935 | $ | 32,016 | $ | 2,864 | $ | 110,815 | ||||||||
Net
income | 24,083 | 4,519 | (8,302 | ) | 20,300 | |||||||||||
Interest expense, net of interest income | 1,973 | 1 | 3,094 | 5,068 | ||||||||||||
Provision
for income taxes | 6,719 | 1,395 | (2,058 | ) | 6,056 | |||||||||||
Depreciation and amortization | 2,779 | 2,318 | 38 | 5,135 | ||||||||||||
Merger
and going public expenses | — | — | 664 | 664 | ||||||||||||
Share-based compensation | — | — | 6,029 | 6,029 | ||||||||||||
Non-recurring
litigation expenses, net of insurance proceeds | — | — | 375 | 375 | ||||||||||||
Legal and financial
expenses for strategic review | — | — | 132 | 132 | ||||||||||||
Credit Agreement amendment expenses | — | — | 15 | 15 | ||||||||||||
Storm
related repair expense, net of insurance recoveries | — | 73 | — | 73 | ||||||||||||
Expansion and pre-opening
expenses | 451 | — | — | 451 | ||||||||||||
Allocation of corporate costs | 2,084 | 987 | (3,071 | ) | — | |||||||||||
Adjusted
EBITDA | $ | 38,089 | $ | 9,293 | $ | (3,084 | ) | $ | 44,298 |
(1) | See
descriptions of adjustments in the “Reconciliation of Net Income and Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin (unaudited)” table above. |
Six
months ended June 30, 2019 | Rhode Island | Delaware | Biloxi | Other | Total | ||||||||||||||
Revenue | $ | 168,980 | $ | 27,275 | $ | 63,149 | $ | 4,445 | $ | 263,849 | |||||||||
Net
income | 42,775 | 1,332 | 8,748 | (18,079 | ) | 34,776 | |||||||||||||
Interest
expense, net of interest income | 3,266 | 59 | (12 | ) | 12,937 | 16,250 | |||||||||||||
Provision
for income taxes | 15,792 | 512 | 2,333 | (6,819 | ) | 11,818 | |||||||||||||
Depreciation
and amortization | 8,962 | 1,284 | 4,666 | 90 | 15,002 | ||||||||||||||
Non-operating
income | — | (38 | ) | — | (144 | ) | (182 | ) | |||||||||||
Loss
on extinguishment and modification of debt | 1,038 | — | — | 453 | 1,491 | ||||||||||||||
Merger
and going public expenses | — | 206 | — | 6,993 | 7,199 | ||||||||||||||
Restructuring
costs | — | 716 | — | — | 716 | ||||||||||||||
Share-based
compensation | — | — | — | 1,780 | 1,780 | ||||||||||||||
Non-recurring
litigation expenses, net of insurance proceeds | — | — | 275 | (308 | ) | (33 | ) | ||||||||||||
Pension
audit payment | (519 | ) | — | — | — | (519 | ) | ||||||||||||
Acquisition
costs | — | — | — | 1,202 | 1,202 | ||||||||||||||
Credit
Agreement amendment expenses | — | — | — | 138 | 138 | ||||||||||||||
Professional
and advisory fees associated with capital return program | — | — | — | 1,703 | 1,703 | ||||||||||||||
Allocation
of corporate costs | 6,219 | 1,112 | 2,320 | (9,651 | ) | — | |||||||||||||
Adjusted
EBITDA | 77,533 | 5,183 | 18,330 | (9,705 | ) | $ | 91,341 |
Six
months ended June 30, 2018 | Rhode Island | Biloxi | Other | Total | ||||||||||||
Revenue | $ | 148,308 | $ | 62,024 | $ | 5,289 | $ | 215,621 | ||||||||
Net
income | 39,407 | 9,160 | (15,633 | ) | 32,934 | |||||||||||
Interest expense, net of interest income | 4,442 | (1 | ) | 6,326 | 10,767 | |||||||||||
Provision
for income taxes | 14,462 | 2,442 | (4,304 | ) | 12,600 | |||||||||||
Depreciation and amortization | 5,641 | 4,632 | 74 | 10,347 | ||||||||||||
Merger
and going public expenses | — | — | 664 | 664 | ||||||||||||
Newport Grand disposal loss | 5,885 | — | — | 5,885 | ||||||||||||
Share-based
compensation | — | — | 11,047 | 11,047 | ||||||||||||
Non-recurring litigation expenses, net of insurance
proceeds | — | — | 1,233 | 1,233 | ||||||||||||
Legal and financial expenses for strategic review | — | — | 682 | 682 | ||||||||||||
Credit
Agreement amendment expenses | — | — | 401 | 401 | ||||||||||||
Storm related repair expense, net of insurance
recoveries | — | 213 | — | 213 | ||||||||||||
Expansion and pre-opening expenses | 485 | — | — | 485 | ||||||||||||
Allocation
of corporate costs | 3,837 | 1,826 | (5,663 | ) | — | |||||||||||
Adjusted EBITDA | $ | 74,159 | $ | 18,272 | $ | (5,173 | ) | $ | 87,258 |
(1) | See
descriptions of adjustments in the “Reconciliation of Net Income and Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin (unaudited)” table above. |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||
(in thousands, except percentages) | 2019 | 2018 | Change | 2019 | 2018 | Change | |||||||||||||||
Gaming
revenue | $ | 100,234 | $ | 82,266 | 21.8 | % | $ | 191,102 | $ | 161,848 | 18.1 | % | |||||||||
Adjustment
for State of RI’s share of net terminal income, table games revenue and other gaming revenue (1) | 106,836 | 98,003 | 209,492 | 190,048 | |||||||||||||||||
Adjustment
for State of DE’s share of net terminal income, table games revenue and other gaming revenue at Dover Downs (1) | 20,964 | — | 22,483 | — | |||||||||||||||||
Gross
gaming revenue | $ | 228,034 | $ | 180,269 | 26.5 | % | $ | 423,077 | $ | 351,896 | 20.2 | % |
(1) | Adjustment
made to show gaming revenue on a gross basis consistent with gross gaming win data provided throughout the gaming industry. |
Three
Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net income applicable to common stockholders per diluted share | $ | 0.42 | $ | 0.49 | $ | 0.87 | $ | 0.79 | |||||||
Deemed
dividends related to changes in fair value of common stock subject to possible redemption | — | 0.03 | — | 0.07 | |||||||||||
Loss on extinguishment and modification of debt | 0.04 | — | 0.04 | — | |||||||||||
Merger
and going public expenses | 0.02 | 0.02 | 0.18 | 0.02 | |||||||||||
Restructuring costs | 0.02 | — | 0.02 | — | |||||||||||
Newport
Grand disposal loss | — | — | — | 0.15 | |||||||||||
Non-recurring litigation expenses, net of insurance proceeds | 0.01 | 0.01 | — | 0.03 | |||||||||||
Pension
audit payment | (0.01 | ) | — | (0.01 | ) | — | |||||||||
Legal and financial expenses for strategic review | — | — | — | 0.02 | |||||||||||
Acquisition
costs | 0.02 | — | 0.03 | — | |||||||||||
Credit Agreement amendment | — | — | — | 0.01 | |||||||||||
Storm
related repair expense, net of insurance recoveries | — | — | — | 0.01 | |||||||||||
Expansion and pre-opening expenses | — | 0.01 | — | 0.01 | |||||||||||
Professional
and advisory fees associated with capital return program | 0.04 | — | 0.04 | — | |||||||||||
Tax effect of adjustments | (0.03 | ) | (0.01 | ) | (0.08 | ) | (0.07 | ) | |||||||
Adjusted
net income per diluted share | $ | 0.51 | $ | 0.56 | $ | 1.10 | $ | 1.03 |
(1) | See
descriptions of adjustments in the “Reconciliation of Net Income and Net Income Margin to Adjusted EBITDA and Adjusted EBITDA Margin (unaudited)” table above. |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / For Period end: | 8/12/19 | |||
7/26/19 | ||||
7/23/19 | ||||
6/30/19 | ||||
6/14/19 | 8-K, DRS, S-1 | |||
5/10/19 | 8-K, DRS | |||
4/1/19 | 10-K, 3, 4, S-8 | |||
12/31/18 | 10-K | |||
9/1/18 | ||||
6/30/18 | ||||
List all Filings |