$CZR
Caesars Entertainment, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020024352 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $473.0M $635.8M
YoY Change -25.61% 44.44%
Cost Of Revenue $260.3M $322.3M
YoY Change -19.24% 31.12%
Gross Profit $212.7M $313.5M
YoY Change -32.15% 61.27%
Gross Profit Margin 44.97% 49.31%
Selling, General & Admin $116.6M $152.2M
YoY Change -23.39% 59.37%
% of Gross Profit 54.82% 48.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.00M $57.80M
YoY Change -13.49% 83.49%
% of Gross Profit 23.51% 18.44%
Operating Expenses $167.0M $210.0M
YoY Change -20.48% 65.22%
Operating Profit -$123.0M $123.6M
YoY Change -199.51% 128.08%
Interest Expense $67.00M $73.51M
YoY Change -8.86% 135.22%
% of Operating Profit 59.47%
Other Income/Expense, Net -$90.00M -$74.97M
YoY Change 20.05% 139.9%
Pretax Income -$213.0M $48.63M
YoY Change -537.97% 111.98%
Income Tax -$37.00M $10.41M
% Of Pretax Income 21.39%
Net Earnings -$176.0M $38.23M
YoY Change -560.38% 83.31%
Net Earnings / Revenue -37.21% 6.01%
Basic Earnings Per Share -$2.25 $0.49
Diluted Earnings Per Share -$2.25 $0.49
COMMON SHARES
Basic Shares Outstanding 78.00M shares 77.57M
Diluted Shares Outstanding 78.00M shares 78.59M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $703.0M $234.0M
YoY Change 200.43% 17.0%
Cash & Equivalents $672.0M $216.9M
Short-Term Investments $31.00M $17.00M
Other Short-Term Assets $478.0M $57.00M
YoY Change 738.6% -74.78%
Inventory $17.00M $21.00M
Prepaid Expenses $27.74M $32.45M
Receivables $44.00M $66.00M
Other Receivables $0.00 $5.000M
Total Short-Term Assets $1.242B $383.0M
YoY Change 224.39% -19.37%
LONG-TERM ASSETS
Property, Plant & Equipment $2.455B $3.152B
YoY Change -22.1% 125.79%
Goodwill $810.2M
YoY Change
Intangibles $1.063B
YoY Change
Long-Term Investments $136.0M $132.0M
YoY Change 3.03%
Other Assets $54.00M $84.00M
YoY Change -35.71% 90.91%
Total Long-Term Assets $4.649B $5.258B
YoY Change -11.58% 70.87%
TOTAL ASSETS
Total Short-Term Assets $1.242B $383.0M
Total Long-Term Assets $4.649B $5.258B
Total Assets $5.891B $5.641B
YoY Change 4.44% 58.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.00M $90.00M
YoY Change -47.78% 221.43%
Accrued Expenses $302.0M $299.0M
YoY Change 1.0% 63.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $246.1M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $771.0M $389.0M
YoY Change 98.2% 79.26%
LONG-TERM LIABILITIES
Long-Term Debt $2.781B $4.020B
YoY Change -30.83% 83.56%
Other Long-Term Liabilities $168.6M $438.0M
YoY Change -61.52% 2205.26%
Total Long-Term Liabilities $2.949B $4.458B
YoY Change -33.84% 101.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $771.0M $389.0M
Total Long-Term Liabilities $2.949B $4.458B
Total Liabilities $4.951B $5.051B
YoY Change -1.98% 94.72%
SHAREHOLDERS EQUITY
Retained Earnings $190.8M
YoY Change
Common Stock $758.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.131M $9.131M
YoY Change 0.0%
Treasury Stock Shares $223.8K
Shareholders Equity $940.2M $1.063B
YoY Change
Total Liabilities & Shareholders Equity $5.891B $6.115B
YoY Change -3.66% 72.16%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$176.0M $38.23M
YoY Change -560.38% 83.31%
Depreciation, Depletion And Amortization $50.00M $57.80M
YoY Change -13.49% 83.49%
Cash From Operating Activities $30.52M $65.44M
YoY Change -53.36% -16.11%
INVESTING ACTIVITIES
Capital Expenditures $23.00M $38.36M
YoY Change -40.04% 80.34%
Acquisitions
YoY Change
Other Investing Activities $10.10M $167.9M
YoY Change -93.98% 83850.0%
Cash From Investing Activities -$13.00M $129.5M
YoY Change -110.04% -713.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $448.0M -209.8M
YoY Change -313.51% 2530.72%
NET CHANGE
Cash From Operating Activities 30.52M 65.44M
Cash From Investing Activities -$13.00M 129.5M
Cash From Financing Activities $448.0M -209.8M
Net Change In Cash $465.0M -14.88M
YoY Change -3224.79% -130.43%
FREE CASH FLOW
Cash From Operating Activities $30.52M $65.44M
Capital Expenditures $23.00M $38.36M
Free Cash Flow $7.524M $27.08M
YoY Change -72.22% -52.27%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.86%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain reclassifications of prior year presentations have been made to conform to the current period presentation. </p>
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GoodwillImpairedAccumulatedImpairmentLoss
111216000
CY2020Q1 us-gaap Goodwill
Goodwill
810187000
CY2020Q1 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
20190000
CY2020Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
23228000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
246000000.0
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
473069000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
635823000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5700000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
135956
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
125331
CY2020Q1 us-gaap Goodwill
Goodwill
810187000
CY2019Q4 us-gaap Goodwill
Goodwill
909717000
CY2020Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
1116372000
CY2019Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
1159475000
CY2020Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1063169000
CY2019Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1111398000
CY2019Q4 us-gaap Goodwill Gross
GoodwillGross
921408000
CY2019Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
11691000
CY2019Q4 us-gaap Goodwill
Goodwill
909717000
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
99530000
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
99530000
CY2020Q1 eri Goodwill Assets Held For Sale
GoodwillAssetsHeldForSale
5000
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
99500000
CY2020Q1 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
17810000
CY2020Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
160758000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
200000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
200000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
200000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-37200000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10400000
CY2020Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q1 eri Failed Sale Leaseback Transaction Lease Term
FailedSaleLeasebackTransactionLeaseTerm
P35Y
CY2020Q1 eri Failed Sale Leaseback Transaction Imputed Interest Rate
FailedSaleLeasebackTransactionImputedInterestRate
0.102
CY2020Q1 eri Percentage Of Master Lease Transaction Annual Escalator
PercentageOfMasterLeaseTransactionAnnualEscalator
0.02
CY2020Q1 eri Minimum Lease Payments Failed Sale Leaseback Transactions Remainder Of Fiscal Year
MinimumLeasePaymentsFailedSaleLeasebackTransactionsRemainderOfFiscalYear
66953000
CY2020Q1 eri Minimum Lease Payments Failed Sale Leaseback Transactions Within Two Years
MinimumLeasePaymentsFailedSaleLeasebackTransactionsWithinTwoYears
90417000
CY2020Q1 eri Minimum Lease Payments Failed Sale Leaseback Transactions Within Three Years
MinimumLeasePaymentsFailedSaleLeasebackTransactionsWithinThreeYears
91691000
CY2020Q1 eri Minimum Lease Payments Failed Sale Leaseback Transactions Within Four Years
MinimumLeasePaymentsFailedSaleLeasebackTransactionsWithinFourYears
92990000
CY2020Q1 eri Minimum Lease Payments Failed Sale Leaseback Transactions Within Five Years
MinimumLeasePaymentsFailedSaleLeasebackTransactionsWithinFiveYears
94315000
CY2020Q1 eri Minimum Lease Payments Failed Sale Leaseback Transactions Thereafter
MinimumLeasePaymentsFailedSaleLeasebackTransactionsThereafter
3412357000
CY2020Q1 eri Minimum Lease Payments Failed Sale Leaseback Transactions
MinimumLeasePaymentsFailedSaleLeasebackTransactions
3848723000
CY2020Q1 eri Failed Sale Leaseback Transaction Imputed Interest Rate
FailedSaleLeasebackTransactionImputedInterestRate
0.102
CY2020Q1 eri Interest Portion Of Minimum Lease Payments Failed Sale Leaseback Transactions
InterestPortionOfMinimumLeasePaymentsFailedSaleLeasebackTransactions
3295701000
CY2020Q1 eri Failed Sale Lease Back Transaction Residual Values
FailedSaleLeaseBackTransactionResidualValues
420100000
CY2020Q1 eri Present Value Of Future Minimum Lease Payments Failed Sale Leaseback Transactions
PresentValueOfFutureMinimumLeasePaymentsFailedSaleLeasebackTransactions
973122000
CY2020Q1 us-gaap Long Term Notes Payable
LongTermNotesPayable
2447000
CY2019Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
2554000
CY2020Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
246109000
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
246175000
CY2020Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2780691000
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2324541000
CY2020Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1600000
CY2019Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1900000
CY2020Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-200000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
840100000
CY2020Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-158000
CY2020Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-23008000
CY2019Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-1460000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-37172000
CY2020Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
2000000000.0
CY2020Q1 us-gaap Debt Instrument Interest Rate Terms
DebtInstrumentInterestRateTerms
however, that in no event will LIBOR be less than zero or the base rate be less than 1.00%.
CY2020Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2020Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2020Q1 eri Fair Value Assets Level2 To Level3 Transfers Amount
FairValueAssetsLevel2ToLevel3TransfersAmount
0
CY2020Q1 eri Fair Value Assets Level3 To Level2 Transfers Amount
FairValueAssetsLevel3ToLevel2TransfersAmount
0
CY2020Q1 eri Fair Value Assets Level3 To Level1 Transfers Amount
FairValueAssetsLevel3ToLevel1TransfersAmount
0
CY2020Q1 eri Fair Value Assets Level1 To Level3 Transfers Amount
FairValueAssetsLevel1ToLevel3TransfersAmount
0
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-175638000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
38229000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77954038
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77567147
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77954038
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78589110
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.25
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.49
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.25
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.49
CY2020Q1 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
8
CY2020Q1 eri Number Of Geographic Region
NumberOfGeographicRegion
5
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
473069000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
635823000
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
50433000
CY2019Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
57757000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-123180000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
123604000
CY2020Q1 us-gaap Interest Expense
InterestExpense
66464000
CY2019Q1 us-gaap Interest Expense
InterestExpense
73510000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10405000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-175638000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
38229000
CY2020Q1 eri Capital Expenditures Net
CapitalExpendituresNet
23201000
CY2019Q1 eri Capital Expenditures Net
CapitalExpendituresNet
38360000
CY2020Q1 us-gaap Assets
Assets
5891172000
CY2019Q1 us-gaap Assets
Assets
5640553000

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