2024 Q3 Form 10-Q Financial Statement

#000159089524000124 Filed on July 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $2.874B $2.830B
YoY Change -4.01% -1.7%
Cost Of Revenue $1.431B $1.402B
YoY Change -0.28% -0.92%
Gross Profit $1.443B $1.428B
YoY Change -7.44% -2.46%
Gross Profit Margin 50.21% 50.46%
Selling, General & Admin $478.0M $465.0M
YoY Change -9.47% -6.81%
% of Gross Profit 33.13% 32.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $326.0M $326.0M
YoY Change 1.88% 0.93%
% of Gross Profit 22.59% 22.83%
Operating Expenses $804.0M $791.0M
YoY Change -5.19% -3.77%
Operating Profit $644.0M $506.0M
YoY Change -11.05% -21.18%
Interest Expense -$596.0M -$594.0M
YoY Change -199.83% 1.37%
% of Operating Profit -92.55% -117.39%
Other Income/Expense, Net -$592.0M -$598.0M
YoY Change 1.2% -20033.33%
Pretax Income $52.00M -$92.00M
YoY Change -62.59% -453.85%
Income Tax $43.00M $10.00M
% Of Pretax Income 82.69%
Net Earnings -$9.000M -$122.0M
YoY Change -112.16% -113.26%
Net Earnings / Revenue -0.31% -4.31%
Basic Earnings Per Share -$0.04 -$0.56
Diluted Earnings Per Share -$0.04 -$0.56
COMMON SHARES
Basic Shares Outstanding 216.3M shares 216.4M shares
Diluted Shares Outstanding 215.0M shares 216.0M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $802.0M $830.0M
YoY Change -4.64% -26.02%
Cash & Equivalents $802.0M $830.0M
Short-Term Investments
Other Short-Term Assets $586.0M $402.0M
YoY Change 39.86% -5.63%
Inventory $43.00M $45.00M
Prepaid Expenses $485.0M $291.0M
Receivables $469.0M $546.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.900B $1.823B
YoY Change 2.15% -14.29%
LONG-TERM ASSETS
Property, Plant & Equipment $14.90B $14.86B
YoY Change 1.33% 1.55%
Goodwill $10.95B $10.95B
YoY Change -0.5% -0.5%
Intangibles $4.211B $4.403B
YoY Change -9.25% -5.54%
Long-Term Investments $131.0M $157.0M
YoY Change 43.96% 72.53%
Other Assets $827.0M $838.0M
YoY Change -6.45% -8.52%
Total Long-Term Assets $31.07B $31.26B
YoY Change -0.96% -0.29%
TOTAL ASSETS
Total Short-Term Assets $1.900B $1.823B
Total Long-Term Assets $31.07B $31.26B
Total Assets $32.97B $33.08B
YoY Change -0.78% -1.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $268.0M $436.0M
YoY Change -27.76% 45.82%
Accrued Expenses $1.897B $2.075B
YoY Change -10.73% -11.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $102.0M $100.0M
YoY Change 56.92% 47.06%
Total Short-Term Liabilities $2.267B $2.611B
YoY Change -11.48% -3.9%
LONG-TERM LIABILITIES
Long-Term Debt $12.43B $12.16B
YoY Change 1.67% -2.55%
Other Long-Term Liabilities $879.0M $872.0M
YoY Change 0.8% 1.4%
Total Long-Term Liabilities $13.31B $13.03B
YoY Change 1.61% -2.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.267B $2.611B
Total Long-Term Liabilities $13.31B $13.03B
Total Liabilities $28.59B $28.59B
YoY Change 0.34% -0.77%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.178B $4.305B
YoY Change
Total Liabilities & Shareholders Equity $32.97B $33.08B
YoY Change -0.78% -1.18%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$9.000M -$122.0M
YoY Change -112.16% -113.26%
Depreciation, Depletion And Amortization $326.0M $326.0M
YoY Change 1.88% 0.93%
Cash From Operating Activities $232.0M $454.0M
YoY Change -33.33% -41.72%
INVESTING ACTIVITIES
Capital Expenditures $439.0M $329.0M
YoY Change 30.27% 4.11%
Acquisitions
YoY Change
Other Investing Activities $52.00M $1.000M
YoY Change -66.67%
Cash From Investing Activities -$387.0M -$328.0M
YoY Change 14.84% 4.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 122.0M -32.00M
YoY Change -137.77% -91.16%
NET CHANGE
Cash From Operating Activities 232.0M 454.0M
Cash From Investing Activities -387.0M -328.0M
Cash From Financing Activities 122.0M -32.00M
Net Change In Cash -33.00M 94.00M
YoY Change -89.42% -9.62%
FREE CASH FLOW
Cash From Operating Activities $232.0M $454.0M
Capital Expenditures $439.0M $329.0M
Free Cash Flow -$207.0M $125.0M
YoY Change -1981.82% -73.0%

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Organization and Description of Business<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Organization</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is a geographically diversified gaming and hospitality company that was founded in 1973 by the Carano family with the opening of the Eldorado Hotel Casino in Reno, Nevada. Beginning in 2005, the Company grew through a series of acquisitions, including the acquisition of MTR Gaming Group, Inc. in 2014, Isle of Capri Casinos, Inc. in 2017, Tropicana Entertainment, Inc. in 2018, Caesars Entertainment Corporation in 2020 and William Hill PLC in 2021. The Company’s ticker symbol on the NASDAQ Stock Market is “CZR.”</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Description of Business</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company owns, leases, brands or manages an aggregate of 53 domestic properties in 18 states with approximately 51,000 slot machines, video lottery terminals and e-tables, approximately 2,800 table games and approximately 44,900 hotel rooms as of June 30, 2024. In addition, the Company has other properties in North America that are authorized to use the brands and marks of Caesars Entertainment, Inc., as well as other non-gaming properties. The Company’s primary source of revenue is generated by its casino properties’ gaming operations, which includes retail and online sports betting and online gaming, and the Company utilizes its hotels, restaurants, bars, entertainment, racing, retail shops and other services to attract customers to its properties.</span></div>The Company’s operations for retail and online sports betting, iGaming, horse racing and online poker are included under the Caesars Digital segment. The Company operates the Caesars Sportsbook app, the Caesars Racebook app and the recently launched Caesars Palace Online Casino app. The Company operates retail and online sports wagering in 32 jurisdictions in North America, 26 of which offer online sports betting, and operates iGaming in five jurisdictions in North America as of June 30, 2024. On June 18, 2024, the Company completed the acquisition of the operations of WynnBET’s Michigan iGaming business and long-term extension of iGaming market access rights with the Sault Ste. Marie Tribe of Chippewa Indians. The Company expects to continue to grow its operations in the Caesars Digital segment as new jurisdictions legalize retail and online sports betting and iGaming.
CY2024Q2 czr Total Number Of Properties
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CY2024Q2 czr Number Of Rooms In Hotel
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<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div>
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CY2024Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
323000000 usd
us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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CY2024Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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us-gaap Asset Impairment Charges
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us-gaap Asset Impairment Charges
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CY2024Q2 czr Transaction Costs And Other Net Including Adjustments
TransactionCostsAndOtherNetIncludingAdjustments
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CY2023Q2 czr Transaction Costs And Other Net Including Adjustments
TransactionCostsAndOtherNetIncludingAdjustments
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czr Transaction Costs And Other Net Including Adjustments
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czr Transaction Costs And Other Net Including Adjustments
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CY2024Q2 us-gaap Employee Benefits And Share Based Compensation
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CY2023Q2 us-gaap Employee Benefits And Share Based Compensation
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us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
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us-gaap Employee Benefits And Share Based Compensation
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CY2024Q2 czr Net Income Loss Including Portion Attributable To Noncontrolling Interest Adjusted Ebitda
NetIncomeLossIncludingPortionAttributableToNoncontrollingInterestAdjustedEBITDA
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CY2023Q2 czr Net Income Loss Including Portion Attributable To Noncontrolling Interest Adjusted Ebitda
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czr Net Income Loss Including Portion Attributable To Noncontrolling Interest Adjusted Ebitda
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czr Net Income Loss Including Portion Attributable To Noncontrolling Interest Adjusted Ebitda
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CY2023Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2024Q2 us-gaap Assets
Assets
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CY2023Q4 us-gaap Assets
Assets
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CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
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CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
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CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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