Distributions to noncontrolling interest

  
CAESARS ENTERTAINMENT, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Years Ended December 31, |
| (In millions) | 2021 |  | 2020 |  | 2019 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |
| Net income (loss) | $ | (1,016) |  |  | $ | (1,758) |  |  | $ | 81  |  |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |
| Loss from discontinued operations | 30  |  |  | 20  |  |  | —  |  |
| Depreciation and amortization | 1,126  |  |  | 583  |  |  | 222  |  |
| Amortization of deferred financing costs and discounts | 347  |  |  | 156  |  |  | 18  |  |
| Provision for doubtful accounts | 26  |  |  | 29  |  |  | 1  |  |
| Deferred revenue | (4) |  |  | (11) |  |  | (7) |  |
|  |  |  |  |  |  |
| Loss on extinguishment of debt | 236  |  |  | 197  |  |  | 8  |  |
| Non-cash lease amortization | 39  |  |  | 14  |  |  | 3  |  |
| (Gain) loss on investments | 107  |  |  | (34) |  |  | (9) |  |
| Stock compensation expense | 82  |  |  | 79  |  |  | 20  |  |
| (Gain) loss on sale of businesses and disposal of property and equipment | 11  |  |  | (7) |  |  | (50) |  |
| Impairment charges | 102  |  |  | 215  |  |  | 1  |  |
| (Benefit) provision for deferred income taxes | (283) |  |  | 176  |  |  | (2) |  |
| (Gain) loss on derivatives | 127  |  |  | (9) |  |  | —  |  |
| Foreign currency transaction gain | (21) |  |  | (129) |  |  | —  |  |
| Other non-cash adjustments to net income (loss) | (8) |  |  | (2) |  |  | 3  |  |
| Change in operating assets and liabilities: |  |  |  |  |  |
| Accounts receivable | (135) |  |  | (70) |  |  | 5  |  |
| Prepaid expenses and other assets | (67) |  |  | 9  |  |  | 10  |  |
| Income taxes (receivable) payable | 13  |  |  | (40) |  |  | (22) |  |
| Accounts payable, accrued expenses and other liabilities | 486  |  |  | 25  |  |  | 31  |  |
| Other | 1  |  |  | (4) |  |  | —  |  |
| Net cash provided by (used in) operating activities | 1,199  |  |  | (561) |  |  | 313  |  |
|  |  |  |  |  |  |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |
| Purchase of property and equipment, net | (520) |  |  | (164) |  |  | (171) |  |
| Former Caesars acquisition, net of cash acquired | —  |  |  | (6,314) |  |  | —  |  |
| William Hill acquisition, net of cash acquired | (1,581) |  |  | —  |  |  | —  |  |
| Purchase of additional interest in Horseshoe Baltimore, net of cash consolidated | (5) |  |  | —  |  |  | —  |  |
| Acquisition of gaming rights and trademarks | (312) |  |  | (35) |  |  | —  |  |
|  |  |  |  |  |  |
| Proceeds from sale of businesses, property and equipment, net of cash sold | 726  |  |  | 366  |  |  | 536  |  |
| Proceeds from the sale of investments | 239  |  |  | 25  |  |  | 5  |  |
|  |  |  |  |  |  |
| Proceeds from insurance related to property damage | 44  |  |  | 17  |  |  | —  |  |
| Investments in unconsolidated affiliates | (39) |  |  | (1) |  |  | (1) |  |
| Other | —  |  |  | 6  |  |  | —  |  |
| Net cash provided by (used in) investing activities | (1,448) |  |  | (6,100) |  |  | 369  |  |
|  |  |  |  |  |  |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |
| Proceeds from long-term debt and revolving credit facilities | 1,308  |  |  | 9,765  |  |  | 33  |  |
| Repayments of long-term debt and revolving credit facilities | (1,977) |  |  | (3,742) |  |  | (736) |  |
| Proceeds from sale-leaseback financing arrangement | —  |  |  | 3,224  |  |  | —  |  |
| Financing obligation payments | (5) |  |  | (49) |  |  | —  |  |
| Debt issuance and extinguishment costs | (56) |  |  | (356) |  |  | (1) |  |
| Proceeds from issuance of common stock | 3  |  |  | 2,718  |  |  | —  |  |
| Cash paid to settle convertible notes | (367) |  |  | (903) |  |  | —  |  |
| Taxes paid related to net share settlement of equity awards | (45) |  |  | (16) |  |  | (8) |  |
|  |  |  |  |  |  |
| Distributions to noncontrolling interest | (2) |  |  | —  |  |  | —  |  |
| Net cash provided by (used in) financing activities | (1,141) |  |  | 10,641  |  |  | (712) |  |

[Table of Contents](#i37dfc5eabc12461dbfc5ef573d80947e_7)68
