PROVIDENCE, R.I., Feb. 10, 2020 /PRNewswire/ -- Twin River
Worldwide Holdings, Inc. (NYSE: TRWH) (the "Company", "Twin River"
or "TRWH") announced preliminary estimates of operating results for
the fourth quarter and full year ended December 31, 2019. Twin
River expects to report its full 2019 results of operations in
early March 2020.
Twin River's preliminary estimates for the fourth quarter and
full year ended December 31, 2019 and actual results for the
comparable periods in 2018 are as follows:
|
|
Quarter Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
(in
millions)
|
|
Estimated
Range
|
|
Actual
|
|
Estimated
Range
|
|
Actual
|
Revenue
|
|
$129.4 -
$131.4
|
|
$111.4
|
|
$522.6 -
$524.6
|
|
$437.5
|
Net income
|
|
$12.1 -
$14.7
|
|
$22.1
|
|
$53.9 -
$56.5
|
|
$71.4
|
Adjusted
EBITDA(1)
|
|
$38.6 -
$41.6
|
|
$37.0
|
|
$165.5 -
$168.5
|
|
$165.7
|
|
|
|
|
|
|
|
|
|
(1)
|
Adjusted EBITDA is a
non-GAAP financial measure. Please refer to the tables in this
press release for a reconciliation of all non-GAAP financial
measures with the most directly comparable financial measures
calculated in accordance with GAAP.
|
George Papanier, President and
CEO commented, "I am very pleased with the results of the fourth
quarter, which reflect the continued stabilization in the New
England market following the entrance of new competitors, and
strong performance across our broader portfolio. We expect this
momentum to continue into 2020, which is reflected in our full year
2020 guidance."
Mr. Papanier continued, "We're excited about the progress we've
made as we continue to transform the Company. Over the last year or
so, the steps we've taken to strategically and opportunistically
grow and diversify the Company, have created significant
shareholder value, returned meaningful capital and leave us well
positioned for long-term growth."
For the fourth quarter of 2019, Rhode
Island operations are estimated between $69.0 million and $70.0
million of revenue, between $15.8
million and $17.1 million of
net income and between $28.4 million
and $30.4 million of Adjusted EBITDA.
Biloxi and Dover operations are estimated between
$31.0 million and $31.4 million and $27.4
million and $27.8 million of
revenue, respectively, $3.7 million
and $4.4 million and $1.7 million and $2.3
million of net income, respectively, and $8.6 million and $9.6
million and $5.0 million and
$6.0 million of Adjusted EBITDA,
respectively, for the same period.
For the full year ended December 31,
2019, Rhode Island
operations are estimated between $305.8
million and $306.8 million of
revenue, between $70.4 million
and $71.7 million of net income
and between $129.6 million and
$131.6 million of Adjusted EBITDA.
Biloxi and Dover operations are estimated between
$127.2 million and $127.6 million and $80.6
million and $81.0 million of
revenue, respectively, $17.8 million and $18.5 million and $5.6 million and $6.3 million of net income, respectively,
and $36.8 million and $37.8 million and $16.2
million and $17.2 million of
Adjusted EBITDA, respectively, for the same period.
Capital Return Program and Balance Sheet
Steve Capp, CFO, commented,
"During the fourth quarter we continued to make significant
investments under our previously announced capital return program
with repurchases of approximately 2.5 million shares, for total
consideration of $60.0 million, and
we ended 2019 with common stock outstanding of approximately 32.1
million shares, representing a decrease of 22% from the balance of
common stock outstanding at June 30,
2019."
The Company ended the 2019 year with estimated cash and cash
equivalents and long-term debt of approximately $182.6 million and $680.6
million, respectively.
The Company announced that, earlier today, its Board of
Directors approved an increase in its previously announced capital
return program by $100 million,
allowing for the continuation of opportunistic stock repurchases
and other potential returns of capital. Prior to this increase, the
Company had approximately $6.2
million remaining available under the $250 million program.
As previously noted, under the return of capital plan, stock
repurchases may be effected in various ways, which could include
open-market or private repurchase transactions, accelerated stock
repurchase programs, tender offers or other transactions. The
amount, timing and terms of any return of capital transaction will
be determined based on prevailing market conditions and other
factors. Twin River expects to fund any share repurchases and
dividends from then existing capital resources. There is no fixed
time period to complete stock repurchases.
Introduction of 2020 Guidance
Twin River is providing its financial outlook for the year
ending December 31, 2020. The Company
estimates Adjusted EBITDA for 2020 to be approximately $180 million, an approximate increase of 8% over
the mid-point of the preliminary range for the same period in 2019
reported above. The Company anticipates that its annualized
run-rate for Adjusted EBITDA coming out of 2020 will be
approximately $190 million. The
Company's guidance is based on current plans and expectations,
contains a number of assumptions and includes the impact of its
pending acquisition of properties in Kansas City, Missouri and Vicksburg, Mississippi from Eldorado Resorts,
Inc., which the Company expects will be consummated early in the
second quarter of 2020 pending regulatory approval in Missouri. The guidance is subject to a number
of known and unknown uncertainties and risks, including those set
forth under the Company's safe harbor statement under the Private
Securities Litigation Reform Act of 1995 below.
Fourth Quarter Conference Call
The Company will hold a conference call and audio webcast
tomorrow, Tuesday, February 11, 2020
at 8:00 a.m. EST to review its
preliminary results for 2019 and guidance for 2020. To access the
conference call, please dial (877) 791-0146 (U.S. toll-free) and
reference conference ID number 7373745. The webcast of the call
will be available to the public, on a listen-only basis, via the
Internet at the Investors section of the Company's website at
www.twinriverwwholdings.com. An online archive of the webcast will
be available on the Company's website for 120 days. Supplemental
materials have also been posted to the Investors section of the
website, under Events & Presentations.
Note Regarding Preliminary Financial Performance
Estimates
The preliminary estimates of Twin River's financial results
included in this release have been prepared by, and are the
responsibility of, its management. Twin River's independent
registered public accountants, Deloitte & Touche LLP, have not
audited, reviewed or performed any procedures with respect to such
preliminary estimates of Twin River's operating results. The
information presented herein should not be considered a substitute
for the financial information to be filed with the SEC in Twin
River's Annual Report on Form 10-K for the year ended
December 31, 2019.
Twin River's actual results of operations for the fourth quarter
remain subject to the completion of its financial accounting
closing process, which includes review by its management, audit
committee and external auditors. During the financial closing
process, Twin River may identify items that require Twin River to
make adjustments to the preliminary estimates of its operating
results set forth in this release. As a result, Twin River's actual
operating results could be outside of the ranges set forth herein
and such differences could be material. Additionally, the estimates
of Twin River's net revenue, net income and Adjusted EBITDA set
forth herein are forward-looking statements based solely on
information available to Twin River as of the date of this release
and may differ materially from its actual operating results.
Therefore, shareholders should not place undue reliance on these
preliminary estimates.
Reconciliation of GAAP Measures to Non-GAAP Measures
To supplement the financial information presented on a generally
accepted accounting principles ("GAAP") basis, Twin River has
included in this press release preliminary estimates for Adjusted
EBITDA on a consolidated basis but also for its Rhode Island, Dover and Biloxi reportable segments for 2019 and for
2020 current estimates of Adjusted EBITDA on a consolidated basis.
Adjusted EBITDA is a non-GAAP financial measure, which excludes
certain items included in the calculation of net income. The
reconciliation of preliminary 2019 fourth quarter and full year
estimates for this non-GAAP financial measure to its most
comparable GAAP financial measure, net income, is presented in the
tables below. The presentation of this non-GAAP financial measure
is not intended to be considered in isolation or as a substitute
for any measure prepared in accordance with GAAP. Twin River
believes that presenting this non-GAAP financial measure aids in
making period-to-period comparisons and is a meaningful indication
of its actual operating performance. Twin River's management
utilizes and plans to utilize this non-GAAP financial information
to compare Twin River's operating performance to comparable periods
in prior years and to internally prepared projections. Twin River's
Adjusted EBITDA may not be the same as or comparable to similar
non-GAAP measures presented by other companies. All line items for
the year ended December 31, 2019 are preliminary
estimates.
The Company does not provide reconciliations of Adjusted EBITDA
to net income on a forward-looking basis to its most comparable
GAAP financial measure because the Company is unable to forecast
the amount or significance of certain items required to develop
meaningful comparable GAAP financial measures without unreasonable
efforts. These items include depreciation, impairment charges,
gains or losses on retirement of debt, acquisition, integration and
restructuring expenses, interest expense, share-based compensation
expense, professional and advisory fees associated with the
Company's capital return program, variations in effective tax rate
and expansion and pre-opening expenses, which are difficult to
predict and estimate and are primarily dependent on future events,
but which are excluded from the Company's calculations of Adjusted
EBITDA. The Company believes that the probable significance of
providing these forward-looking non-GAAP financial measures without
a reconciliation to the most directly comparable GAAP financial
measure, is that investors and analysts will have certain
information that the Company believes is useful and meaningful
regarding its operations, including its completed and proposed
acquisitions and the estimated impact on those businesses' results
from the anticipated changes the Company is likely to make, or has
made, to their operations, but will not have that information on a
GAAP basis. Investors are cautioned that the Company cannot predict
the occurrence, timing or amount of all non-GAAP items that may be
excluded from Adjusted EBITDA in the future. Accordingly, the
actual effect of these items, when determined could potentially be
significant to the calculation of Adjusted EBITDA.
About Twin River
Twin River Worldwide Holdings, Inc. owns and manages seven
casinos, two in Rhode Island, one
in Mississippi, one in
Delaware, and three casinos as
well as a horse racetrack that has 13 authorized OTB licenses in
Colorado. Properties include Twin
River Casino Hotel (Lincoln, RI),
Tiverton Casino Hotel (Tiverton,
RI), Hard Rock Hotel & Casino (Biloxi, MS), Dover Downs Hotel & Casino
(Dover, DE), Golden Gates Casino (Black Hawk, CO), Golden Gulch Casino
(Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO), and Arapahoe Park racetrack
(Aurora, CO). Its casinos range in
size from 1,000 slots and 32 table games facilities to properties
with over 4,100 slots, approximately 125 table games, and 48
stadium gaming positions, along with hotel and resort amenities.
Its shares are traded on the New York Stock Exchange under the
ticker symbol "TRWH."
Forward-Looking Statements
This communication contains "forward-looking" statements as that
term is defined in Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended and the Private Securities Litigation Reform Act of 1995.
All statements, other than historical facts, including future
financial and operating results and the Company's plans,
objectives, expectations and intentions, legal, economic and
regulatory conditions are forward-looking statements.
Forward-looking statements are sometimes identified by words like
"may," "will," "should," "potential," "intend," "expect,"
"endeavor," "seek," "anticipate," "estimate," "overestimate,"
"underestimate," "believe," "could," "project," "predict,"
"continue," "target" or other similar words or expressions.
Forward-looking statements are based upon current plans, estimates
and expectations that are subject to risks, uncertainties and
assumptions. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated or
anticipated by such forward-looking statements. The inclusion of
such statements should not be regarded as a representation that
such plans, estimates or expectations will be achieved. Important
factors that could cause actual results to differ materially from
such plans, estimates or expectations include, among others, (1)
unexpected costs, charges or expenses resulting from the recently
completed acquisition of Black Hawk,
CO and the proposed acquisition of properties in
Kansas City, Missouri and
Vicksburg, Mississippi; (2)
uncertainty of the expected financial performance of the Company,
including the failure to realize the anticipated benefits of its
acquisitions; (3) the Company's ability to implement its business
strategy; (4) the risk that stockholder litigation may result in
significant costs of defense, indemnification and/or liability; (5)
evolving legal, regulatory and tax regimes; (6) changes in general
economic and/or industry specific conditions; (7) the effects of
competition that exists in the gaming industry; (8) actions by
third parties, including government agencies; (9) the risk that the
proposed acquisitions of properties in Kansas City, Missouri and Vicksburg, Mississippi, and the proposed
enhancements to those properties and their operations, may not be
completed on the terms or in the time frame expected, or at all;
(10) the risks related to the Company's announcement of the
proposed partnering with IGT Global Services ("IGT") to create a
new company jointly owned by the Company and IGT that will focus on
creating and maintaining a competitive gaming machine offering,
(11) the possibility that the anticipated operating results and
other benefits of the proposed joint venture with IGT and
proposed agreement with the State of
Rhode Island related thereto are not realized when expected
or at all or that the proposed joint venture is not consummated,
and (12) other risk factors as detailed under Part I. Item 1A.
"Risk Factors" of the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2018
as filed with the Securities and Exchange Commission on
April 1, 2019. The foregoing list of
important factors is not exclusive. Any projections of future
results of operations are based on a number of assumptions, many of
which are outside the Company's control and should not be construed
in any manner as a guarantee that such results will in fact occur.
These projections are subject to change and could differ materially
from final reported results. Any forward-looking statements speak
only as of the date of this communication. The Company does not
undertake any obligation to update any forward-looking statements,
whether as a result of new information or development, future
events or otherwise, except as required by law. Readers are
cautioned not to place undue reliance on any of these
forward-looking statements.
Investor
Contact
|
|
|
Media
Contact
|
Steve Capp
|
|
|
Liz Cohen
|
Executive Vice
President and Chief Financial Officer
|
|
|
Kekst CNC
|
401-475-8564
|
|
|
212-521-4845
|
InvestorRelations@twinriver.com
|
|
|
Liz.Cohen@kekstcnc.com
|
Reconciliation of
Preliminary Estimated Net Income to
Preliminary
Estimated Adjusted EBITDA (unaudited)
|
|
|
|
Quarter Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
(in
millions)
|
|
at
Midpoint
|
|
Actual
|
|
at
Midpoint
|
|
Actual
|
Revenue
|
|
$
|
130.4
|
|
|
$
|
111.4
|
|
|
$
|
523.6
|
|
|
$
|
437.5
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
13.4
|
|
|
$
|
22.1
|
|
|
$
|
55.2
|
|
|
$
|
71.4
|
|
Interest expense, net
of interest income
|
|
11.0
|
|
|
6.7
|
|
|
37.9
|
|
|
22.9
|
|
Provision for income
taxes
|
|
4.4
|
|
|
5.8
|
|
|
20.0
|
|
|
26.4
|
|
Depreciation and
amortization
|
|
9.0
|
|
|
6.8
|
|
|
32.3
|
|
|
22.3
|
|
Non-operating
income
|
|
—
|
|
|
—
|
|
|
(0.2)
|
|
|
—
|
|
Acquisition,
integration and restructuring expense
|
|
1.1
|
|
|
2.5
|
|
|
12.1
|
|
|
6.8
|
|
Expansion and
pre-opening expenses
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
2.7
|
|
Newport Grand
disposal loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.5
|
|
Share-based
compensation
|
|
1.0
|
|
|
(8.8)
|
|
|
3.8
|
|
|
(1.5)
|
|
Professional and
advisory fees associated with capital return program
|
|
—
|
|
|
—
|
|
|
3.5
|
|
|
—
|
|
Credit Agreement
amendment expenses(1)
|
|
0.8
|
|
|
0.1
|
|
|
3.0
|
|
|
0.5
|
|
Gain on insurance
recoveries(2)
|
|
(1.2)
|
|
|
—
|
|
|
(1.2)
|
|
|
—
|
|
Pension withdrawal
expense(3)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.7
|
|
Other(4)
|
|
0.6
|
|
|
1.7
|
|
|
0.6
|
|
|
4.0
|
|
Adjusted
EBITDA
|
|
$
|
40.1
|
|
|
$
|
37.0
|
|
|
$
|
167.0
|
|
|
$
|
165.7
|
|
Amounts in the
table may not subtotal due to rounding
|
(1) Credit
Agreement amendment expenses include costs associated with
amendments made to the Company's Credit Agreement and Regulatory
Agreement with Rhode Island as well as a $1.7 million loss incurred
in 2019 related to the extinguishment and modification of debt,
$1.5 million of which was recorded during the second quarter of
2019.
|
(2) Gain related to
insurance recovery proceeds received for a damaged roof at the
Company's Arapahoe Park racetrack.
|
(3) Pension
withdrawal expense represents the accrual for the New England
Teamsters Multi-employer pension plan withdrawal
liability.
|
(4) Other
includes the following non-recurring items for the applicable
periods (i) storm-related repair expenses, net of insurance
recoveries, associated with damage from Hurricane Nate at Hard Rock
Biloxi, (ii) a pension audit payment representing 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, (iii) non-routine legal expenses
incurred in connection with certain litigation matters (net of
insurance reimbursements), (iv) expenses incurred associated with
the Rhode Island State Police investigation into a tenant in the
Lincoln property and a former employee of the Company, (v) expenses
incurred associated with campaign to create an open bid process for
the Rhode Island Lottery Contract (vi) legal and financial expenses
associated with the Company's review of strategic alternatives that
began in April 2017.
|
Reconciliation of
Preliminary Estimated Net Income to Preliminary
Estimated
Adjusted EBITDA
for the Quarter Ended December 31, 2019 at Midpoint
(unaudited)
|
|
(in
millions)
|
|
Rhode
Island
|
|
Delaware
|
|
Biloxi
|
|
Other
|
|
Total
|
Revenue
|
|
$
|
69.5
|
|
|
$
|
27.6
|
|
|
$
|
31.2
|
|
|
$
|
2.1
|
|
|
$
|
130.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
16.5
|
|
|
$
|
2.0
|
|
|
$
|
4.1
|
|
|
$
|
(9.2)
|
|
|
$
|
13.4
|
|
Interest expense, net
of interest income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11.0
|
|
|
11.0
|
|
Provision for income
taxes
|
|
6.4
|
|
|
1.4
|
|
|
1.3
|
|
|
(4.7)
|
|
|
4.4
|
|
Depreciation and
amortization
|
|
4.7
|
|
|
1.4
|
|
|
2.9
|
|
|
—
|
|
|
9.0
|
|
Acquisition,
integration and restructuring expense
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
1.0
|
|
|
1.1
|
|
Share-based
compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|
1.0
|
|
Credit Agreement
amendment expenses(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
0.8
|
|
Gain on insurance
recoveries(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.2)
|
|
|
(1.2)
|
|
Other(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
0.6
|
|
Allocation of
corporate costs
|
|
1.8
|
|
|
0.6
|
|
|
0.8
|
|
|
(3.2)
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
29.4
|
|
|
$
|
5.5
|
|
|
$
|
9.1
|
|
|
$
|
(3.9)
|
|
|
$
|
40.1
|
|
Amounts in the
table may not subtotal due to rounding
|
|
|
|
|
|
(1) See
descriptions of adjustments in the "Reconciliation of Preliminary
Estimated Net Income to Preliminary Estimated Adjusted EBITDA
(unaudited)"
|
Reconciliation of
Net Income to Adjusted EBITDA
for the Quarter
Ended December 31, 2018 (unaudited)
|
|
(in
millions)
|
|
Rhode
Island
|
|
Biloxi
|
|
Other
|
|
Total
|
Revenue
|
|
$
|
79.6
|
|
|
$
|
29.9
|
|
|
$
|
1.9
|
|
|
$
|
111.4
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
14.3
|
|
|
$
|
3.7
|
|
|
$
|
4.2
|
|
|
$
|
22.1
|
|
Interest expense, net
of interest income
|
|
2.2
|
|
|
—
|
|
|
4.5
|
|
|
6.7
|
|
Provision for income
taxes
|
|
8.6
|
|
|
1.0
|
|
|
(3.7)
|
|
|
5.8
|
|
Depreciation and
amortization
|
|
4.4
|
|
|
2.4
|
|
|
—
|
|
|
6.8
|
|
Acquisition,
integration and restructuring expense
|
|
—
|
|
|
—
|
|
|
2.5
|
|
|
2.5
|
|
Expansion and
pre-opening expenses
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
Share-based
compensation
|
|
—
|
|
|
—
|
|
|
(8.8)
|
|
|
(8.8)
|
|
Credit Agreement
amendment expenses(1)
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
0.1
|
|
Other(1)
|
|
1.4
|
|
|
(0.3)
|
|
|
0.6
|
|
|
1.7
|
|
Allocation of
corporate costs
|
|
3.7
|
|
|
1.4
|
|
|
(5.1)
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
34.5
|
|
|
$
|
8.2
|
|
|
$
|
(5.7)
|
|
|
$
|
37.0
|
|
Amounts in the
table may not subtotal due to rounding
|
|
|
|
|
(1) See
descriptions of adjustments in the "Reconciliation of Preliminary
Estimated Net Income to Preliminary Estimated Adjusted EBITDA
(unaudited)"
|
Reconciliation of
Preliminary Estimated Net Income to Preliminary
Estimated
Adjusted EBITDA
for the Year Ended December 31, 2019 at Midpoint
(unaudited)
|
|
(in
millions)
|
|
Rhode
Island
|
|
Delaware
|
|
Biloxi
|
|
Other
|
|
Total
|
Revenue
|
|
$
|
306.3
|
|
|
$
|
80.8
|
|
|
$
|
127.4
|
|
|
$
|
9.0
|
|
|
$
|
523.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
71.1
|
|
|
$
|
6.0
|
|
|
$
|
18.2
|
|
|
$
|
(40.2)
|
|
|
$
|
55.2
|
|
Interest expense, net
of interest income
|
|
3.3
|
|
|
0.1
|
|
|
—
|
|
|
34.5
|
|
|
37.9
|
|
Provision for income
taxes
|
|
26.7
|
|
|
2.9
|
|
|
5.1
|
|
|
(14.6)
|
|
|
20.0
|
|
Depreciation and
amortization
|
|
18.4
|
|
|
4.0
|
|
|
9.7
|
|
|
0.1
|
|
|
32.3
|
|
Non-operating
income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1)
|
|
|
(0.2)
|
|
Acquisition,
integration and restructuring expense
|
|
0.4
|
|
|
1.2
|
|
|
—
|
|
|
10.5
|
|
|
12.1
|
|
Share-based
compensation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.8
|
|
|
3.8
|
|
Professional and
advisory fees associated with capital return program
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.5
|
|
|
3.5
|
|
Credit Agreement
amendment expenses(1)
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|
1.9
|
|
|
3.0
|
|
Gain on insurance
recoveries(1)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.2)
|
|
|
(1.2)
|
|
Other(1)
|
|
(0.4)
|
|
|
—
|
|
|
0.1
|
|
|
0.9
|
|
|
0.6
|
|
Allocation of
corporate costs
|
|
10.1
|
|
|
2.5
|
|
|
4.1
|
|
|
(16.8)
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
130.6
|
|
|
$
|
16.7
|
|
|
$
|
37.3
|
|
|
$
|
(17.6)
|
|
|
$
|
167.0
|
|
Amounts in the
table may not subtotal due to rounding
|
|
|
|
|
|
|
|
|
(1) See
descriptions of adjustments in the "Reconciliation of Preliminary
Estimated Net Income to Preliminary Estimated Adjusted EBITDA
(unaudited)"
|
Reconciliation of
Net Income to Adjusted EBITDA for
the Year Ended
December 31, 2018 (unaudited)
|
|
(in
millions)
|
|
Rhode
Island
|
|
Biloxi
|
|
Other
|
|
Total
|
Revenue
|
|
$
|
302.7
|
|
|
$
|
125.1
|
|
|
$
|
9.7
|
|
|
$
|
437.5
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
68.8
|
|
|
$
|
18.5
|
|
|
$
|
(15.9)
|
|
|
$
|
71.4
|
|
Interest expense, net
of interest income
|
|
8.5
|
|
|
—
|
|
|
14.3
|
|
|
22.9
|
|
Provision for income
taxes
|
|
28.7
|
|
|
5.0
|
|
|
(7.3)
|
|
|
26.4
|
|
Depreciation and
amortization
|
|
12.9
|
|
|
9.3
|
|
|
0.2
|
|
|
22.3
|
|
Acquisition,
integration and restructuring expense
|
|
—
|
|
|
—
|
|
|
6.8
|
|
|
6.8
|
|
Expansion and
pre-opening expenses
|
|
2.7
|
|
|
—
|
|
|
—
|
|
|
2.7
|
|
Newport Grand
disposal loss
|
|
6.5
|
|
|
—
|
|
|
—
|
|
|
6.5
|
|
Share-based
compensation
|
|
—
|
|
|
—
|
|
|
(1.5)
|
|
|
(1.5)
|
|
Credit Agreement
amendment expenses(1)
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
0.5
|
|
Pension withdrawal
expense(1)
|
|
3.7
|
|
|
—
|
|
|
—
|
|
|
3.7
|
|
Other(1)
|
|
1.4
|
|
|
—
|
|
|
2.5
|
|
|
4.0
|
|
Allocation of
corporate costs
|
|
10.0
|
|
|
4.1
|
|
|
(14.1)
|
|
|
—
|
|
Adjusted
EBITDA
|
|
$
|
143.2
|
|
|
$
|
36.9
|
|
|
$
|
(14.4)
|
|
|
$
|
165.7
|
|
Amounts in the
table may not subtotal due to rounding
|
|
|
|
|
(1) See
descriptions of adjustments in the "Reconciliation of Preliminary
Estimated Net Income to Preliminary Estimated Adjusted EBITDA
(unaudited)"
|
View original
content:http://www.prnewswire.com/news-releases/twin-river-announces-preliminary-fourth-quarter-and-full-year-results-301002236.html
SOURCE Twin River Worldwide Holdings, Inc.