Company Quick10K Filing
Twin River Worldwide
Price-0.00 EPS1
Shares39 P/E-0
MCap-0 P/FCF-0
Net Debt450 EBIT89
TEV450 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-13
10-Q 2020-03-31 Filed 2020-05-14
10-K 2019-12-31 Filed 2020-03-13
10-Q 2019-09-30 Filed 2019-11-14
10-Q 2019-06-30 Filed 2019-08-12
S-1 2019-06-14 Public Filing
10-Q 2019-03-31 Filed 2019-05-15
10-K 2018-12-31 Filed 2019-04-01
8-K 2020-08-11 Earnings, Exhibits
8-K 2020-07-01 M&A, Regulation FD, Exhibits
8-K 2020-05-19
8-K 2020-05-13
8-K 2020-05-11
8-K 2020-04-24
8-K 2020-04-24
8-K 2020-03-16
8-K 2020-03-13
8-K 2020-03-03
8-K 2020-02-10
8-K 2020-01-30
8-K 2020-01-13
8-K 2019-12-09
8-K 2019-11-14
8-K 2019-08-12
8-K 2019-07-22
8-K 2019-07-10
8-K 2019-06-10
8-K 2019-05-17
8-K 2019-05-14
8-K 2019-05-10
8-K 2019-05-02
8-K 2019-04-29
8-K 2019-04-17
8-K 2019-04-08
8-K 2019-03-26
8-K 2019-03-19
8-K 2019-03-18

TRWH 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 trwh-2020630x10qxex311.htm
EX-31.2 trwh-2020630x10qxex312.htm
EX-32.1 trwh-2020630x10qxex321.htm
EX-32.2 trwh-2020630x10qxex322.htm

Twin River Worldwide Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
1.31.00.80.50.30.02018201820192020
Assets, Equity
0.20.20.10.10.00.02018201820192020
Rev, G Profit, Net Income
0.30.20.10.0-0.1-0.22018201820192020
Ops, Inv, Fin

trwh-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-38850
trwh-20200630_g1.jpg
Twin River Worldwide Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware20-0904604
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
100 Westminster Street
Providence,RI02903
(Address of principal executive offices)(Zip Code)
(401) 475-8474
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12 (b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, $0.01 par valueTRWHNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes       No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes       No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes     No  
As of August 7, 2020 there were 30,456,493 shares of the registrant’s common stock outstanding.




TWIN RIVER WORLDWIDE HOLDINGS, INC.

TABLE OF CONTENTS
Page No.
  
 

2


PART I.  FINANCIAL INFORMATION
ITEM 1.  Financial Statements

TWIN RIVER WORLDWIDE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(In thousands, except share data)
 June 30,
2020
December 31,
2019
Assets  
Cash and cash equivalents$331,083  $182,581  
Restricted cash1,647  2,921  
Accounts receivable, net11,917  23,190  
Inventory8,994  7,900  
Prepaid expenses and other assets40,265  28,439  
Total current assets393,906  245,031  
Property and equipment, net540,797  510,436  
Right of use assets, net16,823  17,225  
Goodwill, net133,082  133,082  
Intangible assets, net109,862  110,373  
Other assets5,491  5,740  
Total assets$1,199,961  $1,021,887  
Liabilities and Shareholders’ Equity
Current portion of long-term debt$5,750  $3,000  
Current portion of lease obligations1,046  1,014  
Accounts payable8,035  14,921  
Accrued liabilities63,843  70,849  
Total current liabilities78,674  89,784  
Lease obligations, net of current portion15,781  16,214  
Pension benefit obligations8,317  8,688  
Deferred tax liability10,569  13,790  
Long-term debt, net of current portion938,140  680,601  
Other long-term liabilities921  1,399  
Total liabilities1,052,402  810,476  
Commitments and contingencies
Shareholders’ equity:
Common stock, par value $0.01; 100,000,000 shares authorized; 30,456,493 and 41,193,018 shares issued as of June 30, 2020 and December 31, 2019, respectively; 30,456,493 and 32,113,328 shares outstanding as of June 30, 2020 and December 31, 2019, respectively.
304  412  
Additional paid-in-capital141,297  185,544  
Treasury stock, at cost, 0 and 9,079,690 shares as of June 30, 2020 and December 31, 2019, respectively.
  (223,075) 
Retained earnings7,846  250,418  
Accumulated other comprehensive loss(1,888) (1,888) 
Total shareholders’ equity147,559  211,411  
Total liabilities and shareholders’ equity$1,199,961  $1,021,887  
See accompanying notes to condensed consolidated financial statements.
3


TWIN RIVER WORLDWIDE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited)
(In thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Revenue:   
Gaming$23,767  $100,234  $99,603  $191,102  
Racing176  3,783  3,133  6,723  
Hotel2,115  11,390  9,761  17,695  
Food and beverage1,670  18,801  16,986  32,312  
Other1,196  9,010  8,589  16,017  
Total revenue28,924  143,218  138,072  263,849  
Operating costs and expenses:
Gaming9,871  26,078  33,084  47,154  
Racing789  2,833  3,196  5,024  
Hotel1,152  4,183  4,444  6,897  
Food and beverage2,659  15,634  15,935  26,741  
Retail, entertainment and other123  2,125  2,053  3,451  
Advertising, general and administrative23,989  48,047  73,598  86,310  
Goodwill and asset impairment (adjustment)(154)   8,554    
Acquisition, integration and restructuring expense2,458  2,239  4,244  9,117  
Gain on insurance recoveries(143)   (1,026)   
Depreciation and amortization9,143  8,233  18,122  15,002  
Total operating costs and expenses49,887  109,372  162,204  199,696  
(Loss) income from operations(20,963) 33,846  (24,132) 64,153  
Other income (expense):
Interest income112  754  255  767  
Interest expense, net of amounts capitalized(15,222) (9,966) (26,738) (17,017) 
Loss on extinguishment and modification of debt  (1,491)   (1,491) 
Other, net  182    182  
Total other expense, net(15,110) (10,521) (26,483) (17,559) 
(Loss) income before provision for income taxes(36,073) 23,325  (50,615) 46,594  
(Benefit) provision for income taxes(12,518) 6,145  (18,182) 11,818  
Net (loss) income$(23,555) $17,180  $(32,433) $34,776  
Net (loss) income per share, basic$(0.77) $0.42  $(1.05) $0.88  
Weighted average common shares outstanding, basic30,452  41,137  31,011  39,701  
Net (loss) income per share, diluted$(0.77) $0.42  $(1.04) $0.87  
Weighted average common shares outstanding, diluted30,549  41,261  31,104  39,822  
Note: Net (loss) income equals comprehensive income for all periods presented.
See accompanying notes to condensed consolidated financial statements.
4


TWIN RIVER WORLDWIDE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited)
(In thousands, except share data)
 Common StockAdditional
Paid-in Capital
Treasury
Stock
Retained
Earnings
Accumulated Other Comprehensive LossTotal Shareholders’
Equity
 Shares OutstandingAmount
Balance as of December 31, 201932,113,328  $412  $185,544  $(223,075) $250,418  $(1,888) $211,411  
Release of restricted stock131,131  1  (2,484) —  —  —  (2,483) 
Dividends and dividend equivalents - $0.10 per share
—  —  —  —  (3,174) —  (3,174) 
Share-based compensation - equity awards—  —  5,542  —  —  —  5,542  
Retirement of treasury shares—  (107) (48,618) 254,416  (205,691) —    
Share repurchases(1,649,768) —  —  (31,341) —  —  (31,341) 
Adoption of ASU 2016-13—  —  —  —  (58) —  (58) 
Net loss—  —  —  —  (8,878) —  (8,878) 
Balance as of March 31, 202030,594,691  $306  $139,984  $  $32,617  $(1,888) $171,019  
Release of restricted stock24,427    (81) —  —  —  (81) 
Share-based compensation - equity awards—  —  2,127  —  —  —  2,127  
Retirement of treasury shares—  (2) (733) 1,951  (1,216) —    
Share repurchases(162,625) —  —  (1,951) —  —  (1,951) 
Net loss—  —  —  —  (23,555) —  (23,555) 
Balance as of June 30, 202030,456,493  $304  $141,297  $  $7,846  $(1,888) $147,559  

 Common StockAdditional
Paid-in Capital
Treasury
Stock
Retained
Earnings
Accumulated Other Comprehensive IncomeTotal Shareholders’
Equity
 Shares OutstandingAmount
Balance as of December 31, 201837,989,376  $380  $125,629  $(30,233) $202,884  $  $298,660  
Release of restricted stock161,980  1  —  —  —  —  1  
Share-based compensation - equity awards—  —  151  —  —  —  151  
Retirement of treasury shares—  —  (30,233) 30,233  —  —    
Share repurchases(16,340) —  —  (409) —  —  (409) 
Stock issued for purchase of Dover Downs2,976,825  30  86,750  —  —  —  86,780  
Net income—  —  —  —  17,596  —  17,596  
Balance as of March 31, 201941,111,841  $411  $182,297  $(409) $220,480  $  $402,779  
Release of restricted stock35,756    —  —  —  —    
Dividends and dividend equivalents - $0.10 per share
—  —  —  —  (4,144) —  (4,144) 
Share-based compensation - equity awards—  —  1,628  —  —  —  1,628  
Net income—  —  —  —  17,180  —  17,180  
Balance as of June 30, 201941,147,597  $411  $183,925  $(409) $233,516  $  $417,443  

See accompanying notes to condensed consolidated financial statements.
5


TWIN RIVER WORLDWIDE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(In thousands)
 Six Months Ended June 30,
 20202019
Cash flows from operating activities:  
Net (loss) income$(32,433) $34,776  
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation of property and equipment14,951  12,113  
Amortization of intangible assets3,171  2,889  
Amortization of operating lease right of use assets517  722  
Share-based compensation - equity awards7,669  1,779  
Amortization of debt financing costs and discounts on debt1,974  1,428  
Loss on debt extinguishment and modification of debt  1,491  
Bad debt expense813  58  
Net pension and other postretirement benefit income  (39) 
Deferred income taxes(3,221)   
Gain on disposal of property and equipment  (8) 
Goodwill and asset impairment8,554    
Changes in operating assets and liabilities:
Accounts receivable10,402  708  
Inventory(955) 122  
Prepaid expenses and other assets(10,978) (944) 
Accounts payable(7,389) (300) 
Accrued liabilities(9,456) 1,871  
Net cash (used in) provided by operating activities(16,381) 56,666  
Cash flows from investing activities:
Acquisition of Dover Downs Gaming & Entertainment, Inc., net of cash acquired  (9,606) 
Acquisition of Black Hawk Casinos, net of cash acquired(50,451)   
Proceeds from sale of property and equipment  7  
Capital expenditures, excluding Tiverton Casino Hotel and new hotel at Twin River Casino(5,448) (13,114) 
Capital expenditures - Tiverton Casino Hotel  (1,824) 
Capital expenditures - new hotel at Twin River Casino  (3,741) 
Payments associated with licenses  (942) 
Net cash used in investing activities(55,899) (29,220) 
Cash flows from financing activities:
Revolver borrowings250,000  25,000  
Revolver repayments(250,000) (80,000) 
Term loan proceeds, net of fees of $13,820 and $10,655, respectively
261,180  289,345  
Term loan repayments(1,500) (342,439) 
Senior note proceeds, net of fees of $0 and $6,130, respectively
  393,870  
Payment of financing fees(1,117) (3,358) 
Share repurchases (33,292) (409) 
Payment of shareholder dividends(3,199)   
Share redemption for tax withholdings - restricted stock(2,564)   
Net cash provided by financing activities219,508  282,009  
Net change in cash and cash equivalents and restricted cash147,228  309,455  
Cash and cash equivalents and restricted cash, beginning of period185,502  81,431  
Cash and cash equivalents and restricted cash, end of period$332,730  $390,886  
Supplemental disclosure of cash flow information:
Cash paid for interest$23,402  $10,960  
Cash paid for income taxes, net of refunds(165) 8,794  
Non-cash investing and financing activities:
Unpaid property and equipment$177  $614  
Deposit applied to fixed asset purchases  981  
Termination of operating leases via purchase of underlying assets  1,665  
Stock issued for acquisition of Dover Downs Gaming & Entertainment, Inc.  86,780  
See accompanying notes to condensed consolidated financial statements.
6

TWIN RIVER WORLDWIDE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)


1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Business

Twin River Worldwide Holdings, Inc. (the “Company”, “TRWH”) is a diverse, multi-jurisdictional owner and operator of gaming and racing facilities, including slot machines and various casino table games, and restaurant and hotel facilities. The Company, through its wholly owned subsidiary Twin River Management Group, Inc. (“TRMG”), owns and manages the Twin River Casino Hotel (“Twin River Casino Hotel”) in Lincoln, Rhode Island, the Tiverton Casino Hotel (“Tiverton Casino Hotel”) in Tiverton, Rhode Island, the Hard Rock Hotel & Casino (“Hard Rock Biloxi”) in Biloxi, Mississippi, the Dover Downs Hotel & Casino (“Dover Downs Casino Hotel”) in Dover, Delaware, the Golden Gates, Golden Gulch and Mardi Gras casinos (collectively, “Black Hawk Casinos”) in Black Hawk, Colorado and the Arapahoe Park racetrack and 13 off-track betting licenses (“Mile High USA”) in Aurora, Colorado. Following the closure of the Newport Grand Casino (“Newport Grand”) in August 2018, the Company opened the Tiverton Casino Hotel on September 1, 2018. On March 28, 2019, the Company completed its acquisition of Dover Downs Gaming & Entertainment, Inc., which included Dover Downs Casino Hotel (“Dover Downs”). On January 23, 2020, the Company completed its acquisition of the Black Hawk Casinos. On July 1, 2020, the Company completed its acquisition from Eldorado Resorts, Inc., (“Eldorado”) of the operations and real estate of Isle of Capri Casino Kansas City in Kansas City, Missouri, (subsequently rebranded as “Casino KC”), and Lady Luck Casino Vicksburg in Vicksburg, Mississippi (subsequently rebranded as “Casino Vicksburg”). On April 24, 2020, the Company announced that it had entered into an agreement with Eldorado to acquire Eldorado Shreveport Resort and Casino in Shreveport, Louisiana and the MontBleu Resort Casino & Spa in Lake Tahoe, Nevada and into an agreement with Caesars Entertainment Corporation and VICI Properties Inc. to acquire Bally's Atlantic City Hotel & Casino in Atlantic City, New Jersey. On July 20, 2020 Eldorado completed its acquisition of Caesars Entertainment Corporation, as a result of which Eldorado merged with and into Caesars Entertainment Corporation, with Caesars Entertainment Corporation surviving the merger. See Note 4. “Acquisitions” for further information.

On March 29, 2019, the Company’s common stock was listed on the New York Stock Exchange and began trading under the ticker symbol “TRWH.”

COVID-19 Pandemic

The novel coronavirus (“COVID-19”) pandemic has caused significant disruption to the US and global economy as well as financial markets around the world and has impacted, and is likely to continue to impact, the Company’s business in a material manner. As of March 16, 2020 all of the Company’s properties at the time were temporarily closed as a result of the COVID-19 pandemic and as of March 17, 2020, all of the properties the Company had entered into agreements to acquire were also temporarily closed. As of June 17, 2020, all of the Company’s properties, including the subsequently acquired Casino KC and Casino Vicksburg have reopened and are operating in some capacity. The following is an update of re-openings and current operations by property.

Twin River Casino Hotel and Tiverton Casino Hotel - The Rhode Island properties pre-opened on June 8, 2020 with very limited invitation only guests allowed. Beginning June 30, 2020, the Company was able to open to the general public, at approximately 65% capacity, with half of VLTs and a limited number of table games, with a three player limit, available. The hotels at the Rhode Island properties remain closed at this time.
Hard Rock Biloxi - The Biloxi property re-opened to the general public, at 50% capacity, on May 21, 2020 with 41% of VLTs, all table games, with a three player limit, and 75% of the hotel rooms available to guests. Currently, Hard Rock Biloxi is still operating at 50% capacity, however, over 60% of VLTs are available and the hotel is currently operating with all rooms available to guests.
Dover Downs Casino Hotel - The Delaware property re-opened, at 30% capacity, on June 1, 2020, with 45% of VLTs. Table games, with a two player limit, became available to guests on June 17, 2020 and the hotel, at 60% room capacity, became available on June 18, 2020. Currently, the property is operating at approximately 60% capacity, with about half of VLTs, and all table games, with a three player limit, and all hotel rooms available to guests.
Casino KC - Casino KC re-opened, at 50% capacity, on June 1, 2020 with 70% of VLTs and 30% of table games, with a three player limit, available to guests. Casino KC is still operating at this capacity.
7

TWIN RIVER WORLDWIDE HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

Casino Vicksburg - Casino Vicksburg re-opened, at 50% capacity, on May 21, 2020 with 48% of VLTs and 50% of hotel rooms available to guests. Currently, Casino Vicksburg is still operating at 50% capacity, however, over 65% of VLTs are available and the hotel is currently operating with all rooms available to guests.
Black Hawk Casinos - The Black Hawk Casinos re-opened, at 50% capacity, on June 17, 2020 with 55% of VLTs available to guests. Currently, they are still operating at 50% capacity, however, over 64% of VLTs are now available to guests.

The Company remains committed to compliance with all state and local re-opening requirements as well as and meeting or exceeding all guidelines established by the Centers for Disease Control and Prevention (“CDC”). The Company has implemented property-specific comprehensive health and safety protocols for each of its properties, developed in close consultation with applicable state regulators and public health officials in local jurisdictions. The Company’s operations are expected to continue to be negatively impacted by the COVID-19 pandemic and that impact could be material.

Principles of Consolidation

The accompanying condensed consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary TRMG and its subsidiaries. All intercompany transactions and balances have been eliminated in the consolidation. Certain prior year amounts have been reclassified to conform to the current year’s presentation.

The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information, including the instructions to Form 10-Q and Rule 10-01 of the SEC’s Regulation S-X. Accordingly, certain information and note disclosures normally required in complete financial statements prepared in conformity with accounting principles generally accepted in the United States have been condensed or omitted. In the Company’s opinion, these condensed consolidated financial statements include all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented.

These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Except as described below and in the Notes to the condensed consolidated financial statements, there were no material changes in significant accounting policies from those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019.

We have made estimates and judgments affecting the amounts reported in our condensed consolidated financing statements and the accompanying notes. The inputs into our judgments and estimates consider the economic implications of the COVID-19 pandemic on our critical and significant accounting estimates. The actual results that we experience may differ materially from our estimates.

Cash and Cash Equivalents and Restricted Cash

The Company considers all cash balances and highly liquid investments with an original maturity of three months or less to be cash and cash equivalents.

As of June 30, 2020 and December 31, 2019, restricted cash of $1.6 million and $2.9 million, respectively, was comprised of video lottery terminal (“VLT”) and table games cash, payable to the State of Rhode Island, and certain cash accounts at Dover Downs, which is unavailable for the Company’s use. The following table reconciles cash and restricted cash in the condensed consolidated balance sheets to the total shown on the condensed consolidated statements of cash flows.
June 30,December 31,
(in thousands)20202019
Cash and cash equivalents$331,083  $182,581  
Restricted cash1,647  2,921  
Total cash and cash equivalents and restricted cash$