MGM Resorts International
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
MGM$33.06+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net income | $1,314,924 | $206,731 | $1,208,389 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 814,128 | 3,482,050 | 1,150,610 |
| Amortization of debt discounts, premiums and issuance costs | 27,844 | 32,769 | 40,328 |
| Loss on early retirement of debt | — | — | 37 |
| Provision for credit losses | 48,984 | 22,738 | 21,852 |
| Stock-based compensation | 73,607 | 71,296 | 65,183 |
| Property transactions, net | (370,513) | (1,036,997) | (67,736) |
| Foreign currency transaction loss | 106,428 | 19,081 | 12,551 |
| Gain on REIT transactions, net | — | (2,277,747) | — |
| Gain on consolidation of CityCenter, net | — | — | (1,562,329) |
| Noncash lease expense | 516,120 | 437,603 | 188,917 |
| Other investment losses (gains) | 1,112 | (12,430) | (28,417) |
| Loss (income) from unconsolidated affiliates | 63,136 | 183,670 | (1,580) |
| Distributions from unconsolidated affiliates | 20,121 | 37,435 | 99,370 |
| Deferred income taxes | (117,278) | 496,189 | 241,947 |
| Change in operating assets and liabilities: | |||
| Accounts receivable | (132,288) | (211,687) | (236,182) |
| Inventories | (15,524) | (26,627) | 3,107 |
| Income taxes receivable and payable, net | (58,493) | 197,097 | (30,444) |
| Prepaid expenses and other | (50,875) | (14,424) | (36,608) |
| Accounts payable and accrued liabilities | 410,131 | 183,839 | 442,626 |
| Other | 39,213 | (34,124) | (138,198) |
| Net cash provided by operating activities | 2,690,777 | 1,756,462 | 1,373,423 |
| Cash flows from investing activities | |||
| Capital expenditures | (931,813) | (765,067) | (490,697) |
| Dispositions of property and equipment | 5,431 | 112,019 | 106,600 |
| Proceeds from sale of operating resorts | 460,392 | 1,054,313 | — |
| Proceeds from repayment of principal on note receivable | 152,518 | — | — |
| Proceeds from real estate transactions | — | 4,373,820 | 3,888,431 |
| Acquisitions, net of cash acquired | (122,058) | (1,889,118) | (1,789,604) |
| Investments in unconsolidated affiliates | (161,040) | (254,786) | (226,889) |
| Distributions from unconsolidated affiliates | 8,342 | 10,361 | 9,694 |
| Investments and other | (125,947) | (523,361) | 46,110 |
| Net cash provided by (used in) investing activities | (714,175) | 2,118,181 | 1,543,645 |
| Cash flows from financing activities | |||
| Net borrowings (repayments) under bank credit facilities – maturities of 90 days or less | (1,097,306) | 1,148,276 | (2,096,217) |
| Issuance of long-term debt | — | — | 749,775 |
| Repayment of long-term debt | (1,285,600) | (1,070,340) | — |
| Debt issuance costs | (21,535) | (1,367) | (18,726) |
| Issuance of MGM Growth Properties Class A shares, net | — | — | 792,851 |
| Dividends paid to common shareholders | — | (4,048) | (4,789) |
| Distributions to noncontrolling interest owners | (177,093) | (210,699) | (324,190) |
| Repurchases of common stock | (2,291,917) | (2,775,217) | (1,753,509) |
| Other | (131,180) | (110,907) | (159,290) |
| Net cash used in financing activities | (5,004,631) | (3,024,302) | (2,814,095) |
| Effect of exchange rate on cash, cash equivalents, and restricted cash | (19,401) | 8,926 | (1,551) |
| Change in cash and cash equivalents classified as assets held for sale | 25,938 | (25,938) | — |
| Cash, cash equivalents, and restricted cash | |||
| Net change for the period | (3,021,492) | 833,329 | 101,422 |
| Balance, beginning of period | 6,036,388 | 5,203,059 | 5,101,637 |
| Balance, end of period | $3,014,896 | $6,036,388 | $5,203,059 |
| Supplemental cash flow disclosures | |||
| Interest paid, net of amounts capitalized | $452,160 | $573,629 | $705,680 |
| Federal, state and foreign income taxes paid, net | 344,397 | 22,955 | 43,018 |
| Non-cash financing activities | |||
| MGM Grand Paradise gaming concession intangible asset | $226,083 | $— | $— |
| MGM Grand Paradise gaming concession long-term obligation | 226,083 | — | — |
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