Market Overview

Golden Entertainment Reports Second Quarter Results

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Second Quarter highlights:
-
Increased revenues, net income, Adjusted EBITDA and EBITDA Margin

-
Stratosphere renovations on schedule and on budget

-
Reiterating full year Adjusted EBITDA guidance

Golden Entertainment, Inc. (NASDAQ:GDEN) ("Golden Entertainment" or the
"Company") today reported financial results for the second quarter ended
June 30, 2018.

Blake L. Sartini, Chairman and Chief Executive Officer of Golden
Entertainment, commented, "We are pleased with our second quarter
results which saw revenue growth across both our casino and distributed
gaming segments. Our strong financial performance was driven by our
diversified portfolio, with particular strength from our Las Vegas
Locals properties, our existing casino resort in Laughlin and our Rocky
Gap property in Maryland. During the quarter, we were excited to begin
our Phase I renovations to the Stratosphere, which we expect to be
completed by year end. We also look forward to expanding our casino
portfolio with our pending acquisition of two Laughlin casino resorts
from Marnell Gaming, which is expected to close in the first quarter of
2019. This acquisition will allow us to benefit from operating synergies
immediately after closing while increasing our presence in Southern
Nevada, which we believe is one of the most attractive gaming markets in
the country."

The Company reported second-quarter revenues of $216.5 million, up from
$109.9 million in the second quarter of 2017. Net income for the second
quarter of 2018 was $3.6 million or $0.13 per share, compared to net
income of $1.7 million or $0.08 per share in the second quarter of 2017.
Adjusted EBITDA was $46.3 million for the second quarter compared to
$15.0 million for the second quarter of 2017.

Adjusted EBITDA was up 13.6% and Adjusted EBITDA margin improved 230
basis points when compared to Combined Adjusted EBITDA and Combined
Adjusted EBITDA margin for second quarter of 2017 including the results
of American Casino & Entertainment Properties, LLC ("American"), which
was acquired in October 2017.

Casinos

Casino segment revenues rose to $130.9 million in the second quarter of
2018 compared to $26.2 million in the second quarter of 2017. Including
the results of American for the second quarter of 2017, Combined
Revenues would have been $129.5 million. Casino segment Adjusted EBITDA
rose to $42.2 million compared to $6.9 million in the same quarter in
2017. Adjusted EBITDA rose 10.3% when compared to the Combined Adjusted
EBITDA of $38.2 million which includes the results of American for the
second quarter of 2017.

For our Nevada Casinos, second quarter revenues were $112.9 million,
slightly up from Combined Revenues for the segment in the prior year
period on a same property basis, while Adjusted EBITDA of $36.5 million
was up 8.4% from Combined Adjusted EBITDA for the segment in the prior
year period. This growth was primarily due to the effectiveness of our
operational changes as well as particular strength from our Las Vegas
Locals properties and our existing Laughlin resort.

Our Rocky Gap Resort in Maryland saw increases in revenue of 3.8% to
$18.0 million for the quarter, while Adjusted EBITDA increased 24.2% to
$5.7 million which was in part due to the property's tax rate on slot
revenue being reduced in July 2017.

Distributed Gaming

Distributed Gaming segment revenues increased to $85.4 million, up 2.1%
from $83.6 million in the second quarter of 2017. Adjusted EBITDA
declined 4.7% to $12.8 million, from $13.5 million in the same period
2017.

In our Nevada distributed gaming business, total revenues during the
second quarter were $69.5 million, a year-over-year increase of 1.7%.
Adjusted EBITDA of $10.6 million was down 5.7% compared to last year as
our EBITDA growth in our wholly-owned tavern portfolio continued to be
offset by weaker contribution from our chain store locations.

Our Montana distributed business generated revenues of $15.9 million in
the second quarter, an increase of 4.2% compared to last year. Adjusted
EBITDA for the Montana distributed business was $2.2 million for the
second quarter.

Stratosphere Renovations Update

Phase I of the Stratosphere renovations began in May, with the project
proceeding on time to be completed by year end and on budget of
approximately $32 million. Phase I includes the renovation of 317 rooms,
the installation of state-of-the-art exterior signage and lighting, as
well as the addition of a unique gastro brewery connected to a newly
renovated sports book. We expect approximately 250 of these renovated
rooms to be in service in September, with the balance completed in the
fourth quarter.

When our Stratosphere renovations are complete, we will have remodeled
1,133 rooms, refreshed the interior and exterior of the property,
provided guests with new premium food and beverage outlets and added
attractive group meeting space. Our total budget for the Stratosphere
renovations remains at $140 million, and is expected to be completed by
mid-2021.

Balance Sheet & Liquidity

As of June 30, 2018, the Company had cash and cash equivalents of
approximately $140 million and total outstanding debt of approximately
$1 billion. There were no outstanding borrowings under the Company's
$140 million revolving credit facility. At the end of the second
quarter, the Company's net leverage ratio (total debt less cash to
Adjusted EBITDA for the 12 months ended June 30, 2018) was 5.2x.

Full-Year 2018 Guidance

For the full year 2018, Golden Entertainment is maintaining its guidance
for total Adjusted EBITDA to be $184 million to $190 million. The
Company continues to expect to end the year with a net leverage ratio
below 4.75x.

Investor Conference Call and Webcast

The Company will host a webcast and conference call today, August 8,
2018 at 5:00 p.m. Eastern Time, to discuss the second quarter 2018
results. The conference call may be accessed live by dialing (844)
465-3054 or (480) 685-5227 for international callers and entering the
passcode 2089229. A replay will be available beginning at 8:00 p.m. ET
on August 8, 2018 and may be accessed by dialing (855) 859-2056 or (404)
537-3406 for international callers; the passcode is 2089229. The replay
will be available until August 11, 2018. The call will also be webcast
live through the "Investors" section of the Company's website, www.goldenent.com.
A replay of the audio webcast will also be archived on the Company's
website, www.goldenent.com.

Forward-Looking Statements

This press release contains forward-looking statements regarding future
events and our future results that are subject to the safe harbors
created under the Securities Act of 1933 and the Securities Exchange Act
of 1934. Forward-looking statements can generally be identified by the
use of words such as "anticipate," "believe," "continue," "could,"
"estimate," "expect," "forecast," "intend," "may," "plan," "project,"
"potential," "seek," "should," "think," "will," "would" and similar
expressions, or they may use future dates. Forward-looking statements in
this press release include, without limitation, statements regarding:
the pending Laughlin acquisition and the expected timing of the closing
thereof; the benefits of and realization of cost synergies from the
American and Laughlin transactions; estimated future financial and
operating results and future net leverage ratio; proposed future capital
expenditures, investments and property improvements, including the
Stratosphere redevelopment plan, and their associated timing, source of
funding and cost; and the Company's plans, strategic priorities,
objectives, expectations, intentions, including with respect to its
growth prospects and growth opportunities and potential acquisitions.
Forward-looking statements are based on our current expectations and
assumptions regarding the Company's business, the economy and other
future conditions. These forward-looking statements are subject to
assumptions, risks and uncertainties that may change at any time, and
readers are therefore cautioned that actual results could differ
materially from those expressed in any forward-looking statements.
Factors that could cause actual results to differ materially include:
the failure of our pending Laughlin acquisition to close as anticipated;
the Company's ability to realize the anticipated cost savings, synergies
and other benefits of the American and Laughlin transactions and its
other acquisitions, and integration risks relating to such transactions;
changes in national, regional and local economic, political and market
conditions; legislative and regulatory matters (including the cost of
compliance or failure to comply with applicable laws and regulations);
increases in gaming taxes and fees in the jurisdictions in which the
Company operates; litigation; increased competition; the Company's
ability to renew its distributed gaming contracts; reliance on key
personnel (including the Company's Chief Executive Officer, Chief
Operating Officer and Chief Strategy and Financial Officer); the level
of the Company's indebtedness and the Company's ability to comply with
covenants in its debt instruments; terrorist incidents; natural
disasters; severe weather conditions; the effects of environmental and
structural building conditions; the effects of disruptions to the
Company's information technology and other systems and infrastructure;
factors affecting the gaming, entertainment and hospitality industries
generally; and other risks and uncertainties discussed in the Company's
filings with the SEC, including the "Risk Factors" sections of the
Company's Annual Report on Form 10-K for the year ended December 31,
2017 and most recent Quarterly Reports on Form 10-Q. The Company
undertakes no obligation to update any forward-looking statements as a
result of new information, future developments or otherwise. All
forward-looking statements in this press release are qualified in their
entirety by this cautionary statement.

Non-GAAP Financial Measures

To supplement the Company's consolidated financial statements presented
in accordance with United States generally accepted accounting
principles ("GAAP"), the Company uses Adjusted EBITDA, Combined Revenues
and Combined Adjusted EBITDA which measures the Company believes are
appropriate to provide meaningful comparison with, and to enhance an
overall understanding of, the Company's past financial performance and
prospects for the future. The Company believes Adjusted EBITDA and
Combined Adjusted EBITDA provide useful information to both management
and investors by excluding specific expenses and gains that the Company
believes are not indicative of core operating results. Further, Adjusted
EBITDA is a measure of operating performance used by management, as well
as industry analysts, to evaluate operations and operating performance
and is widely used in the gaming industry. Other companies in the gaming
industry may calculate Adjusted EBITDA differently than the Company does.

Combined Revenues and Combined Adjusted EBITDA represent historical
revenues, net income and Adjusted EBITDA of American (for periods prior
to the American acquisition) and Golden on a combined basis, as if the
American acquisition had occurred on the first day of the period
presented. Such presentation does not conform to GAAP or the Securities
and Exchange Commission rules for pro forma presentations; however, the
Company has included these combined results because it believes they
provide a meaningful comparison for the periods presented. All combined
financial information is unaudited and does not include any pro forma
adjustments to reflect the American acquisition and related
transactions. The combined financial information has been prepared by
the Company's management for illustrative purposes only and does not
purport to be indicative of what its results of operations, financial
condition or other financial information would have been if the American
acquisition and related transactions had occurred at the beginning of
the period presented. In addition, the combined financial information
does not reflect non-recurring charges incurred in connection with the
American acquisition, nor any cost savings and synergies expected to
result from the American acquisition (and associated costs to achieve
such savings or synergies), nor any costs associated with severance,
restructuring or integration activities resulting from the American
acquisition.

The presentation of this additional information is not meant to be
considered in isolation or as a substitute for measures of financial
performance prepared in accordance with GAAP. Reconciliations of
Adjusted EBITDA to net income (loss) are provided in the financial
information tables below. Additionally, a reconciliation of Combined
Revenues to revenues is provided in the financial information tables
below.

The Company has not provided a reconciliation of its guidance for
Adjusted EBITDA to net income since interest, depreciation,
amortization, taxes and other adjustment items are not available without
unreasonable efforts. The Company defines "Adjusted EBITDA" as earnings
before interest and other non-operating income (expense), income taxes,
depreciation and amortization, acquisition expenses, loss on disposal of
property and equipment, share-based compensation expenses, preopening
expenses, class action litigation expenses, executive severance, gain on
change in fair value of derivative, and other gains and losses. Adjusted
EBITDA for a particular segment or operation is Adjusted EBITDA before
corporate overhead, which is not allocated to each segment or operation.

About Golden Entertainment, Inc.

Golden Entertainment, Inc. owns and operates gaming properties across
two divisions – resort casino operations and distributed gaming. The
Company operates approximately 16,000 gaming devices, 121 table games,
5,164 hotel rooms, and provides jobs for over 7,000 team members. Golden
Entertainment owns eight resort casinos – seven in Southern Nevada and
one in Maryland. Through its distributed gaming business in Nevada and
Montana, Golden Entertainment operates slot machines at over 1,000
locations and owns nearly 60 traditional taverns in Nevada. The Company
is licensed in Illinois to operate video gaming terminals. Golden
Entertainment is focused on maximizing the value of its portfolio by
leveraging its scale, leadership position and proven management
capabilities across its two divisions. For more information, visit www.goldenent.com.

 
 

Golden Entertainment, Inc.

Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

       
Three Months Ended June 30, Six Months Ended June 30,
2018   2017(1) 2018   2017(1)
Revenues
Gaming $ 132,546 $ 89,257 $ 266,409 $ 175,436
Food and beverage 43,422 15,021 86,025 29,893
Rooms 27,568 1,920 53,633 3,408
Other   13,007   3,687   25,265   7,031
Total revenues   216,543   109,885   431,332   215,768
Expenses
Gaming 78,510 61,166 156,198 120,163
Food and beverage 35,351 13,163 68,943 26,176
Rooms 12,291 499 23,856 972
Other operating 3,655 3,518 7,651 6,794
Selling, general and administrative 43,986 18,913 88,379 36,895
Depreciation and amortization 22,854 7,408 48,091 13,960
Acquisition expenses 194 2,066 1,306 2,066
Preopening expenses 389 574 837 846
Loss on disposal of property and equipment   218     295  
Total expenses   197,448   107,307   395,556   207,872
Operating income   19,095   2,578   35,776   7,896
Non-operating income (expense)
Interest expense, net (16,066 ) (2,000 ) (30,809 ) (3,683 )
Change in fair value of derivative   1,462     4,673  
Total non-operating expense, net   (14,604 )   (2,000 )   (26,136 )   (3,683 )
Income before income tax benefit (provision) 4,491 578 9,640 4,213
Income tax benefit (provision)   (897 )   1,135   (2,116 )   2,842
Net income $ 3,594 $ 1,713 $ 7,524 $ 7,055
 
Weighted-average common shares outstanding
Basic 27,406 22,265 27,278 22,258
Dilutive impact of stock options and restricted stock units   2,258   1,023   2,250   799
Diluted   29,664   23,288   29,528   23,057
Net income per share
Basic $ 0.13 $ 0.08 $ 0.28 $ 0.32
Diluted $ 0.12 $ 0.07 $ 0.25 $ 0.31
___________________

(1) Prior-period information has been recast for the adoption of
Accounting Standards Codification Topic 606 (ASC 606), Revenue
from Contracts with Customers
, which the Company adopted
effective January 1, 2018, utilizing the full retrospective
transition method.

 
 
 

Golden Entertainment, Inc.

Supplemental Combined Financial Information

(Unaudited, in thousands)

       
Three Months Ended

Three Months Ended

June 30, 2017

June 30, 2018 Golden   American   Combined % Change
Revenues
Nevada Casinos $ 112,917 $ 8,833 $ 103,348 $ 112,181 0.7 %
Maryland Casino   18,009   17,346   -   17,346 3.8 %
Total Casinos 130,926 26,179 103,348 129,527 1.1 %
Nevada Distributed Gaming 69,507 68,357 - 68,357 1.7 %
Montana Distributed Gaming   15,890   15,253   -   15,253 4.2 %
Total Distributed Gaming 85,397 83,610 - 83,610 2.1 %
Corporate and other   220   96   29   125 76.0 %
Total revenues $ 216,543 $ 109,885 $ 103,377 $ 213,262 1.5 %
 
Net income $ 3,594 $ 1,713 $ 14,348 $ 16,061 (77.6 %)
Adjustments to net income:
Depreciation and amortization 22,854 7,408 7,358 14,766 54.8 %
Acquisition expenses 194 2,066 - 2,066 (90.6 %)
Loss on disposal of property and equipment 218 - - - 100.0 %
Share-based compensation 2,758 2,322 - 2,322 18.8 %
Preopening expenses 389 574 - 574 (32.2 %)
Class action litigation expenses 218 55 - 55 296.4 %
Executive severance and sign-on bonuses 371 - 43 43 762.8 %
Loss on extinguishment of debt - - 881 881 (100.0 %)
Settlement expense - - 800 800 (100.0 %)
Other, net 199 - 7 7 2742.9 %
Interest expense, net 16,066 2,000 2,331 4,331 271.0 %
Change in fair value of derivative (1,462 ) - - - 100.0 %
Income tax (benefit) provision   897   (1,135 )   -   (1,135 ) (179.0 %)
Adjusted EBITDA $ 46,296 $ 15,003 $ 25,768 $ 40,771 13.6 %
 
Adjusted EBITDA
Nevada Casinos $ 36,524 $ 2,379 $ 31,302 $ 33,681 8.4 %
Maryland Casino   5,658   4,555   -   4,555 24.2 %
Total Casinos 42,182 6,934 31,302 38,236 10.3 %
Nevada Distributed Gaming 10,638 11,277 - 11,277 (5.7 %)
Montana Distributed Gaming   2,204   2,201   -   2,201 0.1 %
Total Distributed Gaming 12,842 13,478 - 13,478 (4.7 %)
Corporate and other   (8,728 )   (5,409 )   (5,534 )   (10,943 ) (20.2 %)
Adjusted EBITDA $ 46,296 $ 15,003 $ 25,768 $ 40,771 13.6 %
 
 

Golden Entertainment, Inc.

Supplemental Combined Financial Information (continued)

(Unaudited, in thousands)

       
Six Months Ended

Six Months Ended

June 30, 2017

June 30, 2018 Golden   American   Combined % Change
Revenues
Nevada Casinos $ 228,584 $ 17,926 $ 208,200 $ 226,126 1.1 %
Maryland Casino   32,829   32,543   -   32,543 0.9 %
Total Casinos 261,413 50,469 208,200 258,669 1.1 %
Nevada Distributed Gaming 138,241 135,044 - 135,044 2.4 %
Montana Distributed Gaming   31,317   30,080   -   30,080 4.1 %
Total Distributed Gaming 169,558 165,124 - 165,124 2.7 %
Corporate and other   361   175   65   240 50.4 %
Total revenues $ 431,332 $ 215,768 $ 208,265 $ 424,033 1.7 %
 
Net income $ 7,524 $ 7,055 $ 33,093 $ 40,148 (81.3 %)
Adjustments to net income:
Depreciation and amortization 48,091 13,960 14,432 28,392 69.4 %
Acquisition expenses 1,306 2,066 - 2,066 (36.8 %)
Loss on disposal of property and equipment 295 - - - 100.0 %
Share-based compensation 4,602 3,749 - 3,749 22.8 %
Preopening expenses 837 846 - 846 (1.1 %)
Class action litigation expenses 335 55 - 55 509.1 %
Executive severance and sign-on bonuses 558 - 43 43 1197.7 %
Loss on extinguishment of debt - - 881 881 (100.0 %)
Settlement expense - - 800 800 (100.0 %)
Other, net 390 - 7 7 5471.4 %
Interest expense, net 30,809 3,683 4,983 8,666 255.5 %
Change in fair value of derivative (4,673 ) - - - 100.0 %
Income tax (benefit) provision   2,116   (2,842 )   -   (2,842 ) (174.5 %)
Adjusted EBITDA $ 92,190 $ 28,572 $ 54,239 $ 82,811 11.3 %
 
Adjusted EBITDA
Nevada Casinos $ 76,445 $ 5,270 $ 66,158 $ 71,428 7.0 %
Maryland Casino   9,387   7,966   -   7,966 17.8 %
Total Casinos 85,832 13,236 66,158 79,394 8.1 %
Nevada Distributed Gaming 21,640 22,277 - 22,277 (2.9 %)
Montana Distributed Gaming   4,209   4,307   -   4,307 (2.3 %)
Total Distributed Gaming 25,849 26,584 - 26,584 (2.8 %)
Corporate and other   (19,491 )   (11,248 )   (11,919 )   (23,167 ) (15.9 %)
Adjusted EBITDA $ 92,190 $ 28,572 $ 54,239 $ 82,811 11.3 %
 
 

Golden Entertainment, Inc.

Reconciliation of Net Income (Loss) to Adjusted EBITDA

(Unaudited, in thousands)

   
Three Months Ended June 30, 2018
Casino Segment    

Distributed Gaming

Segment

     

Nevada

Casinos

 

Maryland

Casino

Nevada

Distributed

Gaming

 

Montana

Distributed

Gaming

Corporate

and

Other

Consolidated
Net income (loss) $ 19,632 $ 4,604 $ 6,583 $ 969 $ (28,194 ) $ 3,594
Depreciation and amortization 16,364 1,048 3,745 1,234 463 22,854
Acquisition expenses - - - - 194 194
Loss on disposal of property and equipment 214 4 - - - 218
Share-based compensation - - - - 2,758 2,758
Preopening expenses - - 88 - 301 389
Class action litigation expenses 3 - 195 - 20 218
Executive severance 168 - 2 - 201 371
Other, net 120 - - - 79 199
Interest expense, net 23 2 25 1 16,015 16,066
Change in fair value of derivative - - - - (1,462 ) (1,462 )
Income tax provision   -   -   -   -   897   897
Adjusted EBITDA $ 36,524 $ 5,658 $ 10,638 $ 2,204 $ (8,728 ) $ 46,296
                       
Three Months Ended June 30, 2017
Casino Segment    

Distributed Gaming

Segment

     

Nevada

Casinos

 

Maryland

Casino

Nevada

Distributed

Gaming

 

Montana

Distributed

Gaming

Corporate

and

Other

Consolidated
Net income (loss) $ 1,143 $ 3,809 $ 6,978 $ 880 $ (11,097 ) $ 1,713
Depreciation and amortization 1,281 744 3,700 1,242 441 7,408
Acquisition expenses - - - - 2,066 2,066
Share-based compensation - - - - 2,322 2,322
Preopening expenses - - 311 89 174 574
Class action litigation expenses - - - - 55 55
Interest expense, net (45 ) 2 288 (10 ) 1,765 2,000
Income tax benefit   -   -   -   -   (1,135 )   (1,135 )
Adjusted EBITDA $ 2,379 $ 4,555 $ 11,277 $ 2,201 $ (5,409 ) $ 15,003
 
 

Golden Entertainment, Inc.

Reconciliation of Net Income (Loss) to Adjusted EBITDA
(continued)

(Unaudited, in thousands)

   
Six Months Ended June 30, 2018
Casino Segment    

Distributed Gaming

Segment

     

Nevada

Casinos

 

Maryland

Casino

Nevada

Distributed

Gaming

 

Montana

Distributed

Gaming

Corporate

and

Other

Consolidated
Net income (loss) $ 40,772 $ 7,305 $ 13,406 $ 1,594 $ (55,553 ) $ 7,524
Depreciation and amortization 34,973 2,074 7,525 2,602 917 48,091
Acquisition expenses - - - - 1,306 1,306
Loss on disposal of property and equipment 276 4 5 10 - 295
Share-based compensation - - - - 4,602 4,602
Preopening expenses - - 236 - 601 837
Class action litigation expenses 16 - 195 - 124 335
Executive severance 219 - 37 - 302 558
Other, net 144 - 167 - 79 390
Interest expense, net 45 4 69 3 30,688 30,809
Change in fair value of derivative - - - - (4,673 ) (4,673 )
Income tax provision   -   -   -   -   2,116   2,116
Adjusted EBITDA $ 76,445 $ 9,387 $ 21,640 $ 4,209 $ (19,491 ) $ 92,190
                       
Six Months Ended June 30, 2017
Casino Segment    

Distributed Gaming

Segment

     

Nevada

Casinos

 

Maryland

Casino

Nevada

Distributed

Gaming

 

Montana

Distributed

Gaming

Corporate

and

Other

Consolidated
Net income (loss) $ 3,189 $ 6,490 $ 14,507 $ 1,572 $ (18,703 ) $ 7,055
Depreciation and amortization 2,125 1,471 7,045 2,531 788 13,960
Acquisition expenses - - - - 2,066 2,066
Share-based compensation - - - - 3,749 3,749
Preopening expenses - - 396 213 237 846
Class action litigation expenses - - - - 55 55
Interest expense, net (44 ) 5 329 (9 ) 3,402 3,683
Income tax benefit   -   -   -   -   (2,842 )   (2,842 )
Adjusted EBITDA $ 5,270 $ 7,966 $ 22,277 $ 4,307 $ (11,248 ) $ 28,572
 
 

Golden Entertainment, Inc.

Consolidated Balance Sheets

(Unaudited, in thousands)

         
June 30, 2018 December 31, 2017(1)
ASSETS
Current assets
Cash and cash equivalents $ 140,330 $ 90,579
Accounts receivable, net 13,297 14,692
Prepaid expenses 16,836 19,397
Inventories 6,867 5,594
Other   2,284   2,817
Total current assets 179,614 133,079
Property and equipment, net 884,493 895,241
Goodwill 158,134 158,134
Intangible assets, net 148,912 157,692
Deferred income taxes 7,680 7,787
Other assets   18,071   13,242
Total assets $ 1,396,904 $ 1,365,175
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Current portion of long-term debt $ 9,038 $ 9,759
Accounts payable 21,364 19,470
Accrued taxes, other than income taxes 6,704 6,664
Accrued payroll and related 17,970 22,570
Accrued liabilities   20,447   20,373
Total current liabilities 75,523 78,836
Long-term debt, net 961,343 963,200
Other long-term obligations   3,251   3,226
Total liabilities   1,040,117   1,045,262
Shareholders' equity

Common stock, $.01 par value; authorized 100,000 shares; 27,430
and 26,413

common shares issued and outstanding, respectively

274 264
Additional paid-in capital 428,850 399,510
Accumulated deficit   (72,337 )   (79,861 )
Total shareholders' equity   356,787   319,913
Total liabilities and shareholders' equity $ 1,396,904 $ 1,365,175
___________________

(1) Prior-period information has been recast for the adoption of
Accounting Standards Codification Topic 606 (ASC 606), Revenue
from Contracts with Customers
, which the Company adopted
effective January 1, 2018, utilizing the full retrospective
transition method.

 

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