XML 23 R7.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 95,000,000.0 $ 157,900,000 $ 322,000,000.0
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation and amortization 239,700,000 192,800,000 155,800,000
Non-cash interest on financing and deemed landlord financed leases 22,800,000 13,800,000 11,600,000
Amortization of debt discount and issuance costs 6,500,000 9,800,000 19,300,000
Impairment loss 11,700,000 5,500,000 0
Deferred taxes, net (88,900,000) (31,000,000.0) 8,400,000
Share-based compensation 46,700,000 47,000,000.0 38,700,000
Loss on debt modification 10,500,000 0 0
Gain on Topgolf investment 0 0 (252,500,000)
Unrealized net losses on hedging instruments and foreign currency 8,700,000 17,500,000 300,000
Acquisition costs 0 0 (16,200,000)
Other 1,400,000 (2,900,000) 400,000
Change in assets and liabilities, net of effect from acquisitions:      
Accounts receivable, net (34,200,000) (75,600,000) 38,200,000
Inventories 163,200,000 (442,400,000) (177,500,000)
Leasing receivables (9,500,000) (22,200,000) (22,900,000)
Other assets (32,000,000.0) (20,700,000) (51,700,000)
Accounts payable and accrued expenses (98,100,000) 110,400,000 96,800,000
Deferred revenue 16,700,000 800,000 24,900,000
Accrued employee compensation and benefits (22,800,000) 7,600,000 53,800,000
Operating lease assets and liabilities, net 16,600,000 7,500,000 22,600,000
Income taxes receivable/payable, net 6,200,000 (11,400,000) 8,800,000
Other liabilities 4,500,000 500,000 (2,500,000)
Net cash provided by (used in) operating activities 364,700,000 (35,100,000) 278,300,000
Cash flows from investing activities:      
Capital expenditures (482,000,000.0) (532,300,000) (322,300,000)
Asset acquisitions (31,200,000) 0 0
Business combinations (29,700,000) 0 0
Investment in golf-related ventures (2,500,000) 0 (30,000,000.0)
Acquisition of intangible assets (800,000) (3,200,000) 0
Proceeds from government grants 3,000,000.0 0 0
Proceeds from sales of property and equipment 300,000 0 0
Cash acquired in merger 0 0 171,300,000
Proceeds from sale of investment in golf-related ventures 0 400,000 19,100,000
Net cash used in investing activities (542,900,000) (535,100,000) (161,900,000)
Cash flows from financing activities:      
Proceeds from borrowings on long-term debt 1,224,800,000 176,800,000 26,200,000
Repayments of long-term debt (794,500,000) (96,600,000) (200,700,000)
Proceeds from (repayments of) credit facilities, net (272,400,000) 213,000,000.0 (13,100,000)
Debt issuance costs (1,800,000) (200,000) (5,400,000)
Repayments of financing leases (2,800,000) (2,700,000) (800,000)
Proceeds from lease financing 274,300,000 175,700,000 89,200,000
Exercise of stock options 4,200,000 700,000 22,300,000
Acquisition of treasury stock (56,000,000.0) (35,800,000) (38,200,000)
Payment on contingent earn-out obligation 0 (5,600,000) (3,600,000)
Net cash provided by (used in) financing activities 375,800,000 425,300,000 (124,100,000)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2,200,000) (9,400,000) (700,000)
Net increase (decrease) in cash, cash equivalents and restricted cash 195,400,000 (154,300,000) (8,400,000)
Cash, cash equivalents and restricted cash at beginning of period 203,400,000 357,700,000 366,100,000
Cash, cash equivalents and restricted cash at end of period 398,800,000 203,400,000 357,700,000
Less: restricted cash (5,300,000) (23,200,000) (5,500,000)
Cash and cash equivalents at end of period 393,500,000 180,200,000 352,200,000
Supplemental disclosures:      
Cash paid for income taxes, net 21,500,000 28,100,000 9,400,000
Cash paid for interest and fees 184,700,000 111,100,000 88,600,000
Non-cash investing and financing activities:      
Issuance of treasury stock and common stock for compensatory stock awards released from restriction 24,600,000 29,000,000.0 18,500,000
Accrued capital expenditures 45,500,000 40,500,000 50,200,000
Financed additions of capital expenditures 60,600,000 30,600,000 37,700,000
Issuance of common stock in Topgolf merger 0 0 2,650,200,000
Issuance of common stock related to convertible notes $ 0 $ 500,000 $ 0