Investor Presentaiton
| FREE CASH FLOW GENERATION DRIVES RAPID DELEVERAGING (1)
red rock resorts
EBITDA
Q4-20
150,506
Q1-21
Q2-21
156,649
208,617
Q3-21
181,328
Post-Open
901,891
less: Cash Interest
(25,065)
(32,138)
(24,189)
(28,330)
(144,325)
Plus: Change in Working Capital
723
(22,490)
1,602
5,482
(14,315)
less: Capital Expenditures
(4,159)
(5,631)
(12,139)
(14,732)
(54,068)
less: Other Expenditures
(7,324)
(16,050)
less: Distributions
less: Cash Taxes
(7,561)
(23,833)
(17,660)
(49,054)
Operating Free Cash Flow
114,682
88,829
150,058
126,088
624,080
Shares Outstanding
117,303
117,054
116,359
114,682
114,682
Operating Free Cash Flow per Share
Operating Free Cash Flow Yield
$0.98
$0.76
$1.29
$1.10
$5.44
76%
57%
72%
70%
69%
Beginning Principal Balance of Debt
3,047,989
2,945,623
2,867,624
2,717,181
3,986,061
less: Cash from Balance Sheet
less: FCF used to pay down debt
(793,649)
(102,366)
Ending Principal Balance of Debt
less: ending Cash on Balance Sheet
Net Debt
2,945,623
(77,999)
2,867,624
(150,444)
(37,464)
(512,695)
2,717,181
2,679,716
2,679,716
121,176
2,824,448
117,937
90,988
89,925
89,925
2,749,687
2,626,192
2,589,791
2,589,791
We have converted 69% of EBITDA to Free Cash Flow since reopening(2)
(1) Consolidated results for RRR as of September 30, 2021.
(2) Red Rock Resort's casinos reopened on June 4, 2020.
INVESTOR PRESENTATION November 2021
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