[PART I - Financial Information](index=3&type=section&id=PART%20I) [Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2022, detailing balance sheets, operations, equity, cash flows, and notes on accounting policies and acquisitions [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2022, total assets were **$6.41 billion**, liabilities **$4.86 billion**, and stockholders' equity **$1.55 billion**, reflecting slight decreases from year-end 2021 Condensed Consolidated Balance Sheets ($ thousands) | Metric | March 31, 2022 ($ thousands) | December 31, 2021 ($ thousands) | | :--- | :--- | :--- | | **Total Assets** | **$6,408,028** | **$6,553,217** | | Goodwill | $2,082,632 | $2,122,653 | | Intangible assets, net | $2,397,827 | $2,477,952 | | **Total Liabilities** | **$4,856,805** | **$4,937,415** | | Long-term debt, net | $3,449,053 | $3,426,777 | | **Total Stockholders' Equity** | **$1,551,223** | **$1,615,802** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2022 revenue significantly increased to **$548.3 million**, resulting in a net income of **$1.9 million** ($0.03 per diluted share), a turnaround from a prior-year net loss Condensed Consolidated Statements of Operations ($ thousands) | Metric | Three Months Ended March 31, 2022 ($ thousands) | Three Months Ended March 31, 2021 ($ thousands) | | :--- | :--- | :--- | | **Total Revenue** | **$548,271** | **$192,266** | | Gaming Revenue | $463,702 | $155,278 | | Income from Operations | $22,520 | $29,474 | | **Net Income (Loss)** | **$1,889** | **($10,705)** | | **Diluted Earnings (Loss) Per Share** | **$0.03** | **($0.30)** | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2022 saw net cash from operations at **$20.8 million**, a decrease from prior year, while cash used in investing activities increased to **$72.0 million**, and financing activities provided **$4.4 million** Condensed Consolidated Statements of Cash Flows ($ thousands) | Cash Flow Activity | Three Months Ended March 31, 2022 ($ thousands) | Three Months Ended March 31, 2021 ($ thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $20,810 | $25,870 | | Net cash used in investing activities | ($71,955) | ($28,884) | | Net cash provided by financing activities | $4,405 | $31,861 | | **Net change in cash** | **($51,170)** | **$28,916** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, segment realignment, the **Gamesys acquisition's impact**, and specifics on **$2.08 billion goodwill**, **$2.40 billion intangible assets**, and **$3.47 billion long-term debt** - The company realigned its business into three reportable segments: Casinos & Resorts, North America Interactive, and International Interactive, to better reflect its strategic growth and recent acquisitions[194](index=194&type=chunk)[195](index=195&type=chunk) Revenue by Segment (Q1 2022) ($ thousands) | Revenue by Segment (Q1 2022) | Amount ($ thousands) | | :--- | :--- | | Casinos & Resorts | $279,970 | | North America Interactive | $15,227 | | International Interactive | $253,074 | | **Total Revenue** | **$548,271** | - The acquisition of Gamesys on October 1, 2021, for **$2.60 billion** was a major event, adding **$1.68 billion** in goodwill and significantly expanding the company's international interactive operations[101](index=101&type=chunk)[102](index=102&type=chunk) - Total long-term debt as of March 31, 2022, was approximately **$3.47 billion**, composed of a Term Loan Facility, a Revolving Credit Facility, and two series of Senior Notes[148](index=148&type=chunk) - The company has a pending acquisition of the Tropicana Las Vegas Hotel and Casino, valued at approximately **$300 million**, expected to close in 2022[106](index=106&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses **185.2% revenue growth** to **$548.3 million** in Q1 2022, driven by acquisitions and easing restrictions, outlining strategy to expand interactive business and reinvest in casinos, with sufficient liquidity for operations and capital projects - The company's strategy is to become a leading, full-service, vertically integrated sports betting and iGaming company by leveraging acquisitions like Gamesys and its media partnership with Sinclair[214](index=214&type=chunk)[215](index=215&type=chunk)[217](index=217&type=chunk) - Total revenue for Q1 2022 increased by **185.2%** to **$548.3 million**, with acquisitions completed after Q1 2021, including Gamesys, contributing an aggregate of **$331.3 million** to this revenue[239](index=239&type=chunk)[240](index=240&type=chunk) Segment Adjusted EBITDA ($M) | Segment | Q1 2022 Adj. EBITDA ($M) | Q1 2021 Adj. EBITDA ($M) | | :--- | :--- | :--- | | Casinos & Resorts | $73.8 | $58.2 | | North America Interactive | $(19.3) | $1.4 | | International Interactive | $73.3 | - | | **Consolidated Total** | **$115.0** | **$52.5** | - The company plans significant capital expenditures in 2022, including projects at Bally's Twin River (**$50 million**), Bally's Atlantic City (**$40 million**), and Bally's Kansas City (**$50 million**), to be funded by cash flow and cash on hand[272](index=272&type=chunk)[273](index=273&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=58&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are **interest rate risk** from **$2.05 billion variable-rate debt** and **foreign currency risk** from UK operations, with no current use of derivative hedges - As of March 31, 2022, the company had **$2.05 billion** of variable-rate debt, where a hypothetical **1% increase** in the effective interest rate would increase annual interest expense by approximately **$19.5 million**[279](index=279&type=chunk) - The company is exposed to foreign currency risk, primarily from its UK operations conducted in GBP, and has not historically used hedges to manage this exposure[281](index=281&type=chunk) [Controls and Procedures](index=58&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management, including CEO and CFO, deemed disclosure controls and procedures effective as of March 31, 2022, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2022[282](index=282&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[283](index=283&type=chunk) [PART II - Other Information](index=59&type=section&id=PART%20II) [Legal Proceedings](index=59&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is involved in various legal proceedings arising from normal business, with management expecting no material impact on financial condition or results of operations - The company is party to various legal proceedings from its normal course of business, but estimated losses are not expected to be material[285](index=285&type=chunk) [Risk Factors](index=59&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2021, have been reported - There have been no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2021[286](index=286&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=59&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2022, the company repurchased **350,616 shares** for **$13.3 million**, with **$334.6 million** remaining available under the Capital Return Program as of March 31, 2022 Share Repurchase Activity ($ thousands) | Period | Total Shares Purchased | Average Price Paid per Share | Total Cost ($ thousands) | | :--- | :--- | :--- | :--- | | Jan 1 - Jan 31, 2022 | 350,616 | $37.90 | $13,288 | | Feb 1 - Feb 28, 2022 | 0 | N/A | $0 | | Mar 1 - Mar 31, 2022 | 0 | N/A | $0 | - As of March 31, 2022, approximately **$334.6 million** remained available for repurchases under the company's Capital Return Program[289](index=289&type=chunk) [Exhibits](index=60&type=section&id=ITEM%206.%20Exhibits) This section provides an index of exhibits filed with the Form 10-Q, including an amended regulatory agreement with Rhode Island and employment agreements for key executives - The filing includes several key exhibits, such as an Amended and Restated Regulatory Agreement with the State of Rhode Island, and employment agreements for the CEO and CFO[291](index=291&type=chunk)

Financial Data and Key Metrics Changes - For Q4 2021, the company reported net revenues of $548 million and adjusted EBITDA of $119.1 million, which included a $5.7 million loss at Bally's AC [24][25] - Total debt outstanding at the end of the quarter was $3.53 billion, with cash on the balance sheet just over $200 million [25] - The company expects total revenue for 2022 to be between $2.4 billion and $2.5 billion, with adjusted EBITDA projected between $560 million and $580 million [21] Business Line Data and Key Metrics Changes - The Casinos and Resorts segment generated revenues of $983 million and EBITDA of $395 million for 2021, with a 40% EBITDA margin [13] - The North America Interactive segment reported $90 million in revenue for Q4, compared to $11 million in Q3, with projected revenue of $125 million for 2022 [19][20] - The International Interactive segment saw a 10% year-on-year revenue increase in the UK and an 18% increase in Asia for 2021 [17] Market Data and Key Metrics Changes - In the UK, Q4 revenues were down 5% year-on-year, while Asia saw an 8% increase [17] - The company expects low to mid-single-digit growth in the UK for 2022, while Asia is projected to deliver double-digit growth [18] Company Strategy and Development Direction - The company is focused on an omnichannel strategy, integrating its digital and retail operations to enhance customer acquisition and engagement [10][12] - Bally's plans to launch new products and expand its market presence in states like Arizona and New York, emphasizing a cautious marketing approach due to tax rates [11][31] - The company aims to maintain a strong focus on responsible gaming and ESG initiatives, establishing a dedicated ESG committee [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the integration of Gamesys and the potential for growth in 2022, despite challenges from COVID and market conditions [7][14] - The company anticipates flat or slightly increased revenues in 2022, with EBITDA margins expected to remain stable [14] - Management highlighted the importance of customer-centricity and the need for high-quality product launches over speed to market [10] Other Important Information - Bally's has initiated a cross-sell campaign that has shown positive early results, with customer acquisition costs coming in under $200 [11] - The company plans to invest approximately $190 million in capital expenditures for 2022, focusing on property enhancements and new amenities [15] Q&A Session Summary Question: Status of new UK gaming regulations - Management noted delays in the timeline for the white paper on UK gaming regulations, with expectations for a decision in May [28][29] Question: Marketing strategy in New York - The company plans to leverage its existing database of New York players and approach marketing cautiously due to high tax rates [31] Question: Integration of technology from Gamesys - Management reported significant progress in integrating technology from Gamesys and other acquisitions, with a focus on creating a unified platform [33][34] Question: Maximum leverage levels - Management expressed comfort with current leverage levels and plans to reduce leverage over time through profit growth [38][39] Question: North America Interactive losses - The company expects to see a reduction in losses from $80 million to $60 million, influenced by timing and cautious spending [40][41] Question: Real estate monetization - Management indicated flexibility in monetizing properties but emphasized strategic considerations for any potential sales [54] Question: Update on downtown Chicago license bid - A decision from the city regarding the downtown Chicago license is expected in April [57] Question: Share repurchases strategy - The company is currently not active in the market for share repurchases but will consider it alongside other investment opportunities [62]

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 September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-38850 Twin River Worldwide Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 20-0904604 (State or other jurisdiction of incorpor ...

Twin River Worldwide Holdings, Inc. (TRWH) Q3 2020 Earnings Conference Call October 29, 2020 8:00 AM ET Company Participants Craig Eaton - Executive Vice President & General Counsel George Papanier - President & Chief Executive Officer Marc Crisafulli - Executive Vice President , Strategy & Operations Steve Capp - Chief Financial Officer Conference Call Participants Barry Jonas - Truist Securities John DeCree - Union Gaming Chris Sinnott - Cowen Adam Seessel - Gravity Operator Good morning. And welcome to t ...

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 Twin River Worldwide Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 20-0904604 (State or other jurisdiction of incorporation ...