Boyd Gaming Corporation (NYSE: BYD) today reported
financial results for the first quarter ended March 31, 2024.
Keith Smith, President and Chief Executive Officer of Boyd
Gaming, said: “After a record 2023, the first quarter of 2024 was a
challenging start to the year. Severe winter weather had a
significant impact on our Midwest & South segment early in the
quarter while we also experienced increased competitive pressures
in the Las Vegas Locals market. However, throughout our business,
many of the positive trends from the fourth quarter continued into
the new year. By focusing on our disciplined operating and
marketing strategies, we have been able to maintain strong
operating margins. Additionally, our significant cash flows and
strong balance sheet allow us to continue returning capital to our
shareholders through our ongoing share repurchases and quarterly
dividend programs. Looking ahead, we remain confident in our
ability to successfully navigate the current environment and
deliver value to our shareholders.”
Boyd Gaming reported first-quarter 2024 revenues of $960.5
million versus $964.0 million in the first quarter of 2023. The
Company reported net income of $136.5 million, or $1.40 per share,
for the first quarter of 2024, compared to $199.7 million, or $1.93
per share, for the year-ago period.
Total Adjusted EBITDAR(1) was $330.5 million in the first
quarter of 2024 versus $367.1 million in the first quarter of 2023.
Adjusted Earnings(1) for the first quarter of 2024 were $147.3
million, or $1.51 per share, compared to $177.4 million, or $1.71
per share, for the same period in 2023.
(1)
See footnotes at the end of the release
for additional information relative to non-GAAP financial
measures.
Operations Review
During the quarter, our Las Vegas Locals segment faced
comparisons to record results in the prior year as well as
competitive pressures in the Las Vegas Locals market. The Downtown
Las Vegas segment also had challenging year-over-year comparisons
as well as reduced pedestrian traffic in downtown Las Vegas.
Results in the Midwest & South segment were impacted by severe
winter weather in January. However, revenue growth resumed in
February and March in the Midwest & South segment with
increased play from core customers, stable retail play and growth
in non-gaming revenues.
The Online segment matched last year’s strong Adjusted EBITDAR
performance, as FanDuel continues as the nation’s leading online
sports-betting company. Managed & Other benefitted from strong
results at Sky River Casino in northern California, which continues
to generate year-over-year growth more than 18 months after its
opening.
Dividend and Share Repurchase
Update
Boyd Gaming paid a quarterly cash dividend of $0.17 per share on
April 15, 2024, as previously announced.
As part of its ongoing share repurchase program, the Company
repurchased $105 million in shares of its common stock during the
first quarter of 2024. As of March 31, 2024, the Company had
approximately $221 million remaining under the current share
repurchase authorization.
Balance Sheet Statistics
As of March 31, 2024, Boyd Gaming had cash on hand of $283.5
million, and total debt of $2.9 billion.
Conference Call
Information
Boyd Gaming will host a conference call to discuss its
first-quarter 2024 results today, April 25, at 5:00 p.m. Eastern.
The conference call number is (800) 549-8228, passcode
80074. Please join up to 15 minutes in advance to ensure you
are connected prior to the start of the call.
The conference call will also be available live on the Internet
at https://investors.boydgaming.com, or
https://events.q4inc.com/attendee/855004866.
A replay will be available by dialing (888) 660-6264 today,
April 25, after the conclusion of the call, and continuing through
May 2. The passcode for the replay will be 80074#. The replay will
also be available at https://investors.boydgaming.com.
BOYD GAMING CORPORATION CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS (Unaudited)
Three Months Ended
March 31,
(In thousands, except per share data)
2024
2023
Revenues Gaming
$
634,131
$
664,308
Food & beverage
72,639
71,584
Room
48,947
50,065
Online
146,170
122,863
Management fee
22,245
20,030
Other
36,389
35,116
Total revenues
960,521
963,966
Operating costs and expenses Gaming
245,686
249,795
Food & beverage
61,957
59,329
Room
18,712
17,120
Online
125,475
102,005
Other
12,913
11,567
Selling, general and administrative
108,184
100,319
Master lease rent expense (a)
27,235
26,828
Maintenance and utilities
34,744
36,026
Depreciation and amortization
62,913
61,560
Corporate expense
29,385
28,655
Project development, preopening and writedowns
3,021
(18,874
)
Impairment of assets
10,500
4,537
Other operating items, net
411
220
Total operating costs and expenses
741,136
679,087
Operating income
219,385
284,879
Other expense (income) Interest income
(446
)
(18,145
)
Interest expense, net of amounts capitalized
42,309
43,866
Other, net
50
104
Total other expense, net
41,913
25,825
Income before income taxes
177,472
259,054
Income tax provision
(40,999
)
(59,323
)
Net income
$
136,473
$
199,731
Basic net income per common share
$
1.40
$
1.93
Weighted average basic shares outstanding
97,434
103,620
Diluted net income per common share
$
1.40
$
1.93
Weighted average diluted shares outstanding
97,479
103,672
(a) Rent expense incurred by those
properties subject to a master lease with a real estate investment
trust.
BOYD GAMING CORPORATION SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA to Net Income
(Unaudited)
Three Months Ended
March 31,
(In thousands)
2024
2023
Total Revenues by Segment Las Vegas Locals
$
225,622
$
240,270
Downtown Las Vegas
53,531
56,557
Midwest & South
500,766
512,173
Online
146,170
122,863
Managed & Other
34,432
32,103
Total revenues
$
960,521
$
963,966
Adjusted EBITDAR by Segment Las Vegas Locals
$
110,438
$
126,160
Downtown Las Vegas
17,815
22,367
Midwest & South
180,994
198,684
Online
20,476
20,623
Managed & Other
24,781
21,551
Corporate expense, net of share-based compensation expense (a)
(24,018
)
(22,239
)
Adjusted EBITDAR
330,486
367,146
Master lease rent expense (b)
(27,235
)
(26,828
)
Adjusted EBITDA
303,251
340,318
Other operating costs and expenses Deferred rent
161
177
Depreciation and amortization
62,913
61,560
Share-based compensation expense
6,860
7,819
Project development, preopening and writedowns
3,021
(18,874
)
Impairment of assets
10,500
4,537
Other operating items, net
411
220
Total other operating costs and expenses
83,866
55,439
Operating income
219,385
284,879
Other expense (income) Interest income
(446
)
(18,145
)
Interest expense, net of amounts capitalized
42,309
43,866
Other, net
50
104
Total other expense, net
41,913
25,825
Income before income taxes
177,472
259,054
Income tax provision
(40,999
)
(59,323
)
Net income
$
136,473
$
199,731
(a) Reconciliation of corporate expense:
Three Months Ended
March 31,
(In thousands)
2024
2023
Corporate expense as reported on Condensed Consolidated
Statements of Operations
$
29,385
$
28,655
Corporate share-based compensation expense
(5,367
)
(6,416
)
Corporate expense, net, as reported on the above table
$
24,018
$
22,239
(b) Rent expense incurred by those
properties subject to a master lease with a real estate investment
trust.
BOYD GAMING CORPORATION
SUPPLEMENTAL
INFORMATION
Reconciliation of Net Income to Adjusted Earnings and Net
Income Per Share to Adjusted Earnings Per Share
(Unaudited)
Three Months Ended
March 31,
(In thousands, except per share data)
2024
2023
Net income
$
136,473
$
199,731
Pretax adjustments: Project development, preopening and
writedowns
3,021
(18,874
)
Impairment of assets
10,500
4,537
Other operating items, net
411
220
Interest income (a)
—
(14,315
)
Other, net
50
104
Total adjustments
13,982
(28,328
)
Income tax effect for above adjustments
(3,182
)
6,030
Adjusted earnings
$
147,273
$
177,433
Net income per share, diluted
$
1.40
$
1.93
Pretax adjustments: Project development, preopening and
writedowns
0.03
(0.18
)
Impairment of assets
0.11
0.04
Other operating items, net
—
—
Interest income (a)
—
(0.14
)
Other, net
—
—
Total adjustments
0.14
(0.28
)
Income tax effect for above adjustments
(0.03
)
0.06
Adjusted earnings per share, diluted
$
1.51
$
1.71
Weighted average diluted shares outstanding
97,479
103,672
(a) Adjustment to the expected losses for interest on note
receivable.
Non-GAAP Financial
Measures
Our financial presentations include the following non-GAAP
financial measures:
- EBITDA: earnings before interest, taxes, depreciation
and amortization,
- Adjusted EBITDA: EBITDA adjusted for deferred rent,
share-based compensation expense, project development, preopening
and writedown expenses, impairments of assets, other operating
items, net, gain or loss on early extinguishments and modifications
of debt and other items, net, as applicable,
- EBITDAR: EBITDA further adjusted for rent expense
associated with master leases with a real estate investment
trust,
- Adjusted EBITDAR: Adjusted EBITDA further adjusted for
rent expense associated with master leases with a real estate
investment trust,
- Adjusted Earnings: net income before project
development, preopening and writedown expenses, impairments of
assets, other operating items, net, gain or loss on early
extinguishments and modifications of debt, adjustments to the
expected losses for interest on note receivable, the release of
valuation allowances on deferred tax assets and other non-recurring
adjustments, net, as applicable, and,
- Adjusted Earnings Per Share (Adjusted EPS): Adjusted
Earnings divided by weighted average diluted shares
outstanding.
Collectively, we refer to these and other non-GAAP financial
measures as the “Non-GAAP Measures.”
The Non-GAAP Measures are commonly used measures of performance
in our industry that we believe, when considered with measures
calculated in accordance with accounting principles generally
accepted in the United States (GAAP), provide our investors with a
more complete understanding of our operating results and
facilitates comparisons between us and our competitors. We provide
this information to investors to enable them to perform comparisons
of our past, present and future operating results and as a means to
evaluate the results of core on-going operations. We have
historically reported these measures to our investors and believe
that the continued inclusion of the Non-GAAP Measures provides
consistency in our financial reporting. We also believe this
information is useful to investors in allowing greater transparency
related to significant measures used by our management in their
financial and operational decision-making, their evaluation of
total company and individual property performance, in the
evaluation of incentive compensation and in the annual budget
process. Management also uses Non-GAAP Measures in the evaluation
of potential acquisitions and dispositions. We believe these
measures continue to be used by investors in their assessment of
our operating performance and the valuation of our company.
The use of Non-GAAP Measures has certain limitations. Our
presentation of the Non-GAAP Measures may be different from the
presentation used by other companies and therefore comparability
may be limited. While excluded from certain of the Non-GAAP
Measures, depreciation and amortization expense, interest expense,
income taxes and other items have been and will be incurred. Each
of these items should also be considered in the overall evaluation
of our results. Additionally, the Non-GAAP Measures do not consider
capital expenditures and other investing activities and should not
be considered as a measure of our liquidity. We compensate for
these limitations by providing the relevant disclosure of our
depreciation and amortization, interest and income taxes, capital
expenditures and other items both in our reconciliations to the
historical GAAP financial measures and in our consolidated
financial statements, all of which should be considered when
evaluating our performance. We do not provide a reconciliation of
forward-looking Non-GAAP Measures to the corresponding
forward-looking GAAP measure due to our inability to project
special charges and certain expenses.
The Non-GAAP Measures are to be used in addition to and in
conjunction with results presented in accordance with GAAP. The
Non-GAAP Measures should not be considered as an alternative to net
income, operating income, or any other operating performance
measure prescribed by GAAP, nor should these measures be relied
upon to the exclusion of GAAP financial measures. The Non-GAAP
Measures reflect additional ways of viewing our operations that we
believe, when viewed with our GAAP results and the reconciliations
to the corresponding historical GAAP financial measures, provide a
more complete understanding of factors and trends affecting our
business than could be obtained absent this disclosure. Management
strongly encourages investors to review our financial information
in its entirety and not to rely on a single financial measure.
Forward-looking Statements and Company
Information
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements contain words such as “may,” “will,”
“might,” “expect,” “believe,” “anticipate,” “could,” “would,”
“estimate,” “continue,” “pursue,” or the negative thereof or
comparable terminology, and may include (without limitation)
information regarding the Company's expectations, goals or
intentions regarding future performance. In addition,
forward-looking statements in this press release, as well as in our
earnings conference call remarks, include statements regarding
continued growth in visitation and spending among the Company’s
core customers, the Company’s views that it will be able to drive
continued revenue and EBITDAR growth throughout its business, the
impacts of COVID-19 on the Company, the Company’s operating
strategy, the Company’s confidence in its long-term growth
trajectory, and the Company’s plans with respect to share
repurchases and returning capital to shareholders. Forward-looking
statements involve certain risks and uncertainties, and actual
results may differ materially from those discussed in any such
statement. Risks also include fluctuations in the Company's
operating results; the political climate and its effects on
consumer spending and its impact on the travel industry; the state
of the economy and its effect on consumer spending; the impact and
effects of the local economies in the markets where the Company
operates; the receipt of legislative, and other state, federal and
local approvals for the Company's development projects;
developments in legalization of online gaming, the Company's
ability to operate online gaming profitably, or otherwise; consumer
reaction to fluctuations in the stock market and economic factors;
the effects of events adversely impacting the economy or the
regions from which the Company draws a significant percentage of
its customers; competition; litigation; financial community and
rating agency perceptions of the Company; changes in laws and
regulations, weather, regulation, economic, credit and capital
market conditions; and the effects of war, terrorist or similar
activity. Additional factors that could cause actual results to
differ are discussed under the heading “Risk Factors” and in other
sections of the Company's Annual Report on Form 10-K, its Quarterly
Reports on Form 10-Q, and in the Company's other current and
periodic reports filed from time to time with the SEC. All
forward-looking statements in this press release are made as of the
date hereof, based on information available to the Company as of
the date hereof, and the Company assumes no obligation to update
any forward-looking statement.
About Boyd Gaming
Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) is a
leading geographically diversified operator of 28 gaming
entertainment properties in 10 states, manager of a tribal casino
in northern California, and owner and operator of Boyd Interactive,
a B2B and B2C online casino gaming business. The Company is also a
strategic partner and 5% equity owner of FanDuel Group, the
nation's leading sports-betting operator. With one of the most
experienced leadership teams in the casino industry, Boyd Gaming
prides itself on offering guests an outstanding entertainment
experience and memorable customer service. Through a long-standing
company philosophy called Caring the Boyd Way, Boyd Gaming is
committed to advancing Corporate Social Responsibility (CSR)
initiatives that positively impact the Company's stakeholders and
communities. For additional Company information and press releases,
visit https://investors.boydgaming.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240425109651/en/
Financial Contact: Josh Hirsberg (702) 792-7234
joshhirsberg@boydgaming.com
Media Contact: David Strow (702) 792-7386
davidstrow@boydgaming.com
Boyd Gaming (NYSE:BYD)
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Boyd Gaming (NYSE:BYD)
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