BOYD GAMING REPORTS THIRD-QUARTER 2024 RESULTS
Boyd Gaming (NYSE: BYD) reported Q3 2024 revenues of $961.2 million, up from $903.2 million in Q3 2023. Net income was $131.1 million ($1.43 per share), compared to $135.2 million ($1.34 per share) year-over-year. Total Adjusted EBITDAR increased to $336.6 million from $320.8 million.
The company's Downtown Las Vegas and Midwest & South segments showed strong performance, while Las Vegas Locals segment faced competitive pressures. Online segment delivered strong growth. During Q3, Boyd repurchased $202 million in shares and paid a $0.17 quarterly dividend. The company maintained $286.3 million in cash and $3.1 billion in total debt as of September 30, 2024.
Boyd Gaming (NYSE: BYD) ha riportato ricavi per il terzo trimestre del 2024 pari a 961,2 milioni di dollari, in aumento rispetto ai 903,2 milioni di dollari del terzo trimestre del 2023. L'utile netto è stato di 131,1 milioni di dollari (1,43 dollari per azione), rispetto ai 135,2 milioni di dollari (1,34 dollari per azione) nell'anno precedente. L'EBITDAR rettificato totale è aumentato a 336,6 milioni di dollari, rispetto ai 320,8 milioni di dollari.
I segmenti del centro di Las Vegas e del Midwest & South hanno mostrato performance forti, mentre il segmento dei residenti di Las Vegas ha affrontato pressioni competitive. Il segmento online ha registrato una solida crescita. Durante il terzo trimestre, Boyd ha riacquistato azioni per 202 milioni di dollari e ha pagato un dividendo trimestrale di 0,17 dollari. L'azienda ha mantenuto 286,3 milioni di dollari in contante e 3,1 miliardi di dollari di debito totale al 30 settembre 2024.
Boyd Gaming (NYSE: BYD) reportó ingresos de 961.2 millones de dólares en el tercer trimestre de 2024, un aumento con respecto a los 903.2 millones de dólares en el tercer trimestre de 2023. La ganancia neta fue de 131.1 millones de dólares (1.43 dólares por acción), comparado con 135.2 millones de dólares (1.34 dólares por acción) en el mismo período del año anterior. El EBITDAR ajustado total aumentó a 336.6 millones de dólares desde 320.8 millones de dólares.
Los segmentos de Downtown Las Vegas y Midwest & South mostraron un rendimiento sólido, mientras que el segmento de residentes de Las Vegas enfrentó presiones competitivas. El segmento en línea experimentó un fuerte crecimiento. Durante el tercer trimestre, Boyd recompró acciones por 202 millones de dólares y pagó un dividendo trimestral de 0.17 dólares. La empresa mantuvo 286.3 millones de dólares en efectivo y 3.1 mil millones de dólares en deuda total a partir del 30 de septiembre de 2024.
보이드 게이밍 (NYSE: BYD)은 2024년 3분기 수익을 9억6120만 달러로 보고했으며, 이는 2023년 3분기의 9억320만 달러에서 증가한 수치입니다. 순이익은 1억3110만 달러(주당 1.43 달러)로, 지난해 1억3520만 달러(주당 1.34 달러)와 비교되었습니다. 총 조정 EBITDAR는 3억3660만 달러로 증가하며, 3억2080만 달러에서 상승했습니다.
회사의 라스베가스 다운타운과 미드웨스트 & 남부 부문은 강력한 실적을 보였지만, 라스베가스 현지 부문은 경쟁 압박에 직면했습니다. 온라인 부문은 강력한 성장을 기록했습니다. 3분기 동안 보이드는 2억0200만 달러의 주식을 재매입했으며, 분기당 0.17달러의 배당금을 지급했습니다. 2024년 9월 30일 기준으로 회사는 2억8630만 달러의 현금과 31억 달러의 총 부채를 유지했습니다.
Boyd Gaming (NYSE: BYD) a rapporté des revenus de 961,2 millions de dollars pour le troisième trimestre 2024, en hausse par rapport à 903,2 millions de dollars au troisième trimestre 2023. Le bénéfice net s'est élevé à 131,1 millions de dollars (1,43 dollar par action), contre 135,2 millions de dollars (1,34 dollar par action) l'année précédente. Le EBITDAR ajusté total a augmenté à 336,6 millions de dollars contre 320,8 millions de dollars.
Les segments du centre-ville de Las Vegas et des Midwest & South ont montré de solides performances, tandis que le segment des résidents de Las Vegas a été confronté à des pressions concurrentielles. Le segment en ligne a enregistré une forte croissance. Au cours du troisième trimestre, Boyd a racheté des actions pour 202 millions de dollars et a versé un dividende trimestriel de 0,17 dollar. L'entreprise a maintenu 286,3 millions de dollars en liquidités et 3,1 milliards de dollars de dette totale au 30 septembre 2024.
Boyd Gaming (NYSE: BYD) meldete für das 3. Quartal 2024 einen Umsatz von 961,2 Millionen Dollar, ein Anstieg von 903,2 Millionen Dollar im 3. Quartal 2023. Der Nettogewinn betrug 131,1 Millionen Dollar (1,43 Dollar pro Aktie), verglichen mit 135,2 Millionen Dollar (1,34 Dollar pro Aktie) im Vorjahr. Das totale bereinigte EBITDAR stieg auf 336,6 Millionen Dollar von 320,8 Millionen Dollar.
Die Segmente in Downtown Las Vegas sowie Midwest & South zeigten eine starke Leistung, während das Segment Las Vegas Locals mit Wettbewerbsdruck konfrontiert war. Der Online-Sektor verzeichnete ein kräftiges Wachstum. Im 3. Quartal kaufte Boyd Aktien im Wert von 202 Millionen Dollar zurück und zahlte eine vierteljährliche Dividende von 0,17 Dollar. Das Unternehmen hielt zum 30. September 2024 286,3 Millionen Dollar in bar und 3,1 Milliarden Dollar an Gesamtschulden.
- Revenue increased 6.4% YoY to $961.2 million
- Adjusted EBITDAR grew 4.9% to $336.6 million
- Online segment showed strong revenue and EBITDAR growth
- Significant share repurchase of $202 million in Q3
- Strong performance in Downtown Las Vegas and Midwest & South segments
- Net income decreased 3% YoY to $131.1 million
- Las Vegas Locals segment faced competitive pressures
- Total debt stands at $3.1 billion
Insights
Boyd Gaming delivered a solid Q3 2024 with
Key highlights include:
- Adjusted EBITDAR increased to
$336.6M from$320.8M - Significant share repurchases of
$202M during Q3 - Strong balance sheet with
$286.3M cash on hand - Stable dividend payment of
$0.17 per share
The company's diversified business model and strategic investments are paying off, particularly in the online gaming segment. However, competitive pressures in Las Vegas Locals segment and increased operating costs warrant attention.
The gaming industry landscape shows interesting shifts in consumer behavior. Boyd's Downtown Las Vegas properties benefited from increased Hawaiian visitation, while the new land-based Treasure Chest facility in the Midwest & South segment set record performance. The Online segment's exceptional growth reflects the broader industry trend toward digital gaming.
The
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Our Company continued to produce solid results in the third quarter, as underlying customer trends remained stable. During the quarter, we realized the benefits of our recent investments in our
Boyd Gaming reported third-quarter 2024 revenues of
Total Adjusted EBITDAR(1) was
(1) See footnotes at the end of the release for additional information relative to non-GAAP financial measures.
Operations Review
Results in the Las Vegas Locals segment were impacted by continued competitive pressures at the Orleans and
The Company's Online segment produced strong revenue and Adjusted EBITDAR growth during the third quarter, reflecting increased contributions and one-time benefits from the Company's market-access agreements nationwide. Managed & Other's performance reflected continued strength at Sky River Casino in northern
Dividend and Share Repurchase Update
Boyd Gaming paid a quarterly cash dividend of
As part of its ongoing share repurchase program, the Company repurchased
Balance Sheet Statistics
As of September 30, 2024, Boyd Gaming had cash on hand of
Conference Call Information
Boyd Gaming will host a conference call to discuss its third-quarter 2024 results today, October 24, at 5:00 p.m. Eastern. The conference call number is (800) 836-8184; no passcode is required to join the call. 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://app.webinar.net/XzoWeDM1KwJ.
A replay will be available by dialing (888) 660-6345 today, October 24, after the conclusion of the call, and continuing through October 31. The passcode for the replay will be 87460#. The replay will also be available at https://investors.boydgaming.com.
BOYD GAMING CORPORATION | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(Unaudited) | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
(In thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||
Revenues | ||||||||
Gaming | $ 640,528 | $ 641,168 | $ 1,925,486 | $ 1,966,205 | ||||
Food & beverage | 72,728 | 70,986 | 222,361 | 212,936 | ||||
Room | 50,226 | 48,720 | 151,768 | 148,546 | ||||
Online | 141,312 | 90,288 | 417,412 | 298,153 | ||||
Management fee | 21,030 | 17,153 | 64,527 | 54,629 | ||||
Other | 35,422 | 34,849 | 107,725 | 103,611 | ||||
Total revenues | 961,246 | 903,164 | 2,889,279 | 2,784,080 | ||||
Operating costs and expenses | ||||||||
Gaming | 252,213 | 251,536 | 749,966 | 751,330 | ||||
Food & beverage | 62,713 | 59,672 | 187,852 | 177,623 | ||||
Room | 19,674 | 19,180 | 57,728 | 54,880 | ||||
Online | 115,119 | 79,080 | 353,269 | 252,478 | ||||
Other | 12,171 | 11,549 | 38,332 | 34,119 | ||||
Selling, general and administrative | 102,391 | 99,944 | 315,709 | 299,333 | ||||
Master lease rent expense (a) | 28,160 | 27,236 | 83,247 | 81,163 | ||||
Maintenance and utilities | 40,421 | 41,720 | 112,111 | 115,337 | ||||
Depreciation and amortization | 70,344 | 64,797 | 198,934 | 188,577 | ||||
Corporate expense | 27,614 | 27,872 | 88,254 | 88,232 | ||||
Project development, preopening and writedowns | 11,347 | 2,405 | 21,954 | (11,268) | ||||
Impairment of assets | — | — | 10,500 | 4,537 | ||||
Other operating items, net | (906) | 301 | 4,947 | 959 | ||||
Total operating costs and expenses | 741,261 | 685,292 | 2,222,803 | 2,037,300 | ||||
Operating income | 219,985 | 217,872 | 666,476 | 746,780 | ||||
Other expense (income) | ||||||||
Interest income | (392) | (1,585) | (1,241) | (22,445) | ||||
Interest expense, net of amounts capitalized | 46,208 | 42,352 | 131,466 | 128,933 | ||||
Other, net | 189 | (30) | 289 | 596 | ||||
Total other expense, net | 46,005 | 40,737 | 130,514 | 107,084 | ||||
Income before income taxes | 173,980 | 177,135 | 535,962 | 639,696 | ||||
Income tax provision | (42,852) | (41,902) | (128,516) | (112,278) | ||||
Net income | $ 131,128 | $ 135,233 | $ 407,446 | $ 527,418 | ||||
Basic net income per common share | $ 1.43 | $ 1.34 | $ 4.30 | $ 5.16 | ||||
Weighted average basic shares outstanding | 91,863 | 100,804 | 94,769 | 102,139 | ||||
Diluted net income per common share | $ 1.43 | $ 1.34 | $ 4.30 | $ 5.16 | ||||
Weighted average diluted shares outstanding | 91,893 | 100,850 | 94,807 | 102,187 | ||||
(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 | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | ||||
Total Revenues by Segment | ||||||||
Las Vegas Locals | $ 211,861 | $ 221,833 | $ 662,537 | $ 693,043 | ||||
53,300 | 49,545 | 164,532 | 159,093 | |||||
Midwest & South | 522,400 | 513,028 | 1,544,916 | 1,544,047 | ||||
Online | 141,312 | 90,288 | 417,412 | 298,153 | ||||
Managed & Other | 32,373 | 28,470 | 99,882 | 89,744 | ||||
Total revenues | $ 961,246 | $ 903,164 | $ 2,889,279 | $ 2,784,080 | ||||
Adjusted EBITDAR by Segment | ||||||||
Las Vegas Locals | $ 96,414 | $ 105,985 | $ 316,105 | $ 350,540 | ||||
16,511 | 15,857 | 56,344 | 57,876 | |||||
Midwest & South | 196,867 | 190,588 | 573,316 | 591,105 | ||||
Online | 26,005 | 11,005 | 63,538 | 45,028 | ||||
Managed & Other | 22,529 | 18,997 | 70,450 | 60,094 | ||||
Corporate expense, net of share-based compensation expense (a) | (21,694) | (21,611) | (68,444) | (65,314) | ||||
Adjusted EBITDAR | 336,632 | 320,821 | 1,011,309 | 1,039,329 | ||||
Master lease rent expense (b) | (28,160) | (27,236) | (83,247) | (81,163) | ||||
Adjusted EBITDA | 308,472 | 293,585 | 928,062 | 958,166 | ||||
Other operating costs and expenses | ||||||||
Deferred rent | 162 | 177 | 486 | 531 | ||||
Depreciation and amortization | 70,344 | 64,797 | 198,934 | 188,577 | ||||
Share-based compensation expense | 7,540 | 8,033 | 24,765 | 28,050 | ||||
Project development, preopening and writedowns | 11,347 | 2,405 | 21,954 | (11,268) | ||||
Impairment of assets | — | — | 10,500 | 4,537 | ||||
Other operating items, net | (906) | 301 | 4,947 | 959 | ||||
Total other operating costs and expenses | 88,487 | 75,713 | 261,586 | 211,386 | ||||
Operating income | 219,985 | 217,872 | 666,476 | 746,780 | ||||
Other expense (income) | ||||||||
Interest income | (392) | (1,585) | (1,241) | (22,445) | ||||
Interest expense, net of amounts capitalized | 46,208 | 42,352 | 131,466 | 128,933 | ||||
Other, net | 189 | (30) | 289 | 596 | ||||
Total other expense, net | 46,005 | 40,737 | 130,514 | 107,084 | ||||
Income before income taxes | 173,980 | 177,135 | 535,962 | 639,696 | ||||
Income tax provision | (42,852) | (41,902) | (128,516) | (112,278) | ||||
Net income | $ 131,128 | $ 135,233 | $ 407,446 | $ 527,418 | ||||
(a) Reconciliation of corporate expense: | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | ||||
Corporate expense as reported on Condensed Consolidated | $ 27,614 | $ 27,872 | $ 88,254 | $ 88,232 | ||||
Statements of Operations | ||||||||
Corporate share-based compensation expense | (5,920) | (6,261) | (19,810) | (22,918) | ||||
Corporate expense, net, as reported on the above table | $ 21,694 | $ 21,611 | $ 68,444 | $ 65,314 | ||||
(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 | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
(In thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||
Net income | $ 131,128 | $ 135,233 | $ 407,446 | $ 527,418 | ||||
Pretax adjustments: | ||||||||
Project development, preopening and writedowns | 11,347 | 2,405 | 21,954 | (11,268) | ||||
Impairment of assets | — | — | 10,500 | 4,537 | ||||
Other operating items, net | (906) | 301 | 4,947 | 959 | ||||
Interest income (a) | — | — | — | (14,315) | ||||
Other, net | 189 | (30) | 289 | 596 | ||||
Total adjustments | 10,630 | 2,676 | 37,690 | (19,491) | ||||
Income tax effect for above adjustments | (2,476) | (629) | (8,604) | 3,983 | ||||
Impact of tax valuation allowance | — | — | — | (35,856) | ||||
Adjusted earnings | $ 139,282 | $ 137,280 | $ 436,532 | $ 476,054 | ||||
Net income per share, diluted | $ 1.43 | $ 1.34 | $ 4.30 | $ 5.16 | ||||
Pretax adjustments: | ||||||||
Project development, preopening and writedowns | 0.12 | 0.03 | 0.23 | (0.11) | ||||
Impairment of assets | — | — | 0.11 | 0.04 | ||||
Other operating items, net | (0.01) | — | 0.05 | 0.01 | ||||
Interest income (a) | — | — | — | (0.14) | ||||
Other, net | — | — | — | 0.01 | ||||
Total adjustments | 0.11 | 0.03 | 0.39 | (0.19) | ||||
Income tax effect for above adjustments | (0.02) | (0.01) | (0.09) | 0.04 | ||||
Impact of tax valuation allowance | — | — | — | (0.35) | ||||
Adjusted earnings per share, diluted | $ 1.52 | $ 1.36 | $ 4.60 | $ 4.66 | ||||
Weighted average diluted shares outstanding | 91,893 | 100,850 | 94,807 | 102,187 | ||||
(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 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. These forward-looking statements are based on the current beliefs and expectations of management and involve risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Boyd Gaming's ability to control or estimate precisely. 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. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. 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
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SOURCE Boyd Gaming Corporation
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