LAS VEGAS–(BUSINESS WIRE)–Boyd Gaming Company (NYSE: BYD) right now reported monetary outcomes for the fourth quarter and full 12 months ended December 31, 2022.
Keith Smith, President and Chief Government Officer of Boyd Gaming, mentioned: “The fourth quarter was a robust conclusion to a different document 12 months for our Firm. We achieved information for income and EBITDAR on each a fourth-quarter and full-year foundation, as our working groups stay centered on rising revenues and constructing loyalty amongst our core prospects whereas efficiently managing bills. Companywide progress within the fourth quarter was pushed by sturdy performances in our Nevada segments, administration charges from Sky River and progress in our on-line enterprise. Throughout the quarter we additionally made progress advancing our on-line technique, finishing our acquisition of Pala Interactive whereas additional increasing our sports-betting partnership with FanDuel. And we continued to return important capital to our shareholders with practically $600 million in share repurchases and dividends in 2022. In all, 2022 was one other sturdy 12 months for our Firm, and we stay assured in our working mannequin and our staff’s skill to efficiently navigate the 12 months forward.”
Boyd Gaming reported fourth-quarter 2022 revenues of $922.9 million, growing from $879.8 million within the fourth quarter of 2021. The Firm reported internet earnings of $172.7 million, or $1.63 per share, for the fourth quarter of 2022, in comparison with $109.8 million, or $0.96 per share, for the year-ago interval.
Whole Adjusted EBITDAR(1) was $360.1 million within the fourth quarter of 2022, up from $347.3 million within the fourth quarter of 2021. Adjusted Earnings(1) for the fourth quarter of 2022 have been $181.8 million, or $1.72 per share, in comparison with $154.3 million, or $1.35 per share, for a similar interval in 2021.
See footnotes on the finish of the discharge for added data relative to non-GAAP monetary measures.
Operations Evaluate
The Firm’s Las Vegas Locals phase posted document fourth-quarter income and EBITDAR, with working margins exceeding 52%. Progress within the phase was pushed by vacation spot enterprise, non-gaming operations and continued power in play from core prospects. The Downtown Las Vegas phase additionally achieved a fourth-quarter EBITDAR document, as visitation grew all through the downtown Las Vegas market and enterprise volumes from our Hawaiian buyer segments exceeded pre-pandemic ranges. Within the Midwest & South phase, income and EBITDAR progress was pushed by contributions from on-line gaming and administration charges from Sky River On line casino. Excluding these things, income and EBITDAR have been under prior 12 months within the Midwest & South phase.
Full-12 months 2022 Outcomes
For the total 12 months 2022, Boyd Gaming reported revenues of $3.56 billion, in comparison with $3.37 billion for the total 12 months 2021. The Firm reported internet earnings of $639.4 million, or $5.87 per share, in comparison with internet earnings of $463.8 million, or $4.07 per share, for the total 12 months 2021.
Whole Adjusted EBITDAR for the total 12 months 2022 was $1.39 billion versus $1.37 billion for the total 12 months 2021. Full-year 2022 Adjusted Earnings have been $662.0 million, or $6.07 per share, in comparison with Adjusted Earnings of $584.2 million, or $5.12 per share, for the total 12 months 2021.
The Firm’s full-year 2022 and 2021 pretax earnings was impacted by fees of $19.8 million and $95.2 million, respectively, associated to early extinguishments of debt.
Dividend and Share Repurchase Replace
Boyd Gaming paid a quarterly money dividend of $0.15 per share on January 15, 2023, as beforehand introduced.
As a part of its ongoing share repurchase program, the Firm repurchased roughly $107 million of its frequent inventory throughout the fourth quarter of 2022. As of December 31, 2022, the Firm had roughly $239 million remaining beneath present share repurchase authorizations.
Stability Sheet Statistics
As of December 31, 2022, Boyd Gaming had money available of $283.5 million, and complete debt of $3.09 billion.
Convention Name Data
Boyd Gaming will host a convention name to debate its fourth-quarter 2022 outcomes right now, February 2, at 5:00 p.m. Jap. The convention name quantity is (844) 200-6205, or (833) 950-0062 for Canadian callers and +1 (929) 526-1599 for worldwide callers. The convention name passcode is 194280. Please be part of as much as quarter-hour prematurely to make sure you are related previous to the beginning of the decision.
The convention name can even be accessible stay on the Web at https://buyers.boydgaming.com, or https://occasions.q4inc.com/attendee/399634063.
A replay will likely be accessible by dialing (866) 813-9403 (Canada (226) 828-7578, worldwide +44 204 525 0658) on Thursday, February 2 after the conclusion of the decision, and persevering with via Thursday, February 9. The convention quantity for the replay is 515522. The replay can even be accessible at https://buyers.boydgaming.com.
BOYD GAMING CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
12 months Ended
December 31,
December 31,
(In 1000’s, besides per share information)
2022
2021
2022
2021
Revenues
Gaming
$
653,876
$
685,908
$
2,674,730
$
2,705,523
Meals & beverage
74,145
67,404
275,979
230,045
Room
50,086
44,796
189,071
154,180
Different
144,814
81,733
415,597
280,062
Whole revenues
922,921
879,841
3,555,377
3,369,810
Working prices and bills
Gaming
249,474
258,352
1,005,830
999,528
Meals & beverage
61,555
55,943
231,447
192,334
Room
17,325
16,214
68,383
57,627
Different
84,845
54,953
259,544
182,991
Promoting, basic and administrative
93,305
94,517
373,964
366,156
Grasp lease hire expense (a)
26,828
26,306
106,616
104,702
Upkeep and utilities
35,331
30,859
143,527
126,115
Depreciation and amortization
63,988
68,455
258,179
267,787
Company expense
26,756
31,380
117,007
117,675
Mission growth, preopening and writedowns
(19,464
)
18,300
(18,936
)
31,815
Impairment of property
35,200
8,200
40,775
8,200
Different working gadgets, internet
141
(519
)
(12,183
)
14,776
Whole working prices and bills
675,284
662,960
2,574,153
2,469,706
Working earnings
247,637
216,881
981,224
900,104
Different expense (earnings)
Curiosity earnings
(18,554
)
(413
)
(21,530
)
(1,819
)
Curiosity expense, internet of quantities capitalized
41,124
41,250
151,249
199,442
Loss on early extinguishments and modifications of debt
6
29,638
19,815
95,155
Different, internet
(783
)
1,099
2,884
3,387
Whole different expense, internet
21,793
71,574
152,418
296,165
Earnings earlier than earnings taxes
225,844
145,307
828,806
603,939
Earnings tax provision
(53,160
)
(35,525
)
(189,429
)
(140,093
)
Internet earnings
$
172,684
$
109,782
$
639,377
$
463,846
Fundamental internet earnings per frequent share
$
1.64
$
0.96
$
5.87
$
4.07
Weighted common primary shares excellent
105,569
113,957
108,885
113,866
Diluted internet earnings per frequent share
$
1.63
$
0.96
$
5.87
$
4.07
Weighted common diluted shares excellent
105,649
114,114
109,004
114,103
(a) Hire expense incurred by these properties topic to a grasp lease with an actual property funding belief.
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of Adjusted EBITDA to Internet Earnings
(Unaudited)
Three Months Ended
12 months Ended
December 31,
December 31,
(In 1000’s)
2022
2021
2022
2021
Whole Revenues by Reportable Phase
Las Vegas Locals
$
240,916
$
236,272
$
930,730
$
886,054
Downtown Las Vegas
62,442
53,456
215,332
155,806
Midwest & South
619,563
590,113
2,409,315
2,327,950
Whole revenues
$
922,921
$
879,841
$
3,555,377
$
3,369,810
Adjusted EBITDAR by Reportable Phase
Las Vegas Locals
$
125,881
$
123,615
$
481,643
$
473,187
Downtown Las Vegas
27,833
20,217
86,049
51,300
Midwest & South
228,816
226,756
911,541
926,955
Property Adjusted EBITDAR
382,530
370,588
1,479,233
1,451,442
Company expense, internet of share-based compensation expense (a)
(22,428
)
(23,292
)
(88,724
)
(85,457
)
Adjusted EBITDAR
360,102
347,296
1,390,509
1,365,985
Grasp lease hire expense (b)
(26,828
)
(26,306
)
(106,616
)
(104,702
)
Adjusted EBITDA
333,274
320,990
1,283,893
1,261,283
Different working prices and bills
Deferred hire
192
207
768
828
Depreciation and amortization
63,988
68,455
258,179
267,787
Share-based compensation expense
5,580
9,466
34,066
37,773
Mission growth, preopening and writedowns
(19,464
)
18,300
(18,936
)
31,815
Impairment of property
35,200
8,200
40,775
8,200
Different working gadgets, internet
141
(519
)
(12,183
)
14,776
Whole different working prices and bills
85,637
104,109
302,669
361,179
Working earnings
247,637
216,881
981,224
900,104
Different expense (earnings)
Curiosity earnings
(18,554
)
(413
)
(21,530
)
(1,819
)
Curiosity expense, internet of quantities capitalized
41,124
41,250
151,249
199,442
Loss on early extinguishments and modifications of debt
6
29,638
19,815
95,155
Different, internet
(783
)
1,099
2,884
3,387
Whole different expense, internet
21,793
71,574
152,418
296,165
Earnings earlier than earnings taxes
225,844
145,307
828,806
603,939
Earnings tax provision
(53,160
)
(35,525
)
(189,429
)
(140,093
)
Internet earnings
$
172,684
$
109,782
$
639,377
$
463,846
(a) Reconciliation of company expense:
Three Months Ended
12 months Ended
December 31,
December 31,
(In 1000’s)
2022
2021
2022
2021
Company expense as reported on Condensed Consolidated Statements of Operations
$
26,756
$
31,380
$
117,007
$
117,675
Company share-based compensation expense
(4,328
)
(8,088
)
(28,283
)
(32,218
)
Company expense, internet, as reported on the above desk
$
22,428
$
23,292
$
88,724
$
85,457
(b) Hire expense incurred by these properties topic to a grasp lease with an actual property funding belief.
BOYD GAMING CORPORATION
SUPPLEMENTAL INFORMATION
Reconciliation of Internet Earnings to Adjusted Earnings
and Internet Earnings Per Share to Adjusted Earnings Per Share
(Unaudited)
Three Months Ended
12 months Ended
December 31,
December 31,
(In 1000’s, besides per share information)
2022
2021
2022
2021
Internet earnings
$
172,684
$
109,782
$
639,377
$
463,846
Pretax changes:
Mission growth, preopening and writedowns
(19,464
)
18,300
(18,936
)
31,815
Impairment of property
35,200
8,200
40,775
8,200
Different working gadgets, internet
141
(519
)
(12,183
)
14,776
Loss on early extinguishments and modifications of debt
6
29,638
19,815
95,155
Curiosity earnings (a)
(14,700
)
—
(14,700
)
—
Different, internet
(783
)
1,099
2,884
3,387
Whole changes
400
56,718
17,655
153,333
Earnings tax impact for above changes
8,673
(12,183
)
4,961
(33,026
)
Adjusted earnings
$
181,757
$
154,317
$
661,993
$
584,153
Internet earnings per share, diluted
$
1.63
$
0.96
$
5.87
$
4.07
Pretax changes:
Mission growth, preopening and writedowns
(0.18
)
0.16
(0.17
)
0.28
Impairment of property
0.33
0.07
0.37
0.07
Different working gadgets, internet
—
—
(0.11
)
0.13
Loss on early extinguishments and modifications of debt
—
0.26
0.18
0.83
Curiosity earnings (a)
(0.14
)
—
(0.14
)
—
Different, internet
—
0.01
0.03
0.03
Whole changes
0.01
0.50
0.16
1.34
Earnings tax impact for above changes
0.08
(0.11
)
0.04
(0.29
)
Adjusted earnings per share, diluted
$
1.72
$
1.35
$
6.07
$
5.12
Weighted common diluted shares excellent
105,649
114,114
109,004
114,103
(a) Adjustment to the anticipated losses for curiosity on notice receivable.
Non-GAAP Monetary Measures
Our monetary displays embrace the next non-GAAP monetary measures:
EBITDA: earnings earlier than curiosity, taxes, depreciation and amortization,
Adjusted EBITDA: EBITDA adjusted for deferred hire, share-based compensation expense, mission growth, preopening and writedown bills, impairments of property, different working gadgets, internet, achieve or loss on early extinguishments and modifications of debt and different gadgets, internet,
EBITDAR: EBITDA additional adjusted for hire expense related to grasp leases with an actual property funding belief,
Adjusted EBITDAR: Adjusted EBITDA additional adjusted for hire expense related to grasp leases with an actual property funding belief,
Adjusted Earnings: internet earnings earlier than mission growth, preopening and writedown bills, impairments of property, different working gadgets, internet, achieve or loss on early extinguishments and modifications of debt, changes to the anticipated losses for curiosity on notice receivable and different non-recurring changes, internet, and,
Adjusted Earnings Per Share (Adjusted EPS): Adjusted Earnings divided by weighted common diluted shares excellent.
Collectively, we refer to those and different non-GAAP monetary measures because the “Non-GAAP Measures”.
The Non-GAAP Measures are generally used measures of efficiency in our trade that we consider, when thought-about with measures calculated in accordance with accounting rules typically accepted in the USA (GAAP), present our buyers with a extra full understanding of our working outcomes and facilitates comparisons between us and our rivals. We offer this data to buyers to allow them to carry out comparisons of our previous, current and future working outcomes and as a method to guage the outcomes of core on-going operations. We now have traditionally reported these measures to our buyers and consider that the continued inclusion of the Non-GAAP Measures supplies consistency in our monetary reporting. We additionally consider this data is beneficial to buyers in permitting larger transparency associated to important measures utilized by our administration of their monetary and operational decision-making, their analysis of complete firm and particular person property efficiency, within the analysis of incentive compensation and within the annual finances course of. Administration additionally makes use of Non-GAAP Measures within the analysis of potential acquisitions and tendencies. We consider these measures proceed for use by buyers of their evaluation of our working efficiency and the valuation of our firm.
Using Non-GAAP Measures has sure limitations. Our presentation of the Non-GAAP Measures could also be completely different from the presentation utilized by different corporations and due to this fact comparability could also be restricted. Whereas excluded from sure of the Non-GAAP Measures, depreciation and amortization expense, curiosity expense, earnings taxes and different gadgets have been and will likely be incurred. Every of these things also needs to be thought-about within the general analysis of our outcomes. Moreover, the Non-GAAP Measures don’t take into account capital expenditures and different investing actions and shouldn’t be thought-about as a measure of our liquidity. We compensate for these limitations by offering the related disclosure of our depreciation and amortization, curiosity and earnings taxes, capital expenditures and different gadgets each in our reconciliations to the historic GAAP monetary measures and in our consolidated monetary statements, all of which needs to be thought-about when evaluating our efficiency. We don’t present a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measure because of our lack of ability to mission particular fees and sure bills.
The Non-GAAP Measures are for use along with and along side outcomes offered in accordance with GAAP. The Non-GAAP Measures shouldn’t be thought-about as an alternative choice to internet earnings, working earnings, or every other working efficiency measure prescribed by GAAP, nor ought to these measures be relied upon to the exclusion of GAAP monetary measures. The Non-GAAP Measures mirror further methods of viewing our operations that we consider, when seen with our GAAP outcomes and the reconciliations to the corresponding historic GAAP monetary measures, present a extra full understanding of things and traits affecting our enterprise than could possibly be obtained absent this disclosure. Administration strongly encourages buyers to assessment our monetary data in its entirety and to not depend on a single monetary measure.
Ahead-looking Statements and Firm Data
This press launch comprises forward-looking statements inside the that means of Part 27A of the Securities Act of 1933, as amended, and Part 21E of the Securities Trade Act of 1934, as amended. Such statements include phrases equivalent to “might,” “will,” “would possibly,” “anticipate,” “consider,” “anticipate,” “might,” “would,” “estimate,” “proceed,” “pursue,” or the unfavourable thereof or comparable terminology, and will embrace (with out limitation) data relating to the Firm’s expectations, objectives or intentions relating to future efficiency. As well as, forward-looking statements on this press launch, in addition to in our earnings convention name remarks, embrace statements relating to continued progress in visitation and spending among the many Firm’s core prospects, the Firm’s views that will probably be in a position to drive continued income and EBITDAR progress all through its enterprise, the impacts of COVID-19 on the Firm, the Firm’s working technique, the Firm’s confidence in its long-term progress trajectory, and the Firm’s plans with respect to share repurchases and returning capital to shareholders. Ahead-looking statements contain sure dangers and uncertainties, and precise outcomes might differ materially from these mentioned in any such assertion. Dangers additionally embrace fluctuations within the Firm’s working outcomes; the political local weather and its results on client spending and its impression on the journey trade; the state of the economic system and its impact on client spending; the impression and results of the native economies within the markets the place the Firm operates; the receipt of legislative, and different state, federal and native approvals for the Firm’s growth initiatives; developments in legalization of on-line gaming, the Firm’s skill to function on-line gaming profitably, or in any other case; client response to fluctuations within the inventory market and financial elements; the consequences of occasions adversely impacting the economic system or the areas from which the Firm attracts a major share of its prospects; competitors; litigation; monetary group and ranking company perceptions of the Firm; adjustments in legal guidelines and laws, climate, regulation, financial, credit score and capital market circumstances; and the consequences of struggle, terrorist or related exercise. Extra elements that would trigger precise outcomes to vary are mentioned beneath the heading “Threat Elements” and in different sections of the Firm’s Annual Report on Kind 10-Ok, its Quarterly Stories on Kind 10-Q, and within the Firm’s different present and periodic experiences filed once in a while with the SEC. All forward-looking statements on this press launch are made as of the date hereof, based mostly on data accessible to the Firm as of the date hereof, and the Firm assumes no obligation to replace any forward-looking assertion.
About Boyd Gaming
Based in 1975, Boyd Gaming Company (NYSE: BYD) is a number one geographically diversified operator of 28 gaming leisure properties in 10 states, and supervisor of a tribal on line casino in northern California. The Firm can also be a strategic associate and 5% fairness proprietor of FanDuel Group, the nation’s main sports-betting operator. With one of the skilled management groups within the on line casino trade, Boyd Gaming prides itself on providing its company an excellent leisure expertise, delivered with unwavering consideration to customer support. By way of a long-standing firm philosophy referred to as Caring the Boyd Method, Boyd Gaming is dedicated to advancing Environmental, Social and Company Governance (ESG) initiatives that positively impression the Firm’s stakeholders and communities. For extra Firm data and press releases, go to https://buyers.boydgaming.com.