Boyd Gaming Corporation (NYSE:BYD) Q3 2019 Earnings Conference Call October 22, 2019 5:00 PM ET Corporate Participants Josh Hirsberg - Executive Vice President & Chief Financial Officer Keith Smith - President & Chief Executive Officer Conference Call Participants Joe Greff - JPMorgan Felicia Hendrix - Barclays David Katz - Jefferies Carlo Santarelli - Deutsche Bank Barry Jonas - SunTrust Steven Wieczynsk - Stifel Harry Curtis - Instinet Shaun Kelley - Bank of America Chad Beynon - Macquarie Joe Stauff - Su ...

[Part I. Financial Information](index=2&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Boyd Gaming Corporation's unaudited condensed consolidated financial statements for the periods ended June 30, 2019, detailing financial position, operations, and cash flows [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$6.71 billion** from **$5.76 billion** at year-end 2018, driven by new operating lease right-of-use assets Condensed Consolidated Balance Sheets (In thousands) | (In thousands) | June 30, 2019 | December 31, 2018 | | :--- | :--- | :--- | | **Total Assets** | **$6,710,452** | **$5,756,339** | | Total current assets | $396,793 | $399,751 | | Property and equipment, net | $2,726,554 | $2,716,064 | | Operating lease right-of-use assets | $916,613 | — | | Goodwill, net | $1,102,977 | $1,062,102 | | **Total Liabilities** | **$5,497,737** | **$4,610,598** | | Total current liabilities | $530,843 | $469,701 | | Long-term debt, net | $3,882,220 | $3,955,119 | | Operating lease liabilities, net | $850,536 | — | | **Total Stockholders' Equity** | **$1,212,715** | **$1,145,741** | [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenues increased **37.2%** to **$846.1 million** for the three months and **36.8%** to **$1.67 billion** for the six months ended June 30, 2019, largely due to acquisitions Condensed Consolidated Statements of Operations (In thousands, except per share data) | (In thousands, except per share data) | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | :--- | :--- | | **Total revenues** | **$846,132** | **$616,793** | **$1,673,420** | **$1,222,911** | | Operating income | $126,692 | $96,258 | $244,318 | $191,032 | | **Net income** | **$48,484** | **$38,945** | **$93,935** | **$80,344** | | Diluted net income per common share | $0.43 | $0.34 | $0.83 | $0.70 | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities increased to **$264.3 million** for the six months ended June 30, 2019, while investing and financing activities used **$154.9 million** and **$119.5 million**, respectively Condensed Consolidated Statements of Cash Flows (In thousands) | (In thousands) | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $264,312 | $217,991 | | Net cash used in investing activities | ($154,948) | ($173,198) | | Net cash provided by (used in) financing activities | ($119,489) | $386,366 | | Change in cash, cash equivalents and restricted cash | ($10,125) | $431,641 | [Notes to Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail accounting policies, including the adoption of the new lease standard recognizing **$926.7 million** in right-of-use assets, and cover acquisitions, segment performance, and debt structure - The Company adopted the new Lease Standard (ASU 2016-02) on January 1, 2019, resulting in the recognition of **$926.7 million** of Right-of-Use (ROU) assets and **$921.8 million** of lease liabilities on the balance sheet[41](index=41&type=chunk) - The company operates 29 gaming properties across 10 states, which are aggregated into three reportable segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South[15](index=15&type=chunk)[127](index=127&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=52&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the **37.2%** revenue increase to **$846.1 million** for Q2 2019, driven by acquisitions, and outlines the company's financial condition, segment performance, and strategic priorities - The company's strategy focuses on four key areas: strengthening the balance sheet, operating efficiently, evaluating acquisition opportunities, and maintaining its brand[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk) Total Revenues, Operating Income, and Net Income (In millions) | (In millions) | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | | :--- | :--- | :--- | | **Total revenues** | **$846.1** | **$616.8** | | Operating income | $126.7 | $96.3 | | Net income | $48.5 | $38.9 | - The significant increase in revenues and operating income for the three and six months ended June 30, 2019, is primarily attributed to the acquisitions of Lattner, Valley Forge, and the Pinnacle Properties, which bolstered the Midwest & South segment[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk) [Results of Operations by Segment](index=56&type=section&id=Results%20of%20Operations%20by%20Segment) The Midwest & South segment led growth with **67.1%** revenue increase to **$560.7 million** in Q2 2019 due to acquisitions, while other segments showed modest gains Total Revenues and Adjusted EBITDAR by Segment (In millions) | (In millions) | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | | :--- | :--- | :--- | | **Total Revenues** | | | | Las Vegas Locals | $220.9 | $220.0 | | Downtown Las Vegas | $64.5 | $61.2 | | Midwest & South | $560.7 | $335.6 | | **Adjusted EBITDAR** | | | | Las Vegas Locals | $71.4 | $70.2 | | Downtown Las Vegas | $15.9 | $13.6 | | Midwest & South | $165.1 | $98.5 | [Liquidity and Capital Resources](index=58&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2019, the company maintained **$239.4 million** in cash, **$574.2 million** in credit facility availability, and generated **$264.3 million** in operating cash flow, ensuring sufficient liquidity - As of June 30, 2019, the company had **$574.2 million** of remaining contractual availability under its bank credit facility[219](index=219&type=chunk) - During the six months ended June 30, 2019, the company repurchased **1.1 million** shares of its common stock, with an additional **$72.8 million** remaining authorized for repurchase under the 2018 plan[224](index=224&type=chunk) - The company declared a quarterly cash dividend of **$0.07 per share** on June 7, 2019, an increase from the previous **$0.06 per share**[226](index=226&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=63&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate fluctuations, with **42.9%** of long-term debt being variable-rate, and no derivative use for speculation - A **100 basis point (1%)** change in interest rates would cause the company's annual interest costs to change by approximately **$17.0 million**, based on debt levels at June 30, 2019[243](index=243&type=chunk) [Item 4. Controls and Procedures](index=63&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2019, following successful remediation of a material weakness in internal control over financial reporting - A material weakness related to the lack of segregation of duties within the general ledger system, identified in Q4 2018, was successfully remediated as of June 30, 2019[245](index=245&type=chunk)[247](index=247&type=chunk) - Remediation efforts included modifying user role definitions in the general ledger system to eliminate incompatible functions and implementing new controls to review user roles and journal entry processing[247](index=247&type=chunk)[248](index=248&type=chunk) [Part II. Other Information](index=64&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) The company is party to various legal proceedings arising in the ordinary course of business but believes none would have a material adverse effect on its financial position or operations - The company states that pending legal claims are not expected to have a material adverse effect on its financial condition or operations[250](index=250&type=chunk) [Item 1A. Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2018 - No material changes to risk factors were reported for the quarter[250](index=250&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2019, the company repurchased **245,221** shares for **$6.1 million**, with **$72.8 million** remaining authorized under the repurchase program Share Repurchases (Q2 2019) | Period | Total Number of Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | April 1-30, 2019 | — | $— | | May 1-31, 2019 | 135,586 | $25.81 | | June 1-30, 2019 | 109,635 | $23.78 | | **Totals** | **245,221** | **N/A** | - As of June 30, 2019, approximately **$72.8 million** remained available for repurchase under the company's authorized plan[253](index=253&type=chunk) [Item 6. Exhibits](index=65&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO pursuant to Exchange Act rules and the financial statements formatted in iXBRL

Boyd Gaming Corporation (NYSE:BYD) Q2 2019 Earnings Conference Call July 30, 2019 5:00 PM ET Company Participants Josh Hirsberg - Executive Vice President & Chief Financial Officer Keith Smith - President & Chief Executive Officer Conference Call Participants Carlo Santarelli - Deutsche Bank Thomas Allen - Morgan Stanley Joe Greff - JPMorgan David Katz - Jefferies Felicia Hendrix - Barclays Jared Shojaian - Wolfe Research Harry Curtis - Instinet Barry Jonas - SunTrust Shaun Kelley - Bank of America John DeC ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________________________ FORM 10-Q ____________________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 1-12882 _________________ ...

Financial Data and Key Metrics Changes - The first quarter marked a strong start to 2019 with continued growth in same-store revenues, EBITDAR, and operating margins across all segments [7][21] - At quarter end, debt-to-EBITDA was 5.1x and lease adjusted leverage was 5.5x, with a target leverage of 4x to 5x EBITDA expected to be achieved later this year [23][24] - Capital expenditures were $89 million for the quarter, driven by the purchase of a new slot system and higher carryover capital from previous projects, with full-year guidance holding at approximately $160 million [24][52] Business Line Data and Key Metrics Changes - The Midwest and South segment showed continued growth in same-store revenues, EBITDAR, and operating margins despite severe winter weather [13][15] - The Las Vegas Locals segment achieved its highest first quarter EBITDAR since 2007, with segment operating margins improving by 134 basis points to exceed 33% [8][10] - Downtown Las Vegas operations delivered record first quarter EBITDAR performance, with all three properties posting revenue and EBITDAR gains [12] Market Data and Key Metrics Changes - Southern Nevada's economy remains strong, with a 2.4% job growth rate over the last 12 months, outpacing the national average [10][11] - The visitation in Las Vegas reached an all-time high for the convention and meeting business, with new infrastructure supporting further growth [11][12] - The company reported strong performance in its newly acquired properties, achieving revenue and EBITDAR growth on a combined basis [15][22] Company Strategy and Development Direction - The company is focused on integrating new properties into its nationwide player loyalty network and enhancing marketing capabilities [17][20] - The expansion of sports betting is seen as a key growth driver, with positive results reported from properties in Mississippi and Pennsylvania [18][19] - The company continues to pursue opportunities for expansion while balancing growth with returning capital to shareholders and deleveraging its balance sheet [21][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth trends for the Locals business, supported by a robust Southern Nevada economy and population growth [10][12] - The company remains optimistic about the future potential of its new assets and the synergies expected from recent acquisitions [8][22] - Despite weather-related challenges, management noted a recovery in business trends and a positive outlook for the remainder of the year [23][35] Other Important Information - The company returned over $28 million to shareholders during the quarter through dividends and share repurchases [24] - EBITDAR guidance for the year remains reaffirmed at $885 million to $910 million [25] Q&A Session Summary Question: Impact of the Palms property on performance - Management indicated that the Palms property does not significantly impact the Gold Coast customer base, and they are pleased with Gold Coast's performance [28] Question: Incremental EBITDA from sports betting - Management noted positive growth in visitation and spending due to sports betting but did not provide specific incremental EBITDA figures [29] Question: Weather impact on Midwest and South margins - Management stated that quantifying the weather impact is complex, but overall trends in March were positive, indicating recovery [32][35] Question: Performance at Eastside Cannery - Management acknowledged operational modifications at Eastside Cannery that initially did not succeed but reported improved results in April following adjustments [36] Question: Downtown Las Vegas performance drivers - Management attributed strong performance to a growing interest in Downtown Las Vegas and effective revenue management [38] Question: Resort fees and customer pushback - Management confirmed that resort fees have not been raised recently and noted minimal customer pushback due to modest fee increases [69] Question: Market share shifts between Downtown and the Strip - Management has not conducted specific surveys on market share shifts but noted increased interest in Downtown due to enhanced amenities [72] Question: Legislative updates on Illinois gaming tax - Management is monitoring legislative developments in Illinois but did not provide specific updates on the proposed tax changes [76]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________________________________________ FORM 10-K ____________________________________________________ (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-12882 ____________________________________________________ BOY ...

Boyd Gaming Corporation (NYSE:BYD) Q4 2018 Earnings Conference Call February 21, 2019 5:00 PM ET Company Participants Josh Hirsberg - Executive Vice President and Chief Financial Officer Keith Smith - President and Chief Executive Officer Conference Call Participants Carlo Santarelli - Deutsche Bank Securities, Inc. Steven Wieczynski - Stifel, Nicolaus & Co., Inc. Thomas Allen - Morgan Stanley Felicia Hendrix - Barclays Bank PLC Shaun Kelley - Bank of America Merrill Lynch Harry Curtis - Instinet, LLC Barry ...