PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Boyd Gaming Corporation's unaudited condensed consolidated financial statements, including balance sheets, statements of operations, cash flows, and notes on key events [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of September 30, 2024, total assets increased to **$6.30 billion**, total liabilities rose to **$4.67 billion** due to higher debt, and stockholders' equity declined to **$1.63 billion** from share repurchases Condensed Consolidated Balance Sheet Highlights (in millions) | Account | September 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$6,302.4** | **$6,273.1** | | Total current assets | $501.9 | $529.3 | | Property and equipment, net | $2,633.2 | $2,542.5 | | Goodwill, net | $958.0 | $947.3 | | **Total Liabilities** | **$4,670.6** | **$4,529.0** | | Total current liabilities | $610.5 | $596.3 | | Long-term debt, net | $3,025.0 | $2,871.2 | | **Total Stockholders' Equity** | **$1,631.8** | **$1,744.1** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q3 2024 total revenues increased to **$961.2 million** with Online revenue growth, while net income slightly decreased to **$131.1 million**; nine-month revenues grew to **$2.89 billion**, but net income significantly fell to **$407.4 million** due to lower operating income Q3 2024 vs Q3 2023 Performance (in millions, except per share data) | Metric | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | Total Revenues (in millions) | $961.2 | $903.2 | | Operating Income (in millions) | $219.9 | $217.9 | | Net Income (in millions) | $131.1 | $135.2 | | Diluted EPS | $1.43 | $1.34 | Nine Months 2024 vs 2023 Performance (in millions, except per share data) | Metric | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | | Total Revenues (in millions) | $2,889.3 | $2,784.1 | | Operating Income (in millions) | $666.5 | $746.8 | | Net Income (in millions) | $407.4 | $527.4 | | Diluted EPS | $4.30 | $5.16 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended September 30, 2024, net cash from operating activities was **$695.0 million**, while investing activities used **$320.5 million** and financing activities used **$392.2 million**, primarily for share repurchases and dividends Cash Flow Summary for Nine Months Ended Sept 30 (in millions) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities (in millions) | $695.0 | $697.3 | | Net cash used in investing activities (in millions) | ($320.5) | ($199.6) | | Net cash used in financing activities (in millions) | ($392.2) | ($521.1) | | **Change in cash, cash equivalents and restricted cash (in millions)** | **($17.7)** | **($23.4)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, financial statement line items, and key disclosures including the **$34.0 million** Resorts Digital Gaming acquisition, debt structure, share repurchase programs, and a **$10.5 million** impairment charge - On September 1, 2024, the company acquired Resorts Digital Gaming, LLC for **$34.0 million** to expand its online casino business[46](index=46&type=chunk)[48](index=48&type=chunk) - During the first nine months of 2024, the company recorded a non-cash impairment charge of **$10.5 million** for a gaming license right in its Midwest & South segment[63](index=63&type=chunk) - As of September 30, 2024, **$343.1 million** remained available under the company's Share Repurchase Program, with an additional **$500.0 million** authorized on May 9, 2024[76](index=76&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial performance, strategic initiatives, and liquidity, noting Q3 revenue growth from Online, nine-month revenue increase with declining operating and net income, and a balanced capital allocation strategy - The company's strategy focuses on growing revenues, operating efficiently, maintaining a strong balance sheet, and evaluating strategic acquisition and growth opportunities[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) Financial Highlights (in millions) | Metric | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues (in millions) | $961.2 | $903.2 | $2,889.3 | $2,784.1 | | Operating Income (in millions) | $220.0 | $217.9 | $666.5 | $746.8 | | Net Income (in millions) | $131.1 | $135.2 | $407.4 | $527.4 | - The nine-month decline in net income was primarily due to an **$80.3 million** decrease in operating income, a **$21.2 million** decrease in interest income, and a **$16.2 million** increase in the income tax provision[139](index=139&type=chunk) [Results of Operations](index=40&type=section&id=RESULTS%20OF%20OPERATIONS) Q3 2024 revenues increased **6.4%** to **$961.2 million** driven by Online growth, while nine-month revenues grew **3.8%** to **$2.89 billion** but operating income fell **10.8%** to **$666.5 million** due to gaming revenue decline and increased costs Revenues by Source (in millions) | Revenue Source | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Gaming (in millions) | $640.5 | $641.2 | $1,925.5 | $1,966.2 | | Food & beverage (in millions) | $72.7 | $71.0 | $222.4 | $212.9 | | Room (in millions) | $50.2 | $48.7 | $151.8 | $148.6 | | Online (in millions) | $141.3 | $90.3 | $417.4 | $298.2 | | Management fee (in millions) | $21.1 | $17.2 | $64.5 | $54.6 | Adjusted EBITDAR by Segment (in millions) | Segment | Q3 2024 | Q3 2023 | Nine Months 2024 | Nine Months 2023 | | :--- | :--- | :--- | :--- | :--- | | Las Vegas Locals (in millions) | $96.4 | $106.0 | $316.1 | $350.5 | | Downtown Las Vegas (in millions) | $16.5 | $15.8 | $56.3 | $57.9 | | Midwest & South (in millions) | $196.9 | $190.6 | $573.3 | $591.1 | | Online (in millions) | $26.0 | $11.0 | $63.5 | $45.0 | - The Las Vegas Locals segment revenue decreased **4.5%** in Q3 and **4.4%** in the nine-month period, primarily due to competitive pressures and Q1 market softness[156](index=156&type=chunk)[158](index=158&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) As of September 30, 2024, the company held **$286.3 million** in cash, a **$108.7 million** working capital deficit, and **$3.1 billion** in long-term debt, while generating **$695.0 million** in operating cash flow and allocating capital to share repurchases, dividends, and estimated **$400-$425 million** in capital expenditures - The company repurchased **8.3 million shares** for **$483.2 million** in the first nine months of 2024, with **$343.1 million** remaining available under the repurchase program as of September 30, 2024[207](index=207&type=chunk) - A quarterly dividend of **$0.17 per share** was declared on August 20, 2024[211](index=211&type=chunk) - Estimated capital expenditures for 2024 are between **$400 million** and **$425 million** for maintenance, renovations, and growth projects, with approximately **$289 million** spent in the first nine months[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=57&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate exposure, with **38.6%** of long-term debt being variable-rate, where a **100 basis point** change would alter annual interest costs by approximately **$11.9 million** - The company's primary market risk is interest rate risk associated with its variable-rate borrowings, which constitute **38.6%** of total long-term debt[226](index=226&type=chunk)[227](index=227&type=chunk) - A hypothetical **100 basis point** change in interest rates would alter the company's annual interest costs by approximately **$11.9 million**[227](index=227&type=chunk) [Controls and Procedures](index=59&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were not effective as of September 30, 2024, due to an un-remediated material weakness in segregation of duties over journal entries, despite ongoing remediation efforts - Disclosure controls and procedures were deemed not effective as of September 30, 2024, due to a material weakness in internal control over financial reporting identified in Q4 2023[229](index=229&type=chunk)[230](index=230&type=chunk) - The material weakness pertains to a lack of segregation of duties over the preparation, review, and recording of journal entries[230](index=230&type=chunk) - Remediation efforts, including enhanced training, attestations, and monitoring controls, were implemented in Q1 2024 and continue to be monitored for operating effectiveness[231](index=231&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=59&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various ordinary course legal proceedings, which management believes will not have a material adverse effect on its business, financial position, or cash flows - The company states that pending legal proceedings arising from the ordinary course of business are not expected to have a material adverse effect on its financials[232](index=232&type=chunk) [Risk Factors](index=60&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's 2023 Annual Report on Form 10-K were reported - No material changes to the risk factors disclosed in the 2023 Form 10-K were reported for the quarter[233](index=233&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=60&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q3 2024, the company repurchased **3,461,140 shares** of common stock at an average price of **$58.37 per share** under its share repurchase program Share Repurchases for Q3 2024 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | July 2024 | 630,935 | $57.44 | | August 2024 | 2,115,865 | $57.66 | | September 2024 | 714,340 | $61.31 | | **Total** | **3,461,140** | **$58.37** | [Other Information](index=60&type=section&id=Item%205.%20Other%20Information) No director or officer trading arrangements under Rule 10b5-1 were adopted, modified, or terminated during the third quarter of 2024 - No director or officer trading plans under Rule 10b5-1 were adopted, modified, or terminated during the fiscal quarter ended September 30, 2024[235](index=235&type=chunk) [Exhibits](index=61&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and iXBRL data files - The report includes a list of exhibits filed, such as CEO/CFO certifications and financial data formatted in iXBRL[237](index=237&type=chunk)

Boyd Gaming Corporation (NYSE:BYD) Q3 2024 Earnings Conference Call October 24, 2024 5:00 PM ET Company Participants David Strow - VP, Corporate Communications Keith Smith - President & CEO Josh Hirsberg - EVP & CFO Conference Call Participants Shaun Kelley - Bank of America Carlo Santarelli - Deutsche Bank Joe Greff - JPMorgan Patrick Keough - Truist Steve Wieczynski - Stifel David Katz - Jefferies Stephen Grambling - Morgan Stanley Jordan Bender - JMP Securities Ben Chaiken - Mizuho Brandt Montour - Barcl ...

For the quarter ended September 2024, Boyd Gaming (BYD) reported revenue of $961.25 million, up 6.4% over the same period last year. EPS came in at $1.52, compared to $1.36 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $920.33 million, representing a surprise of +4.45%. The company delivered an EPS surprise of +7.80%, with the consensus EPS estimate being $1.41.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and h ...

Boyd Gaming (BYD) came out with quarterly earnings of $1.52 per share, beating the Zacks Consensus Estimate of $1.41 per share. This compares to earnings of $1.36 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 7.80%. A quarter ago, it was expected that this casino operator would post earnings of $1.47 per share when it actually produced earnings of $1.58, delivering a surprise of 7.48%.Over the last four quarters, the company ...

Exhibit 99.1 BOYD GAMING REPORTS THIRD-QUARTER 2024 RESULTS LAS VEGAS - OCTOBER 24, 2024 - Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the third quarter ended September 30, 2024. 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 Downtown Las Vegas and Midwest & Sou ...

Group 1 - The House Edge is recognized as a unique marketplace service in the casino, gaming, and online sports betting sectors, providing superior returns compared to standard analyst guidance [1] - The current market trend is dominated by the AI sector, particularly highlighted by Nvidia's significant market performance [1] - Howard Jay Klein, with 30 years of experience in major casino operations, leads The House Edge and focuses on value investing informed by management quality [1] Group 2 - The extensive intelligence network of The House Edge spans various levels within the US gambling and entertainment sectors, enhancing the quality of its research [1]

Analysts on Wall Street project that Boyd Gaming (BYD) will announce quarterly earnings of $1.41 per share in its forthcoming report, representing an increase of 3.7% year over year. Revenues are projected to reach $918.69 million, increasing 1.7% from the same quarter last year.The consensus EPS estimate for the quarter has undergone a downward revision of 0.3% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimat ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies. Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use a ...

Core Viewpoint - Boyd Gaming (BYD) is expected to report a year-over-year increase in earnings and revenues for the quarter ended September 2024, with the stock price likely influenced by how actual results compare to consensus estimates [1] Group 1: Earnings Expectations - The consensus estimate for Boyd's quarterly earnings is $1.41 per share, reflecting a year-over-year change of +3.7% [2] - Revenues are anticipated to be $918.65 million, which is an increase of 1.7% from the same quarter last year [2] Group 2: Estimate Revisions - The consensus EPS estimate has been revised 0.43% lower over the last 30 days, indicating a reassessment by analysts [3] - The Most Accurate Estimate for Boyd is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +2.53% [6][7] Group 3: Earnings Surprise Prediction - A positive Earnings ESP is a strong indicator of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [5] - Boyd currently holds a Zacks Rank of 3, suggesting a likelihood of beating the consensus EPS estimate [7] Group 4: Historical Performance - In the last reported quarter, Boyd exceeded the expected earnings of $1.47 per share by delivering $1.58, resulting in a surprise of +7.48% [8] - Over the past four quarters, Boyd has beaten consensus EPS estimates two times [8] Group 5: Industry Context - Las Vegas Sands (LVS), another player in the gaming industry, is expected to post earnings of $0.56 per share for the same quarter, indicating a year-over-year change of +1.8% [10] - LVS's revenues are projected to be $2.79 billion, down 0.2% from the previous year, with a positive Earnings ESP of 2.50% [10]

LAS VEGAS, Oct. 1, 2024 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) announced that the conference call to review the Company's third-quarter 2024 results will take place on Thursday, October 24, 2024, at 5:00 p.m. Eastern. The conference call number is (800) 836-8184. No passcode is required to join the call.  Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call.  The Company will report its results on the same day shortly after 4:00 p.m. Eastern. The co ...