Key Takeaways Carnival's Q3 earnings and revenues beat estimates, fueled by resilient demand and strong bookings.CCL projects continued yield gains as forward bookings outpace capacity and onboard spending rises. Las Vegas Sands posts 24.2% revenue growth, driven by strong travel trends in Macao and Singapore.Wall Street has witnessed a strong start to the third-quarter 2025 earnings season. We are at the initial stage of the reporting cycle. As of Oct. 22, 99 S&P 500 members reported their third-quarter fi ...

Core Viewpoint - Boyd Gaming (BYD) is expected to report quarterly earnings of $1.67 per share, a 5.7% increase year-over-year, with revenues projected at $980.29 million, reflecting a 1.3% increase compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised downward by 2.3% over the past 30 days, indicating a reassessment by analysts [2]. - Prior revisions to earnings projections are crucial for predicting investor behavior and stock price performance [3]. Revenue Projections - Analysts predict 'Revenues- Online' to be $139.48 million, a 7.4% increase from the year-ago quarter [5]. - 'Revenues by Segment- Downtown Las Vegas' is estimated at $56.10 million, a decrease of 2.8% year-over-year [5]. - 'Revenues by Segment- Midwest and South' is expected to reach $531.53 million, indicating a 1.9% increase [5]. - 'Revenues by Segment- Managed & Other' is projected at $34.94 million, a 5.6% increase from the prior year [6]. - 'Revenues by Segment- Las Vegas Locals' is estimated at $221.91 million, reflecting a 1.4% decrease year-over-year [6]. Adjusted EBITDAR Estimates - 'Adjusted EBITDAR- Online' is forecasted to be $18.72 million, up from $17.06 million in the same quarter last year [7]. - 'Adjusted EBITDAR- Managed & Other' is expected to reach $24.01 million, compared to $23.14 million a year ago [7]. - 'Adjusted EBITDAR- Downtown Las Vegas' is projected at $20.91 million, down from $22.02 million in the previous year [8]. - 'Adjusted EBITDAR- Midwest and South' is estimated at $195.56 million, slightly up from $195.46 million year-over-year [8]. - 'Adjusted EBITDAR- Las Vegas Locals' is expected to be $105.06 million, down from $109.25 million in the prior year [9]. Stock Performance - Boyd shares have increased by 7.2% over the past month, outperforming the Zacks S&P 500 composite, which rose by 5.9% [9].

Financial Performance Highlights - Enterprise-Wide net revenues increased by 2.7% year-over-year (YoY), but were flat excluding Centaur[21] - Enterprise-Wide Adjusted EBITDAR increased by 4.6% YoY, or 1.4% excluding Centaur[21] - Enterprise-Wide Adjusted EBITDAR margin was 27.5% for the full year[21] - In 4Q 2018, Enterprise-Wide net revenues increased by 7.4% YoY, or 1.2% excluding Centaur[21] - In 4Q 2018, Enterprise-Wide Adjusted EBITDAR increased by 12.1% YoY, or 4.3% excluding Centaur, with a margin of 26.8% (+110bps)[21] - Las Vegas RevPAR increased by 2.1% YoY for the full year and 10.9% YoY for 4Q 2018[21] Efficiency Improvements - Full year marketing efficiency improved by 160bps to 20.1%[21] - Full year labor efficiency improved by 30bps to 23.6%[21] Debt and Liquidity - Total financial debt (excluding convertible debt) was $7.992 billion, with 59% fixed and 41% variable[51] - Total financial debt plus capitalized leases was $14.240 billion[51] - Total liquidity as of December 31, 2018, was $2.516 billion, including $1.491 billion in cash and cash equivalents[51] Capital Expenditures - Enterprise-Wide total capital expenditures for FY18 were $665 million, including $484 million for maintenance and $181 million for development[52]

Core Insights - Planet Fitness, Inc. (PLNT) reported lower-than-expected first-quarter 2025 results, with adjusted earnings and revenues missing the Zacks Consensus Estimate, although both metrics increased year-over-year [1][4] - The company is facing macroeconomic volatility, increased costs, and expenses, particularly in SG&A and club operations [1][2] Financial Performance - Adjusted earnings per share (EPS) for Q1 2025 were 59 cents, missing the consensus estimate of 62 cents by 4.8%, while the prior-year quarter reported adjusted EPS of 53 cents [4] - Quarterly revenues were $276.7 million, lagging the consensus mark of $282 million by 1.7%, but rose 11.5% year-over-year due to new club openings and membership growth [4] - Adjusted EBITDA was $117 million, up 10% from $106.3 million reported in the year-ago quarter [5] Segment Performance - Franchise segment revenues rose 10.7% year-over-year to $115.2 million, with adjusted EBITDA of $84.9 million, up from $76.1 million [6] - Corporate-owned clubs generated revenues of $133.7 million, up 9.2% year-over-year, with adjusted EBITDA totaling $45.8 million, an increase from $42.4 million [7] - Equipment segment revenues totaled $27.8 million, up 28.7% year-over-year, with adjusted EBITDA rising to $7.4 million from $4.8 million [8] Cash and Debt Position - As of March 31, 2025, Planet Fitness had cash and cash equivalents of $343.9 million, up from $293.2 million at the end of 2024, while long-term debt decreased slightly to $2.14 billion [9] 2025 Outlook - For 2025, the company expects approximately 130-140 new equipment placements and 160-170 new club openings, with same-club sales growth projected in the 5-6% range [10] - Revenues are anticipated to increase approximately 10% from 2024 levels, with adjusted EBITDA and net income expected to grow around 10% and 8-9%, respectively [11] - Capital expenditures are now projected to increase approximately 20%, a revision from the previously expected 25% increase [12]

Financial Data and Key Metrics Changes - Revenues for the quarter were nearly $1 billion, while EBITDAR was $338 million, maintaining property level margins of 40%, consistent with the prior year [5][19] - The company reported a 28% increase in weather-impacted days compared to last year, yet managed to grow revenues and EBITDAR in the Midwest and South segment [10][19] - The online segment grew EBITDAR by nearly 14% year over year, driven by stable performance from market access agreements and strong growth from Boyd Interactive [11] Business Line Data and Key Metrics Changes - In the Las Vegas Locals segment, revenues were nearly even with the prior year, while EBITDAR was down less than 4%, primarily due to competitive pressures at the Orleans [8] - Downtown Las Vegas achieved both revenue and EBITDAR growth during the first quarter, with solid visitation from Hawaii and healthy pedestrian traffic along Fremont Street [9] - The managed and other business saw strong growth driven by management fees from Sky River Casino, with ongoing expansion activities set to enhance future growth [12] Market Data and Key Metrics Changes - Customer trends remained consistent through April, with no meaningful shifts in consumer behavior or spending patterns observed thus far in the second quarter [6][20] - The company noted that Hawaiian visitation to the downtown segment was temporarily impacted last year by higher airfares related to the Super Bowl, creating a favorable comparison for the first quarter of this year [9] Company Strategy and Development Direction - The company is focused on enhancing competitiveness through property renovations and expansions, including a $750 million resort project in Norfolk, Virginia, scheduled for completion in late 2027 [17][18] - Capital investment programs are aimed at creating long-term shareholder value, with a commitment to return capital through stock repurchases and dividends [19][26] - The company remains cautious about M&A opportunities, emphasizing a disciplined approach to acquisitions that align with strategic goals [55][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term prospects of the company, citing a strong balance sheet and diversified business as key strengths in navigating economic uncertainty [7][20] - The company acknowledged the potential for increased costs due to tariffs but indicated that current budgets would not be significantly impacted [49][52] Other Important Information - The company repurchased $328 million in stock during the first quarter and paid $15 million in dividends, with plans to continue repurchasing $100 million in shares per quarter [19][26] - The company is actively managing operating expenses and exploring efficiencies to mitigate inflationary pressures [96] Q&A Session Summary Question: Plans for Paradise Riverboat Casino - The company has a list of development projects prioritized based on expected returns, with plans to upgrade older riverboats over time [33][34] Question: Outlook for Core and Retail Customers - Management sees core customer trends continuing to grow, with retail customers performing consistently, despite some noise from external factors [38][39] Question: Buyback Strategy and Timing - The company balanced its buyback strategy with maintaining a strong balance sheet, taking advantage of favorable stock prices in Q1 while remaining cautious moving forward [44][46] Question: Impact of Tariffs on Capital Projects - The company evaluated capital projects for potential deferral and identified sources to mitigate tariff impacts, ensuring budgets remain intact [49][50] Question: Competitive Landscape in Locals Market - The locals market has seen slight shrinkage, but the company has outperformed the overall market, particularly excluding the Orleans property [78][80] Question: Hawaiian Travel and Weather Impact - The company estimated a $5 million impact from weather on EBITDA for the quarter, with Hawaiian travel normalized compared to last year [74][71] Question: Non-Gaming Amenities Spending - Spending on food and beverage and hotel services is up on a cash basis, with no significant declines noted in non-gaming amenities [66] Question: Canadian Travel Impact - Canadian visitation is a minor segment for the company, accounting for less than 0.1% of business, thus not significantly impacting overall performance [103] Question: Future of iGaming Platform - The company aims to grow its Stardust iGaming platform modestly, focusing on markets where it operates, without significant acquisitions planned [90][91]