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Boyd Gaming Corporation Q4FY23 Report Overview

 14 February 2024
Boyd Gaming Corporation Q4FY23 Report Overview
Free version:

Description

Goals and Objectives of the Research

Research Objective: To perform a comparative analysis of the Q4FY23 quarterly report and those of previous periods.

Research Tasks:

  • Gather comprehensive financial and corporate information pertaining to the company for Q4FY23;
  • Analyze the collected information;
  • Conduct a comparative assessment of the Q4FY23 report with the reports from previous quarters of the current fiscal year and Q4FY22;
  • Formulate conclusions based on the analyzed data.

Disclaimers

The information collected in this report reflects data from the company's public reports and is not questioned or verified via other sources. In other words, information from the company's public reports is taken and used as is.

If additional information from other sources is used or if the data used is reflective of the researcher's personal opinion, this will be labeled accordingly.

The provided public company reports are unaudited.

Document Markup

  • FY - Financial Year;
  • Q - Quarter;
  • Boyd - Boyd Gaming Corporation;
  • QoQ - Quarter-over-Quarter;
  • This report uses the American number format: a period is used as the decimal separator, while commas separate thousands;
  • Year-over-year (YoY) calculations of relative values were not performed in cases where last year's profit changed to a loss in the current year and vice versa within the scope of the current report;
  • Boyd Gaming Corporation Annual Report Period is from January 1 to December 31, 2023;
  • The specified financial year coincides with the calendar year.

Conclusions

General Information

ParameterBoyd Gaming Corporation
Websiteboydgaming.com
Country (location)USA
Country (issuer)USA*
Year of foundation1975
ChairmanWilliam S. Boyd
SectorConsumer Services
TypePublic
Year of IPO1993
Stock marketNYSE
TickerBYD
Previous Annual Report from Data40-
Previous Quarterly Report from Data40Boyd Gaming Corporation Q3FY23 Report Overview

*Note: To access the registry, enter the company name in the "Name" field and click "Search." In the "Business entity and mark search result" window, select the company.

About Company

Founded in 1975, Boyd Gaming Corporation (NYSE: BYD) operates 28 gaming entertainment properties in 10 states. It also manages a tribal casino in northern California, and owns and operates Boyd Interactive, a B2B and B2C online casino gaming business. The Company is a strategic partner and holds a 5% equity stake in FanDuel Group, the nation's sports-betting operator.

Conference Call Information

Boyd Gaming hosted a conference call to discuss its Q4FY23 and FY23 results on February 8, at 5:00 p.m. ET. The conference call number: (888) 259-6580, passcode 04276776. A replay is available by dialing (877) 674-7070 starting from Tuesday, February 8, and continuing through Tuesday, February 15. The conference number for the replay: 276776#. The replay is accessible via Investor Relations.

Public Quarterly Reports Calendar FY23-24

QuarterPeriodDate
FY23
Q1Jan 1, 2023 to Mar 31, 2023April 4, 2023
Q2Apr 1, 2023 to Jun 30, 2023July 27, 2023
Q3Jul 1, 2023 to Sep 30, 2023October 24, 2023
Q4 and FY23Oct 1, 2023 to Dec 31, 2023February 8, 2024
FY24
Q1Jan 1, 2024 to Mar 31, 2024April 22, 2024 (Projected)
Q2Apr 1, 2024 to Jun 30, 2024July 22, 2024 (Projected)
Q3Jul 1, 2024 to Sep 30, 2024October 21, 2024 (Projected)
Q4 and FY24Oct 1, 2024 to Dec 31, 2024February 19, 2025 (Projected)

Follow the announcements of the release of new reports on the website Data40.com in the Calendars by Financial reports section of DATA40.com.

Highlights and Metrics

Q4FY23 Highlights

  • For Q4FY23, revenues reached 954.412 million USD, increasing from 922.921 million USD in Q4FY22;
  • The Company reported a net income of 92.605 million USD, or 0.94 USD per share, for Q4FY23, compared to 172.684 million USD, or 1.63 USD per share, for Q4FY22; 
  • The Company’s Q4FY23 results were impacted by 103.300 million USD in non-cash, pretax goodwill and intangible asset impairment charges;
  • Total Adjusted EBITDAR was 355.462 million USD in Q4FY23, versus 360.102 million USD in Q4FY22; 
  • Adjusted Earnings for Q4FY23 were 163.825 million USD, or 1.66 USD per share, compared to 181.757 million USD, or 1.72 USD per share, for Q4FY22;
  • During Q4FY23, 100 million USD in shares of its common stock were repurchased. As of December 31, 2023, the Company had 326 million USD remaining under current share repurchase authorizations.

Acquisitions and Divestitures

The company did not make any acquisitions during the Q4FY23.

Business Outlook

In the report The Company does not make forward-looking statements regarding Business Outlook.

Stock Information

About Shares

Total Shares Outstanding - 97,862,123 (as of October 30, 2023).

Weighted average basic shares outstanding (Basic) ≈ 101,325,000 (Year Ended December, 31).

Weighted average basic shares outstanding (Diluted) ≈ 101,373,000 (Year Ended December, 31).

The company does not provide information on Total Shares Outstanding as of December 31, 2023, in the Q4 and FY23 Current Report. This information will be announced subsequently following the release of the full FY23 financial report by Boyd Gaming Corporation.

TradingView Retrospective Q4FY23

DateOpen Price, USDHighest Price, USDLowest Price, USDClose Price, USD
Oct 2, 202360.5361.0459.7659.97
Dec 29, 202363.0563.2362.2562.61

Q4FY23 Price MAX: 63.72 USD (December 14, 2023).

Q4FY23 Price MIN: 52.42 USD (October 25, 2023).

Financial Statements

Revenue Retrospective

Boyd Gaming Corporation Revenue Retrospective

Sales per Business  

Net Revenue Structure

(In million, except Percentages)

ParameterQ4FY23, USDQoQ, %Q3FY23, USDQoQ, %Q2FY23, USDQoQ, %Q1FY23, USDQoQ, %Q4FY22, USDYoY, %
Gaming647.0830.92641.168-2.96660.729-0.54664.3081.60653.876-1.04
Food & beverage75.4816.3370.9860.8870.366-1.7071.584-3.4574.1451.80
Room50.5713.8048.720-2.0949.761-0.6150.065-0.0450.0860.97
Online124.05837.4090.2886.2285.002-30.82122.86336.9889.69538.31
Management fee22.29229.9617.153-1.6817.446-12.9020.03019.6116.74633.12
Other34.9270.2234.8493.5833.646-4.1935.116-8.4938.373-8.98
Total Consolidated Revenue954.4125.67903.164-1.50916.950-4.88963.9664.45922.9213.41

Net Revenue Structure Percentages

ParameterQ4FY23, %Q3FY23, %Q2FY23, %Q1FY23, %Q4FY22, %
Gaming67.8070.9972.0668.9170.85
Food & beverage7.917.867.677.438.03
Room5.305.395.435.195.43
Online13.0010.009.2712.759.72
Management fee2.341.901.902.081.81
Other3.663.863.673.644.16

Sales by Segment

Sales by Segment

(In million, except Percentages)

ParameterQ4FY23, USDQoQ, %Q3FY23, USDQoQ, %Q2FY23, USDQoQ, %Q1FY23, USDQoQ, %Q4FY22, USDYoY, %
Las Vegas Locals235.0755.97221.833-3.94230.940-3.88240.270-0.27240.916-2.42
Downtown Las Vegas63.31427.7949.545-6.5052.991-6.3156.557-9.4262.4421.40
Midwest & South497.898-2.95513.028-1.12518.8461.30512.1733.15496.5320.28
Online124.05837.4090.2886.2285.002-30.82122.86336.9889.69538.31
Managed & Other34.06719.6628.470-2.4029.171-9.1332.103-3.7033.3362.19
Total Revenues954.4125.67903.164-1.50916.950-4.88963.9664.45922.9213.41

Sales Volume by Platforms Percentages

ParameterQ4FY23, %Q3FY23, %Q2FY23, %Q1FY23, %Q4FY22, %
Las Vegas Locals24.6324.5625.1924.9326.10
Downtown Las Vegas6.635.495.785.876.77
Midwest & South52.1756.8056.5853.1353.80
Online13.0010.009.2712.759.72
Managed & Other3.573.153.183.333.61

Dividend Information  

(In million, except Per share data and Percentages)

ParameterQ4FY23, USDQoQ, %Q3FY23, USDQoQ, %Q2FY23, USDQoQ, %Q1FY23, USDQoQ, %Q4FY22, USDYoY, %
Per share0.16 USD0.000.16 USD0.000.16 USD0.000.16 USD6.670.15 USD6.67
Cash dividends declared--15.804-1.4816.041-1.5216.2895.2515.476-

Balance Sheet

(In million, except Percentages)

ParameterQ4FY23, USDQoQ, %Q3FY23, USDQoQ, %Q2FY23, USDQoQ, %Q1FY23, USDQoQ, %Q4FY22, USDYoY, %
Assets
Total Current Assets--469.2482.22459.0460.37457.355-4.36478.228-
Total Non-Current Assets--5,842.363-0.055,845.435-0.375,867.2320.595,832.899-
Total Assets--6,311.6110.116,304.481-0.326,324.5870.216,311.127-
Liabilities
Total Current Liabilities--583.4196.74546.566-7.70592.1721.03586.134-
Total Non-Current Liabilities--3,959.711-1.234,009.106-1.534,071.446-1.524,134.368-
Total Liabilities--4,543.130-0.284,555.672-2.314,663.618-1.214,720.502-
Total Equity--1,768.4811.121,748.8095.291,660.9694.421,590.625-

Note: The company does not provide information on the Balance Sheet in the Q4 and FY23 Current Report. This information will be announced subsequently following the release of the full FY23 financial report by Boyd Gaming Corporation.

Income Statement  

(In million, except EPS data and Percentages)

ParameterQ4FY23, USDQoQ, %Q3FY23, USDQoQ, %Q2FY23, USDQoQ, %Q1FY23, USDQoQ, %Q4FY22, USDYoY, %
Revenue954.4125.67903.164-1.50916.950-4.88963.9664.45922.9213.41
Total Operating Costs and Expenses799.36116.65685.2921.84672.921-0.91679.0870.56675.28418.37
Operating Income155.051-28.83217.872-10.72244.029-14.34284.87915.04247.637-37.39
Net Income92.605-31.52135.233-29.73192.454-3.64199.73115.66172.684-46.37
EPS Basic0.94 USD-29.851.34 USD-29.101.89 USD-2.071.93 USD17.681.64 USD-42.68
EPS Diluted0.94 USD-29.851.34 USD-29.101.89 USD-2.071.93 USD18.401.63 USD-42.33

Cashflow Statement

(In million, except Percentages)

ParameterQ4FY23, USDQoQ, %Q3FY23, USDQoQ, %Q2FY23, USDQoQ, %Q1FY23, USDQoQ, %Q4FY22, USDYoY, %
Cash flows from operating activities--233.97729.20181.100-35.82282.17513.74248.077-
Cash flows from investing activities--(75.665)71.99(43.994)-44.96(79.927)-70.52(271.160)-
Cash flows from financing activities--(159.148)11.36(142.917)-34.75(219.037)-48.629-

Note: The company does not provide information on the Cash Flow Statement in the Q4 and FY23 Current Report. This information will be announced subsequently following the release of the full FY23 financial report by Boyd Gaming Corporation.

News

October 6, 2023 - Boyd Gaming to Report Third-Quarter 2023 Results, Host Conference Call and Webcast on October 24.

October 24, 2023 - Boyd Gaming Reports Third-Quarter 2023 Results.

December 7, 2023 - Boyd Gaming Announces Quarterly Dividend.

December 14, 2023 - Boyd Gaming Announces Senior Executive Appointments.

Analyst's Opinion

Summary

Boyd Gaming Corporation operates 28 gaming entertainment properties in 10 states, manages a tribal casino in northern California, and owns and operates Boyd Interactive. Since 1993, it has been trading on the NYSE under the ticker BYD.

As of October 30, 2023, Total Shares Outstanding were 97,862,123. During Q4FY23, the company's shares traded in the range of 52.42 USD to 63.72 USD, with an opening price on October 2, 2023, at 60.53 USD and a closing price on December 29, 2023, at 62.61 USD.

Revenue Retrospective demonstrates positive growth over three fiscal years: 3,369.810 million USD for FY21; 3,555.377 million USD for FY22; and 3,738.492 million USD for FY23. Total Revenue increased by 3.41% in Q4FY23, reaching 954.412 million USD compared to Q4FY22, where revenue was 922.921 million USD. The Gaming Segment's share of revenue in Q4FY23 was 67.80%, amounting to 647.083 million USD of the quarterly Total Revenue.

Net income in Q4FY23 reached 92.605 million USD, marking a 46.37% decrease compared to Q4FY22, where net income was 172.684 million USD, and a 31.52% decrease compared to Q3FY23, where net income was 135.233 million USD.

The company repurchased 100 million USD of its common stock in Q4FY23, leaving 326 million USD remaining under its share repurchase plan.

In Q4FY23, the company paid dividends of 0.16 USD per share.

Boyd Gaming Corporation released its financial results for Q4FY23 on February 8, 2024. Follow the announcements of the release of new reports on the website Data40.com in the Calendars by section DATA40.com.

Sources List

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