Company Quick10K Filing
Boyd Gaming
Price24.33 EPS1
Shares114 P/E18
MCap2,773 P/FCF5
Net Debt3,589 EBIT381
TEV6,362 TEV/EBIT17
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-05-06
10-K 2020-12-31 Filed 2021-03-01
10-Q 2020-09-30 Filed 2020-11-05
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-08
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-18
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-03-07
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-15
10-Q 2010-09-30 Filed 2010-10-27
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-03-05
8-K 2020-10-26
8-K 2020-08-06
8-K 2020-07-28
8-K 2020-05-21
8-K 2020-05-13
8-K 2020-05-13
8-K 2020-04-28
8-K 2020-04-09
8-K 2020-03-19
8-K 2020-03-17
8-K 2020-02-20
8-K 2019-12-09
8-K 2019-12-03
8-K 2019-11-18
8-K 2019-11-18
8-K 2019-10-22
8-K 2019-09-17
8-K 2019-07-30
8-K 2019-04-25
8-K 2019-04-15
8-K 2019-02-21
8-K 2018-12-12
8-K 2018-10-25
8-K 2018-10-15
8-K 2018-09-20
8-K 2018-08-02
8-K 2018-07-26
8-K 2018-06-28
8-K 2018-06-28
8-K 2018-06-25
8-K 2018-06-11
8-K 2018-06-11
8-K 2018-06-08
8-K 2018-06-01
8-K 2018-05-01
8-K 2018-04-26
8-K 2018-04-16
8-K 2018-02-20

BYD 10Q Quarterly Report

Note 1.    Summary of Significant Accounting Policies
Note 2.    Property and Equipment, Net
Note 3.    Goodwill and Intangible Assets, Net
Note 4.    Accrued Liabilities
Note 5.    Long - Term Debt
Note 6.    Commitments and Contingencies
Note 7.    Stockholders' Equity and Stock Incentive Plans
Note 8.     Fair Value Measurements
Note 9.    Segment Information
Note 10.    Subsequent Events
EX-31.1 ex_237380.htm
EX-31.2 ex_237381.htm
EX-32.1 ex_237382.htm
EX-32.2 ex_237383.htm

Boyd Gaming Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.90.70.50.30.1-0.12012201420172020
Rev, G Profit, Net Income
0.60.30.0-0.2-0.5-0.82012201420172020
Ops, Inv, Fin

bgc20190531_10q.htm
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Table of Contents



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

____________________________________________________

FORM 10-Q

 ____________________________________________________

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2021

OR

 

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

___________________________________________________

 

logo1.jpg

BOYD GAMING CORPORATION

(Exact name of registrant as specified in its charter)

 ____________________________________________________

 

Nevada

88-0242733

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

3883 Howard Hughes Parkway, Ninth Floor, Las Vegas, NV 89169

(Address of principal executive offices) (Zip Code)

(702) 792-7200

(Registrant's telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

 ____________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

 

 

Common stock, $0.01 par value

 

BYD

 

New York Stock Exchange

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

☐ 

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ☒

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

 

The number of shares outstanding of the registrant’s common stock as of May 3, 2021 was 112,080,887.

 

 

 

 

BOYD GAMING CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED MARCH 31, 2021

TABLE OF CONTENTS

 

 

 

Page

No.

PART I. FINANCIAL INFORMATION

 

 

 

Item 1.

Financial Statements (Unaudited)

3

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020

3

 

 

 

 

Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2021 and 2020

5

 

 

 

 

Condensed Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2021 and 2020

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2021 and 2020

7

 

 

 

 

Notes to Condensed Consolidated Financial Statements

8

     
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22
     

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

33

 

 

 

Item 4.

Controls and Procedures

34

 

 

 

PART II. OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

35

 

 

 

Item 1A.

Risk Factors

35

 

 

 

Item 6.

Exhibits

36

 

 

 

Signature Page

37

 

 

 

 

PART I. Financial Information

 

Item 1.        Financial Statements (Unaudited)

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

 

  

March 31,

  

December 31,

 

(In thousands, except share data)

 

2021

  

2020

 

ASSETS

        

Current assets

        

Cash and cash equivalents

 $730,908  $519,182 

Restricted cash

  17,368   15,817 
Accounts receivable, net  62,863   53,456 
Inventories  20,601   22,616 
Prepaid expenses and other current assets  35,558   39,198 
Income taxes receivable     8 

Total current assets

  867,298   650,277 
Property and equipment, net  2,465,296   2,525,887 

Operating lease right-of-use assets

  927,180   928,814 
Other assets, net  93,369   100,510 
Intangible assets, net  1,379,022   1,382,173 
Goodwill, net  971,287   971,287 

Total assets

 $6,703,452  $6,558,948 

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Current liabilities

        
Accounts payable $70,898  $96,863 
Current maturities of long-term debt  35,902   30,740 
Accrued liabilities  437,845   396,419 
Income tax payable  1,491    

Total current liabilities

  546,136   524,022 
Long-term debt, net of current maturities and debt issuance costs  3,859,502   3,866,743 
Operating lease liabilities, net of current portion  846,525   848,825 
Deferred income taxes  161,735   131,052 
Other liabilities  58,834   64,363 

Commitments and contingencies (Notes 5 and 6)

          

Stockholders' equity

        
Preferred stock, $0.01 par value, 5,000,000 shares authorized      
Common stock, $0.01 par value, 200,000,000 shares authorized; 112,080,887 and 111,830,857 shares outstanding  1,121   1,118 
Additional paid-in capital  881,367   876,433 
Retained earnings  348,403   246,242 
Accumulated other comprehensive income (loss)  (171)  150 

Total stockholders' equity

  1,230,720   1,123,943 

Total liabilities and stockholders' equity

 $6,703,452  $6,558,948 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

 

   

Three Months Ended

 
   

March 31,

 

(In thousands, except per share data)

 

2021

   

2020

 

Revenues

               

Gaming

  $ 617,926     $ 509,765  

Food & beverage

    44,112       89,884  

Room

    25,990       46,727  

Other

    65,279       34,149  

Total revenues

    753,307       680,525  

Operating costs and expenses

               

Gaming

    232,113       238,700  

Food & beverage

    38,913       89,839  

Room

    12,132       22,985  

Other

    41,907       21,447  

Selling, general and administrative

    90,007       113,430  

Master lease rent expense

    25,915       24,665  

Maintenance and utilities

    28,231       33,146  

Depreciation and amortization

    64,467       66,965  

Corporate expense

    23,315       24,958  

Project development, preopening and writedowns

    1,415       3,508  

Impairment of assets

          171,100  

Other operating items, net

    1,157       7,543  

Total operating costs and expenses

    559,572       818,286  

Operating income (loss)

    193,735       (137,761 )

Other expense (income)

               

Interest income

    (509 )     (439 )

Interest expense, net of amounts capitalized

    57,890       51,845  

Loss on early extinguishments and modifications of debt

          175  

Other, net

    1,932       (344 )

Total other expense, net

    59,313       51,237  

Income (loss) before income taxes

    134,422       (188,998 )

Income tax benefit (provision)

    (32,261 )     41,439  

Net income (loss)

  $ 102,161     $ (147,559 )
                 
                 

Basic net income (loss) per common share

  $ 0.90     $ (1.30 )

Weighted average basic shares outstanding

    113,626       113,708  
                 
                 

Diluted net income (loss) per common share

  $ 0.90     $ (1.30 )

Weighted average diluted shares outstanding

    113,967       113,708  

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

 

   

Three Months Ended

 
   

March 31,

 

(In thousands)

 

2021

   

2020

 

Net income (loss)

  $ 102,161     $ (147,559 )

Other comprehensive income (loss), net of tax:

               

Fair value adjustments to available-for-sale securities, net of tax

    (321 )     1,127  

Comprehensive income (loss)

  $ 101,840     $ (146,432 )

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)

 

                                   

Accumulated Other

         
   

Common Stock

   

Additional

   

Retained

   

Comprehensive

         

(In thousands, except share data)

 

Shares

   

Amount

   

Paid-in Capital

   

Earnings

   

Income (Loss), Net

   

Total

 

Balances, January 1, 2021

    111,830,857     $ 1,118     $ 876,433     $ 246,242     $ 150     $ 1,123,943  

Net income

                      102,161             102,161  

Comprehensive loss, net of tax

                            (321 )     (321 )

Stock options exercised

    158,568       2       1,743                   1,745  

Release of restricted stock units, net of tax

    29,808             (609 )                 (609 )

Release of performance stock units, net of tax

    61,654       1       (1,901 )                 (1,900 )

Share-based compensation costs

                5,701                   5,701  

Balances, March 31, 2021

    112,080,887     $ 1,121     $ 881,367     $ 348,403     $ (171 )   $ 1,230,720  

 

 

                                   

Accumulated Other

         
   

Common Stock

   

Additional

   

Retained

   

Comprehensive

         

(In thousands, except share data)

 

Shares

   

Amount

   

Paid-in Capital

   

Earnings

   

Income (Loss), Net

   

Total

 

Balances, January 1, 2020

    111,542,108     $ 1,115     $ 883,715     $ 380,942     $ (530 )   $ 1,265,242  

Net loss

                      (147,559 )           (147,559 )

Comprehensive income, net of tax

                            1,127       1,127  

Stock options exercised

    3,000             25                   25  

Release of restricted stock units, net of tax

    76,502       1       (767 )                 (766 )

Release of performance stock units, net of tax

    241,118       2       (3,372 )                 (3,370 )

Shares repurchased and retired

    (682,596 )     (6 )     (11,114 )                 (11,120 )

Share-based compensation costs

                8,191                   8,191  

Balances, March 31, 2020

    111,180,132     $ 1,112     $ 876,678     $ 233,383     $ 597     $ 1,111,770  

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

 

   

Three Months Ended

 
   

March 31,

 

(In thousands)

 

2021

   

2020

 

Cash Flows from Operating Activities

               
Net income (loss)   $ 102,161     $ (147,559 )

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

               
Depreciation and amortization     64,467       66,965  
Amortization of debt financing costs and discounts on debt     3,024       2,171  
Non-cash operating lease expense     16,043       19,957  
Share-based compensation expense     5,701       8,191  
Deferred income taxes     30,683       (40,914 )
Non-cash impairment of assets           171,100  
Loss on early extinguishments and modifications of debt           175  
Other operating activities     2,591       (8 )

Changes in operating assets and liabilities:

               
Accounts receivable, net     (9,407 )     17,296  
Inventories     2,015       (134 )
Prepaid expenses and other current assets     3,107       (2,227 )
Income taxes (receivable) payable, net     1,499       242  
Other assets, net     (834 )     (25 )
Accounts payable and accrued liabilities     15,496       (51,458 )
Operating lease liabilities     (16,043 )     (19,957 )
Other long-term tax liabilities           48  
Other liabilities     (3,817 )     (271 )

Net cash provided by operating activities

    216,686       23,592  

Cash Flows from Investing Activities

               
Capital expenditures     (35,477 )     (48,046 )
Insurance proceeds received for hurricane losses     31,263        
Other investing activities     6,672        

Net cash provided by (used in) investing activities

    2,458       (48,046 )

Cash Flows from Financing Activities

               
Borrowings under bank credit facility           965,100  
Payments under bank credit facility     (4,899 )     (338,173 )
Share-based compensation activities, net     (764 )     (4,111 )
Shares repurchased and retired           (11,120 )
Dividends paid           (7,808 )
Other financing activities     (204 )     (107 )

Net cash provided by (used in) financing activities

    (5,867 )     603,781  

Change in cash, cash equivalents and restricted cash

    213,277       579,327  
Cash, cash equivalents and restricted cash, beginning of period     534,999       270,448  

Cash, cash equivalents and restricted cash, end of period

  $ 748,276     $ 849,775  

Supplemental Disclosure of Cash Flow Information

               
Cash paid for interest, net of amounts capitalized   $ 28,279     $ 36,175  
Cash paid for (received from) income taxes     (34 )     (388 )

Supplemental Schedule of Non-cash Investing and Financing Activities

               
Payables incurred for capital expenditures   $ 1,806     $ 1,628  

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

as of March 31, 2021 and December 31, 2020 and for the three months ended March 31, 2021 and 2020

______________________________________________________________________________________________________

 

 

NOTE 1.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Boyd Gaming Corporation (and together with its subsidiaries, the "Company," "Boyd," "Boyd Gaming," "we" or "us") was incorporated in the state of Nevada in 1988 and has been operating since 1975. The Company's common stock is traded on the New York Stock Exchange under the symbol "BYD."

 

We are a geographically diversified operator of 28 wholly owned gaming entertainment properties. Headquartered in Las Vegas, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania.

 

Impact of the COVID 19 Pandemic

In mid- March 2020, all of our gaming facilities were closed in compliance with orders issued by state officials as precautionary measures intended to slow the spread of the COVID-19 virus. As of March 31, 2021, 26 of our 28 gaming facilities are open and operating, subject to various health and safety measures, including occupancy limitations. Two of our properties in Las Vegas remain closed to the public due to the current levels of the demand in the market and our cost containment efforts. No dates have been set for re-opening these properties. We cannot predict whether we will be required to temporarily close some or all of our open casinos in the future. Further, we cannot currently predict the ongoing impact of the pandemic on consumer demand and the negative effects on our workforce, suppliers, contractors and other partners. In responding to these circumstances, the safety and well-being of our team members and customers is our utmost priority. We have developed and implemented a broad range of safety protocols at our properties to ensure the health and safety of our team members and our customers.

 

The closures in 2020 of our properties had a material impact on our business, and the COVID-19 pandemic, the associated impacts on customer behavior and the requirements of health and safety protocols are expected to continue to have a material impact on our business. The severity and duration of such business impacts cannot currently be estimated and the ultimate impact of the COVID-19 pandemic on our operations is unknown and will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the COVID-19 outbreak, potential resurgences or new variants of the virus, the logistics of distribution, level of participation and overall efficacy of vaccine programs, changes in consumer behavior and demand and the related impact on economic activity, and any additional preventative and protective actions that governments, or the Company, may direct, which may result in additional business disruptions, reduced customer traffic and reduced operations. Any resulting financial impact cannot be reasonably estimated at this time but is anticipated to have a material adverse impact on our business, financial condition and results of operations.

 

We have taken significant measures in response to the impact of the COVID-19 pandemic on our business, including (i) reducing the offering of certain amenities (because such amenities must remain closed) and otherwise limiting the availability of certain offerings, such as deactivating a substantial number of gaming devices to maintain social distancing and substantially limiting restaurant seating, as well as substantially limiting the number of customers permitted to be in a property at any one time; (ii) adjusting property and corporate staffing levels in response to operational refinements and business volumes present as we re-opened our properties; and (iii) suspending our quarterly cash dividend and share repurchase programs. 

 

We currently anticipate funding our operations over the next 12 months with the cash being generated by our open properties, supplemented, if necessary, by the cash we currently have available and the borrowing capacity available under our Revolving Credit Facility. We assessed the recoverability of our assets as of the end of first quarter and no impairment charges were required. If our expectations regarding projected revenues and cash flows related to our assets are not achieved, we may be subject to impairment charges in the future, which could have a material adverse impact on our consolidated financial statements. 

 

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with the instructions to the Quarterly Report on Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and footnote disclosures necessary for complete financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"). These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2020, as filed with the U.S. Securities and Exchange Commission ("SEC") on March 1, 2021.

 

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  March 31, 2021 and  December 31, 2020 and for the three months ended March 31, 2021 and 2020

______________________________________________________________________________________________________

 

The results for the periods indicated are unaudited, but reflect all adjustments (consisting only of normal recurring adjustments) that management considers necessary for a fair presentation of financial position, results of operations and cash flows. Results of operations and cash flows for the interim periods presented herein are not necessarily indicative of the results that would be achieved during a full year of operations or in future periods.

 

The accompanying condensed consolidated financial statements include the accounts of Boyd Gaming and its wholly owned subsidiaries. Investments in unconsolidated affiliates, which do not meet the consolidation criteria of the authoritative accounting guidance for voting interest, controlling interest or variable interest entities, are accounted for under the equity method. All significant intercompany accounts and transactions have been eliminated in consolidation.

 

Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments, which include cash on hand and in banks, interest-bearing deposits and money market funds with maturities of three months or less at their date of purchase. The instruments are not restricted as to withdrawal or use and are on deposit with high credit quality financial institutions. Although these balances may at times exceed the federal insured deposit limit, we believe such risk is mitigated by the quality of the institution holding such deposit. The carrying values of these instruments approximate their fair values as such balances are generally available on demand.

 

Restricted Cash

Restricted cash consists primarily of advance payments related to: (i) future bookings with our Hawaiian travel agency; and (ii) amounts restricted by regulation for gaming and racing purposes. These restricted cash balances are invested in highly liquid instruments with a maturity of 90 days or less. These restricted cash balances are held by high credit quality financial institutions. The carrying value of these instruments approximates their fair value due to their short maturities.

 

The following table provides a reconciliation of cash, cash equivalents and restricted cash balances reported within the condensed consolidated balance sheets to the total balance shown in the condensed consolidated statements of cash flows.

 

  

March 31,

  

December 31,

  

March 31,

  

December 31,

 

(In thousands)

 

2021

  

2020

  

2020

  

2019

 
Cash and cash equivalents $730,908  $519,182  $831,246  $249,977 
Restricted cash  17,368   15,817   18,529   20,471 

Total cash, cash equivalents and restricted cash

 $748,276  $534,999  $849,775  $270,448 

 

Leases

Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. Control over the use of the identified asset means the lessee has both (a) the right to obtain substantially all of the economic benefits from the use of the asset and (b) the right to direct the use of the asset. Operating lease liabilities are recognized based on the present value of the remaining lease payments, discounted using the discount rate for the lease at the commencement date. For our operating leases for which the rate implicit in the lease is not readily determinable, we generally use an incremental borrowing rate based on information available at the commencement date to determine the present value of future lease payments. Operating right-of-use ("ROU") assets and finance lease assets are recognized based on the amount of the initial measurement of the lease liability. Lease expense is recognized on a straight-line basis over the lease term. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease and non-lease components are accounted for separately.

 

Revenue Recognition

The Company’s revenue contracts with customers consist of gaming wagers, hotel room sales, food & beverage offerings and other amenity transactions. The transaction price for a gaming wagering contract is the difference between gaming wins and losses, not the total amount wagered. Cash discounts, commissions and other cash incentives to customers related to gaming play are recorded as a reduction of gross gaming revenues. The transaction price for hotel, food & beverage and other contracts is the net amount collected from the customer for such goods and services. Hotel, food & beverage and other services have been determined to be separate, stand-alone performance obligations and the transaction price for such contracts is recorded as revenue as the good or service is transferred to the customer over their stay at the hotel, when the delivery is made for the food & beverage or when the service is provided for other amenity transactions.

 

Gaming wager contracts involve two performance obligations for those customers earning points under the Company’s player loyalty programs and a single performance obligation for customers who do not participate in the programs. The Company applies a practical expedient by accounting for its gaming contracts on a portfolio basis as such wagers have similar characteristics and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio to not differ materially from that which would result if applying the guidance to an individual wagering contract. For purposes of allocating the transaction price in a wagering contract between the wagering performance obligation and the obligation associated with the loyalty points earned, the Company allocates an amount to the loyalty point contract liability based on the stand-alone selling price of the points earned, which is determined by the value of a point that can be redeemed for a hotel room stay, food & beverage or other amenities. Sales and usage-based taxes are excluded from revenues. An amount is allocated to the gaming wager performance obligation using the residual approach as the stand-alone price for wagers is highly variable and no set established price exists for such wagers. The allocated revenue for gaming wagers is recognized when the wagers occur as all such wagers settle immediately. The loyalty point contract liability amount is deferred and recognized as revenue when the customer redeems the points for a hotel room stay, food & beverage or other amenities and such goods or services are delivered to the customer. See Note 4, Accrued Liabilities, for the balance outstanding related to player loyalty programs.

 

9

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  March 31, 2021 and  December 31, 2020 and for the three months ended March 31, 2021 and 2020

______________________________________________________________________________________________________

 

The Company collects advanced deposits from hotel customers for future reservations representing obligations of the Company until the hotel room stay is provided to the customer. See Note 4, Accrued Liabilities, for the balance outstanding related to advance deposits.

 

The Company's outstanding chip liability represents the amounts owed in exchange for gaming chips held by a customer. Outstanding chips are expected to be recognized as revenue or redeemed for cash within one year of being purchased. See Note 4, Accrued Liabilities, for the balance outstanding related to the chip liability.

 

The retail value of hotel accommodations, food & beverage, and other services furnished to guests without charge is recorded as departmental revenues. Gaming revenues are net of incentives earned in our slot bonus program such as cash and the estimated retail value of goods and services (such as complimentary hotel rooms and food & beverage). We reward customers, through the use of bonus programs, with points based on amounts wagered that can be redeemed for a specified period of time for complimentary slot play, food & beverage, and to a lesser extent for other goods or services, depending upon the property.

 

The estimated retail value related to goods and services provided to customers without charge or upon redemption of points under our player loyalty programs, included in departmental revenues and therefore reducing our gaming revenues, are as follows:

 

  

Three Months Ended

 
  

March 31,

 

(In thousands)

 

2021

  

2020

 

Food & beverage

 $22,702  $44,180 

Rooms

  12,939   19,086 

Other

  1,076   2,882 

 

Gaming Taxes

We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are recorded as a gaming expense in the condensed consolidated statements of operations. These taxes totaled approximately $158.8 million and $110.0 million for the three months ended March 31, 2021 and 2020, respectively.

 

Income Taxes

Income taxes are recorded under the asset and liability method, whereby deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. We reduce the carrying amounts of deferred tax assets by a valuation allowance if, based on the available evidence, it is more likely than not that such assets will not be realized. Use of the term "more likely than not" indicates the likelihood of occurrence is greater than 50%. Accordingly, the need to establish valuation allowances for deferred tax assets is continually assessed based on a more-likely-than-not realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of profitability, the duration of statutory carryforward periods, our experience with the utilization of operating loss and tax credit carryforwards before expiration and tax planning strategies. In making such judgments, significant weight is given to evidence that can be objectively verified.

 

Other Long-Term Tax Liabilities

The Company's income tax returns are subject to examination by the Internal Revenue Service and other tax authorities in the locations where it operates. The Company assesses potentially unfavorable outcomes of such examinations based on accounting standards for uncertain income taxes, which prescribe a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements.

 

Uncertain tax position accounting standards apply to all tax positions related to income taxes. These accounting standards utilize a two-step approach for evaluating tax positions. Recognition occurs when the Company concludes that a tax position, based on its technical merits, is more likely than not to be sustained upon examination. Measurement is only addressed if the position is deemed to be more likely than not to be sustained. The tax benefit is measured as the largest amount of benefit that is more likely than not to be realized upon settlement.

 

Tax positions failing to qualify for initial recognition are recognized in the first subsequent interim period that they meet the "more likely than not" standard. If it is subsequently determined that a previously recognized tax position no longer meets the "more likely than not" standard, it is required that the tax position is derecognized. Accounting standards for uncertain tax positions specifically prohibit the use of a valuation allowance as a substitute for derecognition of tax positions. As applicable, the Company will recognize accrued penalties and interest related to unrecognized tax benefits in the provision for income taxes. 

 

Collaborative Arrangements

We have a strategic partnership with FanDuel Group ("FanDuel"), the largest online sports destination in the United States, to pursue sports betting and online gaming opportunities across the country. Subject to state law and regulatory approvals, we have established a presence in the online gaming and sports wagering industry by leveraging FanDuel's technology and related services to operate Boyd Gaming-branded mobile and online sports-betting and gaming services. In turn, FanDuel has established and operates mobile and online sports-betting and gaming services under the FanDuel brand in the states where we are licensed. We currently offer these services in Illinois, Indiana, Iowa, Mississippi and Pennsylvania. We have also entered into agreements with other companies for the operation of online gaming offerings under a market-access agreement with MGM Resorts. The activities related to these collaborative arrangements are recorded in other revenue and other expense on the condensed consolidated statements of operations.

 

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates, especially given that the full impact of COVID-19 is not yet known, and could have a material adverse impact on our consolidated financial statements.

 

10

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  March 31, 2021 and  December 31, 2020 and for the three months ended March 31, 2021 and 2020

____

__________________________________________________________________________________________________

 

Recently Adopted Accounting Pronouncement

Accounting Standards Update ("ASU") 2020-01, Investments - Equity Securities, Topic 321, Investments - Equity Method and Joint Ventures, Topic 323, and Derivative and Hedging, Topic 815 ("Update 2020-01")

In January 2020, the Financial Accounting Standards Board ("FASB") issued Update 2020-01 to clarify guidance in accounting for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative. Update 2020-01 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company adopted Update 2020-01 during first quarter 2021 and the impact of the adoption to its condensed consolidated financial statements was not material.

 

ASU 2019-12, Income Taxes, Topic 740, Simplifying the Accounting for Income Taxes ("Update 2019-12")

In December 2019, the FASB issued Update 2019-12 to simplify the accounting for income taxes by removing certain exceptions and clarifying the guidance in certain areas of Topic 740. Update 2019-12 is effective for financial statements issued for annual periods and interim periods beginning after December 15, 2020. The Company adopted Update 2019-12 on January 1, 2021 and the impact of the adoption to its condensed consolidated financial statements was not material.

 

Recently Issued Accounting Pronouncements

A variety of proposed or otherwise potential accounting standards are currently being studied by standard-setting organizations and certain regulatory agencies. Because of the tentative and preliminary nature of such proposed standards, we have not yet determined the effect, if any, that the implementation of such proposed standards would have on our consolidated financial statements.

 

 

NOTE 2.    PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

 

  

March 31,

  

December 31,

 

(In thousands)

 

2021

  

2020

 
Land $345,657  $346,485 
Buildings and improvements  3,084,701   3,074,896 
Furniture and equipment  1,623,235   1,609,637 
Riverboats and barges  241,105   241,043 
Construction in progress  19,417   43,883 

Total property and equipment

  5,314,115   5,315,944 
Less accumulated depreciation  (2,848,819)  (2,790,057)

Property and equipment, net

 $2,465,296  $2,525,887 

 

Depreciation expense is as follows:

 

  

Three Months Ended

 
  

March 31,

 

(In thousands)

 

2021

  

2020

 

Depreciation expense

 $61,310  $62,129 

 

11

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  March 31, 2021 and  December 31, 2020 and for the three months ended March 31, 2021 and 2020

____________

__________________________________________________________________________________________

 

 

NOTE 3.    GOODWILL AND INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following:

 

  

March 31, 2021

 
  

Weighted

  

Gross

      

Accumulated

     
  

Useful Life

  

Carrying

  

Accumulated

  

Impairment

  

Intangible

 

(In thousands)

 

Remaining (in years)

  

Value

  

Amortization

  

Losses

  

Assets, Net

 

Amortizing intangibles

                   

Customer relationships

 2.2  $68,100  $(57,246) $  $10,854 

Host agreements

 12.2   58,000   (10,956)     47,044 

Development agreement

    21,373         21,373 
      147,473   (68,202)     79,271 
                    

Indefinite lived intangible assets

                   

Trademarks

 Indefinite   204,000      (24,800)  179,200 

Gaming license rights

 Indefinite   1,376,685   (33,960)  (222,174)  1,120,551 
      1,580,685   (33,960)  (246,974)  1,299,751 

Balances, March 31, 2021

    $1,728,158  $(102,162) $(246,974) $1,379,022 

 

  

December 31, 2020

 
  

Weighted

  

Gross

      

Accumulated

     
  

Useful Life

  

Carrying

  

Accumulated

  

Impairment

  

Intangible

 

(In thousands)

 

Remaining (in years)

  

Value

  

Amortization

  

Losses

  

Assets, Net

 

Amortizing intangibles

                   

Customer relationships

 2.5  $68,100  $(55,062) $  $13,038 

Host agreements

 12.4   58,000   (9,989)     48,011 

Development agreement

    21,373         21,373 
      147,473   (65,051)     82,422 
                    

Indefinite lived intangible assets

                   

Trademarks

 

Indefinite

   204,000      (24,800)  179,200 

Gaming license rights

 

Indefinite

   1,376,685   (33,960)  (222,174)  1,120,551 
      1,580,685   (33,960)  (246,974)  1,299,751 

Balances, December 31, 2020

    $1,728,158  $(99,011) $(246,974) $1,382,173 

 

Goodwill, net consists of the following:

 

  

Gross

      

Accumulated

     
  

Carrying

  

Accumulated

  

Impairment

  

Goodwill,

 

(In thousands)

 

Value

  

Amortization

  

Losses

  

Net

 

Goodwill, net by Reportable Segment

                

Las Vegas Locals

 $593,567  $  $(188,079) $405,488 

Downtown Las Vegas

  6,997   (6,134)     863 

Midwest & South

  666,798      (101,862)  564,936 

Balances, March 31, 2021

 $1,267,362  $(6,134) $(289,941) $971,287 

 

The following table sets forth the changes in our goodwill, net, during the three months ended March 31, 2021.

 

(In thousands)

 

Goodwill, Net

 

Balance, January 1, 2021

 $971,287 

Additions

   

Impairments

   

Balance, March 31, 2021

 $971,287 

 

12

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)

as of  March 31, 2021 and  December 31, 2020 and for the three months ended March 31, 2021 and 2020

______________________________________________________________________________________________________

 

 

NOTE 4.    ACCRUED LIABILITIES

Accrued liabilities consist of the following:

 

   

March 31,

   

December 31,

 

(In thousands)

 

2021

   

2020

 
Payroll and related expenses   $ 74,043     $ 73,802  
Interest     62,686       36,055  
Gaming liabilities     72,323       72,655  
Player loyalty program liabilities     28,414       27,935  
Advance deposits     18,145       16,037  
Outstanding chip liabilities     5,787       6,021  
Operating lease liabilities     91,173       90,478  
Other accrued liabilities     85,274       73,436  

Total accrued liabilities

  $ 437,845     $ 396,419  

 

 

NOTE 5.    LONG-TERM DEBT

Long-term debt, net of current maturities and debt issuance costs, consists of the following:

 

  

March 31, 2021

 
  

Interest

          

Unamortized

     
  Rates at          Origination     
  

March 31,

  

Outstanding

  

Unamortized

  

Fees and

  

Long-Term

 

(In thousands)

 

2021

  

Principal

  

Discount

  

Costs

  

Debt, Net

 

Bank credit facility

 2.467% $891,286  $(427) $(11,707) $879,152 

6.375% senior notes due 2026

 6.375%  750,000      (6,616)  743,384 

6.000% senior notes due 2026

 6.000%  700,000      (7,500)  692,500 

4.750% senior notes due 2027

 4.750%  1,000,000      (13,149)  986,851 
8.625% senior notes due 2025 8.625%  600,000      (9,917)  590,083 

Other

 6.166%  3,434         3,434 

Total long-term debt

     3,944,720   (427)  (48,889)  3,895,404 

Less current maturities

     35,902         35,902 

Long-term debt, net

    $3,908,818  $(427) $(48,889) $3,859,502 

 

  

December 31, 2020

 
  

Interest

          

Unamortized

     
  Rates at          Origination     
  

December 31,

  

Outstanding

  

Unamortized

  

Fees and

  

Long-Term

 

(In thousands)

 

2020

  

Principal

  

Discount

  

Costs

  

Debt, Net

 

Bank credit facility

 2.486% $896,185  $(472) $(12,924) $882,789 

6.375% senior notes due 2026

 6.375%  750,000      (6,947)  743,053 

6.000% senior notes due 2026

 6.000%  700,000      (7,849)  692,151 

4.750% senior notes due 2027

 4.750%  1,000,000      (13,636)  986,364 
8.625% senior notes due 2025 8.625%  600,000      (10,512)  589,488 

Other

 6.137%  3,638         3,638 

Total long-term debt

     3,949,823   (472)  (51,868)  3,897,483 

Less current maturities

     30,740         30,740 

Long-term debt, net