10-Q 1 bgc20240331_10q.htm FORM 10-Q bgc20240331_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, 2024

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.)

 

6465 South Rainbow Boulevard, Las Vegas, NV 89118

(Address of principal executive offices) (Zip Code)

(702) 792-7200

(Registrant's telephone number, including area code)

 ____________________________________________________

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", "non-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 April 29, 2024 was 94,877,204.

 

 

 

 

BOYD GAMING CORPORATION

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED MARCH 31, 2024

TABLE OF CONTENTS

 

 

 

Page

No.

PART I. FINANCIAL INFORMATION

 

 

 

Item 1.

Financial Statements (Unaudited)

3

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023

3

 

 

 

 

Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023

5

 

 

 

 

Condensed Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31, 2024 and 2023

6

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023

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 2. Unregistered Sales of Equity Securities and Use of Proceeds 35
     
Item 5. Other Information 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)

 

2024

  

2023

 

ASSETS

        

Current assets

        

Cash and cash equivalents

 $283,545  $304,271 

Restricted cash

  4,493   3,659 

Accounts receivable, net

  118,896   137,892 

Inventories

  20,442   20,692 

Prepaid expenses and other current assets

  53,053   59,293 

Income taxes receivable

     3,508 

Total current assets

  480,429   529,315 

Property and equipment, net

  2,573,183   2,542,512 

Operating lease right-of-use assets

  778,462   793,335 

Other assets, net

  69,572   67,779 

Intangible assets, net

  1,378,946   1,392,844 

Goodwill, net

  947,300   947,341 

Total assets

 $6,227,892  $6,273,126 

LIABILITIES AND STOCKHOLDERS' EQUITY

        

Current liabilities

        

Accounts payable

 $106,408  $124,668 

Current maturities of long-term debt

  44,325   44,275 

Accrued liabilities

  412,402   427,379 

Income taxes payable

  37,258    

Total current liabilities

  600,393   596,322 

Long-term debt, net of current maturities and debt issuance costs

  2,823,739   2,871,223 

Operating lease liabilities, net of current portion

  696,929   711,387 

Deferred income taxes

  288,988   288,826 

Other liabilities

  62,887   61,266 

Commitments and contingencies (Note 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; 95,409,736 and 96,832,453 shares outstanding

  954   968 

Additional paid-in capital

      

Retained earnings

  1,755,168   1,744,232 

Accumulated other comprehensive loss

  (1,166)  (1,098)

Total stockholders' equity

  1,754,956   1,744,102 

Total liabilities and stockholders' equity

 $6,227,892  $6,273,126 

 

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)

 

2024

   

2023

 

Revenues

               

Gaming

  $ 634,131     $ 664,308  

Food & beverage

    72,639       71,584  

Room

    48,947       50,065  

Online

    146,170       122,863  

Management fee

    22,245       20,030  

Other

    36,389       35,116  

Total revenues

    960,521       963,966  

Operating costs and expenses

               

Gaming

    245,686       249,795  

Food & beverage

    61,957       59,329  

Room

    18,712       17,120  

Online

    125,475       102,005  

Other

    12,913       11,567  

Selling, general and administrative

    108,184       100,319  

Master lease rent expense

    27,235       26,828  

Maintenance and utilities

    34,744       36,026  

Depreciation and amortization

    62,913       61,560  

Corporate expense

    29,385       28,655  

Project development, preopening and writedowns

    3,021       (18,874 )

Impairment of assets

    10,500       4,537  

Other operating items, net

    411       220  

Total operating costs and expenses

    741,136       679,087  

Operating income

    219,385       284,879  

Other expense (income)

               

Interest income

    (446 )     (18,145 )

Interest expense, net of amounts capitalized

    42,309       43,866  

Other, net

    50       104  

Total other expense, net

    41,913       25,825  

Income before income taxes

    177,472       259,054  

Income tax provision

    (40,999 )     (59,323 )

Net income

  $ 136,473     $ 199,731  
                 
                 

Basic net income per common share

  $ 1.40     $ 1.93  

Weighted average basic shares outstanding

    97,434       103,620  
                 
                 

Diluted net income per common share

  $ 1.40     $ 1.93  

Weighted average diluted shares outstanding

    97,479       103,672  

 

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 (Unaudited)

 

   

Three Months Ended

 
   

March 31,

 

(In thousands)

 

2024

   

2023

 

Net income

  $ 136,473     $ 199,731  

Other comprehensive income (loss), net of tax:

               

Fair value adjustments to available-for-sale securities

    250       474  

Foreign currency translation adjustments

    (318 )     4  

Comprehensive income

  $ 136,405     $ 200,209  

 

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

  

Loss

  

Total

 

Balances, January 1, 2024

  96,832,453  $968  $  $1,744,232  $(1,098) $1,744,102 

Net income

           136,473      136,473 

Comprehensive income, net of tax

              250   250 

Foreign currency translation adjustments

              (318)  (318)

Release of restricted stock units, net of tax

  85,597   1   (1,586)  (2,049)     (3,634)

Release of performance stock units, net of tax

  150,063   2   (119)  (6,091)     (6,208)

Shares repurchased and retired

  (1,658,377)  (17)  (5,155)  (101,133)     (106,305)

Dividends declared ($0.17 per share)

           (16,264)     (16,264)

Share-based compensation costs

        6,860         6,860 

Balances, March 31, 2024

  95,409,736  $954  $  $1,755,168  $(1,166) $1,754,956 

 

 

                  

Accumulated Other

     
  

Common Stock

  

Additional

  

Retained

  

Comprehensive

     

(In thousands, except share data)

 

Shares

  

Amount

  

Paid-in Capital

  

Earnings

  

Loss

  

Total

 

Balances, January 1, 2023

  102,816,110  $1,028  $305,152  $1,285,827  $(1,382) $1,590,625 

Net income

           199,731      199,731 

Comprehensive income, net of tax

              474   474 

Foreign currency translation adjustments

              4   4 

Stock options exercised

  32,000      315         315 

Release of restricted stock units, net of tax

  45,942   1   (1,926)        (1,925)

Release of performance stock units, net of tax

  318,878   3   (12,777)        (12,774)

Shares repurchased and retired

  (1,726,308)  (17)  (106,994)        (107,011)

Dividends declared ($0.16 per share)

           (16,289)     (16,289)

Share-based compensation costs

        7,819         7,819 

Balances, March 31, 2023

  101,486,622  $1,015  $191,589  $1,469,269  $(904) $1,660,969 

 

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)

 

2024

   

2023

 

Cash Flows from Operating Activities

               

Net income

  $ 136,473     $ 199,731  

Adjustments to reconcile net income to net cash provided by operating activities:

               

Depreciation and amortization

    62,913       61,560  

Amortization of debt financing costs and discounts on debt

    1,903       2,030  

Non-cash operating lease expense

    22,604       19,544  

Non-cash expected credit loss (income) on note receivable

          (34,371 )

Share-based compensation expense

    6,860       7,819  

Deferred income taxes

    179       17,531  

Non-cash impairment of assets

    10,500       4,537  

Other operating activities

    1,859       (29 )

Changes in operating assets and liabilities:

               

Accounts receivable, net

    18,970       6,027  

Inventories

    250       200  

Prepaid expenses and other current assets

    6,704       (5,148 )

Income taxes payable, net

    40,766       41,984  

Other assets, net

    (1,770 )     (1,268 )

Accounts payable and accrued liabilities

    (38,460 )     (34,485 )

Operating lease liabilities

    (22,604 )     (19,544 )

Other liabilities

    3,582       16,057  

Net cash provided by operating activities

    250,729       282,175  

Cash Flows from Investing Activities

               

Capital expenditures

    (89,645 )     (96,100 )

Payments received on note receivable

    208       17,315  

Other investing activities

    (893 )     (1,142 )

Net cash used in investing activities

    (90,330 )     (79,927 )

Cash Flows from Financing Activities

               

Borrowings under credit facility

    364,300       356,900  

Payments under credit facility

    (413,600 )     (439,700 )

Share-based compensation activities

    (9,842 )     (14,384 )

Shares repurchased and retired

    (105,500 )     (106,327 )

Dividends paid

    (15,510 )     (15,475 )

Other financing activities

    (37 )     (51 )

Net cash used in financing activities

    (180,189 )     (219,037 )

Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash

    (102 )     (3 )

Change in cash, cash equivalents and restricted cash

    (19,892 )     (16,792 )

Cash, cash equivalents and restricted cash, beginning of period

    307,930       295,065  

Cash, cash equivalents and restricted cash, end of period

  $ 288,038     $ 278,273  

Supplemental Disclosure of Cash Flow Information

               

Cash paid for interest, net of amounts capitalized

  $ 40,830     $ 41,075  

Cash received for interest

    212       5,120  

Cash received for income taxes

    (340 )     (32 )

Supplemental Schedule of Non-cash Investing and Financing Activities

               

Payables incurred for capital expenditures

  $ 23,172     $ 2,356  

Dividends declared not yet paid

    16,262       16,289  

Expected credit loss (income) on note receivable

          (34,371 )

 

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, 2024 and December 31, 2023 and for the three months ended March 31, 2024 and 2023

______________________________________________________________________________________________________

 

 

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 brick-and-mortar gaming entertainment properties ("gaming entertainment properties"). Headquartered in Las Vegas, Nevada, we have gaming operations in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio and Pennsylvania. In addition, we own and operate Boyd Interactive, a business-to-business ("B2B") and business-to-consumer ("B2C") online gaming business. We also manage the Sky River Casino located in California under a management agreement with Wilton Rancheria. 

 

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 consolidated financial statements and notes for the year ended December 31, 2023, as filed with the U.S. Securities and Exchange Commission ("SEC") on February 26, 2024.

 

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 the Company and its subsidiaries. Investments in unconsolidated affiliates, which are 50% or less owned and do not meet the controlling financial interest consolidation criteria of the authoritative accounting guidance for voting interest or variable interest entities, are accounted for under the equity method. All 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: (i) amounts restricted by regulation for gaming and racing purposes; (ii) amounts restricted by regulation for the value in players' online casino gaming accounts; and (iii) advance payments received for future bookings with our Hawaiian travel agency. 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 values of these instruments approximate their fair values 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)

 

2024

  

2023

  

2023

  

2022

 

Cash and cash equivalents

 $283,545  $304,271  $263,453  $283,472 

Restricted cash

  4,493   3,659   14,820   11,593 

Total cash, cash equivalents and restricted cash

 $288,038  $307,930  $278,273  $295,065 

 

 

8

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

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

as of  March 31, 2024 and  December 31, 2023 and for the three months ended March 31, 2024 and 2023

______________________________________________________________________________________________________

 

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. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. 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. The incremental borrowing rate is determined based on the weighted average incremental borrowing rate at the lease commencement or modification date that is commensurate with the rate of interest in a similar economic environment that we would have to pay to borrow an amount equal to our future lease payments on a collateralized basis over a similar term, including reasonably certain options to extend or terminate. The determination of the incremental borrowing rate could materially impact our lease liabilities. 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. Lease and non-lease components are accounted for separately.

 

Revenue Recognition

The Company’s revenue contracts with customers consist of gaming wagers (including both those made at our gaming entertainment properties and online B2C wagers), hotel room sales, food & beverage offerings and other amenity transactions. See Collaborative Arrangements below for further discussion of revenues earned under our online collaborative arrangements. 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 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.


We have established a player loyalty point program to encourage repeat business from frequent and active slot machine customers and other patrons. Members earn points based on gaming activity and such points can be redeemed for complimentary slot play, food & beverage, hotel rooms and other free goods and services.


Gaming wager contracts involve two performance obligations for those customers earning points under the Company’s player loyalty program and a single performance obligation for customers who do not participate in the program. 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 player loyalty 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, excluding race and sports wagers, is recognized when the wagers occur as all such wagers settle immediately. The allocated revenue for race and sports wagers is recognized when the specific event or game occurs. The player loyalty 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 the player loyalty program.

 

The Company collects advance deposits from hotel customers for future hotel reservations and other future events such as banquets and ticketed events. These advance deposits represent obligations of the Company until the hotel room stay is provided to the customer or the banquet or ticketed event occurs. 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 related to outstanding chips.

 

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 player loyalty program and the estimated retail value of complimentary goods and services provided to customers (such as complimentary rooms and food & beverage). The estimated retail values related to goods and services provided to customers without charge or upon redemption of points under our player loyalty program, included in departmental revenues, and therefore reducing our gaming revenues, are as follows:

 

  

Three Months Ended

 
  

March 31,

 

(In thousands)

 

2024

  

2023

 

Food & beverage

 $30,668  $28,259 

Room

  14,672   15,148 

Other

  2,025   1,876 

 

9

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

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

as of  March 31, 2024 and  December 31, 2023 and for the three months ended March 31, 2024 and 2023

______________________________________________________________________________________________________

 

Gaming Taxes

We are subject to taxes based on gross gaming revenues in the jurisdictions in which we operate. These gaming taxes are assessed based on our gaming revenues and are recorded in the condensed consolidated statements of operations as a gaming expense for gaming entertainment properties and online expense for Boyd Interactive operations. Gaming taxes recorded as gaming expense totaled approximately $126.7 million and $130.1 million for the three months ended March 31, 2024 and 2023, respectively. Gaming taxes recorded as online expense, excluding taxes paid under collaborative arrangements (see Collaborative Arrangements below for further discussion), totaled $2.5 million and $0.6 million for the three months ended March 31, 2024 and 2023, 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 at a minimum quarterly, and as facts and circumstances change, 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 and taxable income, 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 ("IRS") 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. If applicable, accrued interest and penalties are included in other long-term tax liabilities on the consolidated balance sheets.

 

Collaborative Arrangements

We hold a five percent equity ownership in and have a strategic partnership with FanDuel Group ("FanDuel"), the nation's leading sports-betting operator, to pursue sports-betting opportunities across the country, both at our gaming entertainment properties and online. Subject to state law and regulatory approvals, we have established a presence in the sports wagering industry, both at our gaming entertainment properties and online, by leveraging FanDuel's technology and related services. We offer online sports wagering under the FanDuel brand or under market access agreements with other companies in Illinois, Indiana, Iowa, Kansas, Louisiana, Ohio and Pennsylvania. We also operate sportsbooks under the FanDuel brand at one of our Downtown Las Vegas gaming entertainment properties, our gaming entertainment properties in Mississippi and all of the gaming entertainment properties in the states where we offer online sports wagering. Under our online collaborative arrangements, we receive a revenue share from the third-party operator based on actual wagering wins and losses. The activities under these collaborative arrangements related to online wagering, are recorded in online revenue and online expense on the consolidated statements of operations. The activities under these collaborative arrangements related to sportsbooks at our gaming entertainment properties, are recorded in gaming revenue and gaming expense.

 

Under certain of our collaborative arrangements, we are the primary obligor and are responsible for paying gaming taxes and other license payments owed as the gaming licensee for the related online gaming activities. We are reimbursed for these taxes and other payments by the third-party operators. We report these gaming taxes and other expenses paid as online expense and the reimbursements we receive as online revenues. These taxes and other payments totaled approximately $116.0 million and $96.0 million for the three months ended March 31, 2024 and 2023, respectively.

 

Our five percent equity ownership in FanDuel is recorded at cost in accordance with the measurement alternative allowed under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 321, Accounting for Investments in Equity Securities. We do not have the ability to exercise significant influence over FanDuel's operating and financial policies. We evaluate the investment for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. We evaluate the recorded value of the investment when any observable price changes in orderly transactions for an identical or similar investment would require an adjustment of the investment to fair value.

 

10

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

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

as of  March 31, 2024 and  December 31, 2023 and for the three months ended March 31, 2024 and 2023

______________________________________________________________________________________________________

 

Currency Translation

The Company translates the financial statements of its foreign subsidiary that are not denominated in U.S. dollars. Balance sheet accounts are translated at the exchange rate in effect at each balance sheet date. Income statement accounts are translated at the average rate of exchange prevailing during the period. If a material income statement event occurs, the transaction would be translated at the exchange rate in effect on the date of occurrence. Translation adjustments are recorded in other comprehensive income (loss). Gains or losses from foreign currency transaction remeasurements are recorded as other non-operating income (expense).

 

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.

 

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 condensed consolidated financial statements.

 

 

NOTE 2.    PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

 

  

March 31,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Land

 $338,469  $338,469 

Buildings and improvements

  3,248,242   3,237,863 

Furniture and equipment

  1,779,469   1,742,666 

Riverboats and barges

  241,826   241,826 

Construction in progress

  225,019   182,710 

Total property and equipment

  5,833,025   5,743,534 

Less accumulated depreciation

  (3,259,842)  (3,201,022)

Property and equipment, net

 $2,573,183  $2,542,512 

 

Depreciation expense is as follows:

 

  

Three Months Ended

 
  

March 31,

 

(In thousands)

 

2024

  

2023

 

Depreciation expense

 $58,823  $57,399 

   

11

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

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

as of  March 31, 2024 and  December 31, 2023 and for the three months ended March 31, 2024 and 2023

______________________________________________________________________________________________________

 

 

NOTE 3.    GOODWILL AND INTANGIBLE ASSETS, NET

Intangible assets, net consist of the following:

 

  

March 31, 2024

 
  

Weighted

                     
  

Useful Life

  

Gross

      

Accumulated

  

Effect of Foreign

     
  

Remaining

  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Intangible

 

(In thousands)

 

(in years)

  

Value

  

Amortization

  

Losses

  

Exchange

  

Assets, Net

 

Amortizing intangibles

                        

Customer relationships

  0.8  $3,925  $(3,895) $  $  $30 

Host agreements

  9.2   58,000   (22,556)        35,444 

Development agreement

  5.4   21,373   (4,961)        16,412 

Developed technology

  8.2   40,872   (5,575)     57   35,354 

B2B relationships

  5.8   28,000   (5,545)     14   22,469 

B2C relationships

  10.6   13,000   (1,535)        11,465 
       165,170   (44,067)     71   121,174 
                         

Indefinite lived intangible assets

                        

Trademarks

 

Indefinite

   199,900      (32,275)     167,625 

Gaming license rights

 

Indefinite

   1,378,081   (33,960)  (253,974)     1,090,147 
       1,577,981   (33,960)  (286,249)     1,257,772 

Balances, March 31, 2024

     $1,743,151  $(78,027) $(286,249) $71  $1,378,946 

 

  

December 31, 2023

 
  

Weighted

                     
  

Useful Life

  

Gross

      

Accumulated

  

Effect of Foreign

     
  

Remaining

  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Intangible

 

(In thousands)

 

(in years)

  

Value

  

Amortization

  

Losses

  

Exchange

  

Assets, Net

 

Amortizing intangibles

                        

Customer relationships

  0.1  $35,050  $(35,010) $  $  $40 

Host agreements

  9.4   58,000   (21,589)        36,411 

Development agreement

  5.6   21,373   (4,198)        17,175 

Developed technology

  8.5   39,981   (4,482)     225   35,724 

B2B relationships

  6.0   28,000   (4,566)     52   23,486 

B2C relationships

  10.8   13,000   (1,264)        11,736 
       195,404   (71,109)     277   124,572 
                         

Indefinite lived intangible assets

                        

Trademarks

 

Indefinite

   199,900      (32,275)     167,625 

Gaming license rights

 

Indefinite

   1,378,081   (33,960)  (243,474)     1,100,647 
       1,577,981   (33,960)  (275,749)     1,268,272 

Balances, December 31, 2023

     $1,773,385  $(105,069) $(275,749) $277  $1,392,844 

 

The following table presents the future amortization expense for our amortizing intangible assets as of  March 31, 2024:

 

(In thousands)

 

Customer Relationships

  

Host Agreements

  

Development Agreement

  

Developed Technology

  

B2B Relationships

  

B2C Relationships

  

Total

 

For the year ending December 31,

                            

2024 (excluding three months ended March 31, 2024)

 $30  $2,900  $2,290  $3,465  $2,949  $812  $12,446 

2025

     3,867   3,053   4,534   3,914   1,083   16,451 

2026

     3,867   3,053   4,526   3,914   1,083   16,443 

2027

     3,867   3,053   4,525   3,914   1,083   16,442 

2028

     3,867   3,053   4,265   3,914   1,083   16,182 

Thereafter

     17,076   1,910   14,039   3,864   6,321   43,210 

Total future amortization

 $30  $35,444  $16,412  $35,354  $22,469  $11,465  $121,174 

 

 

12

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

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

as of  March 31, 2024 and  December 31, 2023 and for the three months ended March 31, 2024 and 2023

______________________________________________________________________________________________________

 

During the three months ended March 31, 2024, as a result of our first quarter 2024 impairment review, the Company recorded an impairment charge of $10.5 million for a gaming license right related to our Midwest & South segment. This noncash impairment charge is recorded in impairment of assets on the condensed consolidated statement of operations.

 

Goodwill consists of the following:

 

  March 31, 2024 
              

Effect of

     
  

Gross

      

Accumulated

  

Foreign

     
  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Goodwill,

 

(In thousands)

 

Value

  

Amortization

  

Losses

  

Exchange

  

Net

 

Goodwill, net by Segment

                    

Las Vegas Locals

 $593,567  $  $(188,079) $  $405,488 

Downtown Las Vegas

  6,997   (6,134)        863 

Midwest & South

  636,269      (107,470)     528,799 

Online

  94,037      (82,000)  113   12,150 

Managed & Other

  30,529      (30,529)      

Balances, March 31, 2024

 $1,361,399  $(6,134) $(408,078) $113  $947,300 

 

 

  

December 31, 2023

 
              

Effect of

     
  

Gross

      

Accumulated

  

Foreign

     
  

Carrying

  

Accumulated

  

Impairment

  

Currency

  

Goodwill,

 

(In thousands)

 

Value

  

Amortization

  

Losses

  

Exchange

  

Net

 

Goodwill, net by Segment

                    

Las Vegas Locals

 $593,567  $  $(188,079) $  $405,488 

Downtown Las Vegas

  6,997   (6,134)        863 

Midwest & South

  636,269      (107,470)     528,799 

Online

  94,037      (82,000)  154   12,191 

Managed & Other

  30,529      (30,529)      

Balances, December 31, 2023

 $1,361,399  $(6,134) $(408,078) $154  $947,341 

 

 

NOTE 4.    ACCRUED LIABILITIES

Accrued liabilities consist of the following:

 

  

March 31,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Payroll and related

 $62,919  $82,327 

Interest

  19,031   17,841 

Gaming

  68,247   68,749 

Player loyalty program

  23,666   23,850 

Advance deposits

  19,254   15,511 

Outstanding chips

  6,569   8,164 

Dividends payable

  16,262   15,508 

Operating leases

  99,271   98,867 

Other

  97,183   96,562 

Total accrued liabilities

 $412,402  $427,379 

 

 

13

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

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

as of  March 31, 2024 and  December 31, 2023 and for the three months ended March 31, 2024 and 2023

______________________________________________________________________________________________________

 

 

NOTE 5.    LONG-TERM DEBT

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

 

  

March 31, 2024

 
  

Interest

      

Unamortized

     
  

Rates at

      

Origination

     
  

March 31,

  

Outstanding

  

Fees and

  

Long-Term

 

(In thousands)

 

2024

  

Principal

  

Costs

  

Debt, Net

 

Credit facility

  7.162% $997,000  $(12,324) $984,676 

4.750% senior notes due 2027

  4.750%  1,000,000   (7,305)  992,695 

4.750% senior notes due 2031

  4.750%  900,000   (9,774)  890,226 

Other

  5.208%  467      467 

Total long-term debt

      2,897,467   (29,403)  2,868,064 

Less current maturities

      44,325      44,325 

Long-term debt, net

     $2,853,142  $(29,403) $2,823,739 

 

  

December 31, 2023

 
  

Interest

      

Unamortized

     
  

Rates at

      

Origination

     
  

December 31,

  

Outstanding

  

Fees and

  

Long-Term

 

(In thousands)

 

2023

  

Principal

  

Costs

  

Debt, Net

 

Credit facility

  7.164% $1,046,300  $(13,403) $1,032,897 

4.750% senior notes due 2027

  4.750%  1,000,000   (7,792)  992,208 

4.750% senior notes due 2031

  4.750%  900,000   (10,111)  889,889 

Other

  5.208%  504      504 

Total long-term debt

      2,946,804   (31,306)  2,915,498 

Less current maturities

      44,275      44,275 

Long-term debt, net

     $2,902,529  $(31,306) $2,871,223 

  

The outstanding principal amounts under the Credit Facility are comprised of the following:

 

  

March 31,

  

December 31,

 

(In thousands)

 

2024

  

2023

 

Revolving Credit Facility

 $145,000  $180,000 

Term A Loan

  792,000   803,000 

Swing Loan

  60,000   63,300 

Total outstanding principal amounts

 $997,000  $1,046,300 

 

With a total revolving credit commitment of $1,450.0 million available under the Credit Facility, $145.0 million and $60.0 million in borrowings outstanding on the Revolving Credit Facility and the Swing Loan, respectively, and $13.4 million allocated to support various letters of credit, there was a remaining contractual availability under the Credit Facility of $1,231.6 million as of March 31, 2024

 

Covenant Compliance

As of  March 31, 2024, we were in compliance with the financial covenants of our debt instruments.

 

   

14

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

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

as of  March 31, 2024 and  December 31, 2023 and for the three months ended March 31, 2024 and 2023

______________________________________________________________________________________________________

 

 

NOTE 6.    COMMITMENTS AND CONTINGENCIES

Wilton Rancheria Agreements
In 2012, the Company entered into a development agreement and a management agreement with Wilton Rancheria. The development agreement obligated us to fund certain pre-development costs to assist Wilton Rancheria in its development and oversight of the gaming facility construction. The pre-development costs financed by us were to be repaid under the terms of a note receivable with Wilton Rancheria bearing interest at 12.5% with payment timing and the payment amount subject to an excess cash flow waterfall payment prioritization and maintenance of a certain leverage ratio, among other restrictions under Wilton Rancheria’s third-party credit agreement that provided funding for the construction project. Given the significant barriers of the project, a majority of the advances made during the 10-year period were historically reserved in full when advanced. The Sky River Casino opened on August 15, 2022 and after generating cash flows from operations, we updated our evaluation of expected losses on the note receivable which resulted in a partial release of the allowance during the fourth quarter of 2022. The Wilton Rancheria amended their third-party credit agreement in March 2023 and such amendment effectively allowed Sky River Casino to begin making previously disallowed distributions, under the excess cash flow waterfall. Given the amendment in the first quarter of 2023, the Company updated its evaluation of its expected losses on the note receivable. As the amendment allowed for quarterly payments to begin and given the sustained operating strength of the recently opened property, the Company concluded it expected to receive all payments due under the note receivable. As such, the Company removed the remaining allowance on the note receivable in the first quarter of 2023, which represented a reserve on both the development advances and interest on the note. The allowance reduction was thus allocated accordingly and $20.1 million is recorded in project development, preopening and writedowns and  $14.3 million is recorded in interest income, both reflected in the condensed consolidated statement of operations for the three months ended March 31, 2023. The Company received  $0.2  million in principal payments and $0.2  million in interest due under the note receivable during the  three months ended  March 31, 2024, and  $17.3  million in principal payments and $5.1  million in interest due under the note receivable during the  three months ended March 31, 2023. As of  March 31, 2024, the principal outstanding on the note receivable was fully repaid. Separately, the management agreement provides for us to manage the gaming facility upon opening for a period of seven years and receive a monthly management fee for our services based on the monthly performance of the gaming facility. The management fee of $22.2 million and  $20.0 million for our management services for the three months ended March 31, 2024 and 2023, respectively, is paid monthly and recorded in management fee revenue on the condensed consolidated statements of operations.
 
Commitments
As of March 31, 2024, there have been no material changes to our commitments described under Note 9, Commitments and Contingencies, in our Annual Report on Form  10-K for the year ended December 31, 2023, as filed with the SEC on February 26, 2024.
 
Contingencies
Legal Matters
We are parties to various legal proceedings arising in the ordinary course of business. We believe that all pending claims, if adversely decided, would not have a material effect on our business, financial position, results of operations or cash flows.
 
 

NOTE 7.    STOCKHOLDERS' EQUITY AND STOCK INCENTIVE PLANS

Share Repurchase Program
On October 21, 2021, our Board of Directors authorized a share repurchase program of $300.0 million (the "Share Repurchase Program"). In addition, our Board of Directors authorized increases to the Share Repurchase Program of  $500.0 million on June 1, 2022, and $500.0 million on May 4, 2023. As of  March 31, 2024,  $220.8 million remains available under the Share Repurchase Program. Under the Share Repurchase Program, the Company may repurchase shares of its common stock from time to time on the open market or in privately negotiated transactions. Repurchases of common stock may also be made under Rule 10b5- 1 plans, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. We are not obligated to repurchase any shares under this program. The timing, volume and nature of share repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws and other factors, and may be suspended or discontinued at any time.
 
The following table provides information regarding share repurchases during the referenced periods  (1).
 
  

Three Months Ended

 
  

March 31,

 

(In thousands, except per share data)

 

2024

  

2023

 

Shares repurchased (2)

  1,658   1,726 

Total cost, including brokerage fees (3)

 $105,500  $106,327 

Average repurchase price per share (4)

 $63.62  $61.59 

 

(1) Shares repurchased reflect repurchases settled during the three months ended March 31, 2024 and 2023. These amounts exclude repurchases, if any, traded but not yet settled on or before March 31, 2024 and 2023, respectively.

(2All shares repurchased have been retired and constitute authorized but unissued shares.

(3) Costs exclude 1% excise tax on corporate stock buybacks.

(4) Amounts in the table may not recalculate exactly due to rounding. Average repurchase price per share is calculated based on unrounded numbers and excludes the 1% excise tax.

 

 

15

 

BOYD GAMING CORPORATION AND SUBSIDIARIES

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

as of  March 31, 2024 and  December 31, 2023 and for the three months ended March 31, 2024 and 2023

______________________________________________________________________________________________________

 

Dividends

The dividends declared by the Board of Directors and reflected in the periods presented are:

 

Declaration date

 

Record date

 

Payment date

 

Amount per share

 

December 8, 2022

 

December 19, 2022

 

January 15, 2023

 $0.15 

February 14, 2023

 

March 15, 2023

 

April 15, 2023

  0.16 

December 7, 2023

 

December 22, 2023

 

January 15, 2024

  0.16 

February 28, 2024

 

March 15, 2024

 

April 15, 2024

  0.17 

  

Share-Based Compensation

We account for share-based awards exchanged for employee services in accordance with the authoritative accounting guidance for share-based payments. Under the guidance, share-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense, net of estimated forfeitures, over the employee's requisite service period.

 

The following table provides classification detail of the total costs related to our share-based employee compensation plans reported in our condensed consolidated statements of operations.

 

  

Three Months Ended

 
  

March 31,

 

(In thousands)

 

2024

  

2023

 

Gaming

 $