Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - BOYD GAMING CORP | exhibit991-q12018earningsr.htm |
| 8-K - 8-K - BOYD GAMING CORP | form8-kq12018earningrelease.htm |
Exhibit 99.2 | |||||||||||||||||||
BOYD GAMING CORPORATION | |||||||||||||||||||
RESTATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (a) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | For the Year Ended | ||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | |||||||||||||||
(In thousands, except per share data) | 2017 | 2017 | 2017 | 2017 | 2017 | ||||||||||||||
Revenues | |||||||||||||||||||
Gaming | $ | 443,945 | $ | 437,125 | $ | 428,852 | $ | 430,346 | $ | 1,740,268 | |||||||||
Food and beverage | 86,605 | 87,644 | 84,996 | 87,134 | 346,379 | ||||||||||||||
Room | 46,850 | 47,834 | 47,600 | 44,511 | 186,795 | ||||||||||||||
Other | 32,665 | 31,521 | 30,094 | 33,097 | 127,377 | ||||||||||||||
Net revenues | 610,065 | 604,124 | 591,542 | 595,088 | 2,400,819 | ||||||||||||||
Operating costs and expenses | |||||||||||||||||||
Gaming | 191,933 | 189,620 | 188,044 | 190,015 | 759,612 | ||||||||||||||
Food and beverage | 84,348 | 84,427 | 82,942 | 83,789 | 335,506 | ||||||||||||||
Room | 21,307 | 21,442 | 21,845 | 20,594 | 85,188 | ||||||||||||||
Other | 21,415 | 21,119 | 19,966 | 21,115 | 83,615 | ||||||||||||||
Selling, general and administrative | 91,613 | 93,037 | 91,288 | 86,099 | 362,037 | ||||||||||||||
Maintenance and utilities | 26,399 | 25,864 | 30,244 | 26,955 | 109,462 | ||||||||||||||
Depreciation and amortization | 53,964 | 52,563 | 55,201 | 55,794 | 217,522 | ||||||||||||||
Corporate expense | 20,798 | 23,251 | 19,339 | 24,760 | 88,148 | ||||||||||||||
Project development, preopening and writedowns | 2,972 | 2,784 | 2,975 | 5,723 | 14,454 | ||||||||||||||
Impairment of assets | — | — | — | (426 | ) | (426 | ) | ||||||||||||
Other operating items, net | 486 | 463 | 758 | 193 | 1,900 | ||||||||||||||
Total operating costs and expenses | 515,235 | 514,570 | 512,602 | 514,611 | 2,057,018 | ||||||||||||||
Operating income | 94,830 | 89,554 | 78,940 | 80,477 | 343,801 | ||||||||||||||
Other expense (income) | |||||||||||||||||||
Interest income | (460 | ) | (455 | ) | (452 | ) | (451 | ) | (1,818 | ) | |||||||||
Interest expense, net of amounts capitalized | 43,674 | 42,728 | 43,309 | 43,397 | 173,108 | ||||||||||||||
Loss on early extinguishments and modifications of debt | 156 | 378 | 319 | 729 | 1,582 | ||||||||||||||
Other, net | 111 | 559 | (139 | ) | (715 | ) | (184 | ) | |||||||||||
Total other expense, net | 43,481 | 43,210 | 43,037 | 42,960 | 172,688 | ||||||||||||||
Income from continuing operations before income taxes | 51,349 | 46,344 | 35,903 | 37,517 | 171,113 | ||||||||||||||
Income tax (provision) benefit | (16,273 | ) | (18,652 | ) | (12,746 | ) | 44,556 | (3,115 | ) | ||||||||||
Income from continuing operations, net of tax | 35,076 | 27,692 | 23,157 | 82,073 | 167,998 | ||||||||||||||
Income from discontinued operations, net of tax | 375 | 21,017 | — | — | 21,392 | ||||||||||||||
Net income | $ | 35,451 | $ | 48,709 | $ | 23,157 | $ | 82,073 | $ | 189,390 | |||||||||
BOYD GAMING CORPORATION | |||||||||||||||||||
RESTATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Continued) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | For the Year Ended | ||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | |||||||||||||||
2017 | 2017 | 2017 | 2017 | 2017 | |||||||||||||||
Basic net income per common share (b) | |||||||||||||||||||
Continuing operations | $ | 0.31 | $ | 0.24 | $ | 0.20 | $ | 0.72 | $ | 1.46 | |||||||||
Discontinued operations | — | 0.18 | — | — | 0.19 | ||||||||||||||
Basic net income per common share | $ | 0.31 | $ | 0.42 | $ | 0.20 | $ | 0.72 | $ | 1.65 | |||||||||
Weighted average basic shares outstanding | 115,269 | 115,225 | 114,836 | 114,506 | 114,957 | ||||||||||||||
Diluted net income per common share (b) | |||||||||||||||||||
Continuing operations | $ | 0.31 | $ | 0.24 | $ | 0.20 | $ | 0.71 | $ | 1.45 | |||||||||
Discontinued operations | — | 0.18 | — | — | 0.19 | ||||||||||||||
Diluted net income per common share | $ | 0.31 | $ | 0.42 | $ | 0.20 | $ | 0.71 | $ | 1.64 | |||||||||
Weighted average diluted shares outstanding | 115,902 | 115,923 | 115,501 | 115,205 | 115,628 | ||||||||||||||
__________________________________________
(a) Restated results reflect the adoption of the new revenue recognition standard, which the Company has adopted by applying the full retrospective method.
(b) Because income per share amounts are calculated using the weighted average number of common and dilutive common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four quarters may not equal the total income per share amounts for the full year.
BOYD GAMING CORPORATION | |||||||||||||||||||
RESTATED SUPPLEMENTAL INFORMATION (a) | |||||||||||||||||||
Reconciliation of Adjusted EBITDA to Net Income | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Three Months Ended | For the Year Ended | ||||||||||||||||||
March 31, | June 30, | September 30, | December 31, | December 31, | |||||||||||||||
(In thousands) | 2017 | 2017 | 2017 | 2017 | 2017 | ||||||||||||||
Net Revenues by Reportable Segment | |||||||||||||||||||
Las Vegas Locals | $ | 222,241 | $ | 216,673 | $ | 209,666 | $ | 219,797 | $ | 868,377 | |||||||||
Downtown Las Vegas | 60,947 | 59,632 | 58,781 | 65,081 | 244,441 | ||||||||||||||
Midwest and South | 326,877 | 327,819 | 323,095 | 310,210 | 1,288,001 | ||||||||||||||
Net revenues | $ | 610,065 | $ | 604,124 | $ | 591,542 | $ | 595,088 | $ | 2,400,819 | |||||||||
Adjusted EBITDA by Reportable Segment | |||||||||||||||||||
Las Vegas Locals | $ | 65,914 | $ | 63,300 | $ | 56,296 | $ | 64,396 | $ | 249,906 | |||||||||
Downtown Las Vegas | 13,701 | 12,545 | 11,595 | 16,772 | 54,613 | ||||||||||||||
Midwest and South | 94,313 | 93,730 | 90,135 | 86,280 | 364,458 | ||||||||||||||
Property Adjusted EBITDA | 173,928 | 169,575 | 158,026 | 167,448 | 668,977 | ||||||||||||||
Corporate expense | (18,163 | ) | (18,207 | ) | (17,480 | ) | (19,196 | ) | (73,046 | ) | |||||||||
Adjusted EBITDA | 155,765 | 151,368 | 140,546 | 148,252 | 595,931 | ||||||||||||||
Other operating costs and expenses | |||||||||||||||||||
Deferred rent | 430 | 257 | 290 | 290 | 1,267 | ||||||||||||||
Depreciation and amortization | 53,964 | 52,563 | 55,201 | 55,794 | 217,522 | ||||||||||||||
Share-based compensation expense | 3,083 | 5,747 | 2,382 | 6,201 | 17,413 | ||||||||||||||
Project development, preopening and writedowns | 2,972 | 2,784 | 2,975 | 5,723 | 14,454 | ||||||||||||||
Impairment of assets | — | — | — | (426 | ) | (426 | ) | ||||||||||||
Other operating items, net | 486 | 463 | 758 | 193 | 1,900 | ||||||||||||||
Total operating costs and expenses | 60,935 | 61,814 | 61,606 | 67,775 | 252,130 | ||||||||||||||
Operating income | 94,830 | 89,554 | 78,940 | 80,477 | 343,801 | ||||||||||||||
Other expense (income) | |||||||||||||||||||
Interest income | (460 | ) | (455 | ) | (452 | ) | (451 | ) | (1,818 | ) | |||||||||
Interest expense, net of amounts capitalized | 43,674 | 42,728 | 43,309 | 43,397 | 173,108 | ||||||||||||||
Loss on early extinguishments and modifications of debt | 156 | 378 | 319 | 729 | 1,582 | ||||||||||||||
Other, net | 111 | 559 | (139 | ) | (715 | ) | (184 | ) | |||||||||||
Total other expense, net | 43,481 | 43,210 | 43,037 | 42,960 | 172,688 | ||||||||||||||
Income from continuing operations before income taxes | 51,349 | 46,344 | 35,903 | 37,517 | 171,113 | ||||||||||||||
Income tax (provision) benefit | (16,273 | ) | (18,652 | ) | (12,746 | ) | 44,556 | (3,115 | ) | ||||||||||
Income from continuing operations, net of tax | 35,076 | 27,692 | 23,157 | 82,073 | 167,998 | ||||||||||||||
Income from discontinued operations, net of tax | 375 | 21,017 | — | — | 21,392 | ||||||||||||||
Net income | $ | 35,451 | $ | 48,709 | $ | 23,157 | $ | 82,073 | $ | 189,390 | |||||||||
__________________________________________
(a) Restated results reflect the adoption of the new revenue recognition standard, which the Company has adopted by applying the full retrospective method.