NYSE$BYD

Boyd Gaming · Q4 2019 earnings

Q4 2019 earnings · · Investor relations

Briefing

Boyd Gaming reported strong Q4 2019 results with revenue and Adjusted EBITDAR growth, driven by contributions from all segments and newly acquired properties.

Boyd Gaming Corporation reported a 5.2% increase in fourth-quarter revenues to $833.1 million and a 9.1% increase in Adjusted EBITDAR to $227.6 million. Net income increased by 6% to $24.3 million, or $0.21 per share. The company's performance was driven by same-store revenue and Adjusted EBITDAR growth across all segments, as well as strong contributions from newly acquired Ameristar and Belterra properties.

  • Companywide revenues increased by 5%, and Adjusted EBITDAR grew by 9%.
  • All segments achieved same-store gains in revenues and Adjusted EBITDAR.
  • Newly acquired Ameristar and Belterra properties posted double-digit Adjusted EBITDAR growth.
  • The Downtown Las Vegas segment achieved a quarterly Adjusted EBITDAR record for the fifth consecutive quarter.

Headline financials

Total Revenue

$833M

Previous: $792M+5.2%
EPS (adj)

$0.50

Previous: $0.32+56.3%
Adjusted EBITDAR

$228M

Previous: $209M+9.1%
Capital Expenditures

$40.8M

Previous: $53.9M-24.2%
Free Cash Flow

$92.8M

Previous: $48.4M+91.5%
Net Income

$24.3M

Previous: $22.9M+6.3%
Operating Income

$62.6M

Previous: $94.7M-33.9%
Gross Profit

$395M

Previous: $376M+5.2%
Cash & Equivalents

$250M

Previous: $249M+0.2%
Total Assets

$6.65B

Previous: $5.76B+15.5%
Stock-Based Comp

$3.78M

Previous: $5.06M-25.4%

Revenue & EPS history

Boyd Gaming · Revenue · Quarterly

$833M

Q4 2019+5.2%vs Q4 2018
Beat estimate in 9 of 16 quarters(56%)
ActualEstimate

Revenue by segment

Boyd Gaming · $833M total across 3 segments · Q4 2019

  • Midwest & South
    $540M+7.6%
  • Las Vegas Locals
    $224M+0.6%
  • Downtown Las Vegas
    $69.6M+3.4%

Forward guidance

For the full year 2020, Boyd Gaming projects total Adjusted EBITDAR of $915 million to $935 million.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2019

Historical avgQ4 2019

-1.0%

Avg return

Earnings day

-0.9%

Avg return

5 days after

-0.2%

Avg return

30 days after

45%

30 / 67 earnings

Positive

+28.4%

Q1 2013

Best reaction

-20.5%

Q3 2013

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-6.0%-3.2%-11.0%
Q4 2025-0.5%-0.3%-4.2%
Q3 2025-7.2%-9.6%-5.0%
Q2 2025-1.5%-0.5%+0.9%
Q1 2025+4.3%+4.7%+10.6%
Q4 2024-1.7%-2.0%-12.2%
Q3 2024+8.4%+11.9%+13.0%
Q2 2024+5.7%+5.6%+3.9%
Q1 2024-16.4%-15.9%-18.6%
Q4 2023+4.3%+1.4%-1.3%
Q3 2023-10.8%-9.7%-1.9%
Q2 2023-6.4%-5.6%-9.6%
Q1 2023-0.2%+3.0%-3.5%
Q4 2022+6.6%+6.6%+5.6%
Q3 2022+4.1%+7.2%+11.1%
Q2 2022+0.8%+0.6%+3.7%
Q1 2022-6.3%-5.6%-7.3%
Q4 2021+5.3%+8.7%+11.4%
Q3 2021+1.3%-3.9%-6.7%
Q2 2021+1.6%-1.0%+5.9%
Q1 2021+1.7%-1.7%-2.8%
Q4 2020-2.5%-2.2%+12.6%
Q3 2020-6.8%-8.6%+13.5%
Q2 2020+13.5%+9.4%+24.3%
Q1 2020+6.9%-1.3%+32.6%
Q4 2019-0.5%-13.5%-66.0%
Q3 2019+3.5%+4.2%+16.0%
Q2 2019-1.4%-2.9%-10.3%
Q1 2019-1.3%-7.0%-16.3%
Q4 2018+9.2%+9.6%-3.7%
Q3 2018-6.0%-9.4%-16.6%
Q2 2018-6.2%-1.0%-2.2%
Q1 2018-1.9%+0.9%+10.1%
Q4 2017-6.2%-5.5%-13.8%
Q3 2017+5.1%+5.5%+9.7%
Q2 2017-3.9%-3.2%+0.9%
Q1 2017+6.5%+6.8%+13.0%
Q4 2016+2.1%-2.6%-3.3%
Q3 2016-4.8%-3.1%+4.7%
Q2 2016-3.5%-1.2%+3.1%
Q1 2016-2.9%
Q4 2015+7.9%
Q3 2015+7.2%
Q2 2015+0.7%
Q1 2015+3.0%
Q4 2014+2.7%
Q3 2014+8.3%
Q2 2014-13.5%
Q1 2014-3.4%
Q4 2013+5.4%
Q3 2013-20.5%
Q2 2013+22.6%
Q1 2013+28.4%
Q4 2012+7.7%
Q3 2012-10.5%
Q2 2012-20.4%
Q1 2011-4.4%
Q1 2012-3.9%
Q4 2011+5.3%
Q3 2011-9.3%
Q3 2010-9.3%
Q4 2008-7.7%
Q4 2009-7.7%
Q2 2010-13.4%
Q2 2011-13.4%
Q4 2010-13.4%
Q1 2010+0.7%

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