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02.05.2017 22:10
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Boyd Gaming Reports First-Quarter 2017 Results; Company Reinstates Dividend, Reaffirms Share Repurchase Program
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PR Newswire
LAS VEGAS, May 2, 2017
LAS VEGAS, May 2, 2017 /PRNewswire/ -- Boyd Gaming Corporation (NYSE: BYD) today reported financial results for the first quarter ended March 31, 2017.
The Company announced that its Board of Directors has authorized the reinstatement of the Company's cash dividend program, with an initial quarterly payment of $0.05 per share. The Board also reaffirmed the Company's existing share repurchase program, which has $92 million remaining.
Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "Thanks to the continued strength of our operations, our successful acquisitions, and the significant progress we have made deleveraging our balance sheet, we are now able to reinstitute a program of returning capital to our shareholders. We believe a balanced approach of deleveraging, investment in organic growth projects, and opportunistic acquisitions – combined with the return of a portion of our free cash flow to shareholders – is the right strategy to maximize long-term shareholder value."
Commenting on first-quarter 2017 results, Smith said: "Positive trends continued throughout our operations during the first quarter. Every segment of our business recorded year-over-year margin improvements, as the large majority of our properties posted year-over-year Adjusted EBITDA growth. We were particularly encouraged by broad-based strength in our Las Vegas Locals segment, as all nine Locals properties achieved year-over-year EBITDA gains – including strong performances at our three recently acquired properties."
Boyd Gaming reported first-quarter 2017 net revenues of $605.3 million, an increase of 9.6% from $552.4 million in the year-ago quarter. Income from continuing operations, net of tax, for the first quarter was $35.1 million, or $0.31 per share, up from $21.6 million, or $0.19 per share, in the prior-year first quarter. The Company reported net income, including discontinued operations, of $35.5 million, or $0.31 per share, for the first quarter of 2017, compared to $33.2 million, or $0.29 per share, for the year-ago period. Results for the current year include the addition of the operations of Aliante, acquired by the Company on September 27, 2016, as well as Cannery and Eastside Cannery, acquired on December 20, 2016. Discontinued operations include income from the Company's interest in Borgata Hotel Casino & Spa, which was sold in the third quarter of 2016.
Total Adjusted EBITDA(1) was $155.8 million, up 13.2% from $137.7 million in the first quarter of 2016. Adjusted Earnings(1) for the first quarter 2017 were $37.5 million, or $0.32 per share, compared to Adjusted Earnings of $25.5 million, or $0.22 per share, for the same period in 2016. Adjusted EBITDA and Adjusted Earnings exclude discontinued operations.
| (1) | See footnotes at the end of the release for additional information relative to non-GAAP financial measures. |
Key Operations Review
Las Vegas Locals
In the Las Vegas Locals segment, first-quarter 2017 net revenues were $219.8 million, up from $158.4 million in the year-ago quarter. First-quarter 2017 Adjusted EBITDA rose to $66.2 million, compared to $44.3 million in the first quarter of 2016. First-quarter 2017 segment results include a full quarter of contributions from Aliante, Cannery and Eastside Cannery.
The Company's three newly acquired properties achieved 17% Adjusted EBITDA growth and a 385-basis-point margin improvement over their combined standalone first-quarter 2016 results. These properties performed in-line with the Company's expectations, as we continued to realize anticipated synergies.
Same-store Adjusted EBITDA grew at a double-digit rate on higher revenues, as same-store margins improved by more than 330 basis points. Stronger results were driven by ongoing refinements to marketing programs, enhanced profitability of non-gaming amenities, and continued strength in the southern Nevada economy.
Downtown Las Vegas
In the Downtown Las Vegas segment, net revenues were $60.7 million in the first quarter of 2017, increasing from $58.6 million in the year-ago period. Adjusted EBITDA was $13.6 million, up from $12.7 million in the first quarter of 2016.
Segment results reflect strengthening business volumes from the Company's Hawaiian customer base, as well as continued growth in pedestrian traffic throughout the Downtown Las Vegas market. Growth in the segment was led by strong revenue and Adjusted EBITDA gains at the California, as recent property renovations contributed to significant increases in visitation and business volumes.
Midwest and South
In the Midwest and South segment, net revenues were $324.8 million, compared to $335.4 million in the first quarter of 2016. Adjusted EBITDA was $94.1 million, versus $95.9 million in the year-ago period.
Adjusted EBITDA trends continued to stabilize despite revenue declines. Refinements to operations and marketing programs led to further improvements in operating margins in the segment.
Dividend and Share Repurchase
Boyd Gaming's Board of Directors declared a quarterly dividend of $0.05 per share, to be paid July 15, 2017, to shareholders of record as of June 15, 2017.
The Board also reaffirmed the Company's existing share repurchase program, which has $92 million remaining. The Company intends to make purchases of its common stock from time to time under this program.
Balance Sheet Statistics
As of March 31, 2017, Boyd Gaming had cash on hand of $167.0 million, and total debt of $3.26 billion.
Full Year 2017 Guidance
For the full year 2017, Boyd Gaming reaffirms its previously provided guidance of total Adjusted EBITDA of $585 million to $605 million.
Conference Call Information
Boyd Gaming will host a conference call to discuss first-quarter results today, May 2, at 5:00 p.m. Eastern. The conference call number is (888) 317-6003, passcode 6069945. Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call.
The conference call will also be available live on the Internet at www.boydgaming.com or: https://www.webcaster4.com/Webcast/Page/964/20717
Following the call's completion, a replay will be available by dialing (877) 344-7529 today, May 2, beginning at 7:00 p.m. Eastern and continuing through Tuesday, May 9, at 11:59 p.m. Eastern. The conference number for the replay will be 10105546. The replay will also be available on the Internet at www.boydgaming.com
| BOYD GAMING CORPORATION | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (Unaudited) | |||||||
| | |||||||
| | Three Months Ended | ||||||
| | March 31, | ||||||
| (In thousands, except per share data) | 2017 | | 2016 | ||||
| Revenues | | | | ||||
| Gaming | $ | 499,999 | | | $ | 462,551 | |
| Food and beverage | 87,443 | | | 76,800 | | ||
| Room | 47,326 | | | 41,875 | | ||
| Other | 34,038 | | | 31,466 | | ||
| Gross revenues | 668,806 | | | 612,692 | | ||
| Less promotional allowances | 63,464 | | | 60,314 | | ||
| Net revenues | 605,342 | | | 552,378 | | ||
| Operating costs and expenses | | | | ||||
| Gaming | 231,631 | | | 223,525 | | ||
| Food and beverage | 49,518 | | | 41,803 | | ||
| Room | 13,114 | | | 10,499 | | ||
| Other | 19,979 | | | 19,332 | | ||
| Selling, general and administrative | 91,613 | | | 81,851 | | ||
| Maintenance and utilities | 26,399 | | | 23,848 | | ||
| Depreciation and amortization | 53,964 | | | 47,653 | | ||
| Corporate expense | 20,798 | | | 17,907 | | ||
| Project development, preopening and writedowns | 2,972 | | | 1,841 | | ||
| Impairments of assets | — | | | 1,440 | | ||
| Other operating items, net | 486 | | | 429 | | ||
| Total operating costs and expenses | 510,474 | | | 470,128 | | ||
| Operating income | 94,868 | | | 82,250 | | ||
| Other expense (income) | | | | ||||
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