## Boyd Gaming (NYSE: BYD) — filings-led deep dive (with “choose-your-path” sections) **Primary sources used:** Boyd Gaming’s FY2024 Form 10‑K (filed Feb 21, 2025) and FY2025 Q2 Form 10‑Q (filed Jul 30, 2025). ["FORM 10-K"](0001437749-25-004757|0) ["FORM 10-Q"](0001437749-25-023972|0) --- ### 0) Quick navigation (interactive “paths”) Pick any section below and skim in order (they’re designed to stand alone): 1. **Business model & footprint** 2. **Earnings engine (segments) + a table** 3. **Capital allocation (buybacks + dividends) + a table** 4. **Balance sheet, leverage & maturities + tables** 5. **Cash flow & reinvestment intensity** 6. **Major projects & strategic optionality** 7. **Key risks (what management highlights)** --- ## 1) Business model & footprint (what BYD *is*) Boyd is a diversified US gaming operator with **four reportable segments**: **Las Vegas Locals**, **Downtown Las Vegas**, **Midwest & South**, and **Online**. ["four reportable segments"](0001437749-25-004757|0) A notable disclosure detail that matters for interpretation: - **Downtown Las Vegas segment includes Hawaii travel agency results** (because those properties focus marketing on Hawaiian customers). ["travel agency located in Hawaii"](0001437749-25-004757|0) Also, the **Online segment** includes online operations and **Boyd Interactive**, including **Resorts Digital acquired Sept 1, 2024**. ["Resorts Digital on September 1, 2024"](0001437749-25-004757|0) --- ## 2) Earnings engine: segment mix + “where profitability lives” Boyd reports segment performance using **Adjusted EBITDAR** (an industry KPI). They define it as earnings before interest, taxes, depreciation & amortization, plus adjustments including items like share-based comp, impairments, and (when applicable) master lease rent. ["We evaluate profitability based on Adjusted EBITDAR"](0001437749-25-004757|0) ### Segment scoreboard (FY2024 vs FY2023) (USD millions) | Segment | Revenue FY2024 | Revenue FY2023 | Adj. EBITDAR FY2024 | Adj. EBITDAR FY2023 | Adj. EBITDAR margin FY2024 (computed) | Adj. EBITDAR margin FY2023 (computed) | |---|---:|---:|---:|---:|---:|---:| | Las Vegas Locals | 894.5 ["Las Vegas Locals"](0001437749-25-004757|0) | 928.1 ["Las Vegas Locals"](0001437749-25-004757|0) | 428.4 ["Las Vegas Locals"](0001437749-25-004757|0) | 471.0 ["Las Vegas Locals"](0001437749-25-004757|0) | 47.9% (computed) ["894.5"](0001437749-25-004757|0) ["428.4"](0001437749-25-004757|0) | 50.7% (computed) ["928.1"](0001437749-25-004757|0) ["471.0"](0001437749-25-004757|0) | | Downtown Las Vegas | 230.1 ["Downtown Las Vegas"](0001437749-25-004757|0) | 222.4 ["Downtown Las Vegas"](0001437749-25-004757|0) | 83.3 ["Downtown Las Vegas"](0001437749-25-004757|0) | 85.5 ["Downtown Las Vegas"](0001437749-25-004757|0) | 36.2% (computed) ["230.1"](0001437749-25-004757|0) ["83.3"](0001437749-25-004757|0) | 38.4% (computed) ["222.4"](0001437749-25-004757|0) ["85.5"](0001437749-25-004757|0) | | Midwest & South | 2,063.4 ["Midwest & South"](0001437749-25-004757|0) | 2,042.0 ["Midwest & South"](0001437749-25-004757|0) | 765.7 ["Midwest & South"](0001437749-25-004757|0) | 781.7 ["Midwest & South"](0001437749-25-004757|0) | 37.1% (computed) ["2,063.4"](0001437749-25-004757|0) ["765.7"](0001437749-25-004757|0) | 38.3% (computed) ["2,042.0"](0001437749-25-004757|0) ["781.7"](0001437749-25-004757|0) | | Online | 606.2 ["Online"](0001437749-25-004757|0) | 422.2 ["Online"](0001437749-25-004757|0) | 107.6 ["Online"](0001437749-25-004757|0) | 62.3 ["Online"](0001437749-25-004757|0) | 17.8% (computed) ["606.2"](0001437749-25-004757|0) ["107.6"](0001437749-25-004757|0) | 14.8% (computed) ["422.2"](0001437749-25-004757|0) ["62.3"](0001437749-25-004757|0) | | Managed & Other | 136.0 ["Managed & Other"](0001437749-25-004757|0) | 123.8 ["Managed & Other"](0001437749-25-004757|0) | 96.2 ["Managed & Other"](0001437749-25-004757|0) | 84.5 ["Managed & Other"](0001437749-25-004757|0) | 70.7% (computed) ["136.0"](0001437749-25-004757|0) ["96.2"](0001437749-25-004757|0) | 68.3% (computed) ["123.8"](0001437749-25-004757|0) ["84.5"](0001437749-25-004757|0) | | Corporate expense | — | — | (90.6) ["Corporate expense"](0001437749-25-004757|0) | (90.2) ["Corporate expense"](0001437749-25-004757|0) | — | — | | **Total** | **3,930.2** ["Total revenues"](0001437749-25-004757|0) | **3,738.5** ["Total revenues"](0001437749-25-004757|0) | **1,390.6** ["Adjusted EBITDAR"](0001437749-25-004757|0) | **1,394.8** ["Adjusted EBITDAR"](0001437749-25-004757|0) | **35.4%** (computed) ["3,930.2"](0001437749-25-004757|0) ["1,390.6"](0001437749-25-004757|0) | **37.3%** (computed) ["3,738.5"](0001437749-25-004757|0) ["1,394.8"](0001437749-25-004757|0) | **How to read this (my take, grounded in disclosures):** - **The “core cash engine” is Midwest & South + Las Vegas Locals** (largest revenues and large EBITDAR dollars). ["Midwest & South"](0001437749-25-004757|0) ["Las Vegas Locals"](0001437749-25-004757|0) - **Online is a growth vector, but structurally lower margin** (in part because Boyd records “reimbursements of gaming taxes and other expenses” with offsetting expense—good for revenue growth optics, neutral to EBITDAR). ["reimbursements of gaming taxes and other expenses"](0001437749-25-004757|0) --- ## 3) Capital allocation: buybacks-first DNA + dividends (with tables) ### 3.1 Share repurchases: scale and remaining capacity Boyd repurchased **11.1 million shares in FY2024** and had **$640.5 million remaining authorization** at Dec 31, 2024. ["repurchased 11.1 million shares"](0001437749-25-004757|0) ["$640.5 million"](0001437749-25-004757|0) **Annual buyback summary (FY2022–FY2024)** | Metric | FY2024 | FY2023 | FY2022 | |---|---:|---:|---:| | Shares repurchased (000s) | 11,086 ["Shares repurchased"](0001437749-25-004757|0) | 6,537 ["Shares repurchased"](0001437749-25-004757|0) | 9,424 ["Shares repurchased"](0001437749-25-004757|0) | | Total cost (USD mm) | 685.9 ["Total cost"](0001437749-25-004757|0) | 412.7 ["Total cost"](0001437749-25-004757|0) | 541.6 ["Total cost"](0001437749-25-004757|0) | | Avg price | $61.87 ["Average repurchase price"](0001437749-25-004757|0) | $63.13 ["Average repurchase price"](0001437749-25-004757|0) | $57.48 ["Average repurchase price"](0001437749-25-004757|0) | Boyd explicitly frames buybacks/dividends as a “primary area of focus” in MD&A. ["returning capital to shareholders through share repurchases and dividends"](0001437749-25-004757|0) ### 3.2 Dividends: consistent, but smaller than buybacks Dividends are declared at the board’s discretion and subject to debt covenant limitations. ["Dividends are declared"](0001437749-25-004757|0) A filing-provided timeline shows quarterly dividends stepping from **$0.15** (early 2022) to **$0.17** (2024) and **$0.18** (declared Feb 20, 2025). ["Amount per share"](0001437749-25-004757|0) --- ## 4) Balance sheet & leverage: what you’re underwriting ### 4.1 Snapshot: assets, liquidity, and capitalization (FY2024) From the FY2024 balance sheet (USD thousands): | Line item | Dec 31, 2024 | Dec 31, 2023 | |---|---:|---:| | Cash & cash equivalents | 316,688 ["Cash and cash equivalents"](0001437749-25-004757|0) | 304,271 ["Cash and cash equivalents"](0001437749-25-004757|0) | | Restricted cash | 4,676 ["Restricted cash"](0001437749-25-004757|0) | 3,659 ["Restricted cash"](0001437749-25-004757|0) | | Total assets | 6,391,815 ["Total assets"](0001437749-25-004757|0) | 6,273,126 ["Total assets"](0001437749-25-004757|0) | | Long‑term debt (net of current maturities & issuance costs) | 3,132,584 ["Long-term debt, net"](0001437749-25-004757|0) | 2,871,223 ["Long-term debt, net"](0001437749-25-004757|0) | | Stockholders’ equity | 1,581,513 ["Total stockholders' equity"](0001437749-25-004757|0) | 1,744,102 ["Total stockholders' equity"](0001437749-25-004757|0) | Interpretation: - Boyd is **meaningfully levered** (a normal characteristic in regional gaming), with **debt > equity** on a book basis. ["Long-term debt, net"](0001437749-25-004757|0) ["Total stockholders' equity"](0001437749-25-004757|0) - Liquidity is supported by both **cash** and **revolver availability** (see below). ["Cash and cash equivalents"](0001437749-25-004757|0) ["remaining contractual availability"](0001437749-25-004757|0) ### 4.2 Debt structure & maturities (what refinancing risk looks like) Boyd’s **total long-term debt outstanding principal** at Dec 31, 2024 was **$3.2003B**, consisting primarily of: - **Credit Facility:** $1.3003B - **4.750% Senior Notes due 2027:** $1.0000B - **4.750% Senior Notes due 2031:** $0.9000B ["Total long-term debt"](0001437749-25-004757|0) **Scheduled maturities (principal, USD millions)** | Year ending Dec 31 | Amount | |---:|---:| | 2025 | 44.0 ["2025"](0001437749-25-004757|0) | | 2026 | 44.0 ["2026"](0001437749-25-004757|0) | | 2027 | 2,212.3 ["2027"](0001437749-25-004757|0) | | Thereafter | 900.0 ["Thereafter"](0001437749-25-004757|0) | | **Total** | **3,200.3** ["Total outstanding principal"](0001437749-25-004757|0) | **Why this matters:** a *large* maturity wall in **2027** concentrates refinancing/repayment decisions in that window. ["2027"](0001437749-25-004757|0) ### 4.3 Revolver capacity (liquidity backstop) At Dec 31, 2024, Boyd reported **$895.7M remaining contractual availability** under the Credit Facility. ["$895.7 million"](0001437749-25-004757|0) ### 4.4 Covenant framework (what limits buybacks/dividends in stress) The Credit Facility includes covenants such as: - Minimum consolidated interest coverage ratio **2.50 to 1.00** - Maximum consolidated total net leverage ratio **4.50 to 1.00** ["minimum consolidated interest coverage ratio"](0001437749-25-004757|0) ["4.50 to 1.00"](0001437749-25-004757|0) This is important because Boyd also flags that capital returns (dividends/buybacks) are subject to “restricted payment limitations” in its debt agreements. ["restricted payment limitations"](0001437749-25-004757|0) --- ## 5) Cash flow & reinvestment intensity (how cash is actually used) ### 5.1 FY2024 cash flow bridge (USD thousands) | Metric | FY2024 | FY2023 | FY2022 | |---|---:|---:|---:| | Net cash provided by operating activities | 957,075 ["Net cash provided by operating activities"](0001437749-25-004757|0) | 914,516 ["Net cash provided by operating activities"](0001437749-25-004757|0) | 976,111 ["Net cash provided by operating activities"](0001437749-25-004757|0) | | Capital expenditures | (400,400) ["Capital expenditures"](0001437749-25-004757|0) | (373,950) ["Capital expenditures"](0001437749-25-004757|0) | (269,155) ["Capital expenditures"](0001437749-25-004757|0) | | Shares repurchased | (685,850) ["Shares repurchased"](0001437749-25-004757|0) | (412,655) ["Shares repurchased"](0001437749-25-004757|0) | (541,642) ["Shares repurchased"](0001437749-25-004757|0) | | Dividends paid | (62,661) ["Dividends paid"](0001437749-25-004757|0) | (63,609) ["Dividends paid"](0001437749-25-004757|0) | (48,162) ["Dividends paid"](0001437749-25-004757|0) | **So what’s the story?** In FY2024, operating cash flow was strong, but Boyd still leaned heavily into **buybacks**, and also ran **meaningful capex** (including large projects like Treasure Chest). ["Net cash provided by operating activities"](0001437749-25-004757|0) ["Shares repurchased and retired"](0001437749-25-004757|0) ["Treasure Chest land-based casino project"](0001437749-25-004757|0) --- ## 6) Major projects & strategic optionality (the “why could the story change” section) ### 6.1 Norfolk, Virginia: a large new-build growth project Boyd disclosed a **$750 million resort development in Norfolk, Virginia**, with: - a “modest transitional casino” targeted for **late 2025** - the full resort targeted for **late 2027** - expected **$150–$200 million spend in 2025** ["$750 million"](0001437749-25-004757|0) ["late 2025"](0001437749-25-004757|0) ["late 2027"](0001437749-25-004757|0) ["between $150 million and $200 million"](0001437749-25-004757|0) **Analyst framing:** Norfolk is simultaneously (1) a growth catalyst and (2) a capital allocation competitor versus buybacks/dividends—especially with the 2027 maturity wall sitting nearby. ["$750 million"](0001437749-25-004757|0) ["2027"](0001437749-25-004757|0) ["share repurchases"](0001437749-25-004757|0) ### 6.2 FanDuel stake: potential balance-sheet “reset” event The 10‑K states Boyd held a **5% equity ownership interest in FanDuel** and entered a definitive agreement (July 10, 2025) to: - **sell the equity interest** - **terminate certain existing market access agreements** - **enter into new market access agreements** - for **$1.755 billion cash consideration** ["five percent equity ownership"](0001437749-25-004757|0) ["sell our equity interest"](0001437749-25-004757|0) ["$1.755 billion"](0001437749-25-004757|0) **Why this is strategically huge:** if/when closed, that magnitude of cash could materially alter Boyd’s feasible choices across: - refinancing the 2027 wall, - accelerating buybacks, - funding Norfolk with less incremental debt, - or some blend. ["$1.755 billion"](0001437749-25-004757|0) ["2027"](0001437749-25-004757|0) ["$750 million"](0001437749-25-004757|0) *(I’m not asserting outcome/closing here—only what the filing says about the agreement.)* ["entered into a definitive agreement"](0001437749-25-004757|0) --- ## 7) Risk map (what management highlights in filings) A few risk “buckets” Boyd explicitly emphasizes: - **Macro sensitivity / discretionary spend:** the business is “particularly sensitive” to reductions in discretionary consumer spending, including inflation and economic downturns. ["particularly sensitive"](0001437749-25-004757|0) - **Leasehold exposure:** Boyd leases certain land/property; disruption or lease default could impair assets and operations. ["We lease certain property"](0001437749-25-004757|0) - **Leverage & refinancing risk:** Boyd highlights significant indebtedness and the need to potentially refinance debt at/near maturity, plus covenant constraints. ["significant amount of indebtedness"](0001437749-25-004757|0) ["need to refinance"](0001437749-25-004757|0) ["4.50 to 1.00"](0001437749-25-004757|0) --- ## Appendix: “fast facts” you can reuse in a model - FY2024 total revenue: **$3,930.2M**. ["Total revenues"](0001437749-25-004757|0) - FY2024 net income: **$577.952M**. ["Net income"](0001437749-25-004757|0) - FY2024 operating cash flow: **$957.075M**. ["Net cash provided by operating activities"](0001437749-25-004757|0) - FY2024 capex: **$400.4M**. ["Capital expenditures"](0001437749-25-004757|0) - Debt outstanding principal (Dec 31, 2024): **$3.2003B**. ["Total long-term debt"](0001437749-25-004757|0) - Revolver remaining availability (Dec 31, 2024): **$895.7M**. ["remaining contractual availability"](0001437749-25-004757|0) - Remaining share repurchase authorization (Dec 31, 2024): **$640.5M**. ["$640.5 million"](0001437749-25-004757|0) --- If you want to keep this “interactive” in practice: treat Sections **2 / 4 / 6** as the three core “decision panels” (earnings power, balance-sheet constraints, and catalysts), and everything else as supporting detail. ["Adjusted EBITDAR"](0001437749-25-004757|0) ["Scheduled Maturities"](0001437749-25-004757|0) ["$1.755 billion"](0001437749-25-004757|0)

## Boyd Gaming (NYSE: BYD) — filings-led deep dive (with “choose-your-path” sections) **Primary sources used:** Boyd Gaming’s FY2024 Form 10‑K (filed Feb 21, 2025) and FY2025 Q2 Form 10‑Q (filed Jul 30, 2025). ["FORM 10-K"](0001437749-25-004757|0) ["FORM 10-Q"](0001437749-25-023972|0) --- ### 0) Quick navigation (interactive “paths”) Pick any section below and skim in order (they’re designed to stand alone): 1. **Business model & footprint** 2. **Earnings engine (segments) + a table** 3. **Capital allocation (buybacks + dividends) + a table** 4. **Balance sheet, leverage & maturities + tables** 5. **Cash flow & reinvestment intensity** 6. **Major projects & strategic optionality** 7. **Key risks (what management highlights)** --- ## 1) Business model & footprint (what BYD *is*) Boyd is a diversified US gaming operator with **four reportable segments**: **Las Vegas Locals**, **Downtown Las Vegas**, **Midwest & South**, and **Online**. ["four reportable segments"](0001437749-25-004757|0) A notable disclosure detail that matters for interpretation: - **Downtown Las Vegas segment includes Hawaii travel agency results** (because those properties focus marketing on Hawaiian customers). ["travel agency located in Hawaii"](0001437749-25-004757|0) Also, the **Online segment** includes online operations and **Boyd Interactive**, including **Resorts Digital acquired Sept 1, 2024**. ["Resorts Digital on September 1, 2024"](0001437749-25-004757|0) --- ## 2) Earnings engine: segment mix + “where profitability lives” Boyd reports segment performance using **Adjusted EBITDAR** (an industry KPI). They define it as earnings before interest, taxes, depreciation & amortization, plus adjustments including items like share-based comp, impairments, and (when applicable) master lease rent. ["We evaluate profitability based on Adjusted EBITDAR"](0001437749-25-004757|0) ### Segment scoreboard (FY2024 vs FY2023) (USD millions) | Segment | Revenue FY2024 | Revenue FY2023 | Adj. EBITDAR FY2024 | Adj. EBITDAR FY2023 | Adj. EBITDAR margin FY2024 (computed) | Adj. EBITDAR margin FY2023 (computed) | |---|---:|---:|---:|---:|---:|---:| | Las Vegas Locals | 894.5 ["Las Vegas Locals"](0001437749-25-004757|0) | 928.1 ["Las Vegas Locals"](0001437749-25-004757|0) | 428.4 ["Las Vegas Locals"](0001437749-25-004757|0) | 471.0 ["Las Vegas Locals"](0001437749-25-004757|0) | 47.9% (computed) ["894.5"](0001437749-25-004757|0) ["428.4"](0001437749-25-004757|0) | 50.7% (computed) ["928.1"](0001437749-25-004757|0) ["471.0"](0001437749-25-004757|0) | | Downtown Las Vegas | 230.1 ["Downtown Las Vegas"](0001437749-25-004757|0) | 222.4 ["Downtown Las Vegas"](0001437749-25-004757|0) | 83.3 ["Downtown Las Vegas"](0001437749-25-004757|0) | 85.5 ["Downtown Las Vegas"](0001437749-25-004757|0) | 36.2% (computed) ["230.1"](0001437749-25-004757|0) ["83.3"](0001437749-25-004757|0) | 38.4% (computed) ["222.4"](0001437749-25-004757|0) ["85.5"](0001437749-25-004757|0) | | Midwest & South | 2,063.4 ["Midwest & South"](0001437749-25-004757|0) | 2,042.0 ["Midwest & South"](0001437749-25-004757|0) | 765.7 ["Midwest & South"](0001437749-25-004757|0) | 781.7 ["Midwest & South"](0001437749-25-004757|0) | 37.1% (computed) ["2,063.4"](0001437749-25-004757|0) ["765.7"](0001437749-25-004757|0) | 38.3% (computed) ["2,042.0"](0001437749-25-004757|0) ["781.7"](0001437749-25-004757|0) | | Online | 606.2 ["Online"](0001437749-25-004757|0) | 422.2 ["Online"](0001437749-25-004757|0) | 107.6 ["Online"](0001437749-25-004757|0) | 62.3 ["Online"](0001437749-25-004757|0) | 17.8% (computed) ["606.2"](0001437749-25-004757|0) ["107.6"](0001437749-25-004757|0) | 14.8% (computed) ["422.2"](0001437749-25-004757|0) ["62.3"](0001437749-25-004757|0) | | Managed & Other | 136.0 ["Managed & Other"](0001437749-25-004757|0) | 123.8 ["Managed & Other"](0001437749-25-004757|0) | 96.2 ["Managed & Other"](0001437749-25-004757|0) | 84.5 ["Managed & Other"](0001437749-25-004757|0) | 70.7% (computed) ["136.0"](0001437749-25-004757|0) ["96.2"](0001437749-25-004757|0) | 68.3% (computed) ["123.8"](0001437749-25-004757|0) ["84.5"](0001437749-25-004757|0) | | Corporate expense | — | — | (90.6) ["Corporate expense"](0001437749-25-004757|0) | (90.2) ["Corporate expense"](0001437749-25-004757|0) | — | — | | **Total** | **3,930.2** ["Total revenues"](0001437749-25-004757|0) | **3,738.5** ["Total revenues"](0001437749-25-004757|0) | **1,390.6** ["Adjusted EBITDAR"](0001437749-25-004757|0) | **1,394.8** ["Adjusted EBITDAR"](0001437749-25-004757|0) | **35.4%** (computed) ["3,930.2"](0001437749-25-004757|0) ["1,390.6"](0001437749-25-004757|0) | **37.3%** (computed) ["3,738.5"](0001437749-25-004757|0) ["1,394.8"](0001437749-25-004757|0) | **How to read this (my take, grounded in disclosures):** - **The “core cash engine” is Midwest & South + Las Vegas Locals** (largest revenues and large EBITDAR dollars). ["Midwest & South"](0001437749-25-004757|0) ["Las Vegas Locals"](0001437749-25-004757|0) - **Online is a growth vector, but structurally lower margin** (in part because Boyd records “reimbursements of gaming taxes and other expenses” with offsetting expense—good for revenue growth optics, neutral to EBITDAR). ["reimbursements of gaming taxes and other expenses"](0001437749-25-004757|0) --- ## 3) Capital allocation: buybacks-first DNA + dividends (with tables) ### 3.1 Share repurchases: scale and remaining capacity Boyd repurchased **11.1 million shares in FY2024** and had **$640.5 million remaining authorization** at Dec 31, 2024. ["repurchased 11.1 million shares"](0001437749-25-004757|0) ["$640.5 million"](0001437749-25-004757|0) **Annual buyback summary (FY2022–FY2024)** | Metric | FY2024 | FY2023 | FY2022 | |---|---:|---:|---:| | Shares repurchased (000s) | 11,086 ["Shares repurchased"](0001437749-25-004757|0) | 6,537 ["Shares repurchased"](0001437749-25-004757|0) | 9,424 ["Shares repurchased"](0001437749-25-004757|0) | | Total cost (USD mm) | 685.9 ["Total cost"](0001437749-25-004757|0) | 412.7 ["Total cost"](0001437749-25-004757|0) | 541.6 ["Total cost"](0001437749-25-004757|0) | | Avg price | $61.87 ["Average repurchase price"](0001437749-25-004757|0) | $63.13 ["Average repurchase price"](0001437749-25-004757|0) | $57.48 ["Average repurchase price"](0001437749-25-004757|0) | Boyd explicitly frames buybacks/dividends as a “primary area of focus” in MD&A. ["returning capital to shareholders through share repurchases and dividends"](0001437749-25-004757|0) ### 3.2 Dividends: consistent, but smaller than buybacks Dividends are declared at the board’s discretion and subject to debt covenant limitations. ["Dividends are declared"](0001437749-25-004757|0) A filing-provided timeline shows quarterly dividends stepping from **$0.15** (early 2022) to **$0.17** (2024) and **$0.18** (declared Feb 20, 2025). ["Amount per share"](0001437749-25-004757|0) --- ## 4) Balance sheet & leverage: what you’re underwriting ### 4.1 Snapshot: assets, liquidity, and capitalization (FY2024) From the FY2024 balance sheet (USD thousands): | Line item | Dec 31, 2024 | Dec 31, 2023 | |---|---:|---:| | Cash & cash equivalents | 316,688 ["Cash and cash equivalents"](0001437749-25-004757|0) | 304,271 ["Cash and cash equivalents"](0001437749-25-004757|0) | | Restricted cash | 4,676 ["Restricted cash"](0001437749-25-004757|0) | 3,659 ["Restricted cash"](0001437749-25-004757|0) | | Total assets | 6,391,815 ["Total assets"](0001437749-25-004757|0) | 6,273,126 ["Total assets"](0001437749-25-004757|0) | | Long‑term debt (net of current maturities & issuance costs) | 3,132,584 ["Long-term debt, net"](0001437749-25-004757|0) | 2,871,223 ["Long-term debt, net"](0001437749-25-004757|0) | | Stockholders’ equity | 1,581,513 ["Total stockholders' equity"](0001437749-25-004757|0) | 1,744,102 ["Total stockholders' equity"](0001437749-25-004757|0) | Interpretation: - Boyd is **meaningfully levered** (a normal characteristic in regional gaming), with **debt > equity** on a book basis. ["Long-term debt, net"](0001437749-25-004757|0) ["Total stockholders' equity"](0001437749-25-004757|0) - Liquidity is supported by both **cash** and **revolver availability** (see below). ["Cash and cash equivalents"](0001437749-25-004757|0) ["remaining contractual availability"](0001437749-25-004757|0) ### 4.2 Debt structure & maturities (what refinancing risk looks like) Boyd’s **total long-term debt outstanding principal** at Dec 31, 2024 was **$3.2003B**, consisting primarily of: - **Credit Facility:** $1.3003B - **4.750% Senior Notes due 2027:** $1.0000B - **4.750% Senior Notes due 2031:** $0.9000B ["Total long-term debt"](0001437749-25-004757|0) **Scheduled maturities (principal, USD millions)** | Year ending Dec 31 | Amount | |---:|---:| | 2025 | 44.0 ["2025"](0001437749-25-004757|0) | | 2026 | 44.0 ["2026"](0001437749-25-004757|0) | | 2027 | 2,212.3 ["2027"](0001437749-25-004757|0) | | Thereafter | 900.0 ["Thereafter"](0001437749-25-004757|0) | | **Total** | **3,200.3** ["Total outstanding principal"](0001437749-25-004757|0) | **Why this matters:** a *large* maturity wall in **2027** concentrates refinancing/repayment decisions in that window. ["2027"](0001437749-25-004757|0) ### 4.3 Revolver capacity (liquidity backstop) At Dec 31, 2024, Boyd reported **$895.7M remaining contractual availability** under the Credit Facility. ["$895.7 million"](0001437749-25-004757|0) ### 4.4 Covenant framework (what limits buybacks/dividends in stress) The Credit Facility includes covenants such as: - Minimum consolidated interest coverage ratio **2.50 to 1.00** - Maximum consolidated total net leverage ratio **4.50 to 1.00** ["minimum consolidated interest coverage ratio"](0001437749-25-004757|0) ["4.50 to 1.00"](0001437749-25-004757|0) This is important because Boyd also flags that capital returns (dividends/buybacks) are subject to “restricted payment limitations” in its debt agreements. ["restricted payment limitations"](0001437749-25-004757|0) --- ## 5) Cash flow & reinvestment intensity (how cash is actually used) ### 5.1 FY2024 cash flow bridge (USD thousands) | Metric | FY2024 | FY2023 | FY2022 | |---|---:|---:|---:| | Net cash provided by operating activities | 957,075 ["Net cash provided by operating activities"](0001437749-25-004757|0) | 914,516 ["Net cash provided by operating activities"](0001437749-25-004757|0) | 976,111 ["Net cash provided by operating activities"](0001437749-25-004757|0) | | Capital expenditures | (400,400) ["Capital expenditures"](0001437749-25-004757|0) | (373,950) ["Capital expenditures"](0001437749-25-004757|0) | (269,155) ["Capital expenditures"](0001437749-25-004757|0) | | Shares repurchased | (685,850) ["Shares repurchased"](0001437749-25-004757|0) | (412,655) ["Shares repurchased"](0001437749-25-004757|0) | (541,642) ["Shares repurchased"](0001437749-25-004757|0) | | Dividends paid | (62,661) ["Dividends paid"](0001437749-25-004757|0) | (63,609) ["Dividends paid"](0001437749-25-004757|0) | (48,162) ["Dividends paid"](0001437749-25-004757|0) | **So what’s the story?** In FY2024, operating cash flow was strong, but Boyd still leaned heavily into **buybacks**, and also ran **meaningful capex** (including large projects like Treasure Chest). ["Net cash provided by operating activities"](0001437749-25-004757|0) ["Shares repurchased and retired"](0001437749-25-004757|0) ["Treasure Chest land-based casino project"](0001437749-25-004757|0) --- ## 6) Major projects & strategic optionality (the “why could the story change” section) ### 6.1 Norfolk, Virginia: a large new-build growth project Boyd disclosed a **$750 million resort development in Norfolk, Virginia**, with: - a “modest transitional casino” targeted for **late 2025** - the full resort targeted for **late 2027** - expected **$150–$200 million spend in 2025** ["$750 million"](0001437749-25-004757|0) ["late 2025"](0001437749-25-004757|0) ["late 2027"](0001437749-25-004757|0) ["between $150 million and $200 million"](0001437749-25-004757|0) **Analyst framing:** Norfolk is simultaneously (1) a growth catalyst and (2) a capital allocation competitor versus buybacks/dividends—especially with the 2027 maturity wall sitting nearby. ["$750 million"](0001437749-25-004757|0) ["2027"](0001437749-25-004757|0) ["share repurchases"](0001437749-25-004757|0) ### 6.2 FanDuel stake: potential balance-sheet “reset” event The 10‑K states Boyd held a **5% equity ownership interest in FanDuel** and entered a definitive agreement (July 10, 2025) to: - **sell the equity interest** - **terminate certain existing market access agreements** - **enter into new market access agreements** - for **$1.755 billion cash consideration** ["five percent equity ownership"](0001437749-25-004757|0) ["sell our equity interest"](0001437749-25-004757|0) ["$1.755 billion"](0001437749-25-004757|0) **Why this is strategically huge:** if/when closed, that magnitude of cash could materially alter Boyd’s feasible choices across: - refinancing the 2027 wall, - accelerating buybacks, - funding Norfolk with less incremental debt, - or some blend. ["$1.755 billion"](0001437749-25-004757|0) ["2027"](0001437749-25-004757|0) ["$750 million"](0001437749-25-004757|0) *(I’m not asserting outcome/closing here—only what the filing says about the agreement.)* ["entered into a definitive agreement"](0001437749-25-004757|0) --- ## 7) Risk map (what management highlights in filings) A few risk “buckets” Boyd explicitly emphasizes: - **Macro sensitivity / discretionary spend:** the business is “particularly sensitive” to reductions in discretionary consumer spending, including inflation and economic downturns. ["particularly sensitive"](0001437749-25-004757|0) - **Leasehold exposure:** Boyd leases certain land/property; disruption or lease default could impair assets and operations. ["We lease certain property"](0001437749-25-004757|0) - **Leverage & refinancing risk:** Boyd highlights significant indebtedness and the need to potentially refinance debt at/near maturity, plus covenant constraints. ["significant amount of indebtedness"](0001437749-25-004757|0) ["need to refinance"](0001437749-25-004757|0) ["4.50 to 1.00"](0001437749-25-004757|0) --- ## Appendix: “fast facts” you can reuse in a model - FY2024 total revenue: **$3,930.2M**. ["Total revenues"](0001437749-25-004757|0) - FY2024 net income: **$577.952M**. ["Net income"](0001437749-25-004757|0) - FY2024 operating cash flow: **$957.075M**. ["Net cash provided by operating activities"](0001437749-25-004757|0) - FY2024 capex: **$400.4M**. ["Capital expenditures"](0001437749-25-004757|0) - Debt outstanding principal (Dec 31, 2024): **$3.2003B**. ["Total long-term debt"](0001437749-25-004757|0) - Revolver remaining availability (Dec 31, 2024): **$895.7M**. ["remaining contractual availability"](0001437749-25-004757|0) - Remaining share repurchase authorization (Dec 31, 2024): **$640.5M**. ["$640.5 million"](0001437749-25-004757|0) --- If you want to keep this “interactive” in practice: treat Sections **2 / 4 / 6** as the three core “decision panels” (earnings power, balance-sheet constraints, and catalysts), and everything else as supporting detail. ["Adjusted EBITDAR"](0001437749-25-004757|0) ["Scheduled Maturities"](0001437749-25-004757|0) ["$1.755 billion"](0001437749-25-004757|0)