Boyd Gaming (BYD) 8-K Boyd Gaming Reports First-quarter 2018 Results

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.