BYD - Earnings call transcript Q3 2021 | Boyd Gaming Corporation

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Operator

Good afternoon, ladies and gentlemen. Thank you for attending the Boyd Gaming Third Quarter 2021 Conference Call. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. I will now pass the conference over to your host, Josh Hirsberg, Executive Vice President and Chief Financial Officer of Boyd Gaming.

You may proceed.

Josh Hirsberg

Operator. you, Thank everyone. Good afternoon, to our call. welcome quarter third And conference

this Keith Officer. Smith, Joining me President is call the Executive on our afternoon and Chief

Our our differ no Reform are statements the comments as of and include forward-looking and revise the those are update filings statement. today within we or date projected There statements undertake our certain that comments in Private to All may results. Act. and those are the Litigation today’s forward-looking obligation impact statements Securities disclosed forward-looking statements. with in materially Actual that SEC any from results including risks may uncertainties, our forward-looking will

During reference to our make will today, call non-GAAP financial we measures.

charges release non-GAAP our and non-GAAP expenses. will GAAP the furnished of financial boydgaming.com website a the X-K a to please for and is and to reconciliation due be at completion Today’s Investor the For forward-looking measures project SEC press do available of We inability financial reconciliation in the of this replay our of to available complete of which and being live are today shortly our Form refer historical provide measures, not both section call investors.boydgaming.com. call. in certain earnings to also webcast Relations special after to our

with I Keith like would Keith? to now Smith. turn So, that, to the call over

Keith Smith

everyone. good afternoon, Thanks, Josh and

our loyal made outstanding and We This play of we the fundamental a another doing sharpened for company, efficient we achieved we from sustained approach our that part was is strong streamlined Upon our quarter quarter operating since our our focus our reopening, properties of of structure every to on performance touched of results direct last exceptional adopted business quarter to third reopening the last fifth level operations. more cost The year. driving guests. straight most changes philosophy as we result our our spring.

quarters to our at five enhanced X.XX cash results the transformation sheet to our over leverage attributes results disciplined taken significantly and exceptional third of business the flow of last These each the record model of strengthened end operating times the quarter our business. performance declining our free and quarter. with have and balance our to third our Our have the we approach

As robust financial a our shareholders. million, of and repurchase program continued authorized a strong share of prospects our free result Directors to our flow Board allowing for position cash our return of us a our $XXX portion of to growth, has

review performance let’s So make possible. operating the this that helped

XXXX straight a both also setting record. result quarter, a and second than more quarter Strong quarter record. third new exceeded EBITDAR revenues levels, XXXX in million, third the $XXX through For adjusted of flow

quarter the quarterly And for operating of third was companywide XX% XXXX third and Our quarter. higher our EBITDAR of the XXXX. than straight second quarter the higher XX% exceeded margins XX% than

of that outstanding XX%. quarter Our $XX.X revenues and segment, record of last the performance third quarter grew basis and from South year’s and posted in of XXXX year and both to record EBITDAR record set third almost XX% million for In records Las year over we XX% of Las Midwest three set contributed is for been the setting a EBITDAR record the record XX our at on have over this exceeded Vegas, up by substantial a quarter loss XX% reported business revenues segment double grew we third with quarter EBITDAR & Every over segment, our the our XX each we improvement Locals broad Vegas is margins X,XXX EBITDAR, mark the This XX operating Operating quarter grew or results. margin year XXXX. nearly quarter. XX%. prior over grew digits EBITDAR third and as margins was XX% digits up and every year ago EBITDAR properties quarter Downtown than her is double new over over new records. year. of last above In quarter quarter, as we up this from last And third XXXX. EBITDAR XXX points This performance, third our Nationwide, third points open in new was regional EBITDAR the set XX strong more EBITDAR as new basis segments. were of based entire properties XX XX%

business, refinements to the XX throughout are our in we implementing continuing As is example I new including are technologies have four we right mentioned revenues, loyalty, taken and implement to produced is on operating capabilities initiatives actions properties result focusing of the reopening earlier, and convenience, record at throughout deliberate our customer and build we cashless now technology, year, the since and customer, streamline levels have our EBITDAR XXXX operating model live margins of which states. transforming BoydPay An and of this enhance and reinforce efficiency. our processes last

our areas, non-gaming. BoydPay the next several In in was gaming expanding we BoydPay’s we weeks both of majority our restaurants focused Las BoydPay on Vegas. are be the capabilities and slot quickly While to will product, initially to expanding other

for with a at In Pennsylvania field games addition, BoydPay Nevada table launched soon we to recently follow. in trial

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this property become progress Gaming BoydPay available excellent every regulatory We at are and approvals. making Boyd expect year will pending next objective toward

well. other We’re also create opportunities as guest revenue technology and in using to new enhance the experience ways

recently re-launched For wagering venue example, betting expansive we of most the Boyd in the opportunities unmatched selection through in state. an Sports, offering Nevada,

customer activity so with from with increases both guests. and far, the in We new reactivated are reception strong pleased

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many accommodate able rated not to been customers have with histories As gaming a who result, established we us. have

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In strategic start Expanding operations casino a launching priority good for both New where our our company we iGaming capabilities iGaming time. FanDuel a our partnership our further with to grow. presence are is and off strong Our Jersey, results branded in and over have continues Stardust since to in online our geographic to betting will Pennsylvania operations and April. sports casinos look delivered online build

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customer EBITDAR has restructured Company-wide months, on significantly Our and delivering exceeded tight just margins mark the operating focus results. pre-closure in with the are nine model levels. higher our billion exceptional than right $X

we that We this of level is that over months. XX improvements much will maintain margin are the performance confident of have the achieved last sustainable we and

Our the Board doubled and share has opportunities new confidence than we the balance have ever for our giving a free cash ahead. program more it sheet authorize and strongest is flow to repurchase incremental our been growth is

to return will visitors our properties. additional fades, pandemic the As

our will we more with partnership As our And rooms our able host increasing leverage the database online, profitable and normalizes, customers. nationwide our will market to to digital our to customer further extensive FanDuel we labor be capacity hotel expanding business. bring continue portfolio,

future the the also and operating our Gaming for is team. result there’s Boyd a while tribute the recent a entire strength well-positioned We’re strategy, of to our success transformed of

for is executing an results. that is successfully these COVID say years and creating Josh? uncertain lead dedication success exceptional we past and look are members to pandemic It this Thank dealing in call and to you XX months cannot their I team enough Our to environment. in honor over the to now your turn in I’d growth about like the time an these forward afternoon. and effort this ahead. over the months strategy team the with continued Josh.

Josh Hirsberg

Thanks, Keith.

the year-to-date for outstanding. results truly quarter Our third have been and

higher much Keith continue are continued about five This our we reevaluating our XXXX at well we the as reopening EBITDAR our have confidence seen as operating across to Today, consistently this reflects every last we over marketing, philosophy approach are quarters, efficiently of results, well our a financially revenues quarter we scrutinizing X.XX in multiple higher for building times to quarter optimistic end have to of structurally will the are avenues surpassing point history. implemented with changed for and by of our our stronger our third other strategy executed as including generating operating at we than operation. as Total decline you further our performance future, company mentioned, levels business. our transformed facet $X.X And was XX and now execute in we properties at have months we levels, significantly that that And on serving the focused third end. as business, loyalty year, margin. customer. Our any last as leverage billion the core expected and philosophy after as that a surpasses in operate growth, of year how EBITDAR

levels strong over we reflect performance, months. share our program. the million our authorized cash of remaining of past operational in robust Board to million free addition $XXX XX a $XX result a our amount the To $XXX is company’s from approval. are future, flow, prior repurchase our generating approaching in now As confidence million This

opportunities cash and now free leverage current questions. balanced that invest growing we to shareholders also to take the company. our These high of in to returns and we’re growth opportunities maintaining for and will generate flow, be capital Operator, over remarks that ready sizable our will Given returning long-term. concludes our any levels with continue

Operator

the Santarelli Deutsche Absolutely. question [Operator line Instructions] Carlo The is first Bank. of from with

You may proceed.

Carlo Santarelli

it best you. maybe Thank know and for back this the When your about the staffing to the kind hotels think terms and of during I of of Josh. on of as labor pandemic. kind that you, kind optimize better in you assets. one’s Josh, online alluded about extracted and of think kind in Keith to the bringing Keith during relative of bring some obviously of was what to your rooms returns you -- magnitude Hey,

about gone what that through guys about perhaps levels current that gotten potentially that be? would Has the as in of said thought that and is something XX% accustomed you operating like past exactly kind you I or all have had to with things at cohort. changed think of guys bringing back thinking and you more it

Josh Hirsberg

Carlo, for thank you question. Yeah. so the

to ever about I level been think, that significantly reduced we’re that ultimately, I from back. our pre-COVID XX% think suggested labor a we’ve and going has don’t bring

expect operating with we environment. I think as it was more some bring in labor line the back we introduce within amenities to

and we’re I general XX,XXX XX,XXX amount time, the magnitude over the the but COVID. coming that’s of of team will a think at nowhere magnitude, on back around out members reduced as pre-COVID had we we team expectation order of been of something like to is the result team order members operating near staffing of that members. XX,XXX of it add Today

of So we not on do adding expect some the magnitude order XX%, labor, of however. back

Carlo Santarelli

XX% to was kind Yeah. of so I the XX,XXX… I a of referring guess, XX,XXX,

Josh Hirsberg

I Oh! see.

Carlo Santarelli

Okay. Does sound… number? XX,XXX … that

Josh Hirsberg

Yeah.

Carlo Santarelli

appropriate? … roughly

Josh Hirsberg

with we’re forward business several next going line quarters. the over remains that’s thinking how believe in I our Yes. about

Keith Smith

you I that hotel this, and just to as up along revenues and alluded and things. our importantly, shifts at open more staff come with able Yeah. more to we and will up rooms increased restaurants are or occupy think other Carlo, open

And revenues so and associated just labor profit. it’s with it not will increase, a come

Carlo Santarelli

done to that a you and just in I Yes. the buybacks have quick follow-up, get as guys pertains past. Keith, Thank for you, part. and authorization it I guess, sure, the buyback certainly

realm things versus and of obviously, the mentioned. How some growth the are buyback Chest think perhaps, the those be of are that will of outside of you right some would you including be to would of be you plan aggressive you you kind additive authorization? the kind Keith that within think As of anticipate balancing decision Boyd you the and that opportunities about how future company necessarily opportunities ROI the now, outlined, that that other should Treasure something versus, we that with

Keith Smith

$XXX need on Chest. We We Treasure took million about based think things we at things is, mentioned. properties, our or at indicated around the in all it to at lower. look current maintaining levels sized you leverage make the took as the a a I like we way Josh think the other So was look slightly investments

X.X to think basically that’s is where putting we the million. that be is then signed at and of and in we how run to to the I expect closer end long-term We the that year all $XXX of want hopper the business the

that, in continue the million. So is next step we’re we a look take keep $XXX see when that invest you million is. a to what done expect will can just will where on it should execute and at It our is the our leverage execute and where with on balanced But see our approach. we that we’re we and business, and $XXX

Carlo Santarelli

you Great. Thank you. very guys. much Thank

Keith Smith

Yeah.

Carlo. Thanks, welcome. You’re

Operator

the Santarelli. question The Jonas Thank of with Mr. is you, Barry line next from Truist.

proceed. may You

Barry Jonas

just following Maybe thinking here? to What the resuming Hey. would return like capital dividend first? see are question, of up on about the you you how

Keith Smith

obviously, Board, and share all the made to Well, some to that’s was of the to others repurchase. just announced we then capital that will made and now. the return we we our But decision was most in believe it. way certainly that We have that as authorized for is report our report flexible on decision a was shareholders future efficient that

Barry Jonas

Got it.

some little targeting your to market bit promotional trending Okay. competitors that market? and talked about about customer. have how that’s Locals been Then Vegas Las believe can specific a maybe you the more talk the environment across I

forward your curious So expectations what there? might be

Keith Smith

good a It’s Sure. question.

competitor main and maintaining are would Las we disciplined last think So -- that of say Locals kind their specifically, significantly that, hasn’t changed larger or the and quarter over it our being Vegas focus. I about the as two operators

would frankly, of call, fallen operators, I smaller ago, back levels to, and being marketing of the pre-COVID quarters kind several of aggressive. what had Some

change. haven’t aggressive have will as that expect we seen more So continue, remain we stayed several And through that the expect disciplined. I XXXX. quarters Those XXXX, aggressive. disciplined ago that that landscape got we about stayed Those will have continue think

we of There stay be to They’re & it, say, As try react stay we to don’t that and and that in outside at, to marketing Midwest it the properties, monitor, here properties generally gotten we spending, gotten disciplined We have the again a number largely XXXX I people as to not very should significant look we and about we that throughout it, haven’t have watch have already to disciplined remained Those expect & have are again, spend those the there. aggressive. that respect back same. Midwest South be South to expect through will changed. They know to a or aggressive. remain that landscape, with think are went stayed in pre-COVID are our would levels that going Those disciplined have we we of or once Nevada continuing aggressive. whether way. of Nevada. aggressive it We in change promotional once stuck

Barry Jonas

so much, guys. Thanks Perfect.

Keith Smith

Sure.

Operator

The of Mr. questioner with Jonas. you, David the Jefferies. from Thank Katz next is line

proceed. may You

David Katz

point? bounds you’re that everyone. a appreciate very would M&A. just thinking whether love how out OpCo Thanks of but taking terms the or all at wanted a I or attractive out bounds, my of questions. Company bounds for updated in PropCo would about certain be all had be leverage Evening, of around this boundaries in in Hi. in profile I’d of to bounds color situations. some on being has And opportunistic I color or and about history ask corporate information,

Josh Hirsberg

Keith and can Yeah. start, in. then, I will jump obviously,

flexibility done of when real execute with capabilities to flow we to It we respect owning context we is and we cash we like think But I you significantly the ever when on PropCo, we feel sheet about we view think that. it think the estate -- I today same are about OpCo That stronger us optionality generation important as historically. down our company. road stronger. and balance look gives should to the way as our is have do significantly the in need M&A mentioned,

us in that not how environment. sense am the I makes So for current sure

long of don’t broadly -- we’re deal discipline because a -- of I free the think low the making just we levered to retain flow. going will M&A, had in more generating -- still not terms that history throughout in I acquisitions. though It’s we lever the company, do company the have history same lowly has even we’re of cash a

been believe those value and pursing I think terms change. oriented we’ve we strategic will acquisitions not in of and disciplined, that

would call, transformed So business, acquisitions. our add mean balance we it our does I or have not view don’t I a growth we’re terms to about our know how in same sheet. we’re of I that think But anything as how Keith, thing just there’s a, of to refined philosophy applies executing that. you we’re changing what pursuing if

Keith Smith

No.

it just Josh and done we’ve well. job. I We’ve summarized grown think a historically good M&A I think through

acquisitions you it we be said, other than very we’ve need strategic and to been and will well. Josh disciplined. remain As that, disciplined the But right. And summarized priced

David Katz

very Perfect. Thank you much.

Keith Smith

Sure.

Operator

The with Katz. line from Mr. JPMorgan. Joe question you, of Thank next is the Greff

proceed. may You

Joe Greff

& is kind a you I delta in Louisiana, do exit this Midwest at about of then in Southeast for level you, big of quarter July how EBITDAR Hello, Josh. when there margins end think level versus and impact the the any property Mississippi? excluding the June, rates started? versus quarter bad Was a how compare guess everyone. Maybe question weather

Josh Hirsberg

time. did around obviously, variant you awareness adjusted guys those but in also, of our to of say but job were the to But We Delta expense good really did Yeah. have a Not mentioned quarter. challenges of it. factors softness periods throughout as really. related primarily periods role we played really maintain quarter, levels of toward with our accordingly. I the managing the margins well -- that, the middle would a hurricanes, and kind We during able the the of increase

throughout say result that the the that fell margins consistent margins of in quarter. the month during that fairly was entire it would rather softness or revenues So anything were chart off the throughout each of a as period I of unlike time.

Joe Greff

the and do in when are taxpayer? a Great. balance cash And of you you becoming where start terms guess, NOL I

Josh Hirsberg

Yeah.

NOL have didn’t most typically still call before we the expect So probably this the do our will just left. this think, I checked have It’s will have on time. should things in and one XXXX, it an of year. balance company likely next do the and properties I But that NOL performance an into run out depends I coming year end. obviously, we balance and sometime of through that But I

Joe Greff

Thank you, Great. guys.

Josh Hirsberg

Sure.

Operator

is you, Mr. Wieczynski next line question Thank with Greff. the Steve The Stifel. from of

You may proceed.

Steve Wieczynski

afternoon. Hey, guys. Good

you even high some what give level today. view as Josh, maybe the report I knows it’s you give am get gave here a year where you thoughts next model Josh, headwinds there some today? guess be if had guidance the look to trying if to would the time if So, guidance question But are out in the the out XX you is, report, not next to really if of time kind you you us guess that’s to obviously who that going and year months theoretically past, you us to at, of what a my or and year-end trying here. next of for for like be your will looking would would were tailwinds be business will And I upcoming if any not I your or it potential

Josh Hirsberg

guidance for for are you asking year? next So

Steve Wieczynski

that kind maybe on anything from thought that side. mean going revenue it’s watching margin -- I no. high I opportunities just kind I might of knew even this of or around you the pressures kind where high some more at that’s whether you’re point? be you kind perspective level a you’re -- of us give level of to

Keith Smith

in and think, move try about there business, think the XXXX comments as allude as revenue we still we So, believe that opportunities of to XXXX. us to are a this think we into number Steve, about I we our for we

restrictions Louisiana, that the lifted, labor hotel as you And opportunities. rent and this they’re meeting, of our revenue more get and rooms, we’re able there’s the mask we to we’re if COVID amenities as I to able of mandate a into lifting an to all got will example, as open up market note recovers believe begin As tomorrow. walking in our

and dealing will of revenue the Nevada. side, Nevada, its to the there the mandate think, on will over continue labor good so for it doing. business of the we flip about great here very a U.S., impact we that today grow is incremental to that opportunity us. opportunities or flow there the time and talked improvement are quarters we into the of into Meaning margins, course. because seeing the as business I have come mask think across still But we system. on we cost still, margin will have still much not Here convention run will pressures, team out a of by goods U.S. talked be grow to mid-November business. maintaining that really in with the kind expense hopefully town it, the and be an in and talk be but continue back we travel the over whether The will adding some marketing other doing we’re the know the team that, is grow course will products about we’ve not Look, it job because some prior it wage it, some across back we’ve seen, or we of inflationary why work It’s have all inflation, on the of of of but much

as So, upside. net-net think continued we XXXX, we see about

Josh Hirsberg

it that that, performance is that one -- I our that like thought to trends thing and at QX is one be and that quarter when we among was QX. feel unrated I in as greater had level process this look well -- so connected customer is think, add sustainable seeing on underlying business we’re is, would tailwinds -- based both a the we would as underlies some happened Underlying think QX of of QX, what’s only customers, that, I think the the and really we our it, XXXX, to been far outsized The there’s really even customers.

as here there, business. business see outweighing a we And the not added go really so mentioned opportunities underlie and little our maybe we Keith expect pressure for those into of but trends benefits what that we or our with XXXX to the

Steve Wieczynski

demographic appreciate Okay. perfect And older and missed those like I any but from prepared quarter That’s I trying if and folks? Got Keith material what gauge your remarks, maybe in your all then to color. just there the terms demographic that. in quick during question, was this you. second of that your Josh database, real or look improvement

Keith Smith

Yeah.

about think whether our in So third to that you counts all trips visitation theo, or we quarter. the quarter, to -- in grow as plus, customer or look XX the they continue continue guest at grow XX or plus

those to numbers. customers to us in So continue return good

continue to the high core customer them, of good see at results base end. We through particularly and our especially

Steve Wieczynski

Okay. Great. Appreciate guys. Thanks, it.

Keith Smith

welcome. You’re

Operator

Thank Wieczynski. Shaun question next line is you, The of with from Bank the of Kelley America. Mr.

proceed. may You

Shaun Kelley

gave Josh last the change a Good the play on the with stick quarter obviously were just the we’ve everyone. one progressed? much pretty segment, any years. Hi, area in five over any afternoon. maybe last every that or pattern But, profitable Keith, just for unrated as a talking that mean, seen you about you the the is you I on change just about color asked behavior, to quarter helpful. on Have XX super yeah,

Josh Hirsberg

remarkably Yeah. so consistent and The the trends has quarter. reopening year change since been is, during answer no stable change short and in last no

Shaun Kelley

remind take each change up, us one on more of if -- either but I like follow us And I know some feel or own bit every more optionality, increase these of have kind of through give could from to of curious bit. little And back for think in take you did Keith, a your online than you just kind am sound over casino I of calls, then, the I just presence Great. you what responsibility digital, that -- of every little relationships. I FanDuel? quarter. your a maybe Stardust either you that kind it pleased directions you’re with my direct also would

having to talk obviously of your about could very terms sort be would take medium-term that that just If you versus in control own of helpful? you maybe a strong partner, want where

Keith Smith

Yeah.

we for that, forward. to believe relationship that we control FanDuel. longer great more relationship continues a well profitable have little with the very we It’s in think as you’re important I right, of a is very So that term us. work we And it been a and move

We’re as but a business leverage standpoint, able understand software well. marketing their they technical and product only standpoint the to not a very from from expertise

term at. very learning, pleased we’re getting going control longer and we’re where short-term we’re educated how the So more with and we’re take we it’s that product. will in But of

So see any here don’t expect to change short-term. would in you I real think the

Shaun Kelley

Thank you very much.

Operator

Stanley. Kelley. Mr. is next from line Morgan Thomas of The question you, with Allen the Thank

proceed. may You

Thomas Allen

you together of In Keith, you largest Boyd prepared put Thank the Nevada and that Can importance talk in Thanks. about and just launched market. how menu you remarks, the highlighted your you betting Sports the you. how have in you that?

Keith Smith

fulsome more has people opportunity FanDuel product were a out of having we and to had our upgraded for them but learning state once leveraged from much in sports we better to of a again just what options we’ve technology able the a years much state other of as able at that off partner. partners than just some with from been it’s we an switch and and our FanDuel online to of learnings and selection in games, here simply more and took menu. to So seen with provide -- re-launch took providers the betting not so working have a We’ve some and it

Thomas Allen

October, consistent of been been into third we’re you. slowed, pro-level, nearing color. few helpful the asked and the they are saw then different the ways as this demand That’s accelerated? in quarter, you Thank Have And with just got end has relatively what revenue trends on a month. you

Keith Smith

second a there, for out Thomas. cut You

through the asking in October is you’re as trends question? same Is that the QX. we saw think our I

Thomas Allen

accelerate, that it decelerate Did Thanks. Exactly. or is same? the

Keith Smith

the would seeing I of Yeah. with Josh at exited in far last thus September, trends October was mentioned, normal end the say to Delta to the mid-QX as as weeks we’re softness kind are variant, saw QX. but we much a bit we that, quarter what little several and of the very of of back similar we’re the in there

Thomas Allen

you. Thank Helpful.

Keith Smith

You’re welcome.

Josh Hirsberg

Sure.

Operator

Allen. Politzer Thank is The from Wells with line Fargo. Mr. question you, the next Dan

You may proceed.

Dan Politzer

questions. afternoon, Good my for everyone. Thanks taking Hey.

labor along rated you So the bring back on guys the expect to I increase up want base. with to that player follow in

non-gaming versus bringing labor Local segment Midwest increasing South, and the amenities the the Given should back in you’ve the think seen about that how margin expansion expenses? your & you we

Josh Hirsberg

Yeah.

for question. you thank Dan, So, the

I we that think, started our in then different way. approach expand perhaps the in peers amenities and where was is, our hours of way particular to amenities, offerings of from it the reintegrated perspective about think that some we and slowly non-gaming

the are to we’ve open. other hours, largely gotten amenities our think than largely where place I

difficult. obviously, the think finding is has positions, open people I about about side, if and So it, fill labor been you on F&B to Keith, more in which jump disagree, as

On employment from we want, to the with we will it’s the positions as they’re customers hotel to people level associated of side know finding that that backfill gaming obviously be known fill of of that staffing that’s of particular but well kind worth. things about occupancy kind open

it’s Keith of in the hours expanding that with customers revenue, gaming across have know the can’t we it’s hosting work serve generally that earlier, a have bit either we on positions mentioned open filling response think, that as I that or So earlier Board. F&B little question, -- some But an we side to today. associated

of some back, much kind like drive of it. Not we able revenue. will that’s be in each any where to associated staff incremental to workforce So customers and an cases our serve of labor these and in adding without relieve just the backfill we we need of so existing offset and expense kind pressures incremental with feel more

Dan Politzer

you. even you times you target term, see longer repurchase think well on X portion, to Thank think leverage But guess, you’re with follow-up your historical your digital that I to definitely range. that, exhausting going repurchase, the of a and X And times share as it. below share to Got nice see.

key fundamental shift think we getting a guess would been there about what there has -- should So and time, over back I levers? in range be target that how the or

Keith Smith

Yeah.

pre-COVID, X X to the the there times running shift business in has think where were fundamental comfortable we I been So a times range.

obviously, range the for for over is or any that given to the us running times I that is where the that’s given But our wanted now were think about talking kind the continue see is end of run in and being X.X-ish think, low we’re long-term the at We leverage quite in company Today, year. where the that new frankly, flexible will year. X.X to at target range. towards right that Xs of we likely company, to X.XX quarter the be comfortable before the business. where in we being we and any times long-term COVID, we want

Dan Politzer

And then it. one I and in just if for quarter for CapEx CapEx Got year? squeeze could any housekeeping question, the for next guidance

Josh Hirsberg

middle $XXX track still kind because No about next QX. Yeah. in guidance on million pretty year process. of in for yet the We But $XX of we’re for about spent this we’re for for that CapEx year, million. much

Dan Politzer

Got it. Thanks so much, everyone.

Josh Hirsberg

Sure.

Operator

There it remarks. this Politzer. are for Mr. no back questions Josh any further pass at you, additional now time. I Thank back to will Hirsberg

Josh Hirsberg

and Thank questions to you, everyone reach well. any has Thank today. those And free for Everybody feel please we again. the Tia, will up thanks joining company try and to you out questions stay anyone for still, answer if you. follow to

Operator

and conference call. Thank That have a great day. concludes today’s you

Boyd Gaming (BYD) 27 Oct 212021 Q3 Earnings call transcript