Boyd Gaming Corporation (NYSE:BYD) Q3 2022 Earnings Conference Call October 25, 2022 5:00 PM ET

Company Participants

Josh Hirsberg – Executive Vice President and Chief Financial Officer

Keith Smith – President and Chief Executive Officer

Conference Call Participants

Carlo Santarelli – Deutsche Bank

Steve Wieczynski – Stifel

Barry Jonas – Truist Securities

Joe Greff – J.P. Morgan

Shaun Kelley – Bank of America

Dan Politzer – Wells Fargo

Chad Beynon – Macquarie

Brandt Montour – Barclays

David Katz – Jefferies

Joe Stauff – Susquehanna

Stephen Grambling – Morgan Stanley

Operator

Hello and welcome to the Boyd Gaming Third Quarter 2022 Conference Call. My name is Alex, and I will be coordinating the call today. [Operator instructions]

I will now hand over to your host Josh Hirsberg, Executive Vice President and Chief Financial Officer. Please go ahead, Josh.

Josh Hirsberg

Thank you, Alex. Good afternoon, everyone, and welcome to our third quarter earnings conference call. Joining me on the call this afternoon is Keith Smith, our President and Chief Executive Officer. Our comments today will include statements that are forward-looking statements within the Private Securities Litigation Reform Act. All forward-looking statements in our comments are as of today's date and we undertake no obligation to update or revise the forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. There are certain risks and uncertainties, including those disclosed in our filings with the SEC that may impact our results.

During our call today, we'll make reference to non-GAAP financial measures. For a complete reconciliation of historical non-GAAP to GAAP financial measures, please refer to our earnings press release and our Form 8-K furnished to the SEC today and both of which are available at investors.boydgaming.com. We do not provide a reconciliation of forward-looking non-GAAP financial measures due to our inability to project special charges and certain expenses. Today's call is also being webcast live at boydgaming.com and will be available for replay in the Investor Relations section of our website shortly after the completion of this call.

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

Keith Smith

Thanks, Josh, and good afternoon everyone. The third quarter was another solid performance for our company. Our operating model and management teams are successfully meeting the challenges of the current economic environment and continue to deliver consistent results. As we look at the third quarter, what stands out are the sequential consistency in consumer trends, the year-over-year growth and play from our core customer and the continued operational efficiency driven by our teams. Starting with our financial results, revenues were $877 million, up 4% from the prior year while EBITDAR was $338 million with a margin of 38.5%. On a sequential basis our third quarter results were right in line with the solid performances we delivered in each of the last several quarters as our business continues to perform at a high level.