Golden Entertainment, Inc. (NASDAQ:GDEN) Q4 2023 Earnings Conference Call February 29, 2024 5:00 PM ET

Company Participants

Joe Jaffoni - Investor Relations

Blake Sartini - Chairman and Chief Executive Officer

Charles Protell - President and Chief Financial Officer

Conference Call Participants

Carlo Santarelli - Deutsche Bank

Jordan Bender - JMP Securities LLC

Chad Beynon - Macquarie Capital

John DeCree - CBRE Securities

David Katz - Jefferies LLC

Operator

Good afternoon, ladies and gentlemen. Thank you for standing by, and welcome to the Golden Entertainment, Inc. 2023 Fourth Quarter Results Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note that today's call is being recorded today, February 29, 2024.

I would now like to turn the call over to Mr. Joe Jaffoni, Investor Relations. Please go ahead, sir.

Joe Jaffoni

Thank you very much, operator, and good afternoon, everyone. On the call today is Blake Sartini, the company's Founder, Chairman and Chief Executive Officer; and Charles Protell, the company's President and Chief Financial Officer.

On today's call, we will make forward-looking statements under the Safe Harbor provision of the federal securities laws. Actual results may differ materially from those contemplated in these statements. Additional information concerning factors that could cause actual results to materially differ from these forward-looking statements is contained in today's press release and our filings with the SEC. Except as required by law, we undertake no obligation to update these statements as a result of new information or otherwise.

During today's call, we will also discuss non-GAAP financial measures in talking about our performance. You can find the reconciliation of GAAP financial measures in our press release, which is available on our website. We'll start the call with Charles reviewing details of the quarter and a business update. Following that, Blake and Charles will take your questions.

With that, it's my pleasure to turn the call over to Charles Protell. Charles, please go ahead.

Charles Protell

Thanks, Joe. The fourth quarter concluded a transformative year for Golden Entertainment. During the year, we streamlined the portfolio by divesting noncore businesses at attractive multiples, reduce leverage to favorably refinance our credit facilities and return capital to shareholders through a special dividend and opportunistic share repurchases.

To begin 2024, we completed the sale of our Nevada distributed business in January and established a quarterly dividend to initiate regular returns of capital to shareholders. In the fourth quarter, our operations generated revenue of $231 million and EBITDA of $48.8 million, bringing our total annual revenue to $1.1 billion and annual EBITDA to $222.5 million.