BOYD GAMING CORP
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
BYD$78.29+0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for the years ended
| Year Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2023 | 2022 | 2021 |
| Cash Flows from Operating Activities | |||
| Net income | $620,023 | $639,377 | $463,846 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 256,780 | 258,179 | 267,787 |
| Amortization of debt financing costs and discounts on debt | 7,761 | 8,551 | 11,172 |
| Non-cash operating lease expense | 78,811 | 65,204 | 45,599 |
| Non-cash expected credit loss (income) on note receivable | (34,371) | (35,100) | — |
| Share-based compensation expense | 32,379 | 34,066 | 37,773 |
| Deferred income taxes | (29,842) | 51,030 | 133,860 |
| Non-cash impairment of assets | 107,837 | 40,775 | 8,200 |
| Gain on sale of assets | — | (13,407) | — |
| Loss on early extinguishments and modifications of debt | — | 19,815 | 95,155 |
| Other operating activities | 1,665 | 9,517 | 10,356 |
| Changes in operating assets and liabilities, excluding the impact of acquisitions: | |||
| Accounts receivable, net | (28,810) | (16,761) | (36,027) |
| Inventories | 1,481 | (2,083) | 2,526 |
| Prepaid expenses and other current assets | (10,369) | (8,476) | (2,088) |
| Income taxes (receivable) payable, net | (950) | (2,951) | 401 |
| Other assets, net | 1,307 | (7,857) | (5,727) |
| Accounts payable and accrued liabilities | (10,345) | 891 | 14,819 |
| Operating lease liabilities | (78,811) | (65,204) | (45,599) |
| Other liabilities | (30) | 545 | 8,358 |
| Net cash provided by operating activities | 914,516 | 976,111 | 1,010,411 |
| Cash Flows from Investing Activities | |||
| Capital expenditures | (373,950) | (269,155) | (199,452) |
| Cash paid for acquisitions, net of cash received | — | (167,862) | — |
| Payments received on note receivable | 113,555 | — | — |
| Insurance proceeds received from hurricane losses | — | 586 | 63,200 |
| Proceeds received from disposition of assets | — | 21,953 | — |
| Other investing activities | (3,935) | (7,834) | 6,672 |
| Net cash used in investing activities | (264,330) | (422,312) | (129,580) |
| Year Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2023 | 2022 | 2021 |
| Cash Flows from Financing Activities | |||
| Borrowings under credit facilities | 1,505,800 | 2,122,100 | — |
| Payments under credit facilities | (1,647,300) | (1,802,197) | (28,288) |
| Proceeds from issuance of senior notes | — | — | 900,000 |
| Retirements of senior notes | — | (300,000) | (1,750,000) |
| Premium fees | — | (12,939) | (77,736) |
| Debt financing costs | — | (16,682) | (14,457) |
| Share-based compensation activities | (19,312) | (15,082) | (5,704) |
| Shares repurchased and retired | (412,655) | (541,642) | (80,782) |
| Dividends paid | (63,609) | (48,162) | — |
| Other financing activities | (172) | (1,248) | (1,735) |
| Net cash used in financing activities | (637,248) | (615,852) | (1,058,702) |
| Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash | (73) | (10) | — |
| Change in cash, cash equivalents and restricted cash | 12,865 | (62,063) | (177,871) |
| Cash, cash equivalents and restricted cash, beginning of year | 295,065 | 357,128 | 534,999 |
| Cash, cash equivalents and restricted cash, end of year | $307,930 | $295,065 | $357,128 |
| Supplemental Disclosure of Cash Flow Information | |||
| Cash paid for interest, net of amounts capitalized | $166,682 | $144,020 | $205,241 |
| Cash received for interest | 11,999 | — | — |
| Cash paid for income taxes | 164,482 | 140,924 | 5,721 |
| Supplemental Schedule of Non-cash Investing and Financing Activities | |||
| Payables incurred for capital expenditures | $23,509 | $7,348 | $4,826 |
| Dividends declared not yet paid | 15,508 | 15,476 | — |
| Operating lease right-of-use asset and liability remeasurements | — | (11,224) | 3,349 |
| Expected credit loss (income) on note receivable | (34,371) | (35,100) | — |
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