BOYD GAMING CORP (BYD) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Midwest and South	2,328.0	1,522.0	2,187.5	1,505.1	1,288.0		1,355.1	1,325.3
Las Vegas Locals	886.1	562.0	880.9	873.5	868.4	655.0	610.1	592.7
Downtown Las Vegas	155.8	94.5	257.7	248.1	244.4	236.6	234.2	224.3
Other						1,307.7
Total revenues [+]	3,369.8	2,178.5	3,326.1	2,626.7	2,400.8	2,199.3	2,199.4	2,142.3
Food & beverage							307.4	303.4
Casino							1,847.2	1,799.7
Room / occupancy							163.5	157.4
Other						116.8	124.0	122.2
Promotional allowances							242.6	240.5
Revenue growth [+]	54.7%	-34.5%	26.6%	9.4%	9.2%	0.0%	2.7%	-26.0%
Midwest and South	53.0%	-30.4%	45.3%	16.9%			2.2%	53.4%
Las Vegas Locals	57.7%	-36.2%	0.9%	0.6%	32.6%	7.4%	2.9%	0.2%
Downtown Las Vegas	64.9%	-63.3%	3.9%	1.5%	3.3%	1.0%	4.4%	0.7%
Cost of goods sold [+]	1,680.3	1,224.9	2,008.4	1,562.6	1,385.9	1,125.9	1,190.8	1,184.4
Food and beverage costs							168.1	168.7
Occupancy costs							41.3	41.1
Other cost of sales							80.5	86.2
Casino costs							900.9	888.4
Gross profit	1,689.5	953.6	1,317.7	1,064.1	1,014.9	1,073.4	1,008.6	957.8
Gross margin	50.1%	43.8%	39.6%	40.5%	42.3%	48.8%	45.9%	44.7%
Selling, general and administrative [+]	483.8	426.5	564.7	473.5	450.2	472.7	399.4	403.2
Sales and marketing	366.2	350.4	459.6	369.3	362.0	400.0	322.4	327.6
General and administrative	117.7	76.1	105.1	104.2	88.1	72.7	76.9	75.6
Other selling, general and administrative	366.2	350.4	459.6	369.3	362.0	400.0	322.4	327.6
Other operating expenses	29.6	57.1	3.8	4.3	3.8	105.8	112.4	123.3
EBITDA [+]	1,176.1	470.0	749.1	586.3	560.9	494.9	496.9	431.3
EBITDA growth	150.2%	-37.3%	27.8%	4.5%	13.3%	-0.4%	15.2%	-23.9%
EBITDA margin	34.9%	21.6%	22.5%	22.3%	23.4%	22.5%	22.6%	20.1%
Depreciation	255.2	261.7	248.2	215.9	202.8	179.9	180.4	174.6
EBITA	920.9	208.3	500.9	370.4	358.1	315.1	316.5	256.8
EBITA margin	27.3%	9.6%	15.1%	14.1%	14.9%	14.3%	14.4%	12.0%
Amortization of intangibles	12.6	19.3	28.4	14.1	14.7	16.4	26.7	34.4
EBIT [+]	908.3	189.0	472.6	356.3	343.4	298.7	289.8	222.4
EBIT growth	380.7%	-60.0%	32.6%	3.8%	15.0%	3.1%	30.3%	-23.0%
EBIT margin	27.0%	8.7%	14.2%	13.6%	14.3%	13.6%	13.2%	10.4%
Non-recurring items [+]	8.2	174.7		1.0	-0.4	38.3	18.6	48.7
Asset impairment	8.2	174.7		1.0	-0.4	38.3	18.6	48.7
Interest expense, net [+]	197.6	228.6	235.6	200.5	171.3	209.7	222.7	228.2
Interest expense	199.4	230.5	237.5	204.2	173.1	212.7	224.6	230.1
Interest income	1.8	1.9	1.9	3.7	1.8	3.0	1.9	1.9
Other income (expense), net [+]	-98.5	43.3	-34.8	0.2	-1.4	-42.9	-44.4	-1.6
Gain (loss) on debt retirement	-95.2	-1.8	-34.9	-0.1	1.6
Other	-3.4	45.1	0.1	0.3	0.2	-0.5	-3.7	0.0
Pre-tax income	603.9	-171.0	202.1	155.0	171.1	7.8	4.1	-56.0
Income taxes	140.1	-36.3	44.5	40.3	3.1	-199.9	-6.6	-5.4
Tax rate	23.2%	21.2%	22.0%	26.0%	1.8%			9.7%
Minority interest								11.4
Net income	463.8	-134.7	157.6	115.0	189.4	207.7	10.7	-103.7
Net margin	13.8%	-6.2%	4.7%	4.4%	7.9%	9.4%	0.5%	-4.8%

Basic EPS [+]	$4.07	($1.19)	$1.39	$1.00	$1.46	$3.61	$0.09	($0.94)
Growth	-443.3%	-185.4%	38.6%	-31.4%	-59.5%	3703.2%	-110.1%	-54.1%
Diluted EPS [+]	$4.07	($1.19)	$1.38	$1.00	$1.45	$1.81	$0.09	($0.94)
Growth	-442.6%	-185.8%	38.8%	-31.4%	-19.9%	1827.9%	-110.0%	-54.1%

Dividends per share [+]		$0.07	$0.26	$0.22	$0.10
Growth	-100.0%	-73.0%	18.0%	120.2%

Shares outstanding (basic) [+]	113.9	113.5	113.5	114.4	115.0	57.6	112.8	110.0
Growth	0.3%	0.0%	-0.8%	-0.5%	99.6%	-48.9%	2.6%	13.1%
Shares outstanding (diluted) [+]	114.1	113.5	113.9	115.1	115.6	114.5	113.7	110.0
Growth	0.5%	-0.4%	-1.0%	-0.5%	1.0%	0.7%	3.4%	13.1%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.