BOYD GAMING CORP

For the period ended Dec 31, 2024. Filed Feb 21, 2025.

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FY2024 · Filed Feb 21, 2025

BYD$78.29+0.6%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows for the years ended

	Year Ended December 31,
(In thousands)	2024	2023	2022
Cash Flows from Operating Activities
Net income	$577,952	$620,023	$639,377
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	276,639	256,780	258,179
Amortization of debt financing costs and discounts on debt	7,591	7,761	8,551
Non-cash operating lease expense	87,687	78,811	65,204
Non-cash expected credit loss (income) on note receivable	—	(34,371)	(35,100)
Share-based compensation expense	29,666	32,379	34,066
Deferred income taxes	58,145	(29,842)	51,030
Non-cash impairment of assets	10,500	107,837	40,775
Gain on sale of assets	—	—	(13,407)
Loss on early extinguishments and modifications of debt	—	—	19,815
Other operating activities	9,116	1,665	9,517
Changes in operating assets and liabilities, excluding the impact of acquisitions:
Accounts receivable, net	5,964	(28,810)	(16,761)
Inventories	(543)	1,481	(2,083)
Prepaid expenses and other current assets	3,088	(10,369)	(8,476)
Income taxes (receivable) payable, net	(26,497)	(950)	(2,951)
Other assets, net	800	1,307	(7,857)
Accounts payable and accrued liabilities	6,344	(10,345)	891
Operating lease liabilities	(87,687)	(78,811)	(65,204)
Other liabilities	(1,690)	(30)	545
Net cash provided by operating activities	957,075	914,516	976,111
Cash Flows from Investing Activities
Capital expenditures	(400,400)	(373,950)	(269,155)
Cash paid for acquisitions, net of cash received	(30,266)	—	(167,862)
Payments received on note receivable	208	113,555	—
Insurance proceeds received from hurricane losses	—	—	586
Proceeds received from disposition of assets	—	—	21,953
Other investing activities	(3,454)	(3,935)	(7,834)
Net cash used in investing activities	(433,912)	(264,330)	(422,312)

	Year Ended December 31,
(In thousands)	2024	2023	2022
Cash Flows from Financing Activities
Borrowings under credit facilities	1,764,300	1,505,800	2,122,100
Payments under credit facilities	(1,510,300)	(1,647,300)	(1,802,197)
Retirements of senior notes	—	—	(300,000)
Premium fees	—	—	(12,939)
Debt financing costs	—	—	(16,682)
Share-based compensation activities	(14,818)	(19,312)	(15,082)
Shares repurchased and retired	(685,850)	(412,655)	(541,642)
Dividends paid	(62,661)	(63,609)	(48,162)
Other financing activities	(172)	(172)	(1,248)
Net cash used in financing activities	(509,501)	(637,248)	(615,852)
Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash	(228)	(73)	(10)
Change in cash, cash equivalents and restricted cash	13,434	12,865	(62,063)
Cash, cash equivalents and restricted cash, beginning of year	307,930	295,065	357,128
Cash, cash equivalents and restricted cash, end of year	$321,364	$307,930	$295,065
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, net of amounts capitalized	$173,177	$166,682	$144,020
Cash received for interest	213	11,999	—
Cash paid for income taxes	144,512	164,482	140,924
Supplemental Schedule of Non-cash Investing and Financing Activities
Payables incurred for capital expenditures	$27,220	$23,509	$7,348
Dividends declared not yet paid	14,665	15,508	15,476
Operating lease right-of-use asset and liability remeasurements	—	—	(11,224)
Expected credit loss (income) on note receivable	—	(34,371)	(35,100)

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